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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11AM TO DAY, NEW YORK AG WILL ANNOUNCE A MAJOR INVESTIGATION INTO SUB PRIME MORTGAGES!!!
 
FINALLY, OTHER AG'S WILL FOLLOW SUIT.
 
LETS SEE WHAT HE SAYS!
 
HELLO LARRY?  I'm coming to Houston!
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Stephen

The Fed and state govts are all over the real estate industry.  Pancho Villa is dead!

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Joe B
Gary-

     I wouldn't hold your breath on other AG's piling on. NY AG is a bit of a rogue, and I don't see any history of other AG's going after the folks he has already gone up against.

     Not trying to burst your bubble, I just don't want you to get your hopes up! I personally would love to see many of the states in which this issue is a big deal begin simultaneous investigations (and compare notes) and actually have an impact on this issue.

     However, I just don't think it is likely! I hope I am wrong!

JB
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Roland Arnall Probe?

 
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Spitzer might have been considered a rogue as A.G.  He's Governor now and Cuomo is A.G.

I forgot what it is called at this moment but there is a group name
for all A.G.'s 50 states that do work to together on issues.

I'm more concerned to see if Cuomo will say the phrase, Mortgage
Servicing Fraud, rather sub-prime.

Dee
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Full press release available at link.

http://www.oag.state.ny.us/press/2007/nov/nov1a_07.html

NY ATTORNEY GENERAL SUES FIRST AMERICAN AND ITS SUBSIDIARY FOR CONSPIRING WITH WASHINGTON MUTUAL TO INFLATE REAL ESTATE APPRAISALS

Washington Mutual (WaMu) Demanded Appraisers Who Inflated Property Values

Internal E-Mails Show eAppraiseIT Executives Knew Their Scheme Was Illegal:
“We have agreed to roll over and just do it”

NEW YORK, NY (November 1, 2007) – Attorney General Andrew M. Cuomo today announced that he is suing one of the nation’s largest real estate appraisal management companies and its parent corporation for colluding with the largest savings and loan in the country to inflate the appraisal values of homes. 

In a scheme detailed in numerous e-mails, eAppraiseIT (“EA”), a subsidiary of First American Corporation (NYSE: FAF), caved to pressure from Washington Mutual (“WaMu”) (NYSE: WM) to use a list of preferred “Proven Appraisers” who provided inflated appraisals on homes.  The e-mails also show that executives at EA knew their behavior was illegal, but intentionally broke the law to secure future business with WaMu. 

“The independence of the appraiser is essential to maintaining the integrity of the mortgage industry.  First American and eAppraiseIT violated that independence when Washington Mutual strong-armed them into a system designed to rip off homeowners and investors alike,” said Attorney General Cuomo.  “The blatant actions of First American and eAppraiseIT have contributed to the growing foreclosure crisis and turmoil in the housing market.  By allowing Washington Mutual to hand-pick appraisers who inflated values, First American helped set the current mortgage crisis in motion.”

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