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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Litton Loan: Unsatisfactory to the BBB, good enough for Mayor White*

Did you know that Mayor White recently teamed up with ACORN, and some financial institutions to hold a "Foreclosure Prevention Fair"? The Houston Press' Richard Connelly dug up a stunning tidbit about the event:

One of the participating financial institutions: Litton Loan.

That caused some raised eyebrows at the Houston chapter of the Better Business Bureau.

"We [moved to] revoke their membership some years ago, and they have maintained a high volume of complaints with a lot unanswered and unresolved," says Stacey Fletcher, BBB's senior director of dispute resolution.

When the agency notified Litton of the action it intended to take, the company quit the BBB. (Take that!)

Litton has maintained "a consistently unsatisfactory rating" at the BBB since June 2005, Fletcher says.

The problems aren't limited to Houston. Nationwide, Litton has faced an avalanche of complaints, with consumers saying they have been charged late fees for on-time payments or even when a consumer sent his mortgage check to his old bank just after the bank sold the loan to Litton. (There's supposed to be a 60-day grace period for such payments, but Litton tends to lack grace, apparently.)

Fletcher says the BBB is baffled as to why the Mayor's office chose to have Litton as a participant.

"The Bureau is not going to recommend a company to help people for the Mayor's program or otherwise if they choose not to meet our basic consumer complaint standard," she says.

Mayoral spokesman Frank Michel says Litton is exactly the kind of business that should be participating at the fair.

"The whole purpose of the foreclosure fair is to help fix the mess made by some of the lending industry's most-problem[atic] practitioners. That's why we have to have some of those companies at the fair," he says.

Say what??? That has to be one gigantic misquote. It is not possible that someone could think it was a good idea to team up problem lenders with folks facing foreclosure. That's insanity! City-sponsored insanity!

Litton Loan undoubtedly found some new victims, courtesy of the City of Houston. Maybe Annise Parker will soon start a new initiative to help folks harmed by the city's foreclosure fair!

*In the forum, Buffalo Bob expresses concern regarding my post title. No problemo. I have changed the title to ease his "words matter" concerns.

Old title: City invites problem lender to foreclosure fair

One point: Litton Loan is more than a "servicer." Litton Loan BUYS loans. Certainly the homeowners who have had problems with Litton Loan would not be comforted to know that Litton Loan is just a "servicer."

Now, maybe we can get to the actual substance of the matter -- why in the world the city thought it was a good idea to team up problem loan companies with folks potentially facing foreclosure.

source
http://www.bloghouston.net/item/7133
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WHY ACORN?
Quote:
Did you know that Mayor White recently teamed up with ACORN, and some financial institutions to hold a "Foreclosure Prevention Fair"?


Head of Foundation Bailed Out Nonprofit Group After Its Funds Were Embezzled

http://www.nytimes.com/2008/08/17/us/17acorn.html
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I continue to be shocked though I shouldn't be that these criminals are allowed to terrorize the public let alone give donations to politicians and be invited to discussions and meetings. I fail to understand what there is to discuss these lenders and servicers run an organized crime ring and need to be thrown in jail and the assets recovered.

I don't see public meetings where child molesters rapists and murders write Congressman and Senators several thousand dollar checks, form political action committees and funnel millions illegally into Presidential campaigns overtly and on the public record I might add in blatant disregard of the law. A so  called friend of mine said look if someone had ripped you off for a few thousand dollars or you had tripped on sidewalk and had injuries you have right to sue and recover your losses, but since the scale of the crime is so big and there are so many parties involved you just have to let this go and accept it's part of life and move on.

So lets follow this logic if someone had rapped his daughter he would have right to put them in prison and sue them but if a crime ring had kidnapped her and made her a slave then they should just give up let go and treat the kidnappers as honest law abiding citizens. Is there certain dollar amount or severity of crime that should be accepted because it is so audacious and extreme?

Another line of reasoning I here is these criminals are so rich and powerful there is nothing you can do about it so the general public should play nice with them and hope they won't cook up a scam to hurt everyone, news flash they have hurt everyone by devaluing the dollar and exposing us to the security risk of foreign interests, are we going to tell China to borrow us a few trillion so we can blow up their interests in Iran and the rest of the middle east?

It's going to be a tough sell to convince our enemies and competitors to bail us out of the financial mess created by sub-prime lending and Wall street looting. Lets hear the pitch, we're the boss in this situation if you don't prop up our economy because we let the lenders loot it then you get all the cheap oil in the middle east and we won't have enough money to spend on the military to stop you. I don't hear any Presidential candidates explaining the reality that monetary policy, trade agreements, tax policies, and the lenders and Wall street looting our economy has left us in a position where we have to borrow money from the same people we claim we need to bomb or threaten militarily or coerce though economic sanctions and blockades at least their partners. Our current fiscal and foreign policy has hit a dead end.

The lending and Wall street crooks in 5 years have hit us harder and created a greater security risk than the terrorists ever could have dreamed of pulling off in 100.

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4 justice now
Greg:

Could it be that we have entered the twilight zone and just don't know it yet? What we see as being obvious... is just an illusion. Reason and common sense are no longer applicable. Up is down, right is wrong, and our entire congress is full of honest hard working soles who only want to do what is right for us Americans.  

Thanks for your post Greg. Your right as usual.

R,

4J
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