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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Nye Lavalle
MGIC Investment Files Suit Seeking Info From Radian Group

August 21, 2007 9:08 a.m.

MGIC Investment Corp. (MTG) filed a federal lawsuit against Radian Group Inc. (RDN) asking the court to force Radian to disclose information MGIC thinks is necessary to close the two companies pending merger.

The Milwaukee, Wis., company said it had expected to complete its analysis by August 13, but has not received necessary information.

Radian, Philadelphia, said it is "disappointed" with the lawsuit and has provided MGIC with "significant detailed information."
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Thanks for this posting NYE!!!!
The can of worms is now open!!
I wonder who at MGIC or RADIAN is going to be responsible for the conduct of the General Counsel at CBASS and Litton Loan!!!
Knowing they were engaging in mail fraud, wire fraud, money laundering, Tax Evasion, and the lists go on!
I will help to pour all the gasoline I can on this fire!
Curt Culver knew of the problems at Litton Loan, so did MGIC's General Counsel, they can not deny the emails to me and phone conversations!! They both knew what Litton Loan and Radian were doing at CBASS!  Just ask Tony Ettinger, I understand they are looking for him again for yet another service!

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More Info
August 22, 2007
Big Mortgage Lender in Chapter 11 Filing

First Magnus Financial Corporation, one of the largest independent American mortgage lenders, filed for Chapter 11 bankruptcy protection yesterday, becoming the latest provider of home loans to collapse as the housing market slumps.

Meanwhile, the mortgage insurer MGIC Investment has sued the bond insurer and credit risk manager Group">Radian Group, indicating it may try to back out of its proposed $5 billion merger.

First Magnus, in a petition filed with the Federal Bankruptcy Court for the District of Arizona, listed $942.1 million in assets and $812.5 million in liabilities and 25,001 to 50,000 creditors.

The lender, which is based in Tucson, made $17.1 billion worth of home loans from January to June, according to the newsletter Inside Mortgage Finance.

It stopped financing home loans and taking mortgage loan applications last week. Founded in 1996, the company said this year that it operated in all states and employed more than 5,000 people in more than 300 offices.

MGIC Investment, which is based in Milwaukee, filed its lawsuit after saying on Aug. 7 it did not believe it had to complete its acquisition of Philadelphia-based Radian.

A week earlier, the companies revealed that their $1.03 billion investment in C-BASS, a subprime mortgage joint venture, could be worthless, after defaults and margin calls mounted.

Jeffrey Lane, MGIC’s general counsel, said MGIC had a “reasonable concern” that some Radian businesses apart from mortgage insurance had been and remained “particularly susceptible to the downturn that has taken place in the credit markets in recent months.”

Other mortgage-related mergers are also up in the air because of tight credit markets.

The subprime lender Holding">Accredited Home Lenders Holding is suing the private equity firm Lone Star Funds to force it to complete its $400 million acquisition. Lone Star has said failures by Accredited entitle it to back out.
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Jeffery Lane, MGIC General Counsel, knew exactly what CBASS was doing for a number of years, this is like the pot calling the kettle black!
Lane should have resigned sometime ago due to ethical problems that he knew MGIC was engaging in with CBASS and LITTON LOAN, they are pretty well outlined in the SEC reports from years past!
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Maybe stockholders of MGIC should be asking where the ROLLS ROYCE Curt Culver won in a charity golfing outing in Florida.  Was it his money for the entry fee or donation or was it MGIC's and if it was what happened to the car?
Was the charity golf outing for cancer, and but on by Michael Milikan? I wonder if this is true.
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