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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Angelo

ITS ALL COMING UNDONE, WATCH HOW FAST THIS SETTLEMENT COMES NOW!  THEY ARE ON A CONFERENCE CALL WITH EACH OTHER RIGHT NOW, TRYING TO MAKE THIS GO AWAY....

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Heres a link to the 60 minutes story.
Man I bet they're scared now.

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Where can a family receive help in Michigan, because a few familys had their lender on the list from 60 minutes! Please Help!
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Bill

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Heres a link to the 60 minutes story.

Man I bet they're scared now.


I think this is at least a start.  There really needs to be stories on CNN and larger forums than 60 mins. 
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Scared?  I don't think so. Not when you have the government, Congress, and judges on your side.  There will be some litigation, and an occasional loss here or there but you can always lobby for changes that will go in your favor.

Moose said it best that litigation is just the cost of doing business.  60 minutes, CNN, etc. doesn't matter what forum, this is just a little ripple.

Expect a bill soon that will absolve them from their sins, courtesy of congress.

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William A. Roper, Jr.
The link given above is actually the teaser promo for the real story.  The actual 60 Minutes story is here:

http://www.cbsnews.com/video/watch/?id=7361572n&tag=related;photovideo



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Sara
Well, it's about time...  I'm glad to see that 60 Minutes have joined the bandwagon of seeing what is really going on.

S
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William A. Roper, Jr.

Getting the robo-forgers to admit and explain their fabrications on camera is just HUGE!

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    What most of these programs are missing is the reason that all this is happening.
    After much research I can state with absolute confidence that the
lenders were running a Ponzi scheme to defraud the investors. They would
take the same Note and sell it multiple times to different investment pools.
    MERS was the essential organization which made the Ponzi scheme possible because before the creation of MERS, every time the Note got
transferred, the mortgage had to be assigned and recorded on the County
Official Records. This system prevented crooks from selling the same Note multiple times to different investors at the same time. To find out who owned
the loan, one would only have to go to Official Records in the County where
the property was located. There could never be more than one owner of the
same loan without it showing up on the O.R.
     With MERS, the investors in the NOtes would not realize that there were
other investors who owned the same Note.
     The servicers are key players in this Ponzi scheme also because they
maintained the "reserve accounts" which were maintained to make sure all
the investors received their monthly payments on the Notes they thought
they owned.
      As long as new investors could be found to replenish the "reserve accounts", the Ponzi scheme could continue. The pyramid collapsed in the
Autumn of 2008 when many investors caught on to the scam and stopped
buying the Notes (most of which were counterfeit color photocopies of the one original Note).
       The borrowers role in the Ponzi scheme was simply to sign the Note
so it could be sold multiple times, so on a $100K Note, it might be sold as
many as ten times, bringing in ONE MILLION DOLLARS! About 20% of this
would be deposited with the servicers who would then make payments to
the investors with what was essentially their own money.
       The payments made by the borrowers were just icing on the cake and
were not the real profit center. The servicers who foreclosed were in effect
getting a "free house" because they had nothing invested in the initial loan.
The biggest problem the servicers have is that they don't have the original
documents, which were most likely destroyed to hide the crime of counter-
feiting. So they would use companies like DOCX to forge the missing Notes,
mortgages and assignments of mortgages. These forgery companies would
employ "robo signers" to sign all the forged documents necessary to do the
foreclosure.
        Ask yourselves this, "Why would anyone in their right mind loan more
on a property than it was worth to a person they knew in advance would never repay the loan?" The reason is simple, they made their money
by selling the same Note multiple times to gullible investors! They could care
less if the borrower defaulted on the Note. Many times they also took out
credit default insurance so they could collect on that too!
        This whole problem is not a Republican of Democratic thing, IT IS A
MASSIVE CORRUPTION THING! It is a repeat of the 1920's except back then
it was "watered stock", this time it is "watered bonds" backed by fictitious
mortgage Notes.

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The scary part is the attorney Generals Association may only take a few hundred million from these crooks, with no Officers or Directors going to jail,  That's the scary part, its all about the money,  remember that in your suits against them, and those that can now bring an action against there foreclosed home,  remember its only about the money! 
 
Remember when these very banks were saying its a "Sub prime Bubble"  well banks created it. 
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Now we wait to see if the local CBS affiliates follow up with local stories which will help keep the issue in the limelight.  Normally local stations begin the process then the network will pick it up.  Hopefully the reverse will work in this case.

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All very interesting, yet remember that this is now a 5 year old plus problem that is just now hitting the MSM... the FDIC Chair was evasive yet in doublespeak trying to be pervasive to millions of viewer's that may be unaware of the crisis, touting  the "moral" compass issue. IMO she basically said we need to sweep this under the rug ASAP, settle with the AG's and move on... however with that she was again IMO proposing that the American people support Fraud on Their Courts, and stand by while decades old property law be completely obliterated!

Again IMO should all of what the FDIC chair is "saying" and at the same time not saying, come to pass that would be a boon to debt buyers! You, your family  and Granny will be kicked out on the streets for a late payment on a water bill! Watch and Listen to the FDIC chair VERY VERY carefully!


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