It goes without saying that the predatory lending practices that have sprung up in recent years are finally starting to be understood to be just that: PREDATORY. Unfortunately there's been more than a few reports, particularly out of PG County, about financial scams that I wanted to post a little info on.
In a report from the August 26th Washington Post, they talked about a company called the Metropolitan Money Store, who has been accused of cheating people out of some serious money by sucking the equity out of their homes.
August 26th Post Article on Metro Money Store
The company, led by a former stripper named Joy Jenise Jackson, has had some pretty serious accusations leveled against them. Well, her house is now in foreclosure, I have a link to the listing for it here: Withdrawn Listing.pdf
There has been a recent update to the story, it came on October 10th.
October 10th Post Article on Metro Money Store
As more info comes up I'll keep everyone informed. The sooner lenders like this are caught and eliminated, the better off this entire industry will be.
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Does anyone know anything about the business practices of a mortgage broker located in Calvert County, MD? After viewing the story about Jenise Jackson with Metropolitan Money Market on NBC news, I am suspicious of some of the practices I have personally experienced with Mr. Deavers. I am always amazed at the "quality of life" and "extravagant lifestyles" of many realtors, loan officers, brokers, and other professions of real estate. What disgusts me about this story is not actually what Ms. Jackson has been "accused" of. I am disgusted at the the fact that for the past year, the mortgage industry has taken a beating and predatory lending concerns are just making their way to the forefront of discussion, concern, and investigation. Many mortgage companies have been "defrauding" home buyers for many many years...this is not a new practice. It takes place right beneath your nose in subtle and intricate ways starting from the paperwork to the appraisal to the closing table. Shouldn't the FBI and Secret Service be investigating and trying to take down these larger and "more reputable" companies rather than focusing on the little men. Of course I believe that anyone or any company that is operating illegal and unethical practices regardless of the size, should be investigated and closed down immediately. There should be a nation-wide list of all businesses currently under suspicion and investigation available to the general public. This would assist the home buyer and seller in making responsible, educated and informed financial decisions with regards to real estate transactions at all levels. Public awareness is esssenial for today's consumers. If you are buying a home through a realtor or FSBO, I recommend hiring an attorney who specializes in contract law to review your documents before signing on the dotted lines. I got worked over real good in St. Mary's County when I did not take the necessary precautions because I foolishly "trusted" a reputable business person in the community....a big mistake. As a society, we are quick to assume that our business dealings with people are more "legitimate" than others based on status, race, occupation, etc...the list goes on and on. CONSUMERS BEWARE! The scams and deceiptful practices are operated by the people you would least suspect wearing designer clothes and driving an expensive automobile. Remember, race has absolutely nothing to do with accurately judging a person's character and ethics. When you are devastated about losing your home and you are facing homelessness, all you know is that a dishonorable and non-consciencious person took advantage of you and then you wonder what you are going to do?
Posted by: Anonymous Southern MD Resident | December 04, 2007 at 10:23 AM
I haven't heard anything about a fraudulent lender in Calvert County.
In regards to the FBI, there is a division that is dealing with issues like you mention, I'll post a link to their site and give you a little more information on that later this evening!
Posted by: Team Benya | December 21, 2007 at 05:50 PM