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.
Articles |The FORUM |Law Library |Videos | Fraudsters & Co. |File Complaints |How they STEAL |Search MSFraud |Contact Us
h gosh
Ex-Countrywide execs to aid housing

NEW YORK (AP) — Countrywide Financial placed itself at the epicenter of the housing crisis by making far too many risky loans to homeowners who ultimately couldn't afford them. Those missteps cost CEO Angelo Mozilo his job when the lender was taken over by Bank of America a year ago at a fire sale price.

Mozilo is now spending most of his time dealing with the dozens of lawsuits naming him as a defendant, but his one-time No. 2 executive and a team of Countrywide alumni are still in the game — shopping around a new business called PennyMac that buys up distressed mortgages and modifies borrowers' loans.

So, the same people who helped create the housing mess are now trying to make money cleaning it up....
http://www.google.com/hostednews/ap/article/ALeqM5iZnfNIDibBZ2lgBu_KVRX_wauO2AD98G58A84
Quote 0 0
Sara
I have my reservations on this deal.  When things sound too good to be true, they usually are! 

And look what I found...already a REO page for such a new company that is going to save us all.  Wow!...  Looks like they are already to set up more people for a fall to me.

http://www.pennymacusa.com/for_sale.php

Real Estate for Sale

Are you an investor or potential homeowner looking to purchase residential real estate from PennyMac?

PennyMac is doing everything possible to keep borrowers in their homes, so at this time, we do not service loans in REO. You may check our web site at a later date for property listings should they become available for sale.

Are you a real estate broker looking to sell PennyMac REO properties?
Pennymac requires all brokers interested in transacting business (selling properties on behalf of PennyMac) to register with Res.Net. If you are not currently registered, please go to Res.Net to register.

S


Quote 0 0
REO Servicing?

Quote:

PennyMac is doing everything possible to keep borrowers in their homes, so at this time, we do not service loans in REO.



Um . . . excuse me but isn't this a non sequitur ?


Quote 0 0
Write a reply...