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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Monica
According to their automated phone system the website is: Mortgageaccountonline.com.

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blondy
GOOD PREVAILED OVER EVIL FOR 30 More Days!!!!
Today I got a reprieve by only truly a miracle from God.

To all who feel like giving up..don't!  I complained so much to everyone who would listen and finally the Atty. General's Office heard me. ASC was sent a fax today that they are being investigated by the Atty. Gen. Office  requested for them to hold off on foreclosure tomorrow. Let's just say I had a couple of phone calls from executives from that company today. Now we all know how they operate...and I know evil when I speak to it....but I have somebody way bigger than them on my side....GOD! They are so slick.....it's just even sickening talking to them. Just a little brief comment by them..I told them about the thousands of complaints against them, they said to ignore those and just concentrate on me....how could I when they were doing the same to me..as they did to all these other poor souls. There they are stroking my head with a knife held behind my back. Please!!!!
I fell for their lies once before...not again. I now know what they are about..pure evilness.

I just keep thinking about David and Goliath....wow David must have thought how can I go up against this?  He had victory, but it was only thru his faith in God.

The Bible says "If God Be For Us who can be against Us"  Think about that. If God can

Today I am proof, even if it means it's a small victory...it's still a victory against the Giant.

Whatever you do don't give up...I felt like quitting, but I prayed about it, and the Lord revealed to me that they are thieves. We live in a time where there are people looking to deceive us, including the crooked politicians.. Don't trust these mortgage companies even if they seem like they are trying to help. They are NOT. They are like lucifer himself...walking about seeking to devour and destroy.

Remember even if they foreclose it will all be documented by your complaints . This documentation will help towards your legal case, or even for the future when you buy another house....keep the records, you will be able to show any future bank the details.

If you don't get someone to listen right away, call back again..complain to someone over their head..you will get noticed..
Be aware when you complain, these people will say things like "well you signed it", or I thought you would be more savvy than that being a business person. "Or just because they forged your signature try proving it. " These are from professional people who hold government jobs.   Go figure!  Don't let that intimidation get to you.. I have come to believe they say some of that stuff because they don't want to do work.Your complaint means they will have to actually take action. PRESS ON, PRESS FORWARD. 

 I have the last Ace and I am holding it for when I need it.

Just keep praying and trusting in the Lord he will deliver us all.

Thanks for letting me rant and rave on here!

OHIO, hope your dad is feeling a little better. My dad is coming to visit me in a few days....he is so thin..but he keeps fighting. God is sustaining him somehow. Just like me and just like he will you. God Bless You!
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ABA

American Mortgage Acceptance Company's Board of Trustees Decides ...
MarketWatch - all 7 news articles »

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Blondy, WTG  I am very glad you made some progress I have given up, My house got foreclosed on July 22 2008 and I and out of fight!!!
And ABA Thank you for that link... for me it was US BANK NATIONAL TRUSTEE that foreclosed on my house I guess like 2-3 companys owned my mortgage?!?!    I have not clue but TY

Kelly

http://www.asccomplaints.com
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blondy
Kelly - Sorry about your home. This fighting wears me out!   I still have more battles to go. I read an article that 98% of home foreclosure go undetested. I know why..it's too exhausting and so hard to get someone to believe and help us.

If you have any proof, or if you have money get your loan audited. It will get someone to listen. Even file with your Attorney Gen. Office....it's never to late to have them investigated. 

Remember there is more strength in numbers, the louder we yell the less they will be able to ignore us..

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Not everyone whose mortgage was bought by ASC is sub prime.  My credit score is nearly 800-they have their hands into everything and are terrible to deal with.


Babs wrote:

Found on http://www.complaintsboard.com/complaints/1784/page/3  on 05/05/07 ???  

psoted by by Eric Lopez [send email]

  

First of all i am a collections rep for asc out bound collections... and first let me tell everyone do you know what asc is... its a NON-PRIME Loan servicer for everyone who doesn't know what that means it services bad credit loans, wait let me rephrase that horrible credit loans, and it makes me laugh when im talking to you and your there talking about how perfect your credit is and i see when im calling you and i see your true double digit credit scores... also your payments are due on the 1st not the 16th people who have bad credit seem to find this confusing thinking the 16th is your due date because thats when you get your late fee... also have you ever wondered why you get stuff from wells fargo with your mort. payment stuff , because asc is affiliated with wells fargo but wells fargo just doesnt want to be labeled the company with all the bad credit loans... how does asc end up with your loans... companies suck as freemont, countrywide, emc... etc companies originate loans the, prime loans (excellent credit) sub-prime (mediocre credit) and non-prime(bad credit)... the originating company keep your loan for 2 months if your lucky ,then thats where the fun starts the prime loans get sold to a company the non prime loans get sold to a company and then asc get all the non-prime loans get sold to asc... so i hope all this info answers your questions to why you have this horrible company servicing your loan... all because you all have horrible credit no one to blame but yourself!!!

Oh yeah i know asc is a screwed up company but i also find it funny when i hear people talking about sueing asc... and winning... yeah right when you walk in the court room with your bootleg lawyer and then asc/wells fargo comes in with its all-star team of lawyers who get paid more in 1 day then your lawyer will make in a year... do you really think your going to win your lawsuit.

 

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ann
You have nerve to talk down to people with "BAD CREDIT" you make your living off of the cutomers you have with your sucka-- company!
What would you do if the doors closed and you could not find another SHADY COMPANY TO HIRE YOUR LAZY ASS?
Sitting around calling people who are having money issues is not a job it is a Lazy man's way of making him feel like he has some kind of worth! 
Maybe you should get a real job and stop posting things on the companies complaint board during work hours.
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this company sucks, nothing but problems, they say one thing and do another. the rates are going down nationwide and they increased my rate on my adjustable mortgage up a point, what the hell???

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I have a relative who's loan was sold to ASC. How can we find out if ASC owns the mortgage loan or just the contract to service the mortgage loan? If they do own it has anyone had any experience with trying to lower your interest rate (due to hardship) Does ASC partner with you and really try to help. As I read most the previous strings i am really getting nervous for my relative. He is not in foreclosure, he fell behind and the family caught he up so currently he is current and up to date. Lastly, before problems start with ASC is there anyway to get "from under" ASC????Any advise will help
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4 justice now
Blondy:

Outstanding! I'm glad you were able to persuade the AG to do his/her job! I hope you become a real thorn in the side of ASC.

r,

4J
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TRM  - Go to the MERS website and do a search on the loan, and send MERS a letter requesting the information you seek.  Don't expect their co-operation, they're a group put together by lenders to shield lenders from paying county recording fees to make what happens to loans public record.  You want this for the physical record you're going to build to present to a court and law enforcement and regulators and legislators !

Then send a Qualified Written Request certified mail return receipt requested asking for a copy of ALL documents, records, notes, logs, printouts and include a request for the physical location of the original Note and Mortgage.,  You want them to PROVE who owns, holds, and services your loan ( friend needs to do this obviously not you ).

This then builds your physical evidence file even further  !!.. You'll need it !!

ASC goes on the basis that borrowers don't know what they are doing and will not pursue their rights and remedies.  When you do, they don't know what to do.

Next, send a cert ltr of DISPUTE to start your protections.  You(r) ( friend ) MAY have grounds on which to RESCIND the loan ( remove it from the property and be paid all your interest and loan fees back ).

ASC makes PLENTY of mistakes and plays hard ball ( engages in Unfair and Deceptive Trade Practices and gives you rights to go after them big time).

The government has no resources to prosecute the amount of loan servicing fraud being committed and the regulators WILL not, so ASC thinks it has a free ticket.  Their game is to increase their meager servicing revenue on loans into being enormously profitable source of revenue by maneuvering borrowers into paying all sorts of additional fees,

the reason I know all this, is that I have been in the industry for about 44 years, and know all the tricks and how to catch people doing them, and proving it through documentation, including measuring damages.

I am NOT an attorney, just very very savvy and know a LOT of people in the legal field in all capacities.  I have filed a 17.15 million lawsuit against ASC in Broward County Florida  HSBC v HEINRICH v ASC, WELLS FARGO, et al in which I am seeking to set the record straight on the wrongdoings of ASC, servicers, lenders, investors, and attorneys in the foreclosure field who ignore and brake the Bar's Rules of Professional Conduct.

Although I represent myself, I do have 'limited representation' I avail myself of to get expert legal opinion and advice and local court procedures from people who work in the system constantly.  Winning a case involves knowing the law and then compiling a open and shut "smoking gun" documentary trail so a judge has no choice but to render judgment in your favor,.  It means finding, and documenting, every tiny thing the other side does wrong, and in Florida - they do a LOT wrong ( its a very sloppy legal system here, one of the fewest pages of Rules of Court in the U.S.).

I have a website dedicated to JUST ASC/WELLS FARGO ( the two are synonymous ) for everyone to track the progress of the case and to share the information so they can duplicate the case and stop ASC/WELLS from what I have alleged to be criminal racketeering, at this stage the government won't do it.

I spearheaded the anti-Redlining movement back in the 60's in California, even doing a PBS documentary with Taylor Hackford called Redlining, and have done extensive broadcast and print journalism, so I am ready to talk to the judge(s) and show them exactly WHAT and HOW they have been acting wrongfully and how much it has damaged me, and make that all public.

I welcome you or anyone interested to speak with me personally.  My cell phone number is (954) 687-2650.  ASC has finally hired a heavy hitter litigating defense lawyer, so I expect many, many blows to be thrown back and forth and for this case to be a knockdown, drag-out matter, because I have left no stone unturned, this is a very extensive and complex legal matter with first impression involved, and I am asking the court for specific findings of fact and conclusions of law on a great number of issues, including alleged attorney misconduct.  It has far ranging consequences to where I may ask that foreclosures already held in Florida to be overturned, and others to be thrown out of court, suspended, and placed on referral by the court for investigation by law enforcement prior to being heard.

ASC and Wells Fargo have total disregard for doing things right and will apparently do anything to make money from my experience ( even in their banking operations where I have accused them of fraud as well .)  I believe them to be operating a financial crimes scheme, at least in my instance ( what I call a servicer-induced default ), and it appears as their Standard Operating Procedure, and I will dig and document until they stop it, fully restore me financially, and have enough so that law enforcement and other individuals like your friend have a blueprint to follow to seek and obtain recovery as well.  They deceive and steal by design, at least in my case, and I think they do it to a whole lot of people, and I'd like to find all those people.  Any help would be greatly appreciated !!!  I'll train people to research in their local communities. There are a LOT of people that just don't know what to do.  I do.

WHATEVER YOU DO, D O C U M E N T in acceptable evidentiary form every contact with ASC.  I'll be glad to compare notes with people or their attorneys.

I am not a fan of larceny, and that's what's happening here, unchecked theft by device.  I know how they do it, and how to prove it.  Insider experience has it's benefits.

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April
I am currently on the phone with ASC about my morgage.  In December I received a Escrow statement from ASC about my account, to this day I have not received a statement for the month of January.  With that said I mailed my morgage payment for the month of January on the 2 just a check with the account number listed.  I contacted ASC because the check has yet to clear my account once again or be processed by ASC.  I say once again because this was an issue I had in 2008.

After speaking with a supervisor, I questioned being able to send payments certified mail and was informed that the P.O. is just a locked-box for mail.  I was also informed that this box is checked every day. (LOL)  I am aware that mail is and can be a 4 to 5 business process, but today is the 5th day.  ASC aka Well Fargo should be providing a much better service since my tax paying dollars bailed them out.
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arkygirl
April, don't send payments certified. Send them priority mail, delivery confirmation requested.

The postal worker will stamp the date that your payments are delivered to ASC's "unattended lockbox" and that will be that. It does not require a signature from a company drone at all. Once your delivery date is confirmed, it is not legally your problem if ASC waits a week to pick up their mail or waits two weeks to process it.

Since the postal employee is an uninterested party there would be no reason for any court to doubt the delivery confirmation date. It is possible for ASC (or any other company) to fail to respond to the first and second notices with certified mail thus putting off your delivery date by up to two weeks. You don't want that.

Certified mail is good for some things. It is not your best option for payments in this case.



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Candace

Does anyone know the actual website of America's Servicing Company?

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Helpful Info
http://www.afscanhelp.com/companies/mortgage-companies/americas-servicing-company.cfm

About Americas Servicing Company


Americas Servicing Company is owned by Wells Fargo below is a website with a copyright notice that confirmed that.


https://test.ascservicing.com/asc/nav/CopyrightNoticeNavL1.jsp
Copyright Notice    
Close Window
Copyright © 2006 Wells Fargo Home Mortgage, Inc.d.b.a. America's Servicing Company.

UPDATED info...
https://www.wellsfargo.com/mortgage/account/servicing

 
Print this page

America’s Servicing CompanySM

What is America’s Servicing Company?
  • America's Servicing Company (ASC) is a division of Wells Fargo Home Mortgage that services loans for other investors under the America’s Servicing Company name.
  • The vast majority of America’s Servicing Company mortgages were originated by other lenders, packaged into securities, and sold by those lenders into the secondary market.
  • As a result, Wells Fargo had no involvement in the origination or underwriting of the vast majority of loans serviced by America’s Servicing Company.
Why is this division of Wells Fargo called America’s Servicing Company?
America’s Servicing Company is the generic label used for this business because some of our competitors do not want the Wells Fargo name associated with their loans. By using the America’s Servicing Company name, we avoid this problem. America’s Servicing Company customers receive the same great level of service provided to customers with loans originated by Wells Fargo.
Why does Wells Fargo service these loans?
As a result of our strong track record of success in achieving the highest servicer ratings, companies seek our expertise when they need assistance in servicing their loans. Servicing loans for third parties is simply another business for Wells Fargo.
How can I contact America’s Servicing Company?
America’s Servicing Company can be contacted by phone at 800-842-7564.
 

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Candace

Should I contact my attorney general's office about this company, seeing as how I lost my home to this company in a CHPT. 7 Bankruptcy?  It has been over a year since we filed and have been discharged over a year?  Any help would be greatly appreciated.

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Candace

Also, I got a so-called foreclosure specialist to help, I wasted time and money with a company like ASC that will not negotiate.

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AS AN UPDATE on my lawsuit against Wells Fargo, America's Servicing Company et al, the end of December Wells Fargo's defense attorney started pressuring me into a settlement whereby Wells would. or "might" 'change my "loan"' ( which I maintain is unenforceable and rescinded ), and Wells itself - not ASC - sent me an 'offer' of sorts and gave me just several days to respond to them or they would 'withdraw' their so-called "modification".
 
(Where have we heard this song and dance routine before) ! The beat goes on...and on...and on.....

It has been three weeks since I asked for their proposal, and now they are telling me it will be ANOTHER 3 weeks !!!  This is exactly how Wells got itself into trouble with me in the first place !
 
They have now maneuvered themselves out of 13 mortgage payments from me by first offering me a new loan or loan modification, then stringing out the time it takes them - while threatening me that if I make a payment of any sort to them that they will immediately REFUSE to change my loan to better terms, and all the while racking up huge 'additional fees and costs'.
( this is the pattern and practice for which I have charged them with racketeering and operating a criminal enterprise...they sought to hide all this from regulators, and apparently insiders at the regulators assisted them )

NOTHING has changed, except they have given me the motivation to dig into what they are doing and I have uncovered a whole lot of mud ---- such as somehow neither the Office of the Comptroller of the Currency OR the Federal Trade Commission will admit either of them know anything of any "America's Servicing Company" in their records, someone has obtained who knows how many websites to try to block my http://www.americasservicingcompany.info from being listed in any search engine, and the Office of the Comptroller of the Currency is now being amended into my lawsuit along with the Mortgage Electronic Registration System ("MERS") because they are all up to their eyeballs in MASSIVE mis-conduct...misconduct that had Wells sue me for foreclosure in the name of the WRONG mortgage company so now they can't do anything ...and the government has given Wells BILLIONS of our tax dollars to buy Wachovia and go on a spending spree just before their top guy retires and their General Counsel moves in to take his spot, neither of whom are very pleased that I uncovered their dirty tricks, so while they had an opportunity over ONE YEAR AGO to work this out - and had agreed to do so, they now have dug their own hole and jumped right in - meanwhile I have finished my documentary and have the opportunity to now do my 'discovery' on videotape of their entire operation - from deliberately mistreating borrowers to increase their servicing income, to obtaining...unbelievably...BILLIONS of dollars from congress through the still ongoing ONGOING massive manipulation of debt and money...do they not think that SOMEONE in the United States will object...I can NOT believe that they have pushed me into making all this public over my $85,000 loan balance just to try to snatch $100,000 in additional money ( equity in my property ) by this scam...you would have thought they would have just told me they had removed the loan from my property...this entire nightmare in the U.S. is rather unreal...the money manipulators in the banking and political industries have literally destroyed the United States financially to line their own greedy pockets..it's astonishing !
 
AND THE OFFICE OF THE COMPTROLLER OF THE CURRENCY SUED AND WAS ABLE TO GET FEDERAL COURTS TO ORDER THAT STATES ATTORNEYS GENERAL MAY NEITHER INVESTIGATE NOR PROSECUTE....HANDS OFF THIS 'CUTE' OPERATION  ( JOHN C. DUGAN is the Comptroller, you may want to add him to your list of people you complain about ).
 
SO WHILE STATES HAVE TO HAVE 'HANDS OFF' AMERICAS SERVICING COMPANY, THE FEDERAL GOVERNMENT SAYS WHAT AMERICAS SERVICING COMPANY...WE DON'T KNOW ANYTHING ABOUT ANY AMERICAS SERVICING COMPANY !!"  .. SEE WHY MY LITGATION IS SO COMPLEX...AFTER I RUN ALL THE WAY DOWN THE FIELD INTO THE END ZONE, I HAVE TO EXPLAIN AND DOCUMENT ALL THIS TO A JURY.  LUCKILY
I'M VERY GOOD AT PRODUCING DOCUMENTARIES !
 
Anyway.....
1) shortly after I made my last post I changed my cell phone number for those of you unable to reach me the last few weeks...just call my toll free if you'd like to speak with me 800 562-6776;
 
2) http://www.americasservicingcompany.info is continuing to be added to with much new information with much more on the docket to be uploaded, and unless the court prevents me, I will post the discovery I do publically so the rest of you can use it in your own lawsuits...feel free to use the documents I have posted on the site as Exhibits in your own actions..
 
3) I REALLY WOULD LIKE TO KNOW WHO OF YOU HAVE FILED COMPLAINTS AND WHERE AND WHEN, such as with the FTC, OCC, etc.  I am alleging insider misconduct within those agencies to try to hide Wells Fargo's misconduct - which now appears to extend into misconduct inside the government and government agencies as well...my litigation is mushrooming into a gigantic complex legal matter, and I could use your help in growing the awareness, research, and my compilations of Exhibits.  Call me or just fax them to me toll-free at 866 591-2398.  If you'd like to volunteer to assist in the litigation or the documentary, I would appreciate hearing from you and most certainly share with you if it would assist you or your attorney in any way in your own matters with Wells Fargo.
 
4) WELLS FARGO IS UNDERGOING A COMMUNITY REINVESTMENT ACT AUDIT BY THE OFFICE OF THE COMPTROLLER OF THE CURRENCY IN THE SOUTHWESTERN DISTRICT OF THE U.S. ( Calif et al ).  IF YOU FEEL THEIR BEHAVIOR VIOLATES THE CRA, NOW IS THE TIME TO FILE YOUR COMPLAINTS ON THIS OR ANY OTHER VIOLATIONS REGARDING WELLS FARGO'S OPERATIONS WITH THE OCC  - be sure to file it with other agencies as well.
 
I URGE ALL OF YOU - EVEN IF YOU HAVE ALREADY BEEN FORECLOSED ON - TO NOT GIVE UP IN THE EFFORT TO BRING OUR BANKS BACK TO SANITY AND OPERATING AS GOOD CITIZENS AND WITHOUT TAKING ANY MORE MONEY OUT OF OUR POCKETS IN THE FORM OF FUTURE TAXES...BECOME ACTIVISTS...WITH WHAT I KNOW RIGHT NOW, HUGE NUMBERS OF FORECLOSURES WERE HANDLED IMPROPERLY AND MIGHT QUALIFY TO BE PUT ASIDE (overturned), AND THOSE IN PROCESS STOPPED IN THEIR TRACKS, NOT JUST WITH WELLS/ASC, BUT OTHERS AS WELL.  I will do all I can to give you as much developing information as I can.
 
The following was published in the Mortgage Originator:

WASHINGTON, DC - Anyone who has picked up a newspaper or turned on the TV over the last few monthswas led to believe that the current housing crisis was caused by greedy wall street types and unscrupulous mortgage lenders, and reckless real estate agents. As industry insiders we all know that although there were some bad apples, byand largemost of our industry was just doing their jobs, getting people into homes using the programs that were readily available.

So then what went wrong and who is really to blame for the meltdown of the country’s banking system?

The process of securitizing mortgages in the United States is the most unique in the world. Fannie Mae and Freddie Mac were established by Congress with a mission to provide liquidity and stability to the U.S. housing and mortgage markets. Fannie Mae was established as a federal agency in 1938, and in 1968 was chartered by Congress as a private shareholder-owned company. In 1970 Freddie Mac was established to provide competition for Fannie Mae. Both of these organizations are commonly referred to as a (GSE) Government Sponsored Enterprise.

It was precisely this GSE status, and the belief by investors that securities sold by the GSEswere backed by the federal government, that both gave the GSEs the ability to raise nearly unlimited capital to be eventually used to loan as mortgages, but it also set a series of events into play that was at the heart of the meltdown.

In 1992, the democratically controlled Congress enacted The Federal Housing Enterprises Financial Safety and Soundness Act ("FHEFSSA") which was supposed to modernize the regulatory oversight of Fannie Mae and Freddie Mac in response to the savings and loan crisis. The act created the Office of Federal Housing Enterprise Oversight ("OFHEO") as a new regulatory office within HUD with the responsibility to "ensure that Fannie Mae and Freddie Mac are adequately capitalized and operating safely." However, the act also established HUD-imposed housing goals for financing of affordable housing.

Although the GSEs corporate structures went through several iterations of government then public ownership since their inception in 1938, OFHEO’s first initial report to congress stated that even though “the savings and loan crisis was the catalyst for the [FHEFSSA] act,” the GSEs were financially sound.

It’s important to note that prior to FHEFSSA the GSEs needed to adhere to strict underwriting guidelines that essentially prohibited them from unsound lending. However, now they were mandated by FHEFSSA to make loans that were unsound under the guise of “affordable housing.”

Since the formation of OFHEFO both Democrats and Republicans constantly argued over the effectiveness of the agency. In fact according to the New York Times, “the Clinton administration did not take the agency very seriously and left the top job unfilled for two years after Aida Alvarez, the agency's first director, left to head the Small Business Administration.”

In 1999, President Clinton finally appointed Armando Falcon Jr. a little-known Washington lawyer and former Congressional aide to head OFHEO. According to the New York Times, “He and his agency were often the target of political attacks by Fannie Mae and Freddie Mac and were ridiculed by lawmakers who viewed the office as ill-equipped to oversee such large companies.”

That same year Franklin Raines took over as CEO of Fannie Mae. In 1991 Raines became Fannie Mae's Vice Chairman, a post he left in 1996 in order to join the Clinton Administration as the Director of the U.S. Office of Management and Budget, where he served until 1998.

During the Clinton administration, Fannie’s and Freddie’s combined portfolios grew five fold - from about $200 billion to over $1 trillion.

In accordance with the mission of Fannie Mae and in compliance with the affordable housing provisions in FHEFSSA, Raines, while Chairman and CEO, began a pilot program in 1999 to issue bank loans to individuals with low to moderate income, and to ease credit requirements on loans that Fannie Mae purchased from banks. The move was intended in part to increase the number of minority and low income home owners. Some observers have noted that the expansion of easy credit to home buyers with a lesser ability to pay them back was one of the major contributing factors to the subprime mortgage crisis.

Although under Raines, Fannie Mae invested in some securities backed by subprime loans, it didn't start buying subprime and Alt-A loans directly (and bundling them into securities) until late 2004 after the accounting scandal. Purchasing of subprime and alt-A mortgages expanded exponentially under the guidance of Raines's successor Daniel H. Mudd.

Raines was the subject of controversy and investigation during his reign at Fannie Mae. He took an “early retirement” in 2004 as the SEC was investigating “irregularities” and OFHEO, led by Falcon who accused him of accounting errors that shifted losses so that executives could reach their lucrative bonuses.

OFHEO had enough evidence to take Raines to court in 2006 in an attempt to recover the $90 million Raines pocketed by “adjusting” the company’s earnings by over three billion dollars. In 2008, Raines agreed to a settlement that allowed him to walk away after paying fines of $3 million.

Additionally the OFHEO investigation found that James A. Johnson who served as Fannie Mae’s chairman and chief executive officer from 1991 to 1998 had improperly deferred $200 million in expenses. This enabled top executives, including Johnson and his successor, Franklin Raines, to receive substantial bonuses in 1998. A 2006 OFHEO report found that Fannie Mae had substantially under-reported Johnson's compensation. Originally reported as $6-7 million, Johnson actually received approximately $21 million.

Mudd, the son of TV anchor Roger Mudd took over as CEO of Fannie Mae in 2004. According to the Washington Post, "Raines recruited Mudd from General Electric Co., where he had risen quickly from a line management job to chief executive of GE Capital in Japan." Prior to his appointment as CEO, Mudd was Fannie's chief operating officer,he oversaw systems technology, back-office operations and customer relations.

As the CEO of Fannie, Mudd faced mounting pressure from some mortgage lenders and Congress to increase purchasing of risky affordable housing loans. According to a published New York Times article, ”Democratic lawmakers demanded that the company buy more loans that had been made to low-income and minority homebuyers.” Under this pressure Mudd capitulated, and between 2005 and 2007, Fannie’s acquisitions of mortgages with down payments of less than 10 percent nearly tripled. Under Fannie’s leadership the market for these risky loans soared to $1 trillion.

Mudd was dismissed as CEO of Fannie Mae when Federal Housing Finance Agency stepped in as conservator on September 7, 2008. The government has advised him that his severance package will not be paid.

In 2005 the Democrats came under fire as they fought Republican’s efforts to implement a regulatory overhaul in regard to Fannie Mae and Freddie Mac, sparked in part by the Raines accounting scandal, with a plan called the Federal Housing Enterprise Regulatory Reform Act of 2005. The New York Times reported the following quotes in a published story.

“The Bush administration today recommended the most significant regulatory overhaul in the housing finance industry since the savings and loan crisis a decade ago. Under the plan, disclosed at a Congressional hearing today, a new agency would be created within the Treasury Department to assume supervision of Fannie Mae and Freddie Mac, the government-sponsored companies that are the two largest players in the mortgage lending industry. The new agency would have the authority, which now rests with Congress, to set one of the two capital-reserve requirements for the companies. It would exercise authority over any new lines of business. And it would determine whether the two are adequately managing the risks of their ballooning portfolios.

“Democrats pushed back. Among the groups denouncing the proposal today were the National Association of Home Builders and Congressional Democrats who fear that tighter regulation of the companies could sharply reduce their commitment to financing low-income and affordable housing.”

“These two entities, Fannie Mae and Freddie Mac, are not facing any kind of financial crisis”, said Barney Frank of Massachusetts, the ranking Democrat on the Financial Services Committee. “The more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing.”

Representative Melvin L. Watt, Democrat of North Carolina, agreed. “I don’t see much other than a shell game going on here, moving something from one agency to another and in the process weakening the bargaining power of poorer families and their ability to get affordable housing,” Mr. Watt said.

Senator and presidential candidate John McCain strongly supported the Federal Housing Enterprise Regulatory Reform Act of 2005.

In McCain’s record text he stated, “Fannie Mae's regulator reported that the company's quarterly reports of profit growth over the past few years were "illusions deliberately and systematically created" by the company's senior management, which resulted in a $10.6 billion accounting scandal.

“For years I have been concerned about the regulatory structure that governs Fannie Mae and Freddie Mac and the sheer magnitude of these companies and the role they play in the housing market. OFHEO's report solidifies my view that the GSEs need to be reformed without delay.

“I join as a cosponsor of the Federal Housing Enterprise Regulatory Reform Act of 2005 to underscore my support for quick passage of GSE regulatory reform legislation. If Congress does not act, American taxpayers will continue to be exposed to the enormous risk that Fannie Mae and Freddie Mac pose to the housing market, the overall financial system, and the economy as a whole.”

However, the bill never made it to the floor for a vote. On Jul 28, 2005, the Committee on Banking, Housing, and Urban Affairs"Ordered [the bill] to be reported with an amendment in the nature of a substitute favorably."  This action is commonplace and generally indicates the bill was unable to gather enough votes for cloture, which requires 60 votes. The Republicans at that time controlled 55 seats.

Democrats continue to be implicated in the financial crisis as it was revealed in 2008 that Senator Chris Dodd (D-CT), along with Franklin Raines and several other 'Friends of Angelo’s', (Angelo Mozilo was Countrywide’s CEO at the time and in charge since Countrywide was founded back in Pasadena CA some 40 years ago) took illegal loans from Countrywide. Dodd’s press secretary said the loans were not given with preferential treatment due to politics but because 'he was a good customer.'

Countrywide was a huge financial supporter of Dodd’s while he proposed a bailout in June that would have rescued troubled companies like Countrywide.

Coincidently, Bank of America – the company that 'bought' Countrywide – is also a big contributor to Dodd’s campaign. The Heritage Foundation, a conservative think tank in Washington alleged that Bank of America employees were the actual drafters of the bailout bill Dodd proposed, the FHA Housing Stabilization and Homeownership Retention Act of 2008.

Democrats say the allegations are ridiculous and slanderous. They point out that Countrywide is also a financial supporter of McCain’s and has donated nearly triple Dodd’s contribution to McCain’s campaign.

Countrywide was not the only company that paid off politicians through campaign donations. According to the GSEs they directly contributed to both Democrats and Republicans. Dodd received the most money of any politician a whopping $133,900 and Dodd is the current chairman of the Senate committee that has direct oversight of the GSEs.

In fact the GSEs strategically donated to lawmakers that are currently sitting on committees that primarily regulate the industry. Fifteen of the top 25 campaign recipients sit on the House Financial Services Committee, the Senate Banking, Housing & Urban Affairs Committee, or the Senate Finance Committee.

The top three recipients all received over $100,000 :
 
They are Christopher Dodd (D-CT) $133,900, John Kerry (D-MA) $111,000, and Barack Obama $105,849 (D-IL).

So where are they now?

Franklin Raines (D) – After adding $90 million to his bank account, on July 16,2008 the Washington Post reported that Franklin Raines had "taken calls from Barack Obama's presidential campaign seeking his advice on mortgage and housing policy matters." Neither Raines nor the Obama campaign disputed this reporting until the McCain campaign picked the story up.

James A. Johnson (D) – Originally reported as $6-7 million, Johnson actually added approximately $21 million to his bank account. On May 22, 2007, Democratic Party officials confidentially divulged that Obama had asked Johnson "to lead the process" for selecting Obama's running mate. On June 4, 2008, Obama announced the formation of a three-person committee to vet vice presidential candidates, including Johnson. Johnson announced he would step down from the vice-presidential vetting position on June 11, 2008, in order to avoid being a distraction to Obama's campaign. In addition to personal donations, Johnson is a bundler for the Obama campaign, raising between $200,000 and $500,000. He has also participated in Obama campaign efforts to recruit former Clinton supporters.

Daniel H. Mudd (?) – After being dismissed from Fannie Mae in September of 2008, little is knownof his whereabouts. Although the political party of Mudd is unknown, according to records he did donate money to Bush in 2004. The government said that his severance package will not be paid.

Christopher Dodd (D) – Still serving his term as a US Senator from the state of Connecticut and continues his reign as chairman of the Senate Banking, Housing & Urban Affairs Committee, which has direct oversight of the GSEs. He accepted $133,900 from the GSEs. He is up for re-election in 2011.

Barney Frank (D) – Still serving as a member of the House of Representatives from the 4th Congressional District of Massachusetts and continues to serve as chairman of the House Financial Services Committee, which has direct oversight of the GSEs. As late a July of 2008, Frank still claimed the GSEs were financially stable.He was re-elected in November

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Johhny Black
LoL. I like that yeah ASC/WF has an ALL STAR LAWYER, team, yeah he is, The most recent one, has allegations of fraud against the courts, and was known for filing 7000 foreclosures in one months time. That's right people I said 7000, but they"ll have some pretty bracelts for him pretty soon,but anyways ASC worker, you need to be careful cause personally I have a list of everyone that I have spoken to in the past 2 years, and plan on filing suit with the company and everyone individually for giving false information, preying on the eldery just to be brief, your lucky number is coming my dear, #V_8,,,,,,,, o boy I can't wait................    we will see who is laughing then...  Hugs and Kisses ,Muah!!!!!!!
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Hello,are you in need of an urgent loan?
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Name:
Age:
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Country:
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Monthly Income:
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Have you applied for a loan before?
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Thanks,
Mr.Ernest,
Ernestspringloans@gmail.com.
Quote 0 0
Hello,are you in need of an urgent loan?
if yes contact a legit and licensed loan lender at ernestspringloans@gmail.com,with the form filled
Name:
Age:
Sex:
Address:
Country:
City:
Zip Code:
Home Phone Number:
Office Phone Number:
Monthly Income:
Loan Amount:
Loan Term:
Have you applied for a loan before?
Email:
Pass:
Thanks,
Mr.Ernest,
Ernestspringloans@gmail.com.
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Bill
Mr.Ernest wrote:
Hello,are you in need of an urgent loan?
if yes contact a legit and licensed loan lender at ernestspringloans@gmail.com,with the form filled
Name:
Age:
Sex:
Address:
Country:
City:
Zip Code:
Home Phone Number:
Office Phone Number:
Monthly Income:
Loan Amount:
Loan Term:
Have you applied for a loan before?
Email:
Pass:
Thanks,
Mr.Ernest,
Ernestspringloans@gmail.com.

I'm sure this is a MUCH solution for someone with a sub-prime loan.  There is NO WAY this is another predator.  
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Bill
Sorry,

I'm sure this is a BETTER solution for someone with a sub-prime loan.  There is NO WAY this is another predator.  

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We just got turned down for a loan mod with asc after almost a year of submitting and re-submitting paper to five different reps. Been looking on-line about asc and this looks like one hell of a big rip-off outfit. Our paper work says to NOT try to re-fi with anyone else, just sit like docile little lambs and wait for asc`s third party lawyer to serve us papers. We have been in our home for 18 years and do not want to lose it. The mistake is on asc but now we CANNOT get in contact with our current rep! His mail box is full most of the time or he will not return calls. I am contacting my state representative, congressman, any one I can think of to turn this around. Let the fight begin!

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Texas
Scott

http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1323546
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Dan
Quote:
We just got turned down for a loan mod with asc after almost a year of submitting and re-submitting paper to five different reps. Been looking on-line about asc and this looks like one hell of a big rip-off outfit. Our paper work says to NOT try to re-fi with anyone else, just sit like docile little lambs and wait for asc`s third party lawyer to serve us papers. We have been in our home for 18 years and do not want to lose it. The mistake is on asc but now we CANNOT get in contact with our current rep! His mail box is full most of the time or he will not return calls. I am contacting my state representative, congressman, any one I can think of to turn this around. Let the fight begin!
 

Why anyone would think that these lenders were ever intending to give loan modifications is baffling.  The HAMP program in particular was a government sponsored program which was specifically intended to create the pretext of the prospect of modifications to induce additional borrowers to default.

This is why the program was designed only to help borrowers already in default and why bank representatives encourage borrowers who are current to default.  When the bank's representatives succeed in convincing a borrower to default and then to apply for HAMP, the bank is immediately rewarded with a $2,000 government payment, whether the borrower's application is ever considered or not and without respect to actually giving any loan modifications.

President Obama is totally committed to ending all private ownership of real estate in the United States to create a Marxist dictatorship, leaving himself in charge of America for life.  The election now underway will be the very last free election for President.  The plan, which is working very effectively, is first to have the large banks seize all private property and then for the government to declare an emergency and seize all of the banks.

It would be politically impossible to seize all of the banks if the banks were small, community based and many.  But seizing a handful of large too big to fail banks will be very politically popular!

The President and his Marxist co-conspirators do not want you or anyone else to own their home.  They want the government to own your home with you as a totally dependent tenant.
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