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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H Gosh
http://www.marketwatch.com/news/story/bear-portfolio-worth-289-billion/story.aspx?guid=%7BC8FC2ABC-AD65-40C8-A0F8-9E397CFF5B0C%7D&dist=hplatest

Bear portfolio worth $28.9 billion, Fed says

Brokerage firm's assets worth $30 billion in mid-March

By Alistair Barr, MarketWatch
Last update: 5:44 p.m. EDT July 3, 2008
SAN FRANCISCO (MarketWatch) - The Bear Stearns portfolio that's being mostly financed by the Federal Reserve was worth $28.89 billion at the end of June, according to official data released late Thursday. That's down from $30 billion in mid-March.
Last week, the Federal Reserve Bank of New York said a Fed loan for almost $29 billion went through to help finance J.P. Morgan Chase's (JPM:
JPMorgan Chase & Co
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Bear Stearns debt upgraded to JP Morgan Chase level - Moody's Forbes

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H Gosh
Timing is everything.  Moody's upgraded on 7/2.  The Feds released the info at 3:00 PM (after closing bell) on 7/3 (before a 3 day holiday).  Cute, huh!!
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We're not the only ones who think this SMELLS fishy..........

Fed Brings Smoke And Mirror To Bear - Forbes.com 

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The Fed's Bear Stearns portfolio looks nice, but it smells a little funny.

 Although the Fed contends that their portfolio hasn't depreciated that much, analysts have roundly argued that the central bank isn't saying enough to allow Wall Street to take their figure home. "It doesn't ring true," said Richard Bove of Ladenburg Thalmann. "If you listen to the comments that had been made by Jamie Dimon, Bear had lost a few billion since the deal was announced and JPMorgan had their conference call," Bove said, "so it's hard to imagine that Bear's assets remained unchanged for the period."

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Vice Grip

Don't Feds realize that Bear Stearns' assets are a crock of (rap, with Mortgage Servicing Fraud main ingredient?  Creative accounting, smoke and mirrors.......those dogs don't hunt anymore. 

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