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IBM subsidiary scammed nearly $13 million from Fannie Mae – whistleblower

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Paydayloans247 | 09 Aug 2016, 08:15 AM Agree 0
An IBM mortgage servicing subsidiary has been accused of defrauding the government out of millions
  • angie | | 09 Aug 2016, 04:39 PM Agree 0
    Seterus still has my mortgage title in someone elses name, since 2009 to now. I;ve told them about this and i sent them certified letters/notarized letters, and they still turned a blind eye to fixing the problem. They said as long as the mortgage gets paid, that's all that matters!! BULLCRAP. My whole life has been based around Seterus' error to commit fraud, by preventing me to move into a bigger house to care for my mother with cancer and my brother with mental illness. I hope this gets fixed asap!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
  • my advice get a good attorney | | 03 Oct 2016, 04:20 AM Agree 0
    I'm a current employee Seterus.they can't even get my pay correct.what makes you think that they're going to get your name on your mortgage advice get a good attorney
  • Allan, Father Veteran, and Struggling Homeowner | | 24 Oct 2016, 03:21 PM Agree 0

    A Band-Aid on a wound that required a tourniquet is not sufficient to fix the evolving and morphing "Housing Crisis" in America. There is no doubt in my mind that as a Nation we have completely undervalued how much intervention is needed to correct the corruption in our Country.

    1) The Housing Crisis is a direct result of greed which was not supervised by Regulators who were totally asleep at the wheel. Who the heck knew what a Credit Default Swap was until we saw "The Big Short", or "2 Big to Fail". The lack of vigilance was due to lack of knowledge.

    a. Banks and Mortgage Officers were qualifying consumers that truly were not able to purchase homes by giving them ARMS that skyrocketed in year 3 or year 5 while prices of homes also skyrocketed at alarming rates inflated home equity.

    b. That gave us all the open-door to take second mortgages, lines of credits, and an refinancing with document verification got the Nation drunk on easy money that no one could pay back. Bet you the consumer confidence index was super high back then.

    c. The everyday consumer's confidence in their jobs came tumbling down when the domino effect of the Housing Market took the Job Market down with it. Naturally, when the ARMS matured, and interest rates took off, who could pay back?

    d. The Banks knew about the potential collapse and they agreed to allow betting on it through Credit Default Swaps

    The Gov gives the Big Banks including the Auto Industry a Bail Out, CEOS still get paid big bonus checks while we are struggling and the American Family left to HAMP, HARP, Foreclosure, an array of save your home scams, parasitical attorney conduct, and the most wonderful of all, the Mortgage Servicing 3rd Party industry explosion.

    Seterus is just one of the formerly "Top Knotch" Mortgage Loan Servicing Firms previously mentioned in the top 5 of Fannie Mae's "STAR" report. How wonderful it is to know that there is more incentive for Mortgage Servicing Agents in forms of "Bonus" payment directly from Fannie Mae when that good old "Struggling Homewoner" happens to not meet the requirements to modify their home mortgage. Lose a paper here, don't post that timely Home Owner payment on time, force insurance, dual track, etc... There are over 140 Seterus employee comments on Glass Door, and endless complaints from consumers to Federal Agencies on the same topic and it takes years to get the ball to begin rolling. This should have been an Office of Inspector General investigation with Criminal Charges.

    How many people have lost their homes to fraudulent forms, misplacement of documents by Banks and Mortgage servicing agents which in actuality Plaintiff Attorneys washed their hands and closed their eyes as the "Poor Struggling Homeowners" begged a Judge to not foreclose. Then we wonder why people flocked to submit last minute bankruptcies in an effort to not land on the curb on the road.
    Meanwhile, where is our Congress on this? Where are our politicians? Where is the honesty in our Government?

    Struggling Home Owners, it is time we stand up and not take this anymore. We don't need one attorney, we need to start a movement that is loud and clear to those people that we elected to be stewards, overseers, of our overall interest to actually do their jobs.

    In my honest opinion, Rep. Honorable Elijah Cummings, Ranking Member of the Committee on Oversight & Government Reform and although he is human, and not infallible has shown the necessary gull to grill the crooks that undermine our everyday confidence in our Government. Heads up: I have no affiliation politically to this committee or the Honorable Representative, I base my recommendation to all who are fed up to reach out to this committee as it is their role to demand answers and ask the tough questions that many of us will never have a chance to due to lack of financial resources and simply due to being emotionally drained and worn out with the corruption implosion that we are facing.

    While we watch the news, I am afraid there is a second "housing bubble" forming by way of the Mortgage Servicing Industry who has only shown reluctance to follow even the latest guidelines and changes to Consumer Protection Laws.
  • Brian | | 27 Oct 2016, 12:51 AM Agree 0
    Lender Services n/k/a Seterus: Stupidest Strategic Move Since AOL-Time Warner Merger

    February 13, 2012Michael Olenick

    IBM is the second most valuable brand in the world, according to Intebrand’s 2011 Ranking of the Top 100 Brands. Not the second most value technology brand, nor the second most valuable American brand .. the second most valuable of any brand, anywhere.

    IBM’s name alone is worth a whopping $69.9 billion dollars. Only Coca-Cola is worth more, and just barely, at $71.9 billion. Microsoft comes in third at $59 billion, Google fourth at $55.3 billion, GE at $42.8 billion .. Apple is a all the way down at eighth, with their iconic apple valued at $33.5 billion.

    IBM’s market cap is $223 billion, so their good name alone accounts for 31% of the company’s value. Let’s think about that: almost one out of every three dollars this 100 year-old tech behemoth is worth comes from their good name, their reputation as the bedrock of technology, integrity, and brilliance.

    When I think of IBM I think of scientists wearing white lab coats toiling away around the world to build HAL, the self aware computer that even entry-level Geeks recognizes as a one-letter decrement of IBM.

    HAL, which IBM is still trying to build, lost his mind, somebody within IBM’s strategic planning group seems to have done the same and decided to ramp up “IBM Lender Services,” a foreclosure fraud-factory.

    Somebody in corporate communications must have recognized that putting almost $70 billion at risk to run a document sewage plant seemed like a bad bet, so in 2011 they changed the name to “Seterus.” I don’t know if Seterus is derived from the Indonesian name “Seteru,” meaning enemy, though if so the point’s well taken: IBM Lender Services/Seterus is the worst enemy to IBM’s good name in the company’s history.

    For the sake of simplicity, and because they deserve to be mocked for this wildly irresponsible move, I’ll continue to use their own original name — the name stamped on countless fraudulent court records — IBM Lender Services.

    It seems like at the end of every bubble there’s an obligatory insane strategic move by a major corporation; moving a business with $107 billion in revenue into fraudulent foreclosure processing is arguably worse than the infamous AOL-Time Warner acquisition. Let’s review that deal. On Jan. 10, 2000 AOL announced it was acquiring Time Warner in a “historic merger.” Time-Warner’s stock was trading at $189.75. Two and a half years later, on Jul. 29, 2002, a share of that same stock was worth $39.90.

    Granted, during the dot-com bust many stocks tumbled off a cliff. Except that Time Warner was not a dot-com; they’re a roll-up from a series of media-company acquisitions going back to 1922. They should have weathered the dot-com bust reasonably well; instead their stock slid 83.7%.

    Similarly, when I tell people that IBM is in the mortgage servicing business, with a special focus on foreclosures and foreclosure document processing, they’re usually dumb-struck. Time Warner wasn’t a dot-com .. except that they were. Similarly, IBM isn’t a sleazy mortgage servicer .. except that, for whatever reason, they decided to become one.

    IBM stock, which I don’t hold any position in, mainly because I’ve been meaning to write about this for a long time, deserves the same fate as Time-Warner.

    If IBM think’s that’s unfair they should think about how people who were evicted from their homes felt when IBM’s fraudulent documents were used to justify the evictions.

    Would those evictions have happened anyway if IBM, and the mortgage servicers who employed them, acted carefully and responsibly? As they say in court “objection .. irrelevant,” because they didn’t; they used every slimy shortcut in the book, and a few others that same book frowns upon.

    Just to be clear, besides (poorly) managing the back-office functions for other banks IBM also buys servicing right and services mortgages; they’ve become what people think of as “the bank,” .. a mortgage lender, or at least the public face of one. They’ve been at this since the mid 2000’s but they’re not slowing down: less than two years ago IBM announced the acquisition of Wilshire Credit Corporation from Bank of America, an acquisition BOA inadvertently swallowed with Merrill Lynch.

    Just as a reminder, “servicers” are who borrowers think of as “the bank,” the entity they engage with. Servicers collect money they send to investors, or prosecute foreclosures on behalf of investors. However, it is uncommon for services to put much, if any, of their own money into a mortgage mortgage.

    I don’t know how government agencies — including court houses and public records repositories — could remain comfortable with the company that produced this mess. Even Fidelity had the common sense to spin-off Lender Processing Services (LPS), even as IBM was apparently doing exactly the opposite.

    In an inquiry by the New Jersey Supreme Court titled “In the Matter of Residential Mortgage Foreclosure Pleadings and Document Irregularities,” Joseph M. Perry, IBM Lender Business Process Services Vice President of default management, defends the company. It’s telling that the first sentence highlights the name change.

    I spent years focused on corporate strategy. I know from personal experience that sometimes corporate strategy sessions, especially when forming new product lines, can run wildly off the rails.

    As a group proceeds through an exercise it’s not uncommon, after days of research, to unveil an entirely illogical or even illegal “great idea.” Every time I’ve seen this happen most participants quickly realize their exercise has taken a wrong turn; sometimes they’re annoyed, usually they laugh, but they never move forward.

    IBM Lender Services is clearly an idea that should have been put to bed when it was born in some boardroom full of bored strategists. Based on IBM’s recent behavior it seems clear they’ve now realized this, but it’s not so clear what they plan to do about it (hint: recognize the loss and shut it down .. quickly).

    IBM Lender Services is like a cancer to an otherwise great company. But cancer’s grow. It’s only a matter of time until Interbrand and other clients react to the reputational damage this tiny group has done, and the damage to brand value alone will more than offset even the wildest upside potential of this deal.
  • Fred R. Schneider | | 30 Dec 2016, 03:14 PM Agree 0
    Great article I just read. I have been fighting nasty old Bank of America for over FIVE (5) years now and they are definitely one of the WORST companies I have ever encountered and I am NOT alone. Fannie Mae was taken over by our very own government back in the year 2008 and operating as GSE). So it appears our very own government is in cahoots with Bank of America, Urban Settlement (the August 15, 2016 10th Circuit Court Ruling in a supposed class action suit against Urban and nasty old B of A for RACKETEERING that is now allowed to proceed, but the attorneys will likely settle out of court like so many have done and sell ALL the property owners short just to get their fees). Many attorneys are suggesting to "opt out" of this class action suit to they don't get screwed and this would apply to me with the FIVE (5) mortgages I supposedly had with Countrywide Home mortgages in the years 2002 to 2009 that were allegedly taken over by nasty old B of A back in 2008- how convenient B of A, GSE, and others working together to screw us Americans and NO ONE went to jail!!!

    None of the people supposedly working for these big entities know what is going on. They are all inept, dysfunctional, and poorly supervised at the least. They all continue to work together to further attempt to defraud property owners with forged, fabricated, phony "robo signed" documents and continue to complete totally wrongful foreclosures with totally crooked lawfirms like they did in Colorado where you can read about the crooked lawfirms that were committing fraud in foreclosures and I am even a victim of same with crooked Janeway Law that got fined $1 million dollars in fraudulent foreclosure practices in late 2014 (read about it on the Internet with Colorado AG John Suthers prevailing against there turkeys!!!

    To read about all this read the National Mortgage Settlement of 2012, the USDOJ nearly $17 Billion dollar settlement with nasty old B of A, the "Morrow Case" in Montana where the Montana Supreme Court and AG filed and ruled against nasty old B of A in that private and confidential settlement, and now the 10th Circuit Court Ruling here in Colorado on Racketeering. I have undisputed, uncontested phony, fabricated, forged, "robo signed" documents and notaries that fully support what Urban did on behalf of nasty old B of A as their supposed attorney in fact over a 3 year period and they totally ignore, intimidate, and try to force me into foreclosure after a totally wrongful foreclosure back in July of this year.

    We the Americans are getting totally scammed by all these people and our own government with CFPB (a complete joke with over 900,000 complaints allegedly against B of A and others) and GSE. USDOJ, OIG and other government agencies- what a total total scam and old Obama is also in on it as the White House never answered a plethora of requests for help and even discontinued one fax line!!! I don't think we will fare much better with the new people, as DT has Bank of America for a major tenant!!! Where are all the honest news reporters, country recorders, title companies, attorneys, and others who should be totally involved in this. They should have bailed out the property owners directly with two stipulations 1) pay off your mortgage and 2) buy a new car- little wonder the US has declined so much and so fast with a crooked government and all its co-conspirators. I say "Sue the Bs and Semper Fi{.
  • Maggie Miller | | 16 Feb 2017, 03:38 PM Agree 0
    I sued them and because of the judge and the attorney in bed together and had the channel two news. They stole our home and are complete retirement and now collecting attorney fees of $120K all because Jason Smith Seterus and Carolyn Patton Fannie Mae lied to save there ass. They got away with fraud, deceit and robbery,. We were forced to sell two homes to pay them and they garnished our bank accounts and my husbands payroll so we are barley able to live. I want the world to know about these people.

    We both have been in and out of the hospital for this and they continue to destroy us. Oh by the way the judge is in Bullhead City AZ and that loser is Judge Charles Gurtler and the attorney is a tramp, slut known as Kim Lepore with Wright Finlay Zak, Fraud all the way.
  • Mr.G | | 17 Feb 2017, 06:39 PM Agree 0
    Dear miss Maggie miller. first its a pleasure to meet you. I carefully read all of your dourt documents ( available via web. ) the real court documents that your referring to and quite frankly I find this all to be hilarious. you got caught lying. it had nothing to do with anyone sleeping with anyone the only mistake si that mr. miller gets screwed ultimately because he slept with you. heres the link of your court appeal documents

    maybe next time you wont lie about having cancer. your sick
  • mr.g | | 17 Feb 2017, 06:49 PM Agree 0
    "Among other
    things, the court noted that Mrs. Miller lied about being hospitalized as a
    result of the foreclosure, knowing the president of Fannie Mae, and
    having terminal cancer."- has to be my favorite thing ever recorded in court.

    your entire case was built off of " he said she said" and you lost big time. and that was justice.

    ¶22 The Millers have not established how any undisclosed
    information would have affected the outcome. It was undisputed that
    Lenders discussed the possibility of a mortgage modification with the Millers in
    the month preceding the trustee’s sale. But the Letters and Mrs. Miller’s
    testimony were the only evidence suggesting Lenders gave any assurance
    a modification was in place. And the trial court determined the letters
    were forgeries and Mrs. Miller’s testimony was incredible. Among other
    things, the court noted that Mrs. Miller lied about being hospitalized as a
    result of the foreclosure, knowing the president of Fannie Mae, and
    having terminal cancer. The court also concluded the Millers’ handwriting
    expert was not credible, whereas the Lenders’ expert offered credible
    testimony and provided “example after example of MARGARET
    MILLER’s handwriting as compared to the ‘signed’ names on the
    [Letters].” Later, in awarding attorneys’ fees to Lenders, the court ruled
    that the Millers prosecuted their claims “without substantial justification”
    and stated that the entirety of their case “was built on a falsehood. That
    falsehood was formulated by one person, that being MARGARET
    MILLER.” We do not reweigh the evidence on appeal, and the credibility
    of witnesses is for the trier of fact to determine, not the appellate court.
    See State v. Gallagher, 169 Ariz. 202, 203 (App. 1991). Moreover, the
    Millers’ suggestion that any undisclosed information
  • | | 21 Jun 2017, 11:42 AM Agree 0
    I'm going through the same thing. Country wide. Then BOA, they stole my home, and I wasn't behind on my payments, it was their mistake, but I can't afford a lawyer to handle it, they all say I have a case, but they want big money up front. Someone please help us
    Sherry Lambert in Lynchburg VA
  • Uknow from the Raliegh/Durham, NC area | | 10 Apr 2018, 03:08 PM Agree 0
    I worked at Seterus for 6 years in the Foreclosure department and I can tell you first hand that they are, scammers, crooks and thieves!
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