M & T Mortage Corp predator lending and flipping /fha/hud ripoff Buffalo New York

on april 1st on 2002 we closed on are home that costed us $150,000.00 which m&t mortage corp said that the appaisor said it met all protocal in handbook 4150.2 in reality it did not. the appaisor lied on fha/hud vc forms. it was told to me by several contractors that my home needs hundrends of thousands of dollars to bring it up to fha/hud insured mortage standards. one said it would be easiler to bull doze it down and start over and this would even be cheaper than trieing to fix it.

bottom line we were caught up in predatory lending scam that started right with the realtor, the mortage company and are closing lawyer who was located in the same building as the mortage company and also when we tried to file a complaint with the DA of clinton county it went no where,to are surprize he was the husband of are closing lawyer amaged that.

also fha/hud will not do anything to help us the good people of the u.s.a. beware of fha/hud they are not their to help you their the biggest problem with predatory lending they will not inforce their own laws that would stop this from happening they give you a paper that tells you about the homebuyers procetion plan that is worthless toilet paper has more use than it.

their is a magazine out their called motherjones.com that published a story back in july/ august 2000 issue called (home cheat home) that tells the whole story about fha/hud insured homes and flipping what caught my eye in this story was i am going to quote this right from the story(evans is among tens of thousands of low-income homeowners victimized by a scam called flipping, that i being repeated every day in iner-city neighborhoods from syracuse to los angeles. to resurrect blighted urban areas, the government sells abandoned houses to real estate investors for renovation.

but some speculators simply slap on cosmetic repairs and flip the properties, reselling them for many times their true value. because the fha co-signs the loans, it gets stuck with the bill when homeowners cant pay the inflated mortgages. last year the agency spent $6.5 billion to bail out 78,890 home loans that went bad-up 30 percent in three years. the foreclosed homes are seized, boarded up, and put back on the market, and the cycle starts all over again.)

this is only part of this story something needs to be done with fha/hud they are wasting tax payers money by letting this happen you do the math what is costing the taxpayers just because fha/hud will not inforce their laws. you could use the money to pay down the u.s. defaset or something better like helping the por people that are still homeless from hurricane katerina, we know this will never happen are government helping are own people in our own country.

i could go on forever on this subject. i bought my 1st house in 1989 in n.j. which was a fha home,they tried to stop my closing because of a torn screen this is why i bought my second home with fha again because of such high standards with my 1st home.

i do not understand what happen to fha/hud intill i did some investagating all the big mortage companys flooded capital hill with alot of money and had their standards changed by allowing the mortage companys to hire their own appairers/inspectors to fill out fha/hud ( vc )forms. everyone needs to write their congressman and sentors to stop this, if its changed back their would not be anymore house flipping. this would stop low-income familys and disabed people from getting screwed.

I WOULD LIKE TO HEAR FROM ANYONE WHO HAS A MORTAGE FROM M&T MORTGAGE CORP THAT HAS BEEN COULD UP IN PREDATORY LENDING TO GET TOGETHER IN A CLASS ACTION LAWSUIT.

Cannizzaro
mooers, New York
U.S.A.