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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Countrywide Plans to Cut
As Many as 12,000 Jobs
September 7, 2007 6:35 p.m.
Countrywide Financial Corp. announced plans to reduce its work force over the next three months by 10,000 to 12,000 jobs, representing as much as 20% of the current total.


[O]ver the years Countrywide has weathered a variety of market environments. Each cycle brings with it a unique set of challenges, and this time is no different. In fact, this current cycle is certainly the most severe in the contemporary history of our industry. We have recently communicated with you regarding specific steps we are taking to address the challenges we face in the current environment. …. During the past two years the growth in home price appreciation has stopped dead in its tracks and in many areas of the country it has turned in the wrong direction. There have also been significant increases in delinquencies and foreclosures among far too many borrowers. More recently the secondary market for jumbo and non-agency conforming loans has become nearly illiquid.
• Full text of CEO Mozilo's letter to employees
• Countrywide's statement
The largest U.S. home-mortgage lender also expects that its loan originations in 2008 will be about 25% lower than this year.

In a letter to employees, company executives called the current down cycle "certainly the most severe in the contemporary history of our industry." In the letter, executives also pledged to "do whatever we can to help borrowers who are facing difficulty because it is both good business and consistent with our core values."

The company is retrenching to focus on relatively conservative loans that it can hold as long-term investments in its savings bank unit or sell to government-backed investors Fannie Mae or Freddie Mac. The company also will aim to make loans that can be insured by the Federal Housing Administration.

The job cuts may be smaller if the market improves, company officials say.

"We are taking decisive action to ensure that Countrywide continues to be well-positioned for further success," said Angelo Mozilo, chairman and chief executive officer, in a statement.

During the summer, Countrywide said it was hiring more loan officers from rivals forced to close down. But the company is now sharply reducing its costs because investor anxiety over rising defaults has made it almost impossible for lenders to sell many types of loans now deemed too risky.

Hey, Angelo, just tell me who owns my note and mortgage on my place in Miami
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fellow victim

me too. I guess trying to steal my house and spending over $50,000 in legal fees wasn't paying off like it used to.

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