Squaliforme mortgage lender Loan Giant (World Wide Financial Services) has fallen on hard times and is being threatened with foreclosure and eviction by GE Commercial Finance.
Of course, being of the same general species, there are certain "professional courtesies" being observed, including discussions, despite the problem having been going on for years.
Loan Giant even managed to piss off a real giant - GMAC RFC in some dealings in Minnesota last year that resulted in a lawsuit because of some falsified loan application documents.
Even the FHA finally had to drop them from the approval list in 2004.
On top of that, since last year the State of Michigan has been doing some much-needed Squaliforme-hunting in an effort to revoke their license for the kinds of schemes that usually end up leaving the home-buyer/borrower hung out to dry.
But, of course the mortgage industry will point to these incidents as anomalies and keep their dancing-bear show going in Washington to try and block any further intrusions into their ability to take advantage of consumers.
I hereby offer the services of this Honorable Court to conduct the bankruptcy proceedings. (FYI, 'round here we have less "professional courtesy" available for Squaliformes.)
The Honorable Judge Roy Bean.
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