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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via Paul Jackson and HouseingWire:

As the estimated financial cost of the current mortgage crisis surpasses the damage of the savings & loan crisis of the late 1980s, a new study released late last week found that the number of subprime-related cases filed in federal courts is also outpacing the savings-and-loan (S&L) litigation of the early 1990s.

The number of subprime-related cases filed in 2007 already equals half of the total 559 S&L cases handled by the Resolution Trust Corporation (RTC) over a multiple-year period, according to financial advisory firm Navigant Consulting, Inc. The subprime numbers represent only federal court filings — so the actual number of cases may be higher.

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4 justice now
We can only hope that more of the perpetrators will see the inside of a prison cell than those of the S&L Fraud. But I'm certainly not going to hold my breath.


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