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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MORTGAGE SERVICERS:  Bank of America Corp., JPMorgan Chase & Co. and Wells Fargo & Co. are among mortgage servicers that may face $13.5 billion in costs and

MORTGAGE LENDERS:  May face $11.5 billion in additional costs if the Federal Housing Administration (FHA) rejects insurance claims on soured loans.

Bank of America & Countrywide: combined have $14 billion in endorsed mortgages
Wells Fargo & Company:  originated $9.8 billion in endorsed mortgages
PNC Financial: (acquired National City Bank portfolio) $ 3.6 billion insured by FHA

"We go where the evidence takes us...if it takes us to...players on Wall Street, so be it"
........ Helen Kanovsky - HUD’s general counsel

READ story - link - headline (HERE)


Related News: Bank of America to Shutter Lending Unit After Auction Fails
more from Bloomberg Businessweek - October 4, 2011 (HERE)
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