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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http://www.texasahead.org/economy/cra/Reinvestment2009.pdf
The U.S.and Texas are watching the most serious foreclosure crisis in America since the Great Depression.Foreclosure filings in 2008 were up 81 percent over 2007.
This equates to 3,700 foreclosures each business day for 2008. More than 8 million American homes may face foreclosure in the next four years, according to the National Consumer Law Center, Inc.  As of April 2009, 0.8 out of every 1,000 housing units in Texas were in foreclosure.Out of every 1,000 Texas homes financed as of April 2009, almost 53 percent were paid late at least once in the previous 12 months.
Examples of existing state foreclosure laws that may accelerate the loss of homes and wealth include the following:
• except in California and Connecticut, a mortgage holder can push a home to foreclosure directly without any requirement to modify the terms of the loan;
• no U.S.mortgage holders have any legal obligation to halt foreclosure if the homeowner produces the owed payments and incurred penalties and fees;
• except in Massachusetts, New Jersey and Pennsylvania, mortgage holders that claim a homeowner has fallen behind in payments can immediately impose default costs and fees that weaken the chance for the homeowner to catch up on back payments.

As of February 2009, 30 states and the District of Columbia allowed “fast-track” foreclosure of homes owned by individuals alleged to have fallen behind on home payments. In 33 states and the District of Co-lumbia, no legal requirement ensures that homeowners are personally served with a foreclosure notice or the legal documents that start a court foreclosure case.


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