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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Ed Cage

This just in today:

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"PMI Insurers May Owe Thanks To Piggy-Back Mortgages
Tue, 13 Nov 2007 08:44:10 EST

     It is one of the small ironies of the subprime crisis that the very competition that private mortgage insurers thought was ruining their bottom line may have actually saved their hide.
     Just a little over two years ago - August 9, 2005 to be exact - we wrote about the panic in the headquarters of many companies that write private mortgage insurance (PMI) as they watched their revenues decline as more and more homebuyers caught on to the utility of "piggy back" mortgages.
     Well, talk about dodging a bullet..."

See full story at:

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Submitted by
Ed Cage
Plano Texas

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Thanks for the link!  Ed

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The second lienholders were the piggies in the piggyback loans. Loaded with teaser rates, super high reset rates and prepay penalties, when the house goes to foreclosure, they get wiped out. Most of these 2nd lien servicers haven't even figured out that they need loan workout people on staff right now, so that in a short sale, maybe they can recover a nickel or a dime on the dollar for the investors.

Posted By: Thomas Johnson | Thu, 15 Nov 2007 12:06:16 EST

Fighting Mortgage Servicing Fruad from this site/forum. I have a question? Quote> On the other hand, how much worse might it have been had borrowers not gotten so creative with their financing?< end Quote This is just not right! How can the Borrowers have any controll over creative financing? IS that not done by the LENDER?

Posted By: Ted | Tue, 13 Nov 2007 15:56:02 EST

If the conclusions drawn at the end of the article prove true, this would be the time to pressure Congress to make permanent the tax deductability of PMI. That would sure help the home buyer, lender and would harm PMI sales either. Maybe we should by some stock.

Posted By: DaLoanShark | Tue, 13 Nov 2007 13:01:26 EST

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Ed Cage
You're welcome Me 2.
It's a good link and they'll give you a seven day FREE subscription.
Ed Cage
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