AEQUITAS REPORT: FORECLOSURE IN CALIFORNIA A CRISIS OF COMPLIANCE

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AEQUITAS REPORT: FORECLOSURE IN CALIFORNIA A CRISIS OF COMPLIANCE

AEQUITAS REPORT: FORECLOSURE IN CALIFORNIA A CRISIS OF COMPLIANCE

1. Introduction

The City and County of San Francisco’s Office of the Assessor-Recorder retained Aequitas Compliance Solutions, Inc. to review 382 residential mortgage loan transactions (the “subject loans”) that resulted in foreclosure sales that occurred from January 2009 through October 2011.1 Over this period, there were 2,405 foreclosure sales. The subject loans thus represent approximately 16% of the total. (See Appendix B – Methodology.)

We analyzed the subject loans to determine the mortgage industry’s compliance with applicable laws. Specifically, we focused our analysis on important topics relating to six Subject Areas:

Assignments
Notice of Default
Substitution of Trustee
Notice of Trustee Sale
Suspicious Activities Indicative of
Potential Fraud
Conflicts Relating to MERS

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One Response to “AEQUITAS REPORT: FORECLOSURE IN CALIFORNIA A CRISIS OF COMPLIANCE”

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  1. [...] Posted on16 February 2012. Tags: 50 state settlement, Aequitas Report, assignment of mortgage, california, foreclosure fraud, gretchen morgenson, MERS, MORTGAGE ELECTRONIC REGISTRATION SYSTEMS INC., notice of default, remic, robo signing, securitization, SUBSTITUTE TRUSTEE SERVICES, trustee sale The robosigning itself and similar lack of internal controls are the small potatoes. There are much more serious things in the SF City Assessor report. [...]


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