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.
Articles |The FORUM |Law Library |Videos | Fraudsters & Co. |File Complaints |How they STEAL |Search MSFraud |Contact Us
Third quarter results for MGIC again report loss's of hundreds of millions.  In spite of raising capital through stock sales, and infusion of capital from private equity groups MGIC stock continues to slide below $5.00 a share again this year!
With the SEC/FBI pouring through MGIC's records involving CBASS, SHERMAN CAPITAL, AND LITTON LOAN, the punishing markets continue to take its toll.  Sometime after the first of the year I suspect MGIC may be forced to file Chapter 11 protection, and under go restructuring.  Several policy changes have been made but with little effect on the bottom line.
This is a company that deserves to take its officers and directors down with the ship!
Quote 0 0

I wouldn’t normally be interested in, or comment on, a posting related to the comings and goings of a mortgage insurance company.  However, in the case of MGIC I took a closer look, primarily because C-BASS, MGIC and Litton are all tied at the hips, and we all know about Litton.  The link below is kinda scary when you scroll about half way down to the SEC, IRS and law suit part.


Quote 0 0

Business as usual even with the Billion Dollar Bailout

Quote 0 0
philly joe
Good to see your name back in the forum.I had thought you disappeared after your deposotion with litton. I belive you had posted earlier in the year to watch the market in sept as it would almost crash , damm you were almost right on the lost money,lol.I cant begin to tell you how many of my friends have lost substantial amounts , I was lucky I pulled my meager amount out after trusting your postAs for my case against fourcloser,I had posted that litton did offer a great modifaction on the very day they they were asked to produce the note in federal court ,I, the judge and the trustee all agreed that it was for the best but since then they have had a problem assigning the note as they cant find the true owner,they now have until the 1st of dec to register it with the  county,if not I will proceed in the court
for them filing false paper on the case,as I had in the recent months prior.Now the good news, I had hesitate to do any work on the house because of the sitution ,as of last week I started a major redoing of what was my childhood home and to defer costs I place a room for rent ad.I was very lucky a Beautiful
lady from austrlia answered and is moving in next week so perhaps the stars are finally aligning in my favor after six years of litton induced hell ,lol.Gary great to see you name again, you are the wise one ,and lets go PHILLIES
Quote 0 0

Good to hear good guys are having a comeback.  Email me the entity that Litton used to foreclose.  I may have some very useful info.

Quote 0 0

MGIC slumps over 30% after eliminating dividend

Move will save mortgage insurer $12.5 million a year

By Alistair Barr, MarketWatch
Last update: 1:23 p.m. EDT Oct. 23, 2008
SAN FRANCISCO (MarketWatch) - MGIC Investment Corp. shares slumped more than 30% on Thursday after the mortgage insurer eliminated its dividend to conserve capital.
The move will save MGIC roughly $12.5 million a year.
Mortgage insurance helps home buyers who don't have enough money for a down payment, which traditionally was 20% of the purchase price. As house prices have slumped and defaults surged, mortgage insurers like MGIC, (MTG:
MGIC Investment Corporation
 Last: 2.77-1.38-33.25%
1:28pm 10/23/2008
Delayed quote data
Sponsored by:
 2.77, -1.38, -33.2%)
, PMI Group (PMI:
The PMI Group, Inc
 Last: 1.82-0.15-7.61%
1:28pm 10/23/2008
Delayed quote data
Sponsored by:
 1.82, -0.15, -7.6%)
and Radian Group (RDN:
radian group inc com
 Last: 2.80-0.52-15.66%
1:28pm 10/23/2008
Delayed quote data
Sponsored by:
 2.80, -0.52, -15.7%)
have had to pay a lot more claims on these policies.
That's left these companies looking for ways to boost capital to avoid more damaging downgrades by rating agencies.
MGIC reported a $113.3 million third-quarter net loss last week as falling home prices and a weakening economy increased mortgage delinquencies and foreclosures, especially in California and Florida.
MGIC shares slumped 31% to $2.85 during afternoon trading on Thursday. End of Story
Alistair Barr is a reporter for MarketWatch in San Francisco.
Quote 0 0
MGIC/RADIAN each formerly owned 46% of CBASS, that owned Litton Loan and Sherman Capital.
Once upon a time, a man named TONY ETTINGER formed a company called CBASS LLC, CBASS purchased from England a very advanced (for its time) computer system from a company called LONDON BRIDGE.  This computer system was designed to perform many functions, one of the functions was to identify individuals from public records that appear to be in some distress, medical, divorce, or other litigation.  Tony, then a student of MICHAEL MILLIKAN managed to sell CBASS to its two major investors MGIC AND RADIAN Insurance companies.  Tony, having already bought LITTON LOAN, a small time collection agency in Texas run by Larry Litton Litton Sr. managed to fund CBASS through its sale of stock from MGIC and RADIAN, purchase tens of thousands of mortgages from all over the country, and then proceeded to do send them to LITTON LOAN for "Servicing" however Litton began charging Bogus fee's, forced placed insurance, and claiming they never received payments in order to keep thousands of family's in a "Default" Status, and using CBASS's computer system now called "RADAR" interlinked it with both MGIC and RADIAN, along with LITTON LOAN, so that time sensitive "notices" were sent out to mortgage holders.  In a short period of time Litton began to develop LSAMS another computer driven link with RADAR, that "TARGETED" mortgages for foreclosure!   The excuses were "Non Payment" for fee's, escrow accounts, forced place insurance, that Litton Loan Controlled,  (whole story on its self)
Well we all know the rest, MGIC was to merge with RADIAN, that fell through, CBASS has gone bust, but both MGIC and RADIAN will not let it file chapter 11 or 7 because it would expose the out right fraud it committed, on forging documents, altering records, all of which people, like CURT CULVER CEO of MGIC know of, and TONY ETTINGER developed, along with MGIC General Counsel Jeffery Lane!  Not to mention the RADIAN  management team also!  They all knew! 
Goldman buys Litton Loan in December of 07, with the intent of getting rid of its own "Toxic Waste" but the market responds quickly, and Goldman was overwhelmed,  The former CEO of Goldman Sachs, PAULSON, takes a huge cut in pay realizing what is occurring and becomes the Head of the United States Treasury, to save America!  His three page plan!
Larry Litton Jr. future is now very bleak!  He is about to be exposed and have his pants pulled down in front of the world.  As for SR!  LARRY REMEMBER MY WORDS RECORDED ON YOUR RECORDER!  As a student of Winston Churchill, I will "Never give in...."
Larry Jr. and Sr, guess who is coming to Houston again?  Yes me!!! and this trip will be the beginning of the end.
I will fill more in later!
Quote 0 0
Write a reply...