Homeowners Against Mortgage Servicing Fraud September 1, 2013 · Martinsburg, WV · Crime Does Pay A touch of historical perspective: For citizens of the territory not familiar with mortgage servicing scofflaws, one of the prominent positions on the Squaliformes Hall of Shame belongs to one Thomas Basmajian, founder/perpetrator and former head of what came to be known as the poster-child for mortgage servicing abuse, Fairbanks Capital (nka Select Portfolio Servicing which was recently acquired by CSFB). The slap on the wrist given Fairbanks included a little zinger for Basmajian, to the tune of $400,000.00. It also barred him from working in the financial services business without the approval of the court. Word was that the big house in swanky Park City was long gone at the time of the settlement. But before you go worrying about the poor Basmajians, consider that according to CA property records, their golf-course residence in ultra-swanky Pebble Beach was purchased just three months before the settlement was announced. And just so youll know, even a little low-end bungalow thereabouts is over $1M. But good old Tom apparently decided to stay in business in Salt Lake City. Word is he is involved in a business he knows a lot about – distressed residential real estate. You know, foreclosed homes. But instead of creating foreclosures, hes working the other end of the schemes and letting the other servicers generate the products, using what they learned from the settlement. Things must be going pretty well. Foreclosure stats are up for SLC. And just consider the $1.3M home in SLC’s also-swanky Cottonwood area he purchased late last year (Bloggers alleged image upload service isnt actually working as advertised, so to see dear ol Toms house youll have to click on the URL below): imgplus.net/pict.php?ad=0&id=2dd1761467 (Aint property records on the Internet fun?) So while tens of thousands of just-plain folks got scammed, even lost their homes or were forced into bankruptcy, good old Tom Basmajian still seems to be doing quite well. Yep. Just think how rough it’s been not having the private jet to get back and forth. The Honorable Judge Roy Bean Posted by Judge Roy Bean at 11:59 AM Newer Post Older Post Home Its worse than you might think The best way to rob a bank is to own one - Bill Black interview pbs.org video with Bill Moyers A must-read on the Fannie/Freddie debacle! The Last Trillion-Dollar Commitment Send in the Clowns Send In The Clowns - watch more funny videos News The Judge Reads Debt Scam Foreclosure Mortgage Modification Foreclosure Consumer Lawsuit Mortgage Fraud Mortgage Servicing Bankruptcy FTC Investigation Payday Loan Securitization IRS Investigation Consumer Alert: Credit card debt settlement scam WKYT Consumer Alert - Business has been booming for debt settlement companies., but theyre not all created equal. You need to be very careful who you choose to help you pay off your debts. Robert Clark is a US Postal Inspector. He says, They were telling ... SkyCity Gains From High Rollers as Gambling Scam Leaves Debt Bloomberg Sky City Entertainment Group Ltd., New Zealands largest casino owner, said that a costly scam by some gamblers from Asia wont deter it from wooing foreign high rollers to its Auckland venue. Earnings from international business at Auckland rose to ... 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