Mind-Blowing Secret System of Big Lender First Magnus
Wouldn’t you like to know the ’secret system’ that pumped money into the bank accounts of a syndicate of greedy brokers, underwriters and of course, the owners of lending institutions such as First Magnus.
Do you wonder how a ‘private investigator’ purchased six properties in a one month period of time, getting 95% to 100% financing on each property by ONE lender, First Magnus? How is that possible? Read more details by clicking here. What ’secret system’ and strategies were used at First Magnus and who trains this system to create the financial Armageddon we have today?
Can the American economy absorb the mismanagement of big banks and lenders such as First Magnus who lent money to anyone with a pulse?
Maybe my dog could have gotten a loan too - 100% financing, no documentation, no asset verification.
More leaks in the ’secret system’…check out the Audit Report No.: 2006-LA-1018 First Magnus’ practices exposed HUD’s insurance fund to unnecessary risks because the lender approved borrowers for Federal Housing Administration-insured loans for which borrowers may not be able to make the monthly mortgage payments.
The conclusion of the audit was that “First Magnus disregarded HUD requirements by using false documentation, incorrect branch indentification numbers, third party handling of documents, lack of documentation for gift sources and excluding spouse’s debts to originate and process six of the eight loans in our sample…These deficiencies caused unnecessary risk to the Federal Housing Administration’s insurance fund totaling $640,517. In addition, the deficiencies increased the risk of borrower’s defaulting or foreclosing on the Federal Housing Administration-insured loans.” (Source: Inspector General Arizona Audit Report No. 2006-LA-1018)
Yours Truly, Maria Gudelis
PS - Stay tuned - for our $50 Million Dollar Lawsuit against First Magnus
Filed under: Miscellaneous
