Raymond Bowman, Former President of Taylor, Bean & Whitaker Pleads Guilty to Fraud Scheme

Posted by 4closureFraud on March 14, 2011 · 24 Comments 

“TBW had caused Colonial Bank and the Federal Home Loan Mortgage Corporation (Freddie Mac) to falsely believe that they each had an undivided ownership interest in thousands of the same loans worth hundreds of millions of dollars.” ~ Got that? Multiple pledged notes in thousands of loans. Trust me, this was not exclusive to just … Read more

Filed under bankruptcy, cdo, cds, Corruption, Fannie Mae, foreclosure, Foreclosure Fraud, Foreclosuregate, freddie mac, MERS, mortgage electronic registration system, Mortgage Fraud, securities fraud

Morgan Stanley’s Unit, Saxon Faces U.S. Inquiry on Military Family Foreclosures

Posted by 4closureFraud on March 14, 2011 · 4 Comments 

U.S. Inquiry on Military Family Foreclosures The Justice Department is investigating allegations that a mortgage subsidiary of Morgan Stanley foreclosed on almost two dozen military families from 2006 to 2008 in violation of a longstanding law aimed at preventing such action. A department spokeswoman confirmed on Friday that the Morgan Stanley unit, Saxon Mortgage Services, … Read more

Filed under bankruptcy, cdo, cds, Corruption, Fannie Mae, foreclosure, Foreclosure Fraud, Foreclosuregate, freddie mac, MERS, mortgage electronic registration system, Mortgage Fraud, securities fraud

Daily Finance | Bank of America Document Leaks Allege Insurance Scams

Posted by 4closureFraud on March 14, 2011 · 13 Comments 

Bank of America Document Leaks Allege Insurance Scams By ABIGAIL FIELD At one minute past midnight on Monday morning, a hacker collective released a set of emails on the website BankofAmericaSuck. While all the allegations in the leaked documents involve Bank of America (BAC) — through a soon to be ex-subsidiary called Balboa Insurance — … Read more

Filed under bankruptcy, cdo, cds, Corruption, Fannie Mae, foreclosure, Foreclosure Fraud, Foreclosuregate, freddie mac, MERS, mortgage electronic registration system, Mortgage Fraud, securities fraud

NY Times | Attorneys General May Be Rushing Proposal for Loan Servicers

Posted by 4closureFraud on March 14, 2011 · 20 Comments 

Attorneys General May Be Rushing Proposal for Loan Servicers A Swift Deal May Not Be a Sound One By GRETCHEN MORGENSON Published: March 12, 2011 ONE crucial reason the nation’s mortgage industry ran itself — and the entire nation — off the rails was its obsession with speed. Mortgages had to be approved chop-chop, loans … Read more

Filed under bankruptcy, cdo, cds, Corruption, Fannie Mae, foreclosure, Foreclosure Fraud, Foreclosuregate, freddie mac, MERS, mortgage electronic registration system, Mortgage Fraud, securities fraud