The Fleecing of America--How we got here cont.

From 1996 t0 2008 we worked harder than we had ever worked.  We built Loomis Construction into a pretty large company.  At one point we had two framing crews which employed fourteen people.  We were getting custom builds and hiring subcontractors.  We got to where we were building three to seven houses a year, some spec, some custom.  The mortgage business took off and companies were buying each other up like crazy.  Norwest was eventually taken over by Wells Fargo.  A big company like Wells can’t ever leave the good alone; they had to impose their structure.  Our Park City Branch hung in for about a year and half before we all realized we were too entrepreneurial to work for a company that expected their employees to fit in a box.  The whole branch left together in 2000 and a couple of the head loan officers formed a broker branch office, Crescent mortgage.  As I steadily grew my book of business over the next two years, the two partners found more and more ways to cut back my share of the money. 

See My Foreclosure Story on facebook

If you are interested in just how criminal the whole housing crisis has been handled read the article I posted on facebook titled Mortgage Settlement is Great For Politicians and Banks.

A sample of what is said:

In the words of business consultant Susan Webber, who blogs expertly on financial matters under the pen name Yves Smith, "We've now set a price for forgeries and fabricating documents. It's $2,000 per loan." She observes, quite properly, that the payoff is a minuscule fraction of the costs these practices have imposed on borrowers, the court system and the economy.