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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Yesterday on C-SPAN during a House Financial Services Committee Hearing on Economic, Mortgage and Housing Rescue Bill, SEVERAL CONGRESS MEMBERS KICKED BUTT!

In attendance were the usually partners in crime, OCC, FDIC, HUD (FHA), Federal Reserve, OTS.  Also in attendance was a second panel of economists, academics and community leaders.

House Financial Services Committee Chairman Barney Frank announced the committee hearing would be discussing economic, mortgage and housing rescue plan he announced last week. 

Congresswoman Maxine Waters brought down the House, when she demanded answers from regulators, asking why have mortgage servicers been allowed to overcharge customers unnecessary fees.   No one answered.  Congresswoman Waters went on to ask them, well who regulates these people.  They all remained silent.

In a second round of questioning, Congresswoman Waters questioned "HOPE NOW's" data indicating how they are preventing foreclosures.  She asked, if "Hope Now" is really helping people. Why are there still more homeowners being foreclosed upon then before the program's initial start up. 

Another firecracker, Congressman Michael E. Capuano gave Federal Reserve regulator a tongue lashing, when he made reference that since many of these homeowners engaged in risky behavior securing some of these adjustable loans.  New stringent rules are needed when applying for government FHA loans.  Congressman Capuano response was,  I see you have all of these rules and guidelines for Joe Smutt, the little guy who needs help with his mortgage, but you didn't have the same rules for Wall Street Investment Banks that also engaged in bad risky behavior who were bailed out anyway by the Federal government and given billions of dollars.  Congressman Capuano went on to say, I find it very disturbing that the cash window is still allowed to be opened for (60) days. "

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