Its the tens of millions of U.S. homeowners who were gouged by a title insurance company, a title insurance company acting as an escrow company, or a U.S. home builder acting as both.
Washington, DC (PRWEB) July 29, 2008
Americas Watchdog and its National Mortgage Complaint Center are expanding their investigation into national or regional home builders setting up phony title insurance companies. Americas Watchdog is also expanding its national investigation of title insurance companies gouging U.S. consumers with junk title/closing fees in home mortgages or refinances in 2006 & 2007.
Thus far, Americas Watchdog has determined that many U.S. home builders were setting up phony title insurance companies, that did little more than spin title insurance policies to actual title insurance companies at a greatly reduced price. There was no cost savings benefit to the consumer. The specific focus on these investigations are home owners who purchased a home from a home builder in California, Nevada, Illinois, Arizona, Florida or any other U.S. state in 2006 and 2007.
The group is also looking at title insurance companies in these, or other states, that may have gouged consumers with title insurance fees or fees associated with closing a home loan, or a refinance. Consumers wishing more information, or a free audit of their HUD-1 Settlement Statement, can call Americas Watchdog's National Mortgage Complaint Center at 866-714-6466, or visit their Web site at http://NationalMortgageComplaintCenter.com.
According to Americas Watchdog, "Everyone has heard about predatory mortgage lending, but few have heard about predatory real estate title insurance fees or practices. We are not only suggesting it happened, we can prove it, and we are now expanding the net, so the greedy home builders and greedy title insurance companies get punished severely. We also want to hear from title insurance company insiders, or home builder insiders about the sleazy practices, that cheated millions of Americans, with over inflated title insurance policies, or title fees/closing fees for nothing."
The group asks, "Whats the second biggest real estate list in the world?" According to Americas Watchdog, "Its the tens of millions of U.S. homeowners who were gouged by a title insurance company, a title insurance company acting as an escrow company, or a U.S. home builder acting as both." Americas Watchdog calls the biggest list in the the world, "U.S. homeowners who were cheated by a bank or a U.S. mortgage banker with a no cost mortgage."
*Note: U.S. banks or Mortgage Bankers have no disclosure requirement to explain, or show a homeowner, a huge kickback they get for inflating a homeowners interest rate or monthly mortgage payment (called a Yield Spread Premium). According to Americas Watchdog, "Rep Barney Frank (D) & U.S. Senator Chris Dodd (D) have done zero to require banks to disclose this huge kick back, to millions of unsuspecting U.S. consumers. Its just business as usual in Washington, DC."
According to Americas watchdog, "We are trying our best to clean up the U.S. mortgage business, and the U.S. title insurance business, but with Washington DC, and most state Insurance Commissioners corrupted with campaign donations, the consumer hardly has a chance." Americas Watchdog's home builder/title insurance project is aiming to expose massive consumer abuse for U.S. voters, prior to the U.S. national and state elections.
Again, consumers who used a home builders title insurance company or homeowners who feel like they were cheated, or over charged by a title insurance company should contact Americas Watchdog's National Mortgage Complaint Center at 866-714-6466 or visit their Web site at http://NationalMortgageComplaintCenter.com
Americas Watchdog is all about consumer protection, and corporate responsibility.