Just a few using Standard Banking

[RodISHI]

Someone with a concious in mortgage lending.
Mortgage Fraud Insider Apologizes

Surely not a legit business why would they do that?
Title and Mortgage Company Owner Sentenced


Gee how could it be possible? No one knew????

FBI saw mortgage fraud early
By PAUL SHUKOVSKY
P-I REPORTER
The FBI was aware for years of "pervasive and growing" fraud in the mortgage industry that eventually contributed to America's financial meltdown, but did not take definitive action to stop it.

"It is clear that we had good intelligence on the mortgage-fraud schemes, the corrupt attorneys, the corrupt appraisers, the insider schemes," said a recently retired, high FBI official. Another retired top FBI official confirmed that such intelligence went back to 2002.

The problem, according to the two FBI retirees and several other current and former bureau colleagues, is that the bureau was stretched so thin that no one noticed when those lenders began packaging bad mortgages into bad securities.

"We knew that the mortgage-brokerage industry was corrupt," the first of the retired FBI officials told the Seattle P-I. "Where we would have gotten a sense of what was really going on was the point where the mortgage was sold knowing that it was a piece of dung and it would be turned into a security. But the agents with the expertise had been diverted to counterterrorism."

Anyone know if Excel Funding is related to Excel Energy? (note to self check that one)

Darn if I ain't been asking the same question.

How is it possible?That Flagstar Mortgage didn’t catch Lender Services Direct Inc., and Loomis Wealth Solutions conspire with correspondent lender Excel Funding to steal over $5,000,000 in seller-proceeds that are now missing.
That CITI Mortgage didn’t catch correspondents Mortgage Bank of California and Bondcorp Realty Services over-financing over $30,000,000 in bad mortgages with cash-back purchases for straw buyer groups? How many of these loans are already now owned by our government, tax-payer subsidized, FNMA and Freddie Mac?
That GMAC Mortgage LLC., bought over $3,000,000 in mortgages secured in the Orlando Academy Cay Club aka “The Greens” on appraisals for over $400,000 when there are over 30 active listings under $125,000?
Taylor Bean and Whitaker didn’t catch on that over $5,000,000 in mortgages sold to them were never actually recorded?


The investors, the government, are all trying to tell the general public that they have fixed the problem, and that they have tightened credit guidelines, stepped up fraud prevention. In reality, the only regulation occurring in mortgage securitization today even tough the government now is using tax payers dollars to secure over 95% of mortgages funded through HUD, FNMA, Freddie, Ginnie, VA, is happening through prosecution.

Just a little confessing....in PDF format...."Billions and billions of dollars in losses and....."

Central States Mortgage sues founder, former execs on fraud claims

By Marie Rohde of the Journal Sentinel

Posted: Feb. 4, 2009

Central States Mortgage Co., one of the largest mortgage bankers in Wisconsin, has accused its founder and former chief executive officer along with four other former top employees of racketeering in a lawsuit that also alleges the five conspired to defraud the company of at least $15 million.

Richard Jungen of Milwaukee and the others created Interim Funding, a limited liability corporation. Interim provided bridge loans that were sold to credit unions and CSMC. According to the suit, Jungen and the other defendants did not reveal their involvement with Interim to other officials at CSMC.

"These defendants manipulated the business of CSMC to its detriment, treated CSMC as a personal bank by shifting losses of Interim to CSMC, and improperly caused CSMC to purchase, retain or purchase interests in delinquent mortgage loans, foreclosed mortgage loans or real estate owned properties, all for the benefit of Interim and its members," the lawsuit states.

One little short search for a few of the recent mortgage fraud stories.