Woman fights American Home Mortgage in court -

Full story: Newsday 85
When Paula Rush stepped forward in U.S Bankruptcy Court in Delaware to allege that American Home Mortgage had allowed its affiliates to market risky loans aggressively and ignored obvious signs of fraudulent ... Full Story
Tom

Patchogue, NY

#22 Nov 2, 2007
Paula Rush wrote:
<quoted text>
For your record I was not a flipper, I sold my personal residence twice and am in the third house I bought. I was taking advantage of the two year capital gains exemptions and used this to live off of because I took care of my father for nine years after he had a stroke. He had dementia and I couldn't leave him alone to work a full time job. He died last year. So before you make assumptions based on things you know nothing about, you should not make judgements. I simply was saying in the interview that I bought into the same market hype everyone else did. We are all now in houses that aren't worth what we paid for them. I now know that I, like many others did not understand the market was basd on a PONZI scheme orchestrated by the lenders who sent hordes of buyers into the market with five times the amount of funds they should have had. Now you know the rest of the story.
I'll bet the third house is much nicer than the second house, which was much nicer than the first house. You should have thrown flyer # 51 in the garbage too, While everyone was flipping, taking out money and building, I was putting every extra dollar into my original mortgage. 30 years in 1993, and I paid it off in 06. I don't pay interest to anyone now. I never did understand people refinancing and stating from scratch. Yeah, I'd be jealous of someones bigger house, but I'd think "You're starting a 30 year mortgage NOW?" Kinda risky. I always felt that way.
Sorry bout your Dad and your situation though. SOmething tells me you'll get some kind of help from big business or the government. It's guys like me, that do it right, that get squat. I do sleep at night though. Soundly....and now that the prices are down maybe now I can buy a bigger house if I find some money laying around.
Good luck.
PETEF

AOL

#23 Nov 3, 2007
DEAR PAULA. GLOBAL MORTGAGE COMPANY, ALSO OF MELVILLE, and now extinct employed a fellow named Jake Feinberg. Jake is an admitted burglar, safe cracker, drug dealer, armed robber, and, of course, a liar. He is an admitted Vicodin user, but says he takes it for pain. He admits to taking a powerful drug called Ketamine.

Jake moved over to another Mortgage Company known as 1st.Capital with an office in Mineola. Jake had some nasty things said about him on a Wedding Registry Site he had posted for people that wanted to buy the newlyweds wedding gifts. He thought his old cronies from Global posted those messages because there were charges he stole the commissions from another mortgage broker under his supervision. He writes to the mortgage broker in an email that he deserved the commission as he closed the deal. That he did a 'bait and switch' and got an extra 1 %. AND I HAVE THE EMAIL TO PROVE IT - JFEINBERG@1STCAPITAL to _______@Global.

Then there is Jake's pal, Joe Careccia. He is an even bigger crook than Feinberg. Drug dealer, arsonist, home invader, burglar, and that is just for starters. No 9x5 job for him. He goes to Boca Raton and opens up his own mortgage companies: Washington Funding Group, Globe ( Is Globe really part of Global) Mortgage Network, Globe Realty, and associates himself as a manager of another company known as Globe Title Co. Bright fellow who went from a school drop out to a man of high finance, and managed to do all this without a license. I found at least 6 transactions out of Florida that show evidence of 'doc cropping', and 'straw buying', and I wouldn't doubt some appraisel corruption. I can only find 6 as I was only able to access the Florida Databases thru their very liberal Sunshine Laws. The transactions I found were listed in the names of Joseph Careccia, Thief Extraordinaire, his mother and his father. Who knows how many other transactions he has done.

Joey Boy gets a free pass from the Suffolk County DA Spota and the Judge hearing a case that Careccia and Feinberg are made to perjure themselves to convict an innocent man so they could cover up wrongdoing of higher placed people, and the DA and Judge do ABSOLUTELY nothing about it other than allow these people to go out in the world and rob folks just like you.
real world

Hampton Bays, NY

#24 Nov 3, 2007
While American Home does not appear to be blameless in this instance or many others, Ms. Rush admits to making money through buying and selling homes and didn't know what she was signing with regard to this mortgage? Now that the bubble has burst and she is presumably not making money in this way, she is angry and wants the courts to step in? Now that the bubble has burst, she doesn't want to pay her mortgage, claims she did not understand the terms of the mortgage before agreeing to it? Come on, lady, get real. Pay your bills and accept the consequences of your own greed.
real world

Hampton Bays, NY

#25 Nov 3, 2007
This is all about greed on both sides. The mortgage companies want to take advantage of the home buyers. The home buyers want larger homes than they can rightfully afford based on their earnings and savings.
Paula Rush

Baltimore, MD

#26 Nov 3, 2007
real world wrote:
While American Home does not appear to be blameless in this instance or many others, Ms. Rush admits to making money through buying and selling homes and didn't know what she was signing with regard to this mortgage? Now that the bubble has burst and she is presumably not making money in this way, she is angry and wants the courts to step in? Now that the bubble has burst, she doesn't want to pay her mortgage, claims she did not understand the terms of the mortgage before agreeing to it? Come on, lady, get real. Pay your bills and accept the consequences of your own greed.
I think all of the comments posted here which are full of hatred and judgement, speak for themselves. You did not see my loan documents, and are solely basing your comments on some misplaced need to lash out at someone who you know nothing about. I've obtained my full loan file which clearly proves my accusations, I was "bait and switched," lied to, and even the Settlement company which American Home steered me to use stole funds from me by overcharging for title insurance and overcharging $966 in recordation tax. They altered the deed to hide the funds which they stole. My loan file contains two entirely different set of documents. They were scamming not only me but the investors as well. Previous to this loan, I had only used one loan originator and she was a branch manager for Countrywide. She never lied to me or misrepresented any loan terms. So I had a level of trust, which I should not have had. One would hope that people who were in this industry conducted themselves within the law, and licensing requirements. They did not. In the end, it was the misplaced trust which allowed these companies, to proliferate and abuse borrowers in the last few years. It's ironic that I am posting -by name, and the hate filled posters are hiding behind generic names. Could it be you work for American Home, or have some other reason for defending them? If you are so secure in your comments, validate them by posting who you are and what you base your hate filled rants on. Back them up or back off. Because right now you sound like a person who is immature and irrational who thinks they know it all. Stop being a coward and hiding behind a generic name. State your name and the basis for all your deep insights(not) into this topic. Or just shut up and go find some other focus of your hatred.
whataworld

Brooklyn, NY

#28 Nov 3, 2007
Paula Rush wrote:
<quoted text>
I think all of the comments posted here which are full of hatred and judgement, speak for themselves. You did not see my loan documents, and are solely basing your comments on some misplaced need to lash out at someone who you know nothing about. I've obtained my full loan file which clearly proves my accusations, I was "bait and switched," lied to, and even the Settlement company which American Home steered me to use stole funds from me by overcharging for title insurance and overcharging $966 in recordation tax. They altered the deed to hide the funds which they stole. My loan file contains two entirely different set of documents. They were scamming not only me but the investors as well. Previous to this loan, I had only used one loan originator and she was a branch manager for Countrywide. She never lied to me or misrepresented any loan terms. So I had a level of trust, which I should not have had. One would hope that people who were in this industry conducted themselves within the law, and licensing requirements. They did not. In the end, it was the misplaced trust which allowed these companies, to proliferate and abuse borrowers in the last few years. It's ironic that I am posting -by name, and the hate filled posters are hiding behind generic names. Could it be you work for American Home, or have some other reason for defending them? If you are so secure in your comments, validate them by posting who you are and what you base your hate filled rants on. Back them up or back off. Because right now you sound like a person who is immature and irrational who thinks they know it all. Stop being a coward and hiding behind a generic name. State your name and the basis for all your deep insights(not) into this topic. Or just shut up and go find some other focus of your hatred.
Sorry Paula, thats not how open fourms work. If you cant stand the posts then stop replying.
Your right in part, we do not know much about the specific details of your claim. We, in part form our opinions due to a large number of "victims" who should have known better but choose to look the other way. Even after all their trickery in my mind the important facts are undisputed. First, you did accept the refinancing, and two you knew you would have to pay the money back. It now seems that you are not willing to pay the money back and I am sure you are looking for "pain and suffering" "economic relief" and probably many more ridiculous claims. Do us all a favor, pay back what you borrowed, and stop wasting valuable court time.
thoughtwave

AOL

#30 Nov 4, 2007
Paula Rush wrote:
<quoted text>
For your record I was not a flipper, I sold my personal residence twice and am in the third house I bought. I was taking advantage of the two year capital gains exemptions and used this to live off of because I took care of my father for nine years after he had a stroke. He had dementia and I couldn't leave him alone to work a full time job. He died last year. So before you make assumptions based on things you know nothing about, you should not make judgements. I simply was saying in the interview that I bought into the same market hype everyone else did. We are all now in houses that aren't worth what we paid for them. I now know that I, like many others did not understand the market was basd on a PONZI scheme orchestrated by the lenders who sent hordes of buyers into the market with five times the amount of funds they should have had. Now you know the rest of the story.
There are any number of blind right wing fanatics that would support Adolph Hitler if he were a Republican. Its about time someone held these white collar criminals to account. These people are hearless scum. Keep up the good work!!!
PETEF

AOL

#31 Nov 4, 2007
These sort of crimes are allowed to happen because the government that we pay good taxes to is unwilling to do a damned thing about it.

You can't have criminals selling mortgages such as I have described and take only that one thing and not ask yourself: WTF is going on?

The matter in Dix Hills with the "slaves" . That has been going on for decades. The government did nothing.

Suffolk County, NY is a snakepit of corruption. Everyone outside of Suffolk knows it, including the FEDS - they do nothing about it.

Two planes crashed into the Towers on 9/11, and the government did little about it to stop it. I think we can all agree on that, or most of us.

Just one little snippet of the mortgage industry I was forced to take a close look at and I knew instantly, and reported it on various blog boards that what we see happening now was going to happen. And we haven't seen the worst of it yet.
and the rest

Plainview, NY

#32 Nov 4, 2007
PeteF -- if your son, or is it son-in-law,[I forget] hadn't been convicted of Burglary, would you anti-gon't tirades continue? jus' wonderin'
Sequester Yourself

Brooklyn, NY

#33 Nov 4, 2007
Paula Rush:

I'm no lawyer but isn't it possible that you could be compromising your case by discussing specific details about it on an open, public, internet message board?
John k

AOL

#34 Nov 4, 2007
It still amazes that We are still seeing these mortgage being peddled by FNMA yet. Where is out camera happy
Snator from NY who is on the banking committee and said he was going to clean this up. Chuckie speak into the cameras why are these exotic mortgages still here?
Paula Rush

Baltimore, MD

#35 Nov 4, 2007
Sequester Yourself wrote:
Paula Rush:
I'm no lawyer but isn't it possible that you could be compromising your case by discussing specific details about it on an open, public, internet message board?
Actually my case is completely in the documents I have in my hand, and discussing the issues will not change those documents. When I started out trying to figure out how this happened to me I realized that other victims needed to understand this industry also. I get emails from people all over the country who are in severe distress due to various lenders. I share to help them. For me, it's no longer about my issues, but about much deeper issues which are now affecting the financial markets, major banks in this country, and of course foreclosures. At the Federal Reserve HOEPA meeting in June, before the hedge funds started collapsing and everything in the financial markets went horribly wrong, I asserted to all of the participants, this was inevitable. They all looked at me like I was insane. Just weeks later the first Bear Stearns fund went under. I like to be the one to say I told you so, but I'd rather be the one to say, let's turn this around now. Admit a huge problem exists and try to work toward a proactive solution. Unless people in positions to turn this around understand the problem they can't turn it around. I encourage everyone to try and understand there will be no escape from the fallout from this mess the lenders created. We are all in it together. Retirement funds were squandered in worthless investments, real estate was an artificial PONZI scheme, and taxpayers are now paying to bail out the lenders. Yes the lenders. Who is the fed giving money to? Not the borrowers, the lenders. They are injecting funds for the lenders liquidity. The lenders are telling COngress they are working with borrowers. Ask yourself why then are foreclosures rising? The lenders are using the money to hire an army of attorneys to foreclose. That's their strategy for regaining liquidity. The lenders who did all the damage are now getting the bailout. Problem is the government can't possibly bail them out of this one. We are talking about trillions of dollars. But they are devaluing the dollar trying. You see, the lender execs and Wall Street execs took the real stuff, and the rest of us are left with the monopoly money. They will retire and golf in some sunny local. The rest of the taxpayers will pay the for the mess they left behind. Everyone wake up please before it's too late. Teh borrowers are not the enemy, they were just a pawn in this game.
david

Brooklyn, NY

#36 Nov 4, 2007
Paula Rush wrote:
<quoted text>
For your record I was not a flipper, I sold my personal residence twice and am in the third house I bought. I was taking advantage of the two year capital gains exemptions and used this to live off of because I took care of my father for nine years after he had a stroke. He had dementia and I couldn't leave him alone to work a full time job. He died last year. So before you make assumptions based on things you know nothing about, you should not make judgements. I simply was saying in the interview that I bought into the same market hype everyone else did. We are all now in houses that aren't worth what we paid for them. I now know that I, like many others did not understand the market was basd on a PONZI scheme orchestrated by the lenders who sent hordes of buyers into the market with five times the amount of funds they should have had. Now you know the rest of the story.
wah wah...youre still a opportunist. just bc you got stuck in a bad mortgage doesnt mean you can sue your broker.
Seriously Paula

Warwick, NY

#37 Nov 4, 2007
Paula,
The Real Estate problem today wasn't caused by an artificial Ponzi scheme. Market Bubbles aren't qualified to be considered Ponzi schemes.
If anything you fall into the "Greater Fool Theory" which is the belief that you bought something not because it was worth the price, but rather because you thought you could sell it to somebody (another fool) for a higher price and make a nice profit on the side.
Don't come here crying that you thought a 1% interest rate was too good to be true. Somebody that wants to get into buying and selling houses should do a little research prior jumping in head first.
There are two reason why you owe more money than what your house is worth.(1) Market prices are going down.(2) Your 1% teaser rate either changed based on the amortization schedule, or changed because your "deferred interest" that was building up while you were paying the 1% exceeded the maximum principal cap.
What you are doing right now is equivalent of somebody going to a casino and not knowing the rules of a game, putting your life savings on the table and losing. Then taking the casino to court claiming that they are the problem and are part of some scheme that "advertised" a possible high net return on investment if you won.
Since you didn't sell your house in time you lost. That is life. Move on, but don't waste our tax paying money because you ran out of tissues.
Paula Rush

Baltimore, MD

#38 Nov 4, 2007
Seriously Paula wrote:
Paula,
The Real Estate problem today wasn't caused by an artificial Ponzi scheme. Market Bubbles aren't qualified to be considered Ponzi schemes.
If anything you fall into the "Greater Fool Theory" which is the belief that you bought something not because it was worth the price, but rather because you thought you could sell it to somebody (another fool) for a higher price and make a nice profit on the side.
Don't come here crying that you thought a 1% interest rate was too good to be true. Somebody that wants to get into buying and selling houses should do a little research prior jumping in head first.
There are two reason why you owe more money than what your house is worth.(1) Market prices are going down.(2) Your 1% teaser rate either changed based on the amortization schedule, or changed because your "deferred interest" that was building up while you were paying the 1% exceeded the maximum principal cap.
What you are doing right now is equivalent of somebody going to a casino and not knowing the rules of a game, putting your life savings on the table and losing. Then taking the casino to court claiming that they are the problem and are part of some scheme that "advertised" a possible high net return on investment if you won.
Since you didn't sell your house in time you lost. That is life. Move on, but don't waste our tax paying money because you ran out of tissues.
Again, if you "think" you know so much, use your "real name" and justify your in depth insights by explaining what it's based on. You assert only "fluff" attacks on my credability. You did not see my docs, were not at my closing, nor did you ever set foot in my life, my circumstances, or my thoughts or beliefs and motives. So unless and until you can justify your comments with something more than some misplaced rhetoric (obviously some loyalty to American Home) then stuff it. Why would anyone who is not intimately connected in some way to the perpetrators defend them and attack me. Why don't you come clean, for full disclosure and explain what facts you think have that these comments are based on. I've filed my lawsuit and it is public record. I've put my documents and proof and file. What do you have by way of proof that I have no right to sue American Home. As far as the PONZI scheme, the house of cards is falling and it was based on lenders like American Home sending hordes of buyers into the market with five times the amount of money they would have qualified for to keep driving prices ever higher. It was a market manipulation of epic proportions. Then it all fell apart when the market couldn't possibly sustain the values. Get educated then comment intelligently, until then, go back to your cubicle.
Anna

United States

#39 Nov 4, 2007
Paula,

I know quite a few people that were defrauded by AHM. One person recently got her loan doc's from them and they had raised her credit score, income to debt ratio and wrote she was salaried when she was self employed. She is currently working with a lawyer.

What has been concluded to date is that she was promosed one loan and tive another at settlement. She didn't have time to recind because she needed the money right away for her son who was closing on the house she helped him by that next week.

It appears to me that we have a few AHM people here that have been watching for articles to pounce. How else would they have found them unless googling for them.

I commend you for trying to get the borrower's privacy rights honored and asking for an investigation into their practices. Some here don't seem to realize that you were standing up for borrowers.

I read your petition and realized this.

I found this article because I am searching for their dirt to help my friend.

I find it interesting that the negative opinions against you are all about you buying a few homes.

Funny how there is know mention of the crooks over there.
Personally buying a few homes isn't even a comparison to defrauding borrowrs.

Seem the priorities here are a bit amiss.

Sounds to me like you pissed off some of the AHM folks and these are plants - good for you!!!!!

It will be bliss when bubba grabs Straussy in prison and pounds him because most likely bubba knows someone who lost their home due to mortgage fraud.

Just give the FBI a little more time - it is a comin.
Seriously Paula

Warwick, NY

#40 Nov 4, 2007
Don't attack everyone who is against you as loyal to American Home. You are like those people who labeled everyone who was against the war in Iraq as un-american. There is more than one lender that marketed the same loans to other people besides AHM. Go to any website and you'll see those advertisements with people dancing wanting to give you a 750k loan for 900 a month, and asking you to click on them. Forums aren't for using your real name, and even if I did use my name it wouldn't make what I said any less or any more credible. So asking for it is just plain idiotic.

Clearly you are the one that should get educated, and maybe you wouldn't be in this position. As for my cubicle. I'm actually not in one at the moment, but I think I'll relax in my home which is paid off and enjoy my Sunday.

Good luck to you.
angela

AOL

#41 Nov 4, 2007
Don't tell me she did not realize what was going on. When everyone got these loans they were thinking they could flip property before the loan adjusted. Gie me a break, this market and it's woes were driven by greed!!!
angela

AOL

#42 Nov 4, 2007
How come no one complains about the Dr. an hospita bills that peopl get?$ 25.00 for a tylenol?? How about attorney fees? Does anyone question those? I believe that Mortgage Companies are in business to make money. Most people think a mortgage is a right of passage. They are borrowing someones money. Yes there are good and bad in every industry,but why not read the fine print?
Anna

United States

#43 Nov 4, 2007
Angela,

You must have a good mortgage. What is your APR. Did you lender charge you points plus a YSP? Was your note a standard Freddie or Fannie? What was the yield on your interest rate? Do you have a forebearance clause in your note? Is you loan assumable? And if so under what terms? Did you pay junk fees at your closing? What did your TIL say?
Did you get your statement regarding your RESPA rights? Do you have a due in sale clause in your note? If so what does it read? If you pay down principle does it change your payment, or does your payment remain the same?

Did you read all of this?
I would love to know your answers to these questions. Remember "fine print" -

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