Complaint Review: Conseco

A single, unmarried man was some how able to get a $110,000.00 @ 10.17% interest for a land/manufactured home loan deal, using the incomes of himself and 3 other unrelated people, solely put into his name, 06/2000. In the first 3 yrs he requested and got 6 deferments, how many months of payments ea. deferment was for, I do not know.  In steps single mom with 3 children on a worker's injury(s) comp case. Green Tree split the 2 month's behind into 2 separate payments so as to collect more fees and charges. 06/2005 I changed the mort. insurance to the company Green Tree was promoting, not the borrower, however when I call to ask questions, or submit a claim I was told I'm not so & so. By 2010 I finally file and have recorded the Quit Claim Deed, plus I have a specific POA regarding the hose and property.

Now the insurance co. tells me my policy number only goes back to 06/2010!  If that isn't insurance fraud, tell me what is? 06/1/09 I had to go see my dad, who was out of state, Dad passed 06/12/09. I lost my job. What happened to that Family Emergency Leave ACT?  09/09 first deferment I'd asked for in the 6.5 yrs I'd been making the payments. I fell behind, again 06/10. Absolutely no, no, and  NO HAMP, (Home Affordable Modification Program)!  Now, I understand why Green Tree will NOT lower the interest rate (see Indystar.com "Rebuilding Conseco"-it has a timeline from 1979 to Aug. 12, 2004), we are all suppose to pay for CEOs compensation pkg.s, stock loans to board members, and $450,000.00 embezzlement by a claims examiner.  This company was a looser yrs. before the banking crisis ever even hit! They filed Chapt. 11 @ the end of 2002! In front of Bankruptcy Judge Carol A. Doyle 09/03. How does one "eliminate" $2.7 billion in debts, plus, $4 billion second-quarter write-off? 

I don NOT believe that Green Tree holds "the note(s)" I think they were dumped in a pool and sold on the NY Stock Exchange! That's pretty much what the gal @ Green Tree's Help line in Federal Way, WA (800-270-0300), said. I believe the loans were sliced and diced and sold, which is highly illegal! Well, how else does one get rid of debt? You sell stuff, that's how! How do we know who bought these high interest loans; Drug Cartels, Terrorists?  I wouldn't put it past 'em! Further, I have a letter, dated 07/12/2010, states "We service your loan on behalf of an investor or group of investors that has not given us the contractual authority to modify your loan under the HAMP!"  Who hasn't heard, "We can't help you because your loan payments are current!" So I fell behind by 2.5 months and now, they can't help, either. Oh, and we didn't accept any bail-out monies from the Feds, so we don't have to help you out!

Banks appear to run this country today, not taxpayers. In 1999, the Glass Steagall Act was repealed, flushed, or trashed by Congress. That act came out of the Great Depression as a solution to the problem banks, insurance companies and investment houses had been doing each others business and that's what brought on the economic crash. It didn't take 'em long, what 8 yrs., and here we are all over, again! You just had to"Play it, again, Uncle SAM!

Servicing companies do not have the legal authority to foreclose on anyone! "Banks  want to keep you in your home, if they don't they loose money!" That's a BIG FAT LIE!

Here's the scenario; I owe, well, actually the single, unmarried man owes  $100,000.00 on this loan to Conseco, now Green Tree. After trying for months and months without one bit of success to get Green Tree to modify the loan, Conseco aka Green Tree forecloses on him/me. The place sells for $50,000.00. Green Tree just lost $50,000.00, right? Not Quite.

The FDIC covers 80% of the original loan amt. of $109,906,50, or $87,000.00. AIG, the big insurance company that we've already bailed-out once, covers $50,000.00 Now, add it up; 10 yrs worth of payments prior to foreclosure + the $7K down payment=$95,000.00 + $50K-the short sale, + $87K from the FDIC + $50K from AIG. Total:$282,000.00.  Oh, I'm sorry, @ 10.17% and 9% interest what Green Tree aka Conseco planned on making was $325,358.80. The single, unmarried man shorted Conseco aka Green Tree $43,358.80 in interest but, the loan has 20 more years left on it!. That's not a bad return in one third of the time! The American taxpayer is really getting screwed here.  I'm sorry! Do you think Conseco aka Green Tree is sorry?

What really hurts me the most is my dad's death was military service related! He died a Purple Heart, DAV, yes, handicapped all my life! My 2 sons are both in the military, they think they are serving us but, "us" is the financial institutions and oil companies, etc. Too bad for me the "boys' won't even be around to help their old mom pack out this manufactured house!

Let's say I could afford the $1,040.00 a month for this place, in 20 years the well will run dry, that's what the headlines said approx. 12 months ago!! You know, water well. We're in the high desert, here.