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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Marion R.
I went to this site to check out the critical 72 hour study - and wow! what an in-your-face source truth about the housing and morgage industries.

As a homeowner I've been wanting to understand the big picture about what's really been happening in the real estate and mortgage industries. For example, why have so many people got these "exotic" mortgages that they're now defaulting on in record numbers? I mean think about it, how could millions of homeowners really be so stupid to take out the wrong mortgage to buy a home so they could lose it in a couple of years? What sort of mass hypnosis does it take to perpetrate this on a population?

I was beginning to wonder if there was anyone with enough insight and gall to tell the truth about what's really happening. Well if you've been troubled by these questions I found a consumer advocacy site via the 72 hour study that tells it like it is. Here are some quick facts/answers (some obvious) I found:

1. OBVIOUS: Home is the most expensive investment we make in our lives

2. OBVIOUS: We as homeowners only refinance every couple of years

3. OBVIOUS: We don't have the depth of knowledge to really understand the intricacies of the new loans on the market today

4. OBVIOUS: We turn to mortgage professionals to help us make the right choice

5. SHOCK: Most loan officers are NOT required to undergo any formal training to qualify as a Loan Officer. They are basically sales people promoting loans they don't even understand.

6. SHOCK: there are a whole host of "tricks" they use to sell people into exotic mortgages. In fact they are trained by lenders to steer you away from asking intelligent questions. Check out the reports here especially the one called "Suicide loans, the explosive truth about pay-option-arms" -

7. SHOCK: (but should be OBVIOUS) there has been a conspiracy to setup people into mortgages that they would have to refinance in just a few years - in the process stripping away their equity and costing them $1000s. Take a look at these articles -

Refueling the Next Refi-Boom: Adjustment of $1.3 Trillion in ARMs About to Devastate Homeownership Dream for Millions

Homeowners are Sitting Ducks for Exploitation as $1 Trillion in ARMs set to Readjust

Anyway, I could go on because there's plenty of other shocking content on this consumer advocay site that I've not seen anywhere else. There's enough information to keep me going for hours. they also endorse a major lender as the most ethical in the country. The consumer advocate's name is harj Gill and he's like the Ralph Nadder of the mortgage industry. Finanlly someone willing up to stand up for the little guys.

By the way thanks for the information. I filled out the form and am waiting for the free copy of his book as promised. If it's anything like the website it should be dynamite. Also the 72 hour link is NOT active and I had to copy and paste it to my web browser to go to their site. More briefs to follow . . .

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Actually, it's not so much stupidity as naivete.  Buyers didn't realize that prices wouldn't keep going up, that real estate is so rife with fraud that everyone would get taken, and unaware of what a lawless industry real estate is.


There is such a lack of ethics and oversight that people expect a level of integrity that's typical of all industries.  Not so in real estate.  You don't expect to get fleeced to the bone nowadays with all the consumer services.

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Good find.


How can borrowers be so stupid?


Mortgage Bankers used to enjoy a nice reputation until a few years ago.


People rely on the experiences of the past dealings with the real estate industry that were basically honest and straightforward.


Institutions were funding loans and collecting the repayment themselves.


Lending institutions verified borrower information.  It was quite the requirement burden for the borrower.  Right down to your credit report

shows a late payment to a utility company 6 years ago.  Explain why?

Are you kidding me?


Did you ever think that a Mortgage Broker was an absolute service to rip you off and guide you into accepting the worst possible rate and the worst

written contracts?  Even putting you into a sub prime loan category when

you didn't deserve to be put into that category.  False, inflated appraisals

so you overpay for the property, pay the highest interest rates.


There is no part of the real estate industry that doesn't conjure up

a saliva spitting junk yard dog after your money and providing you nothing of benefit.


That ought to be the way we look at the real estate industry.


Suspect fraud through every step of the way.  Challenge them every step of the way.


Look after yourself.  Don't expect any broker or agent to look after you or treat you and your money with respect.  They are going to try to steal it.


Learn how to say NO.  That's a deal breaker.


If you are not prepared to put a leash on the real estate professional

every step of the process from funding to collection of the repayment?


Guess what?  You are going to get fleeced.  You are not ready to buy a house.  Educate yourself first.


make yourself a formidable adversary from the get-go.  Get wording in your contracts that protect you.


Who said you have to sign a "canned" mortgage contract?  Get protection for you in those contracts.


I'm so aggressive now, I'm willing to bet every real estate professional

around here would run away quickly after a short interview.  They don't want to be bothered by informed "marks".


Sooner or later the people in this country are going to demand reform of this industry and put these junkyard dogs on a leash and muzzle them.







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Standing and clapping.

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There is a valid point here although accidental judging by the intelligence level of the author. Our valid ms fraud claims may get washed out by the flood of foreclosures caused by arms and predatory lending. Also the arms foreclosure are a part of a much larger scam that has been played before although not to this level of sophistication and planning. The scam is manipulate the market and lending situation to create massive foreclosures and bank, S+L failures.

 Stupid many might think, why do that and go out of business because these properties are colaterized against each other the lender never fronts us any cash they are really brokering our equity. So what happens to all those foreclosed homes? the entities who hold the notes get a whole bunch of homes for free and the taxpayer foots the bill and pays the holder of the notes for their fraudulent losses. Its really much more complex than that or all of us would have figured it out long ago , but really all it is is a Ponzi scheme and those running it keep the loot this time it will be trillions if we do not stop them.
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Before everyone gts too excited about Mr. Gill's book, understand that his "system" can work to pay off your mortgage earlier, but it is anything but simple.


In order to use it, you will need to open a HELOC that functions off daily interest. Without going into the details, most victims of mortgage servicing schemes aren't going to qualify.



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HELOC @#$&%$*&
When we went to sign our refi papers, attached was a second, in the form of a HELOC. We had never heard the term before, and were told that basically, it is just $$ set aside to use if you want it. We figured, no big deal. If we didn't spend it, we wouldn't owe anything on it. The $50,000 went into an account with Countrywide, and was dispersed within 24 hours. We hadn't even received the checks or the credit card to access it yet. Now Countrywide admits that they had the $$, and agree that it is gone, but don't seemed concerned with what they did with it. Meanwhile, they expect us to pay the payments every month. Countrywide, keep the house. We're outta here. Hasta la vista baby. 
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I've always wondered how/why a Canadian medial supplies exec becomes a US "consumer advocate". I can't believe that there is more money in giving seminars in Las Vegas than there is in medical supplies..But I've been known to be wrong before - especially at $2500 +/- a pop...

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