Bank of America has to Pay 8.5 BILLION Due to their Mortgage FRAUD (MERS) to Investors - LET ALL THE CLASS ACTION LAWSUITS BEGIN AGAINST ALL THE BANKS!

I AM LOVIN IT!!!  TOTALLY!

LET'S HOPE THIS IS THE FIRST OF A MULTITUDE OF SETTLEMENTS AND LETS HOPE CLASS ACTION LAWSUITS BEGIN AGAINST ALL THE WALL STREET FRAUD BANKS REGARDING THE FRAUD MORTGAGES (MERS)!

Bank of America has to pay out 8.5 BILLION to Investors (Pimco, Blackrock, Metlife, N.Y. Fed), which is just the beginning!  This is SO AWESOME!~

This shows the mortgage Fraud is going to hit the banks at the point they started the FRAUD of mortgages by creating MERS!

The investors want their money back, because of the FRAUD and how the banks put one mortgage in multiple bonds, but besides that the mortgages are not enforceable due to the FRAUD of the Wall Street Banks!  Their GREED is coming back to Roost!

LET THE SUITS BEGIN!

Portion From Article:

Bank of America may be about to part with more money than it has earned since 2008 in what will soon be the biggest financial settlement in the industry to date According to the WSJ, the Charlotte, NC-based bank is preparing to pay $8.5 billion to settle mortgage (mis)representation claims (aka the Mortgage putback issue) brought on by such high profile figures as BlackRock, Pimco, MetLife and, of course, the Federal Reserve, previously discussed on Zero Hedge. "A deal would end a nine-month fight with a group of 22 investors that hold more than $56 billion in mortgage-backed securities at the center of the dispute, including giant money manager BlackRock Inc., insurer MetLife Inc. and the Federal Reserve Bank of New York." Keep in mind that this is actually not good news for the bank, contrary to what the company's stock is doing after hours, as this still keeps the company exposed to a multitude of other rep and warranty litigation (which will now be largely underreserved), not to mention fraudclosure issues, which are totally unrelated, and which will plague the bank for years and years. Lastly, BAC is largley underreserved (see below) for a settlement of this size which means its Tier 1 capital ratio will likely be impacted due to a major outflow of cash.

From the WSJ:

The deal could embolden mutual-fund managers, insurance companies and investment partnerships to go after similar settlements with other major U.S. banks, arguing that billions in loans scooped up before the U.S. housing collapse didn't meet sellers' promises or were improperly managed. Most vulnerable would be Wells Fargo & Co and J.P. Morgan Chase & Co., which along with Bank of America collect loan payments on about half of all outstanding U.S. mortgages.

The dispute between Bank of America and the mortgage investors began last fall when they alleged that securities they bought before the financial crisis from Countrywide Financial Corp. were composed of loans that didn't meet sellers' promises about the quality of the borrowers or the collateral.

White House does NOT Back a Halt of Foreclosures - They want the Paper "irregularities unwound" and Foreclosures Continue!

The White House thinks the paperwork of the Foreclosure Fraud will be Worked out and they do NOT want a halt on Foreclosures!

I posted yesterday on how the White House has known there was Mortgage Servicer Fraud but had not done anything!

This is What Axlerod said yesterday:

It is a serious problem," said David Axelrod, who contended that the flawed paperwork is hurting the nation's housing market as well as lending institutions. But he added, "I'm not sure about a national moratorium because there are in fact valid foreclosures that probably should go forward" because their documents are accurate.

Axelrod said the administration is pressing lenders to accelerate their reviews of foreclosures to determine which ones have flawed documentation.

"Our hope is this moves rapidly and that this gets unwound very, very quickly," he said.

So what that is telling me, is after the election is over all those in Government will be saying "let the foreclosures go on", and they are pandering for votes right now, by saying they want a halt to foreclosures.

How is the government going to HELP cover up the fraud of the foreclosures and MERS paperwork in the future?  If they are NOT fully acknowledging that there IS FRAUD in the foreclosures and Servicers CAN NOT FORECLOSE on people and ONLY OWNERS CAN!  That is WHAT the paperwork "irregularities" is about!

PLEASE GET THE MESSAGE OUT TO EVERYONE WITH A MERS MORTGAGE - IT IS FRAUD AND NO ONE WITH A MERS MORTGAGE CAN BE FORECLOSED ON LEGALLY!  WE HAVE TO STAND UP TO WHAT IS LEGAL AND RIGHT - LETS DO IT TOGETHER!

Uproar over Foreclosure Fraud, gets Louder! Congress calls for Federal Investigation - Texas Attorney General Calls for a Freeze of Foreclosures in that State now!

I do have to wonder if lots of this outrage from Congress is due to this being an election year, compared to be the "real deal".  Are those elected officials playing the part of wanting an investigation into MERS foreclosure fraud to pander to the people and it will all change after the election into "jeez we can not do anything about it"?

Right now, I will enjoy the information of all the fraud getting out though.  New York times did this article about the Foreclosure FRAUD and elected officials calling for a freeze in ALL foreclosures.

Portions:

The uproar over bad conduct by mortgage lenders intensified Tuesday, as lawmakers in Washington requested a federal investigation and the attorney general in Texas joined a chorus of state law enforcement figures calling for freezes on all foreclosures.

Representative Nancy Pelosi, the House speaker, and 30 other Democratic representatives from California told the Justice Department, the Federal Reserve and the comptroller of the currency that “it is time that banks are held accountable for their practices.” 

Texas Attorney General Greg Abbott, a Republican, sent letters to 30 lenders demanding they stop foreclosures, evictions and the sale of foreclosed properties until they could provide assurances that they were proceeding legally.

MERS Has Gone RICO and Jim Willie did an Awesome Article about it! THE PEOPLE WILL WIN! WE HAVE TO FIGHT!

I LOVE Jim Willie and what he says, as he ALWAYS Says what it is!  He has done a Big article about MERS today!

MERS has Class actions against it - they are RICO - which is racketeering charges! This is HUGE!

What I do find interesting is no one is mentioned Goldman Sachs as part of it all!  THEY ARE!  They OWN Litton Loan Servicing and they HAVE Foreclosed on people with Fraudulent paperwork also!

GOLDMAN SACHS IS PART OF ALL THE FORECLOSURE FRAUD ALSO!  THAT INFORMATION HAS TO GET OUT!  I KNOW WHAT I AM TALKING ABOUT!  My loan is Goldman Sachs (Litton Loan) - they ARE MERS!

Portions of article linked:

The Racketing Racketeer Influenced & Corrupt Organizations Act of 1970 was designed to fight organized crime. RICO has been invoked in class action lawsuits in at least two states in the past month, each related to mortgage fraud, securities fraud, and illegal property seizures. At the center of the firestorm lie JPMorgan Chase, Bank of America, and GMAC (now called Ally). Little did the USCongress realize that RICO laws might be used to fight profoundly deep criminal fraud on Wall Street. When the criminal activity is tracked with some forensic analysis, the roots are found with REMICs, those perverse financial instruments that functioned as umbilical cords to Fannie Mae in past years, acting like powerful centrifuges. They fed the housing bubble and mortgage finance bubble, each valued over $10 trillion in size. Bear in mind that RICO has been used primarily against mafias and crime organizations dealing with gambling, drugs, and prostitution, where property seizures are routinely carried out. Abuses have been seen in states like Florida, where motorboat owners guilty of owning small bags of marijuana have lost their boats in legal seizure. It seems that selective enforcement is obvious. The target within the crosshairs has moved to Wall Street banks and Fannie Mae under the USGovt protective wing. These are dangerous times.

M.E.R.S. DATABASE -- THE WEAK LINK

The mushroom has a primary point of vulnerability that has received very little attention. The Mortgage Electronic Registration Systems (MERS) was originally an innovative process that simplified the way mortgage ownership and servicing rights were originated, sold, and tracked. MERS is a property title database, intended by Wall Street and Fannie Mae to serve as a repository that kept order when mortgage bonds were traded fast and furious. In recent court cases in at least three states, the MERS database failed to attain legal standing in mortgage foreclosure challenges. The holder of the note (home loan) could not combine with the MERS database (title holder) to win property seizure. The system began to unravel. Now in at least one state, the MERS database is directly cited in a criminal fraud class action lawsuit that invokes the RICO statutes. MERS is the financial system's Achilles Heel. Maybe a big bank like Bank of America might collapse, fall into ruin, and dissolve from proof of racketeering, its assets confiscated by aggrieved parties to fraud. Obviously, Bank of America along with several other big banks have been dead for a long time, since October 2008 in my estimation. If not for the lax and complicit accounting rules by the Financial Accounting Standards Board, which permit banks to declare their own fictitious value for their balance sheet assets, imposed in April 2009, the big banks would undergo liquidation. They cling to control of the USGovt financial purse, its USDollar printing press, its conduits to financial centers, and its extended arm to legal prosecution control. Big bank liquidation is tantamount to liquidation of the entire US financial structure, its power and privilege, in plain words.

Pelosi is now Calling for an INVESTIGATION INTO FORECLOSURE FRAUD by Servicers!!

This is Just in.....

This right here says: SERVICERS CAN NOT FORECLOSE ON PROPERTIES!

Pelosi is now calling for an INVESTIGATION INTO FORECLOSURE FRAUD by the Banks!

Servicers' use of false affidavits to prove they have the right to foreclose recalls the predatory lending and "liar's loans" that fed the housing bubble in the first place.

Story continues below

"It really does show you, though, left to their own devices, [the banks] no sense of community, no sense of what's right for our country," said Pelosi. "Just get something so we can turn it into a financial instrument so we can short it or long it or whatever, and privatize the gain and nationalize the risk, both to the taxpayer, to the homeowner, to the consumer, it's stunning. This is a very big deal."

Good Morning America Segment on Foreclosure Fraud

This is a segment Good Morning America did on the Foreclosure Fraud.

Finding the FRAUD in your Loan Documents! What to Look For!

Besides the basic fact that servicers do NOT have a Right to Foreclose on anyone and MERS is Fraud and the Banks have been using fraudulent paperwork.........

Here is a good article about Looking at your loan documents and What to Look for in them for Fraud!

At 03:35 PM 10/5/2009, Mortgage Audits wrote:
Finding the Fraud in the Loan Documents:
What is now beginning to surface are the losses attributed to the massive amount of fraud that
mortgage originators created and passed on to Freddie Mac with two specific types of origination
fraud know as “Double-Funding”, “Double Selling” or “Double Warehousing” fraud and
Assignment Fraud.
“Double-Funding” involves a mortgage originator sending simultaneous funding requests for the
same loan to two different warehouse lenders. Both warehouse lenders, unaware of each other,
would send funding for the loan to the title companies specified by the mortgage originator. The
mortgage originator then disburses the money from one lender to the borrower, while directing
the title company to wire the money received from the other lender to mortgage originator’s bank
account. The mortgage originators then provide fabricated mortgage documents to the
warehouse lenders that falsely represented that the lender’s funds had, in fact, been used to
finance borrower loans.
Assignment Fraud involves modifications to the original loan where the name of the bank who
actually owns the note is changed on execution of the Loan Modification Agreement. The problem
with these “modifications” (actually new loans with new “lenders”) is that the old loans remain
unaffected. The existing cloud on title to the property, the mortgage deed (or deed of trust), the
note, the obligation, the purported assignments etc. is being compounded by attempts to allow
impostors to foreclose on the mortgage, collect on the note, modify the loan, or approve a short
sale. The time bomb is title where securitized loans were recorded, foreclosed, modified or sold.
The parties (other than the borrower and possibly the Trustee on the Deed of Trust) had actual
knowledge that the “lender” was not the Lender, the terms of the obligation were already changed
at the time of closing, the appraisal was false, the underwriting was negligent or fraudulent, the
Good Faith Estimate was by definition rendered neither in good faith nor even close to an
accurate estimate, and the list goes on and on.
In determining whether a particular loan is part of a “double-funding” or “double-selling” scheme,
examiners and forensic accountants should look for as evidence that a mortgage originator is
engaging in this scheme and participating in a pattern of deception, forgery and fraud. Once
demonstrated, these indicators inevitably point to fraudulent affidavits and assignments of
mortgages filed in the public records.
As you examine your loan documents you should be looking for the following:
1. Loan originators, servicers and their lawyers forge documents with “squiggle marks” that are
not the marks, initials or signatures of the actual officer that is notarized to be the signatory.
2. Signature, initials or “squiggle marks” differ for the same signatory from document to
document.
3. Squiggle marks and full signatures that are diametrically opposed to the known signature of the
signatory.
4. Pre-stamped assignments and notary signatures on assignments, affidavits and proof of
claims.
5. Back-dating of dates on assignments and signatures of officers dating years after either a
company is no longer in business or the officers are no longer with the company.

Examples of this can be seen here:
http://dc131.4shared.com/download/134186016/9761c46f/BadNotary.pdf Notice that the notary
swears under oath that they witnesses the signature on these documents in 2001. However in the
State of Texas, notaries are commissioned for 4-years. The notary stamps on these documents
expires in 2006 making it impossible for this notary to have witnessed anything in 2001. Again,
these are all loans originated by Memorial Park Mortgage, sold to Freddie Mac and then, as
demonstrated here, other banks on forged and fraudulent assignments.
6. The forgery of forbearance agreements and modification agreements.
7. Missing assignments or multiple assignments of the same instrument filed in the public records
are a direct result of multi-pledging and the use of the same collateral, the mortgage loan, to pool
into securities or pledge for other financing and should be viewed as an overt act of fraud when
encountered.
As an example: http://dc131.4shared.com/download/134185974/325196a4/Aug28Admit.pdf
Freddie Mac was finally compelled by a court to admit to purchasing this particular loan even
though no assignment to Freddie Mac was ever filed in the public records.
8. The discovery of pre-dated, backdated and fraudulent assignments of mortgages or
endorsements either completely filled in or left blank to be filled in before or after the fact to
support the future allegations of a foreclosing party. These fraudulent assignments are typically
discovered by examiners in the servicers files or MERS files when MERS acts on the servicers
behalf. These documents are created for the sole purpose of assisting in concealing known
frauds and abuses by originators, prior servicers and are designed specifically to conceal the true
chain of ownership of a borrower’s loan.
Here is an example from a loan from Memorial Park Mortgage of Houston, Texas that was first
sold to Freddie Mac and then to several other banks by the originator.
http://dc148.4shared.com/download/134235430/a8cc4755/BlankAsmt.pdf Notice that the bank to
whom the assignment is made is left blank as are the instrument number and several other
blanks. More importantly, notice that the assignment has already been signed and notarized. This
document was produced in discovery by CitiMortgage even though an assignment to them
already existed in the public records.
9. No escrow instructions or settlement statements should trigger the examiner to immediately
attempt to locate the assignment of the mortgage. Multiple or missing assignments coupled with
an inability to produce escrow and settlement statements demonstrate a deliberate concealment
of the ownership of the borrower’s mortgage debt obligation and the actual lender to whom the
borrower is indebted.
10. Lack of possession of the original note demonstrating the proper chain of title and legal right
to foreclose should be noted as evidence of fraud. Coupled with a missing assignment or multiple
assignments is further evidence of the existence of fraud.
A common practice by some banks party to or victims of this kind of fraud is the fraudulent
concealment from the court and the borrower that the financial institution does not have
possession of the note. Of special note is the use of known false, fraudulent, and forged affidavits
and assignments by those institutions unable to demonstrate their possession of the original note.
The effects and implications are more far reaching than a borrower simply having their debt
extinguished. Debt extinguishment or dismissal of foreclosure actions could be obtained if it can
be shown the entity filing the foreclosure:
1. Does not own the note;
2. Made false representations to the court in pleadings;
3. Did not have the proper authority to foreclose;
4. Does/did not have possession of the note;
5. All indispensable parties (the actual owners) are not before the court or represented in the
pending foreclosure action.
This kind of fraud is not difficult to detect once you know the indicators.

MERS Tried Quiet Title - Didn't Work - WAY FOR ALL TO FIGHT MERS! Debt Still Valid - BUT NOT AGAINST HOME!

MERS tried to Quiet Title. In so doing they paved the way for millions of homeowners to sue MERS to quiet title. 

Here is yet another way to fight MERS - besides the fact the servicers are the ones trying to foreclose, of which they CAN NOT!

9.09.10 NY MERS NO AUTHORIY DISMISSED

MERS tried to Quiet Title. In so doing they paved the way for millions of homeowners to sue MERS to quiet title. The net result is that the encumbrance is invalid. That means the debt, the obligation, MIGHT exist, but it is NOT secured by the home. I’d say I told you so, but that would be immature.

All of that is important but Judge Jeffrey Arlen Spinner went a lot further and made his mark on the issue of bogus affidavits that say nothing but which are used by foreclosure mill attorneys who spout off about what the affidavit says or what it proves. Judge Spinner flatly says the affidavit would be insufficient even if MERS had an interest, which it does not. He clearly states the law which is valid not only in New York, but EVERY state and federal jurisidiction, but which has been ignored by a majority of judges until now:

To establish a claim of lien by a lost mortgage there must be certain evidence (e.s.) demonstrating that the mortgage was properly executed with all the formalities required by law and proof of the contents (e.s.) of such instrument. … Here Burnett’s affidavit simply states that the original mortgage is not in Deutsch Bank’s files, and that he is advised (e.s.) that the title company is out of business. Burnett gives no specifics as to what efforts were made to locate the lost mortgage…. More importantly, there is no affidavit from MLN by an individual with personal knowledge of the facts that the complete file concerning this mortgage was transferred to Deutsch Bank and that the copy of the mortgage submitted to the court is an authentic copy of Torr’s Mortgage.” (e.s.)

EDITOR’S NOTE: The importance of this decision and its citations cannot be over-stated. Now we are getting down to the nub of it. It isn’t enough for the  foreclosure lawyer to make empty allegations contained nowhere in pleadings, affidavit or proof. The foreclosure lawyer is seeking affirmative relief — enforcement of the note and sale of the property. If he can’t plead the case in good faith then he doesn’t belong in court. And if he does plead the case he must prove it within the boundaries of ordinary rules of evidence. A competent witness must exist who is wiling to testify under oath and who actually appears to do so. They musts possess PERSONAL knowledge (not what someone told them) of the facts about which they are going to testify. Business records exceptions are very restrictive as they prevent the other side from cross examining a live witness (a basic constitutional right of due process).

• “Trust me” is not a substitute for real evidence.
  
• If they want to prove the obligation, they need evidence.
  
• If they want to prove a default, they need evidence,
  
• if they want to prove the note is evidence of the obligation, they must prove that assertion with evidence that the note is the whole deal (which is NEVER the case in a securitized loan).
  
• If they want to prove a lost note they need evidence that the note was in existence, when it was in existence, how it came into existence, and what happened to it — not just say we had it, but now we don’t.
  
• And watch out for those “original notes.” Many of them are fabricated using simple software and a color printer. If there are no impressions on the back of the page, even the note they present is probably NOT the original and is probably a fabrication printed off a laser or dot matrix printer. Close examination will show even a novice the truth of this statement.

CALL TO ACTION!!! DO WHAT I DID THIS MORNING - CALL YOUR ATTORNEY GENERALS OFFICE ABOUT INVESTIGATING FORECLOSURE FRAUD - TODAY!

THIS IS A CALL TO ACTION!

I CALLED MY ATTORNEY GENERAL'S OFFICE FOR THE STATE THIS MORNING!

They then referred me to Consumer Affairs, I then left a message for the Director.

I said

"I want to know if the state of Tennessee is looking into the FORECLOSURE FRAUD that is happening?  In that the servicers of mortgages are the ones foreclosing on people, NOT the owners.  Only the owners of mortgages can foreclose and this involves all the banks that are being shown to have committed foreclosure fraud, and they are ALL MERS banks.  Is your office going to investigate the foreclosure fraud happening?  Also even Alan Grayson and Barney Frank this last week said MORTGAGE SERVICERS CAN NOT FORECLOSE ON PEOPLE!"

I left my name and number.

CALL YOU ATTORNEY GENERAL IN YOUR STATE - ASK FOR AN INVESTIGATION INTO MERS FORECLOSURE FRAUD AND TELL THEM "ONLY THE OWNERS CAN FORECLOSE ON PROPERTY - NOT SERVICERS"

MUST WATCH - Secrets of Mortgage Servicers - They WANT To Foreclose. Servicer Whistleblower, got in trouble stopping foreclosure!

MUST WATCH! Whistleblower saying Servicers WANT to Foreclose - that is the way they are making the money!  She got in trouble for stopping a foreclosure, when people paid!





Gretchen Morgenson, Pulitzer Prize winning New York Times writer, about Mortgage Servicer Fraud

Massachusetts Attorney General Calls for a Halt to ALL Foreclosures in the State - Due to Bank Fraud! Wants to Start an Investigation into the Bank FRAUD!

The Massachusetts Attorney General has called for a Halt to Foreclosures in that State now due to All the Bank FRAUD!  It is not one of the states listed as the various banks stopping foreclosures.  But the Attorney General wants them Stopped there!  The Attorney General wants to start an Investigation into the Bank Fraud also!

This is just getting better and better.  Besides the banks stopping the foreclosures in the judicial states, the attorney generals of all the other states will hopefully now call for a Stop of All foreclosures!

Portion:

Massachusetts Attorney General Martha Coakley called on Bank of America and other major creditors to delay all foreclosure proceedings and pledged to begin her own investigation in light of recent revelations that they may not have complied with the law.

Documents Show Citibank and Wells Fargo (MERS cos) Also Commit Paperwork Foreclosure FRAUD! All the MERS Banks are Being OUTTED ! I Bet we will Soon hear them STOPPING Foreclosures Also!

It is just coming out Citibank and Wells Fargo have also Committed Paperwork Foreclosure FRAUD! 

Of course they have - ANY MERS Bank HAS TO COMMIT FRAUD TO FORECLOSE!  Otherwise they could NOT foreclose on any house.  THEY ARE NOT THE OWNERS, ONLY THE SERVICERS!

This is NO surprise, Every single MERS Bank will have to come OUT that they have Committed Paperwork Fraud to Foreclose on a House!

This is just the beginning, since the whole MERS Fraud is now EXPLODING!

Every single MERS Bank will have to STOP Foreclosures.  Right now they are stopping them in Judicial Foreclosure States.  Which is very interesting, considering the various lawyers I had discussed getting a Class action suit with Against MERS last year, were going to do it for the Non-Judicial states, and they were not sure how to handle the Judicial foreclosure states.   Now, the Judicial foreclosure states are the ones at the forefront.

WE NOW, have to STOP the foreclosures of the NON-Judicial States - I am going to start calling Lawyers once more about a Class Action Against MERS in ALL States!

Breaking - Just IN - Connecticut Attorney General STOPS ALL Foreclosures Today! Friday 10/1/10

Connecticut's Attorney General just put a Moratorium on ALL Foreclosures for the next 60 days!

Lets see if other states start following his and Ohio's lead!

It has been a GREAT Week - for the Mortgage Fraud being Exposed!

Portion:

Connecticut Attorney General Richard Blumenthal on Friday ordered a moratorium on all foreclosures by all banks for 60 days–the most radical action taken by a state on issue of document irregularities.

My Youtube Video Update on MERS!! MERS Loans Foreclosure Proof!

My Update Video on MERS Loans being Foreclosure Proof and what has happened this week, regarding MERS.

Senator Franken Now Gets Involved with MERS - Letter to Govt. Officials and Treasury about MERS FRAUD!

WOW - The Hits KEEP COMING!  Al Franken Wrote a Letter to the Treasury Dept and other Government Officials About MERS!  This is AWESOME!  Questions if Foreclosures have been Legal. Click on letter to Read in Full Size!

Even Bullion Bulls Website is Writing about the Mortgage Foreclosure FRAUD! MERS

This is So Fabulous!  More and More has gotten out about MERS and Foreclosure FRAUD!

Even Bullion Bulls Website has an article about it today. 

A U.S. risk-mitigation firm which “does extensive mortgage fraud research” concluded that 70% of U.S. homes currently in foreclosure involve (at least) one act of fraud. Put another way, 70% of the Americans who are losing their homes have been cheated out of them in one way or another. Even the Mafia can’t boast of an “efficiency rating” like that.

All MERS Foreclosures need to be HALTED!  The way it is going and all the information getting out, they just may be at some point!  More and more information is getting out about the FRAUD of MERS!

A Letter From Congress About Foreclosure Fraud and Servicers Foreclosing

Barney Frank, Corrine Brown and Alan Grayson wrote a letter to Fannie Mae's President, regarding their concern about the Foreclosure Mills in Florida and all the Foreclosure Fraud happening. 

They say since Fannie Mae is basically a government entity, they are worried about Fannie Mae's mortgages and if they are correctly being foreclosed on and if everything possible is being done to avoid foreclosures.  They also asked if Fannie Mae is using the Foreclosure mills.  They are very worried about servicers foreclosing on people, when they are not the owners of the mortgage.

I LOVE IT!  In other words - Everything that MERS is - they are now concerned about!  Since mortgage servicers are the ones foreclosing on people, Right there the Congressmen say IT IS FRAUD!  They have said it outright!!