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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I hope someone can explain the following.  Recently I received what is supposed to be an Certified true copy of my Interest Only fixed Rate NOTE from my servicing company that shows on page 4 my signature.  At closing I do not recall anyone signing other than myself.  My original copies has no signature.  In addition to my signature on page 4 of the note copies from my servicing company their are signatures. This is an example of how the signatures appear, there are two.

1st signature

PAY TO THE ORDER OF: xxxxxxx Bank FSB
___________________________
WITHOUT RECOURSE   
xxxxxxxx Mortgage LLC

____________________________
xxxxx xxxxx Post Closing Manager

2nd Signature

Pay To the Order Of:  (this is left blank)

Without Recourse
xxxxxxx Bank FSB

(There is an unreadable signature here)
Assistant Vice President
    

After receiving this copy I am not sure if my servicng company is the lender or just the servicing company.  I was under the assumption that my lender and servicing company was one and all the same.  Can someone please explain the signatures from the example above.

thanks
Shunn1













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Your documents have been forged and altered, challenge them now, use a lawyer and force them to produce the orginals!! Thousands of victims have received them from servicers. 
 
If Litton Loan is involved contact me.
 
 
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A Friend

Those are endorsements, which basically assign the note to another financial institution, servicers, etc. Endorsements and allonges occur AFTER the note is signed. They are very legal and very common.

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John Hancock
Dear Friend,

Those docs ARE ILLEGAL if they have been FORGED.

Have a nice day,

John
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Moose
Shunn1 wrote:
I hope someone can explain the following.  Recently I received what is supposed to be an Certified true copy of my Interest Only fixed Rate NOTE from my servicing company that shows on page 4 my signature.  At closing I do not recall anyone signing other than myself.  My original copies has no signature.  In addition to my signature on page 4 of the note copies from my servicing company their are signatures. This is an example of how the signatures appear, there are two.

1st signature

PAY TO THE ORDER OF: xxxxxxx Bank FSB
___________________________
WITHOUT RECOURSE   
xxxxxxxx Mortgage LLC

____________________________
xxxxx xxxxx Post Closing Manager

2nd Signature

Pay To the Order Of:  (this is left blank)

Without Recourse
xxxxxxx Bank FSB

(There is an unreadable signature here)
Assistant Vice President
    

After receiving this copy I am not sure if my servicng company is the lender or just the servicing company.  I was under the assumption that my lender and servicing company was one and all the same.  Can someone please explain the signatures from the example above.

thanks
Shunn1



This isn't legal advice, but it sounds pretty typical. I doubt your servicer is your lender.  These things vary by state, so I'd have a local attorney walk you through it.

Moose

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A Friend

Shunn1 wrote:
I hope someone can explain the following.  Recently I received what is supposed to be an Certified true copy of my Interest Only fixed Rate NOTE from my servicing company that shows on page 4 my signature.  At closing I do not recall anyone signing other than myself.  My original copies has no signature.  In addition to my signature on page 4 of the note copies from my servicing company their are signatures. This is an example of how the signatures appear, there are two.

1st signature

PAY TO THE ORDER OF: xxxxxxx Bank FSB
___________________________
WITHOUT RECOURSE   
xxxxxxxx Mortgage LLC

____________________________
xxxxx xxxxx Post Closing Manager

2nd Signature

Pay To the Order Of:  (this is left blank)

Without Recourse
xxxxxxx Bank FSB

(There is an unreadable signature here)
Assistant Vice President
    

After receiving this copy I am not sure if my servicng company is the lender or just the servicing company.  I was under the assumption that my lender and servicing company was one and all the same.  Can someone please explain the signatures from the example above.

thanks
Shunn1














They are legal endorsements. The first appears to be endorsing the note from GMAC Mortgage, LLC to IndyMac Bank, FSB. The second is a blank endorsement from IndyMac Bank, FSB. Endorsements are typical, and I doubt they have been forged.
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4 justice now
A Friend or Fiend?

I was actually ready to give you the benefit of doubt on this one.... until you happen to state: "I doubt they have been forged."


Based of recent history etc. at this point, I wouldn't doubt it for a moment.


4J
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A Friend

4 justice now wrote:
A Friend or Fiend?

I was actually ready to give you the benefit of doubt on this one.... until you happen to state: "I doubt they have been forged."


Based of recent history etc. at this point, I wouldn't doubt it for a moment.


4J

I've never seen a forged endorsement. I'm not sure why that makes me a "Fiend."
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Nye Lavalle
LOL seen so many forgeries, not even funny
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Ohio

Quote:
I've never seen a forged endorsement. I'm not sure why that makes me a "Fiend."

Maybe It doesn't make you a fiend...BUT it DOES indicate you are ready to defend the integrity of foreclosure law firms and servicers. How can you say the signatures are NOT forged? Are you implying that would NEVER happen??

Your statements also indicate to me:
a) you are not an attorney
b) you work/clerk in a law firm but you are probably only in your 2nd year of law school
c) you are doing the grunt work and are only privy to bits and pieces of the game. Real communications with the servicer clients are handled by the big boys in your firm...not you.
d) you are so wet behind the ears you are drowning in your own naivete

If you want to be taken seriously here then you need to quit this bad habit of disputing the existance of corruption with such a wide sweep of your hand.

Just because you have not smelled the under the table $hit that undoubtedly goes on under your nose daily does not mean it is not happening.

Remember that the next time you are running to the recorders office with a stack of assignments hot off the press because your boss filed foreclosure complaints BEFORE checking to see if the client had standing. 


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Ohio
Ever wonder why all these yayhoos are vice-presidents??

In a corporation the only officers required are a president and a secretary/treasurer

Vice-presidents are nobodys...anyone can hold that title. You don't even have to be an employee for crying out loud! These vice-presidents are nothing more than official sounding unofficial phantoms.
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The documents are most likely FORGED.  In my own case, we have no less than three sets of FORGED documents!  The same pattern has been found in hundreds of case's I have reviewed on loans between New Century and were transferred to Litton Loan!
 
If your lawyer is going to "Trust" a copy from any institution and not get the "Original notes" get rid of him.
 
Fidelity has a "Network Agreement" with lawyers across the country that supplies legal Forclosures's and Bankruptcy services.  It also has a company in Missouri that "REPRODUCES DOCUMENTS LOST, MISPLACED OR OTHERWISE UNABLE TO LOCATE ORIGINALS" for the purpose of litigation cases for its clients.
 
Many thousands have been produced, Litton Loan uses this company to produce "Original" Documents!!!
Then submits them with an affidavit that they are the copies of the original! 
 
Get real,Nye, and I both have seen so many forged, and altered documents that have been submitted by affidavit that states  "This is a true and accurate copy of the original note..." 
 
Speaking in my own case, Litton Loan will have to produce all three "Originals"  I wonder how they are going to do that? And, what about those that supplied the affidavits?  mmmmmmmm we will see pretty soon what begins to happen.  It will be an issue in my case!
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Moose
Friend, what you're dealing with is the fact that a number of players are not only sloppy and careless, they find themselves in a really ugly position down the road when a foreclosure looms and they will resort to almost anything to resolve the situation in their favor.

It's the exact same skirting of the rules in originations that leaves a trail of disaster for the courts to try and clean up in the end.

Foreclosures, especially in non-judicial states, were simple and quick. The process wasn't scrutinized at all because the majority of them were situations where the borrower couldn't or wouldn't even challenge them.

When a real challenge was presented, someone had to reach in to the mess and respond to the suit. When that happened, a really opportunistic or predatory servicer could be caught between a rock and a hard place; either admit the mortgage wasn't properly endorsed and assigned along the way and back out of the foreclosure, or more commonly, just submit a "lost note affidavit." Courts accepted them because they couldn't imagine someone would commit perjury or forgery over something as cut-and-dried as a typical foreclosure.

Courts finally started looking more closely at these affidavits and the dates things purportedly were done. The more clever and devious among the servicers figured out all they had to do was find the documents and get the right signatures on them if they weren't there. Having cooperative notaries made that all-too easy. That one has backfired recently as well.

The problem is, with today's computer imaging technology almost anything can be created and produced without a lot of expertise, and believe it or not, is being created.

And apparently, there's enough money to be made by law firms doing foreclosures that they're willing to take their client's word for anything even if there is a risk of being sanctioned. And that won't happen until the lawyer becomes a repeat offender.

And don't take this personally, but people in the system who are apparently unwilling to believe that others in their business would do such things are helping practices like this proliferate.

Moose


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A Friend
Thanks, Moose.

I'm sure there are forgeries, but I've never seen one. Forgeries for endorsements would be very hard to prove. There are either stamped or typed on the note. To prove a forgery, one would have to get the original note and show that there are either no endorsements or different endorsements than what is shown on the copy of the note. Of the original notes vs. copies of notes that I have seen, *I* have never seen a forgery. I'm sorry if that offends some people and makes me a "fiend." I could lie and say that I have seen thousands of them, but lying doers not help the original poster. My response was just trying to help the OP.
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To prove forgery, you will need a forensic hand writing expert, there are a number of them around the country, he will have you write a number of "Known Samples" then compare them against the "Questioned Document" and after observing the comparisons render a "Limited" opinion based upon looking at the K-1 (Known Sample Document) vs the Q-1 (Questioned Document) He will then render a "Qualified" expert opinion, and would require the "Original Documents" in order to compare them.  This is how you would go about using the "forged" documents in court. And requiring the production of the "Original" documents.
 
 
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Moose
GARY WAIT wrote:
To prove forgery, you will need a forensic hand writing expert, there are a number of them around the country, he will have you write a number of "Known Samples" then compare them against the "Questioned Document" and after observing the comparisons render a "Limited" opinion based upon looking at the K-1 (Known Sample Document) vs the Q-1 (Questioned Document) He will then render a "Qualified" expert opinion, and would require the "Original Documents" in order to compare them.  This is how you would go about using the "forged" documents in court. And requiring the production of the "Original" documents.


Therein lies the rub. In a solid multi-million dollar case you might be able to find a law firm willing to front the cost of such a challenge. When it comes to a foreclosure for a $200,000 loan you'd have to put up tens of thousands of dollars to proceed with that kind of discovery and expert analysis.

If you win and the court awards your expenses, good show. If you don't you're in way deeper than just a mortgage problem. They'll lay out big bucks to have their experts who will try to refute your claims. Then it's up to the judge or jury on who they believe. Never forget they've painted you as a deadbeat with money troubles trying to live in a house for free.

That's the higher and higher stakes world of evidentiary proof.

If you have the legal resources to fight at this level you could probably just buy the whole d**n house and be done with it.

For those of us operating in the real world, we have to rely on less sophisticated challenges. Only really savvy attorneys know how to play this rather esoteric game and rarely will they do it for free.

Someone who knows how to do it will challenge them to produce the note and will be able to demonstrate how it couldn't have been what they say it is without a forensic analyst.

Moose

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Unfortunately your right Moose, many can not afford the costs of using "Experts" for litigation.  Costs for "experts" is necessary to present a case in court.  And like most individuals (Victims) of MS Fraud, they have had their credit whacked by the lender, and the equity in the property can not be used, that is part of the plan of the lender and legal strategy used against the home owner.
 
I am fortunate, and I know it, to have employed both a forensic Accountant, and Hand writing expert to examine and provide experts reports for motions and the court to support my claims against Litton Loan.  However I made the decision to sell my home, at a substantial loss, realizing what they wanted was the equity. 
 
I have offered my expertise to many here for free, and have provided a number of affidavits that have been used, and going to be used.  There is no other way, to fight these terrorists without using other experts in many different ways.  Without outside experts to support my own claims most courts would not even get a hearing.  Its all part of the legal game. 
 
A good forensic account may cost up wards of $15,000.00, a good forensic documents man, about the same, and more depending on the number of documents being examined.  Total experts will cost more than 50,000.00 maybe more preparing for trial.  Its not cheap, but necessary.  I have a number area's where my expertise has been used in court rooms, and having managed litigation for insurance companies and private companies. I know what to expect and plan for, I'm lucky to be in a position to do this, I know that. 
 
 It turns my stomach to hear of the abuse family's and individuals have gone through by the likes of Larry Litton's.  I'm doing what I can with what and who I know to cost them as much as possible. That was a promise I made to Larry Litton and taped on his recorder! 
 
The number of class actions against them, would not have occurred if I had not supplied information to many of the bar groups.  Three years ago in NYC, in a meeting with a number of Plaintiff bar lawyers, I indicated to them that the corruption could easily be over 1 trillion dollars, three months later, I was told it could be as large as two to three, and bring the entire markets down.  If I named lawyers in the room many of you would recognize them right away, many now have more than two or three class actions going against a number of lenders.
 
Moose your right, most can not afford this when your defending, I choose not to defend, but to attack, by giving up what they wanted for a loss, I did not risk the litigation costs of both fighting for the defense of my home, and trying to attack them at the same time.
 
 
 
 
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PB
Bless you Gary. Keep on fighting, if you ever get down think of the hundreds of thousands of people, if not millions that your helping.

I'll never give up from what I know now until the day I die.

PB
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Gus
Gary-

     Can you tell me anything about this company in MO? I assume you mean American Reconveyance.

     I have run into them in my issue, and could use any insight you may have gained; again assuming we are talking about the same Kimberling MO company. Thanks!

Gus
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Gary perhaps Larry just pooped out of the back of that bull. Speaking of chasing the money trail I've stated on several posts over several years that huge amounts of assets and gold were transferred from the U.S. prior to WWI and WWII. I believe the economic dismantling and transference of power and wealth to foreign interests is a a much greater security risk than the war on terror since it will leave us without the money to fight the military and our enemies pulling our governments and banks strings.

Here's an interesting consortium. George Soros while many may not agree with his social agenda has been outspoken against globalism, the GSE's, and the insider politcal and for profit banking monopolism that caused the economic meltdown in the first place. Whever huge amounts of cash or assets dissapear in an organized and methodical fashion you can be sure they are going somewhere else.

Nouriel Roubini is a great economist and is opposed to the economic model of securitizations which is the root of ms fraud. The lenders would not be foreclosing on millions of homes nationwide and if it were not for them being able to profit by converting the assets into securites and using it as thier own money.

                                               
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BEHIND THE SCENES
Have a laugh, read some of the feedback we've received about the event and how we would like to have responded. But didn't. (Updated daily, unfortunately)
CO-STARRING | TO DATE
  • ASHEESH ADVANI | CEO, Virgin Money (US)
  • PATRICIA VAN BARNEVELD | Head of Special Servicing, Quion
  • ALEXANDER BATCHVAROV | Managing Director, International Structured Product Research, Merrill Lynch
  • INGRID BECKLES | Vice President of Servicing & Asset Management, Freddie Mac
  • MICHAEL BOLTON | CEO, Edeus
  • TAMARA BOX |         Partner | Head of International Structured Finance, Berwin Leighton Paisner LLP
  • JEAN LOUIS BRAVARD | Managing Director, Global Financial Services Industry, EDS
  • BRIAN BRODIE | Managing Director, HML
  • CLIVE BULL | Director, Warehouse Lines, Deutsche Bank
  • NICK BUTLER | Partner, Banking and Capital Markets, Berwin Leighton Paisner LLP
  • MICHAEL CULHANE | Group CEO, Oakwood Global Finance
  • JOHN DALY | AE Global Investment Solutions Ltd
  • HELENA DAY
  • JEREMY DEACON | CQS
  • JOHN DEACON | CEO, Giltspur Capital LLP
  • CLARENCE DIXON | Managing Director, Crown Westfalen Group
  • ACHIM DUEBEL | Financial Sector Economist, Finanpolconsult
  • PAUL FENN | Head of Business Development HML
  • THOMAS GAEDE | Managing Director, Immofori GmbH
  • MATT GILMOUR | Managing Director, Mars Capital
  • TODD GROOME | Advisor, Monetary and Capital Markets, International Monetary Fund
  • STEPHEN HYNES | Managing Director, Capital Markets, GMAC-RFC
  • SHIRLEY JACKSON | Partner, EuroCatalyst BV
  • PETER JEFFREY | Head of Securitisation, PriceWaterhouseCoopers
  • WILLIAM KEENAN |         Chairman, Denovo Corporation
  • GREGG KOHANSKY \ Senior Director, FitchRatings
  • IGOR KOUZIN |         CEO and chairman, DeltaCredit Bank Russia
  • RYSZARD KRUSZEL |         Managing Director, Stater International
  • UDO VAN DER LINDEN | Head of Structured Consumer Capital, ABN Amro
  • LARRY LITTON | President and CEO, Litton Loan Servicing
  • JULIE MEYER | CEO, Ariadne Capital
  • JASON MILLER | Managing Director, Engage Credit Limited, Special Servicing
  • ADRIAN MITRI | Executive Director - Servicing, Mortgage Capital, Lehman Brothers
  • TONI MOSS | CEO, EuroCatalyst BV
  • GIOVANNI PINI | ABS research, European Credit Management
  • EDDIE REGISTER | Senior Director, RMBS and CMBS, FitchRatings
  • TAMMY RICHARDSON |         Managing Director, UK & Ireland, Genworth Financial
  • RON ROARK | Chairman, Crown Westfalen Group
  • FRANK ROESSIG | CEO, GMAC-RFC Securities Europe
  • ROBBIE SARGENT | Director, FitchRatings
  • JAMES SHACKLEFORD | Executive Vice President, Butler & Hosch LLP
  • TIM SKEET | Managing Director, Debt Capital Markets, Merrill Lynch
  • RAVI STICKNEY | Vice President, Global Investments Strategies, ING
  • ROEL SPIJKER | Director of Mortgage Investment Services, Stater International
  • DOMINIC SWAN | Head of SIVs, HSBC
  • GILLIAN TETT | Columnist and assistant editor, Financial Times
  • ROB THOMAS | Senior Policy Analyst, Council of Mortgage Lenders
  • HANS VRENSEN | Head of European Securitisation Research, Barclays Capital
  • RICK WATSON | Managing Director, European Securitisation Forum
  • MATTHEW WYLES | Group Executive Director, Nationwide Building Society

  • 2006 TRANSCRIPTS and programme
    Click here to view transcripts from selected sessions at EuropeServicing 2006, and here to view the programme including the Director's Notes.

    Click here to take a look at the programme in PDF format.



    DAY 1 | APRIL 28
    FULL PROGRAMME AND FINAL PROGRAMME
    [ DAY 2 PROGRAMME LINK ]

    RECOMMENDED READING FOR THE EVENT
  • V.S. Naipaul. (1962). A House for Mr. Biswas. New York: Vintage Books
  • Lowenstein, Roger (2000). When Genius Failed: The Rise and Fall of Long-Term Capital Management. New York: Random House.
  • Soros, George (2008). The New Paradigm for Financial Markets: The Credit Crisis and What It Means. New York: PublicAffairs

    Note: Please look at individual sessions for recommended reading materials relevant to particular topics. Please also note that EuroCatalyst offers these lists as a way of gaining better insight into the issues being discussed but does not back or support any particular viewpoint presented.

    CLICK ON FILM TITLES TO READ DIRECTOR'S NOTE FOR EACH SESSION

                                                                                                                                                                                   



    08:30   REGISTRATION, COFFEE AND REFRESHMENTS

    09:00  
            SESSION 1A  
            'VERTIGO'
    SERVICING IN A WORLD OFF-BALANCE: An introduction to EuropeServicing 2008, a collaborative, pan-European industry-wide approach to addressing the global credit crisis from those on the front line of defence.


    Servicing professionals rarely receive accolades from the industry and are constantly reviewed harshly by critics. Today both in-house and third-party servicing operations are being re-evaluated by clients, investors and shareholders due to their role on the front line in defending losses in an industry that has fallen from high and is currently in a severe state of vertigo and paranoia.

                      INTRO                   TONI MOSS, CEO, EuroCatalyst BV


    RECOMMENDED READING
                                                   
  • Fitch | Rating Criteria for European Residential and Commercial Mortgage Loan Servicers (20 August 2007)
  • Barcap | RMBS servicing: view from the 'front line'
  • Lowell, Linda (9 April 2008). "Those Who Bury History Are Doomed to Repeat It". Housing Wire.
  •                


            SESSION 1B                   'TO KILL A MOCKINGBIRD'
    A conversation on the global economy and the current state of the markets
                      SPEAKER                   CHARLES ROXBURGH, Director, McKinsey & Company


    RECOMMENDED READING
                           
  • Butler, Pat. (October 2007). "From the subprime to the ridiculous," opening keynote presentation at EuroCatalyst 2007: Burning Down the House, in Madrid.
           
  • Roubini, Nouriel. (April 2008) "The coming financial pandemic". Foreign Poliy Magazine.
    Article available online at the Foreign Policy website (subscription) and at the National Post website (free)
  • Roach, Stephen (April 2008) "Why Greenspan is to blame". Foreign Policy Magazine.

  •         SESSION 1C           'RUNNING WITH SCISSORS'        
    This panel discussion focuses on the current cycle of fear and repetitive disorder, the impact of mark-to-market accounting on mortgage and capital markets and the need to transition the focus of servicing from the originator's back office to the investor's front office.


    RECOMMENDED READING
                   
  • IMF | Global Financial Stability Report: Containing Systemic Risks and Restoring Financial Soundness (April 2008)
  • IMF | World Economic Outlook: Housing and the Business Cycle (April 2008)
  • OECD | The subprime crisis: Size, deleveraging and some policy options
  • Financial Stability Forum |         Report of the Financial Stability Forum on Enhancing Market and Institutional Resilience (7 April 2008)



  • HOSTS  TONI MOSS, CEO, EuroCatalyst
            TIM SKEET, Managing Director, Debt Capital Markets and Head of Covered Bonds, Merrill Lynch International

    PANEL           ALAIN CARON, Head of Securitisation, Credit Foncier
            ACHIM DUEBEL, Financial Sector Economist, Finanpolconsult
            PETER JEFFREY, Head of European Securitisation, PriceWaterhouseCoopers
            CHARLES ROXBURGH, Director, McKinsey & Company
            DOMINIC SWAN, Head of Structured Investment Vehicles, HSBC
           

            11:00                   REFRESHMENT BREAK                

            11:15  
            SESSION 2          
                    'GOLDFINGER' AND THE CLIFFHANGER |         The fate of the UK mortgage market and its capacity for master, primary and backup servicing                

    Not long ago, UK Chancellor Alistair Darling came up with a plan to resurrect the £100 billion market for secondary borrowing and wholesale funding by creating a "gold standard" to differentiate creditworthiness and quality among UK-originated mortgages. As it happens, the idea of a government-endorsed kite mark in a market that wants guarantees amounted to flying a kite. Now a working group has been created to tackle the overhang of too much paper in the hands of those who do not want to hold it, which, in turn, constrains the ability to lend and perpetuates market paralysis. Darling's "gold standard" idea inspired us to consider what an equivalent "Blue Chip" standard might look like for servicing. This session discusses current government and industry-wide initiatives to back the entire UK market gently away from the precipice. At the same time, as collateral performance worsens and banks begin to offset losses by selling portfolios, we will look closely at UK third-party servicing capacity and alternatives for master, primary and backup servicing.

    RECOMMENDED READING
                           
  • Bank of England | Special Liquidity Scheme news release (21 April 2008)
  •         Fitch | Rating Criteria for European Mortgage Loan Servicers - UK Market Addendum (28 Jan 2008)


  • HOSTS  TONI MOSS, CEO, EuroCatalyst
            TIM SKEET, Managing Director, Debt Capital Markets and Head of Covered Bonds, Merrill Lynch International

    PANEL           PAUL FENN, Development Director, HML (Homeloan Management Ltd)
            DIPESH MEHTA, Manager, Securitisation Research, Barcap
            EDDIE REGISTER, Senior Director, FitchRatings
            ROB THOMAS, Senior Policy Advisor, Council of Mortgage Lenders
    RICK WATSON, Managing Director, European Securitisation Forum
            MATTHEW WYLES, Group Executive Director, Nationwide Building Society

            12:15          
            SESSION 3  
                    'WAG THE DOG' | Media coverage of housing markets, capital markets and the credit crisis: Transparency vs. headline risk

    In an industry criticised for its lack of transparency, nothing (apart perhaps from undisclosed losses) has proven to be more controversial than media coverage of housing markets, mortgage products, and the global mortgage crisis. Housing finance, after all, affects the distribution of global wealth across all societies, governments, and capital markets. Industry participants, whether they are debating the definition of "sub-prime", the threat of recession or the demise of Northern Rock, are quick to use the media to their advantage to stimulate opportunity but even quicker to criticise coverage at the first signs of negativity. On the other hand, needlessly sensational headlines can cause irreparable damage to financial institutions not at fault. The result is a complete lockdown on participation in open discussions by important industry players who represent an industry that must collaborate to respond to the worsening crisis.

  • How much impact has the media had on escalating the sub-prime crisis?
  • How much culpability lies within the industry itself?
  • Which group is responsible for perpetuating the vicious cycle, the media or the industry and the timing of its disclosure?
  • How accurate has the reporting been on industry issues and are they too complex for mass consumption?
  • Is the media trading sensationalism for accuracy?
  • Is the industry using complexity to divert attention from undisclosed risk?

  • This session hopes to address these essential questions with key journalists from in conversation with their critics (and subjects) from within the industry. The goal is to build better communication between the industry and those responsible for its coverage.

                   

    HOSTS  TONI MOSS, CEO, EuroCatalyst
    SHIRLEY JACKSON, director, EuroCatalyst

    PANEL                   JULIAN BEDFORD, Duty Editor, BBC World Service Radio
    ROB BIER, CEO and founder, SPARCK Hypotheken
    JOHN DEACON, CEO, Giltspur Capital LLP
    PAUL HANNON, Assistant Managing Editor, Dow Jones Newswires
    TIM SKEET, Managing Director, Debt Capital Markets, Merrill Lynch
    GILLIAN TETT, Columnist and Capital Markets Editor, Financial Times

            13:30           LUNCH                

            14:15  
            SESSION 4  
    'THE SIXTH SENSE' | The Psychology and Mindset of Special Servicing and Loss Mitigation                

    Special servicing can best be described as the "triage" unit of a hospital emergency room, where injured people are sorted and prioritised into groups, based on their need or likely benefit from immediate medical treatment. In the same way, special servicers sort and prioritise "injured" loans to determine which treatment is best applied to handle collections and arrears, default, repossession/foreclosure in worst-case situations and how best to recover real estate value should the patient die on the operating table, so to speak. Like any good doctor, special servicers take all factors into consideration if they hope to effectively treat both the patient and their underlying injury. What makes a doctor exceptional is the same for any special servicer: the "sixth sense" to understand and apply the best resolution for all parties involved in and affected by the patient's "injury" as well as the circumstances which led to the injury. The most difficult challenge for all special servicers will always be how to scale that unique mindset into large teams across a corporate platform and strategy. This session will discuss best practices, tools, techniques and strategies to defend portfolios from further losses, mitigate ongoing losses and recover overall asset value, emphasising the skills that differentiate good special servicers from great ones.


    HOST  TONI MOSS, CEO, EuroCatalyst
    MATT GILMOUR, Managing Director, Mars Capital

    PANEL                   INGRID BECKLES, VP of Servicing and Asset Management, Freddie Mac
    JASON MILLER, Managing Director, Engage Special Servicing
    RON ROARK, Chairman, Crown Westfalen Group
    ROBBIE SARGENT, Director, FitchRatings
    STEVE STAID, Managing Director, Securitised Products, Lehman Brothers

            15:15  
    SESSION 5  
            'GET SMART' | Stress-testing portfolios for adverse market conditions; loss mitigation through loan modification, loan workouts, repossession and asset disposition        

    SESSION DESCRIPTION COMING SOON (to a theatre near you)
                   

    HOSTS   TONI MOSS, CEO, EuroCatalyst
    MATT GILMOUR, Managing Director, Mars Capital

    PANEL                           INGRID BECKLES, VP of Servicing and Asset Management, Freddie Mac
                    GREGG KOHANSKY, Senior Director, European Structured Finance, FitchRatings
            PHILIPPE LÉGAT, Executive Director, Servicing, Stater Belgium
            ADRIAN MITRI, Executive Director, Servicing, Lehman Brothers
                    JAMES SHACKELFORD, Executive Vice President, Butler & Hosch LLP
           

            16:15                   REFRESHMENT BREAK                

            16:30  
    SESSION 6  
            'HORTON HEARS A WHO' | Social banking platforms, peer-to-peer servicing and product development/scenario planning in virtual communities                

    This session moves beyond the impersonal chaos of the credit crisis into the world of social banking platforms and virtual communities. Representing a profoundly important development in the evolution of banking, peer-to-peer lending redistributes power and wealth across the most granular playing field using the most viral form of connectivity. These platforms are so granular that you could call them micro lenders. And they are also so viral that private individuals are not only able to borrow money, they can lend it, too. Where traditional banks intermediate between private customers and capital markets, peer-to-peer platforms enable private customers to engage with each other and facilitate their transactions. The key to their success is their ability to operationalise the process of peer-to-peer servicing.

    As banks continue to hoard cash and impose restrictions during the escalating crisis, social banking platforms provide an additional source of funds for individuals who need credit by individuals with extra cash to lend. The crisis presents a unique opportunity for social banking platforms to make their move; however, their advance is dependent on their message being heard beyond beyond internet-savvy individuals.

    Now imagine the ability to create a second identity in the virtual world where you can choose, look, behave, buy, sell and virtually become anyone you want. Second Life is an internet-based virtual world with more than 13 million residents who interact with each other in an unlimited variety of activities. Conducting business transactions in Linden dollars (which are exchangeable for real world currencies), residents can buy and build houses and own land. Notably, Second Life has also seen downward house-price movements consistent with what's happening in the real world. The possibilities in Second Life are unlimited, which is why so many banks and corporations are creating their own identity to test products and prototypes in the virtual world. There is no better time to reinvent the future of the industry, and no better place to do it, than in the virtual world - lest we continue to make a mess of things in real life.

    HOSTS   TONI MOSS, CEO, EuroCatalyst
    FRANK ROESSIG, CEO, GMAC-RFC Securities Europe

    PANEL                   ASHEESH ADVANI, CEO, Virgin Money US
    JULIE MEYER, CEO, Ariadne Capital

    COPYRIGHT © 2008 EUROCATALYST. ALL RIGHTS RESERVED.
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    Quote 0 0
    4 justice now
    A friend:

    Since you haven't yet identified yourself as being a victim of MS Fraud, I'm rather curious as to why you have decided to visit this site in the first place.

    It appears that the vast majority of people that frequent this site are those who have been victimized by these fraudsters. There are a few posters here who simply wish to help, but then there are also the shills that aid & abet the very criminals who have executed this fraud from the beginning.

    If you happen to be a member of that last group mentioned above you should truly consider the term "fiend" as being complementary.


    4J
    Quote 0 0
    Unregistered
    Nye Lavalle wrote:
    LOL seen so many forgeries, not even funny
    Quote 0 0
    Write a reply...