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.
Articles |The FORUM |Law Library |Videos | Fraudsters & Co. |File Complaints |How they STEAL |Search MSFraud |Contact Us
Ed Cage

- - - ON:
"Oregon Treasurer Ted Wheeler and Attorney General John Kroger today announced a securities lawsuit against Countrywide Financial Corp. to recover losses to the state pension and workers’ compensation funds caused by false statements that improperly inflated the prices of Countrywide’s stock and bonds.

A class action lawsuit previously reached a settlement with Countrywide that may have netted the state less than $500,000 on $14 million in losses. So Treasurer Wheeler and Attorney General Kroger decided it was in the state’s best interest to opt out and file their own lawsuit.
“It is time to foreclose on Countrywide’s effort to pay so little for costing Oregonians so much,” said Treasurer Wheeler, who sits on the Oregon Investment Council and has a fiduciary duty to protect public assets and maximize the returns for beneficiaries of trust funds including the Oregon Public Employees Retirement Fund."
- - - OFF

http://coquille-today.com/2011/01/oregon-files-suit-against-countrywide/
 
This is a good example of why I maintain class actions are not the way to go.

Ed Cage  |  ecagetx@gmail.com

Quote 0 0
Moose
The staggering audacity of the Oregon Investment Council is beyond words.

To think that an allegedly well-managed entity would sit there and allow their funds to be invested with criminals in an entity as perverse and predatory as Countrywide, with years of exposure in not only news accounts but thousands of lawsuits belies any right to redress.

The Oregon Investment Council should be either sued for incompetence or their members prosecuted for collusion. They truly come to this with unclean hands.

Moose.


Quote 0 0
Ed Cage


I couldn't agree more Moose. Check this similar heist out:

http://foreclosureblues.wordpress.com/2011/01/31/michigan-ag-schuette-sues-countrywide-financial-to-recover-65-million-in-taxpayer-funded-investment-losses/

Michigan AG Schuette Sues Countrywide Financial To Recover $65 Million in Taxpayer-Funded Investment Losses

- - -ON:
"Throughout the March 12, 2004 through March 7, 2008 time period, Countrywide assured the market that it should not be affected by a downturn in the housing market.  However, during that period, Countrywide’s stock price dropped about 90%, from over $35 per share to about $5 per share.  This came as a result of disclosures revealing Countrywide’s lax mortgage underwriting guidelines, cascading mortgage defaults, and an increased use of “pay option” adjustable rate mortgages, no documentation mortgages and other risky loan types.  This represented a loss of market capitalization of approximately $17 billion.  The State of Michigan Retirement Systems lost over $65 million."
- - -  OFF

Submitted by Ed Cage  |  ecagetx@gmail.com

Quote 0 0

This reminds me of a time back during the savings and loan crisis when one of my employees emerged from her office in tears.  I asked what the problem was and she told me that she had just lost all of her money.  I asked how and she told me her savings and loan had gone bust.  I reminded her that for months the topic of conversation was the pending S&L failure and asked her why she didn’t listen.  Her answer was – “but my interest rate was so much higher then regular banks”.

It was greed then and it is greed now.   Follow the greed and you will find the next crisis.

Quote 0 0
Ed Cage
Way To Go wrote:

This reminds me of a time back during the savings and loan crisis when one of my employees emerged from her office in tears.  I asked what the problem was and she told me that she had just lost all of her money.  I asked how and she told me her savings and loan had gone bust.  I reminded her that for months the topic of conversation was the pending S&L failure and asked her why she didn’t listen.  Her answer was – “but my interest rate was so much higher then regular banks”.

It was greed then and it is greed now.   Follow the greed and you will find the next crisis.

Good points Moose and Way to Go.

Consider in the late 90s when Clinton and Congress encouraged loosening up mortgage restrictions so that more Americans could realize the American Dream that objective seemed like a noble one that couldn't fail; after all homes were rising in value so if the loan failed the collateral was still there for the next buyer. -- But that's when the *greed* began to kick in. Banks made weak loans and allowed credit "shortcuts" to churn out a commission. Rating Agencies got in on the bonanza as did greedy appraisers who wanted their deals to go through even if their data was bogus. Unqualified buyers were irresponsible and they also submitted inflated financial information which the banks knowingly accepted and often encouraged to make a fee as they (Wells Fargo, Countrywide) lied to buyers about what options were available if times got tough. Perhaps the greediest and certainly the most dishonest were the insurers like the infamous Balboa Insurance gang and mortgage servicers like AMC and James Brantley who committed crimes on a virtual daily basis to fuel their *greed*

 

Ed Cage  |  ecagetx@gmail.com

 
Quote 0 0
Write a reply...