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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Justice Joseph J. Maltese

Stuck with a bad loan, a Staten Island family fights back - Staten Island Real-Time News - SILive.com

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The original lender and brokers are usually long gone when the new lien holder makes the successful argument that it was not responsible for the original loan and should be permitted to foreclose.

Tierney said such arguments are getting harder for judges to accept when they see people losing their homes.

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This could be sweet.

Cancel the mortgage and refund their payments?  LOL....this is good.

Unless the new lien holder has a hold harmless clause (which I am pretty
sure they don't), they should properly be on the hook.

They do nothing to show any kind of due dilligence.  What am I buying?

They bought a pig in a poke.

A common colloquial expression in the English language, to "buy a pig in a poke," is to make a risky purchase without inspecting the item beforehand. The phrase can also be applied to accepting an idea or plan without a full understanding of its basis. Similar expressions exist in other languages, most of them meaning to buy a cat in a bag, with some exceptions:

Collectively, they all decided not to examine what was in these bonds
and other things.  It has been well established procedure for the moneyhandlers to know exactly what they are investing in.

Please don't ask me to believe they don't know what they are doing?
Please don't tell me they have been taken advantage of by borrowers
with spotty credit records taking on more debt than they can handle.

Yes, wall street is screwing both the investors and the borrowers and oh
now they are screwing each other.  What a shame.

Dee


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Stephen

This should open up the floodgates.  Justice is coming.

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