Select Portfolio Servicing has just called my wife and demanded she pay about 160 dollars in fees for something "three years ago." This company, which we are told is a mortgage company is charging my wife, an african american woman, almost 12% interest on top of the endless "oh sorry, one more thing." So today they have a little announcement which makes it sound very much as if they are nothing more than a collection agency.
Are not there laws againgst such exorbitant rates, or any other laws againgst these gangsters preying on carribbean african americans? They -oh, it's their word against my wife's- are not able to provide any proof that she made any kind of request that would warrent an extra fee of 160 dollars. So she's paying close to 1400 dollars per month to extortionists. Where's the investigation? According to the community reinvestment act, aren't banks required to disclose information about their "clients." Or can Select Portfolio Service get it both ways: do the laws against predatory lending even apply to those collection agencies that buy loans for these type purposes? Are there any ongoing class action suits against these gangsters? I think plainly this sort of garbage is to blame for the many defaults that are destroying the credit market. It is not the consumer at fault, but when somebody takes advantage of the consumers - let's nickel and dime the homeowners enough they default and we get their houses. How convenient.
Why on earth are 12% interest rates allowed on homes? Because somebody knows, down at Select Portfolio Services, how to get around the laws and then how to avoid official scrutiny. They bank on "collections" and therefore I'd say are subject to the laws applicable to loan sharks and "pro" collection agencies. It is time to lower the boom on these gangsters people and across the board!! After reading all the complaints against Select Portfolio Services, obviously no politician nor law enforcement group will be able to ignore it safely. It will become a future issue: chairman Barney Frank, are you listening, sleeping -- or not? We will make it so.