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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Untangleing the web of ownership/control and sponsors of domestic terrorism!

 

About Sherman Financial, Alegis, Resurgent and Debt Collectors, Part Three

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There is a new type of debt collector in town. The REALLY big money is behind them now.

http://72.14.203.104/search?q=cache:bk2hmA4brGoJ:householdwatch.com/logic/aboutdebt3.php+Marin+Bank+and+Sherman&hl=en&gl=us&ct=clnk&cd=6#more


  In the case of Sherman Financial, prior to 1998 it was a more or less independent company. In February 1999, a joint venture was formed between Mortgage Guaranty Insurance Corporation (MGIC), Enhance Financial Services, and the management of Sherman Financial.

NEW YORK and MILWAUKEE--(BUSINESS WIRE)--Feb. 23, 1999--Enhance Financial Services Group Inc. (NYSE:EFS) and MGIC Investment Corporation (NYSE:MTG) today announced the formation of a new joint venture to purchase, service, and securitize delinquent unsecured consumer assets. The initial focus of the joint venture will be the large market for charged-off credit card receivables.

The new joint venture has acquired assets of Sherman Financial Group, LLC, a premier provider of marketing, analytics and due diligence for the purchase of delinquent consumer assets, and will operate under the Sherman Financial Group name. The joint venture also has acquired Alegis Corporation, a Houston, Texas-based top-tier servicer and collection agency for delinquent consumer assets, and will combine the operations of Alegis with Sherman Financial Group. Benjamin Navarro, the founder and Managing Director of Sherman Financial Group, will serve as Chief Executive Officer of the joint venture, which will be headquartered in New York.

...don't call scavenger debt buyers from home...

HOT TIP -- Do not call a debt collector from your home phone. Instead, get a free Internet phone before you call

Additionally, Sherman Financial Group has an agreement with Outsourcing Solutions Inc. (OSI), the nation's largest receivables management firm, under which OSI provides receivables and collection services and Sherman provides marketing services.

The joint venture has a capital base of approximately $44 million, with Enhance Group and MGIC each committing $20 million, and Sherman management's contribution valued at about $4 million. Enhance Group and MGIC each own 45.5 percent of the joint venture, with the remaining 9 percent owned by management.

Dan Gross, President and Chief Executive Officer of Enhance Group, said, "Enhance Group and MGIC have been joint venture partners since July 1996 in C-BASS, which has established a leading position in the market for purchasing, servicing, and securitizing sub-performing and non- performing residential mortgage loans. Over the past two years, we have explored various other asset classes that would lend themselves to this successful business model, and we believe the opportunity exists to duplicate the success of C-BASS in the delinquent consumer assets market. By combining the client relationships, analytics, and portfolio valuation expertise of Sherman Financial with the servicing capabilities of Alegis, we will create a vertically-integrated operation with distinct competitive advantages."

Enhance Financial Services Group Inc., through its subsidiaries and affiliates, provides financial guaranty insurance and reinsurance and other products and services utilizing the Company's credit-related analytic skills.

MGIC Investment Corporation, through its subsidiary Mortgage Guaranty Insurance Corporation (MGIC), is the nation's leading provider of private mortgage insurance with insurance in force of $138 billion, covering 1.3 million mortgages, as of December 31, 1998.

Radian Group Inc. acquired the Company's parent, Enhance Financial Services Group Inc. on February 28, 2001.

MGIC and Radian each owned nearly, but less than half of Sherman Financial. The senior management of Sherman retained 9% of the ownership. Sherman Financial bought the First National Bank of Marin. June 30, 2005- Under the Securities Purchase Agreement, each of MGIC and Radian has agreed to sell to one of the Management Entities 6.92% of the 41.5% interest in Sherman owned by each (a total of 13.84% for both MGIC and Radian) for approximately $15.6 million, which is $1 million in excess of the approximate book value of the interest at April 30, 2005. Upon completion of the sale, Senior Management of Sherman will own an interest in Sherman of 30.84% and each of MGIC and Radian will own interests of 34.58%. As a result of Sherman's 100% ownership of First National Bank of Marin NA, the closing of the sale is subject to the approval of the Office of the Comptroller of the Currency.

At this time, we believe the management of Sherman is evaluating the prospect of joining the ranks of other debt buyers and collectors by "going public". To date, from an industry that was nearly nonexistent 10 years ago, four companies have emerged and are currently being traded on the New York Stock Exchange. In the past 6 months, Sherman has acquired FNB Marin. And with the additional stock transfer the management of Sherman has nearly equal ownership of the corporation.

Comments are invited. Select 'contact' from the main menu. More information is found under the category 05 Collections which is here

The information gathered for this report is or was publically attainable from unclassified sources. Household - HSBC Watch is not responsible for errors or omissions. You can download part one of this document in PDF format from here.

Before accepting a settlement offer from any debt collector or collection agency we advise our visitors to carefully read all the information contained on the website Settlement Scams

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 Archives > Timeline Timeline for MGIC Investment Corporation stock fraud (0.26 seconds) 
 
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1971-72»  Valley Morning Star (Newspaper) - July 9, 1971, Harlingen, Texas
Subscription - Valley Morning Star - NewspaperArchive - Jul 9, 1971
MGIC Investment and Ryder System 3 Bausch fc Lomb'and Home Corp ARA Services ... Loud Talking Heard As Neatly Talks In Stock Fraud Probe Trades siid AUSTIN. ...
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Sheboygan Press (Newspaper) - March 13, 1972, Sheboygan, Wisconsin
Subscription - Sheboygan Press - NewspaperArchive - Mar 13, 1972
In Stock and Bond Exchanges and Third Market and Over-the-Counter You can Get More Income and Pay Less Taxes SECURITIES INVESTOR PROTECTION CORPORATION ...
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1973»  Oakland Tribune (Newspaper) - April 18, 1973, Oakland, California
Subscription - Oakland Tribune - NewspaperArchive - Apr 18, 1973
Odd Lot Transactions NEW YORK New York Stock Exchange reported these odd lot transactions by principal ... Curtiss- Wnghl, MGIC Investment and Exxon rose. ...
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Sheboygan Press (Newspaper) - July 10, 1973, Sheboygan, Wisconsin
Subscription - Sheboygan Press - NewspaperArchive - Jul 10, 1973
Finan. s Magnetic Video 8-8% Ziegler Woman Donor's Brother In Stock Fraud Case Aided By Laird, Claim US Gives Public Support To Cambodia Peace Offers ...
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1974»  The Sheboygan Press (Newspaper) - April 2, 1974, Sheboygan, Wisconsin
Subscription - Sheboygan Press - NewspaperArchive - Apr 2, 1974
Shebovaon Press, Tuesday, April 2, 1974 Today's Markets Stock Market Report ... Complete Investment Facilities and Service for SHEBOYGAN AREA People We Act ...
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The Lincoln Star (Newspaper) - September 6, 1974, Lincoln, Nebraska
Subscription - Lincoln Star - NewspaperArchive - Sep 6, 1974
Among mortgage guarantee issues, MGIC Investment was up 1% to 10% and CMI ... 8 10'A (0 oer cwit m 14 4 _ stock naid in 1974; (K) oer 1 7-14-1-14in ...
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1985»  Baldwin-United asks OK for deal with SEC
Pay-Per-View - Atlanta Journal/The Atlanta Constitution - NewsBank - Sep 5, 1985
... "alleging violations of the reporting, anti-fraud, internal accounting control ... when Baldwin-United purchased MGIC Investment Corp. for $1.2 billion. ...
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The Chronicle Telegram (Newspaper) - September 27, 1985, Elyria, Ohio
Subscription - Chronicle Telegram - NewspaperArchive - Sep 27, 1985
Baldwin-United used about million of the premiums to help pay for MGIC Investment Corp. of Milwaukee, Wis. It also borrowed more than mil- lion from banks ...
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2000-01»  Creditrust Sues Bond Insurer for Stock Fraud.
Subscription - PR Newswire - HighBeam Research - Apr 5, 2000
Creditrust Sues Bond Insurer for Stock Fraud. ... Creditrust Corporation (Nasdaq: CRDT) today announced that it had filed in The United States District ...
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BUSINESS NEWS IN BRIEF
$2.95 - Philadelphia Inquirer - NewsBank - Nov 7, 2000
5 date, which was set after Brennan's original bankruptcy-fraud indictment in ... subsidiary of MGIC Investment Corp.; Metavante Corp., formerly M&I Data ...
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Hmmm.....
They wouldn't say WHO wants to buy Sherman.
I wonder...
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