Banker Reviews

Sometimes I just cannot but wonder how some fraudulent companies can still be in business. It seems like there is no law for them ad they just keep on cheating unaware customers – honest people, who do not deserve to be hurt and broke. Especially it concerns financial institutions, which business activities have to be transparent and well known. And unfortunately, some of these suspected companies keep to perform their shady business and no one can judge or punish them. But sometimes there is some hope for justice and these companies are punished. Like in case with Chase Bank.

Class action suit. In 2004, there have been several class action suits filed against Chase Bank. It was so evident that the bank is performing like the outstanding con artist, Better Business Bureau and Attorney General finally decided to interfere. That class action suit stated that the bank is creating a fraudulent business environment and spreading scam on the territory of the whole United States. Thanks to many efforts of poor people who had suffered because of Chase, the judge made the financial institution pay several millions of dollars in penalties. And to close several branches and prosecute some of the most fraudulent employees of the bank.

Results. But after that case Chase Bank did not file for bankruptcy or started to close some of the branch offices. They decided to choose the other strategy and had enough money for that. There is now a strict control of all the activities the employees perform and the managers are constantly monitoring the state of affairs. The customer service of the bank has been upgraded. It is very hard now to get a job at Chase. But it is very hard as well to return the trust of the customers. Who would like to take Chase mortgage now knowing the reputation of the bank? Or Chase loan?
There is no trust, still.

The desire to possess your own home is very natural. That is why so many people are experiencing it. That is probably one of the most wide-spread dreams of the mankind. Many people want to have their own place, which they will be able to call their and where they will be able to have their own rules, like their own kingdom. Besides, your home is that house where your family live, those close people who are the most important in your life. And home is the place where you are eager to go from work, where it is always pleasant to return because some part of your soul is there. That is why so many people want to have their own home and decide to take a residential loan in such companies like EMC Mortgage or Wilshire Mortgage.

EMC Mortgage. This company is considered to be one of the leading companies in the residential loans industry. It develops rapidly and the number of customers of EMC Mortgage is growing from year to year. And it seems like nothing can stop the march of this lender. But still, there are many negative reviews on the work of the company. The customers of EMC Mortgage state that the company does not care about the customers like persons, but consider them just like the amount of dollars. And that is why it is very difficult to solve some problems with payment and to communicate with employees.

Wilshire Mortgage. Wilshire Mortgage is also a very popular residential lender. And this company has its own problems. The company has different mortgage programs that allow customers with an average credit record to get a loan. But the interest rates of these programs are really huge. And pretending that it wants to help people to get their own home and get back on their feet, Wilshire Mortgage just keep on robbing the customers.

There is a number of diversified financial marketing and service holding companies. They specialize in different branches of the financial industry such as residential mortgage banking, insurance providing, debt collection services, receivables management and many other services of financial nature. And every one of us at least once in a life used the services of such corporations because our existence is closely connected with material things such as money. And it could have been good or bad experience. One of these corporations is Countrywide Financial Corporation.

About the company. This company specializes in residential mortgage banking. Countrywide Financial produces, buys, and securitizes home loans. In 2006 the company serviced one fifth of all the mortgages in the country. The company was founded in 1969 and since then has been originating mortgage loans through its network. Countrywide Financial has a special Mortgage Banking division that deals with loan production, loan servicing and loan closing services. The company originates new mortgages or purchases them from other lenders. Mortgage loans are offered directly to consumers.

Countrywide complaints. Countrywide Financial Corporation has been the subject to many class action suits. Countrywide employees sued the company for forcing them to work overtime for free. The company settled the lawsuit and paid $30 million in compensation. Besides, the company performs in-depth investigations of new employee applicants without their permission. That is why applicants complain and state that these background searches are illegal and discriminatory. Besides, the company provides loans to customers with poor credit records and then compromised their ability to pay for their living. Countrywide was also accused in predatory business practices after missing the payments and then forcing the customers to pay late fees and leading to the lost of homes. This policy is considered to be unethical and brutal. People with financial difficulties have nothing to do but to go to such predators and then they just cheat them.

There are some financial institutions that were created to work with money and make money work on them. Of course, the most respectable ones are banks. They operate under special statutes and laws that coordinate the work and services of the banks. It means that all the business activities of the banks are to be legal. But in real life this is not like that. And many banks such as Ocwen Bank became fraudulent establishments that cheat. However, what goes around comes around.

About Ocwen. Ocwen Bank is owned by Ocwen Financial Corporation. The company is one of the leaders in the finance industry. Ocwen Bank provides different services such as consumer and corporate banking, insurance providing, servicing of different types of loans and tax refunds. There is an Ocwen Bank official website through which the company offers new home loans, college loans, vehicle loans and many other loans. The bank is headquartered in West Palm Beach, Florida. Ocwen Federal Bank specializes in residential loans servicing and accounts receivables servicing. The bank has many branch offices in such states as Florida, California, Arizona, Illinois, Georgia and New York. Besides, the company has numerous operations in Canada, Germany and India.

Critisizm. Notwithstanding the leading positions on the market, Ocwen Bank got involved in a number if litigations. There has been a class action suit filed against the fraudulent business activities of the company including phone harassment, breach of contract, and fraudulent debt collection practices. Ocwen Federal Bank has been sued for several million dollars. According to the suit, there are hundreds of people who complained about the mistreatment and suffered from the filing of bogus reports of Ocwen Federal Bank and many other shady activities. It still remains a mystery how such a huge and respectable financial institution could get involved in the dirty business? Do not bankers and employees earn enough money? Probably, it is always difficult to understand when enough is enough.

Some companies are claimed to be one of the best ones by some special criteria and are praised by mass media and people. And a lot of such companies happen to be privately-held. People who run their own business look after the things that are happening in their company more careful than others. One of these companies is Moneytree which is regarded as on of the most philanthropic companies in the United States.

About the company. Moneytree, Inc. is a retail financial services business. The company is headquartered in Seattle, Washington. Moneytree is a privately owned family business that was founded as a check cashing business. The main aim of the company is to provide the best retail financial services, to amaze customers with great customer service and quality of goods and services, and to have employees that would meet the requirements of customers. There are 1,200 people employed nowadays in Moneytree. The company is considered to be one of the best businesses in Washington. Moneytree specializes in so called payday lending, check cashing, wire transfers and other services of financial nature. According to company’s reports, it provides best workplace environment for its employees and cares a lot about their welfare. Moneytree advices people with financial problems to seek credit counseling, not to use Moneytree’s payday loans.

Compalaints. But still it happens that some complaints are filed against Moneytree. What are they about? People complain that the company could not provide them loan that they requested. And when they tried to contact Moneytree to clarify the situation, they were asked to call back. And after that the luckless customers were just redirected to some other line. Maybe these things happen because the company just does not want to get involved into lending with sub prime customers. This sub prime loans market is a very risky thing because of many loans being defaulted on and the total softening of the market.