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.
Articles |The FORUM |Law Library |Videos | Fraudsters & Co. |File Complaints |How they STEAL |Search MSFraud |Contact Us
Full Press Release here:
http://www.treas.gov/press/releases/hp664.htm

November 2, 2007
HP-664

Under Secretary for Domestic Finance Robert K. Steel
Testimony before the House Committee on Financial Services

Washington- Chairman Frank, Ranking Member Bachus, Members of the Committee, good morning. I very much appreciate the opportunity to appear before you today to present the Treasury Department's perspective on efforts to coordinate and enhance foreclosure prevention.

Let me begin by broadly examining the characteristics of foreclosures, in both good times and bad, to provide a better perspective on how to approach this issue, and then provide an update on the various actions we have taken to address the current situation.

As you know, we are experiencing a period of adjustment in the credit and mortgage markets. Fortunately, this market stress is occurring against a backdrop of healthy U.S. fundamentals and a strong global economy. Yet, the Administration recognizes the importance of housing to our economy, and as Secretary Paulson has said, the housing decline is the most significant current risk to our economy. In addition to the housing decline having a penalty on economic growth, a significant number of homeowners will experience strain due to resetting mortgage rates and home price depreciation.

The issues of foreclosure are complex and nuanced. In truth, thousands of homes end up in foreclosure every year, even when housing markets are strong. Between 2001 and 2005, for example, the U.S. rate of foreclosure starts averaged approximately 1.7 percent, meaning more than 650,000 homeowners began the foreclosure process each year.   This baseline rate of foreclosure can result from events such as job loss, credit problems, a change in family circumstances, or other sources of economic instability. These foreclosures, although unfortunate, are largely unavoidable.



Quote 0 0
4 justice now

OH PLEEEEEASE... It simply isn't possible for anyone to be that ignorant?

 

Quote:
The Department of Housing and Urban Development (HUD) and the Treasury Department have also been working closely with leading servicers, mortgage counselors, lenders, and investors to understand the causes of foreclosures and the best ways to help people keep their homes.

 
HUD and the Treasury Department have also been working closely with leading servicers, etc to understand the causes of foreclosures...  
 
Where's the work?
 

IT'S CALLED FRAUD, THE SERVICERS ARE RESPONSIBLE. SEIZE ALL THEIR ASSETS, PUT THEM IN PRISON, JOB DONE 

 
Damn, it's really not that complicated!
 
 
R, 4j 

Quote 0 0
Write a reply...