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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Dear FTC: Please go after the real predators.

Please read the article and post your comments to the blog. Many wonder if the FTC is actually helping the criminals take our homes.

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MSF, have been thinking about the same issue for some time now. Though not a subscriber to "lifelock" the topic  of this article and not know anything about how their product works.... But... what ever they are doing must be infringing on the current "credit rating agencies" that have been  adversely using information on individuals via "universal default" for sometime now. And that includes interfacing with GSE's and their brandy new "default" predictor software used by ALL MORTGAGE SERVICERS! One can read this announcement on the Fannie Mae web page!

Hummm, however when sub-prime, liar loans etc was being legislated and passed in Washington and forced down the throat of the unsuspecting American public, this nifty algorithm was not applied. 

So lets see here an entupernure comes up with a product that apparently helps individuals, 200 complaints are logged against them. Send out the guards!

While congress, lobbyists, social engineers and investment banks get away with defrauding and decimating  the Average American that have logged thousand's if not millions of complaints siting and proving out right fraud, its lets seek the advice of  Turbo Tax Geithner, Barney Frank & Chris Dodd.

The American people need to put in action their own "DEFAULT CALCULATOR" and vote out EVERY incumbent in November of 2010!, If the newly elected do not enact the will of the people then DEFAULT them summarily out of office!

All politics are local!



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A default calculator was used. Millions of loans were written designed to fail, defaults were manufactured, outright fraudulent loans often never agreed to or even signed by the borrower were enforced, and millions more were coached into getting liar loans by predatory lenders.

The primary reason was not self destructive or a mad frenzy to collect fees and profits from funding as many loans as possible and collect servicing fees. The primary reason was mass-produce, commercialize, and create a multi-trillion dollar derivatives pool based on mortgage backed securities, and credit default swaps. The pattern of this fraud was developed by Andrew Fastow of Enron notoriety who was in fact hired by Jeffrey Skilling due to his ability to create mortgage based leveraged assets for the purpose of off the books profits.

Racketeers such as Roland Arnall of Ameriquest the nations largest sub-prime lender created a nationwide assembly-line of telemarketers, salesman, appraisers, and crooked politicians looking other way or worse yet facilitating the looting of our country through mortgage based financial fraud. Countrywide and others followed suit.

Loans were written designed to fail based on the mortgage industries default calculators, and a whole industry developed designed to cash in on foreclosures. Credit default swaps and securitization were the mechanism of foreclosures for profit.

Foreclosure and B.K. provided a convenient smokescreen for the multi-trillion dollar toxic asset pool as stupid and criminal borrowers were accused and blamed for outsmarting the entire financial services industry rating agency’s such a Fitch and Moody’s and the entire U.S. legal justice system, as well as foreign interests securing the toxic asset based debt.

Why are these supposedly criminal and criminally negligent borrowers allowed to get away with just a black mark on their credit if the have done such major damage to the countries economy.

What stage are DHS, FBI, CIA, ICE investigations or the massive foreign takeover of the U.S. economy and political system as millions of illegal immigrants were allowed to flood in and granted illegal loans  outside of security and economic safeguards, China, and the oil rich nations were allowed to buy political influence and transfer our manufacturing and technology base homes, and businesses under there control due to the funding of the GSE’s and countries debt and exposure to toxic assets. What about the collapse of the dollar and economic damage done to foreign countries fueling trade wars, business and political conflicts caused by massive rampant lending, servicing, investment and insurance fraud.

Companies like Bank of America, Merrill Lynch, Fleet Boston, AIG, Goldman Sachs, Ameriquest, Countrywide, the ratings agencies, realtors, appraisers all fed this mortgage based speculative frenzy followed by fraud driven bust.

 How is it possible that commercial and investment banking CEO’s,  FED leaders etc. are both stupid enough to be deceived by tens of millions idiots and criminals lying on their credit apps and smart enough to fix the whole mess at the same time? Short answer is they were not stupid or duped and that’s where mobsters like Larry Litton are the smoking gun of foreclosures, illegal loans and loans designed to fail for profit. MS Fraud and related financial and insurance fraud could not occur without a well crafted infrastructure ratings agencies, fraudulent appraisals etc. designed to support fraud on the scale of looting trillions in assets.

Where’s the beef in convictions of the treasonous crime of looting the U.S. and leaving millions or homeowners in the street to die?
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arkygirl
This is the FTC being, well, the FTC.

They will make a lot of noise about something that amounts to a hill of beans so that they look busy. When it comes down to doing anything really helpful, they are conspicuous by their absence.

I have long suspected that the FTC mandates are 1) NEVER go after anything to do with the banking industry and 2) NEVER put a scammy business completely out of business if at all possible. (Sometimes public outrage will force their hands on this issue and they do put them under, but it takes diligence on the part of the public.)

Fine the scammers, allow the obligatory name change and wait; in some time the FTC will be able to fine it again. Some of the companies that the FTC has chased for years are still in business and still being fined. It is built-in job security.

What a joke!

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As long as we have a debt based monetary system the primary incentive is to create as much as possible by any means possible. Our system is the worst possible because without intrinsic value backing it's just using and risking other peoples money backed by the force and intimidation of the IRS. The current U.S. dollar is worth whatever a group of private bankers that makes policy in secret according to secret motives says it is. The dollar value is backed by threat of imprisonment and violence by the IRS if you don't use federal reserve notes as money.

If we had a lawful monetary and taxation system what you made you would keep, it would be inflation free, and banks would have to risk and lend their own money instead of charging you thirty years of interest payments in exchange for leveraging the money you give them in the first place.

No matter how much power we give the regulatory agencies and how closely we watch the system we still have the fundamental issue that banks lend us back our own money and charge us interest for it and the IRS forces the issue with threat of violence or imprisonment if you refuse to feed the system.

The entire system we have is designed to transfer massive amounts of assets to fund war expenses beyond sustainable levels and have the citizens pay back the debt through taxes.

Using regulation to try to force a war time emergency based economy to work is like trying to use a screwdriver as a hammer, or rocks as clothing, band-aides to cure cancer. Sure you can rig some type of system to force the system to work in a makeshift manner or lead people to believe you are making a sincere effort and yet despite your best efforts things are not working as expected. We also have the issue that a war time emergency economy seeks both wars and emergencies as a means of growth.

As a construction worker I have had to use makeshift arrangement's  to get the job done, but I have never wished for a government agency to force manufacturers to make only screwdrivers that function well as crowbars, hammers, marking devices, chisels etc. regulate the design and manufacture of these screwdrivers, fine and penalize them for making screwdrivers that don't work exactly the way we wish and throw them in prison when many people are very angry their screwdrivers don't work as hammers.

Debt is not money and no matter how many people the IRS throws in prison to force people to believe it is it will never be so. No matter how we fine tune and regulate a system where debt is money it will never truly function as money because it is not designed to.

We are so distracted by trying to fix the symptoms of central government mandated imaginary money backed by force we forget it's a cancer we have no need to feed so it can grow.

Arkygirl you are right these government regulators do just enough to appear useful and justify their pay.

The sad fact of the government in general is that if they ever fixed the problems they are hired to fix they would be out of a job. Actually if you think about it they have a tremendous motive to secretly cause problems so they can be paid to fix them.
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