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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Ed Cage

In case anybody missed this fine article put up by Mortgage Servicing Fraud:

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“It’s not the Mortgage Brokers that caused the Meltdown; it is the ‘Financial Wizards of Wall Street’ who are to blame!


Everybody is looking for a scapegoat. They can't choose the "bankers" because that is too close to the truth... so they must blame the relatively independent "mortgage brokers" for the financial fiasco.

What happened?

Simply put, the financial engineers in Wall Street firms packaged both mortgage and corporate debt into separate pools, added a hedging strategy which was supposed to mitigate any undue risk, submitted the derivatives package to the ratings agencies who rated the entire package as being "investment grade," which in turn allowed the Wall Street boys and girls to sell their packages to investors such as hedge funds, pension funds, mutual funds and other financial institutions and allowing them to pocket their multi-million bonuses in real dollars. Not promised dollars based on the performance of their products, but real commission dollars based on what others paid for these toxic packages…”

See entire article at:

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Respectfully submitted by
Ed Cage
1804 Cross Bend, Plano Texas

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Thanks Ed these crooks function like the Mafia or military black ops everything is compartmentalized to protect those at the top of the chain of command.
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Ed Cage


          Greg Collins said:

          “Thanks Ed these crooks function like the Mafia or military

          black ops everything is compartmentalized to protect

          those at the top of the chain of command.”


You’re exactly right Greg and you have pointed out something that is at the core of prosecuting our mortgage serving fraud problem. When EMC cheated me out of several thousand dollars, much of it was done by EMC Paralegal Rene M. Johnson in the EMC Legal Department. But she was acting on the specific direction of EMC Chief Legal Counsel Eileen M. Smyth. Smyth attempted to cleverly insulate herself against direct exposure by using a go-between hoping nobody would notice. She got caught in many similar illicit acts and now faces possible disbarment in Texas. Needless to say when Bear Stearns took over EMC, 80% of the EMC employees were/are no longer there.  Consequently you if you wish to tidy up leftover EMC matters with the executive office you now are sent to


How do you say “insulated from prosecution?”


Ed Cage
1804 Cross Bend, Plano Texas

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The article is flawed and does not reflect root cause analysis.  None of this mess could have risen to the level of Wall St., were it not for brokers and appraisers artificially raising values.

Subject: Appraisals

Effective immediately, it is against Lenox Financial Mortgage Policy to have any appraiser

collect their check at the door of the customer. Given the fact that diminishing property values

are crippling the industry, when an appraiser is paid up front at the door, there is no incentive for

the appraiser to work as hard to attain the true value of the property. Not only does the appraiser

have no incentive to assist the client in obtaining the true value of the property, in many

instances the appraiser will take an extremely conservative approach to limit their exposure.

Taking an extremely conservative approach at this time only exacerbates the problems our

clients are experiencing with respect to refinancing or purchasing a home.

Please take immediate action to:

• ensure that all appraisal requests clearly indicate that the appraiser will be paid at the


• adjust your fee sheets accordingly so that the appraisers do in fact get paid at the closing,

• in instances where value may be an issue, ensure that the appraiser does a comp check

before proceeding to the property to complete a formal appraisal, and

• in instances where an appraisal is completed and for some reason the loan does not close,

make arrangements with the appraiser to pay him twice out of the proceeds of your next


As I mentioned above, this policy is effective immediately.

Jack C. Stevens

Chief Operating Officer

Lenox Financial Mortgage, LLC

O) 404-601-0153

C) 404-925-5996

F) 404-591-9440


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Greg, keep a low profile for a while, call me.
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  WHY   ?
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