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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SEC Charges Stanford, Alleges Fraudulent $8 Bln CD Scheme

 

 
Wallace Witkowski
MarketWatch Pulse
 

SAN FRANCISCO -- The Securities and Exchange Commission on Tuesday alleged Robert Allen Stanford and three of his companies defrauded investors in an $8 billion certificates of deposit scheme. Stanford's companies include Antiguan-based Stanford International Bank, Houston-based broker-dealer and investment adviser Stanford Group Co., and investment adviser Stanford Capital Management. The SEC also charged Stanford International Bank's chief financial officer James Davis and Stanford Financial Group's chief investment officer Laura Pendergest-Holt. "As we allege in our complaint, Stanford and the close circle of family and friends with whom he runs his businesses perpetrated a massive fraud based on false promises and fabricated historical return data to prey on investors," said Linda Chatman Thomsen, the SEC's enforcement division director, in a statement.

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So, what is going on in Houston?

One of my forum friends said this was happening today:

On 59 Freeway in Houston this morning there were quite a few unmarked Federal vehicles (more than 30) headed southbound like a flock of geese. It's not looking very good down here right now.

Things that make you go hmmm...

S
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TommyD

I sure hope they made a stop at 4828 Loop Central Drive Houston....

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LetUmGetOnTheRide

Foreclosure Is Cheaper

During the mortgage boom, $7 trillion worth of home loans, including hundreds of billions of dollars worth of subprime mortgages, were packaged and sold to investors in the form of bonds. According to an analysis by foreclosure research firm RealtyTrac, about half of all subprime loans that have entered foreclosure were securitized and sold to investors. In normal times, mortgage servicers, which include giant lenders such as Countrywide and specialty firms such as Litton Loan Servicing, a unit of Goldman Sachs (GS), have a simple and lucrative job: collect payment from borrowers, administer escrow accounts, and forward funds to investors.

What's Holding Back Mortgage Modification? - BusinessWeek

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