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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Bear Stearns Cuts 240 Mortgage Jobs, Person Says

By Christine Harper


Aug. 16 (Bloomberg) -- Bear Stearns Cos., the second-largest underwriter of mortgage bonds, is cutting about 240 jobs at two home-lending units because of a decline in demand, said a person with direct knowledge of the matter.

Encore Credit, based in Irvine, California, is eliminating 100 positions, and the Bear Stearns Residential Mortgage Corp. division in Scottsdale, Arizona, is reducing its workforce by 140, said the person, who declined to be identified because the number of jobs isn't being released publicly.

``In the normal course of business Bear Stearns Residential Mortgage Corp. and Encore Credit evaluate market conditions and staffing levels in an effort to identify areas where we can eliminate redundancies and improve the efficiency of our operations,'' the New York-based firm said in an e-mailed statement today. ``As a result we have made the decision to reduce our staffing levels and close two operation centers.''

The statement didn't include the number of jobs that were cut, and a Bear Stearns spokeswoman, Renu Aldrich, declined to elaborate.

Bear Stearns is the nation's 12th-largest home lender, according to Inside Mortgage Finance. The company, the fifth- biggest U.S. securities firm, ranks second after New York-based Lehman Brothers Holdings Inc. among U.S. sellers of mortgage bonds.

Lenders across the country are providing fewer mortgages as the housing-industry slump deepens. U.S. home prices will fall this year, the first annual decline since the Great Depression of the 1930s, according to the National Association of Realtors, based in Chicago.

Efficient Computers

Bear Stearns also said the job cuts reflect the installation of a new computer system that ``enables us to more efficiently serve our customers from a central location.''

The firm's shares have fallen 28 percent this year, after a plunge in the value of mortgage-backed debt forced two of its hedge funds into bankruptcy. The Standard & Poor's 500 Financials Index has declined 10 percent.

Chief Executive Officer James Cayne ousted Richard Marin, who ran the fund unit, as well as Co-President Warren Spector, who oversaw trading and asset management.

Bear Stearns shares jumped $13.29, or 13 percent, to $116.44 at 4 p.m. in New York Stock Exchange composite trading. It was the stock's biggest gain since October 1998 and reflected speculation that the company will raise money from an investor.

``There are rumors around that there is a rescue financing coming in for some of the financials, particularly for Bear Stearns,'' said Barton Biggs, a former Morgan Stanley strategist who now runs the $1.5 billion hedge fund Traxis Partners LLC.

Bear Stearns is in talks to sell a minority stake to China's Citic Group, Forbes Magazine reported on Aug. 9. Aldrich, the Bear spokeswoman, declined to comment.

To contact the reporter on this story: Christine Harper in New York at .

Last Updated: August 16, 2007 18:18 EDT
   Encore Credit Corp              EMC Mortgage Corporation
   1833 Alton Pkwy                    1833 Alton Parkway
   Irvine, CA 92606                    Irvine CA 92606
                    Bear Stearns Residential Mortgage Corporation
                    1833 Alton Parkway  
                    Irvine, CA 92606

     Busy place ! Hmmm......

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Somebody’s hiring!  ......... EMC!

August 20th, 2007 · 1 Comment · posted by Matt

It’s not all blood, sweat and tears out there for mortgage industry folks.

EMC Mortgage, a unit of Bear Stearns, is hiring 100 mortgage workers with “loss mitigation” experience for its customer call center in Irvine. Loss mitigation is industry lingo for helping financially strapped borrowers avoid foreclosure or at least that’s my understanding.

The lender is holding a job fair on Wednesday, Aug. 22, from 3 p.m. to 8 p.m. at the Radisson Hotel, 4545 MacArthur Blvd, Newport Beach.

I guess Bear Stearns is hiring folks for one division while trimming jobs in others. Bloomberg on Aug. 16 reported that Bear Stearns is cutting 240 jobs at two mortgage units, citing someone with direct knowledge of the cuts. Here’s the clip:

“Encore Credit, based in Irvine, California, is eliminating 100 positions, and the Bear Stearns Residential Mortgage Corp. division in Scottsdale, Arizona, is reducing its workforce by 140, said the person, who declined to be identified because the number of jobs isn’t being released publicly.

One Response to “Somebody’s hiring!”

  1. Jeffs Moped Says:

    Yeah, but I’ll bet dollars to your doughnuts the pay is roughly half what it “mortgage folks” were used to making. (We’re hiring too, and we’re in the default industry as well, and we’ve given up hope with mortgage industry refugees, at least for now - admin/clerical workers want $100K plus. Yeah, right. Next, please.)

    Loss Mit will be the people who answer the phones and predictive dialers, and who handle inquiries from delinquent borrowers. They will process the forbearance agreements (and, for the lucky few, loan modifications).

    And, they will be swamped. And, they will get an earful from upset and stressed out borrowers whose dreams are blowing up right in front of their eyes. You couldn’t pay me enough to take on that thankless job, particularly with mid-level managers who have no experience in a down market and who have to “manage” with investor guidelines demanding certain levels of loss mit performance that have no basis in the new reality. 

Well, gee whiz....I've got YEARS of "loss mitigation" experience fighting those evil ba$tard$ and I certainly got their egregious pattersong down pat......if it wasn't such a long commute, why heck, I might just apply and see what payback havoc I could wreak upon them...before going witness against them. 

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The thought of someone from MSF getting a job at EMC made me laugh.

A down and dirty laugh.

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