Welcome to the Vitus Capital Blog!
Notes to myself, possibly of interest to others.
-- Bill Northlich

Friday, May 20, 2011

Ritholtz on Rule of Law, Mortgage Fraud Division.

...note the difference between a high profile CEO perp walk and busting a minor bank criminal. While lots of people are calling for Angelo Mozilo’s head, I believe the more productive path to law enforcement is starting with the known law breakers and proceeding from there.

This is not a glamorous approach to law enforcement, It is a slow laborious grind. As I presented to the National Association of Attorneys General, there are 10 major areas of bank and mortgage fraud:

2. Mortgage Pools (Warranties & Reps)
3. Bad Securitization (Quality)
4. “Misplaced” Mortgage Notes
5. Force-Placed Insurance
6. Illegal “Pyramid” Servicing Fees
7. Document Fraud for Sale
8. False Affidavits, Perjury (Robo-Signing)
9. Foreclosure Mills, Process servers exasperate problem
10. Active Servicemen losing homes while on tour of duty
---Barry Ritholtz. Got there. Links, more info

Bill: Ritholtz is an attorney in addition to an investor and blogger. Many good posts on the crisis from a legal perspective. Some good further info at link.

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