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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I for one am tired of reading in the press, "paper work mistakes"/ I guess that's what they are now calling, forgery, altered documents, false affidavit's and swearing, perjury. Now equals "some paper work mistakes"
 
My Ass!  Lets get it right this time!  It was MANUFACTURED FORECLOSURES FOR PROFIT!
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arkygirl
I'm with you, Gary. I get nauseous and angry when I hear or read "Mistakes".

It's not mistakes; it's FRAUD. Let's just call it what it is.

States are very specific on land titles and with good reason (how would they know who to tax otherwise, lol)

As near as I can tell, all land transactions rely on paperwork, not easily manipulated databases located in the backside of nowhere. MERS has been a fraud since it's inception. There are no doubt thousands of people who have a MERS login and a $25.00 rubber stamp that declares they are "Vice President of MERS". (Those will be selling for cheap on Ebay soon, I am sure). They can do just about anything they want to in that database.

I am sure that the banks still could have kept the mess together; after all, they are the BANKS. They knew the rules way longer and way better than the borrowers. They could have entered data into MERS and also filed the proper paperwork (DOT) at courthouses around the nation then sent the paper note into the REMICS. It would have been possible. They made enough profit to hire armies of people to do this correctly.

Did they learn this behavior from each other and collude to turn this into the "way everyone is doing it" so as to get the procedure designated an "accepted business practice"? (That defense has actually worked for servicers before.) Strikes me as funny that if enough companies commit the same fraud, it is no longer considered fraud by some judges. (Odd, huh? I suppose if a lot of people started committing murder they would just be able to say "But, your Honor, EVERYONE is doing it". *BANG*)

But, the banks in their overwhelming greed, could only think of churning out more and more mortgages in massive quantities so that Wall Street could get that check to them in the mail. What the banks have been doing amounts to illegally flipping properties via "exotic loan products". And now they are stealing property via false affidavits.

In between all this they were selling air to investors. Good God, the SEC must have been in the bathroom with diarrhea for the last ten years not to have caught on to this one! Nobody was watching anything.

I hope the fifty AGs can accomplish something even though most of their powers were stripped by the ever-awful Ney-Kanjorski bill in 2005. I do believe they have finally woken up to the fact that their counties, now cash-starved, were deprived of massive amounts of recording fees over the past decade.

Some states have penalties for false affidavits-in Ohio it is $25,000 PER PAGE! What if Cordray goes through the past cases and demands payments of those fines? Dead banks!

Maybe the judges will wake up and start demanding that the foreclosing parties properly document their claims. All those affidavits of lost note are starting to look pretty shady now. And a lot of judges have lots of egg on their faces.

Maybe investors will start demanding to be allowed to look into that air-filled junk box that they bought? Oh, my!

This could be the end of the 2big2fail banks. Good riddance! They were like crack addicts; they needed more and more, faster and faster. Now they are lying in the gutter begging all of us for a fix. Actually, they lobby our sorry government for their fix allowing those leeches to get rich, too.

They did it to themselves.

No pity! No fix! Dead banks walking.


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arkygirl
I forgot to add....screwing up chain of title in approximately 60 MILLION pieces of property that will take a decade (if ever) to straighten out. Ugh!

Didn't the founding fathers warn of this?

Oh, yeah, that old inconvenient guy Jefferson. He knew.

Thomas Jefferson said in 1802:

Banking institutions are more dangerous to our liberties than standing armies. If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks and corporations that will grow up around the banks will deprive the people of all property until their children wake-up homeless on the continent their fathers conquered.


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How far would I get if I told the judge or the bank,  OOOOOPS I forgot to pay my mortgage and I forgot to go work.  Oh yah I lost my job.  I forgot.  Who would believe that?

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anon

I accidently signed the wrong name on the check.

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aekygirl
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I accidently signed the wrong name on the check.


LOL. Almost right.

It would be more like "I forgot that I accidentally hired someone to forge my name to the checks. Lots of checks. Oh, you say they all bounced? That's OK; I have several people in my art department who can print up lots more new ones with a better design. *wink wink* Maybe I can sneak them by this time, your honor.

Give me one more chance, I'll get it right this time for sure. Aw, judge, you know I wouldn't lie to YOU, don't cha?"
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arkygirl
"Your Honor, the silly people I hired to sign my name to those checks? Well, it appears they were misspelling my name as "aekygirl". Maybe that is why the checks bounced?'

Dammit, I just cannot hire good help these days". *SIGH*

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Stephen

My mortgage lender admitted it over the phone when I told them I knew what they were up to, saying:  "I know, but there's nothing you can do about it".  He was right.  That was Eric Barth from Guaranty Bank.  Boy would I love to meet him on the street.

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