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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Just what we needed....maybe we can chew them up from both sides in SPITE of  their pandering government support. Don't you love the way they are "anal-yzing" each other? JPMorgan  anal-yzes B of A...and vice versa, I suppose. Talk about a$$hole buddies...

Bailout talk= Pitchfork + walking shoes.

Mortgage investors put pressure on Bank of America

By Al Yoon

NEW YORK | Tue Oct 19, 2010 2:39pm EDT

NEW YORK (Reuters) - A group of investors holding $16.5 billion of mortgage bonds took a step toward a possible suit against a Bank of America Corp unit for failing to correctly handle loans that were packaged into bonds.

The investors said that some mortgages should never have been included in the bonds in the first place, and that the Bank of America unit, Countrywide Home Loan Servicing, should force the original lender to buy them back.

The salvo is the latest effort from investors to push losses from mortgage securities back onto banks that made the original loans. Investors say the loans did not meet the standards that bondholders were promised when they bought the securities.

Countrywide Home Loan Servicing, now part of Bank of America, works on behalf of mortgage bond holders to collect payments on mortgages and work out bad loans.

The bondholders have issued a "notice of nonperformance," which gives Countrywide 60 days to fix the problems. If it does not, the investors can declare "an event of default," -- a technical violation of the terms of the bond, said Kathy Patrick, a partner at Gibbs & Bruns LLP representing the investors.

After an event of default, investors can sue.

On a conference call with investors, Bank of America CFO Charles Noski said the bank has received the letter and is reviewing the allegations.

It is not clear how successful efforts will be for mortgage bonds that were not guaranteed by Fannie Mae or Freddie Mac, analysts at JPMorgan said late last week.

More here:

http://www.reuters.com/article/idUSTRE69I4K620101019



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I guess the borrower's equivalent to a 'notice of non-performance' are the papers the sheriff duct tapes to your front door.   Only in this case they have two-months to fix the problem BEFORE the legal action begins.
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arkygirl
Maybe the bondholders will demand that B of A fax paperwork to them right away. As soon as it is received, it can go in the shredder and the demand for them to fax the same paperwork will be made again. And again. And again. And yet again.

In between they can "lose" all mailed or delivered paperwork, or even claim it was never received in the first place. Anyone who signs for anything can be summarily fired or transferred so that B of A won't have a prayer of ever talking to the same person twice. Demands can be made to re-send it all causing the whole procedure to begin anew.

Sixty days will pass in a twinkling and nothing will get accomplished.....reckon B of A will start hollering that the bondholders were not acting in good faith? Screaming about how sloppy their methods are? Yelling that it is being robbed?
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Moose
The trick for investors is to get 25% of them together to file suit, and they have competing interests.

Back in the twenties this kind of thing was settled by the bosses and muscle.

Now the only parties who make out on the deal are the attorneys.

Moose


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arkygirl
I don't feel too bad for the investors; they made money from nothing for several years. And the investor  groups are forming right now. So are the borrower groups. The Big Octobanks did not discriminate; they were equal opportunity fu*****. If you were a human, walking and talking, they would screw you. That was their business model.

It is like the investors bought a car, drove the heck out of it for years and now suddenly they want to invoke lemon laws....AFTER they got the goody out of the vehicle and the warranty had expired. They liked the vehicle until they didn't. Well, boo hoo. They should have looked at their vehicle before they bought it in the first place. Oh, wait. The dealer sold the same vehicle to several people. That complicates matters, doesn't it? No wonder its worn out, several people have been driving it at once.

I have no real love for lawyers but maybe they can feed on the carcasses long enough to put all of us out of these 2b2f bank's misery. These leeching fraud banks are costing all of us money and need to be put down one way or another. They are costing our grandkids money. They are parasites. They are insolvent without feeding from all of us using the Federal Reserve as their conduit.

The real cost is the human misery they have caused. Homelessness is no joke and I have no sympathy for a system that was designed to cause that condition. And this one was....those loans were never meant to be paid, they knew they had to refinance endlessly or foreclose on those homes or their fraud would be discovered. It might as well have been written into each contract. Wouldn't have mattered because no one knows where that paperwork is now anyway.

What I hate most is that as America bled real jobs, Octobanks stepped up to the plate and created a new worldwide export-FRAUD. Fraud is now America's biggest export.

I never thought it would be the freaking bankers that caused me to lose pride in my country. They have done more damage to the American psyche than any number of corrupt politicians.
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