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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What?

7 lenders get immunity from state foreclosure     prevention act

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WTF?
June 19, 2009
Lenders winning exemptions from new Calif. foreclosure law
 
Seven lenders have already received immunity this week from the state's new foreclosure prevention law that went into effect Monday. Another 35 received temporary immunity while their applications are processed. The new law makes lenders prove to the state that they have a comprehensive loan modification program that helps borrowers stay in their homes. Those that can't prove it to the state's satisfaction must wait an extra 90 days before foreclosing on borrowers.

Lenders Approved this week: (as of Friday)

Bank of America
BAC Home Loans Servicing
Carrington Mortgage Services
CitiMortgage
EMC Mortgage
Kondaur Capital
Select Portfolio Servicing

Applied and received temporary 30-day approval:
American Home Mortgage Servicing
Beneficial California
Beneficial Financial
Capital Financial Services
Champion Mortgage
Chase Home Financing
Christian Community Credit Union
Clifford Douglas Property Assets
Fay Servicing
First California Mortgage
First Entertainment Credit Union
First Federal Bank of California
Fresno County Federal Credit Union
GMAC Mortgage
Homecomings Financial
Household Finance
HSBC Credit Center
HSBC Mortgage
HSBC Mortgage Services
HSBC Mortgage Services
JPMorgan Chase
Kinecta Federal Credit Union
Litton Loan Servicing
OneWest Bank
PennyMac Loan Services
Provident Credit Union
Residential Credit Solutions
Saxon Mortgage Services
Selene Finance
U.S. Bank National Association
Vericrest Financial
Walter Mortgage
Wells Fargo Bank

Web sites to check for newest listings:

http://www.corp.ca.gov/FSD/CFP/pdf/ExemptList.pdf

http://www.dfi.ca.gov/cfpa/default.asp

http://www.dre.ca.gov/ind_cfpa_exemptlist.asp
 
 
 
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Sara
Yeah the 90 day waiting period is going to do sooooo much good for the homeowners...NOT!  It hasn't done any good in other states either.  I guess it gives the homeowner a little extra time to pack before being hit with the auction date ax.

Who do these people think they are fooling?  What sounds great in a 20 second news clip on TV doesn't mean that's what happens in the real world!

Another bad joke for the American homeowners!!!!
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tired and tattered

The foreclosures are still at the bottom of the list as they have been. Nothing has been done to really stop any of this. It is not taking priority. This should be before anything else. Not health care; not the car companies and certainly not the banks bailout. Everyone that thought that they were going to have to "bail us out" and were complaining that they shouldn't have to pay for us "deadbeats" is certainly going to pay the price now. We all are. And they are allowed to continue. All the banks and the Wall Street Gurus are not being pounded on like we all were. You think the media is BIASED?

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h gosh
Yea, Fairbanks, EMC, JPMorgan are ALL in compliance with "making homes affordable" for who?  As he was fondly known by his employees "Basmaniac"?  How about the 25% kickbacks Fairbanks was getting from Southwest Business Corporation, Balboa (part of Countrywide) West Coast Real Estate, etc.?  How about the "combat collections unit"?  How about the "First Union" letters?  How about the pre-prepared foreclosure letters prepared in Pennsylvania (prepared before the mortgage was delinquent)?   How about treating a fully paid in full mortgage payment as a "partial payment" and placing the funds into suspense and then adding on additional fees?  How about the "carrot and stick"? 

I think its time for the truth to start coming out.  I've been silent long enough!!

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These are some of the top crooks on our list and even if they are not on the servicing list they may be trustees for fraudulent lending and servicing.

There are 4 basic stages in the money trail in relation to our concerns origination, servicer, trustee and final purchaser.

While the focus here at the forum is manufactured default the obvious issue is the incentive or reward which can be any party from appraisers, to Realtors, title companies, investors, lenders, servicers, donations or other compensation to legal, judicial, legislative, and enforcement, trustees, etc. etc. any party in the chain.

Bank of America, Chase, Citi, Deutschebank, Wells etc. have very heavy exposure to illegal and questionable foreclosures even when they are not the servicers or originators.
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Oh look, another sham law. This is another one of those attempts by the government to show us they are doing their job. Unfortunately all of us are oh so aware of the tactics and catch these little stories where they disclose the fact that they are letting all the big boys with backing go. Then all of a sudden they nab some of the smaller, less protected players, and shout from the roof-tops...Look, we got em red handed! See, we're doing our job.

The general public looks up and says wow, thank goodness they caught those bad guys, and buries their heads back in the sand. And the game continues. At some point people are going to have to get their heads out of the sand before everything they own is not theirs and they do not recognize where they are because it is a much different place than when they buried their heads.

Just MHO
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