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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http://online.wsj.com/article/SB118728685546999884.html?mod=googlenews_wsj

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arkygirl
Hold the phone, Ms. Holden. This is only part of the story. (Oh, those campaigners are so very devious). I fail to see how someone can work as an "adviser" for a company without knowing what the company does. Edwards already got his money from the "corporate pigs".

Edwards did not only invest in this; he was an EMPLOYEE!!  You may recognize some of the skanky names here.....and here is yet another case of someone with amnesia "Ican'trecall-itis" is rampant among politicians these days...maybe something in the water in DC?

"Fortress hired Edwards as an adviser in October 2005, nearly a year after his losing campaign as Democratic vice presidential candidate. At the time, it owned a major stake in Green Tree Servicing LLC, which rose to prominence in the 1990s selling subprime loans to mobile-home owners and now services subprime loans originated by others."

Edwards said yesterday that he was unaware of the push by the firm, Fortress Investment Group, into subprime lending and that he wishes he had asked more questions before taking the job. The former senator from North Carolina said he had asked Fortress officials whether it was involved in predatory lending practices before taking the job in 2005 and was assured it was not.

Edwards said yesterday that he recalls being told at the time of his hiring that some of Fortress's private equity holdings did lend to start-up businesses, which is why he asked about predatory lending practices. But he could not recall whether the firm's partners told him it had a major stake in Green Tree.

"Those are the things I remember," he said. "They may have told me more." Had he learned that Fortress owned a loan servicer with a history of predatory lending practices, he said, "I would have asked some very specific questions about it."

"Fortress and its partners bought Green Tree in 2003. According to documents filed with the Securities and Exchange Commission in April, its holding in Green Tree was as high as $492.4 million at the end of 2005 -- 4 percent of Fortress's holdings at the time."

"Last July, Fortress expanded its stake in the industry by buying Texas-based Centex Home Equity, a top-25 subprime lender, for an estimated $540 million. In December, Centex Home Equity, now called Nationstar Mortgage, bought the loan-origination division of Champion Mortgage, bringing another subprime lender into the Fortress portfolio."

http://www.washingtonpost.com/wp-dyn/content/article/2007/05/10/AR2007051002277.html

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Also remember the name TONY ETTINGER, He was going to heading FORTRESS!  Wonder now if he is still behind the scenes there somewhere?
 
Ettinger was the founder of CBASS/SHERMAN CAPITAL, AND PURCHASED LITTON LOAN!
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slownewsdayorjustslow
Ready For (Sub)Prime Time

"Chuck Schumer, has expressed reservations about clamping down on the industry, saying last week that he was "concerned about the potential adverse effects that these proposals would have on capital formation, on job creation, and on institutional investors.")"

Adverse effect on investors?  What about people who just need a roof over their heads?  What does it matter whether or not jobs can be created if the people who need them are homeless already?

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slownewsdayorjustslow
BTW, my name not a slam on anyone, it's just this is kind of old news about Edwards.

If we're going to talk about this let's be fair ... I've only posted excerpts here, click on link for full story.

Here's what the top presidential contenders are taking from big private-equity shops and hedge funds -- and what these contributors expect to get in return.
By Michael Brush

Mitt Romney and John Edwards have worked for big funds. And there are three candidates based in or near New York City -- Rudolph Giuliani, Christopher Dodd and Hillary Rodham Clinton -- all of whom are drinking deeply from the private-equity cup.


****

Mitt Romney: He tops the list of presidential candidates getting money from private-equity shops and hedge funds at $797,325. It's no big surprise that the biggest contributor in this space was Bain Capital, whose workers have given him $109,000. Romney worked for years at Bain Capital after founding it with two partners from the consulting group Bain & Co., which has given Romney's campaign $99,500.

That $797,325 may seem like a drop in the bucket given that Romney has raised more than $44 million to date, but don't be fooled. Generous donations from employees at private-equity firms and hedge funds ensures them a high ranking on the top-20 list of Romney's corporate sponsors.

Bain Capital and Bain & Co., for example, rank No. 4 and No. 5, respectively, among all Romney sponsors. Goldman Sachs (GS, news, msgs) and Merrill Lynch (MER, news, msgs) -- which also make a lot of money by running private-equity shops and hedge funds -- rank No. 1 and No. 2, respectively, among Romney sponsors, giving him $182,725 and $124,300.

John Edwards: Among the leading candidates, he comes in last for hedge-fund and private-equity donations, but one player in the space, Fortress Investment, is his second-biggest corporate contributor. Edwards has worked for them. Fortress employees have given Edwards $187,850, but they have also given to Obama, Dodd, Romney, McCain, Giuliani and Clinton. Edwards has gotten $218,290 so far from hedge funds and private equity.


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arkygirl
Thanks, "slownewsday", this is good info. I always like to know whom they will "owe" before they even get elected.

There IS one candidate who is not taking any corporate contributions or lobbyist money. Sad thing is no one hears anything much about that guy. He is a huge hit on the Internet but the mainstream media chooses to ignore him. I think he scares them...and the Wall Street boys don't even like to mention his name. Afraid they will jinx themselves, I guess. This candidate leads in donations from the Military rank and file, so maybe they recognize someone who is looking out for them better then the rest

So, of course he does not appear on this list. Ignored again by the MSM...lol.
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anon2
Arky girl : who are you refering too?

The only thing good about Edwards is at least he recognizes it might be wrong but for the wrong reasons. And he said so publicly. Listening to him, I thought that if I write his campaign it might get somewhere.

The candidates never fail to disappoint.
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