CA Dept of Real Estate Two-Faces Consumers in Foreclosure

March 31, 2011 § Leave a comment

Jeff Davi, Commissioner of the California Department of Real Estate issued a new “Consumer Alert” to help consumers avoid falling victim to fraudsters.

The press release states, “The DRE, whose mission is to protect and safeguard the public interests in real estate matters, issued the ALERT in response to the large number of fraud cases it prosecutes involving bogus promises of loan modification and mortgage relief made to vulnerable homeowners in financial distress.”

In the words of John Stossel, “Give me a break!”

Isn’t it ironic how the DRE is trying to safeguard consumers from the very same mortgage and real estate brokers it promoted for big bucks a year and a half ago?

Until December 31, 2009, the California DRE published a list of real estate brokers and mortgage companies that they had allegedly “screened” to make a safe list available for consumers in foreclosure to choose from for loan modification services.

The list was called the “No Objection List,” and the DRE maintained that the members of the list could legally take fees in advance of services rendered. Since the law at that time prohibited everyone except lawyers from accepting fees in advance it was the best revenue-generator the DRE has ever seen.

Mortgage and real estate brokers paid to be on that list and that list contained many, many scammers who had revoked licenses, disciplinary issues and even cease and desist orders on their record.

The DRE stopped publishing the list in 2010 because I called them out on their fraud against consumers.  But that was then and this is now and the DRE is counting on the fact that very few people remember this little factoid and are still looking for hope from a consumer agency that is supposed to protect them. 

Don’t count on it folks.

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