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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     This entire MTGE DEBACLE reminds me of one of my FAB Scenes from one of my FAB Movies! - "LIAR LIAR" (...kept me out of Law School! --- really!) >>>

     Jim Carrey's secretary answers the phone & says to Mr "Big Shot Atty":
JIM!.....JOE BLOW IS ON THE PHONE.....SAYS HE IS IN BIG TROUBLE & NEEDS YOUR LEGAL ADVICE...!!   Carrey runs over to the phone....grabs it from his secretary....& YELLS into it at the top of his lungs: "STOP BREAKING THE LAW, A$$HOLE...!!!"

     And I think too many YEARS of following this MESS has left me with what feels like a FRONTAL LOBOTOMY!!....HA-HA-HA!   I had to "tune out" for awhile for the sake of "MENTAL HEALTH SURVIVAL"...!  But as Y'ALL well know --- we have YET to hear the Fat Lady Sing >>> so it's BACK TO THE TRENCHES!!  As they used to say in the movie Poltergeist: "THEY'RE B-A-A-A-A-A-A-A-C-C-C-K-K-K!"

By Bob Ivry
Bloomberg News Service
Friday, August 10, 2007
Federal Reserve Chairman Ben S. Bernanke was wrong.

So were U.S. Treasury Secretary Henry Paulson and Merrill Lynch & Co. Chief Executive Officer Stanley O'Neal.

The subprime mortgage industry's problems were contained, they all said. It turns out that the turmoil was contagious.

The $2 trillion market for mortgages not backed by government- sponsored agencies is at a standstill. That's just the beginning. Other types of mortgages are suffering. So are firms and banks that package the debt for investors. The ripples were felt in Europe and Asia, where central banks offered cash to banks amid a credit crunch. And some corporations, from countertop makers to railroads, are blaming the mortgage meltdown and housing slump for earnings that fell short of analysts' estimates.

Even a mobile-phone company, Dallas-based MetroPCS Communications Inc., says it's feeling the pinch from customers facing foreclosure. And experts such as William Ford, former president of the Federal Reserve Bank of Atlanta, say the chance of a recession is growing.

"Housing created a lot of ancillary economic activity and jobs, and now we are in the reverse process," says Paul Kasriel, chief economist at Northern Trust Corp. in Chicago and a former Fed economist.

The European Central Bank today made a second loan to banks to alleviate a money shortage sparked by concerns over investments in U.S. mortgages. Today's loan of 61.05 billion euros ($83.4 billion) brings the two-day total of money lent to 155.85 billion euros ($212.9 billion).

The ECB's unprecedented move followed the freezing of three funds managed by BNP Paribas, France's largest bank, because the bank couldn't calculate how much the funds' holdings were worth due to a lack of buyers.

Today, the Bank of Japan made similar moves to supply cash.

"The subprime mess is now spreading to banks," says Nariman Behravesh, chief economist at Global Insight Inc. in Lexington, Massachusetts. "A lot of international banks, especially those in Europe, did invest a lot in the collateralized debt markets, especially the subprime situation here in the U.S., so they're suffering."

Peter Lynch, chairman of private equity fund Prime Active Capital Plc in Dublin, said the ECB was "treating this like an emergency."

Bernanke told Congress on March 28 that subprime defaults were "likely to be contained." The Fed chief, who declined to comment for this story, changed his assessment last month.

On July 18, he told Congress that "rising delinquencies and foreclosures are creating personal, economic and social distress for many homeowners and communities -- problems that likely will get worse before they get better."

Paulson said June 20 that subprime fallout "will not affect the economy overall."

This week on CNBC he provided a less definitive assessment, saying that markets have been "unsettled largely because of disruption in the subprime space."

"We've had a major correction in that housing sector," Paulson said. "It will take a while for the impact of that to ripple through the economy as mortgages reset."

Read the entire article at:

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lowemmision (1 Rating) 10-Aug-07 11:42 pm  
only because humans are spreading the fear. It di...
vfrtxn Rate it 11-Aug-07 1

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I think if we get out of this with a recession we will be lucky. But what do I know. After all I didn't cook up a scheme to bilk millions and needed the fed to cover my ass so I didn't single handedly cause the greatest market crash probably of all time. This is so going to make the great depression look like chump change. But what do I know.

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