>>getting the ratings agencies to play ball
Argent Mortgage falsified thousands of FICO scores on loan applications.
They bought the source code for, and deliberately altered, the Empower LOS (Loan Origination Software) implementation they were using - including the FICO related EMPOWER data-entry screen, on which FICO score is normally Read-only.
So the FICO presented for a loan in a securizited instrument, being evaluated by the ratings agencies, was not necessarily an actual FICO produced by one of the 3 credit-scoring agencies.
FICO was, supposedly, the only valid number on a “Liar Loan” that could be used to predict the credit-worthiness of the lying borrower.
[bullwinkleVoice -ON]
Hey Rocky, watch me pull a FICO score out of my...
[bullwinkleVoice -OFF]
Garbage in, Garbage out - ratings agencies aren’t immune to that that rule.
They bought the source code for, and deliberately altered, the Empower LOS (Loan Origination Software) implementation they were using - including the FICO related EMPOWER data-entry screen, on which FICO score is normally Read-only.
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That’s news to me... HMMMMM.... Up til now it has all been blamed on the originators faking data for income and such as far as I have heard.. Can you please goto http://mattweidnerlaw.com/blog/contact/ and give him your info ,, your info will be greatly appreciated.