The
following is the word-for-word transcription of an admission I made to the FBI
on or around 6/15/2006 via the site https://tips.fbi.gov/. No one from the FBI ever followed up.
"Please
have a member of Supervising Special Residential Agent, Mr. P. N. staff call
Mr. Gary Geraci regarding the PMC 2006 conference Mr. N. recently attended.
Several
members in attendance should be of particular interests to your continuing
investigation against rising mortgage fraud.
We hope this is why you had an agent at the recent conference.
While
trumpeting the accolades of the newest mortgage industry software: expediting
turn time origination to close, ridding the process of human biases, the
inherent ability to prevent fraud, etc., these very developers and alliance
partners your agent encountered at the conference, have developed a private,
password protected network where they run an operation called a “Collateral
Management System,” or CMS.
Based on
alliance partners’ own admissions, the operation, through its alliance
partnership agreements, should now consist of a controlling market share of the
country’s entire mortgage sector. Go to
your Internet research and follow the company “XXX” and “XXX XXX” to
start. Mr. R’s XXX is the organization
behind the CMS and the new, fast, broadband width “Smart Pipes.” Realize this alliance encompasses not only a
controlling share of the country’s collateral valuation consumers such as the
national lenders, but also a commanding share of the varying service providers
all vying to stay in good grace with such powerful aggregation of “mortgage
service” consumers. These service
providers are professions such as appraisers, inspectors, title companies,
credit agencies, etc.
My own
investigation, focusing solely on the appraisal side of collateral valuation,
is now in proceedings before the Secretary of Treasury, Case NO:
2006-SOX-000091. The Sarbanes-Oxley forum is
appropriate because of the tie-in the appraiser has to the collateral valuation
process for Mortgage Backed Security instruments our country trades
globally. The pleadings presented reveal
substantive evidence laying the framework for an oligopsony like alliance, its
synergies, and its creation of boutique, software applications, particularly in
the area of Loan Origination Systems or LOS applications. The evidence collected, in appearance alone,
circumstantially suggests an illegal avenue for appraiser blacklisting. Furthermore, and most troubling to me, are
appraiser selection capabilities based on irregular, “performance comparison”
reports a loan officer can do in her LOS to isolate and reward top performing
appraisers based on individual dollar contributions to the lender’s overall,
closed loan dollar volumes. These
capabilities are in clear violation of banking laws such as promulgated under
FIRREA. The alliance becomes illegal and
anticompetitive when it leverages such size and weight to design products and
private, password protected communication networks to collectively wrestle away
control of the service provider section charged with the “unbiased” analysis of
collateral quality. The economic harm
against our nation has historically been severe under such “control frauds.”
It is
clever that such alliance would try to keep “its enemy close” in inviting
members of your office and the Comptroller of Currency’s office to such an
event. However, I hope I have piqued
enough interest with my tip and pledge full cooperation should a forthcoming
investigation be warranted."
Respectfully,
Gary
Geraci
Appraiser
and Graduate Engineer
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