AHM asks ok to shred pesky mortgage f...

AHM asks ok to shred pesky mortgage files

There are 9 comments on the Newsday story from Dec 24, 2007, titled AHM asks ok to shred pesky mortgage files. In it, Newsday reports that:

The lawyers and consultants working to liquidate the bankrupt Melville-based lender American Home Mortgage think nothing of paying out $9 million in bonuses to executives, under a motion approved last month by ...

Join the discussion below, or Read more at Newsday.

Are you kidding me

King Of Prussia, PA

#1 Dec 24, 2007
$9 Million in bonuses have been approved?!?!?!
What about the peope still out of jobs, or the 60 days pay that ALL employees are owed in violation of the WARN act?!?! What about us! This world is something else.
Mee2

Canonsburg, PA

#2 Dec 24, 2007
I can't believe this judge approves things like this or the $9M in bonuses. My wife has yet to be paid for unused vacation days from the company. This is less than $2000, but makes a difference in our world. The judge ignores this during the holiday season. Thanks for the help judge!!!
Ben Franklin

Port Washington, NY

#3 Dec 24, 2007
Wait, did you say shred the AHM mortgage files?

Oops, I thought you meant White House files...
Take Them Down

Elizabeth, NJ

#4 Dec 24, 2007
They'd better destroy all those "cut and paste" fraud loans before the Department of Justice gets their hands on them.

Since: Aug 07

Yucca Valley, CA

#5 Dec 24, 2007
My gosh, it just goes on and one. All I want is the $7,000 owed to me for the appraisals I did. Of that $7,000 includes a check for $3,500 that bounced from AHM. So I guess this is the "American Way".... just file BK, take any money you can and screw everybody else.
Anna

United States

#6 Dec 24, 2007
You guys didn't hear? AHM's attorneys have petitioned the bankruptcy court to be able to destroy all of the orginal loan files claiming that it is costing them $45,000- a month to store them.
They are promising to scan them into readable files for the investors.
They are stating that they are protecting the borrowers privacy.
And if the investors want their files before the shredding or burning they have to pay and apply to get them.
LongIslandLost

Taylor, MI

#7 Dec 24, 2007
What happens if a loan goes to foreclosure? Don't they need the documents to prove that they have standing to sue?
cragrat

Andes, NY

#8 Dec 24, 2007
They obviously need the money for more bonuses.

In actuality if the documents to be shredded are for mortgages that have been satisfied and are beyond the statute of limitations to bring any form of action why not shred them. It would be interesting to see who gets the contract to do the shredding and what connection there is to the bankruptcy attorneys.
Anna

United States

#9 Dec 25, 2007
In actuality if the documents to be shredded are for mortgages that have been satisfied and are beyond the statute of limitations

Cragrat,
this is interesting what you brought up. I am suspicious about anything AHM does. I saw what they called a suppliment sheet in a friend's loan file where they raised her credit score 55 pts., job history & employment status. It appeared to the be a cover sheet that they would show to investors and/or MI companies.
And since spoken to other borrowers who have been able to acquire their loan files thru petitioning courts where their lawsuits are filed. One has multiple loan apps, all different, changed documents having compared them to the one's they received at settlement, etc.
There is a borrower who has petitioned their bankruptcy court for a stay to persue her lawsuit. Some of her documents were literally forged. She had a hand writing analyist confirm this. Copies of the results and forged documents are posted on a docket in the bankruptcy court.
AHM's attorneys objected stating that since AHM is in banruptcy the statute of limitations is automatically extended for current lawsuits.

Who determines if the loan files are truly outside that time period?
They pay their attorneys almost $800,000- a month. They ripped off employees over $27,000-. Why would they all of a sudden be so concerned about $45,000- a month that is spent protecting the integrity of loan files?

I think it is obvious.

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