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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WhoIsArgent?

A criminal past, a trail of new victims
MiamiHerald.com - 17 hours ago
Orson Benn, Almeida's contact at Argent Mortgage Co. in New York, which financed the loan, got a check for $3000. It was one of many kickbacks Almeida sent Benn for approving questionable loan applications, court records show.

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Concerned
All the while...

ARGENT ALLOWED THIS FRAUD TO CONTINUE.

FYI
Argent IS/WAS Ameriquest.


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arkygirl
Ah, but EVERYONE was doing it, don'cha know?

Evidently, if you can get enough people to join in and commit criminal fraud it becomes a "standard business practice" and that is upheld as a defense in a real court room in front of a real judge...unfortunately, it has worked for the crime bosses in the past.

There is no crime provided that it can be proven that enough criminals engaged in the crime. Does this make any sense? Never has to me...all hail the Retarded States of Corruption and the jurists that make it so!

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Evidently, if you can get enough people to join in and commit criminal fraud it becomes a "standard business practice" and that is upheld as a defense in a real court room in front of a real judge...unfortunately, it has worked for the crime bosses in the past.
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and it is the same for their incomprehensible payment records.

When the servicer cannot tell the court what a particular charge is for,
the judge should disallow it and the fees and assessments that follow.

Generally acceptable accounting procedures be damned.

If I can do it from a mortgage calculator free on the internet, the servicers
can do it as well.  If they can't figure it out, they have no business handling
our money and they should be put  out of business as they don't meet even
the most basic of duties to the borrower.

I am also wondering if the investors have figured out that they bought a
mortgage many times over. 

I was looking at an IRA.  I slammed the money into a money market a couple of years ago.  I thought it would be safer there than with stocks.

Boy was I surprised to find that they are buying every kind of mortgage
product available.

ugh.  First Fairbanks tries to scam me on my mortgage and now as an investor I am going to get slammed.

Just perfect.

They are going to get away with this the way things stands right now so
I'd better figure out a better investment.

Dee

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arkygirl
Dee, it will only get worse. For those of us that (finally) managed to get a home paid for in spite of all the BS, our reward now is to be told that we must bail out the crooks and those who speculated in house-flipping. We are all paying double and triple prices for everything because the Fed kept printing more dollars so that these terrible loans could be made in the first place.

If you want your money to be safe, invest in Mason jars with tight fitting lids. Plant a fruit tree and bury your cash under it by the light of the moon. More bank failures are coming our way and that is one thing I will bank on. If the currency crashes at least you can eat the fruit, lol..

And through it all, the Feds and the courts will allow these crooks to walk free among us touting their ill-gotten gains. They will commit fraud themselves, throw the rule of law under the bus, cheat and lie to keep their contributors and advisers safe.

Unexplained fees should be expunged, period. Suspense accounts should be done away with. Anytime a debtor sends a lender or servicer money it is possible to credit that amount somewhere and it should be done under threat of jail.

I would give up a lot of fruit to be able to trace the loan path of any one home that had been sold by the original lender to a servicer who sold it to another servicer, etc. just to see how many loan asset sheets, servicer loss sheets, PMI payout sheets and investor portfolios it shows up on. I would bet all the fruit on my tree that it would be roughly three to four times as many as it should be on.

GAAP accounting is a scam in itself.. "Money in and money" out is not rocket science but it is akin to it by the time all these games are played.

I share your deep level of disgust and wonder if I really have inadvertently wandered into the Twilight Zone where up is down and wrong is right. if so, there are a lot of confused and miserable souls in here keeping me company....
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4 justice now

It's rather apropos to refer to this crime as being similar to an episode out of the twilight zone due to the sheer lunacy of what has transpired. What our fine, upstanding government officials have done is equivalent to the irresponsible and deliberate acts of a physician treating their patient’s symptoms while totally ignoring the underlying decease. This is the most blatant arrogant act of stupidity that I have seen in many years.

 

It's analogous to apprehending bank robbers, red handed no less, confiscating their mask and gloves, while allowing them to retain their guns and the loot. If it weren't so absolutely blatant and idiotic it might simply be excused away as being the most expensive bungle in American history. Unfortunately, it’s no bungle; it was an entirely calculated and deliberate, perpetrated by those who control the major financial and media institutions of this nation.

 

It’s at least the second such government condoned banking related fraud of this magnitude to be perpetrated against the American tax payers in the past twenty years, and the most horrible element of this unparalleled offense is that we the tax payers are simply allowing it to happen.

 

 

IMHO

 

 

R,

 

4J

 

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ThousandsOfCriminals
1000s of Criminals Worked in Florida Mortgage Industry
ABA Journal - 16 hours ago
Even when outright fraud occurs and, in some cases, is criminally prosecuted, the punishment meted out by the state's judges is often light.
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WorkingLinks

http://abajournal.com/news/1000s_of_criminals_worked_in_florida_mortgage_industry

 

http://www.miamiherald.com/static/multimedia/news/mortgage/originators.html

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WorkingLinks2
Real Estate & Property Law
1000s of Criminals Worked in Florida Mortgage Industry
Jul 21, 2008, 01:28 pm CDT
http://www.abajournal.com/news/1000s_of_criminals_worked_in_florida_mortgage_industry/
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ToHeckw/Links

Posted Jul 21, 2008, 01:28 pm CDT
By
Martha Neil 

To work as a mortgage broker in Florida, an individual has to be licensed. But no licensing requirement applies to mortgage originators.

As a result, tens of thousands of individuals helping Florida homeowners get mortgages haven't been licensed--among them, 5,306 loan originators with criminal histories, reports the Miami Herald in one of a series of three articles. "Worse, those include 2,201 who had committed financial crimes, such as fraud, money laundering and grand theft," the article adds.

This lack of regulation and oversight has contributed to the foreclosure crisis in Florida, according to the article. Even when outright fraud occurs and, in some cases, is criminally prosecuted, the punishment meted out by the state's judges is often light.

''There has to be some way to know in this industry whether you're dealing with a convicted felon,'' says Assistant U.S. Attorney Neil Karadbil. ''At least borrowers or employers should know that.''
 

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For those of us that (finally) managed to get a home paid for in spite of all the BS, our reward now is to be told that we must bail out the crooks and those who speculated in house-flipping.
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OMG.  Congratulations.  I am assuming you are speaking about yourself.
That is just awesome. 

Dee
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