WEST CHESTER, PA/WASHINGTON, DC (BBN) – The nightmare for Marian Washington J McQuay and Morris Ricardo McQuay started at just before the height of the subprime mortgage crisis in 2008 when they discovered that someone stole their identities to take a USD 476,000 mortgage on their West Chester, PA home.

[West Chester couple Marian Washington J McQuay and Morris Ricardo McQuay Sr speak to Capitol Intelligence/BBN using CI Glass on their efforts to keep their home from foreclosure by Bank of America controversial Dallas, Texas-based vulture debt group LSF9 Master Participation after being victim of identity fraud by Rhino Settlement Services, Inc of Lancaster, PA on January 29, 2021]

According to Ms. McQuay and court documents, officer (s) of the criminally notorious Lancaster, PA mortgage service Rhino Settlement Settlement Services, Inc somehow managed to copy the details of a modest USD 30,000 ri-fi home improvement to take out a new mortgage on their home in the mainly all white exurb of West Chester, PA.

“I went to PNC to get a refinance to pay for improvements to my home and loan documents were handled by Rhino. Somehow my details were used to take out mortgage for USD 476,000, with me documented as unmarried,” said Ms. McQuay, a business development executive with companies such as Weight Watchers and whose husband works for a nearby tire company.

She is also the daughter of women collegiate sports pioneer, the late  University of Kansas’ women basketball couch and West Chester native,  Marian Elizabeth Washington, was inducted into Women’s Basketball Hall of Fame in 2004.

[Bank of America Chief Executive Officer Brian Moynihan speaks to Capitol Intelligence/BBN using CI Glass on growth on small business lending from President Trump tax bill following interview by Carlyle co-Founder David Rubenstein at the Economic Club of Washington, DC. February 15, 2018]

Ms. McQuay said she went to a lawyer after the “ghost mortgage” came to light and even reported the mortgage fraud to Westtown/East Goshen Police Sgt. Glen Betz who opened a still active investigation into the fraud complaint. Police sources said that the investigation has hit a brick wall with the office of Pennsylvania Attorney General Josh Shapiro and apathy by the FBI Philadelphia field office

Police investigations have so far not been able to find any proof who ultimately received the near half of million dollars in proceeds..

Meanwhile the McQuays “ghost mortgage” found itself transferred from PNC to soon to be bankrupt Washington Mutual to Countrywide Finance of “grifter” Angelo Monzilo.  Countrywide was taken over by Bank of America then CEO Ken Lewis who Congress and by US Treasury Secretary Timothy Geithner forced out and replaced by then BofA general counsel and current chairman and CEO, Brian Moynihan.

An energetic and well-spoken church goer, Ms. McQuay said is continuing her struggle to get the right authorities and political leaders to looking into the case such as her congresswoman, Rep. Chrissy Houlan, Baltimore-based National Association for the Advancement of Colored People (NAACP) CEO Derrick Johnson;  US House Financial Services Committee Chair Maxine Waters; the Consumer Financial Protection Bureau (CFPB) and the Federal Bureau of Investigations (FBI).

“I am contacting these people not just for myself but everyone else who is a victim,” she said.

When the McQuays thought their Kafkaesque nightmare could not get worse when LSF9 Master Participation representing themselves as agents of Bank of America arrives on the scene and demanding to foreclose on the McQuays home.

While representing themselves as Bank of America, LSF9 for all appearances is a vulture fund specializing in taking over non-performing mortgages for cents on the dollar, the majority in low-income areas or owned by minorities such as the McQuays.

LSF9 is apparently owned and operated by the USD 300bn plus Dallas, Texas-based asset management and private equity concern Lone Star Funds founded and managed by Irish tax resident John Patrick Grayken.

Grakyen renounced his US citizenship for tax purposes and is worth an estimated GBP 5.06bn (USD 7bn), according to the rich list of the Sunday Times of London.

Much of Grayken;s fortune and large slice of Lone Star Funds investors are US, European and Canadian based institutional investors of the likes of the Ontario Teachers’ Pension Fund,  California Teachers’ Retirement System (ClSTRS), Chicago Policemen’s Annuity & Benefits Fund.

In fact, European and Canadian institutional investors such as the giant Ontario Teachers Funds have been the worst actors in leading to African-American housing instability by “block busting” tradition neighborhoods with luxury condos for the white affluent in New York City, San Francisco, Washington, DC and Nashville.

Lone Star’s chief public official, Hudson Advisors CEO Nick Beevers and Lone Star spokeswoman Christina Pretto, could not immediately respond after being contacted by Capitol Intelligence questions whether LSF9 is acting on behalf of Bank of America or for Lone Star Funds.

Bank of America CEO Brian Moynihan is currently preparing an official statement, according to written note by Bank of America Assistant Vice President Cynthia Salazar.

In fact, BofA sources said that they do with LSF9 and another BofA executive said the McQuays mortgage fraud story will be personally embarrassing for Mr. Moynihan after he announced setting aside USD 15bn to promote African-American home ownership.

[US House Financial Services Chair Maxine Waters (D-CA) speaks to Capitol Intelligence/BBN and Community Times newspaper using CI Glass after leading a Congressional delegation with Rep. Bill Foster (D-Ill.), Rep. Brad Sherman (D-CA), Cindy Axne (D-IA), Rep. Ayanna Pressley (D-MA) and Rep. Jesus “Chuy” Garcia (D-Ill) at Federal Deposit Insurance Corporation (FDIC) open public meeting on revising the Community Reinvestment Act (CRA) with FDIC Chair Jelena McWilliams, Comptroller of the Currency (OCC) Joseph Otting, FDIC board member Martin J. Gruenberg and Financial Consumer Protection Bureau Director Kathy Kraninger at the FDIC in Washington, DC. December 12, 2019]

The McQuays story can very well trigger a full committee hearing by US House Financial Services Committee Chair Maxine Waters over continued fraud and racial discrimination by large financial services.

Ms. Waters has never hesitated to call up major CEOs like Well Fargo’s John Stumpf or the CEOs of American MEGA banks to testify and defend themselves to the Oversight of her powerful committee.

By PK Semler in West Chester, PA and Washington, DC.  For information please call +1-202-549-3399 or email pks@capitolintelgroup.com

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