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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We will all recognize the names on the list of synthetic CDO's gone bad.  Just some info to keep us up-to-date.

Synthetic enhancement falls flat

The most important task for the incoming US Treasury Secretary, Tim Geithner, when he eventually comes in (apart from cleaning up the horrible mess his predecessor left on the TARP) will be to figure out what to do with synthetic CDOs.

Specifically: who decides when the right number of defaults has occurred to trigger total loss on these investments, and then who blows the whistle to signal that it’s time for ownership of that money to be transferred.

Synthetic collateralised debt obligations, you’ll recall, are complex credit default swap instruments where the investment is lost if and when between seven and nine companies out of a list of – usually – 100, default on their debt. The total companies on all the synthetic CDOs, runs into several hundred.

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