Do tell ... Truth is truth. We need not fear it.
Ross created AHMSI as a vehicle to get into the “mortgage servicing” game ... You must understand that the “foreclosure crisis” was really a pre-planned event where the banks converted investor funds into “proprietary trading profits” for themselves as they set up sham organizations to paper over the lack of actual transactions and transfers... and disconnect the investors from the borrowers and make everything “bankruptcy remote” ... The servicers game is to game the borrowers into default and run up enormous fees and charges to reduce the amount owed to the “lender” so that they can absorb the majority of any takings in a foreclosure.
I will use as an example a trust that is a great example... “Option One Mortgage Loan Trust 2007-FXD2”..
First off it is a common law trust that exists only on SEC docs but was never actually formed or funded..
As it was never funded it never bought the notes it “holds” ... even if it did ... the notes are void because they fraudulently name “Option One” as the lender and not the REAL LENDER “Bank of America” (see 11 cv 10549 US District Court Central District California Los Angeles)
So .. the “trust” does not own anything and is in violation of it’s own rules (the PSA).
This “trust” busted 90 days after closing due to fraud underwriting of notes by BofA .. 7% of the borrowers didn’t make payment #1..
BofA collected 100% on the insurance though!! all borrowers debts paid in full!
BofA (pretending to be Option One) , sold the “servicing rights” to the notes to AHMSI on the last day of April 2008 who intended AND DID profit everytime someone sold a house (paid off the note .. AGAIN.. by retaining all of the money) or they foreclosed (remember the notes is paid in full) when they sold the property...
He is collecting money from people who owe NOTHING ... he is foreclosing on people whose notes are paid in full...
ROSS joined the board of OCWEN ,, and gave them the remnants of this and other trusts in return for a $60M+ golden parachute..
He didn’t invent the scam but he piggybacked on it hardcore... His blatant violations of the law that number in the millions of instances in pursuing debt that he has no right to claim (”standing”) was one of the things that eroded the system to the point where the housing bubble scam of 1998-2008 could happen.