Consumeradvocate said: Dec 11-10:05 am
National General Financialis questionable, and deceptive lending methods have commenced the landslide to its death. Within the 3rd-quarter alone, National Common Fund includes a net-net lack of $536 thousand, by having an estimated year-end lack of around $1-billion. These deficits arenot a direct result AIG (AGF parent organization) present finances, but of National Common Fundis top echleon (administrationis …greed and problem). Like a former worker of National Common Fund, all of US noticed it coming. Your firm's former achievement was centered on deceptive and discrimantory financing procedures. National Common specific internal, area greens, hispanics, and lower-revenue, working-class households, who'd no idea how these were being scammed. All of the mortgages, National Common Fund orginated might of been authorized convential or FHA at a typical price of 6.%. National Standard normally charged these misleading, customers an interest rate of 15% on the first-mortgage. These mortgages which were orginated, were additionally laden with thousand of bucks in factors and garbage costs, to create crazy levels of earnings. Additionally, National Common particpated in insurance rotating on its customer and home loans.in the place of offering, clients regular term life guidelines through National General (/, 000.15year plan. National Common stuck life insurance plans, with conditions of 12 weeks to 5 years having a face-value of significantly less than $5000.00, which were inserted within their loans. Many AGF customers didnot understand that these were also being billed 23%rate on the insurance costs, which were concealed within their loans. Exactly what a reduction the finish is near. I couldnot rest, a nites comprehending that, I had been involved with such legal and dishonest lending procedures. May God forgive me
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