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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Palm Beach Gardens homeowner gets $18 million in foreclosure setlement

 

Video Teach In | 100 Facts About Securitization w/ Lynn Szymoniak and Lisa Epstein

by Kim Miller

Palm Beach Gardens homeowner and foreclosure fighter Lynn Szymoniak is slated to get $18 million from the nationwide settlement with the country’s five largest banks that was filed in federal court Monday.
 
Szymoniak, who was featured on the CBS news show 60 Minutes last year for the work she did uncovering the robo-signing scandal, said this morning that her gain from the settlement seems “surreal.”

“I always tend to discount everything until it’s signed,” she said. “I knew it was part of the settlement in February, but not how much.”

Szymoniak’s settlement is part of a larger $95 million agreement reached with the banks and Bill Nettles, the U.S. District Attorney of South Carolina. That agreement is written into the $25 billion nationwide settlement between 40 state attorneys general and Bank of America, JPMorgan Chase, Ally Financial, Wells Fargo and Citigroup.

South Carolina began investigating allegations in the spring of 2010 that banks were involved in a nationwide practice of failing to obtain required mortgage assignments. The lack of appropriate assignments resulted in servicing misconduct and using false assignments to submit federal housing administration mortgage insurance claims, according to a press release.

Read more at http://blogs.palmbeachpost.com/realtime/2012/03/13/palm-beach-gardens-homeowner-gets-18-million-in-foreclosure-settlement/

 
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