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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floridagal

UPDATE 2-NY regulator, Goldman reach 'robosigning' pact

Thu Sep 1, 2011 3:46pm BST

* Goldman, Ocwen to strengthen foreclosure oversight

* Goldman to take $53 mln mortgage writedown

* State regulator gives green light to Litton deal (Adds background on Litton, regulatory probes)

NEW YORK, Sept 1 (Reuters) - Goldman Sachs Group Inc (GS.N) will compensate some home loan borrowers for wrongful foreclosures under an agreement reached with a New York state banking regulator.

The agreement, which New York financial services superintendent Benjamin Lawsky reached with Goldman and Ocwen Financial Corp (OCN.N), contains several measures to strengthen the oversight of foreclosure proceedings.

It also will allow Goldman's planned sale of its Litton Loan Servicing LP unit to continue.

A chief focus of the superintendent's agreement, which was announced on Thursday, was putting an end to a practice known as "robosigning," in which bank employees signed foreclosure documents without reviewing case files as required by law.

Goldman, Litton and Ocwen agreed to stop the practice, make new staffing and training requirements for employees handling foreclosures and withdraw pending foreclosure actions that are based on faulty paperwork.

They also agreed to compensate borrowers for wrongful foreclosures and strengthen protections for homeowners in relation to late payment fees and insurance costs.

Goldman also agreed to forgive 25 percent of the principal balance on mortgages that are 60 days overdue, a move that will cost the bank $53 million.

Ocwen is in the process of buying Litton, a Houston-based mortgage loan servicing business, for $264 million. The agreement will allow that deal to proceed, the superintendent's office said. As a result of the robosigning pact, Lawsky agreed to issue a "no objection" letter to the deal.

The Ocwen-Litton combination will create the 12th largest mortgage servicer in the country, according to Lawsky's office. Goldman said in a recent regulatory filing that it expects the deal to close by the end of the year.

Goldman bought Litton in 2007 for $430 million, hoping to glean more information about the subprime mortgage market to help its trading business. In recent years, it has become a money-losing thorn in Goldman's side.

The bank began considering a sale of Litton late last year, as the mortgage market continued to suffer losses and state and federal regulators began investigating industry-wide foreclosure problems. Goldman wrote down the value of the business by $220 million in the first quarter.

In a quarterly filing on Aug. 9, Goldman said Litton was facing probes by state attorneys general and banking regulators. A group of the nation's largest banks are said to be working toward a settlement that could resolve some of those investigations and cost the industry billions of dollars.

Goldman Sachs spokesman Michael DuVally declined to comment on the agreement. An Ocwen representative did not respond to a request for comment. (Additional reporting by Sakthi Prasad in Bangalore. Editing by Vinu Pilakkott and Robert MacMillan)

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In a separate action today:
 
Federal Reserve Board announces enforcement action
against Goldman Sachs 
 
 September 1, 2011

For immediate release

The Federal Reserve Board on Thursday announced a formal enforcement action against the Goldman Sachs Group, Inc. and Goldman Sachs Bank USA to address a pattern of misconduct and negligence relating to deficient practices in residential mortgage loan servicing and foreclosure processing involving its former subsidiary, Litton Loan Servicing LP.

Goldman Sachs sold Litton to Ocwen Financial Corporation on September 1, 2011 and has ceased to conduct residential mortgage servicing. Litton is the 23rd largest mortgage servicer in the United States.

The action orders Goldman Sachs to retain an independent consultant to review foreclosure proceedings initiated by Litton that were pending at any time in 2009 or 2010. The review is intended to provide remediation to borrowers who suffered financial injury as a result of wrongful foreclosures or other deficiencies identified in a review of the foreclosure process. The foreclosure review will be conducted consistent with the reviews currently underway at the 14 large mortgage servicers that consented to enforcement actions brought by the banking agencies on April 13, 2011.

If Goldman Sachs re-enters the mortgage servicing business while the action is in effect, it will be required to implement enhanced corporate governance, risk-management, compliance, borrower communication, servicing and foreclosure practices comparable to what the 14 mortgage servicers are implementing.

As noted in the April press release, the Federal Reserve believes monetary sanctions are appropriate and plans to announce monetary penalties. These monetary penalties against Goldman Sachs will be in addition to the corrective actions that Goldman Sachs will be taking pursuant to today's action. Goldman Sachs has acknowledged in today's action that it will be responsible for satisfying any civil money penalty that the Board of Governors could have assessed against Litton for its conduct.
http://www.federalreserve.gov/newsevents/press/enforcement/20110901b.htm

CONSENT ORDER

http://www.federalreserve.gov/newsevents/press/enforcement/enf20110901f1.pdf

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floridagal

Litton and Ocwen Agree To Withdraw Robosigned Foreclosures!

                                                       

Thanks to Lisa at ForeclsoureHamlet for this heads up.

Goldman, Litton and Ocwen also agreed to withdraw pending foreclosures if affidavits were robo-signed or inaccurate. The settlement requires the company to either return property that was wrongfully sold back to the original borrowers or provide compensation.

MSNBC

And just think about all this:

The firms also agreed to strengthen oversight of foreclosure counselors and terminate any foreclosure attorney who has problematic document practices or who faces court sanctions.  FILE YOUR COMPLAINTS WITH New York’s Superintendent of Financial Services!

There are several ways to get assistance with an issue, make an inquiry or file a complaint against an institution that we supervise. The quickest way to reach someone is by calling our toll-free onsumer Help Line at 1-877-BANK-NYS (1-877-226-5697).

The Consumer Help Line is open between 9:00 am and 5:00 pm Monday through Friday. During off-hours, you may leave a message. Our Consumer Help Unit staff speaks English, Spanish, Russian and Mandarin and can provide referrals and answer questions you may have with regard to a financial institution or mortgage.

For more information on filing a complaint or to file a complaint online or via email visit our Consumer Help page

FORECLOSUREHAMLET

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BobbieF
The Feds are throwing the banks under the bus.


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make sure you do NOT pay until your modification is approved!!!

http://www.facebook.com/pages/Eastside-Capital-Foreclosure-Prevention/107861852701087?ref=stream
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Cabinetmaniac
Quote:

Goldman, Litton and Ocwen also agreed to withdraw pending foreclosures if affidavits were robo-signed or inaccurate.



Am I reading it correctly, when I read that "robo-signed affidavits" does not include all robo-signed documents?

What about assignments? A MERS assignment is not technically by Ocwen and it also does not seem to rise to the level of "affidavit."

I would say the majority of their foreclosures include robo-signed documents, or at the very lease documents signed by robo-signers.

I would like to read the actual agreement.








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Cabinetmaniac
I found the agreement on another thread.

http://www.dfs.ny.gov/about/press/clocwen.pdf

Despite the spammer reviving the thread it is interesting to me.

Does this only apply in New York? Have they actually withdrawn any complaints?

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IT IS INCREDIBLE THAT THESE IMPORTANT ISSUES HAVE RECEIVED SO LITTLE ATTENTION

ANY HELP HERE  PLEASE?????????????????????????????????????
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 IS ANYONE HERE HAVING FORECLOSURE OR REMODIFICATION ISSUES???

WITH OCWEN?? GMAC??
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joshua wrote:
 IS ANYONE HERE HAVING FORECLOSURE OR REMODIFICATION ISSUES???

WITH OCWEN?? GMAC??


Yes
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call 717-813-6409

i can help with loan modifications GMAC and Ocwen, i have an inside on how to get certain things done with both labels.

I  help people avoid foreclosure, no money is paid until your modification is approved
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Gil
Quote:
call 717-813-6409

i can help with loan modifications GMAC and Ocwen, i have an inside on how to get certain things done with both labels.

I help people avoid foreclosure, no money is paid until your modification is approved


The Forum is now nothing more than a bazarre for competing offers by various debt elimination scams and debt modification scams.  All of the useful posters were driven away and the remaining vultures will fight over the carcasses of any distressed borrowers who appear here to read Mr. Roper's posts.
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Lucky
joshua wrote:
call 717-813-6409

i can help with loan modifications GMAC and Ocwen, i have an inside on how to get certain things done with both labels.

I  help people avoid foreclosure, no money is paid until your modification is approved


Dude,

You don't even know that you should capitalize the letter I.

You also wrote four sentences as two sentences.

I wouldn't hire you to pull weeds.

https://www.corporations.state.pa.us/corp/soskb/Corp.asp?2984318

http://www.linkedin.com/pub/josh-turner/54/910/3a8


Click image for larger version - Name: www.linkedin.com_screen_capture_2012-11-19-18-51-4.png, Views: 13, Size: 115.14 KB Click image for larger version - Name: www.corporations.state.pa.us_screen_capture_2012-11-19-18-36-4.png, Views: 8, Size: 313.55 KB
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Skip
Quote:
Dude,

You don't even know that you should capitalize the letter I.

You also wrote four sentences as two sentences.

I wouldn't hire you to pull weeds.

https://www.corporations.state.pa.us/corp/soskb/Corp.asp?2984318

http://www.linkedin.com/pub/josh-turner/54/910/3a8


It is very mean for you to attack Joshua Turner in this way!  He is a graduate of Mike H.'s scam school and fully qualified to develop an absurd foreclosure defense for you.  Also he fully paid for his debt modification scam franchise in the Harrisburg area, but will accept money from gullible people nationwide.

Just give him all of your financial information, including your SSN, DOB, and bank account numbers.  He can definitely help!
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skeptic
You can also make $10,000 per month investing with Joshua Turner.  All you need to do is agree to guarantee his various ventures!


This is all on the level.  Really!  Also, it is fully endorsed and guaranteed by Mike H.!
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?
Love the spelling from the link provided above.

"Up to 10,000 monthly!!! all reuired is a 660 FICO. no money down, no money necessary!

You can invest without investing money but investing your credit and make money fast and regularly! We need good guarantors to issue a personal guarantee for the lease of luxury vehicles for 3 months and you get paid upfront!!!

serious inquires please call

(717) 813-6409

Where is the Danger Will Robinson when you need them?

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SCAMS ARE FOR THE SCAMMERS

95% success rate



good luck to all

hope your all doing well with your OCWEN, and GMAC remodifications!

good luck in the future to all!!


J.Turner


ps.."who is Mike H??"

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nice one whoever made that one up!!


good luck to you all in the future!!

in an Obama ran country, we will all need it!!


take care to you all!!

and if you are looking to get the inside on your difficult modifications

you know how to contact

for all of you whom have been scamed and ran around and through by people claiming to help, there is help!

all the "refutes" are from those whom have been scammed, so the agnst is natural
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TO GIL SKIP, SKEPTIC AND LUCKY


sounds like you all are part of the problem!!


how bout you become part of the solution


i have direct contacts with GMAC and OCWEN we use one person to handle all the cases, you will never be "re-routed" through 15 people who cannot speak English

you will deal with one case manager, and YOU WILL NOT PAY A DIME, until approved


i understand if you all have been ripped off

its terrible

ps.."feel free to email with no violent rhetoric please, while others scam we help...ever lose your home?? i have...took while to get another...so rather than anyone go through it, how bout we prevent it??"

good day, week, and NEW YEAR to you all!! 2012 has been interesting
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Texas
Will Robinson not as lost in space as thought.

As for the prior:

Danger, Will Robinson, Danger
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and PA PORTAL/business search

"EASTSIDE CAPITAL VENTURES"

the parent company for EASTSIDE CAPITAL FORECLOSURE PREVENTION

the ONLY

remodifcation specialist that will NOT charge you a DIME until you are approved, and if you are NOT approved you do not pay!!



ps "nay sayers have little to live for but naysaying, and being as clever as they can with such a small insignificant proceeding as you can see in the post above"
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Texas
When one see sentence structure as above, caution is a word that comes to mind.
In speaking of words, what the heck is a "remodifcation specialist?"
History provides that Goliath failed to underestimate his opponent, David.

To repeat:

Danger, Will Robinson, Danger ! ! !


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HAPPY 2013 TO ALL

INCLUDING WILL ROBINSON

WHOM MAY BE LOST IN SPACE...

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