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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I tuned into this for the last 10 minutes. 

They were discussing fraud and oversight duties.  What they can do and what they can't.

Investor Protection and Market Oversight
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This hearing or interview happened 6-26. 

Hopefully you all involved with the secondary market will find this helpful.

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They are talking about mortgage on C-span right now.

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AAA Ratings UnderFire

You guy need to check out c-span for the next few days.

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Cox's SEC Censors Report on Bear Stearns Collapse (Update2)

By Mark Pittman, Elliot Blair Smith and Jesse Westbrook

Oct. 7 (Bloomberg) -- U.S. Securities and Exchange Commission Chairman Christopher Cox's regulators stood by as shrinking capital ratios and growing subprime holdings led to the collapse of Bear Stearns Cos., according to an unedited version of a study by the agency's inspector general.

The report, by Inspector General H. David Kotz, was requested by Senator Charles Grassley to examine the role of regulators prior to the firm's collapse in March. Before it was released to the public on Sept. 26, Kotz deleted 136 references, many detailing SEC memos, meetings or comments, at the request of the agency's Division of Trading and Markets that oversees investment banks.

``People can judge for themselves, but it sure looks like the SEC didn't want the public to know about the red flags it apparently ignored in allowing Bear Stearns and other investment banks to engage in excessively risky behavior,'' the Iowa Republican said in an e-mailed statement.

An unedited version of the 137-page study posted to Grassley's Web site Sept. 26 showed that Bear Stearns traders used pricing models for mortgage securities that ``rarely mentioned'' default risk.
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Big Mac

check out c-span today.

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An unedited version of the 137-page study posted to Grassley's Web site Sept. 26 showed that Bear Stearns traders used pricing models for mortgage securities that ``rarely mentioned'' default risk.

This Bloomberg/Grassley site link actually leads to 67 page version of SEC OIG report: SEC's Oversight of Bear Stearns and Related Entities: The Consolidated Surpervised Entity Program.  Version posted on SEC site is 46 pages.  For full unredacted 137 page report, go to:

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Blossom thanks for the I/G Report.  Note the mention of BASEL II. 

I wanted to share a post from 2 years ago.  Life sure is sweet and

strange.  The servicer fraud component of the financial crisis is

being masked by Credit Default Swaps, CDOs and subprime loans.

Trust me! The servicer fraud was an integral part of the total crime.

Psalm 91



10/13/06 at 12:56 PM


Those of you who have experienced and continue to experience violations of RESPA, FCRA, FDCPA, TILA, etc. at the hands of SPS/Fairbanks, should contact XXXXXXX via his website (XXXXXXXX) and the FTC (note my previous posts).  It is essential that people continue to communicate violations of best practices standards spelled out by the settlement with the FTC. 


The bigger picture involved here is that many of us continue to fight SPS/Fairbanks in State and Federal courts post-Curry.  As people settle their cases, they are coaxed into silence.  Don't shut up until you absolutely have no choice (and to be honest, we always have a choice).  Based on conversations that I have personally had with other SPS/Fairbanks victims (and given my ongoing nightmare involving SPS/Fairbanks), it is clear that CSFB has taken on PMI's problem with window dressing.


Do a little refresher research.  Check out terms like Brian Barr, W. Craig Kenney, mortgage servicing fraud,, securitization, RMBS, tranches, servicer ratings, pooling and servicing agreements, secondary mortgage market, BASEL II,, Thomas Basmajian, PMI Group, etc.


Lastly, everyone of us adversely affected by poor servicing practices should be responding to proposed rule changes to BASEL II.  Some very influential financial institutions would like nothing more than to turn consensus rulemaking into a joke.  Let's not let them!


10/13/06 at 08:14 PM


Let me be clear.  I am not XXXXXXXXX (although he seems to be a nice enough guy).  I am the mother of three great kids, the wife of a hardworking guy and I am angry that these people tried (unsuccessfully) to steal my home.  I am Fairbanks/SPS worst nightmare -- a mom with a bad attitude about corrupt mortgage servicers!


Every morning that I woke up at 4:30am showered, cooked breakfast, got my children ready, took my kids to daycare and headed to my job is the reason that I plan to recoup the equity (and costs) that these people stole from me.  If I had known that I were going to give away over $150,000.00 to some marginally intelligent, morally compromised losers that happened to select structured finance as a career choice, I would have stayed in bed all those mornings until 8:00am, played a few more games with my kids and watched a little more Oprah. 


I am yet another person that has taken Fairbanks/SPS on and cost them some money in the process.  (HOW SWEET IT IS TO DIP INTO SOME OF THOSE ILL GOTTEN GAINS - THEIR ATTORNEYS WILL PROBABLY SEND THEIR CHILDREN TO COLLEGE WITH WHAT THEY WILL MAKE ON MY CASE - THEY CAN THANK ME LATER) By the way - it cost me some as well .  Trust me, it was money well spent!  If I do not win my case in civil court, there is always the court of public opinion.  That win might be even more rewarding and it comes without a non-disclosure agreement.


How did some of Fairbank's earlier victims get what they needed to feel vindicated ($$$CASH$$$)?  They became big enough nuisances to PMI Group that it prompted them to do what they needed to shut them up.  PMI hired "supplemental" professionals to improve their image after the Fairbanks debacle and finally sold them to CSFB to save what was left of their reputation and stock price.  Say what you will about some of the earlier victims' efforts and personalities, they got the job done.  I should say -- they got the job started.  It's up to us to finish it.


If you have been victimized by these people and are feeling depressed and beaten, I strongly recommend that you join the fight again.  It's cathardic and therapeutic to see those who've wronged you held accountable or at least made uncomfortable (and hesitant about trying it again).  You don't even have to disclose your name to anyone now if you are leary.  White out names, social security numbers and account numbers and get the proof to XXXXXX via his website and let the games begin.  Anything demonstrating violations of Best Practices / consent decree after November 2003 are the most important items to forward.  We're closer than you know to getting some real enforcement of the order signed by the FTC/HUD and Fairbanks.  If this doesn't work, there are other rabbits in the hat on my end as well.  I just feel that XXXXX's been reasonably successful at beating Fairbanks/SPS, he's presented some compelling information and he's disclosed who he is and I'm joining his team along with others. 


I've been told that my case is a nuisance case to Fairbanks/SPS/PMI.  That may well be, but I fully intend to recoup what was stolen from my family and be the best nuisance I can be.  


Get the information that you can from all posts related to Fairbank/SPS/PMI, parse it and manage your fight well. 





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