Mortgage Servicing Fraud
occurs post loan origination when mortgage servicers use false statements and book-keeping entries, fabricated assignments, forged signatures and utter counterfeit intangible Notes to take a homeowner's property and equity.
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Stephen

No wonder Obama is focusing on health care.  The economy is not "In recovery"!!  I don't care who says so!!!

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The Equitable One
I don't believe the economy is in recovery either. However, I have to question the 140 figure. I'm not keeping up with that number but I did see a number published in an NYT article the other day that listed it as being 77.
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This website claims 147

http://bankimplode.com/
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The Equitable One
Ann,

I'll check out the link. I certainly want accurate information. In these days of the internet, and so many sources of information, it can be a difficult task to keep up with the "true facts" in re almost anything.

Listening to NPR whilst out in my shop yesterday I heard a piece in re the FDIC. Sheila Baire (sp) was quoted saying the number of closed banks is now 82.

That piece was about the danger of the FDIC not having enough funds at present to keep up with future anticipated bank closings, about new fees being assessed by the FDIC on its members, and the possibility/likelihood of the US Treasury being called upon to "bail out" the FDIC.

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1,000 Banks to Fail In Next Two Years: Bank CEO
 

The US banking system will lose some 1,000 institutions over the next two years, said John Kanas, whose private equity firm bought BankUnited of Florida in May.

Here's the link to the story:
http://www.cnbc.com/id/32581463
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Sara
You can tell just how the economy is in your area by going to a federated department store (Macy's, Belks, Dillards...) and checking out how many sales racks there are and what the prices are.

In my area, the Belks store had racks upon racks of clothes on sale (regular retail of $60 to $120) for .99 and $1.99.  Yes, the clothes had been marked down numerous times and still weren't selling at these prices!

As for the Cash for Clunkers program, I am suprised that so many people bought new cars.  I do wonder how many of those cars will become repos in the upcoming months.

S
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Regulators shut Bradford Bank in Maryland; 82nd US bank failure this year


http://finance.yahoo.com/news/Regulators-shut-Bradford-Bank-apf-691619637.html?x=0&sec=topStories&pos=main&asset=&ccode=
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The Equitable One
The pattern seems most often to be closing them on Fridays. It also seems to be a common practice to produce some good press for the bank in the couple of weeks before the closing. I've seen that happen but have not back tracked to find out if it happens in the majority of closings.

That would be an interesting bit of research I'm sure.

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