The mortgage servicing fraud site is narrowly directed at only our industry. A quote from the home page puts its approach into perspective: “The American Dream of homeownership is being turned into a NIGHTMARE! This nightmare is orchestrated by a growing number of well-known, corrupt, and ruthless mortgage servicers who manufacture defaults on performing loans to then flood the account with illegal fees strategically designed to STEAL the borrower’s equity — and ultimately the property. In addition, the borrower’s credit is destroyed to prevent them from refinancing with another lender.”
There are a number of adverse articles on the site and other informational resources that negatively reflect on our industry, but the guts of the site is its forum (http://www.msfraud.org/forum.htm). Here, every imaginable problem is discussed; every adverse case is referenced; and like sharks that smell blood, class action attorneys tout their successes and seek new clients. This site alone should keep everyone in the industry up late at night. Nonetheless, it is a must-read to gain insight into just how serious this problem has become.