From Nevada Office of Attorney General 2 arrests in mortgage payment scam

OFFICEOF THEATTORNEYGENERAL


Catherine Cortez Masto, Attorney General

555 E. Washington Avenue, Suite 3900

Las Vegas, Nevada 89101

Telephone - (702) 486-3420

Fax - (702) 486-3283

Web - http://ag.state.nv.us

FOR IMMEDIATE RELEASE Edie Cartwright

February 3, 2011 775.684.1189

TWO ARRESTS MADE IN

MORTGAGE PAYMENT THEFT SCAM

Las Vegas, NV – The Nevada Attorney General’s office announced today that Joseph Yorkus (age 49) and James Bartczak (age 48), both of Las Vegas, were arrested today for allegedly operating a scam intended to steal mortgage payments from homeowners.

It is alleged that Yorkus and Bartczak set up “Great Western Business Services” to steal homeowners’ mortgage payments by fraudulently claiming the mortgage holder’s loan servicer had changed. This scam would potentially result in putting the victim homeowners in default with their actual mortgage servicers.

“This type of corporate identity theft is devastating to the homeowner victim and to the true loan servicer, both of whom are harmed by these types of scams,” said Attorney General Catherine Cortez Masto.

The scam involved sending letters to homeowners falsely stating that servicing of the homeowners’ loans had been transferred from Bank of America to Great Western Business Services. The letters instruct homeowners to send their mortgage payments to Great Western Business Services instead of the true servicer, Bank of America.

The alleged scam would result in victims unknowingly missing one or more mortgage payments which could result in a potential notice of default and foreclosure, despite the fact that the homeowner had actually made their payments, albeit to the scammers instead of their true loan servicer.

The case was investigated and is being prosecuted by the Attorney General’s Mortgage Fraud Task Force within the Bureau of Criminal Justice Fraud Division. The charges against the named individuals are merely allegations. The Defendants are presumed innocent until or unless proven otherwise in a court of law.

Anyone who has information regarding this case should contact the Attorney General’s Office at 702.486-3194 in Las Vegas or 775.684-1180 in Carson City.
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Top 12 list of who is getting a free pass from the MSM inspite of their role in housing meltdown.

Top 12 list of who gets free pass from Main Stream Media:

1. Appraisers

2. Home builders

3. Home builder lending divisions

4. Local municipalities that allowed an increasing number of homes per acre in order to generate more and more revenue to spend, rather than have a higher quality of life with less density.

5.  Hank Paulson

6. Nearly all Economists (except a select few) who repeatedly ignore the reality that perfect information and perfect pricing do not exist anywhere other than a class room.   
 
  7.  The Creators of the Credit Default Swap in order to "straddle" the real estate backed securities as you can go long or short with stocks. 

8.  All of Wall Street for taking the one thing that was left where the little guy could participate and make a profit, and exploiting it until the housing market vaporized. 

9.  All of the TBTF banks who have devastated the economy by refusing to rid themselves of their toxic assets for nearly three years. 

10. The federal government for its extremely preferential treatment of the finance industry and complete lack of concern for the middle class America. 
                           a.) And their failure to reduce the length of the recession by reigning in the banks and making them use the TARP funds as a way to unload toxic assets in 2008. 
 
11.  Everyone who thinks we can come close to 5% employment in the country without a strong housing industry.

12.  All the news channels, TV, and print reporters who drank the bank kool aid for 3 years promoting the lie that the housing crisis was contained within sub prime mortgages. 

  ECONned: How Unenlightened Self Interest Undermined Democracy and Corrupted Capitalism

13 Bankers: The Wall Street Takeover and the Next Financial Meltdown (Vintage) 

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Pennsylvania court decision over RMBS fraud

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Federal Home Loan Bank of Pittsburgh Scores Victory in Lawsuit Over Fraudulent Sale of Securities

More information on Sub Prime loans, secruitization, and the housing crisis at SubPrime Shakeout

Quote From SubPrime Shakeout
"In the first substantive decision handed down in any of the five major lawsuits by the Federal Home Loan Banks (FHLB) over RMBS losses, the Hon. Stanton Wettick, Jr. of the Court of Common Pleas of Allegheny County, Pennsylvania dealt a blow to JPMorgan Chase, Countrywide and other securitizers of subprime and Alt-A mortgage loans, while letting the ratings agencies largely off the hook."

Time will tell if the courts will hold the banks accountable.  The country needs to see some penalties levied against those in the mortgage business in order to restore trust in the financial system.  We are seeing continued kid glove treatment of the banks as the current crisis remains an anchor hindering the economic recovery. 

The ratings agencies have gotten  free pass as well as the appraisers and the home builders who had used their own mortgage financing arms to drive prices higher with inaccurate appraisals and by creating scarcity hysteria that was completed fabricated. 
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Jim Cramer and Wachovia Bank

Any day now Cramer will come out and say how badly he missed the call on Wachovia Bank. Oh wait, we are talking about Cramer, so skip that first point. He was trying to pump up WB for some reason for the past few months. I don't know if he was just hoping he could claim a winner because WB had made it to this point and may be able to weather the storm because of it large deposit base but he was destroying capital all the way down. Evidently no one remembered that WB scooped up World Savings a while back along with their bundles of option arm mortgages. The vulture banks in their hubris thought they could snap up these failing companies at fire sale prices and suffer no consequences but even Bank of America is showing signs their anchor is dragging. They swoop in and buy mortgages for pennies on the dollar without ever figuring out their true value and then expect the federal government to take the losses. WB and Bank of America both acquired assets for pennies on the dollar and intended to milk them for all they were worth. They aren't going to lend more in order to get the housing market flowing, but are hoarding cash, looking for a bailout. As for Cramer and his WB pick and pump who knows but he is now telling everyone to exit stage right after driving them off a cliff for the past year. Hubris, narcissism and arrogance at its finest. Cramer seems like a nice guy but he really is a modern day media creation.