Foreclosure Fraud Expert Marie McDonnell Commends Attorney General Martha Coakley’s Lawsuit Against Banks and MERS

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Foreclosure Fraud Expert Marie McDonnell Commends Attorney General Martha Coakley’s Lawsuit Against Banks and MERS

Foreclosure Fraud Expert Marie McDonnell Commends Attorney General Martha Coakley’s Lawsuit Against Banks and MERS

Marie McDonnell, President of McDonnell Property Analytics, Inc., and a pioneer in exposing fraudulent and illegal practices in the mortgage industry through her forensic audits, today commends Attorney General Martha Coakley and her staff for filing a comprehensive lawsuit against Bank of America Corp., Wells Fargo & Co., J.P. Morgan Chase & Co., Citigroup, Ally Financial Inc., MERS and MERSCORP, Inc.

“Today, AG Coakley took strong and decisive action to enforce the rule of law and obtain meaningful
relief for Massachusetts consumers. As someone who has worked extensively with homeowners who
have faced the threat of foreclosure due to unforeseen circumstances such as illness and job loss, or
because they were intentionally victimized by these banks for profit motives, I feel it is imperative that
the banks be held responsible for the damage they have caused to people’s lives, their communities and
the Commonwealth at large. I applaud AG Coakley for having the courage to stand up to these rogues
and hold them accountable for what they have done, and I look forward to the relief and restitution that
this will bring families moving forward.”

McDonnell was tapped by John O’Brien, Register of the Essex Southern District Registry of Deeds in
Salem, to perform an in-depth forensic examination of assignments of mortgage recorded during 2010
to and from JPMorgan Chase Bank, N.A., Wells Fargo Bank, N.A., and Bank of America, N.A. to test the
transparency and integrity of his registry. The audit gained national attention and uncovered massive
fraud and defects in title, such as:

  • · Only 16% of all mortgage assignments examined are valid
  • · 75% of all assignments examined are invalid and 8.7% are questionable
  • · 27% of the invalid assignments are fraudulent, 35% are “robo-signed” and 10% violate the

Massachusetts Mortgage Fraud Statute.

  • · 683 assignments are missing, translating to approximately $180,000 in lost recording fees per

1,000 mortgages whose current ownership can be traced.

The audit also revealed the pervasive role of MERS in the mortgage industry:

  • · 46% of mortgages are MERS registered
  • · 47% are owned by Government Sponsored Enterprises (Fannie Mae, Freddie Mac, Ginnie Mae)
  • · Typically ownership of these mortgages is obscure

One little-known fact revealed by McDonnell’s audit is that when JPMorgan Chase Bank, N.A., Wells
Fargo Bank, N.A. and Bank of America, N.A. issue mortgage loans directly to consumers, they do not
register them into the MERS System. McDonnell also found that these banks do not record interim
assignments of mortgage and are in large part responsible for corrupting the chain of title in John
O’Brien’s registry.

McDonnell’s audit supports Attorney General Coakley’s allegations that these banks committed unlawful
foreclosures and engaged in deceptive practices.

McDonnell Property Analytics has and will continue to assist individual homeowners facing foreclosure
and the attorneys who represent them.

[ipaper docId=74648926 access_key=key-hy53up5vs4or89m2vcw height=600 width=600 /]

 

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One Response to “Foreclosure Fraud Expert Marie McDonnell Commends Attorney General Martha Coakley’s Lawsuit Against Banks and MERS”

  1. DANI says:

    god bless mass attorney general she is a hero that stand against the banksters fraud and protect the people of mass.
    when will nj aty general wake up and stop the fraud of the banks?
    when will nj judges start demanding banks to prove that they even own mortgages they attempt to forclose on?, and steal homes of people.
    in nj.when will nj court give due process of law to homeowners fighting the bank fraud?

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