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 lobbied on mortgage bills

February 7, 2008 1:17 PM ET

WASHINGTON (AP) - Investment bank Bear Stearns Cos. Inc., under scrutiny for its losses in the subprime housing market collapse, spent $500,000 in the second half of 2007 to lobby the federal government.

The company lobbied Congress on several bills related to reforming lending practices, increasing accountability for such practices and establishing minimum standards for consumer loans, among other issues, according a disclosure form posted online Monday by the Senate's public records office. The company spent $400,000 in the first six months the year to lobby on similar issues.

New York-based Bear Stearns managed two failed hedge funds that were forced into bankruptcy last year after it made losing bets on securities backed by subprime loans, which are made to borrowers with risky credit.

One House bill would allow home mortgages on primary residences to be modified in bankruptcy court to avoid foreclosure, which lawmakers say could help 600,000 families. Bear Stearns and mortgage lenders are fighting the effort, which critics say would lead to a flood of bankruptcy filings and push up mortgage rates.

Under current law, judges are not allowed to modify the terms of loans on a borrower's primary home, even though they can do so for second homes.

Lobbyists are required to disclose activities that could influence members of the executive and legislative branches, under a federal law enacted in 1995.

© 2008 The Associated Press.
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Bear Scorn
They spent $ 900,000 lobbying against homeowners last year ?  
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That was just the Senate and just the tip of the iceberg. They probably handed millions to lobbyists over the yers and in campaign contributions. And they got employees and their wives to contribute too.

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