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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Ed Cage

http://financialservices.law360.com/Members/ViewArticlePortion.aspx?Id=40124&ReturnUrl=..%2fsecure%2fViewArticle.aspx%3fId%3d40124

 

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“Mass. Regulators File Suit against Bear Stearns

Portfolio Media, New York (November 14, 2007)--The state of Massachusetts has become the latest regulator to target Bear Stearns Asset Management Inc. over the collapse of two of its funds due to subprime mortgage investments, filing a securities suit against the investment bank alleging violation of Massachusetts state law.

The administrative complaint, filed on Wednesday by Secretary of the Commonwealth William Galvin, alleges that investors in the Bear Stearns High-Grade Structured Credit Strategies Fund and the Enhanced...”

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Ed Cage
1804 Cross Bend, Plano Texas 75023

972-596-4363
ecagetx@tx.rr.com

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Ed Cage

http://www.reuters.com/article/businessNews/idUSN2027495320070721

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"Bear Stearns to be sued over subprime funds: CNBC

NEW YORK (Reuters) - Investors in Bear Stearns Cos. (BSC.N: Quote, Profile, Research) hedge funds that were virtually wiped out from large bets on risky mortgages are planning to sue the company as early as Monday, television channel CNBC reported on Friday.
     The lawsuit will be brought by the firm of Bernstein Litowitz Berger and Grossman LLP, which represented investors against WorldCom Inc. over a massive accounting fraud, CNBC said.
     According to CNBC, the lawsuit will allege Bear Stearns made material misrepresentations in offering documents, misrepresented risks of the hedge funds in those documents, and misrepresented its ability to control those risks. An official at Bernstein Litowitz told Reuters the firm was contacted by some investors who were seeking their advice.

     Officials at Bear Stearns did not immediately return requests for comment.

     Legal experts have said the losses in the Bear funds are so large that litigation is almost inevitable. But they say plaintiffs could have a tough time proving their case. Because the funds were aimed at sophisticated investors such as institutions and wealthy clients, it could be hard to argue that the risks were not properly understood."

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Ed Cage
1804 Cross Bend, Plano Texas 75023

972-596-4363
ecagetx@tx.rr.com

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