IDOE: Scott Veerkamp Ripoff

Re:  Indiana Department of Education

Predatory Lending is a major contributor to the economic turmoil we are currently experiencing.

Here is an example of what I am talking about: 
Scott Veerkamp / Predatory Lending  (Franklin Township School Board Member.)

Please review this information from U.S. Senator Jeff Merkley regarding deceptive lending practices:
"Steering payments were made to brokers who enticed unsuspecting homeowners into deceptive and expensive mortgages.  These secret bonus payments, often called Yield Spread Premiums, turned home mortgages into a SCAM."

The Center for Responsible Lending says YSP "steals equity from struggling families."   
1. Scott collected nearly $10,000 on two separate mortgages using YSP and junk fees. 2. This is an average of $5,000 per loan. 3. The median value of the properties was $135,000.  4. Clearly, this type of lending represents a major ripoff for consumers.

Please review Scott Veerkamp article dated 9-20-10 below:

http://jmb27.posterous.com/scott-veerkamps-switching-technique