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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arkygirl
Settlement May Be Near in Countrywide Case                 WASHINGTON — Talks over settling at least part of the securities fraud lawsuit filed by the Securities and Exchange Commission against three former executives of the Countrywide Financial Corporation have intensified, two people involved with the case said Thursday.

The lawsuit was to go to trial on Tuesday in federal district court in Los Angeles. But late Thursday, the judge in the case scheduled a status conference for 11 a.m. Pacific time on Friday, an unusual development for a case that was about to begin jury selection in a few days.

Two people who have been involved with the case said that settlement talks between the S.E.C. and at least one of the defendants have accelerated in recent days. Friday’s hearing could affect the planned start of the trial, one person said. These people asked to be anonymous because the negotiations were continuing and were confidential.

In June 2009, the S.E.C. filed civil fraud and insider trading charges against Angelo Mozilo, the former chief executive of Countrywide. The agency also sued two of his top lieutenants: David Sambol, the company’s former president, and Eric Sieracki, the former chief financial officer. 

More here:

http://www.nytimes.com/2010/10/15/business/15mozilo.html?_r=2&ref=business

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anon

He only paid $45,000,000.00

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The Equitable One
This is from memory of hours ago reading the NYT/Morgenson article regarding the settlement but it seems his settlement was $67.5 million, with Countrywide paying $20 million of that amount.

Noteworthy is that between 2000 and 2008 Mozillo received compensation from countrywide of $521 million.

Our government: proving again that crime pays.

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Irate

Everyone should flood the White House Switchboard with calls letting them know your displeasure with this sellout to the big bankers.  Obama has betrayed us again.

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arkygirl
Disgusting indeed!

The only way too survive is steal. And I mean steal a LOT. To steal a little bit means prison time as evidenced by the small players in this mess.

While you are stealing almost everyone blind, make sure that you are giving generous political campaign donations every cycle and, hey, it really helps if you can do personal favors for current powerful politicians. Like give them good rate loans and keeping them in a different file so that your employees don't screw up and try to manufacture a foreclosure on your "friends".

Then when you cannot hide your theft anymore and the hammer falls, you can call in all your favors to make sure you can settle for about one-tenth of one percent of what you have stolen over many years and go on your merry way.

The stupid SEC is trumpeting their huge "win" in getting the biggest settlement ever. I suppose they don't realize that some citizens are actually weighing the amount stolen over years against the penalty amount and finding it lacking.

The SEC cannot imagine how foolish this makes them look. Too lazy to go through the trial? Too reluctant to expose the fraud in open court? Who knows.

I thought this guy would be the example case to warn others not to do things like this. Hefty prison sentence, the full deal.

He got the full deal, all right. Once again the government proves that crime in America DOES pay...but only if it super-crime. Super-crime allows you to buy them off. Sickening.


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