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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I got back late last night from NYC, and did not have time to talk about what I learned about CITI Bank, Owner of Litton Loan,  The word on the "Street" is that CITI may not last the year!!!  Splitting it up, selling parts or the whole thing, and closing down several of its operations are all be discussed at the highest level!
 
When I left, the talk of the town was it was going to spin off large chunks of the business, the only problem their are so few buyers! 
 
Bye Bye Larry!  Your days are now really numbered!
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YAHOO! Serves them right....I've been waiting at least four years for this! Its their own fault! But the people to BLAME ARE THEM AND THE GOV...Somehow I didn't realize Citi owned Litton....Its hard to keep up with so many banks going under...


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Moose
Actually, servicing is still the only profitable piece of the mortgage industry pie. They make money no matter what.

Moose

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One Buy-out To Another
CITI DOES NOT own Litton, yet.

Perhaps a buy-out by Golden Sacks would make Litton and CITI into family members?

Time will tell.

ONE BANK FOR ALL OF US?

It's coming.  No, it's here now, we just don't know it yet.


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TommyD

Explain the Litton Citi relationship, I thought the golden boys that can do no wrong of Goldman Sachs acquired Litton for almost $600 million.

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TommyD
Fitch Assigns Litton A Resi Primary Alt-A Servicer Rating
 
http://www.marketwatch.com/news/story/Fitch-Assigns-Litton-A-Resi/story.aspx?guid=%7B5FD3E336-86F6-4722-8131-D24159387C87%7D
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WhatWereTheyThinking?

ABC News


That's what they get for buying Ameriquest.



Wall St Week Ahead: Stocks eye Citigroup, Geithner's next moves
Reuters -
By Deepa Seetharaman NEW YORK (Reuters) - Wall Street faces stiff headwinds in the week ahead, the fate of Citigroup largest among them, that stand in the way of building on Friday's big rally and preventing November from winding up as one of the worst ...
Citigroup tries to halt plunge in share price International Herald Tribune
Citigroup seeks sale amid stock drop Bizjournals.com
Bloomberg - MarketWatch - The Associated Press - PBS
all 504 news articles »

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Nye Lavalle
Citi doesnt own the cons at Litton, the crooks at Goldman do!

Dec 10, 2007 17:40 ET
C-BASS LLC Completes Sale of Litton Loan Servicing
Successfully Reaches Agreement With 48 Secured and Unsecured Creditors; Proceeds From Sale of Subsidiary Will Be Used to Pay Down Company Debt; Allows for Assets of the Company to Be Paid Out Over Time
NEW YORK, NY--(Marketwire - December 10, 2007) - Credit-Based Asset Servicing and Securitization LLC ("C-BASS") today announced that it has successfully completed the sale of Litton Loan Servicing to Goldman Sachs. The sale of Litton, a recognized industry leader in mortgage default management, was a key step for C-BASS (the "Company") to reach a long-term agreement with its secured and unsecured creditors on November 13, 2007. The terms of the transaction were not disclosed.
Since late July 2007, the company had been under liquidity pressure from its lenders and worked with numerous potential counterparties to come up with a solution that would satisfy the Company's creditors and equity holders. In August 2007 the Company hired The Blackstone Group to assist in solving its liquidity challenges. The Blackstone Group, working with management and Hunton & Williams, C-BASS' legal advisors, created a solution that allowed the Company to reach a consensual out of court restructuring with all its creditors.
The agreement provides a framework for the Company to manage its portfolio assets, allowing the underlying cashflow to repay the secured and unsecured creditors of C-BASS over time.
Information for Customers of Litton Loan Servicing
Customers with loans that are serviced by Litton Loan Servicing will not be affected by this event. Customers should continue to make their monthly payments as usual and may contact Litton at 1-800-247-9727 or at http://www.littonloan.com.
About C-BASS
C-BASS is a New York-based company, long regarded as a leading issuer, servicer and investor in credit-sensitive residential mortgage assets. C-BASS is a limited liability company capitalized by MGIC Investment Corporation (NYSE: MTG), Radian Group Inc. (NYSE: RDN), and C-BASS management. MGIC Investment Corporation, based in Milwaukee, WI, is the parent of Mortgage Guaranty Insurance Corporation (MGIC), and Radian Group Inc., based in Philadelphia, PA, is the parent of Radian Guaranty Inc. For more information, please visit http://www.c-bass.com.
About Litton Loan Servicing
Houston-based Litton Loan Servicing is a mortgage servicing company specializing in loss mitigation and default management for residential loans. Since its inception in 1988, Litton has grown from a handful of employees servicing customers exclusively in Texas to more than 1,000 employees servicing more than 400,000 customers nationwide. Throughout its substantial growth, Litton has maintained its primary objective of preserving homeownership and keeps thousands of customers facing foreclosure in their homes each year. For more information, please visit http://www.littonloan.com.
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I apologize for my mistake on the ownership of Litton Loan, I have for a number of posts indicated it was owned by Citi, and of course is owned by Goldman Sachs, and stand corrected.
 
Thank you to all of you for correcting this.
 
I meant to add that Goldman Sachs is being pressured after receiving TARP money as Citi did to have to spin off Litton Loan because they violate "Regulated" areas of Banking. 
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Who-is-Paulson?


                          
So this guy owns Goldman Sachs,,,Right?

He Bailed himself out? with the 700,0000000000 Billion????
AFP                                    
 
Gary Wait wrote:
I apologize for my mistake on the ownership of Litton Loan, I have for a number of posts indicated it was owned by Citi, and of course is owned by Goldman Sachs, and stand corrected.
 
Thank you to all of you for correcting this.
 
I meant to add that Goldman Sachs is being pressured after receiving TARP money as Citi did to have to spin off Litton Loan because they violate "Regulated" areas of Banking. 


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Paulson $700M GoldmanSac

Not since Nelson Rockefeller served as vice president during the Ford administration has a senior government official arrived in Washington with such a high net worth. Paulson owns some 4.58 million shares in Goldman Sachs (including restricted stock) worth about $700 million at today's price and surely has millions more in other instruments.

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Paulson is from the town I resided in as an adult and ran a construction business from  Barrington Illinois which is an old Mafia town. Baby Face Nelson of the Dillinger gang who killed more Feds than anyone had a shoot out there.

Well the shootouts may be over at least for now but the Mafia mentality still remains.

Paulson's nothing more than a violent thug a wrestler and football player who went to Barrington high well known for it's drug and gang culture Imported from Carpentersville. In northeast Illinois its typical for the public school districts to bus low income students to high income areas and also the revers have the children of high income areas bused to the worst schools. I a town a few miles south of Barrington, Wayne Illinois the town I grew up in at the time the second wealthiest suburb in Illinois the children were bused to Elgin Illinois a town well know for drugs, gangs and violence. I went to a private school myself with Wayne and Barrington residences as well as Asain and middle east aristocracy. The only restaurant we had nearby was Al Capones old hideaway refereed to simply as the hideaway.

The bailout is a clear conflict of interest a financial Mafia has high-jacked our country and the citizens have allowed it to happen. The Bush-Paulson-Clinton-Gramm gang has robbed our country at gunpoint and not only have we done nothing about it we have cheered on the criminals in the White house for the last two admins.

Our country seems to be mesmerized by these elitist crooks and we imagine they have something in common with us or represent out interests because they take a position on a key wedge issue such as pro-choice, pro-life, Gay rights, protecting marriage, separation of church of state or preserving the ten commandment in courtrooms and yet no matter how many times they kick us in the face, and strip us of wealth, freedom and the rule of law we still apologize for our favorite criminal just because they support our pet wedge issue and forgive them for being criminals high-jacking our country for their own personal needs. We can't allow politicians to operate above the law just because they support or claim to support an issue or philosophy we believe in. Liberals and conservatives both need to purge the parties of crooks no matter what the have done for our own pet cause.

Both parties and both liberal and conservative media pundits resort to alarmist, and bunker mentality to advance the same agenda central government control of assets.

It's time to stop being divided and stick up for our basic freedom or lose it possibly for a very long time. I'm not at all saying everyone that makes money is a crook and everyone who is poor is automatically a saint or a victim, there are many rich people who are honest and hard working and have good savings habits and that is why they are rich or well off, and they are plenty of lazy criminals who are poor and savage and ruthless.

If we don't have the right to own a home and/or business and have it protected by the rule of law we are just plain living in a form of feudalism or Statism no matter how we want to define it socialism, Fascism, Marxism etc.

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