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    SERVICERS WHO USED FRAUD DOCUMENTS RANKED FOR SPEED

      

     

    Moody’s bestowed the seal of approval on top fraudsters, I mean  , GMAC, Specialized Loan Servicing “SLS,” and American Home Mortgage Servicing “AHMSI.”  They were given kudos for cash collected relative to losses on delinquent loans, and the servicers who could steal the home the fastest was praised.

     

    Moody’s review of performance from 2010 to February 2012 judged eight servicers – GMAC, American Home Mortgage Servicing, Ocwen, Aurora, Select Portfolio Servicing, Wells Fargo, Chase, and BAC Home Loans Servicing. BAC and Chase ranked near the bottom.

    http://www.dsnews.com/articles/moodys-ranks-subprime-servicers-based-on-cash-flow-2012-04-17

    WHAT DO WE EXPECT FROM MOODYS?

    Moody’s is a double agent pretending to be an authority on the mortgage mess and related fallout.  Why do we even publish anything they say? I’m sure the servicers who are willing to pay for good ratings got a good review.  Now they rate the fraud servicers and decide what credit rating our government deserves.

    An SEC’s report showed Moody’s knew credit ratings were junk, and placed investors at risk, but what the hell, poor performance seems to be the road to riches in our financial sector.

    Fraud to the core is shown in questionably timed stock sales by Moody’s CEO Raymond McDaniel. One trade that sent out shock waves was McDaniel’s sale of 100,000 shares of stock the same day the SEC told Moody’s it was investigating the company. That looked very much like trading on insider information of a highly material nature, since the SEC notice threatened a “cease and desist” that would essentially strip Moody’s of its “badge and gun” as an agency.

    Moody’s can still send a warning shot across the bow of the United States government. It threatened to downgrade the US government’s debt last March if more wasn’t done to reduce the government’s debt.

    Why should anyone care what Moody’s has to say when it has been  proven they rubber stamped AAA securities for a fee. Maybe the government should just pay them for our AAA rating. They are whores that will say anything for a dollar. 

     

     

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