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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Mitt Romney, who now receives more contributions from financial institutions then Obama, has this to say:

"Accelerate foreclosures to allow investors to buy up homes"

Republican presidential candidate Mitt Romney argued Monday that the U.S. housing market would be better off if more American families were renters instead of homeowners.

“One is, don’t try and stop the foreclosure process,” the candidate told the Las Vegas Review-Journal in response to a question about what he would do to encourage housing. “Let it run its course and hit the bottom, allow investors to buy up homes, put renters in them, fix the homes up, and let it turn around and come back up.”

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TheEquitableOne
With Republican candidates like this Obama is practically guaranteed a victory. And that will be tragic.

Romney, BTW, appointed Mass. Land Court judge Kieth Long who has caused such a stir in Inbanez and Bevilacqua.

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Sure you can put renters in these houses-----that is if you have a good credit report and no BK on file.  I had a horrible time finding a place to rent after our foreclosure.  Property Rental places and also apartment complex management right out told me if you have a BK or bad credit they could not rent to you.  So who wll be able to rent these places?

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Inquiring
Meeeeeeee Too!!
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Foley
Is he talking about NON-FRAUDULENT foreclosures or the FRAUDULENT foreclosures?
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You can count on it that he is talking about ignoring the fraud , to have the foreclosures go through.
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Dianne
Then add this incentive to the pot:

http://online.wsj.com/article/SB10001424052970203752604576641421449460968.html?source=patrick.net&mod=WSJ_hp_MIDDLENexttoWhatsNewsThird

The reeling housing market has come to this: To shore it up, two Senators are preparing to introduce a bipartisan bill Thursday that would give residence visas to foreigners who spend at least $500,000 to buy houses in the U.S.

The provision is part of a larger package of immigration measures, co-authored by Sens. Charles Schumer (D., N.Y.) and Mike Lee (R., Utah), designed to spur more foreign investment in the U.S.

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If they are trying to spur more foreign investors to buy the illegally foreclosed homes, then the powers that be must me aware there are not enough US investors or wanna be homeowners to buy the homes or will take a chance in buying these homes.  Seems to me there must be some panic going on.

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Are they going to do an income verification or are they just going to let all the Mexican Drug Dealers move right on in???????????

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BobbieF
One thing that can be done from the outside is to warn and educate those who are willing to buy a foreclosure, or a short sell.  Let them know they face the eventuality of having the foreclosure voided and the property given back to who
ever was in possession of the home, or property, at the time of the foreclosure.
Explain they are being set up to lose the money that bought the foreclosed property and the property itself with no recourse.  Especially if the contract of sale denotes it's being bought as is.

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stevenmoore
One of the things that creates it more difficult for homeowners to buy is investors buy up property resource for resorts. The real property industry needs to be managed with consistent upgrades as necessary to decrease this effect. I  don't give a rubbish if this is socialist, communist or whatever
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bwssr

I have been following Romney fairly closely. Where did you get your info? I never heard of this. Link please.

They get a bailout and we get the boot.
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     Since we are discussing politicians and their views, it appears to me that
only Ron Paul has called for enforcing the fraud laws against the banksters
who created this mess in the first place, ie a Libertarian solution to the problem.
     The only government intervention needed is the enforcement of the laws
which are already on the books. Ron Paul has also called for a return to a
Constitutional monetary and banking system which would prevent the kind
of Ponzi scheme we have now, which defrauds both the investors and the
homeowners. It defrauds the investors by selling the same Notes multiple
times, thereby "watering down" the value of each Note. It defrauds the
borrower/homeowner by encouraging inflated appraisals and thereby drives
up the cost of housing, which hurts all Americans and diverts money towards
"parasites" who produce nothing.
      So in the time we have left, before the election, we should all get behind
Ron Paul, even if it means a Third Party in the election, because there is not
a dimes worth of difference between the two major Parties.
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Angelo
@Mike H

Please give us proof and back up your claims that the notes were sold "multiple times".  I have never seen this to be the case, but here you are again, trying to make yourself out to be some sort of expert on the subject, when if fact, you are just a blowhard who has no clue whats going on!
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Unregistered5
Virginia Parsons (DeadlyClear) posted a list of loans that were sold multiple times. Lisa Epstein found the first one and others were found once they dug in further. This was probably two months ago. If they found 10 or 15 (don't remember exact number) of them, I would venture to say this discovery is the tip of the iceberg.
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mws

I agree with Mike H on Ron Paul.The Elite who controls America is the ones who decide who will be President.Abolish the Federal Reserve and then our Government can print interest free green-backs and then the money can be in the Americans pocket where it belongs.As long as the Elite get`s money under the table the big banks and servicers will keep on robbing home-owners.

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Robin

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Virginia Parsons (DeadlyClear) posted a list of loans that were sold multiple times. Lisa Epstein found the first one and others were found once they dug in further. This was probably two months ago. If they found 10 or 15 (don't remember exact number) of them, I would venture to say this discovery is the tip of the iceberg.
 

There is no evidence whatsoever of any systemic double pledging or duplicate sales of notes.  The same note might be shown in more than one securitization in multiple ways, as has previously been discussed by Mr. Roper and also by t.

 

For example, a typical securitization has mechanisms built into the closing process to assure that a loan meets the established criteria for the securitization.  When a loan does not meet these criteria, it is removed from the pool of collateral and replaced with another note. 

 

The loan originator will then try to place the note into another different securitization.

 

In fact, the appearance of the same note amongst a list of candidate collateral in more than one securitization or even a half dozen or more securitizations reflects that the due diligence and loan reviews are working.  That is, if a loan is presented as possible collateral and does not meet the established guidelines, it is supposed to be rejected.

 

If the process is working, then an originator might try repeatedly to sneak the inferior loan into a pool only to have it rejected.  If the process is not working, then the originator simply puts the rejected loan into the next pool and no one notices.

 

Similarly, a loan may be placed into a pool as part of a RMBS issue and then the trust certificates from that pool might be subsequently purchased and used as collateral for a subsequent collateralized debt obligation (CDO).  The same loan can be collateral for the RMBS issue and the trust certificates from the RMBS issue can be collateral for the CDO issue.  But the SEC disclosures may identify the underlying mortgage collateral as it is the characteristics of this collateral that is ultimately backing the issue.

 

This is not illegal and is not double pledging.  Rather, it is simply primary pledging and secondary pledging (through the intermediate certificate pledge).

 

These various breathless posts about possible double pledging are totally unproductive and merely a distraction.

 

Swindlers like Mike H. continue to seek to mislead and deceive distressed borrowers so that he can scam these folks out of their last $$.

 

When someone claims to have discovered double pledging, simply look at the underlying documentation.  If any double pledging had actually been taking place, you may be quite assured that the investors in these trust issues would be all over it.  This is simply another Internet myth propagated by swindlers like Neil Garfield and Mike H.

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bwssr
We were talking about Mitt Romney weren't we???
They get a bailout and we get the boot.
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t

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th Republican candidates like this Obama is practically guaranteed a victory. And that will be tragic.

Romney, BTW, appointed Mass. Land Court judge Kieth Long who has caused such a stir in Inbanez and Bevilacqua.
 

The Equitable One makes an interesting and important point.

 

Massachusetts Land Court Judge Keith C. LONG was appointed to the bench by Governor Romney:

 

http://www.mass.gov/courts/courtsandjudges/judgesandjudicialofficers/longk.html

 

Longstanding Forum participants will recall that Mr. Roper did a study of Ohio Federal cases in 2007 and 2008 and showed that Federal Judges appointed to the bench by Republican Presidents were uniformly dismissing foreclosure cases.  Corrupt Federal Judges appointed by Democratic Presidents, especially Pres. Bill Clinton were continuing to grant foreclosures even when it was clear that the plaintiff lacked standing.

 

This is because the Democratic Party seized control of both Fannie Mae and Freddie Mac during the Clinton administration and looted both of these GSEs.

 

Pres. Obama was chosen by his Wall Street Democratic handlers to assure that the criminals responsible would never be prosecuted.

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t

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Virginia Parsons (DeadlyClear) posted a list of loans that were sold multiple times. Lisa Epstein found the first one and others were found once they dug in further. This was probably two months ago. If they found 10 or 15 (don't remember exact number) of them, I would venture to say this discovery is the tip of the iceberg.

There is no evidence whatsoever of any systemic double pledging or duplicate sales of notes. The same note might be shown in more than one securitization in multiple ways, as has previously been discussed by Mr. Roper and also by t.

For example, a typical securitization has mechanisms built into the closing process to assure that a loan meets the established criteria for the securitization. When a loan does not meet these criteria, it is removed from the pool of collateral and replaced with another note.

The loan originator will then try to place the note into another different securitization.

In fact, the appearance of the same note amongst a list of candidate collateral in more than one securitization or even a half dozen or more securitizations reflects that the due diligence and loan reviews are working. That is, if a loan is presented as possible collateral and does not meet the established guidelines, it is supposed to be rejected.

If the process is working, then an originator might try repeatedly to sneak the inferior loan into a pool only to have it rejected. If the process is not working, then the originator simply puts the rejected loan into the next pool and no one notices.

Similarly, a loan may be placed into a pool as part of a RMBS issue and then the trust certificates from that pool might be subsequently purchased and used as collateral for a subsequent collateralized debt obligation (CDO). The same loan can be collateral for the RMBS issue and the trust certificates from the RMBS issue can be collateral for the CDO issue. But the SEC disclosures may identify the underlying mortgage collateral as it is the characteristics of this collateral that is ultimately backing the issue.

This is not illegal and is not double pledging. Rather, it is simply primary pledging and secondary pledging (through the intermediate certificate pledge).

These various breathless posts about possible double pledging are totally unproductive and merely a distraction.

Swindlers like Mike H. continue to seek to mislead and deceive distressed borrowers so that he can scam these folks out of their last $$.

When someone claims to have discovered double pledging, simply look at the underlying documentation. If any double pledging had actually been taking place, you may be quite assured that the investors in these trust issues would be all over it. This is simply another Internet myth propagated by swindlers like Neil Garfield and Mike H.

 

Excellent post, Robin!

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