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
O -
Bear Stearns Mortgage Unit Accused of Predatory Loan Servicing
Bloomberg - 8 hours ago
10 (Bloomberg) -- Bear Stearns Cos., the second- biggest US underwriter of bonds backed by mortgages, and its EMC Mortgage unit were accused of predatory loan servicing that particularly harmed Hispanic and black borrowers.

Bear Stearns Mortgage Unit Accused of Predatory Loan Servicing

By Edvard Pettersson

Dec. 10 (Bloomberg) -- Bear Stearns Cos., the second- biggest U.S. underwriter of bonds backed by mortgages, and its EMC Mortgage unit were accused of predatory loan servicing that particularly harmed Hispanic and black borrowers.

``EMC routinely and systematically mismanaged Hispanic and African Americans' mortgage loans by charging them unauthorized fees,'' four minority borrowers said in a complaint filed today in federal court in Connecticut. ``Many borrowers were trapped into a downward spiral ending in foreclosure.''

EMC Mortgage, based in Lewisville, Texas, is a Bear Stearns unit that specializes in buying and servicing troubled mortgages. U.S. home foreclosures almost doubled in October from a year earlier as subprime borrowers failed to make higher payments on adjustable-rate mortgages, Irvine, California-based RealtyTrac Inc. said Nov. 29.

The plaintiffs, who seek class-action status for their complaint, accuse Bear Stearns and EMC of violating the U.S. Fair Housing Act. They seek unspecified damages.

Renu Aldrich, a spokeswoman for Bear Stearns in New York, didn't immediately respond to voice-mail and e-mail messages after business hours.

The case is Scott Rodriguez v. Bear Stearns, 07-1816, U.S. District Court, District of Connecticut.

To contact the reporter on this story: Edvard Pettersson in Los Angeles at .

Last Updated: December 10, 2007 20:36 EST

Quote 0 0
Bear/EMC Defense Attorney

No, no, no........Bear Stearns and EMC isn't violating the U.S. Fair Housing Law routinely and systematically mismanaging Hispanic and African Americans' mortgage loans by charging them unauthorized fees in order to manufacture fake defaults in order to swell their derivatives profit.  When it comes to manufacturing mortgage defaults Bear/EMC has consistently demonstrated a clear track record of non-discrimination in their use of egregious mortgage servicing practices to defraud homeowners and investors.  It is a well known fact, thoroughly documented in case law that Bear/EMC will fraudulently do any homeowner out of their home regardless of race, creed, ethnic origin or any other protected class status.  Yes, Bear/EMC is an equal opportunity criminal stealing homes from anyone, any time, any where.

Quote 0 0
LOL LOL, I just had the funnies thought.

What if the stupid crookitized EMC/BEAR STEARNS LAWYERS tried to say No no no! this wasn't about Discrimination.....
LOL LOL how would they, and how can they get around that?

UHhhh, by possibly admitting that they do; do this to ALL homeowners???

LOL I'm just tickled pink.

Alright, but seriously here, we are severe victims of EMC, I think this reporter should get email from all of us, who have been victimized, with an explanition of our ethnicity, creed, "financial status quo" before they got to sink their teeth into us that is.

they easily take the upper middle class and bring them to quite severe poverty level, all in the blink of an eye.

Geeze, I wish people telling these stories would get the stories straight,
Ok, but how about these victims that are using the
"Civil rights" violoations,
what does their law suit mean for them if all of us "Non Minorities" speak up?

Geeze, I'm rolling on the floor, ~~~~~~~~~~ LOL
It really is going to be quite hard for EMC to get past this one.~~~
They either have to pay these people to SHUT UP, or Pretty much admitt, their fraud is Universally spread across all Americans.
the irony here is ~FAN~Freakin'~TASTIC!~~~~~~

Quote 0 0


Quote 0 0
It's entirely possible that plaintiff's attorney saw a need to use the Fair Housing hook as a means to gain more traction and press coverage, seeing what little interest the fourth estate has shown in mortgage servicing fraud over the past decade, though recently it sure does look like the times may be changing on that score. 

Does anyone here have PACER access?  If so, could case details be posted?
Would like to know in particular, name of plaintiff counsel and which CT Federal Court, Bridgeport, New Haven or Hartford?   Thanks. 
Quote 0 0

Rodriguez et al v. Bear Stearns Co Inc et al

Plaintiffs: Scott Rodriguez, Dejoy Modica, Nisha Modica and Tammy Smith
Defendants: Bear Stearns Co Inc and EMC Mortgage Corp
Case Number: 3:2007cv01816
Filed: December 10, 2007
Court: Connecticut District Court
Office: New Haven Office [ Court Info ]
County: New Haven
Presiding Judge: Judge Janet C. Hall
Nature of Suit: Civil Rights - Other Civil Rights
Cause: 42:1981 Civil Rights
Jurisdiction: Federal Question
Jury Demanded By: Plaintiff

Quote 0 0

Thanks much Mike.

Quote 0 0
Some may be interested to see who co-counsel is:
Bear, EMC Accused Of Race Discrimination, Civil Rights Violations Mortgage Servicing Unit ;  Class Action Status Sought
Tuesday, December 18, 2007

A lawsuit filed in a New Haven, Connecticut Federal Court last week alleges that Wall Street investment banking firm Bear Stearns and its EMC Mortgage servicing unit engaged in:

  • "racially discriminatory practices ... in servicing near-prime and sub-prime residential home loans" and claims that "EMC and Bear Stearns intentionally sought out non-prime loans, predominanly made to Hispanics and African Americans, in order to reap profits from their predatory servicing practices."

The predatory servicing practices complained of in the suit include:

  • "the imposition of unwarranted fees and costs, the pyramiding of late fees, the unjustifiable force-placing of insurance, the failure to properly credit payments, the unwarranted reporting of derogatory information regarding borrowers to credit reporting agencies, and the failure to properly administer escrow accounts."

Representing the homeowners are the firms Butler Norris & Gold, Hartford, Connecticut, and James, Hoyer, Newcomer & Smiljanich PA., Tampa, Florida.

To view the lawsuit:

See also, Bear Stearns Mortgage Unit Accused of Predatory Loan Servicing (Bloomberg News).

Go here for:

Quote 0 0
Write a reply...