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American General Finance, Dundalk, Maryland Complaints & Reviews - Predatory Lending, Loan Fraud

American General Finance Contacts & Informations

American General Finance

Posted:    Lorenzo

Predatory Lending, Loan Fraud

Complaint Rating:  93 % with 40 votes
Contact information:
American General Finance
1157 Merritt Blvd
Dundalk, Maryland
United States
loansfast.com
American General Financial's shady, and predatory lending practices have started the landslide to its demise. In the 3rd quarter alone, American General Finance has a net net loss of $536 million, with an estimated year end loss of over $1 billion. These losses arenot a result of AIG(AGF parent company) current financial situation, but of American General Finance's upper echleon(management's �¢ï¿½�¦greed and corruption). As a former employee of American General Finance, we all saw it coming. Our company's former success was based on predatory and discrimantory lending practices. American General targeted inner, city blacks, hispanics, and lower-income, working class families, who had no idea how they were being ripped off. Most of the mortgages, American General Finance orginated could of been approved convential or FHA at an average rate of 6.%. American General on average charged these uneducated, consumers a rate of 15% on a first mortgage. These mortgages that were orginated, were also loaded with thousand of dollars in points and trash fees, to generate insane amounts of profits. In addition, American General particpated in insurance twisting on its consumer and mortgage loans. Instead of offering, customers standard term life policies through American General( $15/$50, 000. 15year policy. American General embedded life insurance policies, with terms of 12 months to 5 years with a face value of less than $5000.00, that were embedded in their loans. Most AGF consumers didnot realize that they were also being charged 23%apr on their insurance premiums, that were hidden in their loans. What a relief that the end is near. I couldnot sleep, a many of nites knowing that, I was involved in such criminal and unethical lending practices. May God forgive me!
Comments United States Business & Finances
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 6th of Mar, 2009 by   JOHN HERBERT 0 Votes
I am a victim of American General Finance elaborate scam which included D&M Financial of Belleville NJ and Island Home Designs Inc/Corp. the strawman home improvement contractors who advertised the company as FHA Title-1 Loan procurors. The contractors monitor the town records of new home owners who just closed on their property. FHA Title -1 Loans up to 25, 000 dollars are available for minor repair and the basic facelifting of the newly aquired home.
American General Finance sets up the middle man in my case D&M Financial who converted the application for FHA into a mortgage, sold it to American General Finance and AGF tried to assume the position of holder in due cause. No one was license to conduct mort. banking in 1999 no permits were filed with the town and AGF has litigated me into bankruptcy. AGF is the worse of the worse. Like D&M and Petros Vtlis of ISLAND HOME DESIGNS, The US ATTORNEY SHOULD shut all of them down including MOREQUITY.
 17th of Mar, 2009 by   JOHN HERBERT 0 Votes
I am orginizing a class action suit against American General Finance. I am searching for consumers who feel they were victimized by home improvement contractors or altered documents that were instramental in a mortgage or personal loan from D&M Financial or was transferred and sold to American General Finance for collection. If you know of anyone with a documented case of consumer or mortgage fraud against American General Finance, please have them post a brief description of their complaint on this site. American General Finance needs to be exposed big time. There are elected law officials who have received countless complaints about this company and its practices.
A David can stun a giant and a community of victums can bury the virmin.
 14th of Apr, 2009 by   aglick 0 Votes
I feel I have been victimized by American General Finance. I took out what was represented as a 30 year mortgage but was actually a sporious open-end mortgage, which is constructed to evade predatory lending laws and it is non amortizing which means we will never be able to pay it. We never received pre-disclosure documents or copies of documents at. closing. We were rushed thru the closing process as it was on a Saturday, it was basically sign here, initial there, nothing explained. I have never been able to receive a TILA or settlement statement. What few documents I have been able to receive I believe our name has been forged on them, and some doesn't even have a signature on them. We borrowed 42, 000 and by the time they packed it with junk fees and insurance it was $48, 000 which we were unaware of. I caution anyone to not deal with this company as they have very shady lending practices, and lie and deceive you into something you are not aware of. I am in the process of finding some type of resolution to our loan and am contacting any agency or government official that will listen. Good luck and if you would like more information and I can be of help just let me know. I agree with you this company needs to be exposed. If you find any other way to find a remedy to this problem let me know.
 11th of May, 2009 by   Paul Giaimo 0 Votes
We are being sued by predatory loan company American General Finance in Stephenson County Illinois. The tristate region of Northwest Illinois/Southern Iowa/Southern Wisconsin is hit by a diabolical mix of agrarian foreclosures due to agribusiness and Midwest industrial failure esp. Freeport and Rockford.

Our second mortgage is also packed with junk fees and forced insurance, balloon payments and forced agreements in clear violation of the Federal Arbitration Agreement. In 2005, a group of frustrated californians fed up with these loan sharks who simply feed the bigger fish AIG got together and started a suit. LEt's do the same throughout the land

Write me=Dr. Paul Giaimo professor of English and Philosopher, tenured with a book under consideration
drmojiah@aol.com
 27th of May, 2009 by   MelWay 0 Votes
I need the some info on this law suit. We need help ASAP!! American General Finance really needs to be stoped in what they are doing to people. I am in GA. and looks like this is a wide spread thing!! The more people you have to help and step up and realize what these people are doing the faster and more things we can get done. One person can't do it alone!! If you have researched this you will see it is world wide!!
 3rd of Jun, 2009 by   sboyer 0 Votes
I have a problems with their constant phone calls, harassing me and my husband, we are paying off our loan (which is a lien on our three (!) previously paid off vehicles. I owe less than $3000, have paid for about three years, hope to pay it off this year, but am constantly being called. They are rude on the phone, treat you like dirt when you go to pay at the office, because there is no way I am giving them bank information on the phone. They ask stuff like "when are you going to come in with that payment" or "when do you think you can possibly manage to come in" or "do you want to refinance and borrow some more, if you have documentation that you are caught up on all your other debts, blah, blah" (yeah, right). I am in a bind because we are trying to raise grandkids, keep up on a mortgage with another nasty company we never wanted to deal with (that is another story) and pay our utilities so we are not shut off, while having a husband on unemployment. I work two jobs, and they treat us like we are stupid assholes they barely tolerate. They need to get real jobs doing something productive, and I would never get another loan with them (it was my husband's idea, the oaf.)
 3rd of Jun, 2009 by   Paul Giaimo 0 Votes
Many of the behaviors we have experienced also. And here is some info. sboyer, I would like to share. First off, if they are rude on the phone or calling more than once in a 14 day period as they did to us, they are in violation of the Federal Fair Debt Collection Practices Act, which you can check. Also, you need to check your paperwork to see if they are charging an unjust interest rate or if they have "packed" your with illegal credit "insurance" which they CANNOT require. Also, ignore any "agreements" they coerced you to sign on your triple title loan, such as waiving the right to a trial etc. They tried to pull this with us and eventually sued, but we are defending ourselves legally to the best of our ability. If either you or you Melway receive a court summons CONTEST or DENY it depending on the language. They CANNOT repossess ANY of your vehicles or garnish your paychecks or DO ANYTHING without a suit. And given the fact that we the American taxpayers now OWN A LARGE SHARE OF THEIR PARENT COMPANY AIG - yes you read that right THEY ARE A DIVISION OF AIG CURRENTLY BEING SUED BY COMBAT VETS FOR MED INSURANCE CLAIMS as well as all other nasty stuff they are nationally famous for. Though it is difficult for less wealthy folk to win a counterclaim against these monsters, it is not impossible. What is needed is a MASSIVE Federal class action linking the matters in California and CT and elsewhere. Because we are now paying these loan sharks' salaries through our income taxes, I argue that all commercial debt to their finance arm is now NULL AND VOID to the DOLLAR AMOUNT OF THE TARP FUNDS GIVEN TO AIG. AIG/AGF's return of said funds ought to legally take the form of DEBT FORGIVENESS TO ALL CONSUMERS AND PUBLIC APOLOGY FOR PREDATORY LOAN PRACTICES AS DEFINED BY THE KENT STATE RESEARCH ESSAY OF 2006 (look it up).
Ok, now as for the practical logistics of bringing this together, this is going to be tough. But it begins I think by each and every victim of an AIG/AFG predatory scam uniting, identifying ourselves in one large petition for example- a national CEASE AND DESIST ORDER ! Furthermore, sboyer, do not let them pit you and your husband against each other because this is another of their strategies we experienced. ALWAYS present a united front and DO NOT take another single DIME in any loans from them. You can argue if you use any of your vehicles for work that such is EXEMPT from possible repo because you need it for work. GET A LAWYER all of you folks immediately- use free legal aid if you have to BUT DO NOT let them harass you any further. Keep in touch. Our next phase is next month. We are trying to negotiate this down to a reasonable payment plan.Such settlements AND MORE is EVERY AMERICAN CITIZEN'S LEGAL RIGHT NOW

All the best, Paul Giaimo
 3rd of Jun, 2009 by   Paul Giaimo 0 Votes
So John Herbert as soon as you want to work with me let me know- remember it's a NATIONAL CEASE AND DESIST ORDER

Paul Giaimo
 4th of Jun, 2009 by   kdm 0 Votes
Please send me information on American General finance. We had a small loan with a private loan company who was bought out by AGF. I am unemployment and my husband is a 100% disabled veteran. We are supporting our daughter and our grandson. We are late on our payments because I have not found a job and due to the the bad economy prospects are ot looking good. Even though we still make our payments all though late AGF has sent numerouss people to our house to collect the amount due. In one month they have sent up to four people to my address to collect the payment. Is this a legal pratice? What are my rights to stop this harassment?
KM
 4th of Jun, 2009 by   LMR 0 Votes
We are definately wanting to get in on a lawsuit against AmGen. We have been scammed big time and are paying the consequences now. They have turned down three short sales, first one for only $30k less than what was owed. Now the market has taken housing prices down so low, we are forced out and told they are foreclosing and selling on their own. They have left all these decisions to a local "girl", barely 30 years old, who has no experience and wants our house for herself. She sells Mary Kay on the side and is never in her office. We were told their foreclosure is happening in June, but the first mtg. holder just called and has heard nothing from them. What are we to do? They increased our interest by 2% on the whole loan when we took out an additional $20k, which was for a remodel they told us we needed to complete. Now that it is complete, they won't let us sell. This is criminal. There is even more to tell. We need someone to take an interest!!!
 4th of Jun, 2009 by   Paul Giaimo 0 Votes
Two comments

First to kdm. Yes, there are several ways that AGF is treating you which is illegal. First, when they "took over" your loan (and I would be VERY interested to find out HOW if I were you) and changed it in ANY way without your consent, that's a violation of TILA (Truth in Lending Act) a Federal Crime for which you need to take them to court Immediately (stop payments and hold the monies in a savings account) Secondly, despite their nonsense about not being subject to the Federal Fair Debt Collection Practices Act, they ARE ! Several courts have treated creditors as debt collectors because that is precisely what they are doing ! and NO THEY HAVE NO RIGHT TO COME TO YOUR DOOR AT ALL. In fact, the next time they do tell them they are trespassing and IF THEY REFUSE TO LEAVE CALL THE COPS. It's that SIMPLE- it IS ILLEGAL FOR THEM TO CALL YOU MORE THAN ONCE IN A 14 DAy PERIOD. Get a lawyer or free legal counsel immediately and do not allow their harassment to interfere with your life or your husband's ANYMORE. Your rights are to get a lawyer and issue a cease and desist letter IMMEDIATELy. None of their so-called agreements entitle them to anything, and if they threaten to take your house or your monies anyway, they cannot do so without a lawsuit which will be costly for them. So do not put up with this and take action on your own case.

LMR- they do not have the right to turn down a short sale. Also they cannot foreclose without suing the first mortage holder unless the first is foreclosing also. Get a loan modification from the first and I would say that %2 increase is completely illegal another VIOLATION OF TILA WHICH YOU NEED TO PROSECUTE IMMEDIATELY. No little 33-year old twerp has the legal right to grab your title for a piddly 20 K !!! You need to stop communicating with them and clear your other lien- maybe even quit claim the deed to the first mortgage if it is viable. DO NOT< EITHER OF YOU, BORROW ANOTHER DIME FROM THESE BLOODTHRISTY LOAN SHARKS AT ALL. In fact, , you have the right to sue them as their so-called agreements violate the Federal Arbitration Board standards for arbitrations which give both parties an equal say. Disregard this nonsense and get legal counsel immediately. Save all your records because after kdm wins her settlement and they knock the principle down and LMR gets her short sale, we are GOING TO GET THEM OUT OF OUR COUNTIES AND OUT OF OUR COUNTRY (AIG)

The Revolution Starts Here

PG
 4th of Jun, 2009 by   Paul Giaimo 0 Votes
Please join my group folks and we can all pool our heads together, In a group I do better research
 5th of Jun, 2009 by   cheeseandwine 0 Votes
Wow. Paul you should seriously consider researching the FDCPA (Fair Debt Collections Practices Act) before you start spouting off policy. Collectors are allowed to call each number once a day unless they receive a cease and desist order to only communicate by written correspondence.

As far as their arbitration agreement is concerned, both parties must agree to arbitration otherwise it's the court system that determines the outcome. This is not exclusive to AIG/American General alone, banks, credit unions, and finance companies use the same basic arbitration clause.

As far as the bailout is concerned, by your logic I "own" some of the assets of your posters on this site because they're on unemployment and BY GOD that's MY tax money.

As far as predatory lenders, how many of them/you thanked your lucky stars someone was willing to loan you money you desperately needed when no other bank, credit union, or financial institution would touch you with a 10-foot pole? Let's take accountability and not blame others for allowing ourselves to get into desperate situations where consumer finance loans/credit cards are needed. My parents emigrated to this country without knowing the language, worked 2 jobs a piece and never once had to tap into public assistance. It's called separating your WANTS from your NEEDS.

I don't think that society should capitalize off the desperation of others but at the same time no one held a gun to anyone's head. I am in banking and I can't tell you how many times I've tried to dissuade people from getting that boat, motorcycle, atv, or third car but they insist and they qualify - so by the letter of the law, I am bound to do it; the outcome inevitably becomes someone lost a job etc. Well guess what, if you can't pay cash for something, odds are you truly can't afford it and can live without it. I do every day.
 6th of Jun, 2009 by   Paul Giaimo 0 Votes
Dear Wine and Cheese,

I have only had a few spare hours to do research, as probably you do, and this is why lawyers work to interpret Federal Court Statutes for us. Most of what follows is public information anyway, but this is my response to your moral judgment against the disabled and poverty-stricken people AIG/AGF is water-boarding through a misinformed abuse of the American Justice System: Stuff and Nonsense !Dear Wine and Cheese : I have done my research now, and my answer to you is as follows

Stuff and Nonsense !!

Granted, the Fed did pay 313.4 billion dollars in public aid, the same of public which saved your ancestors. Against this figure we find that AIG got “only” 180 billion dollars of American’s hard-earned tax dollars, a little more than half, yet this seems fair to me because AIG only employs 116, 000 people. Of the 13.2 MILLION unemployed in this country, 7.4 MILLION RECEIVE NO BENEFITS AT ALL. It would seem predatory loans would be a favor to these, but think again of how your insane balloon payments force them into sickness AND DEATH. What "assets' are you going after when you sue a 100% disabled person ? Again, I leave that to the attorneys.

One such attorney was Attorney General Cuomo who just last March received a 1.6 billion dollar settlement from bigger-fish AIG for an insurance fraud investigation ongoing since 2004. And I would not want to engander the ONGOING FBI investigation against several mortgage loaning bodies at this time.

It is good advice to pay only cash, and I appreciate your sympathy for the poor who are not to blame for the naive ignorance and misplaced trust in minor-league predatory lenders who have been trained to falsely advertise themselves as "your friend"

I wonder how many of your colleagues feel this way instead The whole industry is built on intimidation. Intimidation of customers, intimidation of employees, and on and on. The whole system was basically designed so that REGARDLESS of your performance or anything else, they could hammer you. If you put loans on the books, it either wasn't enough or they're sloppy. If you didn't put loans on the books you were an incompetent boob. All it was was designed to beat you down to the point where you'd just slog into work everyday and do their bidding.

I was flat out lied to by not one, but two district managers on numerous occasions. The freaking DO in the Northeast was kicked out of the Chicago Police Department back in the 70s. IN THE 70S!! So my word against theirs? Any day of the week... Get the case in a civil court room, you could clean these jerks out.

That of course is assuming they have anything left...

Good luck in your courageous anonymity
 6th of Jun, 2009 by   Paul Giaimo 0 Votes
A couple of typos, W and C. I meant to say "endanger" the ongoing FBI investigation of you, oops, I meant them.

After "this way instead" there should be a colon since what follows is a quote from a laid-off AGF employee. Most of their East Coast offices have been shut down. Michigan's next, probably.

Indiana's not saying when this Titanic is finally gonna split in half. And the pr exec for AIG never told us how much 180 billion dollar bailout money went to Asian banks. Guess she's got a lot more to worry about than just a Federal Class action.

PG
 6th of Jun, 2009 by   Paul Giaimo 0 Votes
She also has to worry about all the combat veterans AIG/AGF is literally bleeding to death.

So, in conclusion, Vinegar and Mold, if your conscience is bothering you, as it should be, why not QUIT YOUR JOB ?

PG
 15th of Jun, 2009 by   LoanVictimAGFinance 0 Votes
CONFIRMED! These predatory liars led me through 6 months of "morgage adjustment" pondering only to find that they are completely full of it and have nothing to offer. They have no interest in assisting consumers to get more proper loans, as directed by President Obama- rather they have stepped up thier exhorbinant and preditory interest and tightened up thier already un-acceptable level of scrutiny.
These peopel are liars, cheats and thieves- I can't wait to see them crumble.
-Victimized in AZ
 25th of Jun, 2009 by   mel1023 0 Votes
Vinegar and Mold LMFAO good one Paul Giaimo

I am a victim too. Recent job loss, and my loan was with another lender AGF bought it. They have been to my door. Not a mortgage loan, just a personal loan.
 18th of Jul, 2009 by   Paul Giaimo 0 Votes
UPDATE: There appears to be a settlement in the works. At least that may turn down the heat on us for awhile, but once again, that is not to say all is well. I fail to understand why this is allowed to go on despite efforts from the government, both Obama and here in Illinois the AG. It appears as though many of us are being affected. This Fall anyway something needs to happen !

PG
 18th of Jul, 2009 by   Paul Giaimo 0 Votes
Once again, how much of AIG/AGF's money goes overseas into foreign coffers ?

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