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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hogwash

Another public relations stunt.  The racketeers have been caught and they are trying to deflect the heat by coming out with this garbage.  Sad thing is... some people will actually believe this.

 

It's all HOGWASH!!!!!!!!!!!!!!!!!!!!!!!

 

 

Servicers Pledge to Help at Foreclosure Summit

By Ted Cornwell

Relations between lenders and legislators can be pretty acrimonious, but what's been surprising this spring is how accommodating lenders have been to the concerns of politicians about rising foreclosures among subprime credit quality homeowners.

Chalk it up to good politics or good policy, but major players in the loan servicing industry have embraced calls for reaching out to borrowers to make it easier to refinance or workout problem loans. Some of the pressure for relief is coming from Sen. Chris Dodd, D-Conn., who chairs the Senate Banking Committee and is a candidate for his party's presidential nomination in 2008.

Many lenders, including Countrywide, JPMorgan Chase and Citigroup, have endorsed a set of principles for servicing risky nonprime loans, especially where homeowners face the possibility of foreclosure due to rate resets that dramatically increase their monthly bill.

After the summit he convened, Sen. Dodd praised lenders for their "collaboration and genuine care," saying the issue of rising subprime foreclosures threatens the nation's economy.

"The mere fact that this many prominent leaders sat around one table to truly tackle the problems in the subprime market was tremendously symbolic and I truly appreciate their participation and their commitment to preserving homeownership," Sen. Dodd said.

The concepts that most lenders agreed to support include agreement that foreclosures today are at an "unacceptably high" level; foreclosures are not in the interests of homeowners, communities, or the mortgage finance industry; and lenders need to discuss what steps can be taken to preserve homeownership whenever possible.

While those are laudable goals, they are not a blueprint for saving troubled borrowers who are seeing their monthly payments increase as rates reset and teaser rates expire. But already lenders and secondary market agencies are taking action.

Freddie Mac has pledged to purchase up to $20 billion in fixed-rate and hybrid ARM products that will assist homeowners affected by the subprime crisis. Washington Mutual in April promised to finance up to $2 billion of subprime rescue loans.

Citigroup, JPMorgan Chase, EMC, HSBC, Wells Fargo, Countrywide, Litton Loan servicing, the Mortgage Bankers Association and various others were among the industry participants.

But those hoping for a government bailout will be disappointed. In earlier congressional hearings, Sen. Dodd and the ranking Republican on the Senate banking committee, Richard Shelby of Alabama, largely ruled out providing government financing to bail out subprime borrowers.

Click here for an archive of stories from the MSN newsletter.

http://www.mortgageservicingnews.com/newsletter/stories/cornwell20070508.html 
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It's a diversion to avoid prosecution and seizure of assets while the stolen money is being laundered much of it out of the country.

Prior to WWI and WWII massive amounts of money were moved out of the country
and it wound up arming our enemies.

Wheres the money from our stolen homes going to now on the edge of WWIII?



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SRSD

You are so right.  I think they will try anything and everything at this point because they know they are in for some tough battles.  I hope nobody falls for what they are trying to do.

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LOL
Crock of SHIX if you ask me!
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If any of you out there has had to deal with HomEq Servicing then you know the mess they can put you in. Not posting payments is their EXPERTISE. Then they like to change the story every time you talk to someone. They won't give you a straight answer because then you might actually be able to straighten things out. That would cut into their profit. They stay in business by charging late fees and threatening foreclosure. They have people sending them THOUSANDS of dollars to stay out of foreclosure. There is not an honest person working for HomEq Servicing. HOW DO THEY SLEEP AT NIGHT!!!!!

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