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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P Diddy, TI, and Ludricous couldn't enjoy more... no offense however, Bear Stearns had funded much of HOmebanc's criminal operations and fraud. Knowing people at each, it seems that the godfathers at Bear Stearns had to cover up the "hits" by HomeBanc in Atlanta. So their EMC unit knowingly buys the fraudulent loans that their parent helped fund and will do their typical shell game "note laundering" so that they can wash the known liability by selling to other investors who supposedly wasn't aware of the fraud. hmmm....

HomeBanc wins OK to sell loan-servicing unit 

Published on: 10/31/07
HomeBanc Corp., a regional lender that filed for bankruptcy when investors quit buying its loans, won permission to sell its loan-servicing division to a unit of Bear Stearns Cos. for about $61 million.

U.S. Bankruptcy Judge Kevin J. Carey in Wilmington, Del., approved the sale to EMC Mortgage Corp., company attorney Matthew W. Levin said. Immediately before a hearing in the case Tuesday, HomeBanc struck a deal to end objections from investors who own mortgages issued by the Atlanta-based lender, Levin said.

Units of Citigroup Inc., Bank of New York and Wells Fargo & Co. had opposed HomeBanc's proposal to sell the right to collect mortgage, tax and insurance payments on loans that investors own. The banks, acting as trustees for the investors, said they feared that some of the loans might go bad before the sale of the servicing rights would close, Levin said in court.

HomeBanc services as many as 48,300 loans worth about $8 billion.

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What could investors' objections have been?  Hmmm.......

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