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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CNBC presents the definitive report on the defining story of our time. CNBC correspondent David Faber investigates the origins of the global economic crisis, with first person accounts from home buyers, mortgage brokers, investment bankers and investors – most of whom let greed blind them, leading to the greatest financial collapse since the Great Depression.


http://www.cnbc.com/id/28892719?__source=vty%7Chouseofcards%7C&par=vty
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O -

Good post!  TY!
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Oh yeah, tonight at 8pm EST I will be watching this one!!!!

Thanks for the reminder.

S
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Stephen

,Suppose they'll get it right this time, and not blame the trees for the forest fire?

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tired and tattered

Well, if anyone watched last night, you all saw that still no one is taking the blame. One guy said that no one twisted our arms to sign anything. Everyone involved in this thing decieved us and the investers. I just don't understand why the servicers have gotten off so easy. They are sitting on money that should have gone to the lenders, reporting that they never got the money. They are the biggest thieves of all. And the biggest liars of all.

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Stephen

The sole blame lies with the mortgage brokers and appraisers who blew propety values through the roof and created all those bogus mortgages.  Main stream media is clearly afraid of the real estate industry.

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arkygirl
I have to disagree, Stephen.

Wall Street had an insatiable appetite for subprime loans that it could turn into exotic offerings. As the frenzy grew on Wall Street the bankers pushed the lenders for more and more of these loans. And they made it ever more lucrative for brokers and lenders to make these loans. So lenders got creative creating ever-worse loan products because the profit for them was huge. They lied to borrowers up and down the line to close loans. Wall Street lied to investors. They had all modeled as if home values would rise forever; at the rate they were going a one bedroom tarpaper shack with an outhouse would have cost $10 million in a few years. It all defied common sense.

The relationships that crummy lending shops built with its network of brokers, title companies and appraisers helped fuel it all. But no one is "NOT GUILTY" in the chain. Of course there are always so-called professionals willing to throw morals, ethics and common sense under the bus for a quick buck and the brokers, appraisers and lending shops built a stunning enabling network for profits. The bottom of the barrel scum began clumping together like scum does in loan generation.

Don't forget Congress, oversight agencies and ratings companies. ALL GUILTY. More enablers. Wall Street was breaking records day after day and no one even bothered to ask why. The SEC was in "sleep mode". They never did like to interrupt a party.

I hope some Congresspeople watched this. Some of them seem clueless about how this happened. I was amazed at how cavalier these guys were. What became obvious by the end is that NO ONE churning out these loans ever had the borrower's best interests at heart. They all acted like the borrowers were less than throw-away tissues. It was all about the profits and the victims/borrowers weren't even a second thought to them.

I was disappointed that there was no mention of servicing shops and the role they play in foreclosures. Maybe that will be a story for another day because they certainly do play a role in this.

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A Question
How many home buyers get the second page of their HUD1?

The second page is seller information about the loan.

My mortgage servicing company, at my request, sent me a copy of my HUD1.

I received both sides, and found that both the seller, and myself were charged a total of over 19k for a 50k loan.

It's no wonder we are all on this mess.

Nobody would have been the wiser had I not received this information.

Now, what to do with it?




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When they interview TONY ETTINGER, AND MICHAEL MILIKAN then we will know how Investors like MGIC/RADIAN invested hundreds of millions and reaped hundreds of millions back before the roof caved in!
 

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I caught a replay of this show late last night, I DVR'ed it for my husband to watch later.  I sat and watched, at times tearing up, I never really understood before exactly how wall street was involved in what happened to people like me - to see that wall street was actually creating the demand for the loans!!! It just blew me away!  But, unfortunately after being through MS fraud nothing really surprises me anymore.

Every time that the journalist was talking to the wall street banker and he was talking about how great this "new product" was for investors - that was the general feeling that drove the entire bubble - I just felt like "dude, that was my life you were gobbling up...my life!  My little girl will be 4 in May - we may very well be on to our third home by then - as we are loosing home #2 to the "second wave"/renter's and leasee's(?) caught up in a landlord's foreclosure.  I just have to pause a moment when I think about preparing her room in our old home, our house lost to MS Fraud, when we were expecting her.  Starting a family was the reason we bought the house in the first place and we were so excited to be getting that room ready!  It was the hardest thing/memory to leave behind.  When we were getting that room ready I had NO idea we'd be out of our home within just a couple years.  We anticipated living in that home until we started to outgrow it and we planned to leave on our terms, when we were ready to sell.  And now we've just gotten settled into this, our new home, just in time to have to leave again.

It's just hard to see these men talk about like it is just money.  It is lives.  It is hopes and dreams.  And it was/is so UNjust money...
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The media still did what they do best. they always find a way to still slant the borrowers.
They fell well short of laying out the whole scheme....They did not talk all about Clayton Holdings ..

And Bill Dallas, I will live to see the day that Mother****** goes to jail



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