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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MSFraud Admin
[U]The Countrywide Files[/B]

At last, there's some good news for taxpayers in the Countrywide Financial loan scandal. On Friday night, House oversight committee chairman Edolphus Towns (D., N.Y.) and ranking member Darrell Issa (R., Calif.) reached an agreement to subpoena documents from the "Friends of Angelo" program. Named for former Countrywide CEO Angelo Mozilo, the program provided VIP mortgages to "friends" including Senators Chris Dodd and Kent Conrad.

Said Mr. Towns, "In line with the commitment to an ethical and accountable Congress, the subpoena to Countrywide covers records that could show special treatment for Members of Congress." This is significant, because a compromise plan floated last week would have authorized a subpoena covering—don't laugh—all federal officials except members of Congress.

Kudos to Illinois Congressman Mike Quigley, who became the first committee Democrat to publicly back a subpoena when he told us, "Both parties must decide that they can't protect their members, no matter how powerful they are." Last week, New Hampshire Democrat Paul Hodes also made the principled decision to buck his party and join Mr. Quigley in calling for the subpoena of Bank of America, which bought Countrywide last year and has said it is ready to provide the documents if asked. These defections from his own party forced the reluctant hand of Mr. Towns, who was under pressure from other Democrats to keep all this under wraps.

Praise also goes to Mr. Issa, who has been pursuing the investigation since last year and kept the pressure on the majority party to face a vote, despite a near total lack of interest from the press corps. That subpoena will now cover all documents related to VIP borrowers since 1996, including emails and any telephone recordings that still exist, for all federal and state officials. The subpoena also covers employees at Fannie Mae and Freddie Mac, who may have received special treatment as an inducement to put taxpayers on the hook for Countrywide's toxic mortgages.

As the largest subprime lender and valued partner of Fannie Mae and Freddie Mac, Countrywide was at the core of the mortgage meltdown. The political class wants to blame the mania and panic on the bankers, but the bankers couldn't have made the subprime lending mess without plenty of political help from Congress. To ensure that this disaster is never repeated, it is critical that Congress uncovers the facts about the extraordinary efforts by Countrywide and Fannie and Freddie to influence federal housing policy.
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MSFraud Admin
The initial "players" in the "GSE Business Model" are the congress people. Their quid pro quo equals campaign contributions and sweetheart mortgage deals. Without the congress people no GSE guarantee. Without the guarantee....no GSEs.

Congress people had to look the other way on the GSE's failures to enforce the GSE Guides designed to protect the taxpayers against safety and soundness issues which were proffered to congress in exchange for the guarantee.

The whole thing has blown up in their faces as a result of all of the GSE "players" abuses, putting the taxpayers in front to pay for it all.

A simple "theft by deception scheme" the dimensions of which we have never seen before (that's why the congress people want to change the subject to health care ( a simple misdirection play, hoping that the taxpayers are still in a coma).
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     What an excellent commentary on "our" Congress. Francis Yockey in his
1948 book called "Imperium" on the chapter about the American idea of politics distinquished it from the European idea of politics. In America it was all about "money" and "business", ie which politically connected business gets
the government dispensed "gravy". In Europe, it was more about political ideologies and not so much about money. In America, Yockey said their was
only one ideology "money grubbing", a power struggle for the gold.
     This is why the "masters of money" flocked here from Europe and rose
to such high political prominence that they could tell Congress what to do.
(Goldman Sachs for example).
      Europeans marvel at how the "masters of money" control everything
in America. This could never happen in Europe because "nationalism" is stronger there, which is both a blessing and a curse at the same time.

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