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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America's Working Class: Smashing Capitalism Because We Haven't Got Enough Money to be Consumers Anymore
Smashing Capitalism
By Barbara Ehrenreich
The Nation, Aug 20, 2007
Straight to the Source
Somewhere in the Hamptons a high-roller is cursing his cleaning lady and shaking his fists at the lawn guys. The American poor, who are usually tactful enough to remain invisible to the multi-millionaire class, suddenly leaped onto the scene and started smashing the global financial system. Incredibly enough, this may be the first case in history in which the downtrodden manage to bring down an unfair economic system without going to the trouble of a revolution.

First they stopped paying their mortgages, a move in which they were joined by many financially stretched middle class folks, though the poor definitely led the way. All right, these were trick mortgages, many of them designed to be unaffordable within two years of signing the contract. There were "NINJA" loans, for example, awarded to people with "no income, no job or assets." Conservative columnist Niall Fergusen laments the low levels of "economic literacy" that allowed people to be exploited by sub-prime loans. Why didn't these low-income folks get lawyers to go over the fine print? And don't they have personal financial advisors anyway?

Then, in a diabolically clever move, the poor--a category which now roughly coincides with the working class--stopped shopping. Both Wal-Mart and Home Depot announced disappointing second quarter performances, plunging the market into another Arctic-style meltdown. H. Lee Scott, CEO of the low-wage Wal-Mart empire, admitted with admirable sensitivity, that "it's no secret that many customers are running out of money at the end of the month."

I wish I could report that the current attack on capitalism represents a deliberate strategy on the part of the poor, that there have been secret meetings in break rooms and parking lots around the country, where cell leaders issued instructions like, "You, Vinny--don't make any mortgage payment this month. And Caroline, forget that back-to-school shopping, OK?" But all the evidence suggests that the current crisis is something the high-rollers brought down on themselves.

When, for example, the largest private employer in America, which is Wal-Mart, starts experiencing a shortage of customers, it needs to take a long, hard look in the mirror. About a century ago, Henry Ford realized that his company would only prosper if his own workers earned enough to buy Fords. Wal-Mart, on the other hand, never seemed to figure out that its cruelly low wages would eventually curtail its own growth, even at the company's famously discounted prices.

The sad truth is that people earning Wal-Mart-level wages tend to favor the fashions available at the Salvation Army. Nor do they have much use for Wal-Mart's other departments, such as Electronics, Lawn and Garden, and Pharmacy.

It gets worse though. While with one hand the high-rollers, H. Lee Scott among them, squeezed the American worker's wages, the other hand was reaching out with the tempting offer of credit. In fact, easy credit became the American substitute for decent wages. Once you worked for your money, but now you were supposed to pay for it. Once you could count on earning enough to save for a home. Now you'll never earn that much, but, as the lenders were saying--heh, heh--do we have a mortgage for you!

Pay day loans, rent-to-buy furniture and exorbitant credit card interest rates for the poor were just the beginning. In its May 21st cover story on " The Poverty Business," Business Week documented the stampede, in just the last few years, to lend money to the people who could least afford to pay the interest: Buy your dream home! Refinance your house! Take on a car loan even if your credit rating sucks! Financiamos a Todos! Somehow, no one bothered to figure out where the poor were going to get the money to pay for all the money they were being offered.

Personally, I prefer my revolutions to be a little more pro-active. There should be marches and rallies, banners and sit-ins, possibly a nice color theme like red or orange. Certainly, there should be a vision of what you intend to replace the bad old system with--European-style social democracy, Latin American-style socialism, or how about just American capitalism with some regulation thrown in?

Global capitalism will survive the current credit crisis; already, the government has rushed in to soothe the feverish markets. But in the long term, a system that depends on extracting every last cent from the poor cannot hope for a healthy prognosis. Who would have thought that foreclosures in Stockton and Cleveland would roil the markets of London and Shanghai? The poor have risen up and spoken; only it sounds less like a shout of protest than a low, strangled, cry of pain. 
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That was their biggest mistake...making the poor/working class part of their Ponzi scheme. Morons!

What did the idiots think would happen when they put the big squeeze on us? Maybe they thought we would all sit in the cold and dark to pay them? Maybe they thought we would all start walking to work and back even if it took five hours each way to pay them? Maybe they thought we would all send our kids to school shoeless and naked? Maybe they thought we would all stop eating to pay them? Or maybe they thought we would all eat cotton and poop money to pay them?

People are waking up to the fact that they were screwed by everyone connected with the mortgage industry. Many have very little invested in their no-money down loans and are sending in their house keys with a "here ya' go" note and paying on their credit cards instead. Credit card delinquencies are strangely low, so I assume that is exactly what is happening.

Looks like the biggest problem is that they didn't think at all! They could not see past that fast easy profit to consider what the real priorities of life are for real working people. Couldn't see beyond the greed of the moment and wonder what would happen when the resets came.

Personally, I am not buying one thing that I can do without. It is my small protest. No more impulse purchases, necessities only. I buy soap and water, but I stopped buying perfumes, body sprays and other smelly crap. I found that clean hair and skin smells just fine without all the BS and my allergies got much better as an added bonus. Great, I can now cross those allergy tablets off my list. More money for me, less for them! Toothpaste? Nope, baking soda, and I can rest assured that there is no Chinese antifreeze in it. My teeth are whiter than ever. I refuse to buy into the "you must smell like a minty-fresh over-flowered funeral parlor or you are uncivilized" message anymore. Thus far, no one has recoiled in horror and wrinkled their noses so I assume all is well.

No more "throwaway" cleaning products. No paper plates and cups. I wash dishes since I am buying soap and water already anyway. A nice side effect is that I am saving hours that I used to spend in stores buying the junk, saving the fuel I used to use going to get the junk, and putting less waste into landfills. More time and money for me, less for them. I would rather read this forum than go shopping any day now.

We can squeeze back and, by golly, I am doing my part by keeping my dollars with me as much as possible. Oddly enough, I do NOT feel at all deprived. It becomes rather fun to figure out ways to beat them out of a buck. Every one of us can find things that Madison Ave. has convinced us we "need" and do away with them. We tend to confuse "needs" with "wants" and boy this economic mess caused me to really sort the two out in a hurry.

We have all been "attacked" long enough. Let 's see how they like it. (Wal-Mart sucks anyway and has done more to ruin the American landscape and working people than any corporation in history. It can wither up, too.)

I just figured if WE are all going down that we ought to at least try to take a bunch of "them" with us. Looks like it may be working.

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I am doing the same thing. Have been for awhile now. I am working on getting some of my kids to see the light. They were spoiled in the past and have been through alot with losing the house. As they grow older 15,13, and 12 they are adjusting to poverty. Sad but true. They still insist on those damn shoes though LOL
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You go girls.

When I realized I was playing around with crooks that would in fact manufacture a reason to put me into default then foreclosure, I ended up on an austere budget voluntarily.

I broke the news to my husband that I wanted to buy only necessities.
For as long as it takes to payoff this loan.

I refused to refinance.  I'm not losing all that money to refinance probably end up right back with a just as evil servicer trying to scam me.

I cut the food budget back quite a bit too. 

I had a goal.  Pay it off.  Never let them get me into a default.  I fully intended to pay the $35.00 late fee assessment if I couldn't get them
to change it voluntarily.

Next, I would be sending my lawyer notice to collect whatever fees I had to pay up front to stay out of default.

I fully intended to attack them first.  I've got my evidence that they were responsible for any mistakes on my loan.

Who knows how that would turn out.  By paying that extra principal payment
I watched my principal shrink to the point I had money in the bank to pay it off.  By that time, I was spoiling for a fight.  Go ahead.  Try it.

Maybe I would have lost in court, who knows?  Most of us do.  I'm suffering, they are going to suffer.

I  had already paid off my credit card debt to the point I pay the entire balance each month if I charge anything.

The Budget will pay off big for you.

I was thinking the other day, those of you who are being reported to the credit bureaus for the phoney fee assessments ought to be writing them every month.

I am paying my mortgage on time and in full with extra principal payments
every month.  (Doesn't matter how large or small the amount.)
They are reporting me being late when really it is that I refuse to pay
fee assessments that I don't owe them.  Please see. 

Give them some heat back.

Credit Bureaus do nothing to pressure any of these crooks to report honestly or be punished in some way like refusing their business.

Good luck with the budget. 

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Duh...they still don't get it, do they?

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