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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May 23: Attorney General Kamala D. Harris Announces Major Initiative to Protect Homeowners from Mortgage Fraud

WHAT: Attorney General Kamala D. Harris will make a major announcement regarding criminal and civil responses to mortgage fraud. She will be joined at the announcement by Los Angeles Mayor Antonio Villaraigosa

Immediately following the announcement, representatives of the Attorney General's office will convene a roundtable where Los Angeles homeowners will describe the crimes, frauds, and other scams to which they have been subjected. 

WHEN: 
Monday, May 23 
2:45 p.m. - Announcement 
3:45 p.m. - Roundtable 

WHERE: 
Office of the Attorney General, 1st Floor 
300 South Spring Street 
Los Angeles, CA 90013
 



http://oag.ca.gov/news/press_advisory?id=2088

May 23: Attorney General Kamala D. Harris Announces Major Initiative to Protect Homeowners from Mortgage Fraud

WHAT: Attorney General Kamala D. Harris will make a major announcement regarding criminal and civil responses to mortgage fraud. She will be joined at the announcement by Los Angeles Mayor Antonio Villaraigosa.

Immediately following the announcement, representatives of the Attorney General's office will convene a roundtable where Los Angeles homeowners will describe the crimes, frauds, and other scams to which they have been subjected.

WHEN:
Monday, May 23
2:45 p.m. - Announcement
3:45 p.m. - Roundtable

WHERE:
Office of the Attorney General, 1st Floor
300 South Spring Street
Los Angeles, CA 90013

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I'm going to go to this, however, I think this is going to be about homeowner's who were scammed by companies promising to assist CA homeowner's with loan modification's and charge large upfront fees and ended up not doing anything.

It was California Senate Bill 94 on Lawyers & Loan Modifications that was passed in 2009.  I think the fraud that is being perpetrated in my case may be to deep for them as they prefer to go after the little fish and not the servicers, default solutions companies and their cronies.  I'll show them all the evidence I have of the fraud but I'm not expecting much as this State has some of the worst rulings against homeowners that I have encountered.  I am starting to believe the judges out here wear Goldman-Sachs t-shirts underneath their robes. 

In just three cases I've went to in the last month, I was completely dumbfounded at what I heard.  I'm not sure these judges even look at the pleadings!




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    Unfortunately, mortgage fraud hearings that only focus on the borrowers
point of view miss the big picture.
    The whole point of the scam was to defraud the investors in these mortgage Notes. The borrowers were mere pawns in the game used to manufacture the inflated Notes which were then counterfeited, copied and sold on the secondary market to multiple different gullible investors. So on
a home worth only $100K, they would get a phony appraisal for say $150K and loan that amount to the subprime borrower at a usurious interest rate.
They knew in advance the borrower would default. They would then sell
that $150K Note on the secondary market up to ten times and take in $1.5 million. They would put about 20% of that in an escrow account with the servicers so that monthly payments could be made to the investors for a
few years. The rest they would transfer to offshore accounts. They were
essentially robbing the savings accounts of Americans, (ie pension, insurance, and money market funds).
      The servicers bought the "servicing rights" to the Notes for approximately 2% of the face amount of the Note. Their real profit came in
foreclosing on these subprime loans. In essence, the servicers get a "free
house" every time they foreclose since they never owned the loan to begin with. They have to falsify documents in order to do the foreclosure because
they are not the real owners of the Note, which would be the defrauded
investors who were the source of the loan money to begin with.
      So only looking at the borrower side of the issue without taking into
consideration the investor side of the issue misses the whole point. Both
sides need to appear at these hearings and analyse how they were both
defrauded by Wall Street and come up with a fair solution and try to recover
the stolen money.
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