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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<div id="pressRelease"> <h1 class="border">Press Release</h1> <div id="TwoColumns"> <img src="http://www.federalreserve.gov/gifjpg/PRimage.gif" id="prPrintImage" alt="Federal Reserve Press Release"> <div id="leftText"> <p id="prContentDate"> Release Date: January 7, 2009<!-- sDate --> </p> <h3 class="prTime"> For immediate release </h3> <p> </p><p>The Federal Reserve Board named ten new members to its Consumer Advisory Council for three-year terms and designated a new Chair and Vice Chair of the Council for 2009.</p> <p>The Council advises the Board on the exercise of its responsibilities under the Consumer Credit Protection Act and on other matters in the area of consumer financial services.  The Council meets three times a year in Washington, D.C. </p> <p>Edna Sawady was designated Chair; her term runs through December 2009.  Ms. Sawady is an economic inclusion consultant in New York, New York. </p> <p>Michael D. Calhoun was designated Vice Chair; his term on the Council ends in December 2010.  Mr. Calhoun is President of the Center for Responsible Lending in Durham, North Carolina. </p> <p>The ten new members are:</p> <p><b>Paula Bryant-Ellis</b><br>Tulsa, Oklahoma</p> <p>Paula Bryant-Ellis is Senior Vice President and Manager of the Community Development Banking Group for the seven bank subsidiaries of BOK Financial Corp., a $22 billion regional financial services company based in Tulsa, Oklahoma.  She is also President of the BOKF Community Development Fund, a community development corporation and an equity subsidiary created to focus on supporting affordable housing, economic development, small business expansion, and the revitalization and stabilization of low- and moderate-income communities for the seven banks.  In her current role, Ms. Bryant-Ellis is responsible for overseeing the banks' lending, investments, and compliance with the Home <b style="color: black; background-color: rgb(153, 255, 153);">Mortgage</b> Disclosure Act and the Community Reinvestment Act.  Under her leadership, BOK Financial's largest bank subsidiary, Bank of Oklahoma, received its first "Outstanding" CRA performance rating in 2006.  Three other subsidiaries, Colorado State Bank and Trust, Bank of Arizona, and Bank of Albuquerque, received their first "Outstanding" CRA rating in 2008.  Ms. Bryant-Ellis previously served on the Tulsa Industrial Authority, where she was Chair of the Credit Committee.  In 2006, she served as President of the Tulsa Economic Development Corporation, and in 2008, she was appointed by the Mayor to serve as commissioner of the Tulsa Development Authority.</p> <p><b>John P. Carey </b><br>Long Island City, New York</p> <p>John Carey is Executive Vice President and Chief Administrative Officer for Citi Cards, the U.S. credit card division of Citigroup, Inc.  In this role, he is responsible for business practices, customer privacy, control and compliance, networks management, community relations, cards communications, and regulatory relationship management.  Previously, Mr. Carey worked at MBNA and Bank of America, where he held senior positions covering legal and regulatory matters and managing segments of the credit card business.  During the Bank of America/MBNA merger, he served as a transition executive and managed the integration of the agent bank credit card business and the team that developed Bank of America's new privacy policy for the newly combined organization.  Before joining MBNA, Mr. Carey served as the general counsel at the Federal Emergency Management Agency.  He also served in the Clinton White House as Chief Counsel to the Office of Presidential Personnel, managing the legal team that vetted candidates for presidential nominations to the U.S. Senate.  Prior to joining the Clinton Administration, Mr. Carey practiced law in Washington, D.C.  </p> <p><b>Carolyn E. "Betsy" Flynn</b><br>Benton, Kentucky</p> <p>Carolyn "Betsy" Flynn is President and Vice Chairman of Community Financial Services Bank, a $400 million institution that has served the local community for nearly 120 years and is one of the few community banks in the area.  She has been with the bank since 1976, and previous positions include Chief Operations Officer, Human Resources Director, and Compliance Officer.  She has been an instructor at the Barret School of Banking in Memphis, Tennessee. for 24 years.  In addition to her banking experience, Ms. Flynn has served in a variety of positions in the local community, including on the industrial development and regional economic development boards, tourist commission, Chamber of Commerce, and City Council.  She also participates extensively in banking trade associations at both the state and national level.</p> <p><b>Patricia Garcia </b><b>Duarte</b><b> </b><br>Phoenix, Arizona</p> <p>Patricia Garcia Duarte is the President and CEO of Neighborhood Housing Services (NHS) of Phoenix, a leading nonprofit affordable housing organization in its area.  She oversees NHS's financial literacy education, individual credit counseling, <b style="color: black; background-color: rgb(153, 255, 153);">mortgage</b> lending, affordable housing finance, and real estate developments.  Ms. Garcia Duarte is the Chair of the Arizona Foreclosure Prevention Task Force, which works to organize outreach and educational efforts to reduce the impact of foreclosures.  In this role, she has been a primary voice for the initiative and has been instrumental in bringing together various stakeholder groups.  Before joining NHS, she was the Arizona Manager of the Community Partnerships Office for JPMorgan Chase, where she led efforts to establish partnerships with local and national nonprofits.  She also was a housing developer for Mercy Housing Southwest and worked for Chicanos Por La Causa, where she managed more than 200 single-family properties in receivership of the Resolution Trust Corp. and implemented a lending program for rural small businesses.  Ms. Garcia Duarte is a member of the Phoenix Community Development Corporation.  Previously, she was a member of the Self Employment <b style="color: black; background-color: rgb(160, 255, 255);">Loan</b> Fund, the Phoenix Commission on Housing and Neighborhoods, and Housing for Mesa.  She was a founding member of the Arizona Microenterprise Alliance. </p> <p><b>Ira Goldstein</b> <br>Philadelphia, Pennsylvania</p> <p>Ira Goldstein is the Director of Policy and Information Services at The Reinvestment Fund (TRF), a community development financial institution that manages $570 million in assets.  TRF provides financing in support of housing, commercial real estate, community facilities, and business.  Within TRF, the Policy and Information Services Group conducts research into a broad array of issues related to the organization's mission of building wealth and opportunity for low-wealth people and places.  Mr. Goldstein conducts housing market value analyses, which help governmental agencies and private (for- and not-for-profit) developers to make data-based decisions when allocating limited resources to distressed urban real estate markets.  His team also studies the dynamics related to foreclosures and predatory lending that undermine the value of home equity.  Before joining TRF, Mr. Goldstein was the Regional Director of HUD's Mid-Atlantic Office of Fair Housing and Equal Opportunity.  In that role, he was responsible for directing the investigation and resolution of fair housing cases.  Previously, he was the Associate Director of the Institute for Public Policy Studies at Temple University.  He is a member of the Research Advisory Board of the Center for Responsible Lending and the Governor of Pennsylvania's Housing Advisory Committee. </p> <p><b>Kirsten Keefe </b><br>Albany, New York</p> <p>Kirsten Keefe is a senior staff attorney in the Consumer, Housing, and Community Economic Development unit of the Empire Justice Center in Albany, New York.  She focuses on statewide policy and legislative work regarding subprime <b style="color: black; background-color: rgb(153, 255, 153);">mortgage</b> lending and other consumer issues, and assists victims of consumer <b style="color: black; background-color: rgb(255, 102, 255);">fraud</b>, specializing in predatory lending and scams related to homeownership.  Ms. Keefe regularly trains and advises lawyers and housing counselors throughout New York regarding foreclosure prevention.  She is a steering committee member for New Yorkers for Responsible Lending, a statewide advocacy coalition, and is part of HomeSave, a coalition of housing advocates in the Capital Region of New York.  Ms. Keefe is the founding director of Americans for Fairness in Lending, a national campaign created to raise awareness of abusive lending practices and push for regulation.  Previously, she was a staff attorney at Community Legal Services in Philadelphia, where she represented low-income homeowners in foreclosure, bankruptcy, and predatory lending cases.  Ms. Keefe has taught consumer law at Temple University's Beasley School of Law.  She is on the board of the Capital District Community <b style="color: black; background-color: rgb(160, 255, 255);">Loan</b> Fund, a nonprofit community development financial institution, and serves on their <b style="color: black; background-color: rgb(160, 255, 255);">loan</b> review committee.</p> <p><b>Larry B. <b style="color: black; background-color: rgb(255, 255, 102);">Litton</b>, Jr.</b><br>Houston, Texas</p> <p>Larry B. <b style="color: black; background-color: rgb(255, 255, 102);">Litton</b>, Jr. is President and CEO of <b style="color: black; background-color: rgb(255, 255, 102);">Litton</b> <b style="color: black; background-color: rgb(160, 255, 255);">Loan</b> <b style="color: black; background-color: rgb(255, 153, 153);">Servicing</b> LP, where he oversees the day-to-day operations of a <b style="color: black; background-color: rgb(153, 255, 153);">mortgage</b> <b style="color: black; background-color: rgb(255, 153, 153);">servicing</b> portfolio that exceeds $70 billion and reaches all 50 states.  He has developed a cross-departmental plan to increase outreach to customers who are delinquent or for whom default is imminent.  He has also sought to develop alliances with consumer advocacy and other groups that are focused on housing issues to raise awareness of foreclosure avoidance options.  His previous roles at <b style="color: black; background-color: rgb(255, 255, 102);">Litton</b> included Chief Operating Officer, Executive Vice President, and Vice President of Default Administration.  Mr. <b style="color: black; background-color: rgb(255, 255, 102);">Litton</b> developed RADAR, a proprietary default-resolution software.  Mr. Litton's leadership positions include the <b style="color: black; background-color: rgb(153, 255, 153);">Mortgage</b> Bankers Association's Residential Board of Governors and the Board of Directors of the Texas <b style="color: black; background-color: rgb(153, 255, 153);">Mortgage</b> Bankers Association.  He is also a member of the American Securitization <b style="color: white; background-color: rgb(136, 0, 0);">Forum</b>, the Ohio Foreclosure Prevention Task Force, and the HOPE NOW Alliance.</p> <p><b>Andres L. Navarrete</b> <br>McLean, Virginia</p> <p>Andy Navarrete joined Capital One in 1999.  He currently serves as the company's Senior Vice President and Chief Counsel for National Lending and Regulatory matters.  His responsibilities include managing legal support for several major lines of business, including U.S. card, auto finance, small business, international, and <b style="color: black; background-color: rgb(153, 255, 153);">mortgage</b>.  Mr. Navarrete also manages the Legal Department's team of corporate and consumer bank regulatory experts.  This team provides comprehensive bank regulatory support for Capital One on an enterprise-wide basis.  Mr. Navarrete also managed the company's federal and state policy affairs functions on an interim basis.  Prior to joining Capital One, Mr. Navarrete was an attorney with the law firm of Morgan Lewis in Washington, D.C.  His practice focused on domestic and international financial services regulation, with specific responsibility for assisting banks in their efforts to enter into the insurance and securities markets.  During this period, Mr. Navarrete represented a bank/insurance trade association in its efforts relating to the Gramm-Leach-Bliley Financial Modernization Act.  Mr. Navarrete began his legal career in the International Section of the Legal Division of the Federal Reserve Board.  Prior to law school, he worked for the House Banking Committee and as a federal relations specialist for APCO Associates.  </p> <p><b>Jim Park </b><br>San Diego, California</p> <p>Jim Park is President of the Asian Real Estate Association of America, a national nonprofit trade organization focused on expanding sustainable housing opportunities for Asian American and immigrant communities.  He is also the CEO and co-founder of New Vista Asset Management, which provides REO disposition services and works to generate awareness of foreclosures as affordable housing options for minorities as well as low- and moderate-income families.  Previously, he was Vice President for housing and industry relations at Freddie Mac, where he managed initiatives focused on supporting minority homeownership and education efforts.  As a Senior Advisor to the Federal Housing Administration Commissioner, he oversaw all legislative and policy issues impacting the FHA.  He also was Housing Policy Director at the National Community Development Association.  Mr. Park serves on the board of the Low Income Investment Fund, a national nonprofit community development financial institution (CDFI) focused on housing, child care, and charter school financing.   He also serves on the board of the Asian Pacific American Institute for Congressional Study, a nonpartisan organization focused on developing the future elected leadership within the Asian American community.  He is a past President and one of the founding board members of the National Coalition for Asian Pacific American Community Development.  He served for four years on the board of the National Association of Hispanic Real Estate Professionals and is a past board member and current trustee of the National Housing Conference.</p> <p><b>Mary Tingerthal </b><br>St. Paul, Minnesota</p> <p>As President of Capital Markets Companies for the Housing Partnership Network (HPN), Mary Tingerthal is responsible for several HPN-operated entities, including a community development financial institution, a financing partnership for charter schools, and a venture capital company.  Recently, she has had lead responsibility for the National Community Stabilization Trust, a joint effort of Enterprise Community Partners, HPN, Local Initiatives Support Corp. (LISC), and NeighborWorks.  Before joining HPN, Ms. Tingerthal was Senior Vice President of Capital Markets for the Community Reinvestment Fund in Minneapolis, where she was responsible for the purchase and sale of <b style="color: black; background-color: rgb(160, 255, 255);">loan</b> assets.  Previously, she was the President and CEO of the National Equity Fund, Inc., a wholly owned subsidiary of LISC that provided syndicated investments in affordable multi-family development projects for large institutional investors.  Other previous positions include Managing Director of home equity products for GMAC Residential Funding Corp. and Deputy Director for Housing for the City of Saint Paul.  Ms. Tingerthal is a board member of the National Housing Trust, CommonBond Communities, and NHT/Enterprise Preservation Corporation.  She is a trustee of the National Community Investment Fund and a member of the Calvert Foundation's Internal Investment Committee. </p> <p><br clear="all"></p> <p>Council members whose terms continue through 2009 are:</p> <p>Jason Engel<br>Vice President and Chief Regulatory Counsel<br>Experian<br>Costa Mesa, California</p> <p>Joseph L. Falk<br>Consultant<br>Akerman Senterfitt<br>Miami, Florida</p> <p>Louise J. Gissendaner<br>Senior Vice President, Director of Community Development<br>Fifth Third Bank<br>Cleveland, Ohio</p> <p>Patricia Hasson<br>President<br>Consumer Credit Counseling Service of Delaware Valley, Inc.<br>Philadelphia, Pennsylvania</p> <p>Thomas James<br>Senior Assistant Attorney General, Consumer Counsel<br>Consumer <b style="color: black; background-color: rgb(255, 102, 255);">Fraud</b> Bureau<br>Office of the Illinois Attorney General<br>Chicago, Illinois</p> <p>H. Cooke Sunoo<br>Director<br>Asian Pacific Islander Small Business Program<br>Los Angeles, California</p> <p>Stergios "Terry" Theologides<br>Executive Vice President, General Counsel<br>Saxon <b style="color: black; background-color: rgb(153, 255, 153);">Mortgage</b><br>Irving, Texas</p> <p>Linda Tinney<br>Vice President, Community Development<br>West Metro Region Manager<br>U.S. Bank<br>Denver, Colorado</p> <p>Luz Urrutia<br>Chief Executive Officer and President<br>El Banco de Nuestra Comunidad<br>Roswell, Georgia</p> <p>Council members whose terms continue through 2010 are:</p> <p>Alan Cameron<br>President and Chief Executive Officer<br>Idaho Credit Union League<br>Boise, Idaho  </p> <p>Kathleen Engel<br>Associate Professor of Law<br>Cleveland-Marshall College of Law<br>Cleveland, Ohio</p> <p>Greta Harris<br>Vice President--Southeast Region<br>Local Initiatives Support Corporation<br>Richmond, Virginia</p> <p>Lorenzo Littles<br>Dallas Director<br>Enterprise Community Partners, Inc.<br>Dallas, Texas</p> <p>Saurabh Narain<br>Chief Fund Advisor<br>National Community Investment Fund<br>Chicago, Illinois</p> <p>Ronald Phillips<br>President<br>Coastal Enterprises, Inc.<br>Wiscasset, Maine </p> <p>Kevin Rhein<br>Division President <br>Wells Fargo Card Services <br>Minneapolis, Minnesota</p> <p>Shanna Smith<br>President and CEO<br>National Fair Housing Alliance<br>Washington, District of Columbia</p> <p>Jennifer Tescher <br>Director<br>Center for Financial Services Innovation<br>Chicago, Illinois</p> <!-- or Addendum section --> <!--Attachments if necessary--> <!--or, Link to Federal Register Section--> <!--or, custom attachment section--> <!-- Additional text --> <div id="ReleaseBottomLink"> <a target="_blank" href="http://www.federalreserve.gov/newsevents/press/other/2009other.htm">2009 Other Announcements</a></div> </div> <!-- CLOSES leftText --> <div id="rightText"> </div> <!-- CLOSES rightText --> </div> <!-- CLOSES TwoColumns --> </div> <!-- CLOSES generalContentText --> <!-- CLOSES pressRelease --> <div class="clear"> </div> <div id="lastUpdate">Last update: January 7, 2009 </div> <div id="FooterLinks"> <a target="_blank" href="http://www.federalreserve.gov/default.htm">Home</a> | <a target="_blank" href="http://www.federalreserve.gov/newsevents/default.htm">News & Events</a> </div> <!-- CLOSES FooterLinks --> <div id="secondaryFooterLinks"> <div class="secondaryFooterLinksLeft"> <a target="_blank" href="http://www.federalreserve.gov/accessibility.htm">Accessibility</a> <a target="_blank" href="http://www.federalreserve.gov/feedback.cfm">Contact us</a> <a target="_blank" href="http://www.federalreserve.gov/disclaimer.htm">Disclaimer</a> <img src="http://www.federalreserve.gov/gifjpg/exitIcon.gif" alt="Leaving the Board" class="exitIcon" border="0"><a target="_blank" href="http://www.federalreserve.gov/linkingpolicy.htm">Linking Policy</a> <a target="_blank" href="http://www.federalreserve.gov/generalinfo/foia/default.cfm">FOIA</a> </div> <div class="secondaryFooterLinksRight"> <a target="_blank" href="http://www.adobe.com/products/acrobat/readstep2.html">PDF Reader</a><img src="http://www.federalreserve.gov/gifjpg/exitIcon.gif" alt="Leaving the Board" class="exitIcon" border="0"> </div> </div> <!-- CLOSES secondaryFooterLinks --> <!-- CLOSES content --> <!-- CLOSES contentContainer --> <div id="footer"> <br> </div>
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