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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Nye Lavalle
Here is the easy solution. Take the billions that Ace, Cayne and other Wall St crooks made off this and put into fund to pay investors back and borrowers. Simple enough, no?

Convert Loans
To Fixed Rates,
FDIC Head Says
By DAMIAN PALETTA
October 5, 2007
A top bank regulator urged loan servicers to consider wholesale conversions of certain adjustable-rate subprime loans into fixed-rate products to prevent major housing problems from escalating.

"We don't have a lot of good options here," Federal Deposit Insurance Corp. Chairman Sheila Bair said in an interview after addressing an investors conference in New York. "And just to foreclose on all of these properties is not a good option for anybody."

Such rate changes are difficult, though, because many of these subprime mortgages were securitized and packaged into trusts. As the loan quality has deteriorated major, Wall Street banks have experienced sizable losses.

Nevertheless, her comments reflect the heightened pressure policymakers are trying to convey to a fragmented and slow-moving mortgage industry.

Moody's Investor Service released a study last month that showed that most servicers had modified only 1% of a sample of loans that reset into higher monthly payments this year. It also found that subprime servicers weren't reaching out to borrowers to rework loan terms.

Subprime adjustable-rate mortgages valued at close to $600 billion are expected to reset into higher monthly payments by the end of next year.

Ms. Bair recommended making the wholesale adjustments for owner-occupied mortgages where borrowers are current on the loans. This would exclude homes bought by speculators.

Her suggestion would most likely affect loans that have a low starter rate for two or three years and reset to much higher rates. Many of those loans are adjusting now and have helped push a record number of homeowners into the foreclosure process.

"Keep it at the starter rate," Ms. Bair said at the Clayton Annual Investor Conference. "Convert it into a fixed rate. Make it permanent. And get on with it."

Ms. Bair and other federal regulators likely couldn't force servicers to make these changes, but her message might be interpreted as a warning to loan servicers about potential legislation, said Howard Glaser, an industry consultant based in Washington.

Congress is responding in other areas. The House approved legislation providing tax relief to homeowners facing foreclosure.

The bill, approved 386-27, would let a homeowner exclude from income the value of debt forgiven if the owner reworks the terms of a mortgage with his or her lender. Currently, forgiven debt is treated as income and subject to tax.

The bill was backed by business groups but received measured support from the White House, which objects to making the tax break permanent. President Bush is pushing an alternative that would protect homeowners from the debt-forgiveness tax for three years.
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I agree with you 100% Nye if these crooks set up the lending system to loot the country and steal our homes intentionally and we and the government know who they are and where they are they should be forced to pay back what they stole.

We were warned greatly by the founding fathers and many successive Senators and Congressman with integrity and understanding that the country would be destroyed by monetary manipulation and corporate/lending fraud if we were not watchful.

Collectively we were not watchful and that is indeed what is happening. If 4 trillion has been looted from this country though the Sub-prime crises and roughly 6 million (3 persons per foreclosure) have been displaced from their homes this is a this would be the one of biggest and fastest dictatorial takeovers in the history of the earth.

The social, economic and housing holocaust of the U.S.is not all over the international news because of slick diversionary tactics by the lenders and the mainstream press blaming the borrowers for creating the problem. How could millions of uneducated borrowers outsmart the best financial analysts, Ceo's, and computer analytics programs in the world. You would have to be fantastically, colossally stupid, and completely ignorant to believe these millions of loans were set up without the knowledge of the Lenders and that the servicers would set things up to lose $59,000 per foreclosure millions of times over.

If any other country had thrown 6 million of it's citizens out of their homes in one year and gave them to the corporations for profit would be the biggest news story of the last several hundred years and there would be an international outcry for justice and the rest of the world would set out to overthrow our cruel dictatorial government before it had a chance to spread like cancer to destroy the rest of the world.

The Evangelical churches though their support of the Neo-con have brainwashed the U.S. people to actually support a Nazi regime in the U.S. stripping it's citizens of their homes and leaving them in the streets to die by the millions including women and children and worship the leaders of banks and oil companies as living God's.

Not only that they believe it's a great idea to take the trillions in stolen money and use it as a catalyst though the Fascist corporations and the military to provoke a nuclear Holocaust against themselves.

I am a Christian and read and reread the bible and I can't find any mention of substituting the name of Jesus with Ace Greenburg, Roland Arnall, George Bush, and the other leaders of the banking, war, and oil industries in fact that is Idol worship and is Satanic in origin. I'm not blaming our brave military personal they are being used as pawns in a diversion from the installation of a corporate dictatorship in the U.S.

If you run the figures you will find that 455 million has been spent on the Iraq war so far yet 4 trillion has been looted form the U.S. this year alone though the sub-prime crises so that is 50X per annum and roughly 6 million U.S. citizens have been displaced from their homes in this corporate warfare on the U.S. citizens supported by the Neo-Cons, however the Democrats have been complicit in this domestic terrorist attack against the U.S. citizens as well. The cash flow from the citizens to the corporations than the cash flow to fund the war. As you can see the expenditures on the war are insignificant compared to the sub-prime crises.

Our enforcement, military and citizens have a Constitutional duty to restore a lawful government take back our country and protect the innocent.

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