New Information from investigations is beginning to point to MGIC as a source of "FORCED PLACED INSURANCE". According to information released, MGIC was involved in a number of "Off Shore" Reinsurance companies! Some may be directly linked to LITTON LOAN and CBASS. IF THIS IS TRUE, AND I BELIEVE IT TO BE TRUE, a clear SECTION 8 HUD VIOLATION HAS BEEN COMMITTED BY MGIC/RADIAN/CBASS/LITTON LOAN etc!
MGIC using its foreign placements through LLOYD'S, then used CBASS and LITTON LOAN as "Named Insured" and purchased "pool" policies through the LLOYD's Syndicate and several were purchased. Some were for only $1 million per occurrence for the entire pool covering "Pooling and Servicing Agreements", while others were $2 million - with another one or two million in the aggregate. Again with CBASS and LITTON LOAN as the Named Insured. These Policies were used by LITTON LOAN to keep "Targeted" or "Cherry Picked" mortgages in a "Default Status" thus allowing a quick foreclosure!
MGIC/RADIAN/CBASS and LITTON LOAN may very well begin to be looking at RICO class actions now!
The current SEC/IRS investigation into MGIC/CBASS et al, is ongoing and really just beginning!
CEO Curt Culver was made aware of all this a few years ago. And may have withheld information from both the SEC and the IRS as well as the former General Counsel to MGIC, as they were both aware at the same time, via phone calls, and emails!
Could this be the next shoe to fall on MGIC/CBASS? Is the very end of the "manufactured foreclosures" by them coming,and could criminal charges be filed against them, including Larry Litton Sr and Jr? Or will RICO actions be filed first by class action lawyers? I'm betting on RICO.
Millions were paid to MGIC/CBASS/and Litton Loan officers and Directors through CBASS and Litton Loan. These were all "Ill-gotten gains" from the fraud they may have caused.
From the recent filings by MGIC it appears, RADIAN/MGIC financed the purchase of Litton Loan to Goldman Sachs! What the hell were they thinking? I know a bit more now than a few years ago, its all about "Individual Liability" now!
More to follow, as this develops!