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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http://www.thetrumpet.com/index.php?q=4505.2761.0.0


Falling Home Prices to Break Back of U.S. Economy, Mayors Concerned
November 30, 2007 | From theTrumpet.com
City leaders are getting desperate as they watch skyrocketing foreclosures and plummeting property values.
 

The intensifying mortgage crisis in America is about to drive 1.4 million more homes into foreclosure next year and push national property values down by at least 7 percent. As a result, city leaders are getting desperate.

The prediction released by the U.S. Conference of Mayors paints a gloomy picture, with soaring foreclosures, plummeting home prices, reduced property tax revenue, and increased blight and crime advancing across the nation. The report comes as the non-partisan mayors’ group begins special meetings in Detroit to address the housing crisis and its associated problems.

The group, representing 1,100 cities with populations of over 30,000, warns that cities and states will be left scrambling to cope with the situation.

“Not that long ago economists said housing was the backbone of our economy,” Trenton, N.J., Mayor Douglas Palmer said.

“Today the foreclosure crisis has the potential to break the back of our economy, as well as the backs of millions of American families, if we don’t do something soon.”

Detroit itself has suffered disproportionately. Property values have plummeted as the city has lost half its population over the past 30 years. Entire blocks in poverty-stricken areas lie abandoned.

According to BusinessWeek, many investors believe that home prices have much further to fall before they stabilize. Futures contracts (which allow speculators to gamble on the direction of home prices) show that traders expect double-digit declines in 9 out of 10 of America’s biggest housing markets.

The Standard & Poor’s Case-Shiller home price index shows that home prices dropped 4.5 percent from the third quarter of 2006. The past quarter saw prices decline at the fastest rate since the index was created.

Robert Shiller, the index’s developer, says homeowners face a historic downturn in the housing market and that the current market is “out of the range of historical data” because the boom itself was far beyond any for which reliable data exists. He says declining home prices in the neighborhood of 50 percent are feasible in many areas.

Back in 2004, the Trumpet warned that America was experiencing the biggest housing bubble ever: “We are truly in uncharted territory. Yet the U.S. economy has been perking along largely because it’s been propped up by the greatest housing bubble ever known. We’ve shown how that simply cannot continue. When it starts to unravel, it will likely lead to the biggest bubble bust in world history, hurtling the U.S. economy into chaos …. The shock waves could lead to a major global recession like we’ve never seen.”

 

 

 

 
 
 
 
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I can't help but think that in the long run they will all hurt themselves. Eventually there will be no one left to buy these homes that are being stolen. Even the investors that are buying are eventually going to run out of buyers. What the servicers are doing is not hurting just us as if that's not bad enough but they are also hurting all the others connected with the housing industry from the builders the real estate agents, the brokers and many others that are in the industry. Eventually they are going to run out of people to scam somewhere down the road. It's all so frightening and sad. These employees that choose to work for these companies are just as bad as the management. To purposly lie to us. I just wish something would happen that would give us some hope. In the meantime we all need to keep writing those QWR's. It has been more than 60 business days and I still have not heard from HomEq. I'm going to be sending another one out this week.

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