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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Mutant Capitalism

Monday, June 23, 2008

Bear Stearns Indictments: Could Jimmy Cayne Be Next?

Bear Stearns hedge fund managers Ralph Cioffi and Matthew Tannin were indicted on charges of conspiracy, securities fraud, and wire fraud this week. Prosecutors are focusing on statements they made reassuring investors about the financial condition of their hedge fund even as it collapsed. Now professor of law at New York University points out that a former Bear Stearns CEO, Jimmy Cayne, told investors the bank had no liquidity issues. A few days later the securities firm was on the verge of bankruptcy and had to be rescued by an emergency acquisition and intervention by the Federal Reserve.

"He could be in deep trouble," Harry First tells the New York Sun.

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