MERS ADMITS LINDA GREEN HAD NO AUTHORITY BUT TRIES TO USE IT ANYWAY

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CHUTZPAH: Look it up if you are not familiar with the term. Here is a document that states on its face that Linda Green had no authority to to sign anything on behalf of MERS. So there goes thousands of documents signed by Linda Green. But wait there’s more!

The mortgage date is January 25, 2007. Shortly thereafter the mortgage originators were closed without assets since they never had any loans receivable anyway — they only served as mortgage brokers who were named as straw-men in the mortgage documents.

Assignment of mortgage by Linda Green was October 13, 2009. “Said assignment was executed by Linda Green, Vice President who at that time did not have signing authority on behalf of MERS.” Did she ever have signing authority. was it ever her signature? Answer: in virtually all cases she neither had the authority nor was it her signature that was affixed on documents.

If it was a substitution of trustee, then everything that followed after that substitution is a nullity. In this case it is a mortgage in Florida so there isn’t any trustee.

Now they are trying to file a “Corrective Assignment of Mortgage” and in a self-serving way, relate it back to the time when the bogus assignment was recorded. No bank would accept such an instrument if they were on the other side of a transaction. They would insist that the title be cleared as of the time of the new assignment, which means that all empowering documents be recorded as exhibits to show that MERS had anything to assign, and that there was authority for MERS to sign.

And now they want us to take our word for it that the documents were delivered electronically to the assignee. Really? what about the original note that needs to be filed with the court to prove the ability of the creditor to submit a credit bid instead of being required to pay cash like everyone else at the foreclosure sale?

Note also that it is signing for American Broker Conduit, which by its very name establishes at least a question as to whether it was ever the lender. ABC was the subsidiary of American Home Mortgage, BOTH of which closed their doors in 2007!!

This document, in my opinion, violates both the Federal reserve and OCC Cease and Desist Orders and requires enforcement action by those agencies. The question is really this” Do we want to save the Banks or save our country? If the Banks win on this, then anyone can take your home or property by making absurd claims and creating fabricated, forged unauthorized documents. doesn’t that bother anyone?

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68 Responses

  1. […] title, rescission, RESPA, securitization, TILA audit, trustee, WEISBAND « MERS ADMITS LINDA GREEN HAD NO AUTHORITY BUT TRIES TO USE IT ANYWAY AZ AG File Amicus Brief […]

  2. Carie- You mentioned the new phrase “mortgage linked securities” in the suit against the 12 and now 17 banks. I thought I was the only one who caught that. The descriptive “mortgage-linked securities” has never before appeared in print, in my lifetime. I read alot, to put it mildly. This is another “weasel word”, as someone here on this site so aptly stated. Just like “surrogate signers” as opposed to “robosigners”, as opposed to ” lying lowlifes who void any and all documents which arise after their signature is attached”.
    So now, in addition to MBS, RMBS, we have MLS, or “mortgage linked securities”.
    Since these subprime “refinancings” were just unsecured illegal reassignment of false collection rights to default debt, does anyone here have a dollar amount which reflects the total charged to borrowers for “origination fees, closing costs,lender’s title insurance, appraisal fees, points,etc.?” Because there were no closings, because there were no loans. Lets guess- 30 million refinances with closing costs of $12,000.00 per closing- that equals $360,000,000,000.00, or three hundred sixty billion dollars for nothing. And this is a conservative guess, as I haven’t a clue as to how many transactions there actually were. Anyone got any info?

  3. cubed2k—no “loan” ever transferred…just “collection rights” to false default debt.

  4. @tnharry.

    well, when we refinanced back in 2007, our loan was funded by sterns lending. W/I one month we got a letter from Sterns saying our loan is now being serviced by Chase LLC, send payments to them. Which we did. Then in 2010 we applied for a home mod. Then Chase sent us a letter saying IBM lender Bus Proc Service (now Seterus) will be servicing the loan. And here we are today. The loan has been recorded under Sterns in the land records back in 2007. Nothing else has been recorded.

    Now, per the FTC website they state this: (ftc dov gov under consumer protestion under mortgage real estate)

    “Transfer of Loan Ownership
    The ownership and servicing rights of your loan may be handled by one company or two. If ownership of your loan is transferred, the new owner must give you a notice that includes:

    the name, address and telephone number of the new owner of the loan
    the date the new owner takes possession of the loan
    the person who is authorized to receive legal notices and can resolve issues about loan payments
    where the transfer of ownership is recorded.
    The new owner must give you this notice within 30 days of taking possession of the loan. It is in addition to any notices you may get about the transfer of the servicing rights for your loan.”
    ————————————————————-

    So, we have never received transfer of ownership notice from Sterns so I guess they still own the loan. But my QWR to Seterus, they responded Fannie Mae owns the loan.

    ————————————-

    Now the mod papers just sent in by Seterus states “Lender”. Seterus never states who the lender is or was anywhere in the loan docs.

  5. IBM & Microsoft’s Integrators need skilled IT professionals.
    Years experience with the AS400 and Microsoft; Projects from design to implementation., for example

    CWDIRECT
    PKMS
    SAP
    ATG
    AS400

    Microsoft’s Open Systems Platform… portals …. CLOUD ….through which a consumer files application for a loan …

    in accordance with FEDERAL RESERVE’s Partner – CHASE, GMAC, Norwest, Wells Fargo, Citigroup, ….c/o powers vested to OCC under US Code, all ‘loan application data’ attached to a RETAIL Mortgage Servicers’ affiliate ‘depositor’.

    Carrie, you need to incorporate ‘transactions’ for what you explain is the point from when the Mortgage paid off. A ‘mortgage backed note’ was purchased. You can’t ignore that you are only disclosing the side of the transactions in which the performing loans began passing cash to depositor c/o REMIC.

  6. OK, TN—HERE YOU GO—

    1) Some people here are partly right about sale of existing “note” —- but, the GSEs could not just sell the Note- on performing loans — this would be securities fraud to the GSE security investors. The Note (and it’s receivable stream) had to be falsely placed in default and charged-off in order to sell the “Note” — but, when this happens the Note no longer exists — thus, all that is sold is collection rights to a once existing note.

    2) Neil and others do not understand that security investors fund the BANK — not the borrowers — there is no direct relationship between security investors and borrowers. If banks are able to sell their income stream, that is an accounting transaction — it is not a “loan” to borrowers. This is why security investors are NEVER NEVER NEVER the CREDITOR.

    3) Collection rights transfers are NOT funded by borrower transactions (ie fabricated refinance). Collection rights are transferred by assignment — not NOTES (which is why NOTES are FAKE). When some people talk about Non-Deposit “trust” non-members — they are referring to derivative transactions — that “SWAP” out collection rights — although the credit enhancers pay cash for collection rights — they use insurance for the purchase of the rights. This is why the subprime was so profitable — the bank debt buyers put up no cash for transaction — but, were then able to profit by the “sale” of the receivable pass-throughs to security investors.. This is also why MBIA (insurance co.) legal action against BOA and others is hugely important.

  7. @carie – I’ve asked you about 6 times now to clearly outline your reasoning for the “false default debt…never real mortgage” line of thinking you keep referencing and you haven’t. could you today?

  8. Oh,wow,tn—you mean “investor/owner F/F” of false default debt…that was never a real mortgage…okay…you go with that…continue living in your fantasy world.

  9. […] MERS ADMITS LINDA GREEN HAD NO AUTHORITY BUT TRIES TO USE IT ANYWAY MOST POPULAR ARTICLES GET COMBO TITLE AND SECURITIZATION ANALYSIS – CLICK HERE SEE Corrective+Assignment[2] CHUTZPAH: Look it up if you are not familiar with the term. Here is a document that states on its face that Linda Green had no authority to to sign anything on behalf of MERS. So there goes thousands of documents […] […]

  10. http://www.huffingtonpost.com/2011/09/01/us-suits-big-banks-mortgages_n_946010.html?icid=maing-grid7%7Cmain5%7Cdl1%7Csec1_lnk3%7C92223

    Good news… Even if doesn’t do a thing for homeowners yet, this is a good beginning…

  11. @cubed – admittedly I haven’t bought into the carie/anon theory, but i’m not seeing the issue in your posting. they identified Seterus as servicer a couple of times and you know from your QWR that Fannie is the investor/owner. what’s the issue? are you hanging on the “debt collector” language in the letter? just because it’s there doesn’t necessarily mean Seterus bought the debt for pennies on the dollar and is now collecting for themselves.

  12. Cub2kb,

    I received a last minute modification offer from loan servicer / debt collector with a hurry up an decide deadline of 30 minutes before foreclosure. I had an Adversary Proceeding pending and they thought they could get me to sign since I had always asked for modification but as told my investor did not allow for it!. I said I will see you in court and take my chances in Adversary proceeding to deal with non-creditor ignoring court order.

    I won and got sanctions.

    They foreclosed but I was lucky enough to be ahead of them with a very good attorney and filed a lawsuit 30 min before the sale(I mean credit bid) it sold for for 50% less than we owed. A friend was at the court house and said it went back to the bank no bidders. So now I live in an REO Property.

    CUB2KB I begged to keep this home and make payments with the original servicer. And now two years later and two new services later they sell it for 50% less! We knew our income loss would be short term it took about 14 months to get the income back. This just makes no sense.

    What ticks me off is this debt collector/pretender lender offered a modification just before the foreclosure sale saying they will cancel the sale if I would drop the Adversary Proceeding Case .. I said NO!

    I will fight wrongful foreclosure and no longer think a modification is possible since I have no idea who would be my creditor. It is such a simple question and no one will give me any info on who that is.

    Keep fighting !!!!

  13. I have an attorney who fights with pure heart and really cares about the homeowner.

  14. @carie, Anonymous, TNHARRY, E TOLLE, IAN, NEIL Garfield:

    how’s this. This is the beginning of the loan mod papers I received on a week ago but the letter is dated August 17, 2001. And I quote and type verbatum.

    “Seterus, Inc is the servicer of the above referenced loan.

    After reviewing your account we have determined that, subject to the terms in this letter, we can offer you a loan modification. therefore we are enclosing two copies of a Loan Modification Agreement and Escrow Agreement, for this purpose.

    This offer is subject to the following conditions:

    1. we will need to receive from you both Agreements, signed on or before Sept 30, 2011. For your convience, we have set up a 24 hour fax line………….

    2. We will need to receive from you a check or money order in the amount of $1869.27 on or before Sept 30. 2011. this amount is reflected in the balance in the Modification Agreement.”

    Upin completion of the above conditions, we will send you a copy of this agreement signed by us. If the above conditions are not met, this offer terminates, the Note and Security Instrument will not be modified, and the owner of your loan will have all the rights and remedies provided under the Note and Security Instrument.

    To accept this offer, please have all borrowers sign both Agreements. Return all executed Agreements. If we do not recieve the Agreements, signed by all borrowers, together with the funds described above, in our office by Sept 30, 2011, we may not accept the agreements and they will be considered null and void. We are not obligated to renew this offer.

    All loan payments should be made payable to Seterus, Inc and your loan number should be written on the payment.

    ————————————

    And on the bottom of this letter is :

    THIS COMMUNICATION IS FROM A DEBT COLLECTOR AS WE SOMETIMES ACT AS A DEBT COLLECTOR.

    ______________________________________

    Here is the loan mod agreement that we are supposed to sign:

    “This loan Modification Agreement (Agreement), made this 17th day of August, 2011, between Cubed2k (Borrower) and Seterus, Inc. (Servicer) Loan Servicer for the Lender, and Mortgage Electronic Registration Systems, Inc. (Mortgagee), amends and supplements (1) the Mortgage, Deed of Trust, or Security Deed ( the “Security Instrument”), and Timely Payments Rider, if any, dated December 4, 2007 and (2) the Note, bearing the same date as, and secured by, the Security Instrument, which covers the real property described in the Security Instrument and defined therein as the :Property”, located at…………….

    _______________________

    THE ABOVE IS TOTAL BS. WE RECEIVED A LETTER FROM SETERUS TELLING US OUR LOAN MOD WAS DENIED JUST 3 WEEKS AGO AND THEN THEY SEND US THIS LOAN MOD A WEEK AGO. WE NEVER SENT THEM A LOAN MOD REQUEST. I HAVE ONLY SENT THEM A QWR AS TO WHO OWNS THE LOAN WHICH THEY RESPONSED FANNIE MAE. AND THAT WAS 1 YEAR AGO THAT I SENT THEM A QWR.

    —————————————–

    So, you don’t think Carie and Anonymous are correct in their statements here.

    You need to think twice.

    ———————–

    Who owns my loan. It ain’t Fannie Mae, it ain’t MERS. It’s some debt collector who bought for peanuts and wants me to sign papers and agreements to re-affirm some debt.

    ——————–

    Welcome to Wall Street……………………….

  15. Sorry for the off-subject post but this had to go somewhere …

    “U.S. Is Set to Sue a Dozen Big Banks Over Mortgages”

    http://www.nytimes.com/2011/09/02/business/us-is-set-to-sue-dozen-big-banks-over-mortgages.html?_r=2

    FRE and FMN suing over loan quality…

  16. http://www.huffingtonpost.com/2011/09/01/robo-signing-practices-1990s_n_945867.html

    “NEW YORK — Counties across the United States are discovering that illegal or questionable mortgage paperwork is far more widespread than thought, tainting the deeds of tens of thousands of homes dating to the late 1990s.

    The suspect documents could create legal trouble for homeowners for years.

    Already, mortgage papers are being invalidated by courts, insurers are hesitant to write policies, and judges are blocking banks from foreclosing on homes. The findings by various county registers of deeds have also hindered a settlement between the 50 state attorneys general who are investigating big banks and other mortgage lenders over controversial mortgage practices…

    “…Among the findings shared with The Associated Press by county officials from several states:

    _ An investigation of mortgage documents in the county that includes Salem, Mass., found that more than 25,000 had suspect signatures. The earliest date to 1998, says John O’Brien, the registrar of deeds there.

    _ In Michigan, the state attorney general has sent criminal subpoenas to three companies that processed mortgage paperwork after 24 local recorders of deeds looked through their files and found rampant robo-signing.

    _ An Illinois county, Kankakee, pulled a sample of 60 documents filed since 2007 to look for suspect signatures. All 60 were “signed” by people who have been identified as robo-signers. At least 12 county officials in Illinois have sent their findings to the state attorney general.

    The results of these reviews are troubling to the registers of deeds in counties across the country. It’s the job of these officials to record documents on property transfers, and they say, they need to be able to trust that notarized paperwork is legitimate.

    “I want papers that come into our office to be clean,” says Lori Gadbois, the recorder of deeds in Kankakee County, whose office handles more than 15,000 mortgage documents in a typical month.”

  17. Agreed E Tolle.

    Just have to keep communicating.

    Well said.

  18. MUST WATCH VIDEO- FORECLOSURE FRAUD FIGHTERS THERESA EDWARDS AND JUNE CLARK DISCUSS FLORIDA AG BONDI FIRINGS!
    August 31st, 2011 | Author: Matthew D. Weidner, Esq.

    http://4closurefraud.org/2011/08/31/must-view-video-floridas-fraudclosure-fighters-edwards-and-clarkson-discuss-firings-from-bondis-office/

  19. http://www.huffingtonpost.com/2011/09/01/hamp-mortgage-modifications_n_945290.html

    BLAH BLAH BLAH—IT’S ALL UNSECURED FALSE DEFAULT DEBT, YOU MORONS!!!

    Tell the TRUTH…

  20. Goldman had recently announced that it was selling Litton Loan Servicing to Ocwen Loan Servicing. Ocwen is an ongoing horror show, a criminal enterprise personified. In 2010, Larry Litton (of Litton Loan Servicing) was appointed to the Federal Reserve Board’s “consumer affairs” board. This was hard to believe at the time. Don’t know if he is still there. Also, regarding Ocwen: Scott Anderson (if he actually exists) is the only person at Ocwen authorized to sign as per their corporate resolution.(Ocwen v. Mers, 2008)

  21. Yes, Thank you Carie, for keeping it simple, smartie.

  22. http://www.huffingtonpost.com/2011/09/01/goldman-sachs-federal-reserve-foreclosure_n_945612.html

    NEW YORK (Lauren Tara LaCapra) – The U.S. Federal Reserve ordered Goldman Sachs Group Inc to hire a consultant to review practices of a former mortgage subsidiary on Thursday and said it plans to assess a monetary penalty for wrongful foreclosures.

    The Fed’s crackdown sent Goldman shares down 3.5 percent on Thursday, even as the bank announced that it had completed the sale of Litton Loan Servicing LP, the mortgage-servicing business at the heart of its foreclosure problems.

  23. Carie- that is a simple, succinct explanation of the inner workings of a trust/spv/depositor relationship. Anybody can understand that. I think that what we need more of here, are short, yet comprehensive explanations of various factors at play. Everyone is too busy chiming in on the disgusting state of affairs which are our banks and government. Granted, this is a travesty, a horror show, but doesn’t really get us anywhere. When the robosigning first came to light in the mainstream press last fall, the banks stated that they were suspending foreclosures in 30? states- that’s because the other 21? states are nonjudicial regarding foreclosures, meaning that they never have to prove anything anyway, so why stop if no one would ever know anyway? Well, nothing was made of that. No one asked, “Gee, why aren’t you suspending foreclosures in these other states?” The average citizen has no idea what is going on, until it affects them.

  24. Great stuff in that article cubed2k, thanks. It’s lonely being the only socialist in the room, but when people stop and realize what this capitalist system has boiled down to, they’re going to realize it’s time to throw out the nasties we’ve ended up with, and time to start all over.

    Here’s a simple example of capitalism as we’ve come to know it today. The factory owner decides he wants more profits, and announces mass layoffs, with the majority of jobs to be sent overseas. Oh, and he pays no personal income tax, makes 350 times what the lowest paid worker in his plant makes, and his corporation offshores all of its wealth, paying a negative tax rate, so, THEY ACTUALLY RECEIVE MONEY FROM THE GOVERNMENT! Our government is not only OK with this, they condone it, probably because corporations are people too.

    So the workers get together and collectively decide (think Verizon) that they can’t live on yet another pay decrease, as each and every one is barely hanging on in these hard times. BTW, the factory owner knows full well that this is the best time to enact austerity measures (business model based on 100% usury and greed), as the workers have no other employment as jobs are nonexistent, there’s no place to live etc.

    The workers strike. The owner hires new folks and starts training them. The workers object and assemble at the entrance. The owner calls the police and they arrest the workers for hanging around the premises bothering the scabs. Here the police are ENFORCING THE RIGHT TO WORK. Alternately, the owner shuts down the plant altogether, but the workers still show up demanding their jobs as per their contract. The police come and arrest the workers for not going home. Here the police are ENFORCING THE RIGHT NOT TO WORK. The capitalists are covered either way.

    Yes this is highly simplified, but it’s this conundrum that’s at the heart of our present system. Wall Street is annihilating Main Street far worse than any terrorist or foreign government ever could. They’re essentially napalming jobs, housing, commerce; we’ll be lucky if we have anything left but smoke and ashes when they’re done with us. And yet THEY ARE BEING PROTECTED BY THE GOVERNMENT! Their right to pillage each and every one of us is being enforced, just as in the example of the workers and the cops above.

    We are being told by our president and others that we will not be able to get through these troubled times until our houses are taken and foreclosed upon, thereby eliminating the glut of homes that are backlogging the system. We are being told that our jobs won’t come back until this happens as well. In the mean time, there’s talk of the possibility of yet another easing program, as those in the financial community need more and more taxpayer monies in order to continue their plunder. Trillions of OUR money from OUR labors have been handed off to them, and our government enforces their right to take it.

    Not until the American people come to the inescapable conclusion that they’ve been had, sold down the river, not just us, but future generations as well, will we be able to right these wrongs. I mean it when I call this war, because there’s never been a greater threat to America as there is right now. If we lose, our grandchildren will work for a pittance. And they’ll be arrested if they disobey. Orwell was so right.

    Karl Marx said, “The oppressed are allowed once every few years to decide which particular representatives of the oppressing class are to represent and repress them.” It’s time to stand up to our representatives and call a halt to the bushwhacking of our country. It’s the patriotic thing to do.

  25. I AM NOT A LAWYER, BUT THIS IS GOOD STUFF:

    “…The Depositor owns the Trust — and while the Trust was performing – the Depositor, on behalf of the Trust would be the party to bring the action. However, these Trusts have now been brought back on parent corp. (to Depositor) balance sheets because the Trusts as “off-balance sheet” SPVs — have been effectively dissolved. The only tranche holders to remnants of the Trusts is the US Government or the Depositor (parent) itself. You should be preparing to demonstrate that the loan was not validly conveyed to any Trust (which they were not). Do this by requesting the Mortgage Schedule which should accompany the Mortgage Loan Purchase Agreement (MLPA) — and the MLPA cannot be an “intent” to sell — it must be validly executed and notarized (we know about those notaries). And, importantly, if MLPA and Mortgage Schedule can be proven, servicer must prove that all default payments have been paid to the trust on borrower’s behalf. If not, loan has been removed from the Trust with collection rights sold/swapped to a Third Party. This is how you may win — they can not prove anything.”

  26. Here you go E.Tolle:

    “Speculation, the inflation of financial bubbles, risk externalization, the extraction of usury, and the use of creative accounting to create money from nothing, unrelated to the creation of anything of real value, serve no valid social purpose. The Wall Street corporations that engage in these activities are not in the business of contributing to the creation of real community wealth. They are in the business of expropriating it, a polite term for theft. They should be regulated or taxed out of existence.”

    http://www.yesmagazine.org/blogs/david-korten/10-common-sense-principles-for-a-new-economy

  27. Big cases today and tomorrow in Maryland and in New Hampshire:

    http://mortgagemovies.blogspot.com/2011/09/kingcast-to-shoot-nationstar-mortgage.html

    THURSDAY, SEPTEMBER 1, 2011

    KingCast to shoot Nationstar Mortgage Attorneys with a Canon, they defied a Court Order to produce original docs yet still foreclosed on Marie Miller.

    A copy of the Court Order to produce originals in at the link. WTF???

    Kelly Ayotte you’re a Senator, why do you allow this sort of thing to happen in your State, Home Girl?, It looks like these guys are ready for the KingCast/Mortgage Movies Canon 60D 1080p treatment on Friday…. I’ll pump them full of digital lead. You remember Marie Miller from one of my first Mortgage Movies relative to the Jeanne Ingress case where Ms. Miller stated at :20 (correctly IMO) “They never should have foreclosed without the wet ink note…. they are committing Fraud against us, Fraud upon the Court and Fraud all around.”

    Also is a link to Anderson v. Burson case in MD Supreme Court today.

  28. GS is going around NY state AG to settle with the state’s financial-services superintendent, Benjamin M. Lawsky

    http://online.wsj.com/article/SB10001424053111904716604576543021468088268.html?mod=googlenews_wsj

  29. …trying to be collected by a debt collector who bought collection rights to the false default debt…threatening foreclosure in direct violation of FDCPA and TILA…

    Crimes against humanity…

  30. You mean delinquent unsecured false default debt, masquerading as a mortgage…

  31. LPS Applied Analytics released their July Mortgage Monitor Report today. From LPS: LPS’ Mortgage Monitor Report Shows Average Loan in Foreclosure Is Delinquent for Record 599 Days; First-Time Foreclosure Starts Near Three-Year Lows

    The July Mortgage Monitor report released by Lender Processing Services, Inc. shows that foreclosure timelines continue their steady upward trend, as a payment has not been made on the average loan in foreclosure in a record 599 days. Of the nearly 1.9 million loans that are 90 or more days delinquent but not yet in foreclosure, 42 percent have not made a payment in more than a year with an average delinquency of 397 days, also a new record. At the same time, first-time foreclosure starts in June were near three-year lows, and first-time delinquencies accounted for only 25 percent of new delinquent inventory.

    As of the end of June, 4.1 million loans were either 90 or more days delinquent or in foreclosure, as delinquencies remain two times and foreclosures eight times pre-crisis levels. Foreclosure sales remain constricted, with foreclosure starts outnumbering sales by a factor of almost three to one.

    According to LPS, 8.34% of mortgages were delinquent in July, up from 8.15% in June, and down from 9.31% in July 2010.

    LPS reports that 4.11% of mortgages were in the foreclosure process, down slightly from 4.12% in June, and up from 3.74% in July 2010. This gives a total of 12.45% delinquent or in foreclosure. It breaks down as:

    • 2.48 million loans less than 90 days delinquent.
    • 1.90 million loans 90+ days delinquent.
    • 2.16 million loans in foreclosure process.

    For a total of 6.54 million loans delinquent or in foreclosure in July.

  32. .
    Neil said: “…then anyone can take your home or property by making absurd claims and creating fabricated, forged unauthorized documents.”

    Neil, didn’t Linda Green sign some documents that you have a right to foreclose on Moynahan’s home? (anyone will do)
    .

  33. Neidermeyer, I couldn’t agree more. Let’s demand that the cabal forcefully swallow the poison pill they’ve created in their globe imploding experiment and come what may, we’ll rebuild on the other side. As far as I can tell, there are only two options, and that’s one of them, and not going to be pretty by any stretch. The second option is detailed here by the brightest guy (how many are there?) in the banking industry, Chris Whalen:

    BAC is a too big to fail zombie created by the Obama Administration and the Fed to protect US financial markets, but is now so vast and unstable that it threatens the global economy. But more corrosive and dangerous than the torrents of red ink inside BAC is the steady erosion of public confidence. Uncertainty is the enemy now, both with respect to BAC and to its large bank peers.
    The only way to end the uncertainty and also accelerate the economic recovery is to put BAC through a restructuring using the powers under the Dodd-Frank legislation. While a restructuring by the FDIC may seem to be a horrible prospect, in fact it offers the first real hope of definiteness in the housing crisis, the multi-trillion dollar millstone around our collective necks. Indeed, the BAC situation illustrates why the Founders of the US embedded bankruptcy in the Constitution, namely the need for finality.

    And while this may be the “safest” route, I can’t see it happening as long as the halls of congress and the rooms of the white house are “occupied” by the very same cartel. It’s coming down to the wire….the banks have destroyed the world’s economies, but the fact that they’re positioned at the top of these same economies won’t allow for the restructuring route, so we have to aid in the destruction of these TBTF institutions.

    The devil is in the details, and if we go the restructuring route….how does one know what exactly caused the distress leading to the failure, when our fearless leaders won’t even admit to the failures rampant in the system as we speak?

    I believe that leads us with one option….light the fuse, run away, and see what’s left after the big bang. We’ll cover over the crater after the explosion. Good luck anonymous.

  34. Carie ,

    If the “ANONYMOUS” that posts here has the Holy Grail as you state he does I’d like to see it public… as would everyone here that’s not a bankster… Wikileaks/Anonymous is planning “occupying” Wall&Broad beginning Sept 17th .. whatever you think of them they do have an unstoppable data distribution network .. The banks have everything on their side but the truth and they know that they’ve pushed this as far as they can realistically go… one big exposure like that and they will crumble and nobody will back them up , the people “plowing the road” for them will barricade the road and start ordering orange jumpsuits.

    I for one would love to see the Fed Reserve cabal implode and although we will go through a painful period America will re-emerge as we were in the past … free

    ANONYMOUS can be todays “Andrew Jackson” and proclaim “I killed the bank!” .

  35. July 2011
    Volume 90, Number 07

    Cover Story
    Top 10 Lawsuits Impacting the Title Industry
    Court Decisions from Around the Country Every Title Operation Should Know About.

    http://www.alta.org/publications/titlenews/11/2011.cfm

  36. Here is some interesting article written by Adam Livitin….

    http://www.creditslips.org/creditslips/2011/08/nevada-ag-securitization-fail.html

  37. S&P Considers Rating Subprime-Backed Securities Higher Than U.S. Government

    http://www.huffingtonpost.com/2011/08/31/sp-subprime_n_943512.html

    More of the same…we are in hell…

  38. @mortgage audits:

    ANONYMOUS has the physical PROOF that the “fake loans/notes” were “NEVER FUNDED”….

  39. “Mortgage servicing fraud” web site (the one with FORUM on it) just put up an article, that congress is has decided to give all the foreclosed homes to Wall Street Banks for pennies on the dollar. They are giving stolen homes to the banks that helped the government steal them, for them. We need to sue our government officials for breach of fiduciary duty, and violations of the “Honest services Doctrine” and fraud felony crimes. Their duties are the tax payers not the bankers.

  40. Steve, please contact me off site at the email below.

    ANONYMOUS, on August 30, 2011 at 2:41 pm said:

    No — “loan” collection rights — NOT sold into a “BOND” or security. Only receivables are “securitized” ie — passed through. The “collection rights” remain with the entity that purchased them.

    ANONYMOUS, I disagree with you. The Federal Register, Friday, January 7, 2005, Asset-Backed Securities; Final Rule says that the NOTE, a financial instrument, a negotiable instrument is “converted” into a Securitized Instrument, being a Bond or a Certificate. The value of the Certificate / Bond is determined by the total value of the Notes in the Pool which first has to be endorsed to the Trust and then delivered to the Custodian. Of course this is never done and the lien is never perfected.

    Neil has pointed out in a number of cases and by way of the PSA that not all “Trusts” have the right to take legal action, being foreclosures.

    The Receivables are not “securitized”.

    It now appears that a new word has entered the Mortgage Industry dictionary. It is “Do Over”. When they get caught with wrong doing they just “Do Over” the paperwork.

    Ok, we homeowners get to take the same action. We get to “do over” the entire loan. DO OVER…..

    Forensic Mortgage Audits and Foreclosure Defense
    Quiet Title Action
    Student Loan Securitization
    oliver@ipa.net
    john

  41. There are research and staff fees, filing fees, drafting related fees for documents and a great deal of time involved when you represent a party, and attornies have to pay their rent and eat like everyone else.

    If you didn’t interview your attorney well enough, make sure that they understood the whole mess adequately by asking them key questions, then who do you really have to blame for losing?

    There are quite a few crooks in this country, and a few are members of the bar, but there are also a lot of lazy, complacent folks who dump a disaster in their attorney’s lap with unrealistic expectations.

    If you expect your attorney to wait for his fees to come from the opposing side, you are jeopardizing your case. Just human nature. There is a lot to be gained, hundreds of thousands of dollars are at risk, and you should consider before gambling that away, how well the attorney you hire has done on past cases, what kind of background he has, etc.

    If you get a crook, who just takes your money that’s a crime. If you don’t do your homework before you hire him, that’s a shame.

  42. Bank of America to Exit Another Line .

    BY DAN FITZPATRICK

    Bank of America Corp. intends to sell its correspondent mortgage business, as the troubled lender looks to narrow its focus and bolster its financial strength, said people familiar with the situation.

    Employees could be notified as soon as Wednesday that the lender has decided to exit the correspondent channel because it no longer fits with the long-term strategy for its …

  43. Any ‘attorney’ with Linda Green evidence who does not present excellent law, expert witnesses and has an abundance of outstanding evidence that would be acceptable to the court one would have to consider who is operating in collusion, collaborating for the benefit of who? Who benefits allowing ‘Mortgage Servicers’ affiliates to refile documents?

  44. Oh what a tangled web…

    Bank Of America Sued By Trustee Of $1.75 Billion Mortgage Pool

    http://www.huffingtonpost.com/2011/08/30/bank-of-america-by-trustee-billion-mortgage-pool_n_942034.html

    “Soon after the loans were sold to the trust, they “began to become delinquent and default at a startling rate,” the complaint said. Out of a sample of 786 of the loans, 520, or 66 percent, breached one or more representations, it said.

    U.S. Bank said it demanded that Bank of America fix the breaches or buy back the loans as it had agreed to do, but that it has refused and offered no reason for this refusal.

    The lawsuit demands that the bank repurchase all the loans in the pool, or at least those it knows have problems and are hurting investors in the trust.”

  45. Amen Brother! I’m so mad I could scream!!! Fraud from start to finish!
    What an ignorant fool I was

  46. Obama has made it clear that he’s all about looking forward, not to the past, which in truth means ignoring all of the criminality of the financial industry and Wall Street. So we the people need to demand that any future mortgage documents have a box asking for us to check if we’d like MERS to be…. #1. holder of beneficial interest…. #2. beneficial owner…. #3 nominee…. #4 kisser of our collective butts.

    No industry has the right of monopoly. This would nix the ability to strip the notes from the deeds rendering their securitization orgy as ineffective and limp as Richard Simmons at the Playboy mansion.

  47. or

    Where the F#@Ck did my payments go?

    Be Strong and Courageous

  48. Yes, usedkarguy—

    from your post:

    “Mr. Schneiderman contends that Countrywide did not deposit loans into the mortgage pools as required and that the bank had no right to bring foreclosure actions against these borrowers.”

    Damn right they didn’t…no deposit of loans—no loans to deposit—no legal foreclosures—all lies…

    …and in the paperwork sent to homeowners (from the lying debt collectors/servicers), in which they are “threatening foreclosure”—they are in direct violation of prohibited conduct in the FDCPA, ie:

    “Misrepresentation or deceit: misrepresenting the debt or using deception to collect the debt, including a debt collector’s misrepresentation that he or she is an attorney or law enforcement officer.”

    STATING THEY HAVE THE RIGHT TO FORECLOSE IS DECEPTION AND MISREPRESENTATION. Call them on it…SCREAM at them—in writing…they back off, because they know you are on to them.

    Worked for me…

  49. Where did our and where are the payments we made or still making going? Or our future payments (loan Modification) going.

    In case of a Short Sale where is the money going?

    Lets keep it simple Stupid.

    Mario Kenney have not seen your posts lately? Welcome back Didnt you win your case? So you got a free house?

    Be Strong and Courageous

  50. Comment: This is why electing public officials is an important duty of the citizenry. With everyone being complacent and self absorbed, we have allowed this to happen. Whether it’s the tyranny of the Environmental Protection Agency or the blatant cronyism of the Florida Attorney General Pam Bondi, the general public is to blame. After all, the statistic says only 5%, FIVE PERCENT, of the foreclosures over the last 4 years have been CONTESTED. That means everybody else threw their keys on the floor and left. The Constitution has been relegated to the trash heap of history. And those that do fight, are shown the door. The idiot in the White House is only a figurehead. He’s a figurehead for the union powerbase (both private and public-sector). He’s a figurehead for big-government, all powerful liberalism that demands the extinction of property rights and personal liberties. He’s a figurehead for the bankers and the rentiers. We are now living under a “soft tyranny”. That T.V. station you’re watching is part of the oligarchy that controls you and your thinking. When does it become a hard tyranny? When people like Mr. Schneiderman and Ms. Masto are no longer available to stand up for YOU. Once they’re gone, we’re done. We might already be “done”. But don’t stick a fork in ME! I’m still swinging!

    Nevada Says Bank Broke Mortgage Settlement
    By GRETCHEN MORGENSON
    Published: August 30, 2011

    The attorney general of Nevada is accusing Bank of America of repeatedly violating a broad loan modification agreement it struck with state officials in October 2008 and is seeking to rip up the deal so that the state can proceed with a suit against the bank over allegations of deceptive lending, marketing and loan servicing practices.

    In a complaint filed Tuesday in United States District Court in Reno, Catherine Cortez Masto, the Nevada attorney general, asked a judge for permission to end Nevada’s participation in the settlement agreement. This would allow her to sue the bank over what the complaint says were dubious practices uncovered by her office in an investigation that began in 2009.

    In her filing, Ms. Masto contends that Bank of America raised interest rates on troubled borrowers when modifying their loans even though the bank had promised in the settlement to lower them. The bank also failed to provide loan modifications to qualified homeowners as required under the deal, improperly proceeded with foreclosures even as borrowers’ modification requests were pending and failed to meet the settlement’s 60-day requirement on granting new loan terms, instead allowing months and in some cases more than a year to go by with no resolution, the filing says.

    The complaint says such practices violated an agreement Bank of America reached in the fall of 2008 with several states and later, in 2009, with Nevada, to settle lawsuits that accused its Countrywide unit of predatory lending. As the credit crisis grew, the settlement was heralded as a victory by state offices eager to help keep troubled borrowers in their homes and reduce their costs. Bank of America set aside $8.4 billion in the deal and agreed to help 400,000 troubled borrowers with loan modifications and other financial relief, such as lowering interest rates on mortgages.

    But foreclosure problems mounted in Nevada, where Countrywide originated 262,622 loans, and complaints about the bank’s loan servicing practices began flooding into Ms. Masto’s office shortly after the settlement was struck. She found that Bank of America had “materially and almost immediately violated” the terms of the settlement, according to the complaint.

    Ms. Masto declined to comment beyond the court filing.

    Jumana Bauwens, a spokeswoman for Bank of America, said the bank was reviewing Ms. Masto’s complaint. “We disagree that there has been any material breach of the consent decree and will continue to vigorously defend this action,” she said.

    Ms. Masto’s request to terminate the 2008 deal could raise further questions about the extent of its liabilities arising from Countrywide’s lending practices and from the bank’s own loan servicing activities in the foreclosure crisis. The move by the Nevada attorney general could also imperil the already shaky negotiations over improper foreclosure practices being conducted by state attorneys general and the four largest banks, including Bank of America.

    Those talks, which also involve federal officials, have stalled over the summer with disagreements over whether the deal would allow state regulators to bring future lawsuits against the institutions for questionable practices. Attorneys general who do not want to give up the right to file additional suits against the banks — including Ms. Masto, Eric Schneiderman of New York and Beau Biden of Delaware — have declined to endorse a proposed settlement.

    The breadth of the new Nevada complaint indicates that Bank of America’s problems extend throughout its mortgage operations, including origination, loan servicing and securitization. Nevada officials also found broad problems in the bank’s interactions with imperiled borrowers.

    For example, the complaint says the bank advised credit reporting agencies that consumers were in default when they were not, and contends that Bank of America employees deceived borrowers about why their requests to modify loans were denied. In addition, it says, the bank falsely claimed that the actual owners of loans had refused to allow changes to their mortgages, and it incorrectly claimed that borrowers had failed to make payments on trial loan modifications when in fact they had. Bank of America also misled borrowers, the Nevada attorney general’s filing noted, by offering loan modifications with one set of terms only to come back with a substantially different deal.

    Among the more troubling findings in the Nevada complaint is the contention by several Bank of America employees that the company imposed strict limits on the amount of time they could spend on the phone assisting troubled borrowers seeking help with their loans.

    One worker said in a deposition cited in the complaint that employees were punished if they spent more than seven minutes or 10 minutes with a customer. Even though these limits allowed almost no time for assistance, Bank of America employees who did not curtail their conversations were reprimanded, this employee said.

    The Nevada filing also maintains that Countrywide, which Bank of America acquired in 2008, did not deliver necessary loan documentation when it put together mortgage securities and sold them to investors during the boom. Under the typical pooling and servicing agreements struck between Countrywide and investors who bought the securities, the bank was required to endorse the mortgage note and deliver it to the trustee overseeing the pool. Countrywide failed to do so, the complaint notes.

    These paperwork failures should have barred the bank from foreclosing on borrowers, the Nevada complaint says, but it went ahead nonetheless. This aspect of Ms. Masto’s complaint echoes a lawsuit filed in early August by Mr. Schneiderman, the New York attorney general, to block a settlement between Bank of New York and Bank of America covering 530 Countrywide mortgage pools. In that case, Mr. Schneiderman contends that Countrywide did not deposit loans into the mortgage pools as required and that the bank had no right to bring foreclosure actions against these borrowers.

    Ms. Masto’s complaint asks that the court impose civil penalties on Bank of America and order it to cover the costs of caring for foreclosed properties borne by municipalities.

  51. They made it complicated because the sociopathic materialistic GREEDY BASTARDS believed Americans were too STUPID to figure it out…
    And if they eventually did…which is happening now…the GB’s would already have their “stolen booty” in their offshore accounts…

    All I can say is…you can’t take it with you—and God delivers justice eventually—if not in this world, then certainly in the next…

  52. who are security investors????????
    why they are mutual fund investors, pension fund investors, state and local government investors, 401k fund investors, and so on.

    WHY you might say that is the inline, the connection into getting into main street, where money is used for exchange for products, producing.

    That inline is how wall st steals from main st with their financial engineering and bending of the rules.

    It is too simple, show me the note, show me you are holder in due course, show me you bought the debt and have the right to collect………………but how did it get so complicated???

  53. carie.

    who are security investors????????

    why they are mutual fund investors, pension fund investors, state and local government investors, 401k fund investors, and so on.

    these funds, fund managers, get paid no matter what as Jan Van eck stated so many moons ago. What do the fund managers have to lose? They get paid no matter what happens to a fund price, up or down, doesn’t matter, in the wall st game, a toll booth. They get paid their percentage on fees of the fund total amount invested from the public. Minus their hired help salaries, all figured into it.

    The biggest scam on earth, wall streeeeet.

    Fund mangers use OPM, which ones really care about individuals? Invested in their funds. It’s OPM and leverage.

    The president Ben Benacki has spoken. He can not do more and it is up to congress to fix it. What a joke.

  54. […] Livinglies’s Weblog Filed Under: Foreclosure Law News, Foreclosure News Tagged With: crisis, foreclosure, […]

  55. http://www.huffingtonpost.com/2011/08/30/bank-of-america-sued-by-h_n_942425.html

    from article:

    “The borrowers in the new lawsuit claim they are among the homeowners whose mortgages are contained in the 530 trusts covered by the $8.5 billion settlement.

    They asked a federal judge to issue an injunction that blocks the settlement, and force Bank of America and Bank of New York Mellon Corp, the trustee that negotiated the accord, to properly service their loans…”

    Wow…somebody needs to inform them that there are NO MORTGAGES…just debt collectors…sigh…

  56. Mario

    “Most are very ashamed to be in foreclosure” ????? You have got to be kidding. Most are trying to save their home — their family — their children. And, these are the very victims of fraudulent schemes to siphon all that could be siphoned out from American homeowners — in order to feed the pockets of greed. Destroyed US economy.

    Ashamed??? NO — outraged.

  57. “Remember, if security investors are naming themselves as the creditor in foreclosures (which would be false — but assume for a moment that it is valid) — then they are collecting damages by the foreclosure itself. The security investors cannot then go and sue the security underwriter for MORE damages. This would be collecting damages — twice — dual damages.. And, would be fraud upon the courts. “

  58. It has been 4 months shy of 5 yrs, this blog has been here sometime coming to the end of 2006 or the beginning of 2007, the homeowners did not come together after millions of homes have been lost, they all rant the lawyers have ripped them off, most have not bothered to pay, I am not saying that the lawyers are angels either, the lawyers also have made many fatal errors, I do agree on this, but, the homeowners and many of them I have spoken too, and I speak to many, have you ever been told?, “I cannot afford a lawyer, I cannot and do not want to go to court, every so often and I have no time to study my case”, I have been told this hundreds of times, then they are quick to call the attorney general on the lawyer, the very lawyer charged with helping them to live in their home for a cost much less than the mortgage, and much less than a rental and they complain when they do pay.

    It is a thing that humans do, many do not want to do anything to help themselves, most are very ashamed to be in foreclosure, period and most use screen names so they will not be recognized, or for whatever reason, but this is not important. I am not going to wait for no government, none, history has shown that the government is unable, unwilling or unwilling or unable, same shit different pile.

    Most people did not know yet what hit them yet and many lawyers just did not get it, its a human thing.

  59. MARIO KENNY

    Unfortunately, homeowners have relied upon attorney representation — and that representation has been sparse. Homeowners are NOT looking for a free house — they are looking for justice — the ability to return homeowners to “whole.” This is not happening with attorneys across the country. Why?? Because, as you say, the victims do no have have the ability to “pay” the attorneys — thus, attorneys have no interest in helping the victims. Attorneys simply want to be paid. But, attorneys can be paid through attorneys fees granted by courts — but, attorneys have to act — they have to fight the fraud to protect the law as it should be protected. They need conviction — which is missing.

    Lack of interest. This is not for all — there are some attorneys who really care — -and will fight a system wrought with fraud. But, for the most part, victims will be left by wayside — with little or no proper legal representation. This is why the burden should be shifted to the US Government. — but, THEY are in hands of those benefiting by the fraud itself. Those that have to fight the fraud themselves are up against tremendous power in courts — and will rarely see the light of day.

    It is a lose/lose situation — without the people jointly standing up for their legal rights. This means coalition. And, I do blame the people that a coalition has not yet been organized — and this is 3 years into exposure of the fraud. Have been here at least 3 years — promoting — to no avail.

    This is an American tragedy.

  60. REPOSTING ANONYMOUS—cause some of you still don’t get it…

    ANONYMOUS, on August 30, 2011 at 3:11 pm said:
    usedkarguy,
    Good posts. But, when is government going to stand up for the real victims — the homeowners??? Investors?? You cannot expect to earn a legitimate return on FRAUD!!! Due Diligence??? Did any “investors” do?? You betcha they did — they knew exactly what they were doing — it was the security investors that “bought” the fraud — for extra yield percentage on RECEIVABLE pass-through.
    Sorry — security investors — you cannot earn high risk-return yield on fraud. You read the prospectus??? Didn’t you??? You read the “PSA” — didn’t you??? You banked on fraud and predatory lending — didn’t you??? To fuel your “security investments” — didn’t you??? You were largely bailed out — weren’t you??? And you are still crying that you want the usury rates??? Aren’t you???
    And, security investors, government included, you are still holding victim borrowers accountable for usury rates and fraud. Aren’t you???
    When all case law points to negation of your claims by Due Diligence — that you did — but will not admit to??? Didn’t you – do Due Diligence???
    And, security investors, are you getting foreclosure proceeds??? Impossible. No current cash pass-through —which is required for securities. Isn’t it???
    Contracts — not securities — is what we are dealing with. Isn’t it???
    Contracts that are being concealed by deregulation??? Aren’t they???
    Victims — being put on the street — no government help. We are still living in America — aren’t we???
    NOT as I see it —

  61. NO LENDER—NO MORTGAGE—WHOLE TRUTH AND NOTHING BUT THE TRUTH—SO HELP ME GOD—

    “…Security investors fund the BANK — not the borrowers — there is no direct relationship between security investors and borrowers. If banks are able to sell their income stream, that is an accounting transaction — it is not a “loan” to borrowers. This is why security investors are NEVER the creditor.
    Collection rights transfers are not funded by borrower transactions (ie fabricated refinance). Collection rights are transferred by assignment — not NOTES (which is why NOTES are FAKE).”

    ANONYMOUS, on August 30, 2011 at 2:41 pm said:

    No — “loan” collection rights — NOT sold into a “BOND” or security. Only receivables are “securitized” ie — passed through. The “collection rights” remain with the entity that purchased them.
    Do not know how many times I have to shout it —- security “bond” investors — are NOT the creditor — never were — and never will be.
    Of all people — Bernanke told us this — at the onset of the crisis. But, too many here want to make security investors — the creditor. The Fed Res — has stated — in now law — that this is not the case.
    Any continued promotion of this false notion — is extremely detrimental to homeowners. Get over it.

  62. i was reading the mers rules, and interestingly it appears these “corporate resolutions” can only be issued to members of mers, and the member, with resolution in hand, then delegates one of their employees or corporate officers to sign in mers name. when you look at the mers membership application, and the tiers of membership, it is clear that only lenders and servicers can be or were intended to be members. this being said, how can a law firm employ a mers signing officer when there is no way they can get a “corporate resolution” because they arent, and cant be, members? someone who is a member had to designate the mers signing agent signing off on your docs, yet not surprisingly said person is not employed by the member, they are employed by a foreclosure mill. it seems to me that MERS own rules mean nothing to its members, there is no regulation of what its members do and these corporate resolutions are nothing but a mechanism for fraud, spit out on an assembly line. MERS corporate structure boggles the mind. 50-60 actual paid employees and 20000+ assistant vice presidents? seriously? how can any judge look at mers and not think fraud with a capital F?

  63. the very homeowners did not stand up for themselves, the gave their lawyers so much trouble, they did not pay the lawyers, and they did not help themselves, they thought that all they had to do was pay and they would get a free house, then they lost the house, the country is shot, the people are in a delusion and the banks use all this to lunch on the ignorant.

  64. Here’s the bankruptcy purchase agreement.

    http://www.secinfo.com/dRSm6.u245.d.htm#2g50

    My experience.

    1. The new American Home Mortgage Servicing Inc. says it is not the originator so don’t ask them for mortgage loan documents or the servicing file. They say that your QWR only entitles you to account history.

    2. ABC can’t be found.

    3. The American Home Mortgage Investment Corp. in Melville sends back letters rejected. Phones disconnected.

    4. The OCC says they do not regulate American Home Mortgage Servicing Inc.

    5. The Federal Reserve says take matters up with your state representatives. The representatives say take the matter up with HUD.

    6. The Department of Corps in Calif. had to send letter demand for original documents. Even then I did not receive what was requested.

    The circle goes round and round. I’m long foreclosed. Just thought I’d share again for anyone still fighting.

  65. Yes Neil,
    It bothers me that I live in a country where rule of law, has been replaced by rule of the rich.
    We are all living in and under governmental anarchy that must end.
    The problem is individual courage, or the lack of it. This country has been steadily reduced of it through the civil war, world wars, Korea, Vietnam and the steady never ending wars based on lies, that have followed, not fought to protect the people, but to rip them off.
    So now we have a sizable number of our workforce employed by government, whose main interest is keeping their place at the trough. The more we allow the government to get away with not following the law and regulations on the books, the more acts of noncompliance of these laws and regulations will occur.
    The people of a great nation would not tolerate such actions, but sheepeople will.

    The sheepeople of America are just like a Timex Watch
    ” They take a dicking, and keep on licking “

  66. New York AG Slams DB, Mortgage Unit on FHA Quality Control
    Monday, August 29, 2011
    By Brian Collins

    The percentage of early defaults on FHA-insured loans originated by MortgageIT “skyrocketed” after it was acquired by Deutsche Bank in 2007, according to an amended complaint filed by New York U.S. Attorney Preet Bharara.

    The complaint also charges that all FHA required “quality control” reviews of MortgageIT loans that defaulted within the first six months stopped shortly after the January 2007 acquisition.

    “By the end of 2007, not a single-person at Deutsche Bank or MortgageIT was conducting quality control reviews of closed FHA-insured loans,” the amended complaint says.

    The N.Y. U.S. Attorney sued Deutsche Bank in May, claiming the investment bank disregarded FHA requirements, yet continued to certify each year that it was reviewing early defaults for underwriting problems or fraud.

    Industry attorneys consider the Deutsche Bank lawsuit a novel approach to holding government-approved lenders responsible for any losses on defaulted loans.

    “We do not believe the deficiencies in the government’s original complaint have been cured by this amended complaint and we will continue to defend ourselves vigorously,” Deutsche Bank said in a statement issue Monday afternoon.

    The amended complaint, which came out early last week, attempts to bolster the U.S. Attorney’s case by showing how Deutsche Bank integrated MortgageIT into its management structure and assumed responsibility for credit risk and quality control of the subsidiary’s loan origination process.

    It also attempts to show that the failure to conduct quality control reviews “resulted in an explosion of early defaults.”

    Prior to the acquisition, MortgageIT had a poor quality control program and 30% of its loans defaulted. Roughly, 10% were considered early defaults (60 days past due after six months).

    “After Deutsche Bank acquired MortgageIT, the percentage of loans that defaulted increased to approximately 46%, while the percentage of defaults constituting early defaults skyrocketed to approximately 65%,” the amended complaint says. Deutsche Bank shuttered MortgageIT in 2009.

    On the 3,416 defaulted FHA-insured loans closed between January 2007 and March 2009, “HUD has paid more than $58 million in claims and there are more than $350 million in principal balances that have not yet been submitted to HUD as insurance claims,” the U.S. Attorney’s amended complaint says.

  67. ” If the Banks win on this, then anyone can take your home or property by making absurd claims and creating fabricated, forged unauthorized documents. doesn’t that bother anyone?” the short answer to your question is NOPE

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