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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Case in point: Loan # 0018068908

 

A home in Phoenix Arizona is for sale (short sale).  The current mortgage holder is JP Morgan/ EMC Mortgage Corporation.  There is a second lien holder.  The price offered by a buyer was accepted by the Seller (subject to lender approval because each lender must approve the amounts to be paid to each lender).  Both the first lien holder (JP Morgan "AKA EMC Mortgage Corp" – using Lane Roberts as Negotiator II) and the second lender (National City) accepted the terms and the payoff amounts (we have their letters) subject to the approval of the final HUD1.  The final HUD is delivered showing the first getting a small amount more then they required and agreed upon.  The second lender gets their agreed-upon amount also.  Three days before the close of escrow the first mortgage holder’s representative, Lane Roberts, refuses to approve the sale because he wants half of the money the seller is paying to close the sale.  The seller is a recently widowed mother of infants, who is providing $17,000 in cash from her husband’s life insurance and what money she could borrow from family and friends to complete the sale.  She is doing the right thing here.  If she just walked away from the property she would in essence be $17,000 ahead.  Subsequent to agreeing to all of the terms and conditions of the offer, the JP Morgan / EMC Mortgage representative, Lane Roberts, has now stipulated that he wants half of the $17,000 or he will not approve the previously reviewed and accepted HUD.  This would require:

·         stealing money from the second mortgage holder;

·         the buyer paying more;

·         the Seller getting $8500 from the agents commissions;

·         or the deal fails and the bank gets the property back.

 

The reason given for the extortion by the JP Morgan representative – “The second would get nothing anyway if there was a foreclosure.”  In truth the 1st stands to get significantly less if there is a foreclosure as the property values have continued to fall since the early November offer was submitted.  I cannot for the life of me understand how ethics and integrity have vanished from the banking industry to such a degree that this situation would be allowed to happen without the oversight of somebody higher in the JP Morgan / EMC Mortgage Corporation organization.  Has everybody in this industry abdicated their responsibility?? How does this person, Lane Roberts, sleep at night??

Here is a case where the bank bail-out is supposed to help people in dire situations and yet this is how the banks treat them.  It is disgusting to say the least.  Moreover, it is extortion on a criminal level.  When banking processes, and their staff, respond so shabbily in a situation as outlined above, it becomes clear that the bail-out is a fraud on the American people!!   The banks have shifted their predatory lending practices to predatory sales practices.  It is very apparent that the banking industry JP Morgan-Chase and EMC Mortgage Corporation, specifically Lane Roberts, Negotiator II, have lost their collective moral center.  The banking industry created this problem through greed and poor oversight and we the tax payers have been forced to give them absolution in the form of a $700 billion dollar cash award with no accountability or controls.  It sends the wrong message.

“Without a sense of responsibility or accountability - ethics and integrity do not exist.”

 

This article is also being forwarded to:

 

JP Morgan – Chase CEO – Jamie Dimon

EMC CEO – Joe Tucci

Call 12 for Action (Arizona)

3 On Your Side (Arizona)

MSNBC – Rachel Maddow

Senator Chris Dodd (D-CT),

Chairman of the Senate Committee on Banking, Housing, and Urban Affairs,

 

Senator Sherrod Brown Member Senate Committee on Banking, Housing, and Urban Affairs,

Felecia Retelling, Superintendent, Arizona Department of Financial Institutions

 

Dallas Texas Branch of the BBB

 

Federal Deposit and Insurance Corporation

Federal Trade Commission

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Has everybody in this industry abdicated their responsibility?? How does this person, Lane Roberts, sleep at night??

They sleep VERY WELL under a soft pillow of greenbacks and LOST NOTES.


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Moose
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I cannot for the life of me understand how ethics and integrity have vanished from the banking industry to such a degree that this situation would be allowed to happen without the oversight of somebody higher in the JP Morgan / EMC Mortgage Corporation organization.  Has everybody in this industry abdicated their responsibility?? How does this person, Lane Roberts, sleep at night??


Paul, you're apparently living under the assumption that the players in the industry like Roberts give a flying flip about ethics, let alone responsibility. There is NO ONE at EMC that can be trusted. Their business model cannot survive with honesty and ethics, which means people with scruples and integrity can't survive there for any length of time (hence the massive turnover they experience).  If someone at EMC has been able to stuff their sense of right and wrong into the dumpster long enough to stay there for any length of time there is no rational reason anyone should rely on anything they say.

If you work for slime long enough it will eventually stick to you and the vast majority of self-actualized humans will pull themselves out of the kind of cess pool that EMC represents. But sometimes it takes time for decent people to come to their senses.

If they couldn't attract and fool employees into going to work for them, these companies would die off because, thank God, the majority of people are still upright and have a sense of decency and those that don't sometimes develop one.

What does that say about the state of our job market?

How far down into the slime are people in this country willing to dip to survive by working for companies like EMC?

Moose
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Paul,
 
Not sure what branch your dealing with. Or how EMC is somehow mixed with Chase. The account number looks like on Chase would have. I've been doing my own research. For all practical purposes Chase is a Delaware Corporation.
 
I don't know the difference between JP Morgan and Emc. But I do know that in 2005 from what I've read Chase Manhattan Mortgage Corporation no longer exsists and is now Chase Home Finance, LLC. Or possibly Chase Home Finance Inc. as well.
 
From some of the information I just reviewed their principal home offices is at
 
Chase Home Finance
194 Wood Ave. South
Iselin, NJ
 732-549-1260 
Asst. VP Thomas E Reardon
 
Don't know if this helps. However, I know this is the main guy on some court documents I was recently looking at. Maybe call and get their fax # and send a fax to someone who may be able to help make it a win win situation. If not and they end up 4/clsing at least you have an address for the complaint to file against them. Make sure if you get any help to complain about the stupid B++++...I sure would...
 
They regardless of how stupid some people are do usually like to keep their nose out of things. But I have a few eye openers coming up for them...
 
Good Luck!
 
Kathy
Hope this Helps
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Thanks Ann, Moose and ksu,
Your points are all valid.  I hold out hope for ethics and integrity.  I hope by elevating this issue that it will induce some changes in the industry.  It is a lofty persuit.  good luck in your effort also.
Paul
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Well EMC and CHASE are surely linked. As some of you already know, JP MORGAN CHASE acquired Bear Stearns (In 2008 I believe for $10 per share to appease the shareholders). They tried to buy the shares for only $2 per share and shaft all of the investors completely. But this was not allowed. They were offered some sort of a $30 BILLION DOLLAR non-recourse loan ya know .... and then ... Wells Fargo is involved in there with EMC and the goat rope continues. Just do your homework. You can subscribe to some sights that might cost a few hundre per year or so, but the information is ever so worth it.. as it is really easy to look at some cases.

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