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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Obama unveils radical mortgage plan
Financial Times - 1 hour ago
It emerged this week that Citigroup paid $160000 in the first half of this year for lobbying services from Ogilvy Government Relations.

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Sweet plan.......while malevolent servicers and egregious investment banksters get off not even a scratch or a dent!  I wrote to BO laying out MSF epidemic in great detail, not even a thankyou or acknowledgement response.    He's much too busy these days to read his mail.

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Sen. Obama's is a great idea. And had legislation based on that idea been implemented 10 years ago - or even two years ago when he first took office - it would have been extremely useful today. Unfortunately, since it wasn't implemented when all of the lending stupidity began I highly doubt that the lenders and/or brokers can be punished retroactively. Of course, I may be wrong. Bear in mind, too, that there were/are a fair portion of borrowers who chose to do this to themselves as well.

There's enough blame to go around on this one for sure but I think that the borrowers deserve the least of it. If no one manufactured crack then no one would distribute it or sell it and certainly no one would use it.
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