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.
Articles |The FORUM |Law Library |Videos | Fraudsters & Co. |File Complaints |How they STEAL |Search MSFraud |Contact Us
Digger

How Bear Stearns Mess Cost Executive His Job

By Kate Kelly and Susanne Craig
Word Count: 2,234  |  Companies Featured in This Article: Bear Stearns

On Wednesday James Cayne, the 73-year-old chief executive of Bear Stearns Cos., summoned his top lieutenant to his smoky, dimly lit office in midtown Manhattan.

The big securities firm Mr. Cayne had led as CEO for 14 years was under attack. Two of its mortgage-related hedge funds had blown up, costing investors more than $1 billion, and its stock was under siege, down 27% this year alone. The way Mr. Cayne saw it, Warren Spector, Bear Stearns's co-president and the person most often cited as his likely successor, deserved some of the blame.

He told Mr. Spector he had lost ...

 THE FULL WSJ.com ARTICLE IS ONLY AVAILABLE TO SUBSCRIBERS.
Quote 0 0
Write a reply...