U.S. Attorney’s Testimony Shows Pattern of Fraud by Lenders

COMBO Title and Securitization Search, Report, Documents, Analysis & Commentary COMBO Title and Securitization Search, Report, Documents, Analysis & Commentary

SEE BEN WAGNER TESTIMONY

In conclusion, the Eastern District of California has been one of the hardest hit by the mortgage fraud crisis, and the people in our communities and across the nation have suffered the consequences of it – from steeply reduced home values, to ruined credit, to foreclosures and evictions. Lenders have suffered losses as a result of fraud by real estate and mortgage professionals, their own employees, and by buyers, all of whom took advantage of an atmosphere where fraud was rife and commissions were easy. This district has dedicated extraordinary resources to pursuing those who perpetrated mortgage fraud, and continues to increase its efforts, follow new trends, and achieve significant results.

19 Responses

  1. Joyce Louise,

    Yes. For years homeowners have been complaining to AGs — with nothing being done. In my state, AG went on record as saying “we do not have the resources to investigate.” “we send complaints to the FTC” — and the FTC does little.

    Not having the resources is not an excuse.

  2. anonymous:

    It is just as you say, but I find it hard to believe that they will be brought to justice. It was just so easy to pull it off. Lenders had a goal and that was to produce a product for Wall Street, and they did.

  3. WB I would be more than happy to email you templates if I receive any. To be honest I have left so many messages on numerous sites and have yet to receive any responses. Hopefull 2011 will bring better results. My email is cocodo2112@yahoo.com if anyone has any responses. Thank you all and Happy New Year.

  4. i would like a few templates too that Collene Collins asked about.

    may be Collene could email me them once she gets them?

    thx

  5. DL

    MERS is nothing.

  6. Are you sure about that? I hear that MERS is on some of GOD’s investments……

  7. There are two types of underwriting. Mortgage loan origination underwriting and security underwriting. In either case, the borrowers had NO say in how the loans were originated or securitized. If borrowers concealed any information from originator — originator should have caught this and not granted the loan.

    And, if originators lied to security underwriters — security underwriters should have caught this – and not securitized the loan. But, if you look at aggregate data for mortgage loan trusts — the PUBLISHED debt to income ratios and FICO scores are NOT good. The security underwriters knew EXACTLY what they were doing — they were targeting homeowners with low FICO scores and high debt to income ratios — in order to charge higher interest rates. It is always about interest rates with banks. And, investors love high interest returns.

    Financial crisis – and the way the government handled it — shut down both refinance option and sale of home option for victim borrowers. Trapped.

  8. @ A Man – Thanks for the Utah story. Very interesting. I wondered too why Waddoups didn’t recuse himself in the first case, especially when it was known he is a partner in a firm representing B of A. Some news stories back then were highly critical on that issue. Perhaps upon further legal advice, recent stories of bankster fraud or having his hand caught in the cookie jar in the first case, he decided on a wiser course.

  9. There are bank employees as in our case that is the cause of an illegal sale of our home. We were not in arrears and they sold it 10 days before the due date. Our story is so long but we had an unethical Judge that ignored the facts of law, expert witness testimony and depositions as well as lack of documents or activity log never produced by the bank.

  10. @Hydrogene: I’m in Eastern District too. I’d really like to know WHY the IRS comes down hard on the little people who owe a few thousand dollars (I’ve been making faithful installment payments), yet absolutely FAILS to even investigate MERS. These so-called “employees” of their’s (robosigners). They don’t say they are “contractor’s”. Its very hard for me to believe they have so many “vice presidents”. I hope the sarcasm is coming through on the last sentence! Let alone all the REMIC fraud these banksters have perpetrated. The penalties & interest must be truly staggering. Yet not one single PEEP out of the IRS.

  11. Do you have a template of a letter to file with the US attorney or AG or your state. I also need a template form used to start/submit the Appeal filing. Please email me @ cocodo2112@yahoo.com with any information or forms that will help me. Thanking you in advance.

  12. 65 PER CENT OF FRESNO JUDGES HAVE MERS ON THEIR MORTGAGES.

    This is a headline that Neil posted sometime back.
    The reason is that I downloaded a list of all civil Judges in the State of CA and then isolated the Judges for Fresno County. There are 41 in Fresno Co. and 27 of them have MERS ON THEIR MORTGAGE’S. MY JUDGE FOR INSTANCE HAS 2 MORTGAGES WITH MERS.

    We have now filed a complaint with our local DA regarding our case and we have also filed a complaint on behalf of the DA because she has MERS ON HER MORTGAGE ALONG WITH A SUBSTITUTION WITH A ROBO-SIGNATURE

    We have to use every tactic available to us to fight these BANKSTERS.

  13. I smell a little bit of whining here. The lenders have not been damaged by anybody–they have damaged America with loans that are illegal or even nonexistent. Take a look at Dylan Ratigan and “The Big Tarp Lie.” The mega banks are still screwing us, and we have to stand up to them. We, the people, are, in my opinion the only ones who are going to make a difference. Congress is going to be even worse this year. Kick their asses! http://www.challengingforeclosure.com Sirak@challengingforeclosure.com

  14. THANKS NEIL FOR POSTING THIS.

    EVERYONE GOOGLE:

    FEDS HOLD MORTGAGE FRAUD SUMMIT IN FRESNO

    THIS IS WHY I SENT THIS INFO TO NEIL.
    BEN WAGNER the U S ATTORNEY IS LOOKING INTO MY CASE AFTER MY TESTIMONY AT THE SUMMIT.

    THANKS TO NEIL 2011 IS GOING TO BE A GREAT YEAR FOR ALL OF US THAT HAVE BEEN VICTIMS OF THIS MASSIVE PONSI SCHEME.

    HAVE A GOOD ONE

  15. there is nothing here to read

  16. “Lenders have suffered losses as a result of fraud by real estate and mortgage professionals, their own employees, and by buyers, all of whom took advantage of an atmosphere where fraud was rife and commissions were easy.”

    What a CROCK!

    This is where we are going, folks! The LENDERS lost because of everyone else’s fraud. Poor Bank of America.

    I am continually sickened by the ignorance of these so-called investigators sucking up huge government salaries for this kind of conclusion.

  17. 23 Trillion in free money to fund bank casinos.
    Ratigan on the TARP lie:

    http://dailybail.com/home/dylan-ratigan-the-wall-street-heist-of-2010-the-biggest-bank.html

    Anyone still wondering why stopping foreclosures is low priority?

  18. This is the most comprehensive and truthful assesment of what, in my opinion has happened. The “old” adage: “The rich get richer, and the poor get poorer” has a genesis. This will most probably be found by the interactions between the Banks, Wall Street, and “Our Government.” Where was the “Oversight” Commitee? Undersight Commitee? …or were they are blinded by greed?
    The biggest problem with ALL of this is that the “little guy” is going to eat it, while the Attorneys put all the money into their bank accounts. Time to Pray.

Leave a Reply

%d bloggers like this: