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Private Capital Group, LLC / Unfair credit practices, escrow mismanagement, mail fraud by representatives, foreclosure overcharge

1 Two Jericho Turnpike Suite 205Jericho, NY, United States Review updated:

This company bought our 1st mortgage from Greenpoint. At the time we were slightly behind due to a unnecessarily protracted SS Disability claim (~4 yrs). We were not as far behind as we were the previous summer and then allowed to get caught up by Greenpoint. (previous year: ~5 months behind, current year: ~3 months) We received a letter from Greenpoint that our 1st & 2nd mortgages had been sold to different companies.

There was no purchase notification from Private Capital Group, (PCG). Our first communication was foreclosure papers. We didn't even receive a demand letter from PCG. We were able to get caught up 7-8 weeks before the auction and asked for the balance due. After repeated calls and letters, it took an attorney to get the balance. We requested the balance due and an itemized accounting. We received a lump sum balance two days before the auction - enough time to run to bank & Fed Ex cashier's check, but not to challenge the amount. It took further letters from attorney to get a partial itemization. We were charged $1550 for forced placed insurance. The problem was we never lapsed on insurance; in fact, PCG had contacted my insurance agent and pre-paid my monthly account for the rest of the term. (~$225). They KNEW we had insurance, they paid for unnecessarily, then tried to charge us $1500. There were other overcharges & dubious charges, ~$2500 of overcharges.

I began a dialog with them trying to understand what the charges were and get them corrected. After several months of fighting and making our payments, they quit communicating. Several more months went by of them not responding to me or attorney. The auction date was January 29, 2007. It was now August 2007. I quit paying thinking they would contact me.

{Let me insert here that during these nine months, other than the two letters giving me the initial lump sum and the partial itemization, I only received ONE other document from PCG, a photocopy of an invoice to them from a sub-contractor of a sub-contractor for the ~$700 charge for placing the classified ad for the foreclosure auction, (according to local paper where placed it was a $59.95 cost). In the partial itemization letter, PCG told me where to send payments and they would not escrow property taxes as Greenpoint had done. They also asked for directions for escrow funds. At the time I stopped payment, I had received NO other communication or documents from PCG, no statements, no escrow reconciliation, NOTHING. One month, I used the zip code from a PCG letterhead envelope, instead of the original letter, not knowing there were different. It was 5-6 weeks before the payment returned, during that time, there was no communication from PCG. I DO NOT exaggerate when I say I received NOTHING.}

I quit paying in August 07, by December there was no contact from PCG, I got nervous and contacted my attorney. He was going to send a 'angry attorney' letter. He called me back to ask me to call and verify a name or address from PCG. I got an employee on the phone who had 30 years mortgage servicing experience. She started with PCG when they were founded in late 2006-early 2007. They didn't even exist when they bough my mortgage according to this woman!? She then told me they had went bankrupt and closed a few months before. She was there for 90 days to tell people to call a Florida number. She proceeded to answer EVERY question I asked. An example of her forthrightness: "The young bucks around here would brag about how many phone calls &/or letters they HADN'T return that day. They were computing to see who did the least." I received MUCH more damning info as to business practices.

I called Florida and got a woman on a cell, (obviously outside and harried), as she tried to pull up our acct she explained PCG was a new client and they were trying to open an office and hire staff to handle the 'additional volume'. She looked and looked for my file as I also told her my story. Finally she found it. The problem was I now had a mortgage number of 922 instead of the 16 digit alpha numeric from Greenpoint. Three digit mortgage number?! Volume?! She proceeded to tell me they would work it all out with no late fees, etc and make it right by me on the overages. Never heard from her again.

More months go by. It's now June 08. Someone shows up at the door to verify occupancy. Reason letters were being returned and phone calls were not being answered. I had been WAITING for almost a year to hear from my mortgage company! I was given a N Carolina number. I called them and asked about letters and calls. They had the correct address & phone number. Letters had not been sent certified, even after some were returned. They didn't answer about the phone calls.

At first they were belligerent, demanding payment, but never giving me an amount they wanted. After three different phone conversations, I finally got them to understand I had been banking my payments and simply wanted an itemized amount due and an escrow reconciliation so I could begin a discussion with them about a settlement amount. Once they finally understood that, they changed 180 degrees. I became Mr, and they almost purred at me. They promised an escrow reconciliation and an itemized account statement ASAP.

I received an email several days later saying the account info was mailed, give it 10 days. Never showed up. Upon contact, they admitted it wasn't sent certified and then asked, "What was it you wanted about the escrow account?" An annual escrow accounting is federally mandated in the Fair Debt Collection Act and they didn't know what I wanted?!

It is now Nov 2008, I did finally receive an "escrow reconciliation" on July 30 '08. It was a Word doc with three items listed:
9-28-06 Escrow Balance from Previous Servicer ($961.68)
1-29-07 Forced Place Insurance $2575.69
7-02-08 County Taxes $5549.92

The date of the Forced Placed Insurance is the auction date? and should be 09.20.06. Also, it is now ~$2575.69 instead of the already outrageous $1550. What's suspicious about this is I had gotten the amount incorrect in my mind and I had been telling them the overcharge was "about $2500". It looks like they took my amount and added some to make it 'look' right. They had also been hounding us to fill out voluminous credit applications and personal history information - info they should have had?!

The third entry is a property tax payment a few days before they sent the 'accounting'. My taxes were NOT over-due. I knew from my records I had applied the escrow amount to a. property taxes as a partial payment, b. if they wouldn't accept a partial, apply it to a monthly payment. I had deducted the amount from my last payment after not hearing from them. So where was THAT info?!

The final straw hit just before the third call with N Carolina. I received a 30 day demand notice from a California sub-contractor. It was pre-dated 16 days prior to the postmark. Giving me 12 days to satisfy a 30 day demand. (was sent registered) I called the California company and challenged them, after being told they were a legal firm and then they weren't a legal firm, they said couldn't produce the person signing the letter and promised I would have 30 days. The amount they demanded was from Dec 07 to July 08 and was 2x's my normal payment for that period. Two TIMES? Wait, I quit paying in August!

So, there is now a mail fraud charge on top of indicating these people have little or no INFO about my loan. No wonder they can't give me an accounting or balance due.

By today, Nov, 2008, I have learned about RESPA and the Fair Debt Collection Act, and Oregon's mortgage company laws requiring registration with the Commerce Div of Oregon and certain mandatory escrow and mortgage acct mgt practices. I have not made a payment, have not received a demand or amount due, not an invoice, anything. They call and finally after a few days I'll pick it up and tell the collection dept "I'd be happy to pay, what is the amount due?" They tell me they'll have to get back to me. I go nuts and tell them to mail it and not call me until they send it. They quit calling for a few weeks and nothing arrives. Then it starts again.

From what I have learned about the above mentioned RESPA and Credit Act(s), PCG has NOT SATISFIED one law related to the mortgage, collection of or the escrow. Then there's at least two mail fraud charges I'd file against people acting on their behalf given the chance. Again, I'm claiming & can prove Private Capital has violated EVERY STATE and FEDERAL law the pertains to them in RESPA, the FDC Act and Oregon's laws. Multiple counts on some.

I have tracked down the bankruptcy info on the parent company of PCG, Copperfield Investments and it appears a former Bear Stearns hot shot is involved, and some Bahamas money, as well. Copperfield is a huge bankruptcy based on the trustee and attorney's fees; started as a re-org and now is a liquidation. It also seems the Bear Stearns guy was the supervisor of the three Bear Stearns traders in jail for insider-trading. Some simple Google work will tell you the same story I have found.

I have contacted the FBI and US Asst Attorney and while they listened intently, without interruption for about 30 minutes while I told the complete story, they told me they couldn't do anything!?

I desperately would like to be contacted by ANYONE WITH A PRIVATE CAPITAL MORTGAGE. Post here with a complaint and we'll figure out how to connect.

My theory is they bought a group of distressed mortgages for pennies on the dollar, then used them as collateral, (at full value), to buy more securitized loans. Part of the Wall Street meltdown is due to 'kiting' of the securitized mortgages. Buying them and using them as collateral to buy more, on and on, just like con-men will kite checks. Criminality and illegal use of my and other mortgages to obtain value from them is the only thing that explains the laisse faire attitude about payments from me. They've already got their money and don't care. Finding others is the only way this will come to resolution with the criminals in jail.

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  • An
      13th of Nov, 2008
    +1 Votes

    I'm having a difficult time trying to speak with anyone who deals with private capital. I dialed the 516 # listed and when I selelct '0' to speak with an operator, the phone disconnects.

    Has anyone been in touch with PCG?

  • Ge
      6th of Apr, 2009
    +1 Votes

    In Dec.07--Jan.08, I was told by someone at the PCG phone number in NY that PCG had went bankrupt and closed. She told me she had been offered 90 days of extended employment by PCG to answer the phone and direct people to a Florida number. I called that number and the women said she was with Roundpoint Mortgage Management and in the process of looking for office space and employees. She never called me back. In June 08 a Roundpoint Mortgage Management from North Carolina contacted us via a sub-contractor hired to check occupancy of houses.

    Though Roundpoint claimed to represent PCG, there had never been a transfer of services filed stating so. After several weeks of Roundpoint demonstrating they had no real information regarding our loan combined with other suspect behavior, I have concluded the is a good possibility that Roundpoint Mortgage Management are ID thieves or scam artists.

    They have sent all manner of letters and documents trying to get us to fill out personal information forms with SS numbers, etc.. INCLUDING signatures. Why would a mortgage management company that was legitimate and claiming to represent your mortgage company need that?

    We are presently being foreclosed on by Mortgage Electronic Services on behalf of a title company. Nowhere is PCG mentioned. It will all be found out in court as we are suing the hell out of all

    In 07 we started receiving bankruptcy court documents about a Copperfield Investments. turns out they are the parent corp for PCG. They were originally in Ch 11 reorg, but it has shifted to liquidation so the rats can run off with the money and leave the debts behind. Have never received a banko notice directed related to PCG.

  • Ha
      14th of Apr, 2009
    -1 Votes

    please call me i have a pcg mortgage harris 516-991-6819

  • Dr
      5th of Sep, 2009
    +1 Votes

    I too have a huge mess with PCG and Copperfield Investments. I am in foreclosure. My loan is rife with fraud. Would like to be in touch and help fight these people.

  • Sq
      25th of Aug, 2017
    0 Votes

    @dragonfly156 following this as I too have had issues with them

  • Ed
      23rd of Sep, 2009
    0 Votes

    My mortgage was sold by Greenpoint to Copperfield/Private Capital Group. I never received any pmt book, any invoices, nothing but the initial letter from Greenpoint saying to pay regular mortgage pmt to Private Capital.

    I think RoundPoint is on the level, working with them now. Check out their website But all communication from RoundPoint still uses the Private Capital phone numbers, not sure why but perhaps some RoundPoint personnel are at Private Capital to work on these mortgages.

  • Ge
      25th of Sep, 2009
    0 Votes

    An update from the front in the war with Private Capital, et al.

    I discovered recently that PCG was originally being managed by Private Capital Mgt, LLC, (PCM), for a 20% share. It seems in early 2007, the principals in PCM decided they weren't being paid enough, so they interpreted the working agreemtn gave them the authority to increase their 'salaries'.

    In the lawsuit, PCG v PCM, PCG claims they increased their salary by taking ~9 million in mortgage proceeds from PCG and buying additional mortgages, which they then placed in the name of Copperfield Investments. The suit between the players in Private Capital is for Fraud.

    << edgewatermd - this is you if you KNOW Copperfield was involved.

    After getting nowhere with Roundpoint Servicing last year, I filed a qualified written request, (QWR), for production of proof of the total amount due and how they arrived at it. They never responded. About the same time, there was a 2nd foreclosure started. (based on a fraudulent 30 day notice of demand, BTW). When we filed a motion for TRO, (temp restraining order), against them with the intent of legal action for breach of contract, fraud, misappropriation of funds, etc. PCG and RPM puffed up real big, then folded like a cheap suit two days before the first hearing.

    They agreed to negotiate, so we began. In the midst of negotiations, they sent us a counter-proposal and before we received it, they filed a THIRD foreclosure action. So much for negotiation strategy.

    Pre-negotiations and as part of the production process for the court case against them, they finally provided us with some information - I say some because it is not complete, (there's a gap in the payment history of ~20 months they have no explanation for), they did not prove they have the original note, and some of the documents appear to be either produced by un-informed idiots or the documents are forgeries.

    The good news is, I have found a way to fight back. Everyone with a loan can, as well. The process utilizes RESPA, (Real Estate Settlement & Procedures Act), to require a complete audit of your mortgage records from the date of inception to the date you send it. It includes evidentiary demands that involve several other Federal acts that have more teeth than RESPA. Two of them provide for a penalty equal to the amount of the note and damages of 3x, and 5x that amount, respectively.

    The fact that Capital One purchased North Fork Bank, which purchased, (partnered with), Greenpoint Mortgage qualifies our PCG loans under several of these other acts.

    Contact me directly via this site for more info about this process and how to find help with it - I can't do it for you or tell you how, but I can point you in the right direction for finding it and I will be there as moral support, as well.

    If enough of us file RESPA claims against PCG, someone in the FBI or Dept of Justice will pay attention - we might well become part of a growing class action suit being assembled against other mortgage companies.

    The best source of info and community for foreclosure and corrupt mortgage company problems is a blog called LivingLies at

    Keep up the fight, you can prevail.

    Keep in touch,


  • He
      21st of Oct, 2009
    0 Votes

    I'm in the process of pursuing legal action against PCG. They foreclosed on my California home in May 2009 and have since proceeded in securing unlawful detainer actions against me to evict me from my home. I won (without a lawyer) the first unlawful detainer; they have recently (2 days ago) served me with the second unlawful detainer. I'm fighting them again (without a lawyer - as I have no money for a lawyer) on the second unlawful detainer action they served, but I will also be filing my own lawsuit against them (also without a lawyer) for breach of contract, related issues. I have experienced the same problems that everyone has mentioned above. I'm really hoping for, and would greatly appreciate any help that anyone can offer. Please contact me at 831-332-2467, or via posting here.

    I kindly thank everyone who has contributed so far and for any advice that can be extended,


  • Ye
      3rd of Feb, 2010
    0 Votes

    I am most interested in how the lawsuit is going did you win. Banks like these should not be able to get away with this especially if you are current

  • Ma
      22nd of Feb, 2010
    0 Votes

    when i read the comments/complaints i am blown away as it as if they are written by me. i am in the exact same situation. my loan was with greenpoint, they supposedly sold it to copperfield in september 2005, and i've never received any legal documents regarding the sale of my loan. they have attempted foreclosure, and a loan modification. i just received a loan modification today that has nothing to do with our conversations is offering me a change in the original terms of my note ( step plan for interest as opposed to the original ARM), and aboslutely no substantiation for the arrearges and no documentation. i am fearful that copperfield, if they ever did buy my loan sold it to obtain cash. how can i make payments to someone who cannot prove that they own my loan?
    please contact me if anyone has had any success with keeping these wolves at bay... i would be very interested in knowing how i can lodge a formal complaint which would succeed and get to the bottom of who owns my loan and who i should pay.
    please contact me via this site.

  • Ge
      15th of Apr, 2010
    0 Votes

    We are coming down the home stretch on our situation. In early May we will finally have 'our day in court'. We have survived two eviction attempts. The first they only named my wife, and not me, the second we have in a holding pattern until after the case is heard by a Federal judge in May.

    Matthew: You and I need to talk, at length, as the situation involving Copperfield is very involved. The thumbnail sketch goes like this. PCG, Private Capital Group, made a deal with PCM, Private Capital Mgt, to manage PCG's mortgage portfolio in 2004 or 2005. PCM got 20% for the management. In 2005, the people who owned PCM decided the 20% wasn't enough money for what they were doing, so they, (alledgedly), embezzled between $9 & $20 million from PCG and bought mortgages with the money and put them in the name of Copperfield Investments, Inc.

    In the spring of 2006, Jefferson Voss, (owner and money man behind PCG via Ficus Investments), &/or his representatives attempted to confront PCM at the Jericho NY office of PCG, the two principals of PCM ran and took, (alledgedly), bank records, check books and other documents with them. Over the course of the next week, one of the PCM principals surrendered and became a witness for PCG. One of the other principals didn't. He eventually gave up the records, but not before Copperfield Investments filed for bankruptcy in the summer of 2007. Since then the mess has been tied up in bankruptcy and NY state court. PCG chose to file a lawsuit for embezzlement rather than go to authorities. It is easily found, Google on 'Ficus Investments v Private Capital Management' as a start.

    Several Wall Street attorneys who write blogs have written about the case, and one of them who writes about "corporate divorces" lists Ficus v PCM as one THE EXAMPLES of 21st century corporate divorce.

    I have documents, obtained through attorneys, that describe the agreement between PCG and the Copperfield bankruptcy trustee that could be applicable to anyone whose loan was bought with the, (alledgedly), embezzled funds. There are restrictions on what can be done without trustee authorization.

    Also, in NY state court, the judge ordered the 80-some mortgages bought with PCG funds should be "kept in status quo". The judge ordered the mortgages company were to be managed by a company in Pennsylvania known for sub-contracting mortgage servicing and doing court-ordered management. I contacted that company and spoke with the person in charge of the court-ordered management division. He told me they did NOT manage the PCG-PCM-Copperfield mortgages. He emphasized that if the company was engaged in a court-ordered management, HE WOULD KNOW. This is not taking place, as far as I can determine, (our mortgage we recently found out, was NOT one of the PCG-Copperfield mortgages), Roundpoint Mortgage Servicing, (RPM), in North Carolina, is managing the mortgages. If so, this would yet another example of RPM's complete and total disregard for the law.

    I have spoken with an attorney in Minnesota who is representing a couple who were foreclosed and evicted by PCG via RPM. According to the attorney, "the ###" proceeded to place all of the couples possessions outside, in the rain, in spite of state statutes. He is fired up and intends to "beat these ###".

    I recently met an attorney in Portland who has successfully beat PCG & RPM in court. He expected to have great difficulty getting paid for legal fess by the losing parties. He received a check for the complete amount "quicker than I have ever been paid". He would have taken our case pro-bono because PCG and RPM are so egregious in their actions and behavior, but he was "over extended by pro-bono cases" and couldn't.

    On the subject of RPM, something stinks, last summer after we got a TRO to stop the second foreclosure against us, we got them to agree to negotiate with us on the loan. Part of the conditions of the negotiation were that RPM prove they were legitimate representatives of PCG, and that the PCG in North Carolina, (who suspiciously have the same address as RPM), was the same PCG we were originally dealing with in NY. Also, our attorney requested a certified copy of the original note.

    We received a copy of a letter, (a letter we had NEVER received), in late summer 2009, that was dated May 2009, notifying us our loan was being transferred to RPM. Curiously, it said THE LOAN, not the SERVICING of the loan. What's interesting is we were FIRST contacted by RPM in the early summer of 2008, about a YEAR before this letter supposedly notifying us of the transfer to RPM. Oops, only a year LATE! We also received a copy of the note with a stamp that said Certified Copy. The problem is there was no name below the scribbled, and illegible initials attesting to the copy being a certified copy of the original. How can anyone be questioned in court as to the legitimacy of the copy if you can't tell who signed the 'certification'. Their confirmation for North Carolina PCG being the same as NY PCG was just as dubious. To me, the simplest and most logical way would be for someone, say THE OWNER OF PCG, to simply sign a letter saying the were the same and a basic explanation of what happened.

    It wouldn't have taken much to convince us they were legit, if it would have been a current letter with a REAL signature. Instead, they provided photocopies of old agreements purportedly between PCG and RPM. These documents, when combined with the rest of the dubious documents are as likely to have been obtained via a delinquent storage auction as they were obtained by legitimate channels. When challenged, RPM or PCG, (it was through attorneys), agreed to provide 'better' documents. They never did. Also, they continually held the threat of foreclosure within DAYS if we didn't agree to their offers during the entire time we were negotiating. We were waiting for legitimate documents to arrive, and a counter-offer to arrive from them when they foreclosed for the THIRD time.

    At about the same time as this was taking place, I discovered the information about the embezzlement lawsuit, details of the Copperfield bankruptcy and I spoke with someone who posted on this site. This led me to being curious as to who these clowns in NC were. I did some basic detective work - I ended up getting emergency contact information for PCG from a property manager at the Jericho address. I called the person in Atlanta. When I told her I was attempting to contact someone, anyone with PCG, and how I had received her phone number, she immediately and emphatically told me 'she was no longer associated with PCG, and hadn't been for some time.' She then told me to contact HER attorney in NY. THAT was the extent of our conversation. Coincidentally, HER attorney is the same high dollar law firm handling the embezzlement case. Hmmm.

    I didn't think too much about it until the phone rang about ten minutes later. It was the President/CEO of RPM wanting to talk to ME. Mind you, I am NOT on the loan. She started confronting me about what I had written on, you guessed it, (For quite some time, if you Googled 'Private Capital Group', this complaint was the number one result.)

    WHen I realized who it was and why she was calling, I said great, I'VE been wanting to talk to you, or ANYONE in authority at RPM. We didn't get very far until she realized just who she was talking to, and then she asked if my wife was here, adding they have been trying to get in touch with her for a long time. My first response was, "It wasn't too difficult, was it, you just dialed our number, didn't you?" (I was also thinking, 'Wait a minute, we are in the middle of negotiating a settlement of the loan with them, what?')

    She then starting saying she couldn't talk to me aobut the loan. From the very beginning of communication with PCG in 2006, I have been the ONLY one PCG or RPM has spoken with one the phone. We have provided no less than four authorizations for me to be the official representative of my wife when it pertains to the loan and communication with PCG or RPM. (Sleaze balls who work in mortgage servicing use this excuse whenever they don't want to talk with you.) I challenged this BS, and told her if they were legitimate, they would HAVE this written authority, already. She refused to speak with me, so I put my wife on the phone to give her verbal permission. She got on the phone with my wife, told her it was urgent she contact them, and then hung up.

    A day or so later, we received an email from our attorney. In it was a message from PCG/RPM, via their attorney, that 'Mr Dennison has contacted a previous associate of PCG to complain about a mortgage, (NO, I DID NOT), and has been writing incorrect and inflammatory things aobut RPM on the Internet. You should control MR Dennison's action or we will bring legal remedies'. (I am paraphrasing, but I do have the email in our records.)

    Our attorney laughed when I asked him about it later, he told the opposing attorney, hey, HE'S not my client, and HOW in the world would I control HIM? Especially considering what YOUR client has done to them, and as far as I know, he's done nothing but tell the truth.

    So, folks, this is the type of people we are all dealing with.

    I am going to try to update my email address on this site, so I can get immediate notices when people post on here - I currently have an old email address on this site I no longer use. I'd forgotten that was the case.

    Keep fighting, these criminals will be taken to task, yet.

  • Dr
      4th of Jun, 2010
    0 Votes

    Is class-action a possibility? We are probably just the tip of the iceberg of these dirty criminal's deeds.

  • P7
      6th of Jun, 2010
    0 Votes

    I smell something very fishy. I am having problem with RPM who recently bought my mortgage from Guaranty bank. In the midst of the transfer of the mortgage, they lost a month of my mortgage payment. Also, they keep claiming that they do not have my insurance paperwork which I sent to them twice already and had confirmed that they received it. Another agent will call me and tell me that they don't have it and that I will be forced to buy theirs. ( I already have insurance!!)
    Recently, I received a letter from Guaranty saying that their client database with all of our private information was lost.
    What more can I do? I already sent the bank statement which shows that the money was paid out to Guranty Bank. Now both Guranty and RPM are after me for the payment.

  • Or
      4th of Jul, 2010
    0 Votes

    I'm having the same problem. My mortgage was with Guaranty Bank and RPM supposedly took it over for the "Government". I sent them a letter request proof of the transfer and they replied and said they do not have the records. Why should we send a company money when they can not prove we owe it to them? This is ridiculous. If anyone else is located in Orlando, Fl please let me know so we can combine funds for an attorney. Thanks.

  • Ge
      14th of Jul, 2010
    0 Votes

    We're still fighting. Our new attorney found a break in the chain of title, but the bankruptcy court judge refused to rule on it and remanded us back to State court. We will be filing to re-open our previous lawsuit that was curiously dismissed without notice, and has problems with the document record, (either our last attorney inadvertently got some papers mixed in with others he filed, or he filed documents that did not get process and entered correctly. Whichever, it is, he's the only one who can help us sort it out, and the reason we fired him was he was near impossible to get in touch with - so that's a problem, too.)

    Be prepared for an influx of fellow victims of PCG to start arriving at Complaint Boards. Our NY attorney has obtained court documents that list ~1600 mortgages held by PCG. We are working with a PR person who has volunteered to help us with a press release about our battle, (acting she demanded we let her help). We plan on sending the press release to all 1600 of the names on the PCG mortgage list. The press release will include a URL and invite to all PCG victims to join us here.

    Now, for the latest in PCG follies. According to court records found by our NY attorney, in the Spring of 2007 when the primary owner of PCG came to NY to confront the CEO Thomas Donovan about millions of dollars missing from PCG's accounts, (Google 'Private Capital Group v. Private Capital Management' or Ficus Investment v Private Capital Management' for the full scoop), it seems that Mrs Donovan, allegedly, instructed underlings to cram mortgage related documents into black plastic garbage bags and throw them out the back window of PCG's Jericho office. Waiting below was a car, ready to wisk away with the docs, allegedly, that is.

    Of course, IF Mrs Donovan did this, she most likely got the idea from her husband, since a bit more detective work has uncovered that one-time PCG CEO Thomas Donovan pled guilty in federal court in 1991 to conspiracy to commit fraud in a scheme involving residential mortgages, and served time in prison. So what does that tell you about a mortgage company that would hired HIM to be their CEO and manage their mortgage portfolio?

    p777 - charging for insurance when you already have it, and have proved it to PCG is just one of their scams. They have been trying to steal money from us that way since 2006. In fact, we received our FIRST piece of mail from Roundpoint Mortgage Servicing, in North Carolina, the company who appears to have some rather incestuous ties to PCG, on the day of the auction of our house. In it they informed us their new office in Ohio would be handling insurance matters for PCG mortgagees, and they should be named as the mortgage company - on the day our house was auctioned, they were threatening us about insurance! We have since received two more letters threatening we would be responsible for their expensive insurance if we didn't show proof of insurance and technically we don't own the damn house anymore!

    I've also found evidence of systematic purchase of 'Wind Storm Insurance' at ~47.00 a month and monthly house inspections at $15.00 each, one month our escrow account was billed for three inspections in ONE DAY! Neither of these are required by our trust deed. On an individual basis, it's nickels and dimes, but multiply it by 1600 mortgagees. Isn't it a wonderful world when businesses are unregulated?

    The judges are waking up, the attorneys are getting it together. We need to file local, state and federal complaints. If anything is sent to you via the mail and is fraudulent, it is mail fraud. Document everything and report it to the US Postmaster - call your local Asst US Atty General and your state Atty General. The only way to stop these people is for MULTIPLE complaints. Send everything registered, make every letter to PCG or their representatives be a RESPA "qualified written request" - if you don't know what it is, ask or look it up. We fight, or we get abused,'s just that simple.

    Get organized personally, and get in touch here with others -- if we make enough noise, we will get legal, financial and law enforcement/government help. None of us our wealthy enough to do it alone. We need to work together.


  • Ms
      23rd of Oct, 2010
    0 Votes

    I agree totally with what is being said. I was with AMS Servicing last June, they failed to report my payments on my account. At the end of the year i received a letter that they couldn't accept payments because a new company was taking over. Out of left field I receive foreclosure paperwork, I try showing my checks but noone will look at them, I try to send payments in Jan. 2010 and it is returned to me with a letter stating they need the full amount from july 09 til present. In march 2010, Roint point took over my loan. I try communicating with them but I have had no sucess. I have been going from research department, to customer service, to four different people handling my account and all of whom i have had to resubmit my canceled checks for my 09 payments. I receive calls about who is my insurance carrier, which is their carrier. I can't get any help on stopping my foreclosure. Now that its in default of 10 payments, the invester wants half of the amount as down payment and the difference to divide up in 24 months and added onto my current house payment, increasing my payment by $277.00 each month for a total of $1200. They know my husband and I are disabled, they are suppose to help with a cheaper payment not increase the amount.

    If nothing is done to stop them my house will be sold on November 10. and their is nothing i can do except watch these [censor] suckers steal my home for pennies on the dollar. The arrogant SOB'S already have my home for sale at $49, 999 on the website yet I am still living in it. Go figure that one! If anyone can help me please contact me at

    thank you, Rebecca

  • Or
      24th of Oct, 2010
    0 Votes

    I listed a comment previously concerning RoundPoint but I haven't followed-up in awhile. RoundPoint responded to my request for proof that they have the mortgage by saying they are only servicing it for the FDIC and have not received any loan documents. Well the question still remains, why am I sending checks to you??? Because you say so? I suggest we all stop making payments and put our monthly payments into escrow until RoundPoint can answer the basic questions of it's customers. What RIGHT do you have to request payments on a loan you can provide no proof that you are responsible for and what RIGHT do you have to file against my credit?

    I have been fortunate enough to be able to rent my property in order to continue to pay the mortgage. The only reason I have held off not paying is because I have had a very good credit rating for the last 10 years and I haven't wanted to damage it to make a point but pride will make you do funny things. Does anyone know how to block a company from being able to fail a claim against your credit when they can not substatiate they have a right to do so?

    George please keep updating everyone on your progress, thank you.

  • Al
      20th of Nov, 2010
    0 Votes

    We are having same kind of problems with copperfield/PCG mortgage fraud. I have property in New York will
    greatly appreciate any help I can get regarding harasment by PCG. we never received any paperwork from Copperfield people only last year we got threatening letters from PCG.They have filed foreclosure action against us
    and now they want to negotiate . Please let me know how to deal with this situation.You can email me at

  • Dl
      28th of Jan, 2011
    0 Votes

    I Agree with everything that has been said about PCG, RPM. They are crooks. PCG took 10, 000 dollars from me .
    I am a victom of these crooks now.It would take me a long time to explain what they did to me. In short my loan went to GreenPoint, then Norfolf, then PCG and finally RPM. Presently I am in foreclosure . I believe everyone should get together and file a class action suit against these criminals.

  • Sk
      18th of Feb, 2011
    0 Votes

    I am in foreclosure. A judgment of foreclosure was dismissed because I was never served. That was nearly a year ago and neither PCG or RPM has refiled. I asked for a copy of the note. They never responded. I am limbo. They call me to discuss my "options" like a short sale or handing over my deed to them (ha). I am interested in a class action.

  • Ge
      18th of Feb, 2011
    0 Votes

    >>> skyofthestars Force them to produce the note, the original, "wet-ink" signature. Also, given the issues with forgery within MERS, look for any docuemtns signed by a MERS representative, they may be invalid due to a forged signature. The most powerful tool we have as mortgagees is the Real Estate Settlement and Procedures Act, (RESPA). Read up on it, and become an expert on it. If you have a legitimate question about your mortgage, an error, an omission, failure by PCG or it's servicers to execute the correct documents in a timely fashion, (this depends on your specific state laws), the a Qualified Written Request, (QWR), stating your name, the loan number, and the issue mailed to PCG, (SEND IT CERTIFIED!), must, by law, be responded to within 20 days. The least they can do is tell you they are investigating and will have the results within 60 days. If they fail to respond, it violates, RESPA. RESPA mandates the lender perform and audit of the loan to verify or refute the claim, at THEIR expense. In our case, PCG, and it's representatives have violated RESPA so many times, the fines would pay the balance of our mortgage. We can't be the only one they have screwed up on. I can't say it enough times, the blog at is the epicenter for fighter the banksters.

    As far as our own fight, PCG, et al's attorney made an absurd legal argument against our lawsuit - they claimed that because we filed suit against them over the second foreclosure, (then withdrew it when they agreed to negotiate), we had no right to sue them over the third foreclosure. It's called res judicata. It's kind of like double jeopardy, except it means you can't sue someone twice over the same thing. Anyway, the claim was absurd. Just because they did the same thing in the third foreclosure as they did in the second foreclosure, why should that bar us from suing them? Anyway, the judge ruled in our favor.

    So now, we are preparing a motion for summary judgment -asking the judge to rule on our case without having a trial. It's a reasonable motion since PCG, et al has never argued the merits of the case, ever. If they start now, it's a bit late in the game. We shall see where it goes from here.

    We have obtained, from court records in the $9 million embezzlement case of Private Capital Group v Private Capital Mgt a list of all the mortgagees who have a mortgage with PCG. Due to financial constraints, we cannot afford to contact all 1600 of the people involved - we contacted the ten in Oregon, and have heard from three of them. All three have had problems. One has already successfully sued PCG, but PCG has foreclosed on her, AGAIN. She has vowed to take them down. She said, 'They made the wrong kind of enemy with me, I have money.' The second person we heard from is fighting foreclosure, and the third was a guy who said our story sounded just like the problems he was having with them, but he, fortunately, re-financed and got away from them quite some time ago.

    Here's a question I have for all of you, and this could potentially help us with our case. In the late summer of 2007, August or September, did your payments to PCG come back to you in the mail? We have heard from two people theirs did. If that is universal, it could possible help us.

    Also, if you have not gone to your local county recorder and obtained copies of the all recorded documents from the time you bought the house, until now, DO SO. Depending on your state laws, these may be the ONLY documents that truly matter. When you get them, look for two things: anything signed by a MERS, (Mortgage Electronic Registry Service) representative and/or an assignment of title from Capital One to PCG. The Cap One assignment will say something like Capital One, National Association, as Successor-by-merger to North Fork Bank, as successor-in-interest to Greenpoint Mortgage Funding, Inc. Assignor to Private Capital Group, LLC, Assignee. 'Assignment of Deed of Trust'

    If you have such a document in your chain of title, get it to an attorney and get a legal opinion on it as it relates to your state's laws. In Oregon, it appears this is not a valid document since state law says EACH assignment must be recorded. Cap One tried to jump past recording an assignment to them from North Fork. That could be a big mistake - time will tell.

    Good luck to all... keep fighting.

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