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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NMLS | About the System
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About the System

The Nationwide Mortgage Licensing System has been designed to streamline the licensing process, improve supervision and increase transparency in the mortgage industry. The NMLS will contain a single record for each state regulated mortgage lender, broker, branch and loan originator. This single record can be used to apply for, amend, renew or surrender licenses in any participating jurisdiction.

For more information, view our interactive Overview of the NMLS.

FINRA Home Page

We Are FINRA

We are the Financial Industry Regulatory Authority. Every day FINRA protects investors by working to keep the capital markets fair. More

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FINRA - Investor Information - Investor Protection - Investor Complaint Center 

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Who's on First?

Home > Investor Information > Investor Protection > Investor Complaint Center
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Investor Complaint Center

With the help of investors, FINRA has been successful in disciplining brokers and firms that have violated securities rules and regulations. We appreciate your willingness to take the time and effort to assist us in collecting the necessary evidence to enforce securities rules and regulations, which helps us to protect investors. FINRA and other regulatory agencies are far more effective with your cooperation and assistance. Together, we can ensure that America's securities markets remain the most ethical and respected in the world.

If you believe you have been the subject of unfair or improper business conduct by a brokerage firm or broker, you may file an investor complaint with FINRA.

Go to the Investor Complaint Center.

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Stoneridge v. Scientific-Atlanta : Securities Fraud Defe

The "scheme liability" theory, if validated by the Supreme Court, would greatly expand the private right of action under Section 10(b) of the Securities Exchange Act; it would render "secondary actors" - i.e. , third parties such as banks, professional advisers, and vendors - potentially liable to a client's or customer's shareholders when the company mischaracterizes its dealings with the third party. The theory holds that a third party can be considered a "principal violator," rather than a mere aider and abettor,
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Finra UPDATE!!!

Brokers Probed by Finra on Mortgage Security Sales, Person Says
Bloomberg - 5 hours ago
4 (Bloomberg) -- US regulators, concerned brokerages may have sold clients money-losing securities tied to subprime mortgages, are seeking information about how the investments were marketed, a person familiar with the situation said.
Regulators intensify mortgage inquiry BusinessWeek
all 19 news articles »

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Regulators intensify mortgage inquiry

More from BusinessWeek

The securities industry's self-policing organization has sent a detailed request for data and documents to more than a dozen Wall Street investment firms as part of an inquiry into sales of complicated mortgage products to senior citizens.

While complex mortgage securities that suffered massive losses last year typically were bought by large, global institutional investors, the Financial Industry Regulatory Authority is focusing on the sale of those investments to individuals, especially retirees.

In a letter sent to investment firms on Dec. 14, FINRA asked for spreadsheets and other detailed documents on mortgage investments. A copy of the letter was obtained by The Associated Press. The inquiry was reported Thursday by the Wall Street Journal.

The firms have until Jan. 8 to respond to the request, according to the letter.

Created in July 2007, FINRA took over industry self regulation, formerly handled by NASD and the enforcement arm of the New York Stock Exchange. It oversees almost 5,100 brokerage firms in the U.S.

In September, Mary Schapiro, chief executive of FINRA, announced two regulatory "sweeps" designed to examine whether securities firms had been legally selling to seniors and people close to retirement. FINRA said at the time it was focusing on the sale of mortgage securities known as collateralized mortgage obligations.

A source familiar with the investigation, who declined to be identified because details of inquiries are not typically made public, said the inquiry is preliminary.

SEC officials have said they are examining Wall Street banks, investors, credit-rating agencies and others and their role in the mortgage market crisis. A spokesman for the Securities and Exchange Commission said the agency will coordinate examination of sales practices for collateralized mortgage obligations with FINRA.

SEC officials have said they are examining collateralized debt obligations, which are complex pools of mortgages and other assets sold to by investors around the world in recent years. Last June, two hedge funds at Bear Stearns Cos. collapsed after making bad bets in investments linked to subprime loans made to borrowers with shaky credit.

On Thursday, law firm Sutherland Asbill & Brennan LLP held a conference call with clients and potential customers about the inquiry. In a note sent ahead of the call, the firm said the inquiry "will probably involve requests for additional documents and on-the-record testimony... Even if a firm didn't receive the sweep letter, it may want to consider reviewing its policies, procedures and practices relating to (mortgage investments)."

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