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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Blossom


The Subprime Meltdown Litigation Tsunami

Jacob H. Zamansky - Zamansky & Associates - Friday, February 08, 2008

http://www.zamansky.com/media/articles/080207-subprime-mortgage-litigation-tsunami.pdf

 

http://zamansky.blogspot.com/2008/02/my-subprime-litigation-speech.html

 

It's all too tedious reading about investor losses and writedowns while so many are having homes stolen and lives wrecked. Does Z-Man even get that what servicers do to homeowners is intrinsic part of what banksters did to investors?  Who would knowingly invest in hedge funds with pools of CDO's in which servicers actively perpetrate MSF rendering those investments worthless while "trusted????" bankers line their pockets with CDS profits? 

``The real question is, Are there appropriate firewalls between trading desks and captive servicing businesses?'' said Joshua Rosner, a managing director at Graham Fisher & Co., an investment research firm in New York. ``If there are not, it would appear to pose real ethical and possibly legal risks in pitting the fiduciary responsibilities of those banks against those investors they have an obligation to.''  
BTW - Bear Stearn's credit default swaps against asset-backed securities reduced its overall exposure by $2.4 billion at the end of November.  $2.4 billion...............Hello!
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Blossom wrote:

"It's all too tedious reading about investor losses and writedowns while so many are having homes stolen and lives wrecked. Does Z-Man even get that what servicers do to homeowners is intrinsic part of what banksters did to investors?  Who would knowingly invest in hedge funds with pools of CDO's in which servicers actively perpetrate MSF rendering those investments worthless while "trusted????" bankers line their pockets with CDS profits? 

``The real question is, Are there appropriate firewalls between trading desks and captive servicing businesses?'' said Joshua Rosner, a managing director at Graham Fisher & Co., an investment research firm in New York. ``If there are not, it would appear to pose real ethical and possibly legal risks in pitting the fiduciary responsibilities of those banks against those investors they have an obligation to.''  
BTW - Bear Stearn's credit default swaps against asset-backed securities reduced its overall exposure by $2.4 billion at the end of November.  $2.4 billion...............Hello!
 
 
 

Blossom your point is well taken with regard to the untold grief and

illicit schemes inflicted on homeowner victims who could least

afford to lose their home, their equity and be unfairly deprived of

their right to a basic fair hearing. So many of them lacked the real

financial muscle and expertise needed to make it a fair fight.  The fact

is that these particular victims couldn't afford an extra $20K for a

competent winner take all legal battle.  HOWEVER...

 

As we all know, this was all part of the illegal plan by the Bear/EMC,

Ameriquest/AMC etc. white collar crime machines of the world.  

 

Sure the class actions can and will ultimately put a monster financial

hickey on these shameless greedy charlatans. Make that criminals.

But Joe and Jane Average will have to wait an est. 48 months for that

kind of competent “free of charge” representation. But rest assured they

will indeed ultimately prevail without risk. However in most cases the

rewards will be only a fraction of what they were actually swindled out of.

 

(Here's hoping class action firms like James, Hoyer don't rush to settle.)

 

But this will be their solace: Without the deep pockets of the investors who

were defrauded we would not have the ultimate satisfaction of seeing

major white collar crime factories and their executives face a new kind of

justice the homeowners could never have achieved on their own.

 

Personally I am thankful for the Mr. Z’s of the world.

 

Ed Cage  |  1804 Cross Bend, Plano Texas  |  ecagetx@gmail.com  |  972-596-4363

 
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FWW:

I've been a lead/named plaintiff in a MDL class action law suit for over six years now. As of the first of January 2008, this case still hadn't gotten to the discovery stage. I'm sure there's a lot going on behind closed doors that is being kept from the named plaintiffs, and although I find that rather distressing and disturbing as well, is there truly anyway that we could effectively be kept apprised of everything? After all most of us have to continue working full time jobs along with everything else.  

Unfortunately, when and if the time comes that there is ever any judgment decided in favor of plaintiffs... any and all ill gotten gains will be long gone, and never to be found. Criminal charges will never be filed on behalf of us the defrauded homeowners. It's pretty clear by now that that may only be accomplished as a result of investor losses.

Well, that's only my opinion, and I certainly hope it's wrong, but I doubt it.   


R,
4J
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Blossom
With all due respect for him, when people and especially Z-Man persist in writing same old subprime spin like this, they just plain don't get it at all.
Quote:

Lenders made mortgage loans to “subprime” borrowers who were not credit worthy and who generally took out adjustable rate mortgages (ARMs) which offered a low introductory rate which then increased to levels which the subprime borrowers were not able to pay.

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4 justice now
Blossom:

Your right! and I cringe every time I hear that crap because too many people are just too damn lazy or they simply don't want to accept the truth to begin with.

R,
4J
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srsd
You are both so right.......we didn`t start out with the company that created our mess.  We was with a good company and was sold when it went out of business.  we never had a bit of trouble with company A but was sold to B and it was all downhill from that point. I don`t understand why some people do not know that fraud was committed in contracts.It has been on almost every news channel, in all the news papers, and even if they looked up anything on the computer at all, they should be able to see what has happened.
I have seen other message boards and blogs and the people still think that the consumers are just a bunch of deadbeats that didn`t pay their mortgages. They don`t understand that if you sent your payment on the 1st and it was posted on the 20th for several months...you accumulate late fees and legal fees and other bogus fees .
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4 justice now wrote:

"I've been a lead/named plaintiff in a MDL class action law suit for over six years now. As of the first of January 2008, this case still hadn't gotten to the discovery stage. I'm sure there's a lot going on behind closed doors that is being kept from the named plaintiffs, and although I find that rather distressing and disturbing as well, is there truly anyway that we could effectively be kept apprised of everything? After all most of us have to continue working full time jobs along with everything else.  

Unfortunately, when and if the time comes that there is ever any judgment decided in favor of plaintiffs... any and all ill gotten gains will be long gone, and never to be found. Criminal charges will never be filed on behalf of us the defrauded homeowners. It's pretty clear by now that that may only be accomplished as a result of investor losses."



Dear 4J this is not intended to be nor is it legal advice.  I'm not an attorney.

      I'm going to assume you have tried to get a status report from the law
firm handling your MDL class action lawsuit. If not successful so far try one
more time then contact The Judicial Panel on Multidistrict Litigation. It's 
located in Washington, DC at the following address:

Thurgood Marshall Federal Judiciary Building<==Check case status here
Judicial Panel on Multidistrict Litigation

One Columbus Circle, NE
Room G-255, North Lobby
Washington, DC 20002-8004
The hours of operation are 9:00 a.m. to 4:00 p.m.
Telephone: (202) 502-2800
Facsimile: (202) 502-2888 (24 hours)

 

As for filing a criminal complaint that's something you could ask your MDL
class action law firm when you call. They won't have anything to do with it
but they might tell you who to contact.  I would not do it until after a
decision or settlement is rendered. There may likely be a caveat in the
settlement or judgment stipulating no room for criminal charges. More
importantly your law firm may drop you as a plaintiff if you file criminal
charges. There is often no statute of limitations on fraud but try to:
1) Make a simple nice clean specialized crime Ace high presentation
with solid connecting *documentation*.
2) It is not "they" who must file criminal charges.

     The "they" is you.

 

Regarding your claim that no discovery and production has taken place after
6 years, I would be very surprised if that is actually the case.

 

Again this is not intended to be nor is it legal advice.

 

Ed Cage  |  1804 Cross Bend, Plano Texas  |  ecagetx@gmail.com  |  972-596-4363

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