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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It is 8:14 EST. C-SPAN is discussing the Sub-Prime market and the cause of so many homeowners going into foreclosure. So far everything is about Predatory Lending.

Two Congressman are on the show..Nows the time to open our mouths and be heard 
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It's still on CSNA

It's about the new bill.

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Fight 4 the BILL

It's still on,<

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It hit the floor

Controversial HR 3915 Hits the House Floor - 3 hours ago
Reform bill HR 3915 -- otherwise known as the Mortgage Reform and Anti-Predatory Act -- aims to implement new lending standards that are designed to protect borrowers while also curtailing predatory lending in the mortgage market.
Bush administration slams anti-predatory-lending bill (subscription)
Will New Law Eliminate Mortgage Brokers? Originator Times
Center For American Progress
all 5 news articles »

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talking about Aranll

They are talking about ameriquest LOL and Ambassador Arnall
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SO what was said about the devil and his Assbastardship? Ooops I mean Ambassadorship
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Will New Law Eliminate Mortgage Brokers?  - God, let's hope so.

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Alright you know this just leads me to another question.
Thanks for the article Stephen, (and the other info whoever you are.)

Here's the thinking process: (and please feel free to tell me if I'm wrong)
1. People were buying homes under the ARMS "adjustable rate mortgages"
2. The to be Home Owners were convinced to go with the ARMS loans, because they were told they could RE-FI before the "INTEREST RATE ADJUSTED TO A HIGHER VALUE"
4. So that is the type of home loan hundreds of thousands of people had decided to go with.
5. Those contracts were supposed to give the NEW HOME OWNERS 2-3 years low interest rates.
6. Possibly with or without stipulations in the orig. contract stating that their payments would remain on the low interest rate for 2-3 years provided they were not late on any payments and provided they did not fall into default.
7. The mortgage companies had then deliberately caused, the borrower to go into default. so they could raise the "Interest to a higher amount"?

8. The Mortg. Co's would then raise the Interest due on the loan every 6 months Because they "Claimed" the borrowers payment was either late, or they had defaulted. RIGHT?

I am asking this because I have heard too many people say that the Mortgage Companies have raised their "ARMS" payments before they were DUE to have them raised.
I 'I've heard borrowers say that their interest rates were raised after only 6 months, and it wasn't supposed to happen for at least another 2 years.

If you answer Yes, or verify that this is correct then my next statement would be:

That the mortgage companies have not only managed to extort from those of us on fixed loans, but from those with ARMS loans as well.
Due to the capability to "RAISE" the ARM loan interest whenever the "SERVICERS" are wanting more money in their pockets. Right? ( basically rhetorical there, but answer if you like)

Next, if this is the case, then doesn't the Government know that this is occurring and is just another type of fraud as well?

If all of the "ARMS" foreclosures are happening due to the Servicers fraudulent activity (of raising the interest rates before the increase is DUE), DOESN'T THE GOVERNMENT recognize, that these FORECLOSURES are based upon Fraud in general?

America has never seen as many Foreclosures as it has the last 3 years.

I posted an article sometime last year that I had dug up, on the web, somewhere. If I remember correctly it was ALAN GREENSPAN, that had told the American's to highly consider refinancing their homes into the "ARMS" loans, and that creative loans, were also another CHOICE option, to benefit the homeowners.

So as long as the ARMS loans are existent, the FORECLOSURE rate, will continue to steadily permeate the Governments, blind interest in the matter?

The Government claims that it is concerned with the FORECLOSURE rate but.......
They (the Government) knows it is happening due to the FRAUD, but they intend to do nothing about the fraud part of it?

So I'm now really confused............................ Do they intend to help the
HomeOwner's in any way, or are they just side bagging it and trying to make it appear as if though they have "GREAT" concerns, over the Mortgage matters?

So basically this "NEW" Law does NOTHING to STOP Foreclosures from happening in the future.


If that answer is no, then these laws were created for nothing but P.R. and to give the public (home owners) the perception, that the GOV. is looking out for them........... then what a waste of tax dollars, and false hope that Americans "CAN" live, and love the American Dream.

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O -
They were talking about Predatory lending and the Mortgage servicers when the speaker said LOOK at Ameriquest, and went on to say that he is an ambassador and about the 325 million settlement, But he said it was 425 by mistake.
I can't remember word 4 word but he said that the ameriquest settlement was just a small price to pay while doing bad business.
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thanks for the update O-!!!

Ok more details please. Sorry I dont get nay of those channels you were talking about.

so was this said to Pres. Bush?
Was Bush in the room when it was said?

and who was the guy/woman that brought up Ameriquest? That's just awesome!!!!!!!!
Thank you

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I watched it and taped it with the tvo thing.
It was REP- Brad Miller D-North Carolina 13th district Raleigh Greensboro. Barney Frank was there he had some to say about all this including the servicers. He said 425 million was a minor fine used as the cost of doing business. He said Arnall was then made ambassador and that Arnall paid his way the the Ambassadorship by supporting Bush. He said Ameriquest paid that and then just kept doing it and doing it.
The meeting was about the new Anti-Predatory lending bill that was up for Vote in the house. They talked about everything from Predatory lending and the servicers, Investors and even renter.
You might be able to get a transcript.
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ok thanks for the info. I was hoping that someone had put Pres. Bush on the spot.

would have been great for that to happen, then he would have to fess up to all of his knowledge about Roland and his illicit activities, or if not fess up about it, he would have at least been fumbling for words again, providing to us that he knew the truth before Roland was appointed ambassador.

Ya know, come to think of it ........ I wonder why none of the Reporters have ever asked that question from him during a White House press conference.

I'd love to hear responses for these questions:

1. Mr. President, weren't you aware that Ameriquest was under scrutiny of the public eye, for illegal activity, and practices geared towards THE AMERICAN Home Owners, with Millions, upon Millions, being collected with concocted fees, when you Appointed Mr. Roland Arnall as THE AMBASSADOR to the NETHERLANDS?

2. MR. President, We all know you're a Good 'ole  Texas Country Cowboy' so please tell us, was there any direct relation to the appointee, based upon Texas Relations, and the same home from which ameriquest was based?

3. Mr. President, since it seems, that you were full well aware of the activities, of Ameriquest, Roland Arnall, and the Bear Stearns Corporations (affiliation to ENRON) committing fraud and these acts had already been committed or commencing, at the time of Your appointal for his Ambassadorship, Why would you Appoint such a corrupt man, as a Representative of America on Foreign soil?

4. What exactly was there for YOU to gain Mr. President?

5. And What do you expect that either Country may gain, due to the Ambassadorship of such of such a man with a trail of illegalities behind him?

I'd love to hear the answers to those questions,
But blah blah, I know I never will.

thanks for the details though.
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Great Question! I would like to know how Arnall can get away with Lying to Congress, BUT, AG Albert Gonzalez can't? What's with that?
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