Author Topic: Suntrust Scandal  (Read 37902 times)

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citizensscience

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Re: Suntrust Scandal
« Reply #19 on: August 17, 2017, 02:50:34 PM »
SunTrust employees, when combined with "Pay-Roll Deductions" enable SunTrust Mortgage to Influence or as some may suggest Buy, Good Government..??

Peter Mahoney, EVP and Officer of Regulatory and Compliance gives $3,000.00 of his own personal funds to fund SunTrust Congressional Campaign Donations.

Just how much, in total of SunTrust Lobbying effort is Peter Mahoney funding? Check back as we investigate.









SunTrust Mortgage Scandal,  SunTrust Lobby
 
« Last Edit: August 17, 2017, 08:35:45 PM by citizensscience »
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citizensscience

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Re: Suntrust Scandal
« Reply #18 on: August 17, 2017, 09:26:31 AM »
#SunTrustMortgageScandal


Peter Mahoney - EVP SunTrust, Chief Regulatory and Compliance Officer

#SunTrust shareholders may wonder if Mr. Peter Mahoney is an Asset or a Liability?

Investigating Lobbying, Freddy Mac Bailouts, Federal Mortgage Settlements and the self-described career of the now Officer of Regulatory and Compliance for SunTrust... 




https://www.linkedin.com/in/petermahoney/


As an individual that worked for Freddy Mac and who indicates he responsible for 85% of the purchases etc including "Securitization"...  one may want to look further...

As such, leading one to perhaps assume, its Mr. Peter Mahoney efforts that may be responsible for "Acquiring" 85% of the "Non-Compliant" Loans from slipshod, self-described corner cutting originators like SunTrust Mortgage and their affiliates, resulting in the Congressional fallout of Freddy Mac.

Next, Mahoney exits Freddy Mac for Green Tree Servicing (GTS) overseeing much of their servicing operation.  It seems Mr. Mahoney did not develop his compliance skill set while at GTS as they were hit with a massive $63M settlement from the Feds following his exit...

While his departure is not clear, Mr. Mahoney spent a mere 6 months with IBM before landing at SunTrust Mortgage to great public fan fair.

SunTrust Mortgage Chief Executive Officer Jerome Lienhard announced  -- Peter E. Mahoney, named Executive Vice President, Mortgage Strategy of SunTrust Mortgage.  Mr. Lienhard goes stating in summary; Peter Mahoney is a strong addition to our mortgage leadership team.  Absent is from the press release issued by SunTrust was the Feds inquiry / investigation of Freddy Mac and Green Tree Servicing...   

In November 2010, the FTC issued a Civil Investigation Demand to Green Tree, requesting information on a broad range of subjects relating to the companies’ operations.  In November 2011, Green Tree received a Supplementary Discovery Request from the FTC seeking additional information, and subsequently entering into a $63M Federal Settlement.

Following receipt of the formal Supplemental Discovery Request from the FTC, Mr. Mahoney departed Green Tree Servicing and began working with IBM shortly thereafter in of January 2012.  Mr. Mahoney's stint with IBM was nearly as short lived again, departing after just 6 months.  While we are not aware of the reason of the departure, the timing does seem noteworthy.





According to the lawsuit, when homeowners were even just one day late with their payments, Green Tree’s collectors often unleashed a barrage of phone calls, some starting as early as 5 in the morning or continuing until as late as 11PM.

The collectors didn’t limit themselves to home phones, getting some people in trouble by calling them at work. They illegally threatened them with arrest or imprisonment, used obscene language, and mocked the problems that led to their financial distress.

(One collector said to a woman, “You should leave your husband if he can’t provide for you.”) Green Tree’s loose-lipped collectors were known to discuss people’s debts with bosses, co-workers, neighbors, and family.

Green Tree also was aware that specific portfolios it acquired from other servicers contained unreliable data. But when homeowners spoke up to dispute the misinformation, Green Tree left them in collections without adequately investigating discrepancies. In a similar vein, Green Tree reported unfavorable information about homeowners to credit bureaus, even when the company had reason to know the data was inaccurate.

Green Tree Servicing was apparently dealt an identity crisis, later morphing into DiTech. 

https://www.ftc.gov/system/files/documents/cases/150421greentreecomplaint.pdf
« Last Edit: August 17, 2017, 12:22:07 PM by citizensscience »
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citizensscience

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Re: Suntrust Scandal
« Reply #17 on: August 16, 2017, 11:48:57 PM »
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citizensscience

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Re: Suntrust Scandal
« Reply #16 on: August 15, 2017, 02:29:48 PM »
#SunTrustMortgageScandal




« Last Edit: August 15, 2017, 02:36:23 PM by citizensscience »
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citizensscience

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Re: Suntrust Scandal
« Reply #15 on: August 14, 2017, 08:23:56 PM »
#suntrustmortgagescandal






In 2014, the department settled alleged violations of the False Claims Act with SunTrust Bank (SunTrust) for $418 million. 

As part of the settlement, SunTrust admitted that between January 2006 and March 2012, it originated and underwrote FHA-insured mortgages that did not meet FHA requirements and were therefore not eligible for FHA mortgage insurance, that it failed to carry out an effective quality control program to identify non-compliant loans and that it failed to self-report to HUD even the defective loans it did identify. 

SunTrust also admitted that numerous audits and other documents disseminated to its management between 2009 and 2012 described significant flaws and inadequacies in SunTrust’s origination, underwriting, and quality control processes and notified SunTrust management that as many as 50 percent or more of SunTrust’s FHA-insured mortgages did not comply with FHA requirements. 

For example, a 2010 internal audit stated that SunTrust had “identified pervasive weaknesses in many controls that…impair continuity and consistency of operations and management’s ability to generate high-quality loans.” 

Other reports received by SunTrust management described its quality control program as “severely flawed” and “ineffective.”   These reports also described to management that the volume of problems in the program was “excessive,” and that the error rates were “elevated” and at an “unacceptable level.”

Why is this relevant??  Because much of it is occurring all over again - circa 2017 -


https://www.justice.gov/archives/opa/blog/false-claims-act-federal-housing-administration-lending
« Last Edit: August 19, 2017, 11:12:04 AM by citizensscience »
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citizensscience

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Re: Suntrust Scandal
« Reply #14 on: August 13, 2017, 11:47:59 AM »
#SunTrustMortgageScandal #WellsFargoScandal

Citizens Science investigation into the slipshod origination and documentation practices of SunTrust Mortgage, reveals massive issues where SunTrust and their subsequent purchasers are continuing to require homeowners to buy their homes with each monthly payment, yet they will never be able to convey the original loan documents to the borrower once paid in full. 

These original "Wet Ink" Documents are required to prove standing / Holdership in many states.  Servicer's through a network of third party vendors, have successfully circumvented the rule of law and policy in many proceedings. 

Further, untrained and sometimes incompetent county employees are deputized acting in a near full blown judicial role.

Borrowers must insist lenders produce their original loan documents and prove they are the rightful holder of their note and deed of trust. 

#Sigtarp #FDICSuntrust









Citizens Science Investigation into SunTrust Mortgage and its servicing practices has confirmed a number of residential loans where SunTrust is NOT in possession of the required documents to show who’s the lawful holder of the mortgage.  This is very problematic to the borrower as many of these loans have been traded among various investors and without knowing who is the lawful holder of the debt, a consumer could be forced to pay for the same loan twice. 

This is commonly known as double jeopardy, with the courts going as far as ordering lenders to post a bond to indemnify borrowers should a separate investor tender proof of ownership and assert they are the rightful holder of the debt. 

It seems SunTrust Mortgage follows the same internal protocol as Wells Fargo by knowingly making false statements to borrowers when questioned. 

The level of evidence currently in the care and custody of Citizens Science overwhelmingly supports a large scale "Securitization" Scandal that may perhaps have wide-spread consequences for various SunTrust entities given provisions contained within various Consent Agreements entered into by SunTrust.

This size and scope of this should not be understated. 

STM, may be one of the largest originators and servicer's of "unsecured" residential paper in the mortgage market...  Further,  it seems SunTrust is and has been very aware of this issue.

Shareholders and Wall-Street investors alike, will not find however much substance or a true reflection of what the size and liability may really be within SunTrust's Annual Report(s).  If SunTrust will misstate the banks ALLL to preserve Tier 1 capital, investors and borrowers should not be surprised with this. 

#SunTrustMortgageScandal







« Last Edit: August 14, 2017, 08:27:24 PM by citizensscience »
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citizensscience

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Re: Suntrust Scandal
« Reply #13 on: August 13, 2017, 10:13:05 AM »

SunTrust Mortgage "Knowingly Knew" of these deficiencies back in 2011 and again in 2012. 

However today, it's more alleged corruption and mistruths all harming unknowing borrowers.








Suntrust Mortgage Scandal 
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citizensscience

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Re: Suntrust Scandal
« Reply #12 on: August 13, 2017, 09:04:03 AM »
Suntrust Mortgage fails to rightfully document the loan file with the original loan documents such as the promissory note and the deed of trust, next SunTrust sells these non-compliant loans to Wells Fargo, leaving Wells Fargo as alleged, to lie to borrowers, and trick them into believing their loan is a balloon note and soon due.

Borrowers with these undocumented loans where critical documents are missing from the originator (SunTrust Mortgage) are then told they will be referred to foreclosure yet are encouraged to seek a loan modification.  Why, one may ask?

It's the Servicer's intent to run these loans through their loan modification process, a scheme that in simple terms allows the loan to be reset and restated solving the banks issue of securitization.  However, none of these loans are actually balloons.

Thus is problematic for borrowers, since the Servicer has still not proved it's the rightful holder of the debt, leaving a situation where a borrower is paying one bank for a note that may actually be held by a totally different investor.

Below outlines the alleged scheme -




Suntrust Mortgage Scandal 
« Last Edit: August 13, 2017, 09:21:15 AM by citizensscience »
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citizensscience

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Re: Suntrust Scandal
« Reply #11 on: August 11, 2017, 10:38:28 PM »
#SunTrustMortgageScandal #WellsFargoScandal

Citizens Science investigation into the slipshod origination and documentation practices of SunTrust Mortgage, reveals massive issues where SunTrust and their subsequent purchasers are continuing to require homeowners to buy their homes with each monthly payment, yet they will never be able to convey the original loan documents to the borrower once paid in full. 

These original "Wet Ink" Documents are required to prove standing / Holdership in many states.  Servicer's through a network of third party vendors, have successfully circumvented the rule of law and policy in many proceedings. 

Further, untrained and sometimes incompetent county employees are deputized acting in a near full blown judicial role.

Borrowers must insist lenders produce their original loan documents and prove they are the rightful holder of their note and deed of trust. 

#Sigtarp #FDICSuntrust






« Last Edit: August 31, 2017, 12:01:36 PM by citizensscience »
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citizensscience

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Re: Suntrust Scandal
« Reply #10 on: August 11, 2017, 04:39:30 PM »
#SuntrustMortgageScandal

SunTrust Mortgage - "Cutting Corners" and "Tolerating" Sub-par Submissions... 


« Last Edit: August 11, 2017, 04:59:30 PM by citizensscience »
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