Articles Related To Mortgage Servicing Fraud

*Date*	Article (Recent Additions)	*Author*	*Comment*
3/10/10**	Dear FTC: Please go after the real predators.	Denise Richardson GiveMeBackMyCredit.com	I know countless homeowners who have been pleading with the powers that be to step up and stop unregulated mortgage servicers from stealing their homes.
3/7/10**	Documents insufficient in foreclosure case	Tom Lyons Sarasota Herald	The three-judge panel said a bank that was not the original lender had not proven it had the right to foreclose, because the documents filed did not show how, or if, mortgage ownership had ever been transferred to the bank.
3/6/10**	President of BofA Requested to Disclose his Own Alleged Fraud to Audit Committee *"for looting of home owners across the US"*	Examiner.com	The Agreement was to purchase Countrywide for stock exchange at over $4 billion, whereas the true value of Countrywide was in the negative many billions of dollars.
2/24/10**	Foreclosure Case Killer - The Subpoena Duces Tecum	mattweidnerlaw.com	The lenders and banks that brought our country to the verge of collapse with fraud, misrepresentation and lies have now brought these same practices into local courtrooms. Every day, judges who sign foreclosure orders are confronted with legal pleadings that do not conform to the most basic requirements of professional standards, but who really cares about that…the real issue is that because the lenders cannot produce the evidence they need to proceed with their cases, they….produce the evidence they need to proceed with their cases.
2/23/10**	Secret AIG Document Shows Goldman Sachs Minted Most Toxic CDOs	Richard Teitelbaum Bloomberg	A potentially more important development slipped by with less notice, Bloomberg Markets reports in its April issue. Representative Darrell Issa, the ranking Republican on the House Committee on Oversight and Government Reform, placed into the hearing record a five-page document itemizing the mortgage securities on which banks such as Goldman Sachs Group Inc. and Societe Generale SA had bought $62.1 billion in credit-default swaps from AIG.
2/23/10**	Central Florida Judge Voids Foreclosure Sale, Allowing Homeowner Victimized By Sewer Service To Recover Title To Home	Home Equity Theft Reporter	As foreclosures continue to overwhelm the court system, there is a growing concern that sloppy and careless work in foreclosure cases is making Berta's experience a common one.
2/23/10**	Bogus foreclosure claim not isolated The Florida Bar has confirmed, that some bulk-rate foreclosure firms are seriously cutting corners.	Tom Lyons Herald Tribune.	"It's a cruel joke," says Charney, a Legal Aid lawyer who has been teaching foreclosure seminars for area lawyers and judges. "We are finding these all over the country." Such flagrantly self-identifying bogus documents are only a bit more obvious and extreme than routine ones that often have equally shaky and unproven mortgage assignment claims, Charney says. "It really is kind of pathetic," she says, and it shows why judges should be angry, and why more struggling homeowners should get legal help.
2/22/10**	An abrupt eviction, narrowly averted "They tried to use their knowledge of the law to steal my house."	Todd Ruger Herald Tribune.	His home has cars in the driveway, the water and power are on, and he says his two dogs bark at anyone who knocks on the door of the home. Yet the bank foreclosing on his five-acre property told a judge that Berta had abandoned the home, could not be found and might even be dead. That declaration allowed Wells Fargo Bank to take possession of Berta's home in December without him ever knowing that a foreclosure case had been filed
2/22/10**	Another Rubber-Stamped Foreclosure Judgment Gets The Boot From Appeals Court; Trial Judge Fails To Apply Binding Precedent To Standing-Lacking Lender	Home Equity Theft Reporter	The court stated: "We are convinced that the later joinder of the real party in interest could not have cured the Bank of New York’s lack of standing when it filed its foreclosure complaint."
2/22/10	Judge approves SEC-Bank of America settlement on Merrill deal	Larry Neumeister, Associated Press	A federal judge said Monday he would reluctantly approve an amended $150 million settlement between the Securities and Exchange Commission and Bank of America to end civil charges accusing the bank of misleading shareholders when it acquired Merrill Lynch . But U.S. District Court Judge Jed S. Rakoff called the revised pact "half-baked justice at best."
2/22/10	RED ALERT: Mortgage Bankers Strongly Oppose New Foreclosure Bill in California – SBX8 38	Mandelman Matters	Because this bill is proposed during special session, it is not subject to the normal rigors of legislative scrutiny, and may become binding law within a matter of weeks.
2/19/10**	Mortgage fraud and kickbacks alleged at Citibank, JP Morgan Chase & Bank of America	Maryann Tobin Political Spin Examiner	Real estate industry insider Jeremy Brandt told CNBC, “at least 200 real estate agents said they have had these requests made by representatives of Citi Mortgage, JP Morgan Chase, Bank of America and other large banks.”
2/19/10	My Mortgage Company is stealing my money--and my home! A new definition of "Home Robbery"	Denise Richardson GiveMeBackMyCredit.com	Peoples' homes are being stolen, and though they are not being removed from their foundations and carted off to pawn shops, they might as well be. Crooks are pushing families and children out of their homes and neighborhoods without cause--and nobody seems to care.
2/19/10	Frustrated Owner Bulldozes Home Ahead Of Foreclosure Man Says Actions Intended To Send Message To Banks See the results of the survey.	WLWT.com	Hoskins said he'd gotten a $170,000 offer from someone to pay off the house, but the bank refused, saying they could get more from selling it in foreclosure. Courtis Fuller that he issued the bank an ultimatum. "I'll tear it down before I let you take it," Hoskins told them. And that's exactly what Hoskins did.
2/19/10** Press Release	Judge Throws Out Bank Eviction, Calling into Question Validity of Evictions across California	Tenants Together	"it is unfair that an innocent tenant can be punished for standing up to a bogus eviction. Our legislators need to expand protections for innocent tenants who exercise their right to go to court, especially against these banks that are systematically violating California law." We see a lot of these confusing notices after foreclosures. In my opinion, they are invalid, and apparently, the Court agreed."
2/17/10	The Coming Foreclosure Flood Expect home prices in areas with lots of foreclosures to plummet. Yes, more.	Alyssa Katz Housing Watch	Many homeowners have fallen behind on their mortgages or stopped paying, but foreclosure has not yet arrived. Mortgage servicers, the folks who send you the bills and file for foreclosure when you can't pay them, are overwhelmed. Courts, too, are backed up. Mortgage modifications and foreclosure moratoriums have put off the day of reckoning for borrowers, but not forever. And unemployment is sabotaging more homeowners every day.
2/16/10	Beware of the Florida Consumer Protection and Homeowner Credit Rehabilitation Act	Denise Richardson GiveMeBackMyCredit.com	Forget the fact that the lenders are going to benefit because they can foreclose more quickly through the speediness offered in a non-judicial foreclosure. What really worries me is, what will this do for borrowers who are facing unfair and often illegal foreclosures? Consumers are being railroaded.
2/13/10**	The Whole Country is BOGUS – Fabricated Mortgage Assignments All Over the Country *"This is much more than a clerical error. It is outright blatant fraud."*	4closureFraud	Now, we are seeing BOGUS assignments all over the Florida public records. At first I though it was some kind of joke. Well it is, and the joke is on all of us. Doesn’t anyone look at these papers before filing them? Do the courts even care they are allowing peoples homes to be taken away by some BOGUS document?
2/13/10**	A Hundred Thousand Homeowners – Voices of Hope & Change	Mandelman Matters	The foreclosure crisis MUST be stopped. And it would have been months ago… if America’s homeowners had a VOICE in Washington…
2/10/10**	Recently Discovered Flaw in Recording System Clouds Titles on Previously Foreclosed Properties	4closureFraud	Even if the foreclosure has long since passed, a loophole in the way mortgages are recorded can create a serious title defect for future owners. Title analysis performed this month by AFX Title has detected this error to be common in random samples of properties it reviewed. “This could affect the property ownership of millions of homes nationwide” said David Pelligrinelli, of AFX Title. “The mortgage recording method which created this title flaw did not exist until recently.
2/8/10**	Foreclosure Fraud- Video Examples of False Affidavits Filed in Courts Across The Country	Matt Weidner Blog	Video shows, in black and white, papers filed in courts across the country how employees of law firms and lenders are creating false affidavits and assignments then submitting these in courts as part of the Bank`s campaign to take borrower's homes even though they have not established the legal right to do so.
2/7/10**	An Anarchist’s Strategy To Dismiss Every Foreclosure In Florida Courts Are Overwhelmed With Foreclosures	Matt Weidner Blog	I’m told at least two Circuit Court Judges in Pinellas County (Linda Allan and Douglas Baird) have announced they were no longer going to hear Motions to Dismiss filed by Defendants in foreclosure cases, but were going to start just denying them across the board without even having a hearing on the matter. Now that’s one way to deal with the crisis. It’s an unconstitutional, unfair and totally biased approach that completely ignores the law and the rights of the citizens these judges took an oath to serve.
2/7/10	The Most Common Signs of Mortgage Servicing Abuse	Phoenix Refinance	Attorneys for corrupt mortgage servicers are just as corrupt. These attorneys will receive information they know to be inaccurate or misrepresented from the servicer and file motions in court like it was legitimate — another case of lawyers abusing their positions in order to keep a rich client happy. But the lawyers also know that they can overcharge for legal and court fees and it will be charged to the borrowers’ accounts. These fees may even be in excess of what courts have approved.
2/7/10	The role illegal aliens played in the mortgage crisis (and continue to play)	Examiner.com	Those elected to represent we the American people, decided instead to represent the bankers and allow illegal aliens to borrow money, often using the stolen Social Security numbers of American citizens. This so-called sub-prime mortgage crisis was actually nothing more than a massive case of fraud.
2/7/10	In housing meltdown, cities turn into buyers	CHRIS HAVENS, Star Tribune	"I can guarantee if we weren't doing what we're doing, we'd lose the properties to investors and flippers," said Cecile Bedor, St. Paul's planning director.
2/7/10**	Lawyer discusses walking away from your home So, I say FIGHT YOUR FORECLOSURE!	Chip Parker, Jacksonville Consumer Attorney	I am NOT saying you will likely lose your home in foreclosure, and I am NOT saying you should give up. To the contrary, every day that I am in this fight for middle class home ownership, I realize that most homeowners have tremendous leverage against the mortgage companies. The banks’ confidence only comes from the fact that most people do not fight. Truthfully, the banks are losing ground in contested foreclosure cases.
2/5/10**	Judge in Countrywide Case Removed Over Claim of Discount Loan	Cary O’Reilly BusinessWeek	A Florida judge was ordered to remove himself from a foreclosure proceeding by Bank of America Corp.’s Countrywide unit after the homeowner claimed the judge received a discount loan from an affiliate of the mortgage lender.
2/4/10**	MERS’ Role in Massive Foreclosure Fraud Nationwide- A Peek Behind Their Shady Curtain	Matt Weidner Blog	The MERS system is about to collapse as courts around the country, circuit courts, federal courts and federal bankruptcy courts have called into question the legitimacy of the MERS system.
2/4/10 FTC Press Release	FTC Testifies About Stepped-Up Efforts to Protect Consumers Affected by the Economic Downturn	Federal Trade Commission	In addition to prosecuting mortgage foreclosure and loan modification scams – with our state attorney general partners bringing more than 200 lawsuits last year – the FTC has targeted a variety of other deceptive and fraudulent schemes, including those in mortgage servicing. [Then why are you still allowing EMC Mortgage to scam homeowners after your investigation and settlement with EMC? MSF]
2/3/10**	Florida foreclosure problems are brewing ahead!	Denise Richardson givemebackmycredit	Homeowners are going to be at even greater risk of losing their homes now because they will have even less time to prove that the lenders have started illegal proceedings against them due to errors, fraud, misinformation or deceptive practices.
2/2/10**	Fannie and Freddie In Full Put-Back Mode	Bank Lawyers Blog	Fannie and Freddie have unleashed armies of auditors and other employees to sift through mortgage files for proof of underwriting flaws, lies and fraud.
2/2/10	No Help in Sight, More Homeowners Walk Away	DAVID STREITFELD New York Times	New research suggests that when a home’s value falls below 75 percent of the amount owed on the mortgage, the owner starts to think hard about walking away, even if he or she has the money to keep paying.
2/1/10**	SEC Complaint filed against Bank of America Corporation and its president, Brian Moynihan Continued denial of access to public records in such landmark litigation casts a doubt regarding integrity of both the courts and banking regulation in the United States.	LiveLeak	Complaint was filed by Joseph Zernik, PhD, Stockholder, against Bank of America Corporation [NYSE:BAC] and its new President, Brian Moynihan. Mary Schapiro, Chair of SEC, confirmed receipt. Stockholder Zernik also requested that Ms Schapiro release public information that would allow better assessment of integrity of operations at BAC prior to the February 23, 2010 Special Stockholders’ Meeting. Integrity of operations at BAC has been a major subject of concern in the past two years, including ongoing investigation by NY State Attorney General Andrew Cuomo, and multiple litigations alleging securities fraud by BAC.
2/1/10	Are Appraisals the New Organized Crime?	Sheree R Curry Housing Watch	Greedy appraisers, who put lofty valuations on properties to please lenders and line their pockets, played a large role in the housing bubble. Some say the appraisal management companies (AMCs) may only make things worse, after all, some of them are owned by banks. (Landsafe, an AMC, is a subsidiary of Bank of America). The well-known New York appraiser Jonathan Miller, CEO of Miller Samuel, calls it all "an accident waiting to happen."
2/1/10**	The Bankers Are Coming To Steal Your Home	Attorney Matt Weidner's Blog	The banks and pretender lenders that caused the American economy to collapse and then were rescued with Bajilliions of our tax dollars have caused themselves such problems and have engaged in such widespread fraud and conspiracy that they can no longer rely on courts of justice to help them extract ill-gotten profits from consumers and taxpayers through foreclosure. In recognition of this increasingly apparent fact, the bankers and mortgage companies that caused the collapse are now working hard to remove their disputes from court systems where judges and attorneys can force them to account for their actions. A bill that will be introduced in the 2010 session of the Florida Legislature called the Florida Consumer Protection and Homeowner Credit Rehabilitation Act would remove foreclosures from the circuit court systems and would allow lenders to throw a homeowner out of their home without the due process of law.
1/29/10	Florida bankers move to dramatically speed up the foreclosure process	James ThornerTampa Bay Times	If bankers get their way, Floridians facing foreclosure could be kicked out of their homes in as little as three months.
1/28/10	Problems with MERS and Some Recent Wounding of the Company	ForeclosureFish.com	Although MERS is a secretive company is not often in the news, it has been receiving more scrutiny with the collapse of the housing market and the huge increase in securitized mortgages. In fact, the actual owner of the loan is kept so secret that only members of the Mortgage Electronic Registration System have access to this information. Everyone else, from county recorders to the press to the homeowners facing foreclosure, are not allowed to know which company currently has ownership of a loan. This causes some huge problems with MERS and the law.
1/25/10	Tell bank CEOs: We want the straight story.	SEIU	These same banks are kicking families out of their homes because they can't afford their mortgages, but they're offering their own executives loans they don't have to pay back? The American people deserve to know what's going on.
1/25/10	The New Mortgage Revolution: Walk Away It's just not fair to expect borrowers to follow rules that the lenders don't.	Alyssa Katz Housing Watch	Morality has nothing to do with it. You are a cog in the wheel of a machine that is killing this country and if you remain a cog you enable it. Remove your cog and the machine will not keep running. Remove millions of cogs and the machine gets replaced." Now the call for a borrowers' revolt is being joined by folks who know an opportunity when they see it: real estate agents.
1/21/10	FBI: Hedge Fund Ponzi Scheme Used Bogus Mortgage Deals	FINalternatives	But the FBI and prosecutors say that, in at least two cases, those mortgages were never bought. In February 2009, authorities say, Landberg used $3 million on unrelated interest payments and transferred the rest of the money into an account he controlled, rather than buy the Florida mortgage he claimed he was buying.
1/21/10	Foreclosure Crisis Continues to Worsen	Angie Moreschi Consumer Warning Network	The number of people dealing with foreclosures reached a record number of nearly 3 million in 2009. Americans saw that dramatic increase despite efforts, like President Obama’s Making Home Affordable Program, to reduce foreclosure filings. So, what’s going wrong?
1/21/10	Obama prepares media blitz on bank tax, consumer agency	Michael Kranish Globe Staff	A White House statement yesterday that reaffirmed the president’s commitment to the stand-alone Consumer Financial Protection Agency as part of any financial regulatory overhaul pleased consumer groups but frustrated Republicans. Obama has said such an agency would protect consumers from the questionable lending practices that led to the 2008 financial meltdown, but Republicans instead support rules that allow existing agencies to establish stricter protections for consumers
1/20/10	State Regulators Warn Of Failing Foreclosure Prevention Efforts	Shahien Nasiripour Huffington Post	Struggling homeowners are increasingly falling behind on their mortgage payments. Not enough of them are getting help from lenders, mortgage companies or the Obama administration's foreclosure initiative.
1/20/10	Short sale fraud	CNBC’s Diana Olick	Basically, second liens on properties like home equity loans have a blocking interest that can prevent a home from being sold for less than its mortgage value – a so-called short sale. If they refuse to agree to a primary mortgage holder’s short sale, they can send a homeowner into foreclosure. This sets up a conflict between the primary mortgage holder and the secondary liens.
20/10	Pilot Program Helps Homeowners Philadelphia provides model for avoiding foreclosures	FoxNews
1/20/10**	$8 million in assets - and can't get a mortgage	Les Christie - CNN Money	One client was turned down for a mortgage twice -- despite an 800 credit score, more than adequate down payment and plenty of income.
1/17/10	Ron Paul on Wall Streets Bailout FRAUD	Judge Napolitano
1/15/10**	Taking Aim at Bonuses based on $23.7 Trillion in Taxpayer Gifts	livinglies	If they earned it, what business is it of ours or the government? On the other hand… if they stole it, why are they not in jail?
1/15/10**	Big Banks Accused of Short Sale Fraud Video	Diana Olick ; CNBC	CNBC's Diana Olick reports that for homes with two mortgages, the second mortgage holder is often demanding a short sale buyer pay them in cash on the side, and they're not reporting it. And that's against the law.
1/13/10	Subpoenas served on 15 mortgage firms, including 2 in Dallas	AP	Department of Housing and Urban Development's inspector general, Kenneth Donohue, said he wanted to determine why defaults are so elevated among the 15 companies being probed and whether any have committed fraud.
1/12/10	Ohio debt collection question goes to U.S. Supreme Court	Sheryl Harris, The Plain Dealer	The dispute boils down to whether a debt collector can use a legal error as a defense for failing to comply with the Fair Debt Collection Practices Act, the law that protects consumers from abusive debt collection efforts. It started when Countrywide hired the Cleveland law firm Carlisle, McNellie, Rini, Kramer & Ulrich to file a foreclosure action against Karen Jerman, who had already paid off the mortgage on her Ashtabula home.
1/11/10	Banks’ Losses May Spell Shake-Up in Germany The criminal investigation is a new twist in the troubled history of Germany’s state-owned banks, but the massive losses are not.	JACK EWING New York Times	The Landesbank rescues — reminiscent of the meltdowns at the U.S.-backed lenders Freddie Mac and Fannie Mae — have placed a serious burden on German state governments already suffering from slumping tax revenue, as well as the federal government, which is helping to cover some of the losses.
1/8/10	MOVE YOUR MONEY!	http://moveyourmoney.info/	“It’s time to make those Too Big To Fail banks just a little bit smaller by moving your money to a local community bank.”
1/7/10	Walk Away From Your Mortgage!	ROGER LOWENSTEIN - NY Times	John Courson, president and C.E.O. of the Mortgage Bankers Association, recently told The Wall Street Journal that homeowners who default on their mortgages should think about the “message” they will send to “their family and their kids and their friends.” Courson was implying that homeowners — record numbers of whom continue to default — have a responsibility to make good. (The banks committed major frauds against the homeowners, investors, governments and others, and they expect the homeowners to make good on the bank's fraud by giving the banks money on an INVALID and sometimes non-existent debt that the banks have already been paid on... over and over again?)
1/7/10	Geithner's New York Fed Pushed AIG To Keep Sweetheart Deals Secret (READ THE AIG EMAILS)	shahien@huffingtonpost.com	An arm of the Federal Reserve, then led by now-Treasury Secretary Timothy Geithner, told bailed-out insurance giant AIG to withhold key details from the public about overpayments that put billions of extra tax dollars in the coffers of major Wall Street firms, most notably Goldman Sachs.
1/5/10	Bondholders Considering Plan to Tell Servicers: "You're Fired!" Securitization Chart included.	subprimeshakeout	When servicers refuse to service loans in the best interests of the ultimate owners, which they're contractually-obligated to do, they should be shown the door just like anyone else that fails to perform their basic job functions. The question is whether any of these institutional investors will have the courage to break ranks and stand up to banks that have demonstrated unparalleled influence in Washington and on Wall Street.
1/5/10	Homeowners Plead for Help from Abusive Mortgage Servicing Practices; Please Stop this Madness...	Denise Richardson GiveMeBackMyCredit.com	Sadly, here's yet another in a long string of stories that continue to demonstrate the need for regulation and real oversight in the mortgage servicing industry. The Kelly's share their experience to help shed light on what borrowers are left to deal with.
1/4/10**	Behind the Christmas Eve taxpayer massacre at Fannie and Freddie.	Wall Street Journal	The government wants taxpayers to think that these are profit-seeking companies being nursed back to health, like AIG. But at least AIG is trying to make money. Fan and Fred are now designed to lose money, transferring wealth from renters and homeowners to overextended borrowers.
1/4/10	Credit Suisse Accused of Defrauding Resort Investors	REUTERS	The lawsuit filed Sunday in federal court in Boise, Idaho, seeks $24 billion of damages against Credit Suisse and the commercial real estate firm Cushman & Wakefield Inc, and class-action status for more than 3,000 investors who bought land or homes.
1/4/10	Banks 'Making A Killing' On Government Toxic Asset Program	Huffington Post	The program that was supposed to help banks dispose of these toxic assets instead made those assets so marketable that banks bought more -- which has pushed Wall Street's titans to even greater exposure to the stalled housing market. The banks apparently decided that the government's entry into the mortgage security market was simply a guaranteed money-making opportunity.
1/4/10	No Good Deed Goes Unpunished as Banks Seek Profits	Christopher Condon and Jody Shenn Bloomberg	It’s “absolutely ridiculous” that banks, which were expected to reduce their holding of such volatile mortgage securities, bought them before the government program was running and may now profit, said Michael Schlachter, managing director of Wilshire Associates, the Santa Monica, California- based investment-consulting firm. “Some of them created this mess, and they are making a killing undoing it.”
1/3/10	This Is The Government: Your Legal Right To Redeem Your Money Market Account Has Been Denied	Tyler Durden - zerohedge	The next time there is a market crash, and you try to withdraw what you thought was "absolutely" safe money, a back office person will get back to you saying, "Sorry - your money is now frozen. Bank runs have become illegal." This is precisely the regulation now proposed by the administration.
1/3/10**	Wall Street Banks Don’t Own Toxic Loans: ABC Wall Street Banks that allegedly lost hundreds of billions of dollars - never lost a dime!	Neil Garfield	REALITY: The main point missed by nearly everyone is that in the securitization of real estate loans — residential and commercial — the Wall Street Banks do not own the toxic loans and never did. The simple ABC is that the loans were executed by homeowners and then trafficked like illegal drugs through middlemen until they ended up in the hands of investors (pension funds, sovereign wealth funds etc.). The actual amount and movement of money was kept carefully hidden from investors and homeowners, violating Federal, State, and common law. Much of this money actually belongs in the hands of homeowners, investors, and taxing authorities from Federal State and Local governments.
1/3/10**	FLORIDA FORECLOSURE MILLS EXPOSED Comments to the article below.	Neil Garfield	The clerical staff of foreclosure mills, sometimes charged with the responsibility of fabricating documents, has no idea what they are doing. The paralegals don’t know anything about the loan, the securitization, or anything else. The junior lawyer who signs off on the foreclosure hasn’t the foggiest idea of what he is signing and whether the allegations or representations are true, false or unknown.
1/3/10**	Law firm gorges on home defaults Florida Default Law Group charged her more than $4,000 for delivery of legal documents	Mike Sasso TBO	Florida Default Law Group and Wells Fargo "have engaged in the systematic process of churning out unrefined and unexamined form pleadings, instead of producing and filing carefully considered legal papers," a bankruptcy judge wrote.
1/1/10**	U.S. Loan Effort Is Seen as Adding to Housing Woes	PETER S. GOODMAN New York Times	Ms. Smith made all three payments on time and submitted required documents, Chase confirms. She called the bank almost weekly to inquire about a permanent loan modification. Each time, she says, Chase told her to continue making trial payments and await word on a permanent modification. Then, in October, a startling legal notice arrived in the mail: Chase had foreclosed on her house and sold it at auction for $100. (The purchaser? Chase.) Jack Schakett, Bank of America’s credit loss mitigation executive, confirmed that even borrowers who were current before agreeing to loan modifications and who then made timely payments were reported to credit rating agencies as making only partial payments.
1/1/10**	Lining Up for the Wall Street Gravy Train	Mike Whitney Information Clearing House	On Christmas Eve, the Treasury Dept announced that it would lift existing caps on the mortgage-finance giants Fannie Mae and Freddie Mac. The two GSE’s will no longer be limited to a ceiling of $200 billion in losses each. Although, the Treasury’s action looks like it was designed to support the housing market, the real beneficiaries are the banks whose balance sheets are coming under greater pressure from the relentless uptick in foreclosures. It is widely believed that Treasury is laying the groundwork for a major revision of the Obama’s mortgage modification program which has, so far, been a dismal failure. If the critics are right, the administration is planning to slash the principle on millions of mortgages sometime in 2010, thus shifting the sizable losses onto the US taxpayer. Otherwise, the banks will face potential losses on another 4 million foreclosures in the next year alone. (according to Credit Suisse)
1/1/10	2010 Will Be Worse	Monty Pelerin American Thinker	Debt must not exceed some percentage of income, or else it cannot be serviced. Equivalent conceptual ratios for individuals and businesses have been used by the banking industry as lending criteria for more than a century. For various reasons, banks neglected these guidelines over the past couple of decades, contributing greatly to the credit bubble.
12/30/09	Does Fannie Mae or Freddie Mac own my loan?	Chip Parker, Jacksonville Consumer Attorney	One thing I’ve learned is that mortgage servicers don’t want homeowners to know who owns their loan. In about half of all foreclosure complaints I see, the servicer is the plaintiff, and the identity of the owner is not revealed in the pleadings.
12/30/09	Fraud Alert: Color Copies being Used to Fabricate Alleged Originals	livinglies	I have received a number of reports that “outsource providers” are servicing the foreclosers by creating color copies of documents and submitting them as originals. One report is that the “original” was examined at the courthouse and found to be a printout from a very good color printer. It’s a neat trick and one that has probably worked many hundreds if not thousands of times.
12/29/09**	Aurora Loan Services Privacy Policy That Hides Mortgage Fraud?	Al Lewis - FoxNews	His job was to uncover mortgage fraud. But he claims he was fired for doing it. In a lawsuit recently filed in Denver District Court, he claims Lehman's mortgage subsidiary wanted to remain profitably unaware of fraud.
12/29/09	Mortgage Fraud and Home Foreclosures: Community Impacts and Collaborative Responses	The Bureau of Justice Assistance	The Bureau of Justice Assistance (BJA) convened a working group of representatives from communities in different regions of the country to examine crime as both a cause and result of foreclosures. (BJA) convened a working group of representatives from communities in different regions of the country to examine crime as both a cause and result of foreclosures.
12/29/09	Treasury urged to investigate potential mortgage fraud	Cuna	The Credit Union National Association (CUNA) encouraged U.S. Department of the Treasury General Counsel George Madison to "undertake an expeditious investigation into a troubling matter that involves the fraudulent conveyances of residential mortgage loans to the Federal National Mortgage Association (FNMA)."
copyright MSFraud.org

Bondholders Considering Plan to Tell Servicers: "You're Fired!"