“Boarding Loans:” Centralized “Processing” at LPS (Black Knight)

It’s complicated. But as this article proudly states, Black Knight is a leading “fintech” company, meaning that it handles the technology and software for “servicing” loans in default. This is the same company that, through DOCX literally published a menu of prices for fabrication and robosigning documents several years back.

My point has been that based upon my investigations, there is no loan boarding. It is a complete fiction. This is hub and spoke management. The hub is Black Knight. “Boarding” actually consists of changing the user name and password, and perhaps not even that. So discovery should include inquiries as to whether Black Knight (or others like it) are the ones involved in the so-called transfer of data.

Consider this quote from the article: “MSP is a comprehensive, end-to-end system that encompasses all aspects of servicing – from loan boarding to default – for first mortgages and home equity loans.” (e.s.)

GO TO LENDINGLIES to order forms and services. Our forensic report is called “TERA“— “Title and Encumbrance Report and Analysis.” I personally review each of them for edits and comments before they are released.

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THIS ARTICLE IS NOT A LEGAL OPINION UPON WHICH YOU CAN RELY IN ANY INDIVIDUAL CASE. HIRE A LAWYER.

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see Boarding on Home Point Financial and Black Knight

Among the names you should be digging for is “LoanSphere.” Check this out

In addition to MSP, Home Point Financial also implemented:

  • LoanSphere Bankruptcy, which assists servicers’ management of the bankruptcy process by using workflow and servicer-defined rules to automate bankruptcy-related tasks;
  • LoanSphere Foreclosure, which uses workflow and automated, servicer-defined rules to help servicers with the foreclosure process; and
  • LoanSphere Invoicing, a web-based invoice management solution that consolidates invoice process tasks – from bill presentment and processing to post-payment activities.

They are hiding in plain sight comfortable in the knowledge that practically nobody will understand what they are really doing. This is “servicing” for the servicers. Not for the trust, not for the investors, not for the beneficiaries (if there are any), not for the obligee of the debt owed by the homeowner, not for anyone except themselves.

The naming of a trust as beneficiary under a deed of trust or mortgagee under a mortgage is in actuality the underwriter of RMBS doing business as the name of the trust, — which is a name of a presumed entity that in fact does not exist. In fact no transaction in the name of the trust occurred in which the trust paid money for any debt, note or mortgage. Thus no proceeds from the foreclosure go to the trust. Just ask.

The changing of servicers is merely a game to set up more layers and more curtains with the goal of increasing opacity. In actuality the servicers are merely pretenders acting under orders of the underwriter for the sale of fake bonds and promises issued by a “Trust” that neither exists nor receives the proceeds of sale of securities issued in its name.

Practice Hint — the issue is always legal standing: QUESTION FOR CROSS EXAMINATION: Who will receive the proceeds of liquidation of the property after foreclosure sale? HINT: IT CAN’T BE THE TRUST BECAUSE IT DOESN’T EVEN HAVE BANK ACCOUNT. Will the trust receive the proceeds? Will the beneficiaries receive the proceeds? Will the Trustee receive the proceeds? Will the Master Servicer receive the proceeds? How will the trust or the beneficiaries receive any money from the proceeds of liquidation of the property?

Ocwen Failing? Who cares — they don’t do the “Servicing” anyway

It’s only when you do the work — burrowing into all the data that the truth emerges. From many prior cases it has been obvious that the “boarding process” was a ruse. It was cover for the real parties who were manipulating data to suit their own needs contrary to their duties to the alleged investors and borrowers.

GO TO LENDINGLIES to order forms and services

Let us help you plan your answers, affirmative defenses, discovery requests and defense narrative:

954-451-1230 or 202-838-6345. Ask for a Consult. You will make things a lot easier on us and yourself if you fill out the registration form. It’s free without any obligation. No advertisements, no restrictions.

Purchase now Neil Garfield’s Mastering Discovery and Evidence in Foreclosure Defense webinar including 3.5 hours of lecture, questions and answers, plus course materials that include PowerPoint Presentations. Presenters: Attorney and Expert Neil Garfield, Forensic Auditor Dan Edstrom, Attorney Charles Marshall and and Private Investigator Bill Paatalo. The webinar and materials are all downloadable.

Get a Consult and TERA (Title & Encumbrances Analysis and & Report) 954-451-1230 or 202-838-6345. The TERA replaces and greatly enhances the former COTA (Chain of Title Analysis, including a one page summary of Title History and Gaps).

GO TO WWW.LENDINGLIES.COM OR https://www.vcita.com/v/lendinglies toschedule CONSULT, leave message or make payments. It’s better than calling!

THIS ARTICLE IS NOT A LEGAL OPINION UPON WHICH YOU CAN RELY IN ANY INDIVIDUAL CASE. HIRE A LAWYER.

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see The real IT platforms masquerading as Ocwen

For years I have been saying and writing about the fact that the apparent servicer actually does nothing. Ocwen’s source of data capture and maintenance has been Altisource and now is supposedly being transferred to Black Knight, which we all remember is name change from LPS, who won fame by fabricating documents through its subsidiary or division, DOCX.

My educated guess is that Altisource was never the actual IT provider using the trade name “RealServicing.” It was always LPS n/k/a Black Knight and that is who is the hub in a wheel and spoke infrastructure designed to create the illusion of normal loan servicing.

Changes in servicing announced by one party or another would therefore have been just another change in musical chairs — where the names changes but the actual functions always stayed in the same place, which is why there were so many errors revealed when the REALServing platform was accessed from time to time. It reminds me when I studied auditing in my MBA program where the joke was revealed about French bookkeeping — one set for myself, one for my partner and the third for the government (and possibly a fourth for the spouse).

So when you have a witness from Ocwen who says that Ocwen “Boarded” the data or claims that the business records are those maintained by Ocwen on an IT platform controlled by Ocwen the answer is “not so fast.” As I have found in dozens of cases, the witness is unable to answer obvious questions that should have obvious answers. Follow up in your questioning and you might strike gold — once you plan out your cross examination of the robo-witness.

Altisource was under investigation by the CFPB, but the investigation was ended without charges. That investigation was “focused on the REALServicing platform and certain other technology services provided to Ocwen, including claims related to the features, functioning and support of such technology.”

The CFPB, in its lawsuit against Ocwen, claimed that REALServicing, the system Ocwen used to process and apply borrower payments, communicate payment information to borrowers, and maintain loan balance information, was riddled with errors and technologically deficient.

Over the last several months, Ocwen has reached settlements with nearly all of the states that brought regulatory action, and each of those settlements stipulated that Ocwen develop a plan to move away from REALServicing.

So the obvious take-away is that REALServicing was neither real nor a reliable basis to perform service. And that means that Ocwen’s claims to strict “boarding” of loans could not possibly be true.

But if you look deeper, you find that Altisource was not being paid or not being paid enough to justify the service. This enhances my argument that they were only a conduit for data that was at all times controlled by LPS n/k/a Black Knight.

Fidelity National’s ServiceLink Fined $65 Million for LPS (BlackKnight) Robosigning

The fine, assessed by the Federal Reserve Board, the Federal Deposit Insurance Corp. and the Office of the Comptroller of the Currency, satisfies a provision of a previous consent order against Lender Processing Services. The fine will be paid to the U.S. Treasury.

The problem here is obvious: How can the FED, FDIC, and OCC fine the perpetrators of fraud in the courts without also revealing their administrative finding that the transactions were nonexistent and that the foreclosures were without basis?

The second problem is the obvious unasked and unanswered question: why was it necessary to resort to fraud and forgery if the base transactions (the originations) were true and valid?

Get a consult! 202-838-6345

https://www.vcita.com/v/lendinglies to schedule CONSULT, leave message or make payments.
 
THIS ARTICLE IS NOT A LEGAL OPINION UPON WHICH YOU CAN RELY IN ANY INDIVIDUAL CASE. HIRE A LAWYER.
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see http://www.nationalmortgagenews.com/news/compliance-regulation/servicelink-fined-65m-for-lps-robo-signing-activities-1095562-1.html

LPS had faced accusations for a number of years that the company and its subsidiaries fraudulently signed legal documents used in foreclosure proceedings. Fidelity National acquired LPS in 2014, and the company’s business was split between ServiceLink and Black Knight Financial Services, which is shielded from a fine through an agreement with ServiceLink.

Before being bought by Fidelity National, LPS reached a $127 million settlement with state regulators and paid $35 million to settle a Justice Department inquiry.

ServiceLink fined $65 million for LPS foreclosure deficiencies

Fine related to 2011’s industry-wide foreclosure settlement

Ben Lane

http://www.housingwire.com/articles/39027-servicelink-fined-65-million-for-lps-foreclosure-deficiencies

In 2011, Lender Processing Services was part of a massive settlement with the government over industry-wide foreclosure misconduct that occurred after the housing crash.

That settlement stemmed from document missteps in the third-party foreclosure process at some very large banks and mortgage servicers in the aftermath of the subprime crisis.

The settlement also included names like Bank of AmericaJPMorgan ChaseWells Fargo, and Citigroup.

While those names stuck around, LPS eventually disappeared. LPS’ former parent, Fidelity National Financial, bought up the company and merged it with another subsidiary, ServiceLink Holdings, and formed Black Knight Financial Services.

On Tuesday, the ghost of LPS came back to haunt ServiceLink and Black Knight, as the Federal Reserve, Office of the Comptroller of the Currency, and the Federal Deposit Insurance Corp. announced that they are fining ServiceLink $65 million for the “improper actions” of LPS that contributed to that 2011 settlement.

A release from the government agencies is scant on details that led to the fine.

The agencies simply state:

The federal banking agencies today fined ServiceLink Holdings, LLC (ServiceLink Holdings), $65 million for improper actions by its predecessor company, Lender Processing Services, Inc. (LPS), which resulted in significant deficiencies in the foreclosure-related services that LPS provided to mortgage servicers.

The penalty assessed by the three federal banking agencies–the Federal Reserve Board, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency–against ServiceLink Holdings satisfied the document review provision of the previous enforcement action.

The accompanying consent order, which can be read here, references the history of LPS, and how the terms of the original consent order transferred as LPS changed hands and eventually merged.

The new consent order states that on Jan. 17, 2017, the board of managers of ServiceLink authorized the company’s chief compliance officer, Paul Perez, to enter into the amended consent order and agree to the fine.

The agencies say that LPS will send the $65 million fine to the Department of the Treasury.

The agencies also say that they will continue to monitor the ServiceLink’s compliance with other provisions of the original and amended consent order.

HousingWire attempted to contact Fidelity National, ServiceLink, and Black Knight for comment on the fine, but as of publication time, none of the companies had responded.

This article will be updated should one of the companies respond.

 

Bartram: The Missing Links

Why did the Plaintiff lose in its “standard foreclosure”?

The decision on acceleration is essentially this: If the banks do it, it doesn’t count.

While Bartram didn’t turn out the way we want, there are two paths that nobody is talking about — logistics and res judicata.

Get a consult! 202-838-6345

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THIS ARTICLE IS NOT A LEGAL OPINION UPON WHICH YOU CAN RELY IN ANY INDIVIDUAL CASE. HIRE A LAWYER.
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The Florida Supreme Court decision in Bartram reinforces the absurd — that after losing in trial court, the pretender lender can sue over and over again for “new defaults.” The court has re-written the alleged “loan contract” to mean that a loss in court means that their acceleration of the entire loan becomes de-accelerated, meaning that acceleration is merely an option hanging in the wind that doesn’t really mean anything. The decision might have consequences when the same logic is applied to other actions taken pursuant to contract. The decision on acceleration is essentially this: If the banks do it, it doesn’t count.
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But two things remain outstanding, one of which the court mentioned in its opinion. Why did the Plaintiff lose in its “standard foreclosure”? The issues that were litigated as to the money and/or documentary trail have been litigated and are subject to res judicata. The Plaintiff, if it is the same Plaintiff, is barred from relitigating them.
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If Plaintiff failed to prove ownership of the loan and was using fabricated void assignments and endorsements, the lifting of the statute of limitations should not help them in attempting to bring future litigation. Many other such issues were undoubtedly raised in the original case. The Plaintiff would be forced to argue that while the issues were raised, they were not actually litigated and a judgment was not entered based upon those issues.
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The Florida Supremes took away the Statute of Limitations, up to a point (see below) but gave us the right remedy — res judicata. Even if a new Plaintiff appears, the questions remain as to how the alleged loan papers got to them remain open, as well as whether the paper represented any actual loan contract absent an actual lender.
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And then there are the logistics that I don’t think were considered in its decision. According to the Bartram decision the act of acceleration vanishes if the Plaintiff loses. The statute of limitations does apply for past due payments that are more than 5 years old. That means, starting with the date of the lawsuit (not the demand), you count back 5 years and all payments due before that are barred by the SOL.
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So if a Plaintiff loses the foreclosure, it can bring the action again based upon missed payments that were due within the SOL period. Of course if the Defendant won because the Plaintiff had no right or authority to collect on the DEBT, the action should be barred by res judicata. But putting that issue aside, there are other problems.
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“Servicing” of a designated “loan account” is actually done by multiple IT platforms. The one used for foreclosure comes out of LPS/Black Knight in Jacksonville, Florida. This is the entity that  fabricates documents and business records for foreclosure. It is not the the actual system used for servicing that deals in reality with the alleged borrower and accepts payments and posts them. It is incomplete. This system intentionally does not have all the documents and all the “business records” relating to the loan. For example there is no document or report that shows who was and probably still is receiving payments as though the loan were performing perfectly.
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The decision on when and if to foreclose is always performed by LPS/Black Knight in order to prevent multiple servicers, trustees, banks and “lenders” from suing on the same loan, which has happened in the past. LPS assigns the loan to a specific party who is then named by Plaintiff. And LPS creates all the fabricated paperwork to make it look like that party is the right Plaintiff and that the business records produced by LPS can be presented as the business records of the party whose name was rented for the purpose of foreclosure. It is LPS documents that are produced in court, not the records of the named Plaintiff.
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So here is a sample simple scenario that will illustrate the logistical problem created by the Florida Supremes: LPS issues a notice of default letter naming the claimant as XYZ, as trustee for XYZ series 2006-19B Pass Through Trust Certificates. Previously XYZ lost the foreclosure action by failing to prove that it had any relationship with the loan. The Notice of Default and right to reinstate issued by LPS on behalf of XYZ must be for payment that was within the SOL. This action of course waives the payments, fees etc that are barred by the SOL. It also assumes that the date of the letter AND THE LAWSUIT will be within the SOL period. So for example, if the last payment was on December 1, 2006 and the letter refers to a missed payment starting with January 1, 2012, the letter is proper. But if suit is not commenced until January 2, 2017, the letter is defective and the lawsuit is barred by the SOL. Further the doctrine of res judicata bars any cause of action that was litigated previously.
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All of this leads to a court determination of what issues were previously raised, when they were raised and whether the Final Judgment in favor of the homeowner means anything.

Bank Media Blitz: End of Foreclosure Era: FALSE

The false pronouncements that the mortgage crisis is over have led many attorneys and homeowners to give up on winning cases.

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THIS ARTICLE IS NOT A LEGAL OPINION UPON WHICH YOU CAN RELY IN ANY INDIVIDUAL CASE. HIRE A LAWYER.
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For years the banks having been gradually ramping up a PR campaign that carries the message: the foreclosure crisis is over. “Institutions” like Black Knight (formerly known as the infamous Lender Processing Services —LPS) have been issuing statements that foreclosures are essentially over. The newest round of these false pronouncements is that foreclosures  have sunk to a 9 year low.

The truth is more nuanced and “counter-intuitive” as Reynaldo Reyes, VP of Deutsch Bank “asset management” said many years ago. What the banks have done (using LPS/Black Knight) is play Wackamo with the states and counties. They ramp up foreclosures to an all time high and then switch to another county. Then the report is that the county with the all time high is now declining — because the banks have moved on to another county or state.

After the decline, they come back again and ramp it back up, sometimes stopping short of another all time high.

The facts are that there have been some 9 million foreclosures since the mortgage crisis began and there will be at least another 6 million foreclosures under cover of what is being reported as a crisis that is over. There are hundreds of thousands of foreclosures that were put on hold in cases where the homeowner put up a fight. Some of them are over ten years old — and courts, rather than dismissing them for lack of prosecution or adequate prosecution have (a) let them continue and (b) blamed the homeowner for the delays. Those cases are also coming to a head now and the banks are starting to show losses in court that were never reported before because they were only pursuing cases that were uncontested.

The truth is that the banks were playing the odds. The number of homeowners who put up a fight is only around 4-6%. By putting the contested foreclosures on hold, the banks were able to get millions of fraudulent foreclosures completed at a rate of 100%. Out of the contested ones, they still have the advantage much there record of success is much lower and getting lower every day as courts wake up to the fact that the banks are not being truthful in court nor with borrowers.

The soft underbelly is that the banks were not truthful with investors, from whom they essentially stole the money that was advanced for the purchase of mortgage backed securities that were issued by empty trusts.

PRACTICE HINT: There are three basic classifications of foreclosures into which every foreclosure falls.

  1. Foreclosures without “issues.”
  2. Foreclosures with factual issues
  3. Foreclosures with procedural issues.

The first two can be won and should be won 100% of the time (speaking of loans in which multiple “transfers” and claims of securitization were made).  The third one can be more challenging because either the pro se litigant or an attorney made admissions or already missed deadlines or otherwise failed to raise and press appropriate defenses.

The result of winning is an involuntary or voluntary dismissal when you win, but then you have the statute of limitations to deal with when they come back and sue again on more fraudulent paperwork. Attorney fees are generally awarded as long as you included the demand in the filings for the homeowner.

By foreclosures without issues I mean an apparent “default:” that the homeowner did stop making payments before the delinquency or default letter. These cases can only be won by good trial practice: timely proper objections, watching what evidence comes in and well-planned cross examination (which means good trial preparation). If you do the work your chances of winning at trial level or appeal, if necessary are very good.

By foreclosures with factual issues I mean situations in which the “servicer” created the illusion of a default by negligently or intentionally posting payments to the wrong ledger. This includes lump sum payments for reinstatement, insurance and other matters. The “borrower” never defaulted even if the note and mortgage were valid and even if the assignments were valid. The result is dismissal usually without prejudice. But if you also show that they were lying about the transfer to the trust or other foreclosing party, the case could be dismissed with prejudice and even with sanctions.

By foreclosures with procedural issues I mean situations in which procedural errors are present that require leniency of the court to correct them in order to properly defend. This usually occurs when pro se (aka pro per) litigants attempt to represent themselves because they think they have found some magic bullet. 95% of such cases are lost thus skewing the overall percentage of wins and losses for homeowners who put up a fight.

No case falls 100% into any specific category but each case can be generally categorized using the above analysis.

In all cases the homeowners’ attorney should make every effort to destroy the case asserted by the foreclosing party through vigorous and timely objections and brutal cross examination. Depending upon the rulings on objections and motions to strike testimony or documentary evidence, the defense should rest if there are no factual issues to present. This is especially true in cases without issues. If you don’t have the defense of payment or that the demand for reinstatement was inaccurate, there is nothing to present by the homeowner except for attempts at prejudicial comments about the lawyers and the servicers etc.

In a recent (August, 2016) case I had “without issues”, Patrick Giunta and I surprised the opposition by resting at the conclusion of the bank’s case. In nonjudicial states this is not so easy to do procedurally although it is possible in isolated instances. By resting at the conclusion of the bank’s case in a judicial foreclosure, the judge is forced to consider whether the evidence on the record supports a judgment for the plaintiff. Some judges will rule for the bank by the seat of their pants.

But by using objections vigorously, we had preserved multiple issues on appeal — namely we had excluded many pieces of evidence that were vital to the Plaintiff’s case. We were fortunate to have a judge that was serious about his job of being a judge. Like a jury would do, the judge took the case, the filings and the evidence into Chambers and read every page. He concluded that there were fatally defective elements and missing elements in the Plaintiff’s case and announced judgment for the homeowner.

In the final analysis the issue is always tacitly or explicitly legal and procedural standing. And one thing to keep in mind is that trial judges are not entirely persuaded by legal argument. But they ARE persuaded by facts admitted into evidence and facts excluded from evidence.

On a final note, I want remind practitioners that the admission of an objectionable document into evidence does two things: (1) it raises an issue for appeal and (2) it opens the door to challenge the probity of the evidence admitted. Once a document is admitted into evidence, it is in — in its entirety and for all purposes and for all parties.

For example when the PSA is admitted into evidence, make sure you have examined it and raise issues on cross examination as to whether it was signed, whether the exhibits were complete etc. Of course the main exhibit is the Mortgage Loan Schedule (MLS) which never contained real loans even where the PSA was complete and in many cases has no actual MLS exhibit, thus defeating the assertion that the Trust ever acquired any loan much less the loan of your client.

Lorraine Brown To Be Set Free

What we have here is what I dubbed in 2008 “A holographic image of an empty paper bag.”

The farce of securitization continues every day. In the savings and loan crisis of the 1980’s more than 800 bankers were jailed. This time only one person was jailed and she is about to be set free. Despite the revelations of illegal and fraudulent practices by banks acting in multiple roles as REMIC Trusts, Trustees, Master Servicers, and attorneys in fact, despite the fact that the money for loans was converted by those banks and covered up with a trail of paper that was garbage, despite the wholesale gutting of investors and homeowners alike, this appears to be the end of criminal prosecution even as the fraud continues.

THE FOLLOWING ARTICLE IS NOT A LEGAL OPINION UPON WHICH YOU CAN RELY IN ANY INDIVIDUAL CASE. HIRE A LAWYER.

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see http://www.vice.com/read/the-only-person-jailed-for-the-foreclosure-crisis-will-soon-go-free

The only thing they continue to get wrong is the presumption that the bank conduct was the result of negligence. There was no negligence. All the acts were the components of a carefully constructed criminal enterprise. And that is why 9 lawyers who were tasked with writing the documents for “securitization” quit. They refused to take part in what they called a criminal enterprise.

The truth is they rented the name of Linda Green to be used on tens of thousands of documents in order to distance the perpetrators from the actual fraud. This practice of “rent-a-name” is mirrored in the role of “Trustees” for “REMIC Trusts” that never conducted business, “Master Servicers”, “Subservicers” and others.

In a case I won last week with Patrick Giunta, a state court judge laid out the discrepancies and absence of any connection between the “evidence” and the myriad of companies meant to complicate the relationships such that piercing through the veil of fraud would be nearly impossible. But a very persistent Judge did it anyway — after painstakingly going through the documents and other evidence, while we waited nearly 2 hours for his decision.

Watch for my article on this when the case has been completed. Spoiler alert: Look carefully at the PSA on exhibit “A” and think about what was required to tie in the “MLS” (Mortgage Loan Schedule) with the PSA. The robo-witness was at best mistaken when he testified that the MLS, bearing no markings of any kind as to where it came from, was Exhibit “A” to the PSA “Trust Instrument.”And the presentation of the MLS was in direct conflict with what was written on “Exhibit “A”. What we have here is what I dubbed in 2008 “A holographic image of an empty paper bag.”

Here are some excerpts from the VICE article:

Brown was CEO of DocX, the third-party document-processing company that engineered the production of some 2 million fictitious mortgage assignments, often forged by people whose name didn’t match their signature, as a recent VICE investigation documented. These assignments were used as evidence in foreclosure cases nationwide beginning in the mid 2000s, leading to an untold number of people being ejected from their houses. Some 9 million Americans have surrendered their homes to banks since 2006, according to the Wall Street Journal, and the case that netted Lorraine Brown added to the evidence pile suggesting much of that misery was based on fraud.

Linda Green, a former shipping clerk for an auto-parts store, signed as the vice president of at least 20 other financial institutions, according to records compiled by Lynn Szymoniak, a whistleblower who wrote the fraud complaint that triggered the Jacksonville FBI investigation. But Green’s signatures all featured different styles of handwriting, because various people in the office wrote her signature on DocX mortgage assignments. According to a 60 Minutes profile from 2011, Green was selected to be the authorized bank officer because she had an easy-to-spell name.

Federal officials in Jacksonville believed that not only DocX, but their clients—the mortgage companies seeking false evidence—committed fraud by lacking a clear chain of title on millions of homes. And their superiors at FBI headquarters saw potential in the case, according to the FOIA documents. “If evidence collected shows intent to defraud investors by the real estate trusts, this matter has the potential to be a top ten Corporate Fraud case,” read one reply from the FBI’s Criminal Investigative Division that authorized additional resources to the Jacksonville office.

 

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