Fremont Investment & Loan, Brea, California and its parent corporations, Fremont General Corporation and Fremont General Credit Corporation consented to the issuance of a cease and desist order against it by the FDIC, without admitting or denying the allegations.
In issuing the cease and desist order, the FDIC found that Fremont Investment & Loan was operating without effective risk management policies and procedures in place in relation to its subprime mortgage and commercial real estate lending operations. The FDIC determined, among other things, that Fremont Investment & Loan had been operating without adequate subprime mortgage loan underwriting criteria, and that it was marketing and extending subprime mortgage loans in a way that substantially increased the likelihood of borrower default or other loss to the bank.
“Our concern has always been that banks make loans that borrowers are able to repay,” said FDIC Chairman Sheila C. Bair. “We believe that the agreement with Fremont addresses this basic concern.”
The order sets forth a variety of corrective actions to be undertaken. The order requires that Fremont Investment & Loan adopt a five-year strategic plan for its business. The order also requires that Fremont Investment & Loan, within 90 days, adopt a subprime mortgage lending policy with provisions designed to correct its lending practices, including that it underwrite future subprime loans with an analysis of the borrower’s ability to repay at the fully indexed rate and provide borrowers with clear information about the benefits and risks of the products.
The order further requires Fremont Investment & Loan, within 90 days, to describe efforts it will make to restructure loans in distress consistent with the marketability of such loans and with sound principles of underwriting. In addition, the order requires Fremont Investment & Loan to fully comply with all consumer protection laws and to correct its commercial real estate lending practices.
Re Fremont Savings and Loan – Exactly what does this mean? Why is there no plan set to restore the victims of the fraudulent acts to their home? Why should so many be without a roof? IT is time to stop feeling sorry for the companys and make them pay restitution to the victims
I agree with you leslie I was a victum of fraud through fremont Nichole Lyder who originated me the loan had an underwritter in frremont Sara Rhineheart i was on section 8 and was told i can own a house the boosted my credit score and more i think freemont should get a class action law suit against them because the did not ask me for any bank documents and also the didn’t even chech to see if my inf was correct…… I’m crying for help fremont also just bought my house back for 327,5 and the house was sold to me for 430, look @ the difference
FREMONT BANK NOT ASSOCIATED WITH FREMONT GENERAL CORPORATION
FREMONT, CA (April 12, 2007) — Fremont Bank, a San Francisco Bay Area community bank, is making an effort to reduce customer confusion caused by the similarity of names between Fremont Bank and Fremont General Corporation, a Southern California company that has been ordered to cease and desist its subprime lending activity by federal regulators.
“We want our customers and our communities to be aware that Fremont Bank is in no way associated with Fremont General or its problems and that our institution is very well capitalized and stronger than it’s ever been,” says Bradford Anderson, president and chief executive officer of Fremont Bank.
Anderson adds that Fremont Bank is not a subprime lender and adheres to strong underwriting standards. “We remain a prudent residential and commercial lender and look forward to continuing to serve the financial needs of our clients and local communities in every way we can,” he says.
Fremont Bank is sending a letter to its clients to clarify the situation and to reassure them of its financial integrity. The bank is also notifying the public in various ways that Fremont Bank remains strong and is here to stay.
About Fremont Bank
Fremont Bank (www.fremontbank.com) is the leading full-service community bank in Northern California. Founded in 1964, Fremont Bank is also one of the oldest independent family owned and managed banks in the region and focuses on personalized service for individuals and businesses. It serves communities through 24 branches and 4 additional ATMs throughout the Greater Bay Area. Exceptional client service is the cornerstone of Fremont Bank’s business. Accommodation of customer needs in a friendly, personal atmosphere characterize the bank’s culture.
I am sorry they got your house. I am doing EVERYTING IN MY POWER TO KEEP MINE. I can email the name of a firm I found on the internet, not certain if they can help, but you can ask.
I believe that the subprime theives have done such damage IT WILL change the mortgage industry. New Century was the number 2 subprime and 2.5% across the US – NOT just CALI, that is ALOT of people.
You cannot let them 1. make you get a new loan, or 2. take your home. They DEFRAUDED you! New Century is now hiding behind banktuptcy law and tried to sell my mortgage to another subprime lender 2 days before they filed Chapter 11. What a joke. If you or I broke the law they would have us on cops being beat down by the cops. These guys are slim and using the law to not only get away with defrauding us, but to open up new companies under a new name to CONTINUE to defraud us. If we don’t step up we will get stepped on. I will reply with the name of that law firm later this evening.
Need help ASAP with Fremont contact me at xfreenv@verizon.net
Fremont was deceptive in loan practice. They changed loan docs out without ok r signatures. Sold lan while in default. Stopped forclosure once then sold the loan and had to get it back. After modification again loan in default again changed papers sold loan in default to another company. Contact me 775+267-2167
I just recieve a letter from Fremont
telling me that they assign my mortage to a Company call Litton Loan Servicing
in Texas. i wasn’t aware that they was
in trouble and the customer from Fremont inform me today when they closing the residentrial deptment effective May 31,and I need to contract the new guys. Me and my husband been
struggling since Jan/2008 to keep our
mortage paid. I also request Fremont to
modify our loan and convert to a fixed
mortage. Where does this lead my family.
Is there a number I can call or a organization that can help us.
Sincerely
Holly Hollister
763-439-0929
oh my holly, freemont sold my loan to litton and i think they are just as bad… beware and document everthing,,, they were charged for misapplying pmts. they take weeks to post your pmt then they charge you for lates amongst other scams
It’s good to see that the Feds are at least trying to reduce irresponsible lending practices by
banks. Responsible lending is the best thing for a healthy economy in the long run.Go FDIC – keep the lending rouges in line – we will all be better off in the long run for keeping these banks in check.
I have heard of Litton Loans, they are equally bad. The things you describe are against the law. Many new laws are coming out and are on the books in the benefit of Homeowners. I am still in my house, not in forclosure but I am still representing myself in court. Since last year, I had to go back to school to become a paralegal. I intern with attorneys who work with victims of subprime lending. I tried one attorney, but I know more about subprime than she does, I had to fire her. It is HARD work, lots of research. It appears that you can win in State Court depending on your state and the new laws. Google “subprime lending law” or subprime Litigation to see if anything comes up that can help. You can also go to your state Bar to seek out either and attorney or the assistance of an attorney if needed.
No matter what, don’t give up your home.
Much support, Leslie Marks
As everything has proceeded through the court system, we were able to get an injunction in federal court to stop the sale of our home. We have had reporters interview us on KOLO TV Reno. We were saved at the 11th hour by attorneys Robert R. Hager and Treva J. Hearne (775+329-5800) They are working on a class action to be brought against the mortgage companies. If you have lost your home or are in the process call them to see if this class action will work for you.
I am a victim who is in a “trial period” for 3 months and are paying the amount requested in the trial, after receiving the statement and making the payments we get a letter of default to accelerate, when we requested a modification we were not behind on our mortgage yet, but knew we were not going to be able to pay our next on time due to loss of income in our daycare business because all of our clients were losing their jobs, now we are making only 30% of normal, so after contacting Litton they told us to fill out the Mod app and send it in, we did and they put us on the 3 month trial and told us not pay our usual payment, we did this and now I have called the EX response team at Litton who Mr Moe from the famous Mortgage Mod expert website said to call, by the way this guy is a PR for Litton, I found a article he wrote praising Littons Modification efforts, well I did and they were So @##@ helpful, I was told my house will be foreclosed on Aug 31st and to make my Sept payment before that time. I asked when I could expect the finalized Mod from the lender and he said he does not know.Gee that makes me feel Secure, They have no intentions of giving my family a Mod, this guy just wants to get a Brownie point for squeezing me for every last cent before they stick it to us and take our house. Hey Moe, they have so many requests that they are doing everything they can to help, You talk like you are the Authority on this, your just a Court clown at the end of Littons PR Dept. And Please if you don’t think I have tried to get the word out about these Vultures your wrong, I am at the end of my rope and there is no one out there willing to fight this fight, not enough $$$ in it for Lawyers, and Politicians need this to get really Down and dirty to get their feet wet, 10,000 families is not enough, get to a half million then were talkin votes. Never mind the fraud, greed, or the pain it is causing all of us, heck fraud has become an everyday thing, The media is not interested, not enough misery for them yet, not enough suicides yet, just us using these websites trying to feel we are not alone with this nightmare that can turn life into a living hell, I can’t even bare to think of where our family will be this time next year,our only income is based on us having a home, I am disabled and my wife has only this childcare
for Job background, Our credit is in shambles, not that we have not tried to get resolution, We were working with a lovely Debt relief co Named DEBT RELIEF USA! who took all their clients money,spent most all of it, then with the rest they put it into an account so they could get lines of credit, credit cards, Leasing 70,000 cars having parties and putting it down as an expense, then when they had their bellies full File for BK! that’s right, they are supposed to keep you from it, all along planing this scheme of taking most of your money and spending or stuffing it away from sight then what was left using it to get credit, and they got it, what they would need all that credit for does not matter, the law is allowing this sort of theft, and letting them walk away smiling, what a deal, now that bit of money they have left over is a supposed escrow acct for us, will go to all the creditors that gave them all credit in the first place, so they stole from us and then used what was left over to get more! and there is nothing left for us! That is the Law! The King of Scams!They Just got away with Fraud and are proud of it!Look for another Scam from these guys in the future. they took over 9,000 from us, and that was a punch that has left us crippled, now Litton is looking to finish the job! We have 21 days to find the right Lawyer who is willing to do something to help us,
not just take our money and leave us homeless on the streets. It looks bleak but I won’t stop looking, it has been a month and can’t find any help yet. one last thing, You want to really see something that will blow your mind?
Not that it will make you feel any better, but you will see what we are dealing with. Google Litton loan complaints, keep looking till you find the PDF for Moody’s about Litton Loan servicing, Pay close attention, I think page five will have you thinking, Hey does Moody’s have some sort of interest in Litton? That is not the Customer service dept I have ever dealt with, HOW ABOUT YOU?. Any help would be greatly appreciated, WE will try anything to keep our home. Don’t expect any replies since we all are trying to get to the same place. I HOPE THE MAN UPSTAIRS TAKES NOTE AND ACTS ACCORDINGLY FOR ALL OF US. Started with New century.
I ran out of space, That was what I posted on Consumer affairs website, my fingers get tired and I have heart failure and can only go so long, I am not too good on the computer to boot, anyway I really need help and I see similarities with the above posting, New century was the originating mortgage co. sold to Litton in 05, Litton is connected to C-BASS, “not the Tasty fish” in turn connected with Goldman Sachs and were looking for mortgages that looked like default candidates with intention on foreclosure
Does not sound like they are trying to keep people in their home. This is What Larry Litton stated before Washington that they were doing. If you want to find out reality all you need to do is call customer service and try and get a straight answer on almost any information concerning anything but when you will be paying them more money, anything else is going to be so time consuming that you either get disconnected, put on hold, or they will get back with you, never. after 30min most people give up. They make sure that you are in foreclosure before you get the denial, they are focused on putting you into default, no time for Modification, the person who was working with us on our home app, forcefully suggested that I should put down my Janitorial co. as income, o.k. but I don’t have one is the only problem, “you do want to have a home of your own right?” “no need to say more, trust me I have done this many times and never had any trouble”. Bottom line is We want to keep our home, I don’t think I have any other option, I have to try till to do what I can to fight to keep our family from being homeless.
Do you think the Reno Law firm would be interested?
Please reply as soon as you can, My time is running out. Thank you. The Jarvis family.
Litton loan is a horrible representation of Fair Credit Debt act not to mention misleading, switch & bait type business profile! I have someone depending where you are ALAN K MARCUS PA 305-507-1203. You name it Ive been through it. As a business ownerI will tell you document document document. I have sent everything certified mail, cooperated to the full extent of the law as permitted and these people think they can do whatever they want!!! KEEP FIGHTING ,DOCUMENT DOCUMENT DOCUMENT!!!
Our orginator was Fremont Investment & Loan in Dec. 2006 shortly before this ‘cease & desist.” They transferred my loan to Wilshire Credit Corp., a shady mortgage servicing company. They proceeded to foreclose on our home in January 2009.
We signed fraudulent closing papers with Fremont – a lender that was forced by FDIC to “cease & desist” its lending! I had an audit done and found violations.
Oh, I requested the “Note” from Wilshire and they apparently don’t have it – which appears means they weren’t in the position to foreclose.
Who do I sue the originator (Fremont Investment & Loan) or mortgage servicing company (Whilshire)?
I recently refinanced my double wide mobile home with Bank of America. I just received an overnight FedEx with 2 titles that say Federeal Home Loan Mortgage Corp. Who are they? Did B of A sell the paper to these people? What’s going on here? Thank you.
I’d like to get information regarding the amount of time one has to bring a suit against these firms who misrepresent their offers. I’ve heard that after a year, you no longer have the right to sue them. In some cases you may have up to three years. And why is it that the lawyers aren’t lining up to take these cases? I haven’t spoken to one lawyer so far, out of 8, that are willing to go after them without getting paid first. If I had the money to pay a lawyer, I would pay off the damn house. Case closed. Right?
Wilshire, BayRock, and the broker who stuck it to me should all burn in #&@))!!!
Very useful information for me!
please continue posting these information so that we could get help from you.
I went through the two yaers of being homeless and i am still not living in stable housing.i was wondering do anyone know if freemont had a class action lawsuit for the peolple who went through the attorney generals
I have been through mortgages with Freemont and HomeEq which are both involved in ceast and desist cases. I would like to know if we have any recourse against them too. I struggled since 2004 with my mortgage paying thousands of dollars to interest and now have my house up for sale under a short sale program.
It been two years since me being transfer to Litton Loan servicing and they are no better than Fremont. I request to have my loan modify and because I’m self employed, that I didn’t qualified for the new home ownership modification. My credit is in the pits and I’m worry about being homeless. I wish we have never got in the mess and waited before we purchase this home. We don’t want to move and I don’t know what else we can do. DON’T TRUST LITTON LOAN
hi mrs holly hollister,
i am vontricy. i went through the same issues you did.after my loan was transferred to litton loan servicing.they can’t be trusted.do you know of any attorneys that are doing a class action against litton cause they need to be stopped?
I’m wondering if Flagstar Bank is having difficulty now. I just received notice that they are now selling my loan to a servicing company. Does anyone have any suggestions on what I should watch for now that a “not so well known” company has taken over collecting my mortgage payments? Such as Certified checks sent via return receipt or certified mail? How about using an automatice bank pay system? I don’t want to miss even one payment with these people!
I have a unsecured loan with a small bank and they have charged off the full loan balance (3) times without my knowledge until October, 2010.
The loan officer has made more than 17 manual adjustments to the account.
This bank was Ordered to Cease & Desist in 2008 and in January, 2011 while checking to see if a new finanial statement had been updated with the FDIC, I discovered they now have to file monthly reports with FFIEC.
That is a very simple version of the problems I have encountered and I am waiting on a response from the FDIC complaint recently filed.
Would love any comments or advice.
I have not been on this site in several months. I am shocked at some of the comments. I am still in my house and there is simply not enought space here to share all my challenges. I am in FOUR different courts for one mortgage. In 2010 I discovered my mortgage was paid in 2007. Another bank robo signed the assignment and sub of trustee and were allowed to foreclose. Since I am not a real estate professional, I discovered at the Unlawful Detainer trial that the loan upon which the foreclosure was based is not the loan related to my deed of trust. The judge said “she did not think this matters”. I am appealing and filed BK. they are moving to Annul the stay WHich I SHOULD prevail. The lessons I have learned is that here in Alameda County CA state court judges are crooked. One judge said he is a landlord in my neighborhood and did not recuse himself! I filed complaints against 5 judges in the CA State court. While another Fed judge made gross errors I am hoping this Judge is goign to side with the law in this matter. In the mean time I discovered that New Century filed a blanket ORDER for relief from stay in 2008. Had New Century acted in good faith I would not be in all these litigations. Furthermore, I have a lis pendens recorded since 2007 which IS NOT EXPUNGED so the UD should not have prevailed but that judge was so hell bent on breaking the law she ignored this. The banks mst pay these judges great sums to put their law degree and their judgships in jeopardy. I don’t know if I can help any one, I am not an attorney but I will do what ever I can and share my experience with anyone who askes in good faith. THe first thing is to go to the REcorder’s Office and check the assignments and other recorded docs. If certain documents are not recorded you may beable to prevail if you can find ONE HONEST judge. You can reach me at blaqrubi@yahoo.com. Good Luck. Lesllie Marks
Litton is a joke Fremont and and dyck o:Neal are in bed together its a civil war its up too us all of us too fight as one fuck thease bank they got there money from the fed now they want it again,,
My husband and I are in the subprime nightmare right now. Started with Fremont paid always on time but they sold to Litton who charged unwarrented fees stating to us that `we can charge these fees’ then they refused to accept the mortgage without the fees. Raised the percentage of the already high APR.on two mortgages. We filed bankruptcy and they sold the loan to OCwen who is now harassing us. No foreclosure but no modification. We need a lawyer but can not afford one. To top it all off we had roof damage in a tornado that the insurance company refused to replace.
Fremont, Countrywide, and several the Mortgage companies are currently being sued by many people based on its loan pratices dating back to 2004, preditory loan practices and judgements agansit Companies like Ocwen, Littion, and other so called servicers are alowing people to not only stay in there homes, but in fact win their homes from the mortgage companies because of unlawful fees associated with misrepresentations and inconsistant loan servicing recording.
the problem is finding a lawyer who has or currently handing these cases who are not already overwhelmed with clients seeking these suits.
Hope this helps