Wednesday, December 19, 2007

Dec 19: Recording of refinance scam: "Loan Services" call center

The recording was something like this: "This is a courtesy call for area homeowners only. We're calling to announce that Fanny Mae recently expanded their underwriting. To allow more homeowners to qualify for low interest rate loans. With interest rates as low as they are, regardless of your credit, this may be for you. If you are a homeowner. You can use the money to consolidate bills, refinance credit card debt, or simply lower your payment. This is for homeowners only. To be added to our do not call list, please press two. For more information on how to get this free report, please press one. Again, press two to be put on our do not call list. Or press one for more information." The wording was different, but "courtesy call", "Fanny Mae", and "area homeowners" were in the recording.

I pressed one and talked to this guy for a while before he hung up on me.

He said that they were a call center in India called "Loan Services". Apparently, for security reasons, he couldn't tell me their address, and they have no web site, no phone number, and no business license. His only explanation of "security reasons" was that they could be talking to "crazy people".

He explained that "area homeowners" means all over the United States.

He said that they take information from people and then pass it on to loan brokers, who then call the people back. He refused to name any of the loan brokers. Sounds like an easy way to get scammed to me.

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