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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Dimon Lil

Mortgage Fraud Insider Apologizes

SACRAMENTO, CA - The managing broker behind a failed mortgage operation posted a rambling essay on the company's Web site describing his years of fraudulent activity and asking for forgiveness.

The seven-page essay by Christopher Warren, 27, replaced the home page of  Triduanum Financial which abruptly closed its doors last month.

Warren said his career in the mortgage industry began when he was still a teenager and took a job with the now-defunct Ameriquest in 2001. Warren claimed he manipulated loan applications to secure financing and eventually hacked into the Ameriquest computer system to approve loans himself with no oversight.

Warren said he left Ameriquest three years later with the personal information of 680,000 Ameriquest customers to start his own mortgage banking operation in Sacramento called WTL Financial.

"At the ripe old age of 22, a fraudster trained by the best corporate environment for fraud, I built a company modeled after the movie Boiler Room," Warren wrote.

Warren said WTL Financial faked credit scores and W-2s to peddle loans to investors who failed to scrutinize the files.

"I made over $2.25 million, all of which was spent on 24 cars, five houses and drugs," he wrote.

Warren said WTL Financial originated $810 million in questionable mortgages before it collapsed in 2007.

Warren then moved on to work as a vice president for Roseville-based Loomis Wealth Solutions, which he described as a real estate Ponzi scheme.

Federal authorities raided the offices of Loomis Wealth Solutions last August and searched the Granite Bay home of founder Lawrence Leland Loomis. Among items they were looking for were "any documents pertaining to Christopher Warren."

In his essay, Warren said he had been interviewed by the FBI and expected to be indicted for his role in operations at Loomis Wealth Solutions.

Public records show Warren struggled with other personal problems in 2008. In May he lost a $729,000 Folsom home to foreclosure and in November he finished three years of probation for narcotics possession.

State records show Triduanum Financial was incorporated last July. Warren's essay did not address Triduanum Financial's business practices, but an earlier Web posting said the company had exceeded its line of credit by $20 million and suggested homebuyers find another lender.

Warren did not immediately return phone calls or email from News10 seeking comment.

In his essay, Warren said he helped ruin the nation's economy and hopes his experiences can help reform the mortgage and banking systems.

"Almost a billion dollars of toxic assets came from me," he wrote. "Looking back at the life I have led, I beg a higher power for forgiveness."

http://www.news10.net/news/local/story.aspx?storyid=54153&provider=topStories
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Stephen

EXCELLENT post!!!

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arkygirl
A billion dollars of bad paper from ONE guy!

Holy Mary, he was one guy. Imagine what Countrywide and Ameriquest alone produced in their heydays as nationwide lenders.

Why do they call them "toxic assets"? Why don't they just call them "toxic"? They never were assets really; they were worth less than the paper they were printed on.



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O -

Thats 4 sure!

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Dimon Lil
Here is a link to this man's actual confession. It is hard to read with typos and misspellings but he is telling all about suckering investors and everyone else.

Sick making.

http://www.triduanum.com/memo.pdf

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Hey, does anyone think that he would have done this if he didn't get caught?

I think that he is asking for a job with the FBI instead of jail time. But on the other hand he might be right about the FBI not knowing what to look for because they are not knowledgeable in mortgage fraud. This person knows exactly what to look for.

There needs to be more people like him to come forward. But they won't because they haven't been caught yet.
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Stephen

FBI knows what to look for.  They just don't have the staff to go after all of them and the mortge industry owns Washington, so getting support has been nil.

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champers1@sbcglobal.net

Why don't you help people and testify for them, I need help with my lawsuit.

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That's right Arkygirl the economic collapse and the bailout is to cover money that never existed it was created by securitizing our mortgages. Christopher Warren should turn into a witness and help round up the crooks and further expose the scam.

Personal opinion he should ask Jesus for forgiveness, he'll be granted forgiveness if he asks with a sincere heart but that doesn't exempt him for the law or consequences but it does give you peace and prevents a voyage to hell.

It would be easier and faster to work with these reformed crooks than to round all of them up. We will see some prosecution and accountability because to much damage has been done, unless martial law is declared due to terrorist attacks, or other civil unrest.

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arkygirl
Here's a link to the arrest warrant for Christopher Warren aka Mark Seagrave.

On 02/02/2009 Mr. Warren fled the country on a private jet...nice.

This warrant lists several kinds of false document creation by Warren and his cohorts; HUD-1, IRS forms, you name it. He (Warren) said that every HUD-1 in the Loomis lender/escrow files was fraudulent.

PDF download: http://ml-implode.com/info/Arrest-Warrant.pdf

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4 Justice Now
Greg:

I certainly hope statement below is right:

Quote:

We will see some prosecution and accountability because to much damage has been done, unless martial law is declared due to terrorist attacks, or other civil unrest.



But I must say I was incredibly disappointed when I read the article about Fannie Mae selecting Ocwen as being one of the leaders in the pilot program to help home owners retain their homes. It seems they're still ignoring reality
here. Unless one has been living on another planet for the past 20 years they know Ocwen is nothing but a cesspool full of criminals.

My opinion only.

V/r,

4J
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4 Justice Now
My mistake!

I meant to say Freddie Mac not Fannie Mae.
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Freddie's Fannie
What's in a name anyway?????

http://www.irconnect.com/cfonews/ocn/archive_othernews.html?d=12258

http://p3.hostingprod.com/@scooley.com/MOM21.htm

http://www.potestivolaw.com/index.php?area=Home&page=View%20All%20News


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There both GSE's that were taken over by the government due to exposure to bad loans. In my opinion the primary objective behind the takeovers, bailouts is to limit legal liability of mortgage and securities fraud.

I still believe even though the bailout effectively gives immunity to lenders and associates public outcry will force a few heads to roll. The big question is will the general public dig to the bottom and seek a genuine resolution or be happy with their pound of flesh?

This economic disaster has the potential to create a savings and production based economy on solid ground. Actually the public exposure is a rare insight for most people to seek behind the smoke and mirrors of our leveraged debt based economy. Normally the boom/bust cycles, inflation, job loss, etc. are a mystery to most people beyond a handful of buzzwords. If we had a savings and production based economy slowdowns would not have as much of a domino effect and the risk of a catastrophic meltdown would be near zero. If nothing else a low tax, savings based economy would restore economic freedom to the people because the money would not get wasted on the interest payments of the debt.

Most people believe there is a link to taxes and economic stimulus or degradation but they do not understand the fundamental basis for taxes is to back a debt based monetary system. The Federal reserve notes are backed primarily by the power to tax and faith in the government. It would be far more stable and less or non-inflationary if money was backed by assets and the lenders and investors lost their own money instead of the depositors, borrowers, and the taxpayers.

Even the Billionaire investor George Soros stated we have to return to deposit banking although he recommended lowering the capital requirement rather than increasing it or eliminating the fractional reserve system. If the capital requirement had been higher then the collapse may not have been as bad and lenders may have been more solvent. The 1930's depression however was caused by a contraction of credit following the speculative boom, so in the world of debt based wealth his solution is probably correct if not ideal.

Perhaps an analogy is knocking down a crumbling foundation to save a home. If we pull out the foundation then the house will fall. Injecting liquidity would be like repairing the cracks but leaving an unstable foundation. The debt supports our economy but is doomed to fail eventually, repaired or not so no politician really wants to install a savings based economy as the foundation and then rebuild on it.

A real world alternative may be a parallel gold and/or silver based economy with a gradual weaning off the the debt based system like jacking up home and re-pouring a new foundation in sections rather then repairing the cracked foundation and leaving the problem for another time.

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Does anybody know if this Christopher Warren may have known Wayne A Lee at Ameriquest/Argent.  It would be interesting to see if he has anything to say about Lee and his time there as Ceo of Ameriquest/Argent.  By the way, here is a link for everyone to see regarding an article in the Orange County register a couple of Sundays ago.  It was on the front page and talks about Lee's "so called" consulting agreement where he was essentially paid 34.5 mil of hush money.  It also has, on the right column area, links to a copy of his consulting deal and a federal lawsuit against him and Dawn Arnall for fraud and engorgement.  I think this should be made very public and people, especially burned borrowers will be very upset to see this.  By the way, if anyone has a picture of Lee, send it to me.  Can't find one anywhere.

http://www.ocregister.com/articles/ameriquest-million-lee-2295093-new-company

pauljames123@cox.net

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Nye Lavalle
Like the kid said, he was operating a Panzi scheme! LOL Guess that's Ponzi for Panzis!
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Nye has been warning people about this whole Ponzi scheme of converting our mortgages into investors gambling funds for over a decade.
Nye has been explaining for years despite opposition and effort to discredit him that ms fraud was intentional on a large scale and that it was profitable for the lenders and investors not just the servicers collecting fees. Although many investors lost a fortune many more made a fortune converting mortgaes into securies warth many times the value of the mortgage. Nye has exposed thier accounting tricks and practices as well.

Now the issues Nye and others at ms fraud have warned against have occured and it would make sense to resolve the root cause of the economic crises rather than just plain borrowing from the taxpayers and throwing us further in debt and letting the perpetrators off the hook with the trillions they looted from the economy.

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Fortunately Christopher Warren is in the custody of Federal officials after being caught trying to re-enter the US from Canada a few days ago.  He may have ripped a lot of people off but he obviously isn't very bright.

http://www.bloomberg.com/apps/news?pid=20601103&sid=aC_I.JgeCM2Q&refer=us
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This wayne lee character from ameriquest  is really a crook, plain and simple.  Check out the "so-called" consulting agreement and also the plaintiff response to his motion to dismiss in the federal case in Illinois:

https://69.25.233.233/newsimages/2009/Ameriquest/Ameriquest-Wayne%20Lee%20contract.PDF

https://69.25.233.233/newsimages/2009/Ameriquest/complaint%20v%20lee.pdf





Ken wrote:
Fortunately Christopher Warren is in the custody of Federal officials after being caught trying to re-enter the US from Canada a few days ago.  He may have ripped a lot of people off but he obviously isn't very bright.

http://www.bloomberg.com/apps/news?pid=20601103&sid=aC_I.JgeCM2Q&refer=us

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