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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4 justice now
Hello All!

Has anyone here heard anything new regarding the subject titled movie that I believe is currently in production? If I recall correctly the film company's name is Pacific Street Films. Does anyone know how encompassing this production might be, or if it will end up being sanitized and/or deluded beyond recognition to protect big money interests, etc. Also, does anyone know if it was developed simply to be a news documentary proposed to educate the public; or might it be a real life dramatization designed to (hopefully) stimulate the masses to such a degree that they insist in seeing the eradication the perpetrators. 

The subject movie trailer that I saw (if I recall it correctly) wasn't at all what I expected, as it pretty much portrayed the servicers as heartless companies preying on homeowners who simply had a run of bad luck. It wasn't about an entire criminal enterprise i.e. the finance industry, wall street, etc. that has scammed billions, if not trillions of dollars by providing bribes, fabricating false court documents, performing non-justified foreclosures, etc. all designed specifically to steal as much equity as possible, no matter if the homeowners had ever missed a payment or not. 

My Opinion


V/r,

4J  
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Here is what they have posted as the trailer for Follow the Money:

http://www.psfp.com/popupmovies/followthemoneymovie.html

You will need QuickTime player.  It includes a section about Big Bob, I think its Big Bob.  Sorry if this is all be old news.
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Joel Sucher
Regarding FOLLOW THE MONEY.  I'm one of the principals at Pacific Street Films.
The documentary is still in production.  With events shifting so quickly, the film probably won't be completed for several months.  In addition to the segment on our website:   http://www.psfp.com/popupmovies/followthemoneymovie.html there is a story-line that concerns the history of Litton and their current relationship with Goldman Sachs.  This, we feel, is an emblematic story, highlighting the nature of greed and stupidity in the financial services industry -- an industry, daresay, that's brought this country, along with the rest of the world, to the brink of economic and social disaster.

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I don't know about any of you guys. But when I watched the preview of this movie, I actually had tears running down my cheeks. Everyone on this forum needs to see this.

Something needs to be done........ Hopefully when this movie is done you will be able to send a copy to Obama and everyone else out there.

I just don't know what else to say.
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Litton's Litany

YouTube - Litton's Litany

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Litton's Litany
Litton's Litany wrote:

YouTube - Litton's Litany


kaceno1974 (1 month ago) Show Hide
0

litton is making me have to choose between my meds, cap and gown for son, utilities and extra food. disability doesn't go a long way, but I thank God for what I do receive. They will not have a Christmas this year, but we will have each other's love. Litton Loan please work with me not against me. 1200. disability doesn't go a long way. Wanting me to pay 1400. is exceeding my income. I already pawned my car title please don't take my home.
kaceno1974 (1 month ago) Show Hide
0
Marked as spam
I am a single disabled mother of five I am being taken to court in january 09. I have been paying and they said I didnt. I receive 1200 monthly from social security and litton raised my mortgage to 890 When I attempted to make payment arrangements, they said 1400 I don't want to be homeless with 5 children This company is going to make me have to choose between my meds my 17 year old son's graduation cap and gown, my utilities or extra food for my babies. Any advice or help would be appreciated
OHGORSH (2 months ago) Show Hide
+1
I am trying to get my loan modified will see what happens.I am glad these videos exist and hope to see more of them keep up the good work
OHGORSH (2 months ago) Show Hide
+1
video is pretty old need updated one ,,seems they been doing this for years
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pacfilm
 
Litton Loan Servicing has now ascended to Mount Olympus. It is a wholly owned subsidiary of investment giant, Goldman Sachs. Baby... you've come a long way!
Category:  News & Politics
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4 justice now
CMC, Joel & Way To Go:
 
I thank you all for responding to my post.
 
Joel:
 
I'm extremely encouraged by your post. For the most part what you have stated about this production is truly what I had hoped to hear. After all, I was quite fearful that it might simply be just more of the same ole... blame the very few, predominately innocent borrowers who did absolutely nothing to bring about this intentional, out-right treasonous fraud that has been perpetrated against our entire nation.
 

I truly hope and pray that this film will assist in finally bringing forth a well deserved and long over due vindication of those who have been so heartlessly wronged; and provide ample credit and punishment to those who, with complete lack of conscience and morality, have committed this truly unprecedented and horrendously craven act of domestic terror and sedition, merely to fulfill their egocentric lust for wealth and power.

 

Again, I wish to thank-you and your associates who have contributed to the making of this film.

 

V/r,

 

4J

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New Century may not have funded thousands of loans, and fronted for CBASS, owned by MGIC/ RADIAN, newly discovered documents show NEW CENTURY as far back as 2000, "Fronted" Money from CBASS possiably thourgh MGIC/RADIAN
 
The Internal Revenue Service has proposed significant adjustments to our taxable income for 2000 through 2004.

The Internal Revenue Service conducted an examination of our federal income tax returns for taxable years 2000 though 2004. On June 1, 2007, as a result of this examination, we received a revenue agent report. The adjustments reported on the revenue agent report would substantially increase taxable income for those tax years and resulted in the issuance of an assessment for unpaid taxes totaling $189.5 million in taxes and accuracy related penalties, plus applicable interest. We have agreed with the Internal Revenue Service on certain issues and paid $10.5 million in additional taxes and interest. The remaining open issue relates to our treatment of the flow through income and loss from an investment in a portfolio of residual interests of Real Estate Mortgage Investment Conduits, or REMICs. This portfolio has been managed and maintained during years prior to, during and subsequent to the examination period. The Internal Revenue Service has indicated that it does not believe, for various reasons, that we have established sufficient tax basis in the REMIC residual interests to deduct the losses from taxable income. We disagree with this conclusion and believe that the flow through income and loss from these investments was properly reported on our federal income tax returns in accordance with applicable tax laws and regulations in effect during the periods involved and have appealed these adjustments. The appeals process may take some time and a final resolution may not be reached until a date many months or years into the future. In July 2007, we made a payment on account of $65.2 million with the United States Department of the Treasury to eliminate the further accrual of interest. We believe, after discussions with outside counsel about the issues raised in the revenue agent report and the procedures for resolution of the disputed adjustments, that an adequate provision for income taxes has been made for potential liabilities that may result from these notices. If the outcome of this matter results in payments that differ materially from our expectations, it could have a material impact on our effective tax rate, results of operations and cash flows.

Net premiums written could be adversely affected if the Department of Housing and Urban Development reproposes and adopts a regulation under the Real Estate Settlement Procedures Act that is equivalent to a proposed regulation that was withdrawn in 2004.

Department of Housing and Urban Development, or HUD, regulations under RESPA prohibit paying lenders for the referral of settlement services, including mortgage insurance, and prohibit lenders from receiving such payments. In July 2002, HUD proposed a regulation that would exclude from these anti-referral fee provisions settlement services included in a package of settlement services offered to a borrower at a guaranteed price. HUD withdrew this proposed regulation in March 2004. Under the proposed regulation, if mortgage insurance were required on a loan, the package must include any mortgage insurance premium paid at settlement. Although certain state insurance regulations prohibit an insurer's payment of referral fees, had this regulation been adopted in this form, our revenues could have been adversely affected to the extent that lenders offered such packages and received value from us in excess of what they could have received were the anti-referral fee provisions of RESPA to apply and if such state regulations were not applied to prohibit such payments
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TARP PARTY IN VEGAS
Wells Fargo Says It ‘Reconsidered’ Holding Event in Las Vegas
Email | Print | A A A

By Ari Levy

Feb. 3 (Bloomberg) -- Wells Fargo & Co. said it has reconsidered holding an event in Las Vegas after reports earlier that the company had planned functions for its mortgage and insurance units.

Spokesman Kevin Waetke said in an e-mail the company has reconsidered holding the event. A follow up statement is “forthcoming,” he wrote.

To contact the reporter on this story: Ari Levy in San Francisco at alevy5@bloomberg.net.

Last Updated: February 3, 2009 18:01 EST
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4 Justice Now
Let's see who's able to suggest a truly more appropriate definition for the acronym: TARP?  

You certainly don't need to be too damn creative to beat the B.S. that's been presented thus far by its creators.

V/r,

4J
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The Equitable One

I transpose 2 letters and come up with TRAP, which seems much more accurate.

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4 Justice Now
Equitable One:

Thanks!
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This is encouraging.  A few sources are beginning to recognize the true nature of this calamity, and more to follow.  I spoke to Bloomberg yesterday and they're coming around.

It makes my blood boil when I hear "Greed" or "Stupid Consumers" or "Bad decisions" or "Credit Default Swaps" from the top news sources.  You don't blame the trees for a forest fire, you go after the arsonist.  When a speeding car runs a red light and T-bones a little old lady, you don't blame HER for not getting out of the intersection.

I lost my nearly paid-for home to Servicing fraud, and even though my complaint to the FTC was answered with a Cease and Desist Order, I still live in a Dodge van.  I make it my primary purpose to make sure the real estate industry is destroyed, one way or another.
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Who's in My Yard?
The Raw Story | Homeowner group protests 'predator' CEOs outside their mansions




Homeowner group protests 'predator' CEOs outside their mansions

Stephen C. Webster
Published: Monday February 9, 2009


Print This  Email This 

If these activists are as dedicated as they are desperate, expect this to become a trend.

Monday, a group of 350 to 400 at-risk homeowners, organized by the Neighborhood Assistance Corporation of America, staged a series of protests outside the mansions of wealthy bankers in a moneyed Connecticut neighborhood.

"Called the 'Predators Tour' these actions were the start of NACA's 'accountability campaign,' an aggressive, confrontational protest aimed at several top executives of companies that refuse to allow NACA to renegotiate the terms of loans on behalf of members, according to NACA CEO Bruce Marks," reported the Stamford Times.

"Sporting bright yellow shirts that read, 'Stop Loan Sharks,' protesters demanded more accountability from the CEOs of the financial institutions responsible for the millions of unaffordable mortgages in the state and across America," reported NBC New York in an article titled, "Grab Your Torch and Pitchfork."

Protesters also gathered outside the mansions of William Frey, the CEO at Greenwich Financial Services, and John Mack, CEO of Morgan Stanley.

"The move was part of the nonprofit group's national accountability campaign to get company executives to support refinancing loans to keep people in their homes, according to Liz Floyd, one of the organizers and a counselor with the group," reported the Stamford Advocate. "... [The] group believes the executives contributed to the subprime mortgage crisis."

"During the protest, organizers shouted through bullhorns and carried signs in the middle of the road for more than an hour, prompting the police to shut down a portion of Glenville Road, according to Lt. James Heavey," reported the Greenwich Times.

None of the protesters were arrested, but "more than 100 signs" were left on the front gate of Frey's mansion. Lt. Heavey told the Greenwich Times that Frey was not home, and he had not returned a call from the Associated Press at deadline.

"Frey was targeted, Marks explained, because he has filed a class-action lawsuit against Bank of America on behalf of two of the bank's major investors alleging that the bank violated contractual law when it moved to modify hundreds of mortgages to make them more affordable," continued reporter Amanda Norris.

"Marks said that despite the risk and controversy involved in confronting millionaire money brokers on their own turf, NACA's tactics were the only effective means of exerting pressure on an otherwise uncaring and oblivious elite."

The protests were just one portion of a three-day homeowners workshop put on by the NACA.

The organization is setting up a "financial predators registry" of executives who did not cooperate with the group. On its Web site, CEOs of institutions such as National City, HSBC, Nation Star, HomeQ, Litton and others are prominently displayed, along with links to photos and valuations of their homes and their direct phone numbers.

"'No one has ever gone in such huge numbers to these guys' homes,' Marks continued. 'If they don't do the right thing, we'll be back. We are the junkyard dogs. Once we grab on, we will not let go.'"

The group's Web site explains: "Some lenders, such as Bank of America and Citigroup, have sought out NACA as a valuable partner in reaching underserved communities and have achieved great success. When lenders have exploited low- and moderate-income and minority communities, as in the case of Fleet or The Associates, NACA proved to be a tireless foe.

"... Corporations prefer to hide behind a veil of anonymity, but in reality they are run by people who make decisions and are responsible for the consequences. NACA shines a spotlight on the CEOs, executives and directors who perpetrate financial injustice. NACA ensures that their neighbors, relatives and employees are made aware of their actions. In addition, NACA holds the decision-makers accountable to the public everywhere they go. NACA’s hundreds of thousands of members across the country may appear at and disrupt their speeches, events, and meetings. Backed by extensive research, NACA and its members deliver a compelling wake-up call to decision makers everywhere, letting them know that they will be held personally accountable for their actions."

"Morgan Stanley said its mortgage servicing business 'actively collaborates' with NACA to structure solutions for qualified borrowers so they can remain in their homes," reported the AP. "A proposed agreement by NACA was delivered Saturday afternoon.

"'We are reviewing it now and expect to come to mutually agreeable terms,' Morgan Stanley said in a statement."

46 Comments





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4 Justice Now
FWW:

It's interesting to read many of the comments posted in and about the article directly above. It appears that many people have now begun to change their attitude significantly when compared to that of a year ago or so. In the past, these types of events would quite often generate negative posts about homeowners. There wasn't a single such comment in all of the 46 posts that I read about the event above. In fact many posts were very outspoken and threatening towards the corporate CEOs which were subject of the protest.

r,

4J
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4 Justice Now
Joel Sucher,
 
I'd like to know what level of pressure you and the other principles associated with the making of this film have experienced.  If you cannot or choose not to say, I'll certainly understand. Either way, I do wish you and your friends the best of luck and I hope this production will be the success I believe it will be.
 
There have been simply too many times that we hear about an investigation just getting started or about information to be released. Then it totally dies, as if it never existed to begin with.  
 
Some of the most resent examples would be: all those customers names that were to be released from the Swiss banks. And then there was the Madam who was going to release the names in her little black book (A who's who of Washington and wall street) 
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Tidbit
BAILOUTS AND BANKRUPTCY: UNDOING THE RULE OF LAW

The more we examine the details of the bank bailouts and the bankruptcy of Chrysler the more obvious it becomes that this is all about the government playing favorites--setting insider friends and companies above others destined to be stripped of their assets and rights. It is a process of corruption of power of the highest order, a blatant disregard for due process, and a violation of the principle of equality before the law. Small banks are allowed to fail each week and yet totally insolvent giants like CitiBank and Bank of America are being given what appears to be an unlimited line of government credit. Secured creditors are being shunted aside in the Chrysler bankruptcy deal in favor of unsecured creditors--including the same banks being bailed out by TARP are being given priority status. The secured creditors in the Chrysler bankruptcy watched in disbelief as the bankruptcy judge refused to uphold the law. The consequences will be far-reaching when government undermines the rule of law. Free markets run on an underlying trust in the administration of justice and the defense of property and contract law. When trust in law is gone free markets dry up out of fear. Just as bankers are now afraid to lend, having lost confidence in the secondary mortgage markets and rating companies, hedge funds and other investors no longer can trust any "secured credit" agreement to hold up in court. You can request a one-time free sample of the briefs by sending an email to editor@worldaffairsbrief.com.

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Digger

Regulation of Financial Derivatives

Michael Greenberger, University of Maryland Law School, Professor

Michael Greenberger talks about the Administration's plan to change rules regarding "derivatives" (financial contracts that are based on the value of a commodity). The Administration believes the lack of oversight of these markets led to the current day trouble in the financial markets.

Video: http://www.truveo.com/michael-greenberger-university-of-maryland-law/id/4223609069
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hgosh
Excellent post, Digger!! I have seen the derivative/AIG/Goldman debacle compared to a house being on fire and all of the neighbors paying the fire company to go away so they could bet on how long it would take for the house to burn to the ground.  I have also pointed out to various people that the funds advanced to the "too big to fail" group were 3 to 4 times the amount of mortgages purportedly in default.  Glad to see someone is drawing attention to this.
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 Excellent analogy HGosh!  Let’s be a little more specific about this subprime playbook. This house fire was no accident. It can not be blamed entirely on economic conditions, financial ability of borrowers, liar loans or time worn predatory lending tactics. There were arsonists involved and their flame accelerant was mortgage servicing fraud. We know them as subsidiary servicers of major investment banks. Some were independent servicers who merely contracted their services aka “Fire for Hire”. These servicers had perfected their game, having been at it since late ’80’s for their own and others’ profit. Here’s one who recently got FTC wrist slap after 20 years of despicable behavior:
Bear Stearns - EMC Mortgage Corp - http://www.ftc.gov/opa/2008/09/emc.shtm
Where’s the profit in these times when mortgages are under water and homes no longer hold equity?
Insurance, of course…… but not just any old insurance policy, one where you are not required to have skin in the game, which makes it almost impossible for forensics to identify and prosecute perpetrators of this crime. Thanks to Phil Gramm’s deregulatory moves, credit default swaps became an emminently suitable vehicle for this purpose. So it was that in cold dark winter days of January 2006 - subprime ABX index was born, conceived and birthed by a group of traders working for investment banks that all had subsidiary servicers under their roofs/control.
http://www.bloomberg.com/apps/news?pid=20601170&refer=special_report&sid=aA6YC1xKUoek
How are ABX.HE indices compiled every 6 months? By these very same traders of course.
http://www.forbes.com/2007/08/06/croesus-chronicles-indexes-oped-cz_rl_0807croesus.html
Was the whole subprime credit default swap orgy rigged from the start? You betchya!
Did investment banks conspire to rig ABX in their favor? You betchya!
Did insider servicing information inspire obscene leverage in these bets? You betchya!
Did investment bankers instruct subsidiary servicers in which REITs to manufacture bogus defaults? You betchya they did!
Take a look at the big players in Markit Group’s kick-off ABX presentation: ABN AMRO, Bank of America, Barclays Capital, Bear Stearns, BNP Paribas, Citigroup, Credit Suisse, Deutsche Bank, Goldman Sachs, HSBC, JPMorgan, Lehman Brothers, Merrill Lynch, Morgan Stanley, UBS, and Wachovia, all firms with subsidiary mortgage servicing units.
http://www.markit.com/information/products/category/indices/abx/documentation/contentParagraphs/09/document/ABX_Marketing_Presentation.pdf
Markit’s own website acknowledges “Working in conjunction with a consortium of key asset-backed security trading desks” Financial Times reports that these banks and brokerage firms held a majority interest in Markit of approximately 67%, hedge funds owned 13%, and employees 20%. The firm’s web site currently says it has 16 banks as shareholders, without naming the banks. That’s okay. We know who THEY are.
Time to call these spades friggin' shovels:
Retention Bonuses = Hush Money
Markit Group Consortium = Banking CARTEL
House on Fire = ARSON !
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4 Justice Now
Outstanding work! my friends. I simply couldn't agree more! If and when our fellow citizens ever actually wake up to see the reality of this incredible fraud as it truly is, instead of the way it has been portrayed by the vast majority of organized media. The daily scene might become quite amusing in deed, to say the very least. But certainly not for the criminals as well as their aiders & abettors.

My opinion.

R,

4J
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TommyD

Great new movie out about this subject, the title is "Drag me to hell".
It's classified as a horror film, wonder why?

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Amherst

Amherst Default Swap Trades Spark JPMorgan Protests (Update1) - Bloomberg.com

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loopholes

Predatory Lenders Find Loophole in New Lending Law

Public News Service - ?Jul 30, 2009?
Quick-cash lenders have found a loophole around Virginia's new law cracking down on predatory lending. Last year, legislators limited payday loans (money ...
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ABearTrap

DOJ: Ex-Fund Manager Cioffi Rarely Adhered To Conflict Rules

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4 Justice Now
pacfilm:
 
Are you guys still alive? Just checking.
 
 
V/r,
 
4J
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SUBPRIMECRIME!

YouTube - SubPrime CRIME! Stop the Housing Bail Out!!!

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4 Justice Now
Any information regarding a possible release date? Seems like its getting to be now or never.

Has anyone here seen the new Michael Moore production? It's certainly rubbing some of the usual talking (dick) heads the wrong way, which is a very good thing as far as I'm concerned.

4J
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Lots going on its still in production, Larry Litton is not going to like it, that's for sure, and there are a lot of feds are not going to like it either.  Were still connecting dots!
 
I think Glen Beck got that from us, (Connecting the Dots)
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4 Justice Now
Gary,

Thanks for the update! Yes, they will most certainly hate the attention that it is going to bring their way. Hopefully, it will expose them as being the cockroaches of society they truly are.

IMHO

V/r,

4J
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