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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Stephen
Letter I posted earlier to FTC resulted in a supersonic response (one week) from the FTC stating that the FDIC had seized Guaranty and that my letter had been forwarded to the FDIC.  3 days later (today) I received a letter from the FDIC that they had transferred all Guaranty assets to Compass Bank and would get back to me soon.

Is it actually possible that a bad guy will be punished?  Stay tuned.  The rapidity of the response from both the FTC and FDIC should be encouraging to all.
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Philip S.

only if it's profitable to them

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Don't be too sure there Stephen.
Look at this...

No Points Mortgage Loan
Dreaming of owning a home? Compass can help make it a reality with a mortgage loan. Unlike most banks, Compass doe snot charge points. Points equal one percent of the borrowed amount which can cost you a lot of money. Our generous policy of lending up to 95% of the home's value can help make buying a home affordable. With a 5% down payment, the Bank requires MGIC insurance, which is simply calculated into your payment. There are no minimum loan amounts and the terms range from one year to a maximum of 30. Ask for our most current rates.

http://www.compassbank.us/html/loans.html

Builders taking out the banks; Guaranty Bank Shut Down, more...

source
http://www.hadd.com/node/1382

This just gets better and better...

Sheridan Homes Gets Back to Business

Sheridan's president and owner Chris Matzke, a former KB Home division president, started the company roughly six years ago with the idea of filling what he saw as a hole in the Dallas and Fort Worth market by building move-up homes. The company grew quickly in the high-flying years, nearly tripling deliveries from 2004 to 2006; at its peak, the company was close to closing 300 homes a year. It even had plans to move into the San Antonio market, where it hoped to bring even higher priced product to market.
 
source
http://www.bigbuilderonline.com/industry-news.asp?sectionID=0&articleID=777273
 

REMEMBER WHO is on the board at MGIC...Kenny Jastrow.


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