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.
Articles |The FORUM |Law Library |Videos | Fraudsters & Co. |File Complaints |How they STEAL |Search MSFraud |Contact Us
Ed Cage

MORTGAGE DAILY ON: -------------------

"As Losses Mount, Investors Sue
With almost $4 billion more in subprime related charges announced yesterday by two financial giants, investors are becoming extremely litigious."

MORTGAGE DAILY OFF ------------------------ 

 

Folks customers are not the only ones being criminally defrauded. Investors are taking huge hits due to criminal fraud by subprime lenders like Citi Residential (James Brantley), the Bear Stearns mortgage (Greg Fedler) unit and EMC (Eileen M. Smyth).

 

Submitted by

Ed Cage

Plano Texas

972-596-4363

ecagetx@tx.rr.com

 

Quote 0 0
Hate EMC
Ed, can you copy and paste the whole story please. It requires a log in we dont have
Quote 0 0
Joe B
Hate-

     Don't subscribe, there's nothing new here. It's the same thing Mike Dillon posted months ago, and the forum has been talking about. Basically the people who invested in CDO's etc. are suing the servicers saying the same thing we have been saying, except they are mad because it is costing them money!!

     Here's a direct link to a suit that Mike posted on his site a while back that is an investor suit against our "friend" Fairbanks. There have been many more like it since then (or at least found since then):
http://getdshirtz.com/index_files/ellingtoncase_doc.pdf

     It gives a pretty good look at the fraud from how the investors see it. It is kind of interesting that there is a great deal of overlap! They are peeved because it is costing them money, while we are peeved because we are losing our homes! So, we lose our home and our equity, the investors lose their money, and the servicers in the middle make lotsa lotsa money...

     We should be able to use the actual court findings to help us. When they win (assuming they don't settle), we should be able to use the court's findings to prove our case a tad easier.

JB


Quote 0 0
Ed Cage

Hate EMC ON: ---------------

"Ed, can you copy and paste the whole story please.

It requires a log in we dont have."

Hate EMC OFF ---------------

 

Dear Hate EMC:

Joe's essentially correct. The investors litigation against the criminals like Bear Stearns and EMC (Now defunct) is old news. However we need to keep others advised of all the land mines that are out there if someone seeks a lower rate or a re-finance. I did subscribe for FREE for a week with Mortgage Daily and found their in depth articles profoundly helpful on subjects *pertinent* to me. (Like mortgage fraud)  When the 1 week trial expired I wanted to continue but MD is kinda pricey.. Go to  http://www.mortgagedaily.com  (I think that's the site) and check it out for yourself.

 

However I still get daily headlines like what I submitted today.  The post and article are likely fresh with more details; If you want to procure a copy I suggest you contact MD.

 

Ed Cage

Plano Texas

972-596-4363

ecagetx@tx.rr.com

PS: Bear Stearns and EMC (RIP) are currently trying hard to camouflage the fact that EMC is indeed out-of-business due primarily to fraud.

 

Quote 0 0
Ed Cage
Dear Hate EMC:
I just checked and the article I posted is only 3 days old. (11-8-07)  I don't know if it has any **NEW** information but I think they'll give you a FREE 1 week trial ..

Ed Cage <<====(Not bird-dogging for MD btw..)
Quote 0 0
Ed Cage

Reference:
http://www.nytimes.com/2006/09/28/us/28martinsville.html?_r=1&partner=rssnyt&emc=rss&oref=slogin

11/12/07 New York Times ON: ---------------
"The F.B.I. called mortgage fraud an “epidemic” last December,
noting that losses associated with the crime had jumped to
more than $1 billion last year from $429 million in 2004.
Although the hot housing market that may have at least partly
given rise to the fraud boom is cooling, officials say mortgage
fraud losses are on pace to increase again this year."
11/12/07 New York Times OFF ---------------

Submitted by
Ed Cage
Plano Texas
ecagetx@tx.rr.com

Quote 0 0
4 justice now
Oh yes, the "epidemic"...  and as it spreads the F.B.I. sits and watches and does absolutely nothing. My my, they must be so very proud of what they have become... nothing more than blue suited, neutered, little lap dogs of the banking industry and their friends.

Just my opinion.

R,

4J
Quote 0 0
Ed Cage

4 justice now ON: -------------------

"Oh yes, the "epidemic"...and as it spreads the F.B.I. sits and watches and does absolutely nothing. My my, they must be so very proud of what they have become... nothing more than blue suited, neutered, little lap dogs of the banking industry and their friends."

4 justice now OFF -------------------

 

Dear 4:

It may not seem fair but the law enforcement authorities are faced with an avalanche of problems to solve and a mind boggling amount of potential investigations of worthy prospects.  That's the reality.

 

FACT: Unless you/we can come to them with clear and convincing evidence of high profile illegal activities backed up by examples, *hard evidence*, names, dates, and venues the cases important to us will not take priority over cases important to others.

 

Complacency is our enemy Mr 4.. It's not enough to just post "THEY ought to do this" or "THEY ought to investigate that."  The “THEY” part is US. Present the examples to your local FBI office (Or your state AG) *documented* in spades and you have a chance.

 

Respectfully,

Ed Cage

Plano Texas

972-596-4363

ecagetx@tx.rr.com

 

Quote 0 0
why be F.B. ? what
TO  ED  CAGE ,


        I went to the F.B.I.  , with hundreds of files , borrowers files from ameriquest  and they did  NOTHING .   these files show all kinds of fraud  and  Nye even took alook at these files and was amazed .  this country is fueled by greed , corruption  and the killing of ...........  , why should we be anything but .   when our economy crashes  , then and only then will people listen and do something , but for now big money will always rule and those in power will make us suffer  .  these big companes are not suffering , this is a loop hole for them to get out of paying taxes to the  I.R.S.  , more so , it will be the middle class again that bails out this mortgage mess . it's always the middle class that get it up the a$$.
Quote 0 0
Ed Cage
Dear Why:
Your state AG is a better bet for action. At either source your complaint must be extremely well *documented*

Also available:
1) Private lawsuit by you.
2) Enter a class action.  (Cost effective but it's a long range solution)

If this was easy to fix there wouldn't be so many people being screwed.  Who is your lender?  Servicer?

Ed
Quote 0 0
4 justice now
Ed,

I, along with many others have done exactly what you have suggested and have gotten the same response... It's not within our jurisdiction. This holds true for the FBI, CA AG, OTS and others that I have contacted in the past five years. I have documents that were unquestionably fraudulent, but they simply don't want to look at them. If I were a bit more thin skinned I'd be upset over the fact that you simply assumed that I hadn't already done as your suggesting, but I'm not and will not. Besides, I think you are just trying to help.  

Yes, I was rather disturbed when and after I had written a long and very detailed letter with collaborating documentation about how I was defrauded out of more than $100,000 and sent it to the CA AG's office, and in response received a form letter directing me to contact the OTS in order to get my "consumer complaint" resolved. After all, I thought I was reporting a felony, a case of major fraud, it's not as though I was writing simply because I thought I had been over charged a couple of bucks for a box of new checks or something.

BTW: This was after I had twice already contacted the OTS a few years earlier, and on the last contact was told straight out that they knew of the continuing fraud against home owners and that they were not going to do anything under the current administration anyway. 

I know my comments may have seemed a bit harsh but I, just like many others have gotten a little disgusted over the complacency, if not out right corruption of those who receive our tax dollars and then treat us as though we were the criminals. Also, I know I didn't say it... but honestly my contempt is not directed at the up and down lifters of that Agency it's meant for the policy makers who have let us all down too damn many times to count. That said, I may have been a bit rude and for that I apologize.

R,

4J
Quote 0 0
4 justice now
Ed,

I forgot, there was one other item that I had meant to address but didn't.

I'm a named plaintiff in a major class action law suit that has been filed against a well known criminal servicer, and from what I have seen thus far I would not be nearly so generous as to refer to it as being a solution, as it certainly is not for anyone who has lost anything more than a few $K or is interested in seeking justice for the victims or punishment for the criminals.

My Opinion.

R,

4J
Quote 0 0
Joe B
4J-

     I know it is trite to say that I feel your pain. However, similar tack, similar responses, and I DO feel your pain! 

     I hate to say it, but we are better off just pursuing thiese issues as a civil action in court with our own representation.

     The only other thing that seems to work is class action nonsense which enriches lawyers, and returns pennies on the dollar for those who were victimized. I never got any money from the Fairbanks settlement, but I suspect it wouldn't have bought my family dinner at the local pizza joint...

     So, even now when I have reams of data that shows that they are up to their old tricks, no agency wants to help! So, I believe that the only reasonable action for each of us is to interview many many lawyers, until you find that one who's eyes don't glaze over when you describe what has happened. You want the head going up and down, and the "I get it" expression on her face! I think if you could take all the documentation that you have put together to a real lawyer (consumer protection focus), and search until you find that one who understands and then give these guys heck, you may finally get some measure of relief.

     I am working my way down that path after exhausting the typical "agencies" that allegedly are there to protect us, and received their laughable replies. As you said, we are not complaining over a bad appliance or some other relatively minor issue--- we are talking about tens or hundreds of thousands of dollars, and our family's HOME!!! Good grief, doesn't that deserve some type of significant response?

     OK, that sound you just heard was me hopping off my soapbox...

     So, 4J, what can I do to help you? Seriously, we need to help each other, share ideas, and let everyone know what is working and what is not.

     What can I do, and how can I help you?

JB
Quote 0 0
Moose
In the coming days or weeks the filings associated with this case will beome available on PACER:

Saratoga Advantage Trust v. Countrywide Financial Corporation et al.

Some of the investment entities joining in involve state and local government employee retirement funds.

It is shocking how those allegedly well-governed investment managers bought off on the subprime antics and lies of raters when so much damning evidence of corporate malfeasance was in the wild.

Now they're trying to cover their own arses by claiming they were mislead.

Maybe the individual investors in those funds need to sue the fund managers for incompetence or complicity.

Then again, the only people who will profit from this are the attorneys.

Moose.


 
Quote 0 0
mac
 
Quote:
Yes, I was rather disturbed when and after I had written a long and very detailed letter with collaborating documentation about how I was defrauded out of more than $100,000 and sent it to the CA AG's office, and in response received a form letter directing me to contact the OTS in order to get my "consumer complaint" resolved. After all, I thought I was reporting a felony, a case of major fraud, it's not as though I was writing simply because I thought I had been over charged a couple of bucks for a box of new checks or something.


4J,
I believe we share the same evil servicer....  When I filed all of my complaints a couple of years ago with the government agencies you mentioned in your post, one of the agencies (I think it was the OTS..)  referred it back to the Organized Criminal Network ombudsman to investigate my claims...and that was the ONLY investigation into my complaints that anyone was going to do.  I am sure you can guess how that investigation turned out.  I am curious if you had a similar experience with them...the servicer investigating itself?
Quote 0 0
4 justice now
Joe,

Thank-you for your understanding and your kind offer of assistance. It's very much appreciated. I'll be posting an email address within the next day or so and I would like to speak with you regarding your experience with class actions, etc. if that's possible.

Mac,

I believe you are right, it was the same Organized Criminal Network OCN. My contact was made via a congressional representative directly to the OTS (aka: Old Toothless Stinky) and they basically contacted OCN on their own and asked for an explanation regarding my allegations. They simply provided their own fabricated documentation to deflect any and all heat. But of course, since they're not nearly as thorough, as they are greedy they put the wrong address on the fabricated docs (an address that I couldn't possibly of had at the time they claimed it was mailed.  

Anyway, the director of the OTS thought it was amusing but that was about it (At that time anyway). Things may change soon.

Anyway, I'd like to trade notes sometime and see what can be done.

Like I said, I should be posting a safe email address one day soon.

The Best of Luck to you all

R,

4J
Quote 0 0
Joe B
4J-

     Let me know how I can help. Just let me know what you need. I promise a couple of things:

1. Absolute honesty.
2. No grandstanding or self promotion.
3. If I can't help or I don't know, I will tell you!
4. An understanding of your problem because I am living it.


     Good luck!

JB
Quote 0 0
Ed Cage

4 justice now ON: ----------------------

"Ed, I forgot, there was one other item that I had meant to address but didn't. I'm a named plaintiff in a major class action law suit that has been filed against a well known criminal servicer, and from what I have seen thus far I would not be nearly so generous as to refer to it as being a solution, as it certainly is not for anyone who has lost anything more than a few $K or is interested in seeking justice for the victims or punishment for the criminals."

4 justice now OFF ----------------------

 

Dear 4 justice now:

As you know by now there are no easy solutions that are of the "justice now" variety that you seek. If you are a plaintiff in a class action and don't like your position consider your other litigation option(s): You can file directly on whoever your lender/servicer may be.  In all likelihood you will then be dropped from the class action which you may or may not like.  You will also be looking at perhaps a $3,000 deposit just to open the case plus more money as the case goes on.. However if you prevail you will get all or at least part of your reasonable attorney and legal fees back. It will also be quicker. (18 months as opposed to 48-60 months)

 

Going to the DOJ or FBI is a waste of time imo. In their defense it's really not a mainstream case for either of them.  Going to the AG of your state is a better route although it too will also likely end in frustration because few victims understand this:

 

      *****************************************

    Being right is not enough. You must present bullet-proof

    lay down winner evidence and it must be presented in a

    fashion that is EASY TO UNDERSTAND. Most, not all mind

    you, bureaucrats are L-A-Z-Y and many are incompetent.
    In fairness the same goes for our side of the fence.

      *****************************************

 

Ed Cage

1804 Cross Bend, Plano Texas 75023

972-596-4363

ecagetx@tx.rr.com

 

Quote 0 0
O -

The Attorneys Generals,,, LOL I don't think sooooo, Let us know when and IF? they do anything.
 
Is Bill Lockyer going to be at the Arnall's this year for Christmas? He was last year...... Merry Christmas BILL! . Oh Don't forget, Roland Arnall settled less then 30 days later on 1-23-2006
 
AG's going to XMASS PARTY'S hosted by People they are investigating??????
 
WE didn't even get a chunk of Cole. Arnall got a GET out of JAIL FREE PASS and a license to STEAL!
Quote 0 0
4 justice now
Ed,

Quote:

If you are a plaintiff in a class action and don't like your position consider your other litigation option(s)


Thanks for the advice, really! But I have been aware of my options for a number of years now.  I have my own motive/agenda for remaining a named plaintiff in the class action. For one, although I don't believe that it is a fair and/or equitable system for obtaining any form of justice, from a victim's standpoint anyway. I do believe, for now anyway that it may allow me to be a much bigger thorn in the side of servicers, etc.

Thx!

4J
Quote 0 0
Ed Cage

Source reference:

http://www.americanchronicle.com/articles/viewArticle.asp?articleID=18636

 

Excerpts from an insightful article on Mortgage Fraud including underlying motives of greed by Wall Street Investors

 

          - - - - -   ON:   - - - - -

·      " According to one researcher suspected activity reports and formal complaints are expected to increase by an additional 1,000 per cent during the next five years as lenders, investors and foreign government controlled institutional investors bring more pressure to bear on mortgage bankers and brokers who have been involved in the various ways in which mortgage fraud can be accomplished, particularly after a loan has gone into default and pending foreclosure action.

 

·        Refinancing activity is down between 50 to 75% in some markets and more than two dozen mortgage companies and brokers have either gone out of business or laid off thousands of employees in the past few months. Many of those employees have taken it upon themselves to write up what they know and send in anonymous complaints to the FBI, or file them online with the Financial Crimes Task Force which was originally set up to deal with terrorism but which now handles more traffic related to the financial crimes enforcement network than any other form of complaint.

 

·        It is harder to catch mortgage loan fraud if there is no default. No harm no foul as law enforcement is prone to view it. However, when the market turns down as it is doing now, an increasing number of fraudulent transactions come to light when borrowers are unable to explain why their income went from a stated amount of $20,000 per month to less than $5,000 within a short span of 90 to 180 days.”

          - - - - -   OFF   - - - - -

 

Respectfully submitted by

Ed Cage
1804 Cross Bend, Plano Texas 75023

972-596-4363
ecagetx@tx.rr.com

Quote 0 0
Write a reply...