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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House bill would let courts alter mortgages
ABC News - 42 minutes ago
"Predatory lenders" may be saddled with the loans, he said. Under loan modifications, the lender and loan-servicing company change the mortgage terms to make them more affordable to the borrower. This can include lower interest rates and forgiving a ...

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Way To Go

This has been a much-talked-about bill.  And, it would be a great tool for many.  The problem is that it has a snowball’s chance of passing.  The amount of lobbing cash that the investor crowd will throw at its destruction is virtually unlimited.

 

There are millions of borrowers who are facing ARM resets.  Up until the reset, their family budgets were doing OK, and their credit scores were holding.  Now their loan resets and they are doomed.  It is sad that their only hope for a modification is to file chapter 13.

 

I predict that if the investor crowd is successful at stomping this bill into oblivion they will look back on their efforts and realize that modified performing loans at 7% are a better deal then reset loans of 10% on REO inventory.   

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One thing to keep in mind, though, WTG is who is planted in between the lenders and the investors. And on that note, I would also remind you of Ellington Credit Fund v. SPS et al. Of course, this could also be pointed to as an example of an investor uprising...

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