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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To all Contimortgage / Contifinancial victims of Fairbanks aka Select Portfolio Servicing (SPS).  Just dug up truth concerning Conti loans which SPS services. The Conti loans were discharghed in Federal Bankruptcy court! SPS bought the servicing from the Bankruptcy Judge for $75 grand! What is wrong with this picture? How could the servicing of Conti loans ONLY be worth $75 grand??? How could a Judge allow these dead loans to continue to be collected on? SPS became the Debt Collection Agency for dead Conti loans! Conti paid off the loan pool investors pennies on the dollar! SPS sent us papers saying Conti Liquidating Trust is the owner of our loan note! OWER? REALLY! Well, in 2008 the Trust was shut down! It NO LONGER EXISTS! The Bankruptcy was over! This proves a massive fraud on Conti borrowers with violations of the Best Practices Act & Fair Debt Collection Practices Act. SPS aka Fairbanks was sued by the FTC for fraud in 2003!
To see what I am speaking of go to:
http://www.CFNTRUST.COM and do a screen capture of the records before they shut it down. The Judge allowed the bankruptcy to destroy 40,000 boxes of mortgage related papers! Was your loan note in there?! Go to Homeowners Against Mortgage Servicing Fraud on Facebook to chat with us!
Also, think about becomming a foreclosure angel! Go to the County Clerk records and sponser some poor family on the foreclosure sale list! Call or send them notice about this educational site and ask them to sponser others to get the word out. I have been denied asssitance from the Texas Tea Party, Texas AG, FTC, US Post Office ( billing-mail fraud by SPS), Texas Senators, Congressman, etc!  Help educate families facing foreclosure sale on the steps of the court house!  Today we spoke with a Texas Judge. She told us that she was unaware of the depth of fraud! She was so happy to learn what we have spent hours digging up! She said, when property owners come to court to fight the pretender fraud lenders she stops them! However, she can't stop a foreclosure if someone doens't appear in court and fight back! Fight back America! Go down swinging!
Donna Blizzard
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Forget to add, we have an open door to meet with a TOP Texas Republican who has had these servicers in his aim of fire! Hope to discuss our SPS fraud case & the other mortgage related frauds perpetrated on homeowners. All it takes is the right connection! Pray for us! Meeting with Real Estate lawyer to see about suing SPS. We are current on our loan, but it balloons in 2 yrs! SPS has no right to take one cent from us if our loan is dead! The fraud has been 10 yrs long! Also, most of the Williamson County, Texas Foreclosures were MERS / BAC (Bank of America-previous Countrywide loans) loans. This is criminal! The loan securitization crisis is killing families! Conti was shut down by the Feds in 2000 and is now operating in Europe (Italy) selling their bad loans there! Where does this stop?!

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Moose
Donna, the loans were not "discharged" in Conti's bankruptcy.

The loans had been securitized into trusts. Conti may have had a few remaining as asssets but not many. Those trusts now own the assets (if they were legally transferred, of course.)

The servicing rights to some or all of those loans were separate assets and may very well have been sold for $75.000.

Just because a lender goes bankrupt doesn't mean your loan doesn't exist any more.

Moose


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Hey Moose, Thanks for the reply. I'm not sure if you read the documents at cfntrust.com or not, but everthing was destroyed. All the original paperwork for all the assets held by conti trusts of which ours was. 40,ooo boxes. All investors that had anything to do with the loans pools were to be paid off at 14 cents on the dollar. While they may not have been "discharged", by virtue of the fact that all the original paperwork is now gone how is anyone to know who owns anything. That is the point. SPS sure doesn't have any paperwork any longer. They have made this clear to us. By their own admission, they are just a "debt collector" which according to state and federal law means they can't collect on anything by foreclosure. Just because a lender goes bankrupt doesn't mean the loan isn't valid, but when they willingly destroy all the documents it does.


Moose wrote:
Donna, the loans were not "discharged" in Conti's bankruptcy.

The loans had been securitized into trusts. Conti may have had a few remaining as asssets but not many. Those trusts now own the assets (if they were legally transferred, of course.)

The servicing rights to some or all of those loans were separate assets and may very well have been sold for $75.000.

Just because a lender goes bankrupt doesn't mean your loan doesn't exist any more.

Moose



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Moose,
Here is the problem. What do you do with this scenario. If another entity owns the note, say Manufacturers and Traders Trust, as trustee.  Why were we not notified of the sale and WHY was there NO assignment of mortgage post Conti to SPS or Fairbanks for 13 yrs? Also, if SPS had legitimate servicing rights WHY did they have to BUY the Conti servicing for $75 grand? Doesn't the owner of the note or trustee of the pool have a pooling and servicing agreement that contracts with the servicer? So, WHY did SPS BUY the servicing? This purchase is documented. Also, regardless of anything else...do you really believe our loan payments are being paid to the "Trust"... MT to the investors today? When we asked SPS for proof they were paying our investors/note holder/note owner they refused to provide us proof. They lied to us in the BBB saying MT was the note owner, but later stated CFN Liquidating Trust was the owner. Now, here in Austin SPS AND MT were sued by Brown McCarroll law firm by Stephen Lemmon and Patti Tomasco for defrauding the investors. MT was all edged to have not protected the investors by firing them for deceptive practices. The case has been moved to NY courts. However, SPS & MT are in league here. Does MT still have our pass thru certificate alive or is it closed? From what we read, our series is dead. MT is not the owner of our loan note! Defunct Conti or it's Liquidating Trust was not the loan note owner/holder either. If there was a purchaser of the Conti loans from the Bankruptcy court....where is it? Ex. Countrywide went belly up and Bank of America bought the debt/loans or whatever. There was no such transaction in our case that we can find! SPS admitted to us in the BBB they are not our loan note owner/holder and are "Simply" a Debt Collector. OK, so how does a legit servicer become a debt collection agency and list themselves as beneficiary on force placed insurance? A little insurance fraud?  Why wasn't MT listed or the real loan note owner/holder? Something stinks in UTAH!
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I can only help you with your last question:

"OK, so how does a legit servicer become a debt collection agency and list themselves as beneficiary on force placed insurance? A little insurance fraud?  Why wasn't MT listed or the real loan note owner/holder? Something stinks in UTAH!"

The servicer is responsible to the investor for the property.  This includes hazard insurance.  If the servicer allows the hazard insurance to lapses and the house burns down then the servicer pays the investor from the proceeds.  This is why the servicer, not the borrower or investor, is the loss payee on LPI policy.


Servicers are technically a debt collector for those loans that were in default when the loans were boarded from the previous servicer.   

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In reply to your statement:
 
"The servicer is responsible to the investor for the property"
 
Really!? Remember, these loans were bifurcated rendering them unsecured debt! Why the massive investor losses from servicers if they are responsible to them? Do you really believe the servicer will pay the investor if my home burnt down? Especially if the pool is gone! Our investors were defrauded long ago!  From what we can tell our pool was closed down years ago. The liquidating trust for Conti was shut down in 2008.
If the servicers are responsible to the investor than why are the Conti investors suing my servicer for defrauding them in the Ellington case?  Additionally, our servicer lacks ANY assignment of mortgage from the originator also the last servicer so, there is a break of chain.  They are illegally listing themselves as beneficiary & illegally collecting from us!  They have no legal right to list themselves on any insurance policy let alone collect from us!
Lastly, my loan was not in default when Fairbanks aka SPS as servicer acquired it.  My originator was in bankruptcy and MT appointed Fairbanks aka SPS to service the Conti loans. Conti was my original servicer and originator. MT was also being sued by the same investors in the Ellington case for not firing SPS for the fraud.  That case has been moved to NY courts.
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Moose
Donna wrote:
Moose,
Here is the problem. What do you do with this scenario. If another entity owns the note, say Manufacturers and Traders Trust, as trustee.  Why were we not notified of the sale and WHY was there NO assignment of mortgage post Conti to SPS or Fairbanks for 13 yrs?

Because they aren't required to report the sale of the note to the borrower. The only time the borrower gets wind of it is when the servicing rights change.
Donna wrote:
Also, if SPS had legitimate servicing rights WHY did they have to BUY the Conti servicing for $75 grand?

They may not have had the servicing rights until the bankruptcy. Conti may have serviced their own loans before the bankruptcy.
Donna wrote:
Doesn't the owner of the note or trustee of the pool have a pooling and servicing agreement that contracts with the servicer?

Possibly. The Trustee may be acting on behalf of the actual owner.
Donna wrote:
So, WHY did SPS BUY the servicing? This purchase is documented.

Because they bid the highest amount for the servicing rights at the time the bankruptcy court accepted offers and they saw an opportunity to jump in and make a lot of money servicing the alleged loans.
Donna wrote:
Also, regardless of anything else...do you really believe our loan payments are being paid to the "Trust"... MT to the investors today?

It doesn't matter if you or I believe it or not. Believe it or not, you are currently not a damaged party if they're not paying the note holder. If at some point in the future the real party in interest shows up, you MIGHT be, but until that happens the courts are content to let the scheme run.

You have to find a way to get a court to look at the evidence and rule on it. In order to do that you have to file an action in your local courts.
Donna wrote:
When we asked SPS for proof they were paying our investors/note holder/note owner they refused to provide us proof.

That is how servicers act because they are advised by their attorneys that there is no legal obligation for them to respond unless ordered to do so by a court. They aren't just going to open the files and provide evidence of their wrongdoing.
Donna wrote:
They lied to us in the BBB saying MT was the note owner, but later stated CFN Liquidating Trust was the owner.

Again, I'm not arguing if they do own the note or not. The issue is entirely whether or not you can force them to come into a court and prove their standing. The BBB has no standing.
Donna wrote:
Now, here in Austin SPS AND MT were sued by Brown McCarroll law firm by Stephen Lemmon and Patti Tomasco for defrauding the investors. MT was all edged to have not protected the investors by firing them for deceptive practices. The case has been moved to NY courts. However, SPS & MT are in league here. Does MT still have our pass thru certificate alive or is it closed? From what we read, our series is dead. MT is not the owner of our loan note! Defunct Conti or it's Liquidating Trust was not the loan note owner/holder either. If there was a purchaser of the Conti loans from the Bankruptcy court....where is it?

You can't prove a negative. The burden of proof in any civil case is on the moving party. It's a delicate question. Assuming you are in Texas they don't have to sue you to foreclose. You can respond. But I'm almost certain you can file something that challenges their claim to the title and they would have to answer before a judge.
Donna wrote:
Ex. Countrywide went belly up and Bank of America bought the debt/loans or whatever. There was no such transaction in our case that we can find!

Sorry, but to a court, what happened with CW/BofA isn't relative. You still have to prove to a court that no such transaction happened - which is impossible. YOU HAVE TO MAKE THEM PROVE IT DID.
Donna wrote:
SPS admitted to us in the BBB they are not our loan note owner/holder and are "Simply" a Debt Collector. OK, so how does a legit servicer become a debt collection agency and list themselves as beneficiary on force placed insurance? A little insurance fraud?  Why wasn't MT listed or the real loan note owner/holder? Something stinks in UTAH!

Fairbanks/SPS has always had a stench coming off it. This is nothing new. Don't try this stuff on your own.

Moose

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Conti abandons their interests in these loans. No Company bought the assets.

CFN Trust Statement:

Notice to Parties Needing Trailing Documents

This notice provides information to parties needing a signature on a release, satisfaction, assignment or other "Trailing Document" for a mortgage loan, deed of trust, or other instrument related to a loan that was originated, owned or serviced at some point by ContiMortgage Corporation or one of the other Debtors in the bankruptcy (collectively "CMC").

The Trust is no longer able to provide assistance with Trailing Document requests.

CMC filed voluntary chapter 11 petitions on May 17, 2000.  Both before and after the filing of the chapter 11 cases, CMC had itself responded to all Trailing Document requests.  However, as of July 14, 2000, CMC transferred all then remaining servicing operations, including the servicing of all then currently outstanding CMC mortgages that remained in one of the CMC securitization trusts, to Select Portfolio Services, Inc. (“SPS”), whose address is: Post Office Box 65250, Salt Lake City, UT 84165-0250, whose telephone number is: 801-293-1883 and whose web address is: http://www.spservicing.com.   Should a Trailing Document be needed for a mortgage which was currently outstanding as of July 14, 2000 and that remained in a CMC securitization trust, contact should be made with SPS. 

CMC’s chapter 11 plan was confirmed and became effective April 10, 2001.  The plan provided for the creation of a liquidating trust into which was transferred all remaining property interests of CMC and all documents relating to mortgages originated by CMC.  After receiving multiple requests to assist in executing Trailing Documents, in July 2001 the Liquidating Trust sought and received authority from the Bankruptcy Court to execute Trailing Documents on behalf of CMC in situations where the Trust was able to confirm, based in part on the Debtors' records, that such execution was appropriate. 

The Liquidating Trust continued to provide these Trailing Documents until the end of 2006.  However, once the Trust completed the liquidation of substantially all of the Trust’s assets in late 2006, in order to move forward with the ultimate termination of the Trust (as required by the CMC chapter 11 plan), it became necessary to destroy the voluminous mortgage records and divest the Trust of any interest in CMC mortgages and of any authority to execute the Trailing Documents on behalf of CMC. 

Therefore, in December 2006 the Trust obtained a Bankruptcy Court order terminating the Trust's authority to execute Trailing Documents and authorizing the abandonment by the Trust of any remaining interest the Trust might have in any CMC mortgages or deeds of trust, including any interest held by reason of CMC having continued to hold record or legal title.  As a result, the Trust no longer has any interest in any CMC mortgages or authority to assist with Trailing Document requests.  This was a necessary step in the orderly termination of the Trust required upon disposition of the Trust’s assets.

It is the Trust’s understanding that applicable bankruptcy law provides that, when the Trust abandoned any interests in CMC mortgages, the legal title to or in such interests was no longer part of the Trust estate, and instead reverted back to CMC, now dissolved corporation(s).  That prevented the interests from being in the ambiguous legal situation that would have occurred if the Trust had terminated without such abandonment.  With such abandonment, the Trust believes that parties needing Trailing Documents may now proceed in the ordinary manner they would to clear title issues where the mortgagee is a dissolved corporation, proceeding in the case of CMC as if CMC had never filed chapter 11 and had there been no Trust.  Please consult a real estate attorney or title insurer to discuss the options available to you for addressing title issues under such ordinary circumstances.

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What certificate holders does this mean?  The pools or what?

CFN LIQUIDATING TRUST

NOTICE REGARDING RECORD DATE

FOR DECEMBER 17, 2002 QUARTERLY DISTRIBUTION

To: Holders of Certificates of Beneficial Interest in CFN Liquidating Trust

(CUSIP No. 21075M 10 7):

Notice Regarding Record Date for a Quarterly Distribution on December 17, 2002

This Notice is to inform you that the Liquidating Trustee has set a Record

Date of December 2, 2002, for a Quarterly Distribution of $15,000,000 to be made on

December 17, 2002, to the holders of beneficial interests in the CFN Liquidating Trust

(CUSIP No. 21075M 10 7).

Under the terms of the Liquidating Trust Agreement, each Distribution

must have a Record Date that is the 15th day prior to the day scheduled for the

Distribution (unless that day is not a Business Day, in which case the Record Date is the

next Business Day). Accordingly, the Trustee provides the following information:

Quarterly Record Date December 2, 2002

Quarterly Distribution Date December 17, 2002

Total Distribution $15,000,000

Distribution per Unit $0.015 dollars per Unit

(1 billion Units outstanding)

This Distribution serves as the Quarterly Distribution that would normally

occur on the first business day after the end of the quarter, or in this case, on January 2,

2002. However, the Liquidating Trustee sees no reason not to effect an early distribution

in this instance. No significant additional funds are anticipated to be received by the

Liquidating Trust during November and December that would make waiting until

January for the next Quarterly Distribution more appropriate.

If you have any questions regarding this notice or the Quarterly

Distribution, please contact the Trust at humberstone@millernash.com. You may also

visit the Trust's Web site at http://www.cfntrust.com for additional information about the Trust.

Jeffrey H. Beck

Liquidating Trustee

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Moose
Donna wrote:
What certificate holders does this mean?  The pools or what?

CFN LIQUIDATING TRUST

NOTICE REGARDING RECORD DATE

FOR DECEMBER 17, 2002 QUARTERLY DISTRIBUTION

To: Holders of Certificates of Beneficial Interest in CFN Liquidating Trust

(CUSIP No. 21075M 10 7):

...

Jeffrey H. Beck

Liquidating Trustee



The CFN Liquidating Trust was a special purpose entity created by the bankruptcy court to hold the not-already-sold assets of Conti so that, over time, entities that have a "beneficial interest" (were owed money) were issued certificates (and just like bonds, they were given a CUSIP number and could be sold or traded) in what was left of Conti.

As the notice on the site says: 
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"as of July 14, 2000, CMC transferred all then remaining servicing operations, including the servicing of all then currently outstanding CMC mortgages that remained in one of the CMC securitization trusts, to Select Portfolio Services."


What that indicates is there were some remaining mortgages in just one of the CMC securitization trusts - but that trust is not the CFN Liquidation Trust.

It finally got down to where the CFN Liquidating Trust Trustee had sold everything and had nothing left to sell so the court gave them permission to close up shop. That didn't affect the securitization trust.

Moose






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My sister is being sued by Select Portfolio Servicing. The previous servicer was Countrywide. How can I find any documents proving SPS is now owns Countrywide assets including her loan ? Please help
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Select Portfolio Servicing, Inc.

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Select Portfolio Servicing, Inc. (SPS) is a loan servicing company founded in 1989 as Fairbanks Capital Corp. with operations in Salt Lake City, Utah and Jacksonville, Florida.

Select Portfolio Servicing was created as a Utah company in 1989. Filings with both the Utah Secretary of State and the U.S. Securities and Exchange Commission (SEC) confirm this. Filings with the Utah SOS and SEC would more accurately confirm that **Fairbanks Capital Corp.** was created as a Utah company in 1989.

Fairbanks Holding (the parent company of Fairbanks Capital) was owned in part by PMI Group, Inc., and bond guaranty firm Financial Security Assurance.

In November 2003, Fairbanks Capital Corp. and Fairbanks Capital Holding Corp. agreed to pay $40 million to settle with the FTC and the U.S. Department of Housing and Urban Development (HUD), [1] which charged them with engaging in a number of unfair, deceptive, and illegal practices in the servicing of subprime mortgage loans. The Commission distributed the $40 million as redress to affected consumers. The settlement also imposed a number of specific limitations on Fairbanks’s ability to charge fees and engage in certain practices when servicing mortgage loans. In early 2004, the defendants changed their names to Select Portfolio Servicing, Inc. and SPS Holding Corp.

Fairbanks changed its name to Select Portfolio Servicing effective June 30, 2004 according to its Articles of Amendment.

In 2005, Select Portfolio Servicing was purchased by Credit Suisse, a financial services company, headquartered in Zürich, Switzerland. According to a Securities and Exchange Commission report (CFN: 1-6862) filed August 12, 2005, Credit Suisse First Boston (USA), Inc. now known as Credit Suisse, purchased Select Portfolio Servicing and its parent holding company for $144.4 million. Credit Suisse's Investment Banking Strategy included "the acquisition of Select Portfolio Servicing, a mortgage servicing company."

In 2007, the FTC conducted a review of Select Portfolio Servicing’s compliance with certain aspects of the 2003 settlement. The FTC and Select Portfolio Servicing negotiated and agreed to several modifications of the settlement. [2] HUD has also agreed to these changes, which include:

-A five-year prohibition on marketing optional products, which are products or services that are not required by the consumer’s loan (such as home warranties.

-Refunds of optional product fees paid by consumers in certain circumstances.

-Revised limitations on charging attorney fees in a foreclosure or bankruptcy to ensure that consumers receive full disclosures, including the actual amount due if they receive an estimated fee. Select Portfolio Servicing also will conduct reconciliations after payoff or foreclosure and reimburse consumers who may have paid for services that were not actually performed.

-Refunds for consumers who may have paid foreclosure attorney fees for services that were not actually performed since November 2003.

-A permanent requirement that consumers be provided with monthly mortgage statements containing important information about their loans.

-A requirement that Select Portfolio Servicing revise its monthly mortgage statements based on consumer testing performed by a qualified, independent third party (which the company has already done).

-A requirement that Select Portfolio Servicing continue to use a qualified, independent third party to perform annual audits of its compliance with key settlement provisions until 2013. The results of these audits will be subject to review by the FTC.

-Revision of specific provisions to permit Select Portfolio Servicing to engage in certain practices that were prohibited by the original settlement. For example, the modified settlement allows the company to hold or reject a payment that is more than $25 short of the consumer’s monthly principal and interest payment so long as the consumer receives prompt notice of the action. The settlement continues to prohibit the company from applying such payments to fees before principal and interest.

The Commission vote to authorize staff to file the modified stipulated final judgment and order was 5-0. The motion requesting entry of the modified settlement order was filed in the U.S. District Court for the District of Massachusetts.

Select Portfolio Servicing (SPS) is debt collector in regards to loans once held by Contimortgage Co. Your loan note is a promissory note or simply an IOU between you and the lender. The Deed of Trust is the collateral or security interest which could be serviced by a third party known as a Mortgage Servicer. The Deed of Trust explains how the collateral is to be treated. By law, the note and deed of trust must remain together with proper ASSIGNMENT for a debt to be a secured debt. Many loans were sold off as securities on the stock market breaking this connection rendering the loan an unsecured debt. They were put into pools with shares sold off to foreign investors. The servicing rights were also sold off. This process is called bifurcation of the mortgage. Once this happens, your loan may be an unsecured debt. Contimortgage company once owned many securitized loans. The company filed for bankruptcy around the year 2000 and finalized in 2008. As a part of that settlement all securitized loans once owned by Conti were paid off. SPS bought the servicing rights in bankruptcy court from Contimortgage co. Once Contimortgage finalized their bankruptcy in 2008, SPS simply became a debt collector for Contimortgage loans. In this case, SPS is not the servicing company! All Contimortgage assets & paper trails were destroyed by court order. To find this information go to: http://www.cfntrust.com to find court documents. These documents may help Contimortgage-SPS victims facing foreclosure. This is a highly unusual servicing-debt collector situation.

In MANY cases servicers DO NOT own the loan note! They collect mortgage payments and pay the loan note owners. ONLY the true owner of the loan can modify the payment terms. This is why so many mortgages do not get a loan modification. The task of finding the REAL loan note owner (NOT the servicer) may be a task only the court can resolve. Sending a qualified written RESPA request to the servicer is one way. If a servicer does not disclose this information through RESPA, one must find a FORENSIC LOAN AUDITOR with a CPA degree. Examples of RESPA requests can be found online. One must request the name, address and phone number of the loan note owner. Many sites are rising up due to illegal foreclosures caused by mortgage servicing fraud. Their goal is to educate property owners about mortgage servicing fraud. For more information go to: The Consumer Warning Network, Mike Dillon's Getshirtz site, MSFRAUD.org, Attorney Neil Garfield's Living Lies blog site, and Homeowners Against Mortgage Servicing Fraud on Facebook for more on mortgage servicing fraud. Some people are choosing to fight Servicers through Pro Se Litigation. Go to: http://www.foreclosureprose.com livinglies.wordpress.com/ http://www.foreclosurehamlet.org/ http://www.thehomeownersrevolt.com

Select Portfolio Servicing's current CEO is Matthew Hollingsworth.

[edit] Sub-prime Mortgages

Select Portfolio Servicing is one of the largest sub-prime mortgage servicing companies in the United States. It also performs fulfillment and underwriting functions for its parent company, Credit Suisse. A sub-prime mortgage is most often a home loan given to consumers with credit scores ranging slightly to far lower than what a given lender considers prime or for borrowers who do not supply the kind of income documentation required for so-called "conforming" loans. Lender viewpoints in regard to what constitutes "prime" vary, but in general, if it does not conform to Fannie Mae or Freddie Mac guidelines, it is considered non-conforming and thus, sub-prime.

[edit] See also

[edit] External links

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Did get a victory just before Xmas.  There is a God! Took the insurance co. SPS uses to force place insurance on homeowners thru the BBB.  Claimed insurance fraud based on a missing assignment of mortgage in the county clerk's office...TX is deed of trust by the way!   Also, turned them in for insurance fraud with the TX Insurance Commission.  After a few mo's of thier verbal gang bang on us (by all thier alias co's nervously coming to fight the front lines), the attorney for the  insurance co. admitted that SPS was NOT the rightful/legal mortgagee/benificiary to be named on any insurance policy on our home.  They researched the property records!  SPS has been violating our RESPA DO NOT CALL request by calling us and is now sending us random letters claiming they do have a right to service our loan!  All without giving us a name, address and phone number for the owner of our loan note. All they would say is MT&T is the owner.  Yet, we contacted Manuf. Traders trust directly and they claim they have no record.
ANYBODY know if we can now go back after Pelatis aka Mountain West for the force place insurance fraud which they committed prior to and after the Fairbanks vs FTC Curry case?  Their achilles heal here may be in suing their insurance co's and atty's. Report the bums to the State Bar!
Also, you all be aware...they use insurance co's now to do their servicer work which is illegal.  The insurance co's are the one's researching to see if you are current and then reporting back to the servicers. This way they make money force placing! 
Donna
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Ann,
Just saw your question.  OK, you need to go back and watch videos on the loan securitization process.  Jack has some good ones here.  Neil Garfield does too on youtube.  Look for "PRODUCE THE NOTE".

Did you go to your county clerks office/court house and research "ASSIGNMENT OF MORTGAGE" aka "ASSIGNMENT OF DEED OF TRUST"? Depending on state you live in the terms are different.

Your loan note and Deed of trust are 2 seperate things!
1. The loan note is the IOU, blue ink origianal promisiry note you signed.  The lender keeps it not a copy! The person who holds it owns the house! Like the title of your car.
2. The Deed of trust/mortgage is the security instrument that basically is the collateral instrument explaining how the prperty is to be treated. For example: if you don't pay on time or fail to insure the property, etc.

These 2 are to be kept together to be a secured debt.  In times past....our grandparents IOU was held by the bank and we paid the bank.  NOT NOW!  To be a valid debt, by law they are not to be seperated.  It is called bifurcation of the note.  Good old days are gone.  Enter GREEDY Wallstreet and it's fraud to seperate them and sell each off to investors. Get's worse. They destroy the origianal note in order to make copies!  Enter MERS!  Google that!  They then sell off copies of your loan note...sometimes 10, 20, 30 fakes.  All secured by insurance policies.  They want you in default so, they can collect the insurance!  Then, they get to sell your home on top!

Servicers are brought in to collect for the loan note owner as a debt collector. From what I recall Countrywide was a lender and servicer????

Was Countrywide your servicer or loan note owner...or both?

To see if SPS owns your note you must go to the county records.  Some are online, but you must not trust online info. as some agencies are bad about recording it online so go down in person too.  Go to your courthouse and ask where they keep the Assignment of mortgage records or Ass. of Deed and trust...again, diff. terms depending on the state.

If there is no record from your original lender to Countrywide then to SPS than there is a break in the chain of title and SPS is foreclosing illegally.  You must get a forensic loan audit.  Find an atty on Neil Garfields living lies blog site.  Be careful though as not all listed are necc'ly good ones!  Some people are using bankruptcy court to force the SPS's, etc to show they have the origianl loan note you signed. Without it they can not foreclose.  If you don't go to court and let them do this the judge can not help you. FIGHT!
God be with you!
Donna




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Thanks Donna.
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h gosh
Just read this post re:  Conti and Fairbanks (SPS).  Here are some other avenues to explore.  All of the info should be on this site (way, way back).  All of the servicing rights of the Conti loans/trusts were purchased by IMC.  IMC went belly-up.  The confusion arose when Fairbanks purchased CERTAIN assets of IMC and claimed servicing rights.  Citi also claimed servicing rights.  Citi SOLD their servicing rights to Fairbanks in July of 2000.  Fairbanks claimed servicing rights effective April 2000.  Fairbanks was operating in violation of Florida law from April through July of 2000.  Citi submitted affidavits substantiating this information.  EMC also claims to have purchased CERTAIN IMC/Conti trusts, which all "disappeared" and were re-securitized into EMC Trusts, which eventually became synthetic CDO's of SACO I.  The chain of title for these loans (notes and mortgages) is so muddied that no chain of title exists.  Also, people have been foreclosed on by as many as 4 of the entities involved.  (Fairbanks attempted, was denied, Chase as Trustee for IMC Trusts attempted and was denied, EMC attempted, and BOA attempted as Trustee for EMC trusts).  All of these foreclosures produced fraudulent docs created by robo-signers. 

Make sure you have covered all of your avenues!!

Moose, you are aware of these facts, why didn't you tell Donna about them along with your caveats?

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Thank you for the last response. Funny you mentioned EMC as Jack Wright and I also share a similar issue. You got me thinking if there is more there with EMC???
We have SPS and Jack had EMC. BOTH of us had Longhorn General Insurance, under agent Charles D. Helton(age 68) in Euless, TX. force place insurance on us illegally. Longhorn has other names such as Assurant and Standard Guaranty...all work together. Major problems there...Google it and see stories of kickbacks from the servicers and back room functions they take over for servicers.
So, I filed insurance fraud complaint with the BBB and TX dept of Insurance on Longhorn and all their rats.  On my home, there was NO assignment of the deed of trust on the CTY Clerks records for 13 yrs!  Yet, SPS named themselves beneficiary!  Had a verbal match with Longhorn and all their monsters came out to fight us.  Finally, Charles D. Helton sent us back our money. We jumped up and down finally have some tiny victory in this 13 year continuous theft of our money and assault on our peace by SPS. One of their attorney's said we got the refund as there was no assignment so, it was unclear if there was a note owner/holder on our home. However, he made sure to say he was sure the servicer would clear it up. HMMM? Talking to each other!
Low and behold, something in my gut said to check the County records again. SPS hired a known robo signer and went in and recorded a FAKE assignment of the deed of trust! It was signed by known SPS/MERS robo signer Bill Koch from SAlt Lake City UTAh with his squiggle looking B signature. It was Notarized by Luisa Alfonso also in Salt Lake. Both are SPS employees from what I could gather. The returnee address was to Richmond Monroe Group 1551 State Hwy 13, Branson, Mo. 65737
Now, RMG is in the biz of creating missing assignments.  By the way, the notary signature is not on the same page as Bill Koch! First fraud clue. This fraud document is so obvious after studying the mortgage fraud mess that it is mind blowing to think our political leaders do nothing. No valid assignment, chain broken and Contimortgage long gone to assign SPS squat! Well, at least I NOW know KNOW SPS does NOT have my original loan NOTE and we can fight them on the Produce the note end along with all the rest! Thanks SPS! Discovery is sweet!
We have had it. Talking to great Atty skilled in Title issues to get our records and sue them. They denied us all docs needed to audit them in our QWR/ RESPA request! We must have scared the scum with the insurance fraud issue as they are creating a fake assignment 13 yrs after Conti had it! Where is your proof SPS that you paid Conti off? LIARS!
If anyone else is having force placed insurance scams going down with the above names like Charles D. Helton, Longhorn, Assurant, Standard Guaranty...contact us:
royblizzard@peoplepc.com
or
on Facebook at:
Homeowners Against Mortgage Servicing Fraud.
Be careful as they switch names to opposite addresses. Took me several BBB complaints as the den of devils is all over the place...Florida, TX and somewhere else.

Go look up Richmond Monroe Group...they claim they can "cook" up any missing documents!  Go see their sales ad/cartoon and do a screen capture. Unbelievable! Perjury, fraud, document tampering and NO politician will stop them! Ron Paul we need you!
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h gosh
Re:  Deed of Trust

A Deed of Trust CANNOT be assigned.  It took me years and years of research to get this info - I have it here somewhere on my computer and when I find it (among my various hard drives) I'll send it in for posting on the site.

In any event, a Deed of Trust gives ownership of your property to a "trustee" (in years gone by in the REAL US (before we became the U.S. of Goldman)) a "trustee" on a Deed of Trust was usually an attorney (either contracted with by the bank, or the GC of the bank).  A Deed of Trust is just like the deed you have on your home.  You cannot "assign" you Deed to a purchaser of your home - a new deed must be prepared.  The same applies to a Deed of Trust.  Therefore, everytime your home changes ownership, not only must a new deed be prepared, but a new Deed of Trust must be prepared.  Same goes with the selling of the Note and Mortgage.  If a new Deed of Trust is submitted, make sure you get ALL documents giving authorization for the creation of said Deed, and MAKE SURE the party named on the original Deed of Trust signs the new Deed of Trust, just like you received a deed from the grantor of your property!

Want to know how EMC STOLE Jack's property?  They used the "Deed of Trust" issued to the "trustee" by the "DEVELOPER/BUILDER" of Jack's house. 

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h gosh
I gave you some wrong info in the post above.  That's what I get for posting before I have my coffee.  In any event, you are the "grantor" of the deed of trust - what you are looking for is a "substitute of trustee", executed by the original trustee.

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Not sure if this is true, but often wondered if there was an LDS ties to SPS in SLC Utah? Not sure if the writer meant LPS?
Here is a site claiming Monroe group tie to Scientology...again, not saying it is true. You decide!

http://stop-wise.biz/...

The Springfield Business Journal, 4 December 2006
Woman sues former employer for religious discrimination
Plaintiff claims she was fired for refusing to convert to Scientology

Brianne Shahan filed the suit against Richmond Monroe Group Inc. in U.S. District Court last month. Shahan claims her former employer violated Title VII of the Civil Rights Act of 1964 by allegedly pressuring her to divorce her husband and become a Scientologist... Shahan also claims she was forced by her employer to attend daily “church” sessions at work and that she was urged to divorce her husband.

The Richmond / Monroe Group with CEO scientologist Larry Roberts appears in WISE directories of 2001 and 2004

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Update:
Our last LEGAL assignment of the deed of trust was to Contimortgage. It sat in the county land records alone for over 10 years. Then, last fall we began going after the insurance agency/agent in Texas which SPS used to wrongly force place insurance on  us in 2008. Filed complaint with BBB and TX Insurance Commission. We got a refund! Then, SPS hires Richmond Monroe Group out of Mo. to create a Fraud Assignment of our deed of trust  assigning it to Manufacturers & Traders Trust. It was signed by known Robo Signer Bill Koch, SPS Document Control Officer and SPS robo notary Luisa Alphonso.  Alphonso notarizes on 2nd page of document which is ALSO a clue to fraud! Koch appears on other assignements online signing as VP or MERS. Look for cases under Credit Suisse, Fairbanks, etc. with his name. He is also on Linkedin. So, I called the attorney handeling the Ellington case. Conti loans were not discharged in the Bankruptcy, but a CLEAN UP CALL was supposed to have been done. Ellington Securities should be the one assigning anything!!  Jack has a copy of the Ellington case here or Mike Dillon of Get Shirtz has one. If you go to page 31 of the law suite you will see Force Place Insurance issue. Ellington alledges SPS would force placed insurance(FPI) and get kickbacks from agents and then hid it. They would hide the fees from the certificate holders by listing the FPI charge under "corporate advances/advances". From what I could guess with my non-lawyer eyes... they charged the certificate holder (investor in the loans) for the force placed insurance and also the homeowner! The homeowner repays it to SPS and that sum is filed away hidden from the investors/certicate holder as advances rather than repaid to the investor! So, double dip on this fee? This is significant!  Also, it appears SPS charged US for the Richmond Monroe Group fraud assignment!!!  Can you imagine that?!!  Bet they charged the certificate holders too...IF our loan even exits! By the way, if anyone gets FPI wrongly...be it due to assignment fraud or servicer won't aknowledge your own insurance...SUE THEM in small claims everytime! Demand to see the policy and look for the agent who took out the policy. Sue them before the fee goes sky high! Then, sue for 3 times the amt plus 6% interest up to $10 grand in small claims. Use that to pay for an atty to sue them on the servicing fraud. Hope this helps someone. Chat with us at Homeowners Against Mortgage Servicing Fraud on FB. Qustion: How many MORMONS work for SPS in Salt Lake? Hmmm????
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I know I am a tad late in finding this forum, however...Contimortgage stopped taking my payments when I was behind only one month and wouldn't let me make a double payment to catch up and forced me to foreclose.  I only recently found out that they shouldn't have been able to do that.  I was young and naive and they took advantage of it. Very unethical practices!
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I wrote this post today under my name in the forums and after posted the message I found that you know about SPS.  Do you can help me find more information?


I lost my house in 2009 after several attempts of saving and dealing with the bank.  Today I saw in the TV that people who lost their properties in 2009 could receive help if your bank is one of the bank that accepted mistakes in their process of foreclosure.  When I checked the bank list, I did not find the name of my bank, which is Select Portfolio Servicing.  After some research I found that SPS was the new name of Fairbanks Capital Corps, the banks involved in fraud at the beginning of the 2000. What steps I have to follow in order to find an institution that revise my foreclosure and loan papers?  If any of you know what to do, please let me know as soon as possible (before 12/31/2012) 
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