http://www.youtube.com/watch?v=olyADGFCPt0

Following the third major “sweep” of the mortgage industry in four years, the U.S. Department of Justice (DOJ) and the Federal Bureau of Investigation (FBI) announced on Thursday that it had arrested over 400 real estate industry players since March, dozens of them over the last two days, for incidences of mortgage fraud that have contributed to the housing crisis.

Announcement of the arrests came at a Thursday afternoon Justice Department press conference conducted by Deputy Attorney General Mark R. Filip and FBI Director Robert Mueller.

Filip said the arrests took place in Chicago, Atlanta, Miami, and suburban Maryland among other locations and those arrested included industry borrowers, loan originators, and real estate agents. 60 people were arrested on Wednesday alone with the round-up continuing.

The sweep, code named Operation Malicious Mortgage, was the third major action that the Department of Justice has headed up since 2004 against mortgage fraud and related crimes. The most recent activity has resulted in 144 mortgage fraud cases in which 406 defendants have been charged since March 1. Cases were brought in every region of the country and in more than 50 judicial districts. The FBI estimates that approximately $1 billion in losses resulted from the mortgage fraud schemes employed in these cases.

In general, mortgage fraud involves three distinct types of fraud; lending fraud, foreclosure rescue scams and mortgage-related bankruptcy schemes. Lending fraud frequently involves multiple loan transactions in which industry professionals construct mortgage transactions based on gross fraudulent misrepresentations about the borrower’s financial status, such as overstating the borrower’s income or ets, using false or fictitious employment records or inflating property values. Foreclosure rescue scams involve criminals who target legitimate homeowners in dire financial circumstances and fraudulently collect fees for foreclosure prevention services or obtain ownership interests in residential properties. Both of these fraudulent mortgage schemes may be furthered by filing bankruptcy petitions that automatically stay foreclosure.

In the case of the recent DOJ action, the most common type of mortgage fraud was misstatement of income or ets, followed by forged documents, inflated appraisals and misrepresentation of a buyer’s intent to occupy a property as a primary residence.

Filip said, “The integrity and credibility of these markets depend upon fair dealing. While the law cannot dictate economic outcomes or protect individuals from bad investment decisions or unlucky greats, it does protect them from fraud.” He said that the investigation and prosecution of these crimes will continue.

In a separate action, an indictment was unsealed in the Eastern District of New York charging two Bear Stearns portfolio managers with conspiracy, securities fraud, wire fraud, and insider trading charges growing out of alleged misrepresentations to two Bear Stearns hedge funds that invested in securities tied to mortgage debt. The indictment alleges that the two marketed the funds as a low risk strategy. By March, 2007 they believed the funds were in grave condition and at risk of collapse but made misrepresentations about the amount of money other investors were withdrawing and about the extent of their personal investment in the funds. This was done, the indictment alleges, to stave off investor withdrawal. The funds did collapse last summer, resulting in losses to investors estimated at $1.4 billion.

Filip and Mueller credited a number of other federal agencies with isting with the investigation including the Internal Revenue Service, U.S. Postal Service, Immigration and Customs Enforcement, the Federal Deposit Insurance Corporation, and the Department of Housing and Urban Development.

The FBI says it has arrested about 300 real estate industry players since March — including dozens over the last two days — in its crackdown on incidents of mortgage fraud that have contributed to the country’s housing crisis. (We ume that the discrepancy in numbers arrested is attributable to police actions taken by other agencies.)

One law enforcement official put the losses to homeowners and other borrowers who were victims in the schemes at over $1 billion.

Over the last several months, the FBI has been investigating an estimated 1,300 mortgage fraud cases — including 19 involving subprime lending practices by U.S. financial institutions

http://www.mortgagenewsdaily.com/6202008_FBI_Mortage_Fraud.asp

-Free…as all things should be…:)

Duration : 0:3:23

Technorati Tags: air, car, compresed, compressed, electric, energy, free, galactic, generator, Hydrogen, magnets, motor, Oxygen, water

Duration : 0:6:22

Technorati Tags: alternative, art, atlanta, car, cars, converter, convertor, Daniel, fuel, institute, Katie, oil, organic, vegan, vegetarian, VW, war

Duration : 0:2:50

Technorati Tags: American, auto, automakers, automotive, car, cristin, Demonstration, Detroit, Division, electric, hybrid, International, john, Large, lindsay, North, PIAXP, PRIZE, Progressive, shore, Show

“What the investigators and Progressive people did was wrong – period,” Renwick, head of the third-largest U.S. auto insurer, said in a statement. “I personally want to apologize to anyone who was affected by this.”

RENWICK IS SORRY BECAUSE HE GOT CAUGHT See His own employee’s comments.

www.ProgressiveClaimsHelp.com

The source for this Video (LIAR LIAR) and Statements presented herein are excerpts from over 950 plus Progressive Employees and Management postings on Jobvent which represent Progressive’s Procedures, Policies, Management Philosophy and Corporate Culture.

More than 950 plus employees at Progressive Insurance have posted comments describing Progressive’s tactics; their negative accumulated satisfaction score of minus 8,540 can’t be a good sign for the firm.

Said negative information directly impacts on Corporate Growth, Profits, Customer Services, Stockholders Value, Market Share and Policyholder Retention.

Entire U.S. 07/26/2007 “Not only does Progressive lie, cheat, and rob their employees. This poor excuse of a company is now lying to their stockholders and the Wall Street Financial Community. Read Below on how they manipulated their earnings”. DOW JONES NEWSWIRES -Nicholas Hatcher; 201-938-5400; AskNewswires@dowjones.com

Austin Texas 08/03/2007 “If Progressive ever had a surprise drug test they would loose about 95% of their staff, but that test would never happen Thank You Peter Lewis”.

Who Cares 07/18/2007 “I thought a company that didn’t drug test was cool four years ago. Now I realize it’s because we wouldn’t have any managers left. The DEA should investigate Progressive. Forget the war on drugs”.

New England 03/15/2007 “There is a cancer at Progressive, a nastiness that is tough to describe, but exists, nonetheless. It’s a culture of running a business by fear and lies; it’s deceitful and dishonest”.

My Cube 05/03/2007 ” The idea of customer retention is doomed to fail. Why? Because you cannot possibly serve your customers professionally, honestly, and promptly, when your employees are quitting faster than you complete file reviews (which is every other day…or at least appears to be). A few more points to ponder… How can I possibly look a customer in the eye, and tell them where to take their car (knowing that the same n.w. shop just did a hatchet job on my own vehicle)…How can I tell an injured party that my offer is fair, when I myself, all of casualty, litigation dept, and our own house counsel know that they will get more with an attorney?…

Norcross, Georgia 03/26/2007: ..” they lie, they make you lie; they make you tell customers and claimants lies. You are constantly having to pray for forgiveness, or maybe slip your client a few words of advise under the table to let them know that their rights are being violated”.

INVOKING PROGRESSIVE COMPLIANT PROCEDURES: “Any such complaint or concern also may be reported anonymously Progressive will not retaliate against any individual by reason of his or her having made such a complaint or reported such a concern in good faith. View the complete procedures at progressive.com/governance”.

Soundtrack: Liar

Duration : 0:0:31

Technorati Tags: car, drugs, Glenn, insurance, Investigates, Lewis, Liar, Losses, Office, Peter, Progressive, Renwick, sex, state, Stockholders

Duration : 0:1:1

Technorati Tags: car, Cheap, insurance

The event is part of Infinity’s Refueling Summer promotional series. Refueling Summer and helping consumers offset the pressures of today’s economy is a natural extension of Infinity’s low cost approach to car insurance.

Duration : 0:2:53

Technorati Tags: car, cost, gas, Infinity, insurance, low, prices, promotion, refueling, summer

Duration : 0:0:34

Technorati Tags: car, Funny, Humor, insurance, laugh, wigger

Duration : 0:1:30

Technorati Tags: accident, attorney, car, head, injury, lawyer, settlement

“What the investigators and Progressive people did was wrong – period,” Renwick, head of the third-largest U.S. auto insurer, said in a statement. “I personally want to apologize to anyone who was affected by this.”

RENWICK IS SORRY BECAUSE HE GOT CAUGHT See His own employee’s comments.

www.ProgressiveClaimsHelp.com

The source for this Video and Statements presented herein are excerpts from over 950 plus Progressive Employees and Management postings on Jobvent which represent Progressive’s Procedures, Policies, Management Philosophy and Corporate Culture.

More than 950 plus employees at Progressive Insurance have posted comments describing Progressive’s tactics; their negative accumulated satisfaction score of minus 8,540 can’t be a good sign for the firm.

Said negative information directly impacts on Corporate Growth, Profits, Customer Services, Stockholders Value, Market Share and Policyholder Retention.

This is an actual account of Progressive Chairman Peter Lewis and CEO and President Glenn Renwick scamming policyholders such as myself who have have been injured in an accident. Peter Lewis and Glenn Renwick build monuments to themselves with buildings yachts and indulge in multi-million dollar artwork while scamming injured policyholders by refusing to honor the terms and conditions of Progressive’s Insurance Policies. I am invoking my freedom of speech rights to present my story as a public service message. Listen to Progressive CEO Glenn Renwick in HIS OWN WORDS brag to stockholders about hugh amounts of EXCESS CAPITAL allegedly gained by scamming injured policyholders. Hear what Progressive Executives have to say about their multi-million dollar art collection while nickel and diming injured policyholders. Information was obtained from public information Progressive has put on the internet for the benefit of their stockholders.

Duration : 0:2:28

Technorati Tags: car, Consumer, Corporate, Excess, Fraud, Greed, insurance, profits, Roadkill

Progressive Corp Chief Executive Glenn Renwick apologized for the use of private detectives, who went undercover to join an Atlanta church group in order to discredit a couple suing the insurer.

“What the investigators and Progressive people did was wrong – period,” Renwick, head of the third-largest U.S. auto insurer, said in a statement. “I personally want to apologize to anyone who was affected by this.”

GLENN IS SORRY BECAUSE HE GOT CAUGHT!
Read what his employees have to say at:

www.ProgressiveClaimsHelp.com

Glenn Renwick CEO, Peter Lewis, Chairman of the Board. The source for this Video – Progressive Insurance Sex Lies and Drugs – and Statements presented herein are excerpts from over 950 plus Progressive Employees and Management postings on Jobvent which represent Progressive’s Procedures, Policies, Management Philosophy and Corporate Culture.

More than 950 plus employees at Progressive Insurance have posted comments describing Progressive’s tactics; their negative accumulated satisfaction score of minus 8,540 can’t be a good sign for the firm.

Said negative information directly impacts on Corporate Growth, Profits, Customer Services, Stockholders Value, Market Share and Policyholder Retention.

Entire U.S. 07/26/2007 “Not only does Progressive lie, cheat, and rob their employees. This poor excuse of a company is now lying to their stockholders and the Wall Street Financial Community. Read Below on how they manipulated their earnings”. DOW JONES NEWSWIRES -Nicholas Hatcher; 201-938-5400; AskNewswires@dowjones.com

Austin Texas 08/03/2007 “If Progressive ever had a surprise drug test they would loose about 95% of their staff, but that test would never happen Thank You Peter Lewis”.

Who Cares 07/18/2007 “I thought a company that didn’t drug test was cool four years ago. Now I realize it’s because we wouldn’t have any managers left. The DEA should investigate Progressive. Forget the war on drugs”.

New England 03/15/2007 “There is a cancer at Progressive, a nastiness that is tough to describe, but exists, nonetheless. It’s a culture of running a business by fear and lies; it’s deceitful and dishonest”.

My Cube 05/03/2007 ” The idea of customer retention is doomed to fail. Why? Because you cannot possibly serve your customers professionally, honestly, and promptly, when your employees are quitting faster than you complete file reviews (which is every other day…or at least appears to be). A few more points to ponder… How can I possibly look a customer in the eye, and tell them where to take their car (knowing that the same n.w. shop just did a hatchet job on my own vehicle)…How can I tell an injured party that my offer is fair, when I myself, all of casualty, litigation dept, and our own house counsel know that they will get more with an attorney?…

Norcross, Georgia 03/26/2007: ..” they lie, they make you lie; they make you tell customers and claimants lies. You are constantly having to pray for forgiveness, or maybe slip your client a few words of advise under the table to let them know that their rights are being violated”.

INVOKING PROGRESSIVE COMPLIANT PROCEDURES: “Any such complaint or concern also may be reported anonymously
Progressive will not retaliate against any individual by reason of his or her having made such a complaint or reported such a concern in good faith. View the complete procedures at progressive.com/governance”.

Duration : 0:0:30

Technorati Tags: car, CEO, Chairman, drugs, insurance, Lewis, lies, Market, profits, Renwick, retention, sex, share, shareholders