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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Fed Up
Is there a forum where individuals who work for default servicers can post their experiences?

What protection does the low person on the totem pole have if her or she speaks out? 

Servicing execs seem to think they have an arguable case for taking the money from borrowers and possibly investors under the terms of the note.  "Just pay your mortgage payment you dead beat," they say.

There also appears to be little oversight over this segment of the industry.  Who is responsible for policing mortgage servicers?
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Greetings Karen FED UP,

This is a very good ??? Look thru my posts. I have been in the business as a 3rd party collector. Until come to find out after 2 1/2 yrs on the job they never had it in their contract to sell mortgage notes the way I was told when I accepted position.

Plus I finally found information about the case I was terminated 4 for having a conflict of interest. Conflict came up when I didn't agree with them stealing $80,000 from an investor in notes for $300-$500k face value. While the investor ended up being a POS and EMPLOYER (NATIONAL COLLECTION AGENCY OWNED BY LAWYERS) was a POS I say their both wrong. MAINLY BECAUSE AGENCY NEVER HAD IT IN THEIR CONTRACT TO SELL NOTES FOR MORTGAGE COMPANY. (They Lied to me from the moment I took the job! What is one to do if they can't believe what a prospective employer tells them upon interview? But notes are sold on a reg basis and there are foreclosure predators looking any which way to(BASICALLY STEAL EQUITY THAT THE BANKS HAVEN'T YET) get properties at a discount. So there's where it starts as it's a LEGAL BUSINESS to sell DISCOUNTED NOTES SEVERELY.

BOY talk about a WING DING OF BS...Truly Amazing Business! This is where it gets interesting for me. I've turned in info for modification. But know exactly how bad both loans I refinanced are now. And now have a chp 13 atty, banko trustee and alot of them of them on the HOOK. And can prove where that if they send the feds to check the records that some of the stuff was just down right wrong! This is another area that comes into issues Due DILIGENCE....Attorneys who have spent $$$$ on their degrees aren't doing Due Diligence PRIOR TO ACTING EVEN IN COURT OR SALE! HELLO? HELLO? Is there a BRAIN IN THERE? HELLO?  And they should be closed. But what do I know? And if there are any good ATTYS out there it's not a case they want to take on!  TIME MARCHES ON!

As I can pull bank statements to show that the 2nd (SERVICER) who created my mess over three pymts is like one of the OHIO cases. Then knew there was no assignment ever done prior to the sucessor trusttee deed they filed. Got them to realize any bank they told me who owns it has not taken ownership of it since at least June 2006.  They sent atty to court knowing before they sent him that they didn't know who owned note. This was proven within 60 days when all they could provided was a signed stamped sealed notarized blank(NO OWNER NAME) assignment document. Total mess. Anyway, it's been entertaining hearing some of your stories. Glad at least someone got some SATISFACTION out of the LOSERS.

SERIOUSLY bad when you can't take a job do it well then the whole thing is like a bad nightmare. Shouldn't there be an issue here? Isn't that why your suppose to have licenses to sell mortgage notes or securities? Pretty sad that you can't attempt to do right for nothing! It's not like when your hired your suppose to know every detail about the arrangements they have with a 56 B company! Seriously a mortgage collector job is not an easy one to do. Even worse when you have one who doesn't want to listen to the truth. This isn't the first TSUNAMI and I'm sure it wont be the last! But they need to get it straightened out before it gets worse!

Here in St Louis within the last two weeks there was a man from I believe Kirkwood MO went in and took out a mayor and police officers 6 dead in all. They said this man was involved in over 114 suits being filed for various reasons with the city. Before all of this I couldn't imagine why? But I know now its because of the INJUSTICES people are facing! How horrible is this? Horrible cause tomorrow it'll be another death somewhere because of someone not being honest somewhere, OR some stupid reason. When what's really causing the issue is the WAR of the RICH AND POOR. But to many people are wrapped up in THE LIFESTYLES of the RICH AND FAMOUS. A WAR that won't end when some people are made to feel less dignified to be forced to accept a $7 hr job or some that are fortunate enough to go to college and make somewhat of a decent living wage. Unless your in the banking business like a CEO, CFO. Amazingly enough though doing collections I dealt with one of those types as well. And he couldn't make it on $120k a yr because of private school and alot of stupidity financially.  People just don't go BILISTIC FOR NO REASON

Here's a thought though I've read various places its because it's used as a Bearer Bond. Maybe to hide the underlining whatever the hell instrument they backed it with. I'm so confused anymore its beyond me.

Bearer bond

                                       

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A bearer bond or bearer security is a certificate that represents a bond obligation of, or stock in, a corporation or other intangible property. It has been illegal since 1982 to issue bearer bonds in the municipal or corporate bond markets in the United States. Wyoming and Nevada still allow them, but their typical uses of shifting ownership to avoid legal obligations run afoul of tax rules.

It is different from normal stock in that no records are kept of the owner, or the transactions involving ownership. Whoever physically holds the bearer bond papers owns the stock or corporation. This is useful for investors and corporate officers who wish to retain anonymity. The downside is that in the event of loss or theft, bearer bonds are extremely difficult to recover. In Central America this is typically the standard procedure for owning and running companies.

While bearer instruments are rarely created as such, a holder of commercial paper with the holder designated as payee can change the instrument to a bearer certificate by an endorsement. In most of the United States, this has been codified in Article 3, Part 2 of the Uniform Commercial Code. The proper holder simply signs the back of the instrument and the instrument becomes bearer paper. This is most often done with negotiable instruments such as promissory notes or checks. Alternately, an individual or company may write a check payable to "Cash" or "Bearer" and create a bearer instrument. Great care should be taken with the security of the instrument, as it is legally almost as good as cash. Though in recent years, third party checks are not being honored by most banks unless the original payee has signed a notarized document stating such.


Have a wonderful day!

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Fed up
Kathy,

as interesting as this may be, this was not my post however someone posting as me.  It was just by accident that I caught it.  Thanks for all of your useful information.

This in fact seem to be a post by someone wanted to elude to the fact that I am a "mole"  by saying "Is there a forum where individuals who work for default servicers can post their experiences". 

As you obviously know my name, I am Karen, not only Fed Up, but have been for a long time.  I have never worked for a "default servicer".  I was a paralegal for 20 years and then a medical transcriptionsit for 10 and now own a lovely resort in Northern Michigan. 

Also at the end you state "you are so confused anymore"  this issue is so HUGE it can get overwhelming and put in into a "which way do I go" type of spin!  I use to keep seperate file folders on my computer to keep track.

Once again, a lot of good information.  I hope it helps at least 1 person, then it's worth it. 

Good luck! 

Karen 
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