A warning to all homeowners. Beware of scammers that are acting as foreclosure and loss mitigation consultants.
TOPEKA, Kan.—An Israeli citizen living in California remains jailed until his federal trial over allegations he ran a foreclosure scam.
Forty-one-year-old Isaac Yass is accused of filing fraudulent bankruptcy petitions in Kansas that were part of a scheme to bilk homeowners facing foreclosure.
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Wow!
That is a pretty scathing article and one that best have the proper documents to back up the allegations it claims. If these are even half true we got a big… no BIG problem on our hands.
I wouldn’t even want to be a fly on the wall for this meeting if it ever takes place…
Posted on March 16th, 2008 at 5:33 pm
Wow is right. This sure sounds like a lot of exposure.
Posted on March 16th, 2008 at 6:30 pm
I guess it wasn’t just wounded… It’s dead!
Posted on March 16th, 2008 at 7:47 pm
Nye Lavalle wrote a much longer piece about his experiences with Bear Stearns and EMC Mortgage Servicing. I don’t recall the title now, something about a Predatory Bear. In any event, it was a great study of how these mortgage companies go about starting the mortgage servicing fraud scam and how they steal homes from people.
Obviously, they also fight back very viciously when ordinary people like their clients point out their fraud. Big banks don’t like being shown for what they are, and can’t risk the publicity, so it’s easier to lie, create false documents, delay, postpone, and attempt to drain the financial resources of the people they are stealing homes from, if they want to keep fighting in court.
It seems more appropriate than ironic that Bear is the first of the large banks to fail as a result of the mortgage market fallout, as its entire mortgage business seems to have been built on a model of stealing homes.
Posted on March 16th, 2008 at 7:48 pm
A company is built by the people that work there. I find it very hard to believe that an entire populas of people were brain washed into a culture of people who worked upon a model of “Stealing” While I agree that Bear Stearns may have done a lot of bad things, it is hardly an across the board condemnation of the company as a whole. A few bad apples can ruin the whole damn bunch (see Enron). I have to think that this was rotting from the top down and that the base employees were just doing their jobs. I don’t know what my company is doing with its money or decisions. Let’s give a pass for now to the employees until we see what breaks. Top management should all be frog marched I would agree from the looks of it so far.
Posted on March 16th, 2008 at 7:59 pm
Don’t let anyone off the hook for anything. Each of us must be responsible for actions of integrity. I suppose, if we follow your logic of “they were just doing their jobs”, then we let all the Germans who tortured and killed the innocent Jewish people off the hook too. They were just doing what the boss told ‘em to do, right? Heil Hitler.
Posted on March 16th, 2008 at 10:56 pm
This is an interesting read, I wish I knew the background behind this.
It’s been an interesting day; I see that the ‘Big Bear’ has been bought for for $2 per share and the the Fed made an emergency rate cut on Sunday.
Weren’t they supposed to meet again on Tuesday?
Posted on March 17th, 2008 at 12:50 am
Bear who….Now you will need to take on JPMorgan Chase. Good luck with that, they are very good at hiding fruad and have some of the best PR contractors in the world.
Posted on March 17th, 2008 at 6:18 am
PLEASE KEEP ALL DOCUMENTS AND IF YOU CAN PUT IN PUBLIC DOMAIN SO OTHERS CAN ADD THEIR KNOWLEDGE TO EXPOSE FRAUD.
Posted on March 17th, 2008 at 7:36 am
Why are we all still in denial that the rapacious profit model we have developed over the last generation is not user friendly.
Not very long ago it was Nortel. Then Enron. The list is almost endless. We keep claiming to be fixing the problem. –WRONG–We are the problem.
When a Barber is in business to make a “profit” and not to keep his customers hair trimmed, we are in deep trouble. Nobody advocates he must lose money and sell his cow so he can cut our hair. We need him and would make sure he can survive and keep cutting our hair.
Most Barbers did not survive the Rapacious cultural shift. They could no longer afford the overheads. They could no longer meet the taxes and mortgages. Wages went off the scale.
The wonderful “Friend” on the corner, where one could relax and talk, is no more. Now he is a Slick-Salon, has shareholders, peddles garbage products, no longer has any service less than a hair transplant and charges much more his/her service is worth.
My wife now cuts my hair and it is free. We are all losers. What a tragedy.
Graham
Posted on March 17th, 2008 at 8:05 am
Graham, that was poetic….. I cut my own hair and my wife just makes sure the hair line in back is straight.;)
Posted on March 17th, 2008 at 9:03 am
Yes, it’s true about the report the gentleman referenced which was prepared from 1995 to 1999 after a review of tens of thousands of documents. It was released in 1999 and can be found at this link… http://www.msfraud.org/Articles/predbear.pdf enjoy the read, since it is ground zero of the scam and I predict all that would happen and has NOW happened. Another report in the same year is located at … http://www.moneyfiles.org/AAMAR.pdf.
Enjoy the read and I appreciate the comments, both good and bad!
Nye Lavalle
Posted on March 17th, 2008 at 12:20 pm
Nick, are you kidding? If someone was handing you a million dollar check every year you would do whatever they wanted. Time for everyone to wake up and realize the people who caused all this mess are multi-millionaires and will not be affected by $4 gasoline and housing price hits of $100k+. This is pennies to them and lifetime of wealth for 99% of the rest of the population.
Posted on March 17th, 2008 at 9:36 pm
At least now the FED can’t pretend that it will go to any means to support the financial markets AT THE EXPENSE OF THE AVERAGE CITIZEN. The FEDS assumption has always been that the average person is an idiot and not worthy of consideration. Well, it (the FED) is hopefully and finally shooting itself in the foot, albeit with buckshot from far away.
Posted on March 17th, 2008 at 11:25 pm
[...] http://loanworkout.org/2008/03/16/bear-stearns-the-mighty-great-bear-who-preyed-upon-helpless-americ... [...]
Posted on March 18th, 2008 at 10:20 am
Nye Lavalle is a quack and a scatterbrain. He feels strongly about the pew case because it is his parents. Oh NO! Lavalle is exposed! Lets get the whole story folks. Here is the fabulous link that proves he should be in a room with padded walls wearing a straight jacket……
http://blog.copywrite.org/2006/10/14/the-bear-stearns-companies-inc-v-lavalle/
EMC is a servicer and a sub-servicer for other banks. This is common practice across the industry and not fraudulent. There are companies that service and companies that manage the assets. The assets are the actual notes and property.
Posted on March 26th, 2008 at 12:00 am
Nye Lavalle is the wrong person to have representing a website that provides an outlet and advice for distressed homeowners. The guy is a weekend warrior with zero knowledge of capital markets. Lavalle\’e2\’80\’99s ignorance shows he couldnt even hold a mop for a janitor at Bear Stearn\’e2\’80\’99s. Here is his supposed proof of the smoking gun\’e2\’80\’a6.http://www.msfraud.org/Articles/predbear.pdf
8000 thousand hours of work and it still reads like it was written by a second grader!! He proudly displays that link in various threads like a modern day sherlock holmes. I would be embarrassed to claim that garbage. It is full of gramitical errors, redundancies,fallacies and is completely incoherent. Can he form one complete thought?? No lawyer would EVER take that document seriously. It is a complete insult to everyone\’e2\’80\’99s intelligence.
He spreads misinformtion to distressed homeowners to exploit their unawareness of this industry. He is the pathetic predator. He named his organization \’e2\’80\’9cpew mortgage institute\’e2\’80\’9d with the intention to cause confusion with the prestigious \’e2\’80\’9cpew research institute\’e2\’80\’9d a think tank in Washington D.C. This link should raise a red flag about lavalle\’e2\’80\’a6..
http://blog.copywrite.org/2006/10/14/the-bear-stearns-companies-inc-v-lavalle/
Nye \’e2\’80\’9cthe con\’e2\’80\’9d Lavalle needs to have some knowledge dropped on him before he spews his fallacies and peddles them as truths. His behavior is reckless and unfair.
Posted on March 26th, 2008 at 1:08 am
Amazing.. I am a EMC mortgage holder for the last 10 years- not by choice but because my mortgage was sold to them by Superior Bank who went under back then. I pay a 12 1/2 % mortgage interest rate and have been since they obtained my loan.I must admit that I have been behind in my payments from time to time.
but it seems to not matter. I When they received this loan the balance was 45,000. Guess what –the balance is 44,000 ten years later. I emailed a group about 5 years ago online and there were many people back then saying this was a predatory loaner. once I became unemployed and was almost 3 months behind and went to an outside agency that helped me save my house. Before they could put the paperwork through for EMC had placed a went into-foreclosure notice on my credit report which is making it hard for me to find a new lender. They wanted me to lose my house and then they made it hard for me to refinance with other companies. I want to see all of these rich demons beat and cheat God into heaven- it will never happen… They rob and steal from the poor while they walk away with 61 millions of hard earned working people. If that isn’t gettin fat off the camels back - I don’t know what is…I hope they crumple to their ankles and crawl like the snakes they all are!! Yes I am a little angry cause I am tired of this nonsense over and over… They walk away with a slap and a fine… What will become of this predatory lender EMC???
Posted on March 28th, 2008 at 10:15 am
This is to the “truth sets you free”
Talk about the pot calling the kettle black. EMC/Bear Stearns is crazy. Do you deny that you have driven people out of their homes with forced placed insurance, burying payments, false documents displayed in courts to the judges you pay off. Tell us all about Jack Wright and his battle with EMC. What about the class action suit pending against you in civil court concerning thousands of homeowners from all over the country that you forced through fraud out of their homes? Tell us all about it. Everyone knows you do not lend money, you get the mortgage after the fact. Then you start the fraud with what as you call it with “scratch and dent loans. It is laughable that a company that participated and made money off of homeowners could benefit from a bailout. Why don’t you take some of the money that you made off of the foreclosures and pay off some of your investors instead of having the Feds bail your sorry behinds out for the colossal mess that you have made. Look up Mortage Servicing fraud and there you are EMC Mortgage Servicing Fraud. All sorts of websites with thousands of people talking about the misfortune of having you for a servicer. Get real, you are not dealing with one man named Nye Lavalle, he is just one of your victims, why vilify him? He is just one of many exposing a crooked, greedy, villanous, vengeful, predatory, devoid of morals, reptilian company such as yourselves for the slime that you are. Sooner or later the Feds, the media and everyone else will stop looking the other way and expose you to the world for slime that you are.
Posted on April 5th, 2008 at 10:29 pm
Promissory Notes who needs them? All you have to do is pretend to hold them and you can collect money from people that don’t owe you a dime by foreclosing a mortgage that secures a debt that runs in favor of another party. This is precisely the problem with so-called MERS mortgages. 50 Million mortgages recorded naming MERS as a mortgagee. Yet MERS hasn’t loaned a dime to anyone. Nor does MERS hold a single promissory note. It just tells Court\’e2\’80\’99s that it lost them. God only knows who actually holds the 50 million promissory notes that were supposed to be secured by all these “MERS Mortgages”. Perhaps Bear Stearns knows where some of these notes are? Only time will tell. Thank you for your vigilance Nye. .
Posted on April 13th, 2008 at 6:07 pm
I am a victim of the “foreclosure scam in California man” The day this man was arrested my house went into foreclosure. I called my lender to get my property back and they said I would have to buy the house back. How was that going to happen if they had sold the property? I am being evicted by the the knew lender. Do I have rights and can I recover my property back? I need help”
Posted on April 29th, 2008 at 11:34 pm
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