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Tuesday, November 29, 2011

Maassive crimes that go unpunished

Rampant fraud among mortgage services continues unabated and unpunished.  Why follow the law when not following the law increases profits with no consequence.

From Naked Capitalism, a blog worth reading if you're interested in the truth about the economy and the causes and results of the meltdown.

And what happens when this kind of fraud goes unprosecuted? It continues, even today. The same banks that ran the corrupt home mortgage securitization chain are now committing rampant fraud in the foreclosure crisis. Here’s New Orleans Bankruptcy Judge Elizabeth Magner discussing problems at Lender Processing Services, the company that handles 80 percent of foreclosures on behalf of large banks (emphasis added):

"In Jones v. Wells Fargo, this Court discovered that a highly automated software package owned by LPS and identified as MSP administered loans for servicers and note holders but was programed to apply payments contrary to the terms of the notes and mortgages."
Read the whole article.  This is just the tip of the iceberg.

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