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This was no mistake and that is why punitive damages were awarded along with damages for emotional distress. Further in all probability Deutsch had no idea that its name was being used to foreclose on a mortgage that did not exist, nor did it care.
In a saner world, Deutsch would have settled the matter early. But the strategy for the banks is to make it as difficult as possible to get to the end zone. Deutsch gets paid fees as trustee for nonexistent trusts. It is regularly named as the foreclosing party when it possessed neither ownership nor authority. They will say that this was a paperwork problem. But it runs deeper than that.
Just how did anyone come up with the idea to foreclose on these people? The answer lies in the false securitization process where “loans” are traded before they exist and regardless of whether they ever existed. All anyone need do is report by spreadsheet the closing of a loan and the Investment Banks take it from there.
In this case someone purporting to represent Deutsch swore that the homeowners were in default. This was done on “personal knowledge.” They also swore that Deutsch owned the loan. But there was no loan. This corroborates our comments here about robo-witnesses. They have a script and they stick to it, no matter how stupid the content.
This case like others before it, should be used to argue to the judge that the witness is incompetent and that the presumption of credibility of the witness should not be used. And this case should be an incentive for lawyers looking to make a lot of money in addition to helping their clients. A contingency fee would ordinarily be around 40% if no cash retainer was involved. The lawyers therefore would make $800,000.
The issue then is whether lawyers will take up the slack and start prosecuting these cases that are in actuality easy to prove, even if they are somewhat labor intensive. But it takes someone who really does their homework and is ready to do battle.
Filed under: foreclosure |