Wilshire Credit / Predatory lending tactics!
I hope the following information will be helpful to people who believe that they are being victimized by Wilshire Credit Corporation. First of all, please seek legal advice be it with a private attorney or legal aid. Make sure that you can prove what you are accusing Wilshire of. Next, while doing a little online research of Wilshire Credit Corporation, I uncovered some very interesting facts:
Wilshire Credit Corporation was bought and taken over in 2004 by Merrill Lynch. Merrill Lynch is also in the business of making mortgage loans, buying mortgage loans from originating lenders and brokers and forming mortgage trusts that sell mortgage-backed securities like their Merrill Lynch Mortgage Investors (MLMI) Surf Trusts. These trusts, using a regular bank as a trustee (like US Bank or LaSalle Bank), very frequently "buy" the homes Wilshire/Merrill Lynch pushes into default and foreclosure.
These acts as far as I know are illegal: Merrill Lynch buying mortgage loans serviced by their own company, Wilshire Credit Corporation, who in turn causes borrowers to go into default and foreclosure, then "buying" these very homes through a trust formed by none other than another division of Merrill Lynch, (these MLMI Surf Trusts.) At this point, they flip the properties for a quick, lucrative profit. Only now, they may have to sit on or rent out the properties until housing values start rising again.
If you can prove that Wilshire Credit Corporation/Merrill Lynch has caused you to default on your loan, you may have a case of predatory lending against them.
See legal counsel.
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