FRAUD DIGEST: PROSECUTING MORTGAGE DOCUMENT FRAUD

Categorized | STOP FORECLOSURE FRAUD

FRAUD DIGEST: PROSECUTING MORTGAGE DOCUMENT FRAUD

FRAUD DIGEST: PROSECUTING MORTGAGE DOCUMENT FRAUD

PROSECUTING MORTGAGE DOCUMENT FRAUD

In the State of the Union address on January 24, 2012, President Barack Obama announced the creation of a special unit within the Financial Fraud Enforcement Taskforce to deal with mortgage origination and securitization abuses:

And tonight, I am asking my Attorney General to create a special unit of federal prosecutors and leading state attorneys general to expand our investigations into the abusive lending and packaging of risky mortgages that led to the housing crisis.

This new unit will hold accountable those who broke the law,
speed assistance to homeowners, and help turn the page on an
era of recklessness that hurt so many Americans.

The members of the new Mortgage Securitization Abuses Unit were
identified as New York Attorney General Eric Schneiderman; Assistant
U.S. Attorney General Lanny Breuer, who currently heads the Criminal
Division at the Department of Justice; Robert Khuzami, Director of
Enforcement at the SEC; John Walsh, U.S. Attorney, District of
Colorado; and Tony West, Assistant Attorney General, Civil Division,
Department of Justice.

Later in the evening, New York Attorney General Eric Schneiderman
released the following statement:

I would like to thank President Obama for his leadership in the
creation of a coordinated investigation that marshals state and
federal resources to bring justice for the victims of the
misconduct that caused the mortgage crisis.

In coordination with our federal partners, our office will
continue its steadfast commitment to holding those responsible
for the economic crisis accountable, providing meaningful relief
for homeowners commensurate with the scale of the
misconduct, and getting our economy moving again.

The American people deserve a robust and comprehensive
investigation into the global financial meltdown to ensure
nothing like it ever happens again, and today’s announcement
is a major step in the right direction.

New York Attorney General Schneiderman and Delaware Attorney
General Beau Biden have been among the most outspoken of those in
law enforcement regarding the prosecution of crimes relating to
mortgage securitization. In May, 2011, Attorney General
Schneiderman’s office announced probes of two Florida firms, Lender
Processing Services and Nationwide Title Clearing. This office also
announced probes into the mortgage securitization practices of major
investment banks Goldman Sachs, Morgan Stanley, Deutsche Bank
and UBS.

Attorneys General Schneiderman and Biden have repeatedly
announced their opposition to any grant of immunity from criminal
prosecution to those involved in illegal acts involving mortgage
securitization.

Fabrication of mortgage documents is one of the major
unaddressed crimes involving mortgage securitization. False
documents were created to convince homeowners that mortgagebacked
trusts owned their homes and had the legal right to foreclose.
Based on these documents, hundreds of thousands of homeowners
forfeited their homes. Every day, tens of thousands of homeowners
lose their battle to get local foreclosure judges to recognize that the
documents presented by the banks and mortgage companies are
fraudulent.

Those few County Recorders who have conducted in-depth
examinations of the documents have found widespread abuses that
occurred over at least seven years. County Recorders John O’Brien of
Massachusetts and Jeff Thigpen of North Carolina have declared their
offices as “crime scenes.”

These documents were created in large part because the mortgage
securitizers never obtained the mortgage documents they promised to
obtain. Investors and the SEC believed that the securitizers had
obtained properly endorsed mortgage notes and mortgage
assignments and had recorded every change of ownership on the
MERS system as promised.

“Providing meaningful relief for homeowners commensurate with
the scale of the misconduct” is a tremendous, but achievable goal.
Congratulations to Attorney General Schneiderman for setting this goal.

 

Scribd

© 2010-14 FORECLOSURE FRAUD | by DinSFLA. All rights reserved.






Comments

comments

Related posts:

  1. HUFFPO EXCLUSIVE: Obama To Announce Mortgage Crisis Unit Chaired By New York Attorney General Schneiderman Kinda wondering why Eric never filed a lawsuit? I’m trusting...
  2. Nice Try, President Obama. Breuer and Khuzami Have to Go. And Indictments Have to Be Immediate. You all should have seen twitter light up with all...
  3. Foreclosure Robo-Signing Deal Worries N.Y. Official – NPR I wasn’t willing to provide a release that … released...
  4. David Dayen | Foreclosure Fraud Settlement Terms Laid Out, But Holdout AGs Not Signed On FDL- By: David Dayen When I started digging into whether...
  5. Mortgage and Foreclosure Complaints Quadruple at MASS AG’s Office Now Ranks First in Number of Requests for Assistance to...

This post was written by:

- who has written 7013 posts on FORECLOSURE FRAUD | by DinSFLA.

CONTROL FRAUD | ‘If you don’t look; you don’t find, Wherever you look; you will find’ -William Black

Contact the author

3 Responses to “FRAUD DIGEST: PROSECUTING MORTGAGE DOCUMENT FRAUD”

  1. talkischeap says:

    Good luck with that. Huge difference between talk, and action…and “investigation” versus “prosecution”.

  2. ? fair game ? says:

    Lets not hold our breath about prosecutions. Now the new crimes are tow trucks sneaking around stealing cars. Time to talk about auto loan securitization…?

  3. Leah N Hollier says:

    I am begging everyone to please do what they can to get the word out on all of their Mortgage Fraud Websites. This is urgent as a Limited Power of Attorney from The Bank of New York Mellon has filed in the Harris County, TX Land and County Records which reads After Recording: Return to: LSI Title Agency, Inc 1525 W Walnut Hill Lane #300,Irving, TX 75038. Please email me @ dean_leah@yahoo.com so I can forward any attorney, Attorney General, this document which was filed December 6, 2012. The Bank of New York or somebody has gone and filed this document which will allow LSI Title Agency to take our homes because the Bank of New York Mellon states in this Limited Power of Attorney that the attorneys and agents have full power and authority to execute, acknowledge, seal and delivery deeds, deed of trust/mortgage note endorsements, assignments of deed of trust/mortgage and other recorded documents, tax authority notifications and other instruments of sale, conveyance and transfer, full or partial releases and subordinations, each appropriately completed, with all ordinary or necessary endorsements, acknowledgements, affidavits, and supporting documents as may be necessary and proper to effect the execution, delivery, conveyance, recordation or filing of said documents; execute and deliver affidavits of debt, substitutions of trustee, substitutions of counsel……………. Oh God please help us. Bank of New York
    attached Schedule 1 titled List of Pooling and Servicing Agreements which are all CWABS, and CWALT Pools. This was filed as I stated on December 6, 2012 in Harris County TX. I am under CWABS 2007-2 which is listed on the document. Bank of New York along with LSI Title Agency is going to try to take title to our properties of these securitized mortgages without notifying the borrowers. Please somebody email me so I can pass along this document before this gets totally out of control.

Trackbacks/Pingbacks


Leave a Reply

GARY DUBIN LAW OFFICES FORECLOSURE DEFENSE HAWAII and CALIFORNIA
Chip Parker, www.jaxlawcenter.com
RR Compliance Consulting Inc was established to provide training and support services to the Loss Mitigation Consulting Community.  There is a huge void in the market for this training since those who are truly practicing in the field have neither the time nor interest in providing this training.
Jamie Ranney, www.NantucketLaw.pro
LATEST TOP FORECLOSURE FRAUD CASES OPINIONS
Advertise your business on StopForeclosureFraud.com

Archives