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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arkygirl
So, which is it? "Immaterial", "Insignificant" or "The poop is about to hit the fan"?

Goldman Sachs' mortgage servicing unit has suspended evictions and foreclosures in some states, according to a regulatory filing Tuesday.

Goldman has been reviewing the practices of its Litton Loan Servicing unit after regulators and states attorneys general asked for information about its practices, as part of an industry-wide probe into banks' foreclosure practices, the firm said.

"Litton has temporarily suspended evictions and foreclosure and real estate owned sales in a number of states, including those with judicial foreclosure procedures," Goldman said in a filing with the U.S. Securities and Exchange Commission Tuesday.

Goldman said it has not found evidence of any foreclosures that were unwarranted, and that it does not expect its foreclosure suspension "to lead to a material increase in its mortgage servicing-related advances."

http://www.cnbc.com/id/40090151

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"Litton has temporarily suspended evictions and foreclosure and real estate owned sales. . . "

I find the underlined even more telling.  Correct me if I am wrong, but is this not the first time a servicer has halted sales of REO properties?
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I'm strongly rooting for 'the poop is about to hit the fan.'

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LOL. It is my understanding that the law requires that one OWNS what one is selling. I believe we are approaching the place when none of them can prove that they have a legal loan with any borrower or that they legally own any REO properties.

They have screwed the pooch with both borrowers and investors. It is death by millions of cuts, all of them self-inflicted. I have worn out my popcorn popper lately. It looks like they will go down like the Wicked Witch of the West after the bucket of water was thrown. "We're melllting....."

My neighbor has a nice fairly new SUV. I will sell it to the highest bidder. Purchaser will have to apply for a lost title. THIS is exactly what these banks/servicers are peddling. Stuff they don't own. (On the slim chance anyone takes me up on this offer, there is a ridge in San Fransisco I'll sell cheap, too.)

What boggles the mind is how long it took the courts to believe that the fraud was this big. Years and years and years!


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