THE NMLS MORTGAGE LICENSING SYSTEM THE BIGGEST GOVERNMENT FRAUD AND SCAM IN U.S. HISTORY
Letters To the Editors:
The New York Times
The L.A. Times
Wall Street Journal
February 1, 2013
I want to bring to your attention the existence of a massive and pervasive government sponsored scam in America today. Ever since the sub-prime mortgage crises engulfed the country in a financial crises the blame has fallen totally on all the loan officers who originated and processed the loans. The banks that underwrote these loans and bank executives who actively participated in promoting them to the public never once received any blame..As a matter of fact the criminal involvement of these executives has not and most likely never will see the light of day to prosecute them for their crimes. They are simply too big to jail
No. the dirty little culprits that caused the country to go in financial free-fall were not the criminals but the lowly mortgage loan officers. They caused all the trouble and they are now the ones that must now pay the price for all their evil deeds. The problem is their punishment was not fair or ethical.
Because people in congress like Barney Frank wanted to get all these loan officers where it hurt in their pocketbook they began a program filled with ways to keep them unemployed and scam their hard earned money. The punishment program against all these poor loan officers was called the (NMLS) or National Mortgage Licensing agency. This organization then was headed by two other questionable organizations called the (CSCB) or Conference of State Bank Supervisors and the (AARMR) or American Association of Residential Mortgage Regulators.A three headed snake if I ever saw one.
So how and why did we get to this point since the mortgage world collapsed? The answer is quite simple. GREED on just about everyones part except those poor loan officers that became cannon fodder for everyone that wanted to point the finger of blame at someone. To prove my point consider this..The very guy whose law bears his name, Barney Frank is about as unethical and greedy a person as you could find anywhere. When the mortgage crises was at its most extreme guess what Barney Frank was doing? Well unbelievably he was cozying up to the biggest mortgage crook at the time, Angelo Mozillo, CEO of Countywide bank to get favorable loans on his own house. The same also can be said about his colleague and co-sponsor Chris Dodd who also got a favorable loan on his house through Mr. Mozillo and his Countrywide bank.
And what is the centerpiece of the Dodd Frank law? Its about Morals and Ethics. Thats right make sure the loan officers you blame for the mortgage crises are honest and ethical but we who judge you can be dishonest and unethical. This incredible injustice must be exposed and remedied. To that end I am ready to file a Billion dollar class action lawsuit against all of the people connected to the NMLS scam. Heres how their scam works..
First You have to pay them a lot of money just for the privilege of being on their approved list of people who they may or may not give a NMLS license to be a mortgage loan officer. Only 58%, however, will ever be approved to get a license . The rest will have just thrown their hard earned money down the drain.
Once they have your money they then make you run the gauntlet and incur the expense of having to get a background check, a credit report, pay for an expensive pre-licensing school, and finally pass one of their phony tests. On the subject of their phony tests this is how that scam operatesFirst they charge you a $160 fee just so you can take the test which you must do within 180 days or you forfeit your fee. Then they make you spend anywhere from $300 to $1,000 to attend one of their phony pre-approved schools where you have to put in 20 hours and pass a pre-test before you can take their main test. And just what is this main test? Scam City thats what it is. They hire a scam artist company and pay them a lot of taxpayer money to conduct these tests. They strip search you and treat you like a common criminal the minute you walk in the door at one of these testing sites.and from there it gets worse.
These tests are not fair or honest. They are just like the old days in America where black people had to pass a test in order to be able to vote. The test of course was rigged so they couldn't pass and therefore they couldn't vote. They also had to pay a government imposed poll tax to keep them out of the voting booth. Same with these NMLS tests. They are rigged and programmed to make people fail so the banks can get rid of all the independent mortgage brokers out there who are cutting into the bank profits. If you can eliminate the middle man the story goes you can double or triple your profits.
And how are they rigged to make you fail. Very simple. Again at taxpayer expense they hire what are called PSYCHOMATRICIANS to put the test together and figure out what questions to ask and what passing grade they should use. . For those of you who have never heard of a Psychomatrician this is how the dictionary defines them.Just like the Fair Isaac FICO score scammers these are people who claim they can measure a persons mental traits and intelligence ability for taking tests. They are called all omniscient Rock stars of the testing world. This means they are looked upon as God by everybody in this field. And whats worse is they need not be trained or licensed for this job and have no legal certification to perform their voodoo fortune telling. In the field of psychology they are called Tarot card readers or soothsayers. I would also add the term scam artists.
Why these people are so important to the scam is because what the NMLS people do is use them to make sure that their test results match the psychomatricians prediction. In other words program the tests for failure to match up with the NMLSs goal of failing as many people on their tests as possible. And heres how that works. In the NMLS testing world a C GRADE IS NOT GOOD ENOUGH TO PASS. If you answer 74 out of a hundred questions correctly you FAIL THE TESTYou need to answer 75 correctly.
So you see from all this NMLS thievery, chicanery and attack upon your personal freedoms and liberties once the government is out to get you and scam you you have no chance. They're too big and powerful to fight.So it is with the NMLS organization. You can't fight them because they have all the cards. They hold your future in their hands and. could care less if you ever worked in the mortgage business again or not. You could have 50 years of experience being a loan officer....They don't care. They just want your money. The same with the FICO score scam. They have government authority to fleece you blind and not give you a FICO score even if you had 50 years of good credit. In other word you fail their credit score test so banks can charge you more interest on their loans.
Here's a personal experience I recently had with them regarding their testing scam. After giving them money to take my test they informed me two years later that I had only six months to take the test or I would forfeit all the money I gave them. It just so happened at the time that I became ill after I gave them the money so I couldn't take the test right away. Two years later when my health improved and I went to take the test I was told in order to take the test I would have to pay their fee again. This double charging also occurred with me to take the State test they also required me to take.. These phony double charged fees for me totaled over $1,000.
I believe the only way for evil to triumph is for good men to do nothing....Well I'm not about to stand around and do nothingWhen I see evil like this I'm going to do something about it. First I wrote my book called the Great FICO Hoax which was about all the mortgage fraud and abuses I witnessed during the subprime crises. Then I discovered The Great Barney Frank government sponsored Scam and fraud. NMLS.... The entire banking industry it seemed was falling apart with one big scam after another. So how did we get to this point?
Well At the end of the subprime mortgage crises when Rep. Barney Frank and all his buddies were getting favorable mortgage loan treatment from all the crooked banks they cozied up to. they got together to organize THE biggest scam in American history. This Scam was called the National Mortgage Licensing or NLMS scam and before the ink was dry on his bill that he shoved through congress over 2 million people would be scammed out of
hundreds of thousands of dollars in bogus charges and fees.I myself was scammed when I went through the process because I thought it was an honest and fair program to help consumers. What it was, however, was nothing more than a totally dishonest scam making people pay thousands of dollars in bogus fees and costs to complete the program. I myself personally paid over $1,200 in these bogus fees.
So how did this scam come about anyway. After Mr. Frank and his friends got all their favorable loan treatment from the crooked banks he was cozy with he decided the entire mortgage business needed him to clean up all the abuses that caused the subprime mortgage crises...So crooked Barney came up with the DODD FRANK SAFE ACT.described to me by Senator Diane Feinstein as one of the most stupid, flawed and egregious laws ever put on the books. And what was this Act....It was nothing more than an ill thought out elaborate scam to punish people who didn't do anything wrong and cost them millions of dollars in bogus phony fees he arbitrarily thought up .
And just who is this paragon of virtue Barney Frank who questions everybody else's ethics and morality but his own.. Well let's see. He once ran a gay male prostitute ring out of his house. He took bribes from bank executives during the mortgage crises. He used his banker friend's private jet to hob nob with all his rich buddies. He received favorable mortgage rates and terms from the biggest and most fraudulent bank president crook in America during the mortgage crises.
This was the guy then who decided for you and I he would look over and approve other people's
Careers, ethics and morality if they had anything to do with helping people get a mortgage loan. And how were his morals and ethics. Well I just gave you an idea how he operated in life.And now he has the nerve to appoint himself as the judge and jury of other people's moral character and ethics. Who's kidding who here. Anyone connected to Mr. Frank and this fraudulent scheme of his should be punished, fined and made to pay restitution to all the people they cheated and scammed. You can look the other way if you want but I'm not...I hope you will publish this letter so other people wont be cheated and scammed like I was and millions more like me. Its time to put some honesty and integrity back into the mortgage business.
(Author of the great FICO HOAX)
For more information on this illegal scam you can call me at 949-981-5400 or visit my website www.ficofraud.com