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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Big Mac

FBI home mortgage probe now targets 19 firms
Reuters - 22 hours ago
By Randall Mikkelsen WASHINGTON (Reuters) - The FBI's probe of potential fraud in the US home mortgage industry now encompasses 19 companies, up from 17 a month ago, agency director Robert Mueller told Congress on Wednesday.
FBI sees surge in mortgage fraud investigations The Associated Press
FBI mortgage probe now targets 19 firms Reuters
Baltimore Sun
all 104 news articles »

Subprime probe may lead to hedge funds, others-FBI
Forbes - 5 minutes ago
United States - WASHINGTON (Reuters) - The Federal Bureau of Investigation's probe of the subprime mortgage industry could uncover fraud involving Wall Street investment banks, private equity firms or hedge funds, the head of the agency said Thursday.
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   Let's start asking our Presidential Candidates what EXACTLY they intend to do to stop this "SCAMERICA DEBACLE".....and how the folks who have been
immensely damaged by MTGE SERV FRAUD will be restituted...!!  Reading thru the news lately.....I keep thinking back to Pres Jimmy Carter & his "MORAL MALAISE" SPEECH...... 
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Big Mac
A Surge in Fraud Probes

A Surge in Fraud Probes

April 17, 2008 - 06:03 PM
Category: Miscellaneous
Tags: None
Posted by: Paul Kiesel


The LA Land blog of the Los Angeles Times, today, had some interesting comments in regards to the recent FBI mortgage fraud investigations. LA Times blogger Peter Viles gives his two cents on the success of the investigations to date, “My two cents: I worked for a particularly results-oriented boss who was know for saying, ‘Don’t tell me about the labor, show me the baby.’ In this case I agree: Don’t tell me about the investigations, show me the indictments. To date, nationally and in California, we’ve seen only nickel-and-dime cases against small real estate firms.” There is no doubt that the FBI has not been quick to indict any major mortgage lender, and that might be a good thing (of course, we all want the FBI to come to the table with facts, and overwhelming evidence), because, hopefully, when they do start making indictments, they are indictments against some of the larger lenders who went out and committed fraud in Costco-like volume. 

FBI Director Robert Mueller says there has been a tremendous surge in fraud investigations and he expects it to keep growing. That could mean that any anticipated major news might take even longer. Patience will definitely be a virtue in this matter. Mueller even estimates that the FBI has 1300 investigations underway. It'll be very intersting to see what plays out in the coming months, particularly in regards to the TILA forms that initiated the bevy of option ARM loans (a focal point in the mortgage crisis).

It appears the FBI is doing an estimable job in trying to expose the unethical business practices that some of these subprime mortgage lenders employed. Unfortunately, until the FBI releases something major per these investigations, people will still be unclear as to the illegality of what subprime mortgage lenders did, and they’ll continue to blame borrowers, because the general public has still not been fairly informed by its elected or appointed officials.  

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