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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MGIC swings to $1.5 billion loss after reserve
MTG 12.33, -1.85, -13.1%) said Wednesday its fourth quarter loss soared to $1.5 billion after it set aside more than $1 billion to cover a reserve deficiency as home values fall and clients default on their home loans. The company posted a net loss of $1.47 billion, or $18.17 a share, compared to a profit of $121.5 million, or $1.47 a share. Revenue rose to $399.1 million, from $367.2 million last year. The comp[any said it took a $1.2 billion reserve for likely losses ahead, and an additional $33 million charge related to losses at its C-Bass joint venture. The Milwaukee-based firm said it is hiring an adviser to help it evaluate it capital-raising options and added it does not expect to earn a profit in 2008. End of Story
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