Look up North American Mortgage

[Robert W]

When I owned and operated Fountain Financial, North American Mortgage was a GIANT wholesale lending firm. My clients got excellent low-cost rates and were very happy with their loan products. Then came along Dodd Franks and now North American vanished; Democrats managed the crisis and failed. Try finding them now.

 

[sparky]

LENDER SUMMARY

~S~

 

[Robert W]

LENDER SUMMARY

~S~

I handled loans for Washington Mutual too.; Gone.

 

[Dante]

When I owned and operated Fountain Financial, North American Mortgage was a GIANT wholesale lending firm. My clients got excellent low-cost rates and were very happy with their loan products. Then came along Dodd Franks and now North American vanished; Democrats managed the crisis and failed. Try finding them now.

AI Overview



Recent allegations involving mortgage fraud and the Dodd-Frank Act often stem from violations of Title XIV, which prohibits predatory lending and mandates ability-to-repay standards
. While specific, high-profile accusations against a firm named "North American Mortgage" are not immediately highlighted in the latest 2026 data, similar cases, such as the $1.7M fraudulent origination scheme, are actively prosecuted.
Key Findings on Mortgage Fraud & Dodd-Frank

• Active Fraud Cases: In early 2026, a loan officer was implicated in enabling $1.7 million in fraudulent mortgage originations.
• FHA Violations: The Department of Justice previously announced a settlement with a California lender for over $1 million regarding allegations of knowingly underwriting FHA mortgages that did not meet requirements.
• Dodd-Frank Protections: The Act (Title XIV) establishes strict, enforceable standards for lender conduct, including prohibitions against steering borrowers toward loans they cannot repay.
• Targeted Scams: Recent scams often target vulnerable populations, such as reverse mortgage fraud schemes that have resulted in federal charges.

Common Fraud Allegations
Mortgage lenders often face accusations of violating Dodd-Frank through:

• Misrepresentation: Falsely promising loan modifications or acting as government relief.
• Predatory Lending: Charging excessive fees, stripping equity, or failing to verify income (ability to repay).
• Documentation Fraud: Submitting false information to underwriters.

The Consumer Financial Protection Bureau (CFPB), created by the Dodd-Frank Act, enforces these rules to protect consumers from, and punish lenders for, abusive practices

 

[Dante]

AI Overview



The Dodd-Frank Act (2010) is widely considered successful in strengthening the U.S. financial system’s resilience by increasing capital requirements, regulating derivatives, and creating the
Consumer Financial Protection Bureau (CFPB), which has returned over $21 billion to consumers. It reduced systemic risk, though it did not completely eliminate "too big to fail" concerns.
Key Successes of Dodd-Frank

• Consumer Protection: The CFPB has been highly effective, returning over $12 billion directly to 29 million consumers and preventing further financial abuse.
• Bank Stability: Major banks now hold significantly higher capital reserves, improving their ability to withstand economic downturns.
• Systemic Risk Monitoring: The Financial Stability Oversight Council (FSOC) was created to monitor risks across the entire financial system, not just individual banks.
• Derivatives Transparency: Dodd-Frank brought the largely unregulated over-the-counter derivatives market into a more transparent, regulated framework.
• SEC Whistleblower Program: Established a highly successful program that has enabled the recovery of billions of dollars from fraudsters.

Criticisms and Limitations

• Complexity and Compliance Costs: Critics argue that increased compliance costs, particularly from the Volcker Rule and other regulations, have hurt smaller community banks and reduced market liquidity.
• Did Not End "Too Big To Fail": Some argue the law did not fully eliminate the risk of large financial institutions requiring bailouts, as evidenced by the 2023 banking crisis.
• Regulatory Rollbacks: Portions of the act were loosened in 2018, which some argue reduced the effectiveness of the original, stricter regulations.

While some critics view the legislation as a failure due to increased compliance costs for smaller banks, proponents highlight its role in preventing a repeat of the 2008 financial crisis

 

[Dante]

I handled loans for Washington Mutual too.; Gone.

Financial Crisis 2008 Homes for everybody

remember:

In an op-ed piece in The Wall Street Journal, Lawrence B. Lindsey, a former economic adviser to President George W. Bush, wrote that Frank "is the only politician I know who has argued that we needed tighter rules that intentionally produce fewer homeowners and more renters."

Fact:


In 2005, while the Democrats were still in the minority, Frank contributed to a bipartisan effort to put his objectives -- tighter regulation of Fannie and Freddie and new funds for rental housing -- into law. At the time, Fannie and Freddie were regulated by a small agency within the Department of Housing and Urban Development; the bill proposed to create an independent agency to monitor their operations. Frank and Michael Oxley, who was then chairman of the Financial Services Committee, achieved broad bipartisan support for the bill in the committee, and it passed the House. But the Senate never voted on the measure, in part because President Bush was likely to veto it. "If it had passed, that would have been one of the ways we could have reined in the bowling ball going downhill called housing," Oxley told me. "Barney, to some extent, is misunderstood -- with this image of him as a fierce partisan. He is an institutionalist. He believes in the House and in the process. He eschews the grandstanding style that so many members use and prefers to work behind the scenes and get something done." Limbaugh falsely asserted "Banking Queen" Barney Frank "created" subprime mortgage crisis | Media Matters for America

 

[Robert W]

AI Overview



Recent allegations involving mortgage fraud and the Dodd-Frank Act often stem from violations of Title XIV, which prohibits predatory lending and mandates ability-to-repay standards
. While specific, high-profile accusations against a firm named "North American Mortgage" are not immediately highlighted in the latest 2026 data, similar cases, such as the $1.7M fraudulent origination scheme, are actively prosecuted.
Key Findings on Mortgage Fraud & Dodd-Frank

• Active Fraud Cases: In early 2026, a loan officer was implicated in enabling $1.7 million in fraudulent mortgage originations.
• FHA Violations: The Department of Justice previously announced a settlement with a California lender for over $1 million regarding allegations of knowingly underwriting FHA mortgages that did not meet requirements.
• Dodd-Frank Protections: The Act (Title XIV) establishes strict, enforceable standards for lender conduct, including prohibitions against steering borrowers toward loans they cannot repay.
• Targeted Scams: Recent scams often target vulnerable populations, such as reverse mortgage fraud schemes that have resulted in federal charges.

Common Fraud Allegations
Mortgage lenders often face accusations of violating Dodd-Frank through:

• Misrepresentation: Falsely promising loan modifications or acting as government relief.
• Predatory Lending: Charging excessive fees, stripping equity, or failing to verify income (ability to repay).
• Documentation Fraud: Submitting false information to underwriters.

The Consumer Financial Protection Bureau (CFPB), created by the Dodd-Frank Act, enforces these rules to protect consumers from, and punish lenders for, abusive practices

See your part turned bold blue.

 

[Dante]

See your part turned bold blue.

you don't quite get it -- par for the course

 

[Robert W]

Financial Crisis 2008 Homes for everybody

remember:

In an op-ed piece in The Wall Street Journal, Lawrence B. Lindsey, a former economic adviser to President George W. Bush, wrote that Frank "is the only politician I know who has argued that we needed tighter rules that intentionally produce fewer homeowners and more renters."

Fact:


In 2005, while the Democrats were still in the minority, Frank contributed to a bipartisan effort to put his objectives -- tighter regulation of Fannie and Freddie and new funds for rental housing -- into law. At the time, Fannie and Freddie were regulated by a small agency within the Department of Housing and Urban Development; the bill proposed to create an independent agency to monitor their operations. Frank and Michael Oxley, who was then chairman of the Financial Services Committee, achieved broad bipartisan support for the bill in the committee, and it passed the House. But the Senate never voted on the measure, in part because President Bush was likely to veto it. "If it had passed, that would have been one of the ways we could have reined in the bowling ball going downhill called housing," Oxley told me. "Barney, to some extent, is misunderstood -- with this image of him as a fierce partisan. He is an institutionalist. He believes in the House and in the process. He eschews the grandstanding style that so many members use and prefers to work behind the scenes and get something done." Limbaugh falsely asserted "Banking Queen" Barney Frank "created" subprime mortgage crisis | Media Matters for America

Fannie Mae and Freddie Mac caused the market to die. Democrats kept them alive and never cured their problems.
President Bush went to Congress himself 8 times pleading with them to fix the problem and he would sign it.; They turned him down in fact, the Democrats turned him down.

 

[Robert W]

you don't quite get it -- par for the course

I had a long career working with lenders on home loans, later appraising homes for lenders, and years owning my Fountain Financial, working with borrowers to satisfy their loan needs.

How long were you in the loan business?

 

[sparky]

Dodd Frank was basically a revision of Glass Steagall , which was all about the level of 'risk' fiscal institutions could take ...... credit derivative swaps..... mortgage backed securities..... .basically predatory lending

~S~

 

[Robert W]

Dodd Frank was basically a revision of Glass Steagall , which was all about the level of 'risk' fiscal institutions could take ...... credit derivative swaps..... mortgage backed securities..... .basically predatory lending

~S~

Dodd Frank punished the lending industry in several ways. Appraisers already licensed, to keep working suddenly had to go again to schools and change their state licenses to federal licenses.; Lenders also state approved did the same thing. Also new rules changed the FANNIE May forms Democrats made lending a fiasco. Those changes meant the industry had to spend hundreds of dollars for school and pay a high fee for the Federal licenses.

 

[sparky]

and the whole thing blew up near 20 years ago Rob.........

we 'printed' our way out then.......my Q is can we do that again, or will we face revaluation?

~S~

 

[Robert W]

 

[sparky]

what's your take on this Rob>>>>

Understanding the Derivatives Time Bomb: Insights From Warren Buffett

Discover Warren Buffett's warnings about the derivatives time bomb and learn its potential impact on financial markets. Understand the risks and regulations involved.

www.investopedia.com

~S~

 

[Robert W]

what's your take on this Rob>>>>

Understanding the Derivatives Time Bomb: Insights From Warren Buffett

Discover Warren Buffett's warnings about the derivatives time bomb and learn its potential impact on financial markets. Understand the risks and regulations involved.

www.investopedia.com

~S~

When we have money crises, it is accurate to say that one issue does not cause it, it is a collection of issues.

There were massive issues in the market, starting with both FannieMae and FreddieMac. They went virtually bankrupt. Not from derivatives, but from lousy loan offers. When the loan industry was handed those offers, and used them, those offers had a super damaging impact.

Imagine if you will loans are like going into cake store with all sorts of types of cakes and flavors, and then customers start picking just a few of them and the store keeps making errors and goes broke. I was a long-time broker who used those loans for customers only in a decent way. If a loan broker used loans that cost the customer too much, the word got around and business could end. Anyway, the free market really works if used correctly.

 

[sparky]

An apt analogy Rob .......and yes it would appear every time da gub'mit meddles with the market there are consequences .......~S~

 

[Winco]

View attachment 1222138

Robert contributed to the FRAUD.
Robert is Corrupt.
Robert W is as corrupt as they come, a total FRAUD.

 

[sparky]

Robert contributed to the FRAUD.
Robert is Corrupt.
Robert W is as corrupt as they come, a total FRAUD.

for selling a gub'mit cake recipe ?

~S~

 

[Robert W]

Robert contributed to the FRAUD.
Robert is Corrupt.
Robert W is as corrupt as they come, a total FRAUD.

That is the definition of Libel against me.