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.
FICO would be part of the "and such".Weidner can ask the SEC. Though they'll probably just tell him it's their policy not to comment on on-going...Dear Mr. Lee: I was previously employed by Argent Mortgage for two and a half years and managed, among other areas, the corporation's fraud investigation, borrower complaints and repurchase departments. There are currently over 568 open fraud investigations involving hundreds of brokers and hundreds of millions of dollars in fraudulent loans that are being covered up by top executives in the company. If a broker sustains a certain monthly volume, Argent management looks the other way and, not only does not suspend the bad brokers, but knowingly sells these fraudulent loans on the secondary market to unwitting investors.
I was terminated today and left with just my purse in tow, but I have names of individuals in the company who need to be served with subpoenas to enable them to turn over their spreadsheets and boxes full of documentation and evidence of all the fraud they have found that is being covered up by Argent Mortgage's executive management. The state regulators need to know the truth about the blind eye Argent turns to the fraud perpetrated on innocent consumers by high volume brokers. They also need to be aware that Argent knowingly bundles these fraudulent loans and sells them as mortgage-backed securities on Wall Street, thereby compromising the SEC, as well as our country's economic stability.
At a recent fraud seminar attended by hundreds of mortgage lenders in Washington D.C. a week ago, an attorney who works for Argent's retained law firm, Buchalter Nemer, stood up and told the seminar attendees that the wholesale lenders in the audience had better beware, unless their name is Argent. Argent is safe from investigation because the government got their $325 million settlement from Ameriquest and won't be looking into Argent, per the settlement agreement. I hope this isn't true because Argent Mortgage funded over $50 billion in 2005 and is gearing up to fund well over $80 billion dollars of fraudulent loans in 2007.....or not, investigations.
All those Superbowl Advertising $$ evidently still quietly at work...?"We havn't CHANGEed the mortgage industry; We've REVOLUTIONized it"--Argent Mortgage