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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I have found the last few days very interesting,  The Chinese of all people helping out those of us that have been defrauded of our property, equity, and left to fight for our selves as either defendants or plaintiffs against those lenders.
It seems for years, at least from 2001 for me, and a few others that are still around we "early victims" of the "Terror Attack" by Litton Loan. and Larry Litton "Strategic Partners" are now in a bit of a different position.
Remember our early complaints about Litton, not taking our checks, claiming to have lost the checks, then the "false" credit reporting of our payment history to credit agencies, when we were trying to figure out if this was a "Mistake" or "Organized Crime".   Remember those days?  I do every one of them. 
Destroy our credit by false reporting, so we can not refinance away from them.
Falsely report our payment history so that we many not be able to use the equity in our homes to fight off the fraudulent foreclosures.
And finally the foreclosure, theft of our equity in our homes, our lives and family!  Now Wall Street wants to ignore the real truth about the "Manufactured Foreclosures" and extensive fraud.  Just look to those reporting late payments, I have to wonder if they did what happended to  me, REFUSED TO ACCEPT PAYMENTS, DENIED RECEVING PAYMENTS, LIED ABOUT NO FORECLOSNG, THEN FORECLOSING!
Feel Sorry For Wall Street?  Not in the least. 
I heard mention today that this is just the "Tip of the iceberg" with the problems in the housing markets.  "NO S***!" 
The Thousands of complaints filed with the FTC/SEC/FBI, and  now we are to believe that it's only the "Sub Prime markets"?  Get real, Wake up Wall Street, and you dumb ass's at the FTC/SEC/FBI.  You're years late, and thousands of AMERICAN victims late!  
Remember Tony Ettinger?  The creator of Sherman Capital, and CBASS, then bought out Litton Loan, and MGIC AND RADIAN , then did a joint venture with them?  Only to have MGIC buy and plan to merge with Radian?  When Tony got going, the market, by his own words of Sub Prime was around 12%, what is it now?  40% plus now? 
When Larry (Litton) was foreclosing on homes, how did they manage to use the "Universal Credit Data Form" to destroy people?  And what about the Credit agencies "Partnerships"
It's all part of the "Strategic Partners".  Just look at now two announced 'Criminal Investigations"  KB HOMES and NEW CENTURY.  Ken Jastrow director on both MGIC and KB HOMES, and CEO of Temple Inland,. I forgot what banks they own.  Someone help me out here with there names.
Just think of all the law suits going to be filed now!!! And don't forget about the thousands of AMERICANS that were victimized by LARRY LITTON, CBASS, and MGIC.  When the congress calls these three CEO's in for questioning I pray to God that I can be sitting in the front row!  But until then, I will continue to bring everything I can down on Larry Litton and his "organized crime enterprise".
I don't mean to tell you I told you so, but I did! and will continue until this criminal enterprise is both exposed, and destroyed!
Here is some more help!  LONDON BRIDGE CO, RADAR! continue to connect the dots. and Follow the bank in NV!
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Litton Liars

Umm Interesting....


Kenneth M. Jastrow II

Born: c. 1947

Gender: Male
Race or Ethnicity: White
Occupation: Business

Nationality: United States
Executive summary: CEO of Temple-Inland

    University: BBA, McCombs School, University of Texas at Austin (1969)
    University: MBA, McCombs School, University of Texas at Austin (1971)

    Temple-Inland CEO (2000-)
    Temple-Inland President and COO (1998-99)
    Temple-Inland Group VP (1995-98)
    Temple-Inland CFO (1991-99)
    Member of the Board of KB Home (2001-)
    Member of the Board of MGIC Investment (1994-)
    Member of the Board of Temple-Inland (1998-, as Chairman, 2000-)
    American Forest & Paper Association Board of Directors

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Remember Tony Ettinger, CBASS, Litton Loan's Larry Litton, and MGIC!!! 
Connect the dots now between New Century, CBASS, and Litton Loan!
Then connect the "Mortgage contracts" made in 1999 through the early 2000's.  that CBASS "Cherry Picked" from New Century. 
And finally who helped create the subprime market, didn't Tony Ettinger?  At least he took some credit, no pun intended.  Listen to his radio interview!  12% to nearly 40% from the early 90's to near the year 2000. 
Its all part of the "Strategic Partners".  
I don't know about you, but I'm getting damn tired of listening to the news about "Subprime" not paying their mortgages, what percentage is MS Fraud?  I know that in my case, Litton Loan paid in advance for my foreclosure. I have the payments made by Litton, they paid the law firm 6 months in advance to forclose on my home, I really have to wonder how many others they did this same thing too!
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Big & Ritch

I bet if you look local you will find a lot people dealing with the same thng.

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Hey Guys,

I'm posting at the request of Gary Wait.  Gary's out of the country for a while and doesn't have his usual computer access.

He wanted me to revive this thread for several reasons.  He wanted me to suggest you go back through the previous posts and to say



Gary & some close others, called for MGIC to tumble quite a while back.


Gary wanted me to tell you he is about to bring it all together.  Gary knows exactly what the ties are.  A huge "BOMBSHELL" is about to drop!!!  It is absolutely incredible!!!!  Some serious criminal prosecution is about to become real.  This is a promise!!


Enjoy the article.


Best to all!



The Milwaukee Journal Sentinel Online | Return to regular view

Original Story URL:

MGIC profit falls nearly 50% in second quarter

Mortgage insurer blames loan defaults, housing

Posted: July 19, 2007

MGIC Investment Corp. blamed an onslaught of loan defaults and the nationwide housing slump Thursday for a nearly 50% drop in second-quarter profits. The Milwaukee mortgage insurer said net income fell to $76.7 million, or 93 cents a share, from $149.8 million, or $1.74, a year earlier.

The results were well below the average estimate of $1.38 a share projected by analysts in a Thomson Financial survey.

MGIC stock dipped 19 cents to $55.81 after the earnings report.

Losses rose 60.5% to $235.2 million from $146.5 million a year earlier, as the company's insured-loan delinquency rate climbed to 6.11%.

The worst problems are in California, Florida and the Midwest, said Curt S. Culver, chairman and chief executive officer of MGIC, in an earnings conference call.

"The remainder of the year will be difficult. We were hoping for $680 million in losses. Now it appears we'll have $750 million to $800 million," Culver said.

Damage from a host of unwise and unsustainable loans near the end of the nation's 2001-'05 housing boom is proving worse than expected, Culver said.

Worst of all are subprime loans written in 2006, which are defaulting at record-high rates, he said.

MGIC is exploring ways to avert losses tied to property foreclosures by encouraging lenders to arrange new repayment plans or a quick, out-of-court home sale, he said.

Borrower troubles overshadowed MGIC's gains: a 1.5% gain in revenue to $369 million from $363.5 million; a surge in new insurance written to $19 billion from $16.1 billion; and a gain in persistency - the percentage of policies retained a year later - to 72% from 64% in the same period last year.

A bigger wave of loan troubles is on the horizon, MGIC officials said.

They acknowledged that they underestimated how fast and hard the nation's housing downturn would hit, and how widespread the fallout from lending excesses would be.

"What we have going on are two things: increased severity and an increase in pure delinquencies," said Michael J. Zimmerman, the company's vice president of investor relations.

MGIC has prepared for higher losses in 2008.

The firm's balance sheet has almost $1.2 billion set aside in loss reserves.

"I don't think you'll see an improvement until '09," Zimmerman said.

"The losses will work through the system over the next few years," Culver predicted.

A more prudent mortgage atmosphere has emerged in recent months and likely will continue, he said, adding:

"That will be driving our revenue long term."

MGIC Investment Corp.

2nd quarter%
Revenue $369.0$363.5+1.5%
Net income$76.7$149.8-48.8%
EPS (diluted)0.93$1.74-46.6%
6 months
Net income$169.1$313.3-46.0%
EPS (diluted)$2.05$3.61-43.2%

Figures in millions except for earnings per share. Percentages are based on unrounded sales and income figures.


From the July 20, 2007 editions of the Milwaukee Journal Sentinel
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That sounds like great news Bob!  Especially the criminal prosecution, as I am working on the same.  Oddly, there is more interest in hanging the lawyers involved in my case than anyone else.

Most important is how are you doing Bob?  Is there any news you can report here?

Take care.

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Thanks for asking.  We are well.  We have worked out aa deal for either rental or lease purchase and hope to be together in a week or so.  Me and the 5 dogs have been living in a cabin in the boondocks and my sons have been living in town.  Stacy bounces back and forth trying to keep our insurance business growing.  She's amazing!

I had conversation with our attorney today and it was a very pleasing conversation!  We will be filing our amended complaint very soon.  I'd love to be a fly on the wall when it hits!  LOL

Our rental will only be a short one we believe. 

Gary said to say hello to all.  He'll be back online soon.  Things are happening and things are about to get much better.  Because of our litigation, we can't say much more now.  Won't be long though!

Best To All!  Keep Up The Fight!  The Tide Has Turned.
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4 justice now

That's certainly wonderful news... I'm so very glad to hear that things are finally beginning to turn in the right direction for a change.

BTW: Do you happen to have any new information regarding the documentary (Follow the Money) that you would be able to share?

Thanks again!

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Thanks Bob for looking back and posting the information on MGIC, I wanted to draw every one's attention to the article, About MGIC's new purchase, the company out of California, I think everyone should read this closely. And then ask yourself why? would an insurance company purchase this company? 
And I wanted to share the "Damage report" Curt Culver now has to continue to explain to stockholders, I think the fat lady is warming up for MGIC.  CBASS and my good friends the Litton's!
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Glad you are back Gary!  Litton and C-bass doing a good job of Public Relations.  Check out info below:


In April, when proponents and critics of the subprime loans associated with securitization testified before the Senate Banking Subcommittee, Lehman Brothers made sure it would be heard. In his statement, David Sherr, managing director of Lehman's securitized products, explained: “While this subcommittee is focused on very recent instances of foreclosure, please remember that for three decades, mortgage-backed securities have provided, and continue to provide, great benefits to the average American...It cannot be emphasized enough that no participant in the securitization process has any incentive to encourage the origination of loans that are expected to become delinquent.”

Some $900 million pool of mortgages and other receivables that back bonds sold by Lehman Brothers. That pool was originally serviced by Ocwen Financial but was ultimately switched to Litton. Besides servicing subprime loans, Litton also invests in about 80 percent of its portfolio through parent company C-BASS.

Enter securitization. Unlike the bank-and-borrower mortgage of yesteryear, when a single lender oversaw the entire life of a loan, the advent of mortgage-backed securities allowed lending institutions to shift risk to investors. The mortgage company can sell the loan to a Wall Street firm like Lehman Brothers, which bundles thousands of loans into a pool with different tiers of credit risk, called tranches. The firm then sells bonds backed by the mortgages to investors, who make money off the loan payments. The loan pool is held by a special-purpose vehicle — a trust established to keep the pool at arm's length from the sellers of the bonds and the investors. The firm then hires a master servicer to collect the payments from conventional, healthy loans, while a special servicer deals with the subprime. If the borrower defaults, it's the servicer who has to handle the foreclosure. Often, as in Litton's case, the special servicer or an associated entity is also an investor.

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Didn't I just read that MGIC had $800 mil in losses coming up?  Then something about owing the IRS some $400 to $500 million in back taxes?

If I'm reading things tighty, MGIC has $1.6 billion in cash to pay these debts.  What am I missing? 

C-BASS I understand is shaky, even with GMAC buying in.  Where does that put Litton with all the litigation around the country?

Seems like the walls are getting a bit shaky.  What am I missing?

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Anyone have any information on Litton Corp?  Is this Larry Litton and his host of corrupt crooks?

  1. Litton Loan Servicing is one of the many lenders who hold mortgage liens in the ... Like most loan servicing companies, Litton Loans is not interested in ... - 16k - Cached        
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Im not sure what your asking about Litton?  Ask, we we know we can tell you.
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If your referring to the article posted, that was written by some PR firm.  Litton is not owned controlled or operated by Larry Litton or his son Jr.  They only work there!  If your looking for specific information read many of the postings here on MS FRAUD, you will find Litton Loan is just a "Player" and front company for others.

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Hi Gary!

Thanks for the info, I am a long time friend of MSFraud.  We have emailed each other.
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Would anyone know why Litton would wait 9 months without starting foreclosure procedures and allow the 2nd lien holder to file? I'm sure a lot of fees have piled up including insurance @ $27,000.00 a month. Yes $27,000.00! I would appreciate any knowledge or assumption on the subject.
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Maybe they are out of money for lawyers? 

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MGIC's retaining of Blackstone Group, maybe be the straw that breaks the camel's back.  Blackstone is one of the ten largest "Hedge Fund" managers!  Blackstone's top heavy payroll for its top officers is not unlike MGIC's, It stock performance is off also, following that of MGIC.  I wonder if there isn't more to this MGIC/Blackstone Deal?  Maybe its connecting the dots again?  Or is it a case of mutual survival now?  The chineese have a large investment in BlackStone also, Im sure they are thinking twice about some of these moves.  I think we should look a bit more into this.
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Gary! A question for you?

Who is in charge or has jurisdiction over the securitization of loan pooling? Is there any federal agency regulating this fraud of transferring our loans from one crook to another.  That's how my loan ended up with Litton when Ocwen transferred it to them.  My loan has been transferred some four (4) times.

I think this is nothing but RICO, due to all that transferring.  I bet you that is how some of our loans balances come up short from all of them skimming off the top.

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your question is a bit confusing, it leads one to conclude that a pooling and servicing agreement is fraud, they are not the same.  As for jurisdiction, it depends on the violations of law, and allegations of the complaint, some maybe brought in state courts, while others remain within the Federal court system, then in some cases you have HUD, SEC, FTC, and several other "Oversight" agencies that "WERE" to have done their jobs and prevent this collapse of the markets from even happening. 
So I guess their is no simple answer to your question without knowing the individual facts of your own situation.  What we can say is that for several years now, both states and the feds have NOT done their job, they have allowed this be unchecked, and now they are in a bit of a "Pickle" because they are now going to have to look for the "Scapegoats" to blame for them not doing their jobs.  Im sorry I cant be more specific, but I would need much more information on your own situation.  However it does not prevent you from complaining in writing to any of the above agencies, including your own states regulators of banking, insurance, etc.
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You are so right Gary!

Basically, what I was getting at is all of this transferring of loans in my opinion serves no real benefit to the homeowner.  Yeah, It's great for them but what about the poor consumer, who is constantly shuffle from one crook to another. Many important loan documents get lost and also, mortgage payments, too.

Also, I talk to a big wig at the OTS and he told me that HUD and his organization felt that pooling of loans are good for the financial market.  It provides and makes available many more loans to serve a higher amount of people.

I think that this loan pooling primarily started in the sub prime lending sector but expanded out into the Prime Market.   For my part, I wished loan pooling  would ceased to exist.  I would have preferred for my loan to be with just one bank or lender and not a predatory mortgage servicer, like Litton.          

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Rakeet - Think of what it would be like if you only had one small, local dairy store to buy milk from to put on your table.  If the store ran out of milk that day and they couldn't buy from another dairy supplier, tough luck for those who didn't get in line early enough.

Pooling is a little like a dairy co-op. (Forget about milk brands, it all comes from cows somewhere.) It makes the whole market more efficient. Without the co-op to smooth out the peaks and valleys of supply and demand, some operations would have to dump milk because it can't be effectively distributed from their location to exacly where it needs to be while others would jack up prices because the demand is there locally.

Money is a commodity. Those who have it want people who need it to pay them interest for it.  Mortgage-backed securities make that happen and they have to be pooled to spread the risk, i.e., why would an investor want to buy a few individual loans that had been originated in one county in say, Ohio?  What if a major layoff occurs in that county?  Those loans are in trouble and so is the investor. If a pool is appropriately assembled (from multiple sources), evaluated and rated properly, the risk for the investor is theoretically lowered.

That's an oversimplification, but the fact is, unless you make the investor comfortable with the return, loans just aren't going to happen.

Investors are hopping mad (and deservedly so) at the lenders and should especially be going after the duplicitous ratings firms who kept telling them the servicers were doing a great job.  The trust in them has to be zero from here on out.

It's a mess because some companies learned to scam the system, but that doesn't make the system inherently bad.


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It's a mess because some companies learned to scam the system, but that doesn't make the system inherently bad.


Which enities are NOT bad?


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Ann, bad is where bad people learn how to do things to take advantage of other people who don't know things.

The system of colateralizing loans has made home ownership possible for millions of people. And because so many got a chance to participate, it naturally attracted people willing to take advantage of others.  Thus, far too many borrowers have been damaged in the process, primarily because they trusted the broker/lender/servicer and didn't know they needed to watch out for the sharks in the bay.

The majority of people simply trust too much. But dreaming about the demise of loan pooling isn't going to accomplish anything.

The danger in getting so far off track is that a borrower fighting a Litton or Ocwen in today's environment faces the distinct possibility of having yet ANOTHER new servicer in the near future, and any errors (deliberate or due to incompetence) will be passed right along to the new servicer and taken as gospel.

If you're having trouble with your loan now, GET IT FIXED (study the RESPA requirements) or if you're in the middle of a problem and have already engaged the RESPA process but aren't getting answers, by all means file suit to enforce the rules for responses. 

Your loan isn't going away because of Bear's or C-BASS' troubles. Even if they file for bankruptcy your status as a debtor won't change. It'll just make it harder to fix things.


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New problems for MGIC CEO Curt Culver.  Remember the posting I did several months ago about the Rolls Royce Curt Culver won at a golf outing for charity in Florida?  Well it seems to have finally drawn the attention of some interest.  Could Curt Culver through MGIC been involved with a certain person that was convicted and barred from the SEC for life back in the 80's?  Maybe so, It appears "Big" Tony Ettinger was.  mmmm getting real interesting now, it could pose a problem for the presidency race for Rudy!  Oh yes, what tangled webs we weave, once we deceive! 
Keep connecting the dots, they lead to individuals, and its the individuals that we identify that will expose the terrorism, the regulators, and government appearing choosing not to see!
Crooks from the 80's making a come back! And looking like Pious Saints!
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4 justice now

Looks as though you have been even more busy than usual. Please let us know if there is anything we can do to help.


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Just in from MGIC: According to information, MGIC may be planning large scale personal cuts in order to meet current market demands!  Cuts at CBASS apparently were also discussed.
The other hot topic is both MGIC and RADIAN are expecting to sue each other over the planned merger, more on this later!
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This last summer, I made a prediction that MGIC's stock would fall to near $20.00 a share by the end of September.  I was wrong - sorry for providing this incorrect prediction.
I'm predicting it falling even further this next quarter. Below $20.00 a share.  And if the existing Board is not replaced by the middle of next year, we will see stockholders and investors suing MGIC as the information about CBASS and LITTON LOAN becomes more clear to regulators and Investigators.
That is why LITTON LOAN FORECLOSED ON SO MANY CBASS MORTGAGE'S?  The answer is very simple.
Because with this answer, everything makes sense.  The reporting of false payment histories to hurt and harm mortgage holders, the charging of various fee's, the force-placed insurance; all these were used to keep C-BASS mortgage holders in a state of "Default" so they could not refinance away from Litton Loan or CBASS.

Now the answer to why they HAD to do this is going to be answered.  And MGIC AND RADIAN are caught in the cross-hairs of DAMAGES -- BOTH FUTURE AND PAST

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All the wrongdoing is finally coming out in the open.  However, I must say they are very very well connected politically and this is why it has taken so long for some of the truth to come out.

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Yes, they are well connected, but we have begun to take this fight to a new level, which Gary referenced in his initial post.

This fraud is being pushed to an international level, where what we know and the evidence we have is well received for its value.

The days of us being labeled as deadbeats and whiners are dissipating as our evidence is overwhelmingly exposing the truth.  Finally. 
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I think its time for stockholders and investors begin to look for what happened to ROLLS ROYCE! It maybe the only thing of value left by the end of the first quarter next year of MGIC.

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