We Dedicate this Song to All the Families that were Defrauded By Lender Processing Services (LPS) DOCX
Via YouTube / timmiller.com
Writing for the next release – here’s the latest. Best viewed at 1080p HD. For more info: http://www.timmiller.com.
A little while back I listened to an interview on the radio involving predatory lending practices. On one side, they had a family on the verge of being homeless because of these predatory practices. On the other side, they interviewed a twenty something year old lender.
Essentially, this family trusted the lender and was taken advantage of. The family was persuaded to lock in a variable rate loan because of its “favorable” terms. Because of the “favorable” terms, of course, the lender told the family they could borrow much more money than, in reality, the family should have.
The lender prospered by exploiting families like this – actually saying in the interview how he and buddies would fly to Vegas, go to the best clubs, etc. etc.
Not surprisingly, the family’s home was foreclosed after their interest rate reset according to the terms of the loan.
The interview had a profound effect on me and inspired me to write a song about this American tragedy.
And for the rest of you that think that the above song is too kind to LPS DOCX and their minions, we dedicate the next song below…