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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Dimon Lil

CNBC grills S&P on their assessment on CDO’s as AAA rated debt and their role in building up the massive credit bubble and now their quick degradation of the same assets which has led to the implosion.  Their point: if you were so off on the initial rating how can you be certain of the new ratings that you’re handing out?

A great point.  Many people point to the ratings agencies as one of the biggest culprits in this entire debacle.

Must watch TV:

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This is an OUTSTANDING video!  everyone should view it and respond accordingly!!! please view it,

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"VE are S & P and ve never knew anything and never will. In spite of that, there are many factors.......there are many factors.....yes, there are many, many, MANY factors. Ve vere just loving the fees ve vere getting paid to rate this junk AAA+"

This sounds just like the script the credit card company drone read to me when trying to explain the CC's decision to triple my interest rates recently (look out for this one, folks. Read ALL printed matter from CC companies!)

There are many factors, your credit score (actually higher now than when I got the card, so that doesn't wash), risk factors (uh, my risk factors or yours?) and general market conditions coupled with blah, blah, blah. (Translation: We are attempting to screw you because we can. We are broke, you have money and we want it!")

S & P rated high because it was lucrative for them to do so and there is no legal penalty to them when they over rate. Evidently their ratings systems are off  limits in a court of law because their "opinions" are "protected free speech". "Opinions"? Wonder if investors knew the ratings agencies were just a bunch of blowhards spouting an "opinion" not even based in reality.

I bet they know now....

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