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
More than a year ago, I posted here to impeach Sen. Dodd! Today we got some good news, he is not running! 
 
This corrupt SOB has amassed a fortune over seas, mostly  being kept in Ireland, through his corrupt leadership of the Sen. Banking and Finance Committee he was responsible for SEC over site or lack of in many cases, and the bogus formation of CEDE & CO. 
 
A recipient of "Sweat-heart Loans" from Countrywide, and other gifts and benefits Dodd lead corruption of the United States Senate to an all time high. 
 
I only hope that he is now thoroughly investigated, and indicted, stripped of his wealth and made an example of what this country should be doing to those the violate the trust of this great nation. (I laugh, because I know it would not happen).
 
Senator Dodd Will only be missed by those that were buying influence.  He was no friend of most Americans, and for the hundreds of thousands that within the past few years that lost there home, equity, dignity, and most importantly hope, know this!  Dodd's loss is our gain! 
Quote 0 0
arkygirl
I wish that I could share your enthusiasm.

Dodd (and others) touched a match to the curtains and poured gas on the blaze. Now he (and others) will vacate the burning structure while carrying out all the loot as they exit.

Now he (and others) will stand back and watch the house burn down while enjoying what they have stolen.

They have saved themselves and at the same time locked all the rest of us into the flaming structure to be incinerated.

None of them will ever pay for the arson they have committed; you and I will pay with our labor and sweat for the games Dodd (and others) played with the bankers.

Dodd's exit is not justice. It is cowardice and self-preservation with callous disregard for what he has done to the rest of us. Now that the fire is lit and well underway, Dodd will amble off into the sunset to enjoy his retirement.

This does not make me happy. I would have much rather seen a repudiation of Dodd in the next election, a solid thrashing delivered by the voters. Now I will burn for his sins while being denied even that small pleasure.

There is not, and never will be, any justice for the bankers or those who enabled them. Get used to it. The Republic is dead and its ideals have burned to ash. It is done.

Quote 0 0
4 Justice Now
Arkygirl,

How extremely sad... and most unfortunately, completely true.

He and all his bankster buddies will most likely walk away into the sunset with all their ill gotten gains to support a life of luxury while we the victims continue to struggle just to exist.

For the most part they have destroyed this Country and should be hung for treason.

V/r,

4J
Quote 0 0

AMEN

Quote 0 0
Dashed Hopes
Another example of burning the house down and then trying (feebly) to fix the damage. Remember "safe harbor for servicers"?

When it looked like the population (aka "voters") was turning against them, Dodd and Frank had to start "acting" responsibly. Alas, it is too late and the damage is done. The bill is reality. The "acting" is fiction. Dodd is quitting so no longer needs the enormous campaign contributions from the industry so he decides to do his job correctly. Look for Frank to bail ASAP as well.

These guys are either schizophrenic or dishonest; maybe both. The sad fact is that all these Congresspeople see the banks and big business as their constituencies now. They treat the voters like annoying gnats until election time when they throw a sop at us and then ignore us until the next election.

You will NEVER see them tried for treason or anyhting else. Like the bankers they will be given a free pass. They are both pigs IMO and I hope they, like pigs, die in their own filth.


Loan servicers' star may be quickly fading in Washington. In a stunning reversal of course, Representative Barney Frank (D-Mass.), Chairman of the House of Representatives Committee on Financial Services, and Senator Christopher Dodd (D-Conn.), Chairman of the Senate Committee on Banking, Housing and Urban Affairs, issued a letter last week urging bank regulators to investigate whether mortgage servicers are resistant to modifying loans due to the issues surrounding their holdings in second lien mortgages. The Senators accused the servicers of "unwillingness...to extinguish their liens as required for participation in [the Hope For Homeowners] program, even in return for offers of reasonable compensation." The letter also suggested that servicers may be overvaluing these assets on their balance sheets, resulting in "inadequate reserving" that skewed the financial picture of banks in general.


This warning shot across the servicers' bow comes less than two months after Frank and Dodd marched the Helping Families Save Their Homes (HFSTH) Act through Congress waving the flag of servicer safe harbor. Though the HFSTH Act had the goal of reducing residential mortgage foreclosures by encouraging loan modifications, the bill also featured a Servicer Safe Harbor provision that provided legal immunity and generous incentives to mortgage servicers (the four largest being J.P. Morgan Chase, Wells Fargo Bank, Citibank and Bank of America) to modify mortgages and extinguish second liens. In the process, the bill dumped the costs of the modifications on the investors holding these mortgages, despite the fact that servicers were also frequently the lenders that pumped out these troubled loans in the first place. Apparently, these incentives have not been enough to induce servicers to participate in Hope For Homeowners, as Frank and Dodd are now turning on the banks they fought so hard to protect.


At the outset of the foreclosure crisis, Frank and other congressmen heaped the blame on bondholders, such as Bill Frey, who had simply insisted on their contracts being enforced. Because investors refused to allow the terms of the mortgages backing their investments to be modified willy-nilly, they provoked the ire of the House Financial Services Committee.


In this letter to Frey, Frank and five other congressmen expressed outrage that Frey would oppose their efforts to modify mortgages, and "strongly urge[d]" Frey to reverse his position. They further invited Frey to testify, but when Frey took them up on their invitation, they changed their minds. Deprived of the chance to be heard, Frey wrote this letter to the congressmen instead, pointing out that servicers "have financial incentives to avoid foreclosure...even if it creates greater losses for the mortgage investor." More recently, Frey wrote this scathing op-ed piece in the Washington Times, criticizing the Safe Harbor and breaking down in concise terms the conflict of interest inherent in giving servicers the keys to the modification henhouse.


Though Frank and his colleagues may not have wanted to listen to Frey at first, it seems that they're beginning to realize that servicers have strong motives to act contrary to the interests of investors, borrowers, and the rest of the country. Why it took politicians with a supposed expertise in this field so long to really delve into this issue is beyond me, but partisanship and campaign finance may certainly have come into play (after all, the Helping Families Save Their Homes Act was introduced by two congressmen high on Bank of America's payroll).


While I'm encouraged that legislators appear to finally be unraveling the complexities involved in cleaning up these toxic assets, I'm disappointed that their first solution was to shout and wave a big stick in the hopes of pushing through their "plan." Fixing a problem of this magnitude involves understanding the players and what makes them tick, not bullying people into compliance. And it starts with a willingness to listen without bias, not a coddling of constituency.

http://subprimeshakeout.blogspot.com/2009/07/in-letter-to-servicers-senators-reverse.html



Quote 0 0
Stephen

And his pathetic attempt to vindicate himself, otherwise know as the "Consumer Financial Protection Agency" is recognized by all as a redundant dodge.

Quote 0 0
Write a reply...