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THE KIRKENDALE CONSUMER NEWSLETTER
January 2013
Dedicated.. to protecting consumers from being cheated by the American Banking industry
WARNING
Lack of Character and Ethics at U. S. Bank prompts new mortgage scams
By
William K
(Author of The FICO Hoax)
 
Los Angeles California January 24, 2013..Watch out for scams and fraud at U. S. Bank.For all of you consumers out there who want to trust and rely on your bank to treat you fairly and honestly I have to warn you about U.S. Bank. They are becoming very untrustworthy and they have taken on the character and policies of the two sub-prime mortgage lenders, Washington Mutual and Countrywide Mortgage. Here is what I recently found out about them after I wrote my best-selling book about the sub- prime mortgage crises. (The FICO Hoax)

U.S. Bank it appears did not engage in all the fraud and  chicanery of other banks during the housing bubble and sub-prime mortgage/financial crises. This is to their credit. Unfortunately, however, when they found out how much money they were leaving on the table by not scamming the public like all the other banks were doing they quickly dove headlong into changing their ways of doing business. This resulted in the mass hiring of former Washington mutual and Countrywide mortgage executives  to teach them how to cheat the public in their origination and underwriting of home mortgages. These two banks were, after all, the Giants of the mortgage fraud crises.  Heres what happened.

When a person now applied for a mortgage with them they started to use the same bought and paid for phony biased credit reports and FICO  scores Wamu and Countrywide used to scam their customers. This was done by tying their exorbitant fees and high interest rates to these phony scores and inaccurate credit information. If they smelled an opportunity to cheat their applicants they would also quickly demand non-refundable application and appraisal fees plus gouge them with outrageous origination fees and higher than publicly advertised interest rate charges on their loan. In my case for example they went from a publicized rate of 3.2% to 5.3%

The key to their scheme was their old standby fraud.bought and paid for credit reports and phony FICO scores. Their underwriters and loan officers then used these phony tools to scam the public just like they did during the sub-prime mortgage fraud crises. They used them as a way to intimidate their applicants into believing they had poor or no credit so either their loan would be denied or they would have to pay outrageous fees and artificially high interest rates. A nice scam that worked quite well for them. A small unwarranted increase in your interest rate, for example,  over the life of their loan could increase your total cost by over $100,000 in some instances. Not a bad scam when you multiply that figure by the tens of thousands of loans they were now underwriting  this way..

I dont make these charges lightly. I myself was recently scammed by these U.S. Bank people when I had applied for a refinance of my mortgage with them. Despite the fact that I had been a good customer of theirs with good credit for some time they nevertheless found a way to try and scam me for high fees and interest rates. FINALLY AFTER I COMPLAINED AND THREATENED TO EXPOSE THEM THEY DENIED MY LOAN ENTIRELYI had directed my complaints to the president of U.S. Bank Mr. Davis but to no avail. He just simply ignored mejust as all the other banks ignored people when they were ripping them off for billions of dollars during the height of the sub-prime mortgage crises scam.

As a result therefore I feel obligated to publicize their scams and warn other people who might want to do business with them. For further information you can go to my website www.ficofraud.com or call me at
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William K