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FL FORECLOSURE “GROSS” RUBBER STAMP REVERSED! 5th DCA Wells Fargo vs. Lupica 6/2010

FL FORECLOSURE “GROSS” RUBBER STAMP REVERSED! 5th DCA Wells Fargo vs. Lupica 6/2010

We find that the denial of these motions constituted a gross abuse of discretion, we reverse.

[ipaper docId=33016514 access_key=key-xmq2izaefqys3tk7jfz height=600 width=600 /]

© 2010-19 FORECLOSURE FRAUD | by DinSFLA. All rights reserved.



Posted in case, foreclosure, foreclosure fraud, foreclosures, reversed court decision, wells fargo0 Comments

OMG!! Want to leave your mortgage behind and make $10K in less than 30 days?

OMG!! Want to leave your mortgage behind and make $10K in less than 30 days?

6/9/2010 by DinSFLA

This week Housingwire wrote an article about how Bank of America is putting short sales ahead of REO’s. Matt Vernon, who is the short sale and REO executive at BOF made this statement.

“We’re going to do everything possible to liquidate property prior to foreclosure,” Vernon said. “REO will still be available, but we will do everything we can to do short sales.” Vernon said the goal is to get as close to market value as possible, or even over market value. “Short sales is not an investment strategy to get homes on the cheap,” he said.

He added that agents who want a part of that market need to make short sales a major part of their business strategy through 2010 and into 2011.

Does he even have the slightest clue as to what these short sales have done to many agents? Well let me explain in one word…FORECLOSURE!

Why? You may ask. Simply because BOF like many others took their sweet ole, no good, money hungry ass time, I mean 6-12 months to get approvals and by this time anxious buyers lost their financing not once but maybe 3-4 times.

Last week The Wall Street Journal got an overwhelming viewer response on David Streitfeld’s article Owners Stop Paying Mortgages, and Stop Fretting, which leads me to my point.

Are banks growing desperate and concerned that if people begin to walk a way, this will turn them into toast? I’m afraid so.

Well to make another point. A friend of mine in New York got this letter (below) from Wells Fargo asking them if they want to leave their existing mortgage behind? In return Wells with their “direct transfer option” will let you walk a way with $10,000.00! Basically sign, transfer over the title.

Only there is 34 problems, you see there is a video going around that shows how to Cash Out Before You Dash Out…34 ways to make $39K before giving back the house!

I think Wells Fargo needs to step it up a little. Perhaps they lost your note!

Wells Fargo Letter:

© 2010-19 FORECLOSURE FRAUD | by DinSFLA. All rights reserved.



Posted in Bank Owned, deed in lieu, foreclosure, foreclosures, wells fargo0 Comments

Tracking Loans Through a Firm That Holds Millions: MERS

Tracking Loans Through a Firm That Holds Millions: MERS

Kevin P. Casey for The New York Times: Darlene and Robert Blendheim of Seattle are struggling to keep their home after their subprime lender went out of business.

By MIKE McINTIRE NYTimes
Published: April 23, 2009

Judge Walt Logan had seen enough. As a county judge in Florida, he had 28 cases pending in which an entity called MERS wanted to foreclose on homeowners even though it had never lent them any money.

Into the Mortgage NetherworldGraphicInto the Mortgage Netherworld

MERS, a tiny data-management company, claimed the right to foreclose, but would not explain how it came to possess the mortgage notes originally issued by banks. Judge Logan summoned a MERS lawyer to the Pinellas County courthouse and insisted that that fundamental question be answered before he permitted the drastic step of seizing someone’s home.

Daniel Rosenbaum for The New York Times R. K. Arnold, MERS president, said the company helped reduce mortgage fraud and imposed order on the industry.

“You don’t think that’s reasonable?” the judge asked.

“I don’t,” the lawyer replied. “And in fact, not only do I think it’s not reasonable, often that’s going to be impossible.”

Judge Logan had entered the murky realm of MERS. Although the average person has never heard of it, MERS — short for Mortgage Electronic Registration Systems — holds 60 million mortgages on American homes, through a legal maneuver that has saved banks more than $1 billion over the last decade but made life maddeningly difficult for some troubled homeowners.

Created by lenders seeking to save millions of dollars on paperwork and public recording fees every time a loan changes hands, MERS is a confidential computer registry for trading mortgage loans. From an office in the Washington suburbs, it played an integral, if unsung, role in the proliferation of mortgage-backed securities that fueled the housing boom. But with the collapse of the housing market, the name of MERS has been popping up on foreclosure notices and on court dockets across the country, raising many questions about the way this controversial but legal process obscures the tortuous paths of mortgage ownership.

If MERS began as a convenience, it has, in effect, become a corporate cloak: no matter how many times a mortgage is bundled, sliced up or resold, the public record often begins and ends with MERS. In the last few years, banks have initiated tens of thousands of foreclosures in the name of MERS — about 13,000 in the New York region alone since 2005 — confounding homeowners seeking relief directly from lenders and judges trying to help borrowers untangle loan ownership. What is more, the way MERS obscures loan ownership makes it difficult for communities to identify predatory lenders whose practices led to the high foreclosure rates that have blighted some neighborhoods.

In Brooklyn, an elderly homeowner pursuing fraud claims had to go to court to learn the identity of the bank holding his mortgage note, which was concealed in the MERS system. In distressed neighborhoods of Atlanta, where MERS appeared as the most frequent filer of foreclosures, advocates wanting to engage lenders “face a challenge even finding someone with whom to begin the conversation,” according to a report by NeighborWorks America, a community development group.

To a number of critics, MERS has served to cushion banks from the fallout of their reckless lending practices.

“I’m convinced that part of the scheme here is to exhaust the resources of consumers and their advocates,” said Marie McDonnell, a mortgage analyst in Orleans, Mass., who is a consultant for lawyers suing lenders. “This system removes transparency over what’s happening to these mortgage obligations and sows confusion, which can only benefit the banks.”

A recent visitor to the MERS offices in Reston, Va., found the receptionist answering a telephone call from a befuddled borrower: “I’m sorry, ma’am, we can’t help you with your loan.” MERS officials say they frequently get such calls, and they offer a phone line and Web page where homeowners can look up the actual servicer of their mortgage.

In an interview, the president of MERS, R. K. Arnold, said that his company had benefited not only banks, but also millions of borrowers who could not have obtained loans without the money-saving efficiencies it brought to the mortgage trade. He said that far from posing a hurdle for homeowners, MERS had helped reduce mortgage fraud and imposed order on a sprawling industry where, in the past, lenders might have gone out of business and left no contact information for borrowers seeking assistance.

“We’re not this big bad animal,” Mr. Arnold said. “This crisis that we’ve had in the mortgage business would have been a lot worse without MERS.”

About 3,000 financial services firms pay annual fees for access to MERS, which has 44 employees and is owned by two dozen of the nation’s largest lenders, including Citigroup, JPMorgan Chase and Wells Fargo. It was the brainchild of the Mortgage Bankers Association, along with Fannie MaeFreddie Mac and Ginnie Mae, the mortgage finance giants, who produced a white paper in 1993 on the need to modernize the trading of mortgages.

At the time, the secondary market was gaining momentum, and Wall Street banks and institutional investors were making millions of dollars from the creative bundling and reselling of loans. But unlike common stocks, whose ownership has traditionally been hidden, mortgage-backed securities are based on loans whose details were long available in public land records kept by county clerks, who collect fees for each filing. The “tyranny of these forms,” the white paper said, was costing the industry $164 million a year.

“Before MERS,” said John A. Courson, president of the Mortgage Bankers Association, “the problem was that every time those documents or a file changed hands, you had to file a paper assignment, and that becomes terribly debilitating.”

Although several courts have raised questions over the years about the secrecy afforded mortgage owners by MERS, the legality has ultimately been upheld. The issue has surfaced again because so many homeowners facing foreclosure are dealing with MERS.

Advocates for borrowers complain that the system’s secrecy makes it impossible to seek help from the unidentified investors who own their loans. Avi Shenkar, whose company, the GMA Modification Corporation in North Miami Beach, Fla., helps homeowners renegotiate mortgages, said loan servicers frequently argued that “investor guidelines” prevented them from modifying loan terms.

“But when you ask what those guidelines are, or who the investor is so you can talk to them directly, you can’t find out,” he said.

MERS has considered making information about secondary ownership of mortgages available to borrowers, Mr. Arnold said, but he expressed doubts that it would be useful. Banks appoint a servicer to manage individual mortgages so “investors are not in the business of dealing with borrowers,” he said. “It seems like anything that bypasses the servicer is counterproductive,” he added.

When foreclosures do occur, MERS becomes responsible for initiating them as the mortgage holder of record. But because MERS occupies that role in name only, the bank actually servicing the loan deputizes its employees to act for MERS and has its lawyers file foreclosures in the name of MERS.

The potential for confusion is multiplied when the high-tech MERS system collides with the paper-driven foreclosure process. Banks using MERS to consummate mortgage trades with “electronic handshakes” must later prove their legal standing to foreclose. But without the chain of title that MERS removed from the public record, banks sometimes recreate paper assignments long after the fact or try to replace mortgage notes lost in the securitization process.

This maneuvering has been attacked by judges, who say it reflects a cavalier attitude toward legal safeguards for property owners, and exploited by borrowers hoping to delay foreclosure. Judge Logan in Florida, among the first to raise questions about the role of MERS, stopped accepting MERS foreclosures in 2005 after his colloquy with the company lawyer. MERS appealed and won two years later, although it has asked banks not to foreclose in its name in Florida because of lingering concerns.

Last February, a State Supreme Court justice in Brooklyn, Arthur M. Schack, rejected a foreclosure based on a document in which a Bank of New York executive identified herself as a vice president of MERS. Calling her “a milliner’s delight by virtue of the number of hats she wears,” Judge Schack wondered if the banker was “engaged in a subterfuge.”

In Seattle, Ms. McDonnell has raised similar questions about bankers with dual identities and sloppily prepared documents, helping to delay foreclosure on the home of Darlene and Robert Blendheim, whose subprime lender went out of business and left a confusing paper trail.

“I had never heard of MERS until this happened,” Mrs. Blendheim said. “It became an issue with us, because the bank didn’t have the paperwork to prove they owned the mortgage and basically recreated what they needed.”

The avalanche of foreclosures — three million last year, up 81 percent from 2007 — has also caused unforeseen problems for the people who run MERS, who take obvious pride in their unheralded role as a fulcrum of the American mortgage industry.

In Delaware, MERS is facing a class-action lawsuit by homeowners who contend it should be held accountable for fraudulent fees charged by banks that foreclose in MERS’s name.

Sometimes, banks have held title to foreclosed homes in the name of MERS, rather than their own. When local officials call and complain about vacant properties falling into disrepair, MERS tries to track down the lender for them, and has also created a registry to locate property managers responsible for foreclosed homes.

“But at the end of the day,” said Mr. Arnold, president of MERS, “if that lawn is not getting mowed and we cannot find the party who’s responsible for that, I have to get out there and mow that lawn.”

Posted in CitiGroup, concealment, conspiracy, fannie mae, foreclosure, foreclosure fraud, foreclosure mills, forensic loan audit, forensic mortgage investigation audit, Freddie Mac, investigation, jpmorgan chase, judge arthur schack, MERS, mortgage bankers association, MORTGAGE ELECTRONIC REGISTRATION SYSTEMS INC., Mortgage Foreclosure Fraud, mortgage modification, note, R.K. Arnold, securitization, wells fargo0 Comments

Bank Fails to Rebut Satisfaction’s Validity Created By Notary’s Acknowledgment; FORECLOSURE DENIED! -Wells Fargo Bank NA v. Moise

Bank Fails to Rebut Satisfaction’s Validity Created By Notary’s Acknowledgment; FORECLOSURE DENIED! -Wells Fargo Bank NA v. Moise

Via: FRAUD DIGEST

ROBO-SIGNER

The trial court opinion was published in the New York Law Journal.

KINGS COUNTY
Real Property
Bank Fails to Rebut Satisfaction’s Validity Created By Notary’s Acknowledgment; Foreclosure Denied

Wells Fargo Bank NA v. Moise

Defendants seek summary judgment based on the fact that Plaintiff has not shown a valid assignment of the mortgage and note.

Plaintiff originally submitted an assignment of the mortgage dated April 30, 2009. The assignment was signed by Yolanda Williams, Assistant Secretary of Mortgage Electronic Systems, Inc..  However, the notary public’s acknowledgement states that she witnessed and acknowledged the signature of Herman John Kennerty, whose name does not appear anywhere on the document.

Plaintiff acknowledges that there was a mistake on the assignment and argues the mistake was de minimis not curat lex.  It also argues that the Court should simply replace the defective assignment with the correction assignment, and proceed with its action.  In fact, the error was not de minimis as the signature of the purported assignor was not acknowledged, rendering the assignment a nullity.

A simple typographical error can be amended, but a failure to properly acknowledge the signature of a person who signed the instrument cannot be. No affidavit is submitted either Yolanda Williams or the notary Lisa Rhyne explaining what the alleged error was or how it occurred. In fact, the so called “correction” assignment in fact is acknowledged by a different notary on a different date.

© 2010-19 FORECLOSURE FRAUD | by DinSFLA. All rights reserved.



Posted in conspiracy, dismissed, foreclosure, foreclosure fraud, forensic loan audit, forensic mortgage investigation audit, Lynn Szymoniak ESQ, MERS, MORTGAGE ELECTRONIC REGISTRATION SYSTEMS INC., Mortgage Foreclosure Fraud, reversed court decision, robo signer, robo signers, wells fargo1 Comment

WELLS FARGO to some…HELLS FARGOT to OTHERS! Tenants of foreclosed places with no heat or hot water, with bugs, with ceilings falling down, with mold, that's called a hole.

WELLS FARGO to some…HELLS FARGOT to OTHERS! Tenants of foreclosed places with no heat or hot water, with bugs, with ceilings falling down, with mold, that's called a hole.

Little do these people know…these banks do not care one bit! They surely didn’t care to help the owners when they had it. Only until the complaints pour in do they attempt “Damage control”!

Come here and voice your anger! … Everyone mentioned sure does stop here daily.

 

By Eileen Markey

New Legal Push For Foreclosure Victims: CITYLIMITS

Tenants have a message for the bank that holds mortgages on 10 Bronx buildings that have gone into foreclosure and disrepair: You own it, you fix it.

Thursday, Apr 22, 2010

Tenants at 3018 Heath Avenue and nine other buildings in the The Bronx have had enough. After living for years with roaches, rats, sagging ceilings, broken plumbing and long stretches without heat or hot water, they are demanding the bank that owns their buildings make repairs. The city’s Department of Housing Preservation and Development lists 756 immediately hazardous C violations against the 10 buildings.

When you live in a place with no heat or hot water, with bugs, with ceilings falling down, with mold, that’s called a hole. People should live in a home,” said Yorman Nunez, a board member of the NorthWest Bronx Community and Clergy Coalition, which helped organize the tenants. “Wells Fargo is just letting this happen.”

Wells Fargo, and its special servicer LNR Partners Inc., control the trust that holds the mortgage on the buildings. 3018 Heath Ave. and nine other buildings, formerly owned by private equity backed investor Milbank Real Estate, went into foreclosure in March 2009. Since then, tenants have been unable to get repairs, and uncertain who is in charge. So on Wednesday Legal Services NYC filed a motion in the ongoing foreclosure proceeding, begging the judge to make the bank take care of the building and its tenants while the foreclosure process continues.

The tenants position was neatly summed up in a hand-lettered sign that read: “You lend it, you mend it.”

Elected officials underscored the point.

“The lender is now the owner. They have a responsibility to maintain these buildings,” said Bronx Borough President Ruben Diaz Jr. “If Milbank couldn’t pay their mortgage, the lender, which is now the landlord, has to step up to the plate.”

In addition to Diaz, tenants were joined by City Council Speaker Christine Quinn, City Councilmember Fernando Cabrera and representatives from U.S. Rep. Jose Serrano’s office.

Stepping into a foreclosure case to seek relief for tenants is a new legal strategy, said Ed Josephson, housing coordinator for Legal Services NYC. He is one of the attorney’s working on the case. The idea is to go straight to the bank that gave the mortgage–or bought it via a mortgage-backed security–to push for repairs.

“We know what will happen when we get into court,” he said. “Everybody is going to say that they don’t have any responsibility. They structure things on purpose to avoid liability. But the point is there will be a lot of pressure on all these banks to fork of the money because they created this disaster.”

The Milbank properties are only a handful of the hundreds of rental buildings in the five boroughs that housing experts say are teetering near fiscal collapse. Bought in the heady days of the real estate boom for far more than their rents could support, and leveraged with sky-high mortgages, the buildings are going into foreclosure. Tenants, meanwhile, are left in a lurch. The Urban Homesteading Assistance Board, which has been working on issues of over-leveraged buildings since 2006, released a seven-page list of buildings it said are at risk of default.

Quinn said she knows the Milbank buildings are not isolated disasters. “We are working closely through the distressed property taskforce and we will look at other buildings where this type of lawsuit makes sense,” she said.

A hearing on the motion is scheduled for May 10 in Bronx Supreme Court.

LNR Partners declined, through a spokesperson, to comment.

Posted in foreclosure, wells fargo0 Comments

Wells Fargo Assignment to Deutsche Bank violation CC 1095, attorney in fact violation.

Wells Fargo Assignment to Deutsche Bank violation CC 1095, attorney in fact violation.

Via: b.daviesmd6605

The assignment Wells Fargo did for Deutsche Bank. Note on the assignment it says, ” Wells Fargo N.A. Attorney-in-fact for New Century Mortgage Corporation” — this violated California Civil Code 1095. It is suppose to say, “New Century Mortgage Corporation, by Wells Fargo N.A. as Attorney In Fact”

California Civil Code says Civil Code Section 1095 says, ” “When an attorney in fact executes an instrument transferring an estate in real property, he must subscribe the name of his principal to it, and his own name as attorney in fact.”

There is a case, Hodge v. Hodge, 257 Cal. App. 2d 31 (1967), which says that if this is not followed exactly, the transfer is void. And obviously the judge agreed (thank goodness).

They don’t have a power of attorney to go with this assignment either! In discovery they gave us one that was done three months after the assignment; and six months after the NOD.

[ipaper docId=30455767 access_key=key-18e29jr634qn1gwy27o8 height=600 width=600 /]

  • CCC 1095 When an attorney in fact executes an instrument transferring an estate in real property, they must subscribe the name of his principal to it, and his own name as attorney in fact.

Plaintiff correctly asserts that this assignment is invalid for the reason it violates CC § 1095, in that it was executed solely by BANK 1 as attorney-in-fact for BANK X, without subscribing BANK 1 name. See Morrison v. Bowman (1865) 29 Cal. 337, 341, 352; Mitchell v. Benjamin Franklin Bond & Indem. Corp. (1936) 13 Cal.App.2d 447, 448.


© 2010-19 FORECLOSURE FRAUD | by DinSFLA. All rights reserved.



Posted in conspiracy, dinsfla, foreclosure fraud, note, wells fargo0 Comments

Bank of America, Wells Fargo probably won't pay income tax for 2009: THANKS TO TRAP…I MEAN TARP!

Bank of America, Wells Fargo probably won't pay income tax for 2009: THANKS TO TRAP…I MEAN TARP!

Bank of America, Wells Fargo probably won’t pay income tax for 2009

Annual reports suggest BofA and Wells Fargo won’t have to pay federal income taxes for 2009.
By Christina Rexrode
crexrode@charlotteobserver.com
Posted: Friday, Mar. 26, 2010

This tax season will be kind to Bank of America and Wells Fargo: It appears that neither bank will have to pay federal income taxes for 2009.

Bank of America probably won’t pay federal taxes because it lost money in the U.S. for the year. Wells Fargo was profitable, but can write down its tax bill because of losses at Wachovia, which it rescued from a near collapse.

The idea of the country’s No. 1 and No. 4 banks not paying federal income taxes may be anathema to millions of Americans who are grumbling as they fill out their own tax forms this month. But tax experts say the banks’ situation is hardly unique.

“Oh, yeah, this happens all the time,” said Robert Willens, an expert on tax accounting who runs a New York firm with the same name. “Especially now, with companies suffering such severe losses.”

Bob McIntyre, at Citizens for Tax Justice, said he opposes the government giving corporations such a break.

“If you go out and try to make money and you don’t do it, why should the government pay you for your losses?” McIntyre said. “It’s as simple as that.”

For 2009, Bank of America netted a $2.3 billion benefit related to income taxes, according to its annual report: It had a benefit of $3.6 billion from the federal government, and an expense of $1.3 billion that it paid to different state and foreign governments.

It’s not unusual for a company’s debt to the federal government to vary widely from its debt to state governments, as appears to be the case with Bank of America, said Douglas Shackelford, a tax professor at UNC Chapel Hill.

The federal government often offers more tax deductions than the states; for example, Bank of America wrote down its federal taxable income with credits from low-income housing and losses on foreign subsidiary stock.

Company tax returns aren’t public, so it’s difficult to say for certain how much a company pays to, or receives from, tax coffers in any year .

The bank’s $3.6 billion current federal tax benefit for 2009 came in a year when it lost $1 billion in the U.S., according to its latest annual report. For the previous year, when the bank had profits of $3.3 billion in the U.S., it listed a current federal tax expense of $5.1 billion.

Wells Fargo was profitable in 2009, with $8 billion in earnings applicable to common shareholders. But its tax payments were reduced because of Wachovia’s losses.

Wells netted an overall tax benefit of $4.1 billion in 2009. It got a benefit worth nearly $4 billion from the federal government, and another worth $334 million from state governments. It had an expense of $164 million in foreign taxes. Wells did record an overall income tax expense of $5.3 billion, but that was offset by the tax benefits of the Wachovia losses.

Tax breaks and stimulus

The topic of corporate tax breaks has gained buzz recently because of a provision in the 2009 stimulus bill, which allows companies to “carry back” their losses for 2008 and 2009 to the previous five years, instead of just the previous two years. Homebuilders and other industries that suffered big losses in 2008 and 2009, but made a lot of money in the years before that, stand to gain billions in refunds. However, the stimulus bill provision does not apply for Bank of America and Wells Fargo, because companies that received TARP loans are ineligible.

UNC’s Shackelford said the argument for carrybacks stems from the belief that it’s “arbitrary” that taxes are collected on an annual basis.

“There’s no reason we couldn’t collect them on a monthly basis or a two-year basis. Then your losses and gains would be offset over the period,” he said. “The carryback enables you to not be penalized because your losses got bunched in a different year from your gains.”

The stimulus bill provision, he said, was helped by business lobbying. “There’s an awful lot of companies that paid a lot of taxes in the 2004 period, then they lost a lot of money, and they went to their legislators and said, ‘Please help us,'” Shackelford said.

McIntyre, at Citizens for Tax Justice, co-authored a report in 2004 related to carrybacks, after the Bush administration expanded many corporate tax breaks. The report examined 275 of the country’s largest companies and found that nearly one-third paid no federal income taxes in at least one year from 2001 to 2003. The companies overall were profitable in those years, but took advantage of tax breaks.

“If you or I lose money in the stock market, we don’t get to carry back our losses to any significant degree,” said McIntyre. His group works on closing tax breaks for corporations.

“Getting a refund from the past, that’s just weird,” he added.

Read more: www.charlotteobserver.com/2010/03/26/1337021/billions-in-tax-benefits-for-banks.html#ixzz0jUTUfF0A

Posted in bank of america, wells fargo0 Comments

To ROB a COUNTRY, OWN a BANK: William Black

To ROB a COUNTRY, OWN a BANK: William Black

William Black, author of “Best way to rob a bank is to own one” talks about deliberate fraud on Wall St. courtesy of TheRealNews

[youtube=http://www.youtube.com/watch?v=sA_MkJB84VA]

[youtube=http://www.youtube.com/watch?v=ISsR7ZiWlsk]

Stop trying to get through the front door…use the back door…Get a Forensic Audit!

Not all Forensic Auditors are alike! FMI may locate exactly where the loan sits today.

 

This will make your lender WANT to communicate with you. Discover what they don’t want you to know. Go back in time and start from the minute you might have seen advertisements that got you hooked ” No Money Down” “100% Financing” “1% interest” “No income, No assetts” NO PROBLEM! Were you given proper disclosures on time, proper documents, was your loan broker providing you fiduciary guidance or did they hide undisclosed fees from you? Did they conceal illegal kickbacks? Did your broker tell you “Don’t worry before your new terms come due we will refinance you”? Did they inflate your appraisal? Did the developer coerce you to *USE* a certain “lender” and *USE* a certain title company?

If so you need a forensic audit. But keep in mind FMI:

DO NOT STOP FORECLOSURE

DO NOT NEGOTIATE ON YOUR BEHALF WITH YOUR BANK OR LENDER

DO NOT MODIFY YOUR LOAN

DO NOT TAKE CASES that is upto your attorney!

FMI does however, provide your Attorney with AMMO to bring your Lender into the negotiation table.

Posted in bank of america, bernanke, chase, citi, concealment, conspiracy, corruption, fdic, FED FRAUD, federal reserve board, FOIA, foreclosure mills, forensic mortgage investigation audit, fraud digest, freedom of information act, G. Edward Griffin, geithner, indymac, jpmorgan chase, lehman brothers, Lynn Szymoniak ESQ, MERS, Mortgage Foreclosure Fraud, nina, note, onewest, scam, siva, tila, title company, wachovia, washington mutual, wells fargo0 Comments

Fed Ends Bank Exemption Aimed at Boosting Mortgage Liquidity: Bloomberg

Fed Ends Bank Exemption Aimed at Boosting Mortgage Liquidity: Bloomberg

By Craig Torres

March 20 (Bloomberg) — The Federal Reserve Board removed an exemption it had given to six banks at the start of the crisis in 2007 aimed at boosting liquidity in financing markets for securities backed by mortgage- and asset-backed securities.

The so-called 23-A exemptions, named after a section of the Federal Reserve Act that limits such trades to protect bank depositors, were granted days after the Fed cut the discount rate by half a percentage point on Aug. 17, 2007. Their removal, announced yesterday in Washington, is part of a broad wind-down of emergency liquidity backstops by the Fed as markets normalize.

The decision in 2007 underscores how Fed officials defined the mortgage-market disruptions that year as partly driven by liquidity constraints. In hindsight, some analysts say that diagnosis turned out to be wrong.

“It was a way to prevent further deleveraging of the financial system, but that happened anyway,” said Dino Kos, managing director at Portales Partners LLC and former head of the New York Fed’s open market operations. “The underlying problem was solvency. The Fed was slow to recognize that.”

The Fed ended the exemptions in nearly identical letters to the Royal Bank of Scotland Plc, Bank of America Corp., Citigroup Inc., JPMorgan Chase & Co., Deutsche Bank AG, and Barclays Bank Plc posted on its Web site.

Backstop Liquidity

The Fed’s intent in 2007 was to provide backstop liquidity for financial markets through the discount window. In a chain of credit, investors would obtain collateralized loans from dealers, dealers would obtain collateralized loans from banks, and then banks could pledge collateral to the Fed’s discount window for 30-day credit. In Citigroup’s case, the exemption allowed such lending to its securities unit up to $25 billion.

“The goal was to stop the hemorrhaging of risk capital,” said Lou Crandall, chief economist at Wrightson ICAP LLC in Jersey City, New Jersey. “Investors were being forced out of the securities market because they couldn’t fund their positions, even in higher-quality assets in some cases.”

Using mortgage bonds without government-backed guarantees as collateral for private-market financing began to get more difficult in August 2007 following the collapse of two Bear Stearns Cos. hedge funds.

As terms for loans secured by mortgage bonds got “massively” tighter, haircuts, or the excess in collateral above the amount borrowed, on AAA home-loan securities rose that month from as little as 3 percent to as much as 10 percent, according to a UBS AG report.

Lehman Collapse

By February 2008, haircuts climbed to 20 percent, investor Luminent Mortgage Capital Inc. said at the time. After Lehman Brothers Holdings Inc. collapsed in September 2008, the loans almost disappeared.

“These activities were intended to allow the bank to extend credit to market participants in need of short-term liquidity to finance” holdings of mortgage loans and asset- backed securities, said the Fed board’s letter dated yesterday to Kathleen Juhase, associate general counsel of JPMorgan. “In light of this normalization of the term for discount window loans, the Board has terminated the temporary section 23-A exemption.”

The “normalization” refers to the Fed’s reduction in the term of discount window loans to overnight credit starting two days ago from a month previously.

The Fed eventually loaned directly to securities firms and opened the discount window to primary dealers in March 2008. Borrowings under the Primary Dealer Credit Facility soared to $146.5 billion on Oct. 1, 2008, following the collapse of Lehman Brothers two weeks earlier. Borrowings fell to zero in May 2009. The Fed closed the facility last month, along with three other emergency liquidity backstops.

Discount Rate

The Fed also raised the discount rate a quarter point in February to 0.75 percent, moving it closer to its normal spread over the federal funds rate of 1 percentage point.

The one interest rate the Fed hasn’t changed since the depths of the crisis is the benchmark lending rate. Officials kept the target for overnight loans among banks in a range of zero to 0.25 percent on March 16, where it has stood since December 2008, while retaining a pledge to keep rates low “for an extended period.”

Removing the 23-A exemptions shows the Fed wants to get “back to normal,” said Laurence Meyer, a former Fed governor and vice chairman of Macroeconomic Advisers LLC in Washington. “Everything has gone back to normal except monetary policy.”

To contact the reporters on this story: Craig Torres in Washington at ctorres3@bloomberg.net

Last Updated: March 20, 2010 00:00 EDT

Posted in bank of america, bear stearns, bernanke, bloomberg, chase, citi, concealment, conspiracy, corruption, Dick Fuld, fdic, FED FRAUD, federal reserve board, FOIA, forensic mortgage investigation audit, freedom of information act, G. Edward Griffin, geithner, jpmorgan chase, lehman brothers, note, RON PAUL, scam, washington mutual, wells fargo0 Comments

HARVARD LAW AND ECONOMIC ISSUES IN SUBPRIME LITIGATION 2008

HARVARD LAW AND ECONOMIC ISSUES IN SUBPRIME LITIGATION 2008

This in combination with A.K. Barnett-Hart’s Thesis make’s one hell of a Discovery.

 
LEGAL AND ECONOMIC ISSUES IN
SUBPRIME LITIGATION
Jennifer E. Bethel*
Allen Ferrell**
Gang Hu***
 

Discussion Paper No. 612

03/2008

Harvard Law School Cambridge, MA 02138

 

 ABSTRACT

This paper explores the economic and legal causes and consequences of recent difficulties in the subprime mortgage market. We provide basic descriptive statistics and institutional details on the mortgage origination process, mortgage-backed securities (MBS), and collateralized debt obligations (CDOs). We examine a number of aspects of these markets, including the identity of MBS and CDO sponsors, CDO trustees, CDO liquidations, MBS insured and registered amounts, the evolution of MBS tranche structure over time, mortgage originations, underwriting quality of mortgage originations, and write-downs of investment banks. In light of this discussion, the paper then addresses questions as to how these difficulties might have not been foreseen, and some of the main legal issues that will play an important role in the extensive subprime litigation (summarized in the paper) that is underway, including the Rule 10b-5 class actions that have already been filed against the investment banks, pending ERISA litigation, the causes-of-action available to MBS and CDO purchasers, and litigation against the rating agencies. In the course of this discussion, the paper highlights three distinctions that will likely prove central in the resolution of this litigation: The distinction between reasonable ex ante expectations and the occurrence of ex post losses; the distinction between the transparency of the quality of the underlying assets being securitized and the transparency as to which market participants are exposed to subprime losses; and, finally, the distinction between what investors and market participants knew versus what individual entities in the structured finance process knew, particularly as to macroeconomic issues such as the state of the national housing market. ex ante expectations and the occurrence of ex post losses; the distinction between the transparency of the quality of the underlying assets being securitized and the transparency as to which market participants are exposed to subprime losses; and, finally, the distinction between what investors and market participants knew versus what individual entities in the structured finance process knew, particularly as to macroeconomic issues such as the state of the national housing market. 

 continue reading the paper harvard-paper-diagrams

 
 

 

Posted in bank of america, bear stearns, bernanke, chase, citi, concealment, conspiracy, corruption, credit score, Dick Fuld, FED FRAUD, G. Edward Griffin, geithner, indymac, jpmorgan chase, lehman brothers, mozillo, naked short selling, nina, note, scam, siva, tila, wachovia, washington mutual, wells fargo1 Comment

Michael Lewis: How a Few Wall Street Outsiders Scored Shorting Real Estate Before the Collapse

Michael Lewis: How a Few Wall Street Outsiders Scored Shorting Real Estate Before the Collapse

This is worth the time to read and watch

By Damien Hoffman The Wall St. Cheat

Posted on March 14 2010

Michael Lewis’s new book, The Big Short: Inside the Doomsday Machine,is already #1 at Amazon. Tonight he had some very cool interviews on 60 Minutes discussing how a few Wall Street outsiders made billions shorting real estate, his thoughts on Wall Street bonuses, and more. These videos are highly recommended now that the NCAA brackets are out and the tournaments are over until Thursday:

Go HERE for the powerful videos

Posted in bank of america, bear stearns, bernanke, chase, citi, concealment, conspiracy, corruption, FED FRAUD, foreclosure fraud, forensic mortgage investigation audit, G. Edward Griffin, geithner, george soros, hank paulson, indymac, jpmorgan chase, lehman brothers, michael dell, mozillo, naked short selling, nina, note, onewest, RON PAUL, scam, siva, steven mnuchin, tila, wachovia, washington mutual, wells fargo0 Comments

Pro Se Litigant’s Eloquence on MERS Split of Note and Mortgage

Pro Se Litigant’s Eloquence on MERS Split of Note and Mortgage

Pro Se Litigant’s Eloquence on MERS Split of Note and Mortgage
Posted on March 13, 2010 by Neil Garfield

A pattern with Wells Fargo that we have seen is that they make the representation that they are the holder of the note and the investor,which is a blatant lie in most cases. Then AFTER they get the order they want, they admit that through “inadvertence” they misrepresented the facts to the court. Then they say it is not a material misrepresentation and they produce some additional fabricated documents like a limited power of attorney which upon close reading grants nothing to anyone, is subject to many conditions that are not readily determinable and is signed by party of dubious authority and dated under questionable circumstances (if the document existed before why didn’t they use it?). Editor’s Note: I think the following addresses the MERS and nominee issue very well. The entire proceedings can be seen at delasallemtdargument.

The very basic question that ought to be asked is why any of these intermediaries exist. When you think about it, there can only be one reason: to hide what they are really doing and to provide a mechanism to diminish the possibility of multiple claims from multiple participants in the securitization chain. Nobody needed MERS or any of these other foreclosure entities when the identity of the creditor/lender was clear.

Now they don’t want it clear. The success of foreclosure in both non-judicial and judicial states depends entirely on creating the appearance of propriety through a maze of unnecessary entities whose sole purpose is to provide plausible deniability to the pretender lenders if and when it comes to light that the wrong party is attempting to foreclose and they are doing it contrary tot he interests of the real creditors (investors) and contrary to the interests of the homeowners who are now subject to financial double or multiple jeopardy.

A pattern with Wells Fargo that we have seen is that they make the representation that they are the holder of the note and the investor,which is a blatant lie in most cases. Then AFTER they get the order they want, they admit that through “inadvertence” they misrepresented the facts to the court. Then they say it is not a material misrepresentation and they produce some additional fabricated documents like a limited power of attorney which upon close reading grants nothing to anyone, is subject to many conditions that are not readily determinable and is signed by party of dubious authority and dated under questionable circumstances (if the document existed before why didn’t they use it?).

“The note and the mortgage are inseparable. The former as essential, the latter as an incident. An assignment of the note carries the mortgage with it. An assignment of the latter is a nullity.”
MERS, Your Honor, has corrupted this basic black letter law of mortgages that makes a split of the security instrument from the note impermissible.

First, it names itself as the beneficiary of the deed of trust, thus splitting the deed of trust from the note, and then it attempts to rectify the split by stating that it is acting in some form of restricted agency relationship solely as the nominee for the lender.

In doing this, MERS attempts to do two things that are inconsistent at the same time, and it is this ambiguous contradictory language that fails the title. Why?

First, because as the beneficiary of the deed of trust, MERS has suffered no default. Only the current holder of the note has suffered a default, and only the current holder can enforce the note.

And secondly, even if it could be argued that MERS is the agent for the original lender, America’s Wholesale Lender — and Your Honor, it is important to note that within the four corner of the document, within the four corners of the deed of trust, there is nothing that establishes that agency relationship.

But again, even if you argue that it exists, there’s nothing that establishes an agency relationship between MERS and the alleged current owner of the note according to the bank servicer, Bank of America; U.S. Bank as trustee for the structured adjustable rate mortgage, 19 excess 2005. They are apparently, allegedly, they are the current holder of the note.

Yet, MERS takes the position that through the deed of trust all of these agency relationships are implied, and that it can go forward based upon these implications and foreclose even though the four corners of that document, of the deed of trust, carries only one signature, mine, not the signatures of MERS, nor its principals.

They seem to contend that with this implied agency agreement that is in violation of the statute of fraud that the U.S. Supreme Court ruling of Carpenter v. Longan prohibitingthe splitting of a mortgage from the note can somehow be ignored.

Your Honor, it cannot. It cannot be ignored without the U.S. Supreme Court going back and reversing Carpenter v. Longan.

[ipaper docId=34036850 access_key=key-1qreyxqifp9lnndi7sq0 height=600 width=600 /]


Possibly related posts: (automatically generated)

© 2010-19 FORECLOSURE FRAUD | by DinSFLA. All rights reserved.



Posted in concealment, conspiracy, corruption, foreclosure fraud, fraud digest, livinglies, MERS, neil garfield, note, scam, wells fargo1 Comment

Move Your Money…

Move Your Money…

Move your money to a community bank or a credit union…watch the videos.

[youtube=http://www.youtube.com/watch?v=Icqrx0OimSs]

[youtube=http://www.youtube.com/watch?v=8AmfNft0Eow]

Here is Arianna Huffington: Move Your Money: A New Year’s Resolution

Go HERE to see where to go to move your money in your area

Posted in bank of america, bear stearns, chase, citi, concealment, conspiracy, corruption, FED FRAUD, geithner, indymac, jpmorgan chase, Mortgage Foreclosure Fraud, onewest, wachovia, washington mutual, wells fargo0 Comments

MERS KISS: Keep It Simple Stupid… "SCAM"

MERS KISS: Keep It Simple Stupid… "SCAM"

If self nominating officers signing on

behalf of MERS, et al~ wasn’t good

enough…

The Voice of the White House

Washington, D.C., February 24, 2010:  Although only bankers are aware of it, there is a second wave of economic disaster starting to build up that will make the earlier one pale into insignificance. Let us start out with MERS, shall we?

MERS = Mortgage Electronic Registration Inc.holds approximately 60 million American mortgages and is a Delaware corporation whose sole shareholder is Mers Corp. MersCorp and its specified members have agreed to include the MERS corporate name on any mortgage that was executed in conjunction with any mortgage loan made by any member of MersCorp. Thus in place of the original lender being named as the mortgagee on the mortgage that is supposed to secure their loan, MERS is named as the “nominee” for the lender who actually loaned the money to the borrower. In other words MERS is really nothing more than a name that is used on the mortgage instrument in place of the actual lender. MERS’ primary function, therefore, is to act as a document custodian. MERS was created solely to simplify the process of transferring mortgages by avoiding the need to re-record liens – and pay county recorder filing fees – each time a loan is assigned. Instead, servicers record loans only once and MERS’ electronic system monitors transfers and facilitates the trading of notes. It has very conservatively estimated that as of February, 2010, over half of all new residential mortgage loans in the United States are registered with MERS and recorded in county recording offices in MERS’ name

MersCorp was created in the early 1990’s by the former C.E.O.’s of Fannie Mae, Freddie Mac, Indy Mac, Countrywide, Stewart Title Insurance and the American Land Title Association. The executives of these companies lined their pockets with billions of dollars of unearned bonuses and free stock by creating so-called mortgage backed securities using bogus mortgage loans to unqualified borrowers thereby creating a huge false demand for residential homes and thereby falsely inflating the value of those homes. MERS marketing claims that its “paperless systems fit within the legal framework of the laws of all fifty states” are now being vetted by courts and legal commentators throughout the country.

The MERS paperless system is the type of crooked rip-off scheme that is has been seen for generations past in the crooked financial world. In this present case, MERS was created in the boardrooms of the most powerful and controlling members of the American financial institutions. This gigantic scheme completely ignored long standing law of commerce relating to mortgage lending and did so for its own personal gain. That the inevitable collapse of the crooked mortgage swindles would lead to terrible national repercussions was a matter of little or no interest to the upper levels of America’s banking and financial world because the only interest of these entities was to grab the money of suckers, keep it in the form of ficticious bonuses, real estate and very large accounts in foreign banks. The effect of this system has led to catastrophic meltdown on both the American and global economy.

MERS, as has clearly been proven in many civil cases, does not hold any promissory notes of any kind. A party must have possession of a promissory note in order to have standing to enforce and/or otherwise collect a debt that is owed to another party. Given this clear-cut legal definition,  MERS does not have legal standing to enforce or collect on the over 60 million mortgages it controls and no member of MERS has any standing in an American civil court.

MERS has been taken to civil courts across the country and charged with a lack of standing in reposession issues. When the mortgage debacle initially, and inevitably, began, MERS always routinely brought actions against defaulting mortgage holders purporting to represent the owners of the defaulted mortgages but once the courts discovered that MERS was only a front organization that did not hold any deed nor was aware of who or what agencies might hold a deed, they have routinely been denied in their attempts to force foreclosure.  In the past, persons alleging they were officials of MERS in foreclosure motions, purported to be the holders of the mortgage, when, in fact, they not only were not the holder of the mortgage but, under a court order, could not produce the identity of the actual holder. These so-called MERS officers have usually been just employees of entities who are servicing the loan for the actual lender. MERS, it is now widely acknowledged by the courts, has no legal right to foreclose or otherwise collect debt which are evidenced by promissory notes held by someone else.

The American media routinely identifies MERS as a mortgage lender, creditor, and mortgage company, when in point of fact MERS has never loaned so much as a dollar to anyone, is not a creditor and is not a mortgage company. MERS is merely a name that is printed on mortgages, purporting to give MERS some sort of legal status, in the matter of a loan made by a completely different and almost always,a totally unknown entity.

The infamous collapse of the American housing bubble originated, in the main, with one Angelo Mozilo, CEO of the later failed Countrywide Mortgage.

Mozilo started working in his father’s butcher shop, in the Bronx, when he was ten years old. He graduated from Fordham in 1960, and that year he met David Loeb. In 1968, Mozilo and Loeb created a new mortgage company, Countrywide, together. Mozilo believed the company should make special efforts to lower the barrier for minorities and others who had been excluded from homeownership. Loeb died in 2003

In 1996, Countrywide created a new subsidiary for subprime loans.

  • Countrywide Financial’s former management
  • Angelo R. Mozilo, cofounder, chairman of the board, chief executive officer
  • David S. Loeb, cofounder, President and Chairman from 1969 to 2000
  • David Sambol, president, chief operating officer, director
  • Eric P. Sieracki, chief financial officer, executive managing director
  • Jack Schakett, executive managing director, chief operating officer
  • Kevin Bartlett, executive managing director, chief investment officer
  • Andrew Gissinger, executive managing director, chief production officer, Countrywide Home Loans[14]
  • Sandor E. Samuels, executive managing director, chief legal officer and assistant secretary
  • Ranjit Kripalani, executive managing director and president, Capital Markets
  • Laura K. Milleman, senior managing director, chief accounting officer
  • Marshall Gates, senior managing director, chief administrative officer
  • Timothy H. Wennes, senior managing director, president and chief operating officer, Countrywide Bank FSB
  • Anne D. McCallion, senior managing director, chief of financial operations and planning
  • Steve Bailey, senior managing director of loan administration, Countrywide Home Loans

The standard Countrywide procedure was to openly solicit persons who either had no credit or could not obtain it, and, by the use of false credit reports drawn up in their offices, arrange mortgages. The new home owners were barely able to meet the minimum interest only payments and when, as always happens, the mortgage payments are increased to far, far more than could be paid, defaults and repossessions were inevitable. Countrywide sold these mortgages to lower-tier banks which in turn, put them together in packages and sold them to the large American banks. These so-called “bundled mortgages” were quickly sold these major banking houses to many foreign investors with the comments that when the payments increased, so also would the income from the original mortgage. In 1996, Countrywide created a new subsidiary for subprime loans.

At one point in time, Countrywide Financial Corporation was regarded with awe in the business world. In 2003, Fortune observed that Countrywide was expected to write $400 billion in home loans and earn $1.9 billion. Countrywide’s chairman and C.E.O., Angelo Mozilo, did rather well himself. In 2003, he received nearly $33 million in compensation. By that same year, Wall Street had become addicted to home loans, which bankers used to create immensely lucrative mortgage-backed securities and, later, collateralized debt obligations, or C.D.O.s—and Countrywide was their biggest supplier. Under Mozilo’s leadership, Countrywide’s growth had been astonishing.

He was aiming to achieve a market share—thirty to forty per cent—that was far greater than anyone in the financial-services industry had ever attained. For several years, Countrywide continued to thrive. Then, inevitably, in 2007, subprime defaults began to rocket upwards , forcing the top American bankers to abandoned the mortgage-backed securities they had previously prized. It was obvious to them that the fraudulent mortgages engendered by Countrywide had been highly suceessful as a marketing program but it was obvious to eveyone concerned, at all levels, that the mortgages based entirely on false and misleading credit information were bound to eventually default. In August of 2007, the top American bankers cut off.   Countrywide’s short-term funding, which seriously hindered its ability to operate, and in just a few months following this abandonment,  Mozilo was forced to choose between bankruptcy or selling out to the best bidder.

In January, 2008, Bank of America announced that it would buy the company for a fraction of what Countrywide was worth at its peak. Mozilo was subsequently named a defendant in more than a hundred civil lawsuits and a target of a criminal investigation.  On June 4th, 2007 the S.E.C., in a civil suit, charged Mozilo, David Sambol, and Eric Sieracki with securities fraud; Mozilo was also charged with insider trading. The complaint formalized a public indictment of Mozilo as an icon of corporate malfeasance and greed.

In essence, not only bad credit risks were used to create and sell mortgages on American homes that were essentially worthless. By grouping all of these together and selling them abroad, the banks all made huge profits. When the kissing had to stop, there were two major groups holding the financial bag. The first were the investors and the second were, not those with weak credit, but those who had excellent credit and who were able, and willing to pay off their mortgages.

Unfortunately,  just as no one knows who owns the title to any home in order to foreclose, when the legitimate mortgage holder finally pays off his mortgage, or tries to sell his house, a clear title to said house or property cannot ever be found so, in essence, the innocent mortgage payer can never own or sell his house. This is a terrible economic time bomb quietly ticking away under the feet of the Bank of America and if, and when, it explodes, another bank is but a fond memory.

Readers wishing to find out if their title is secure should write to www.ChinkintheArmor.net, leave a comment on any article and ask for contact information for legal advice.

http://www.tbrnews.org/Archives/a3019.htm

Full Deposition of the Infamous Erica Johnson Seck RE: Indymac Federal Bank Fsb, Plaintiff, Vs. Israel a. Machado – 50 2008 CA 037322xxxx Mb

SOON TO BE FAMOUS ROGER STOTTS & DENNIS KIRKPATRICK VP’s, MERS, ATTORNEY in FACT, ONEWEST, INDYMAC, Deutsche BANK et al~~

BOGUS ASSIGNMENTS 3…Forgery, Counterfeit, Fraud …Oh MY!

Posted in chase, concealment, conspiracy, corruption, dennis kirkpatrick, erica johnson seck, fraud digest, geithner, george soros, indymac, Law Offices Of David J. Stern P.A., lehman brothers, Lender Processing Services Inc., LPS, michael dell, Mortgage Foreclosure Fraud, mozillo, note, onewest, roger stotts, scam, sewer service, steven mnuchin, Uncategorized, wachoiva, washington mutual, wells fargo1 Comment

Short Sale Supervisor Talks to a Real Estate Agent – Recorded Conversation

Short Sale Supervisor Talks to a Real Estate Agent – Recorded Conversation

WHO Would have thunk? This is why some are in the poe house…Some of do have morals.

The Short Sales and Bank Fraud story continues to gain traction. After CNBC aired the story we brought them, dozens of other media outlets, bloggers and authorities have contacted me to discuss this topic.

Here is the story of how this fraud initially

came to our attention, along with the evidence

to back it up.

Last year, I was contacted by an experienced real estate agent in our network who negotiates many short sales. She had recorded a conversation between her and a supervisor in the loss-mitigation department at a major national lender, who she felt was trying to get her to do something illegal.

Here is the audio of that recording, along with the transcript. The names have been removed at the request of the agent to prevent backlash from the bank.

continue HERE to see this SCAM!

Posted in chase, concealment, conspiracy, corruption, dennis kirkpatrick, erica johnson seck, fraud digest, geithner, george soros, indymac, Law Offices Of David J. Stern P.A., lehman brothers, Lender Processing Services Inc., LPS, Lynn Szymoniak ESQ, MERS, michael dell, Mortgage Foreclosure Fraud, mozillo, onewest, roger stotts, scam, steven mnuchin, Uncategorized, wells fargo1 Comment

DJSP Enterprises, Inc. Reports Revenue of $189.8 Million and Adjusted Net Income for Nine Months Ending September 30, 2009 of $32.4 million. (UPDATE it's alot more)

DJSP Enterprises, Inc. Reports Revenue of $189.8 Million and Adjusted Net Income for Nine Months Ending September 30, 2009 of $32.4 million. (UPDATE it's alot more)

UPDATE HERE


Quarterly Revenues Increase 44% and YTD Revenues Increase 29% Year over Year

Law Offices Of David J. Stern ESQ, P.A….

PLANTATION, Fla., Feb. 9 /PRNewswire-FirstCall/ — DJSP Enterprises, Inc. (Nasdaq: DJSP, DJSPW, DJSPU), one of the largest providers of processing services for the mortgage and real estate industries in the United States, today announced financial results for the three and nine month periods ending September 30, 2009 for its recently acquired processing operations. The operating results discussed in this press release reflect the separate operations of the acquired business for the periods presented on an adjusted basis, each of which occurred prior to the closing of the Business Combination with Chardan 2008 China Acquisition Corp on January 15, 2010.

Processing Operations Third Quarter Financial Highlights

Revenue for the quarter increased 44% to $73.0 million from $50.6 million in last year’s comparable period. For nine months, revenue increased 29% year over year to $189.8 million.
Adjusted Net income was $10.4 million in the third quarter. For the nine month period, adjusted net income was $32.4 million or $1.65* per share.
Adjusted EBITDA for the third quarter was $16.4 million, and for the nine months was $50.7 million.

*Calculated using treasury stock method assuming a common share price of $8.14; Assumes 19.62 million shares outstanding; Assumes adjusted net income for nine months ended September 30, 2009 of $32.4 million.

Subsequent to Quarter End

Chardan 2008 China Acquisition Corp. closed its business combination with DAL Group, LLC on January 15, 2010 and changed its name to DJSP Enterprises, Inc. and its NASDAQ symbols to DJSP, DJSPU and DJSPW.

Continue reading HERE (NOTE: MSN took this article down off it’s site) HMMMMMMMM I smell FISH! go to the others below!

Move over GOLDMAN SACHS…WE have a New Player to this Housing “Betting” Crisis…NASDAQ Presenting the Law Offices of David J. Stern, P.A. (“DJS”)

NASDAQ, DJSP Enterprises Major Shareholders David J. Stern (Law office Foreclosure Mill) and Kerry S. Propper Subject of Department of Justice Investigation And SBA Law Suit.

© 2010-19 FORECLOSURE FRAUD | by DinSFLA. All rights reserved.



Posted in chase, geithner, george soros, Law Offices Of David J. Stern P.A., lehman brothers, Lender Processing Services Inc., LPS, MERS, michael dell, mozillo, steven mnuchin, Uncategorized, wells fargo2 Comments

Wolf in Sheeps Clothing…First SHOW us CitiMortgage you OWN OUR NOTE!!!

Wolf in Sheeps Clothing…First SHOW us CitiMortgage you OWN OUR NOTE!!!

Thanks But No Thanks CITIMORTGAGE!

…Are we being SCAMMED once again? New “Deed In Lieu” Program Gets Homeowners Six Months Mortgage Free And $1,000…

SHOW ME THE NOTE FIRST!

Citi recently agreed to give qualified borrowers six months in their homes before it takes them over. It will offer these homeowners $1,000 or more in relocation assistance, provided the property is in good condition. Previously, the bank had no formal process for serving borrowers who failed to qualify for Citi’s other foreclosure-avoidance programs like loan modification.

continue reading here

Posted in chase, concealment, conspiracy, corruption, fraud digest, geithner, george soros, lehman brothers, Lender Processing Services Inc., LPS, Lynn Szymoniak ESQ, MERS, michael dell, Mortgage Foreclosure Fraud, mozillo, scam, steven mnuchin, Uncategorized, wells fargo0 Comments

BOGUS ASSIGNMENTS 2…I'm LOVING this!! LPS DOCx ADMISSIONS SEC 10K ROOFTOP SHOUT OUT!

BOGUS ASSIGNMENTS 2…I'm LOVING this!! LPS DOCx ADMISSIONS SEC 10K ROOFTOP SHOUT OUT!

LENDER PROCESSING SERVICES INC. UNDER INVESTIGATION FOR POSSIBLE FRAUD

[youtube=http://www.youtube.com/watch?v=9UbE6ryohJY&hl=en_US&fs=1&]

Many recall the BOGUS ASSIGNMENTS, FRAUDULENT MORTGAGE ASSIGNMENT TRANSFER VIDEOS I put out with the help from LYNN SZYMONIAK ESQ. of FraudDigest.com.

Lender Processing Inc. is the TIP of The Pyramid!! Please click the link to see their admission to this whole scheme of fraud in question. Big Brother has been watching!!! Anyone want shares NOW?? Goldman you just met with them 2/23…Heck your even worst! TOUCHÉ.

COMPARE THE SIGNATURES here http://www.frauddigest.com/signatures…

Statement from LPS

Regulatory Matters:
Due to the heavily regulated nature of the mortgage industry, from time to time we receive inquiries and requests for information from various state and federal regulatory agencies, including state insurance departments, attorneys general and other agencies, about various matters relating to our business. These inquiries take various forms, including informal or formal requests, reviews, investigations and subpoenas. We attempt to cooperate with all such inquiries. Recently, during an internal review of the business processes used by our document solutions subsidiary, we identified a business process that caused an error in the notarization of certain documents, some of which were used in foreclosure proceedings in various jurisdictions around the country. The services performed by this subsidiary were offered to a limited number of customers, were unrelated to our core default management services and were immaterial to our financial results. We immediately corrected the business process and began to take remedial actions necessary to cure the defect in an effort to minimize the impact of the error. We subsequently received an inquiry relating to this matter from the Clerk of Court of Fulton County, Georgia, which is the regulatory body responsible for licensing the notaries used by our document solutions subsidiary. In response, we met with the Clerk of Court, along with members of her staff, and reported on our identification of the error and the status of the corrective actions that were underway. We have since completed our remediation efforts with respect to the affected documents. Most recently, we have learned that the U.S. Attorneys office for the Middle District of Florida is reviewing the business processes of this subsidiary. We have expressed our willingness to fully cooperate with the U.S. Attorney. We continue to believe that we have taken necessary remedial action with respect to this matter. continue reading …

“They messed up Title to Millions of Homes all over The US”

WATCH THE DISASTER THEY CREATED BELOW

[youtube=http://www.youtube.com/watch?v=3tL8mNL4bYw]

[youtube=http://www.youtube.com/watch?v=hY4aRn6bWKg&hl=en_US&fs=1&]
[youtube=http://www.youtube.com/watch?v=hn-5KN_vvMw&hl=en_US&fs=1&]
[youtube=http://www.youtube.com/watch?v=SD6XUboT1JM&hl=en_US&fs=1&]

I WONDER IF THIS HAS ANY CONNECTION?

[youtube=http://www.youtube.com/watch?v=6AuzIK53E1w&hl=en_US&fs=1&]

© 2010-19 FORECLOSURE FRAUD | by DinSFLA. All rights reserved.



Posted in chase, concealment, conspiracy, corruption, fraud digest, geithner, george soros, lehman brothers, Lender Processing Services Inc., LPS, Lynn Szymoniak ESQ, MERS, michael dell, Mortgage Foreclosure Fraud, mozillo, scam, steven mnuchin, Uncategorized, wells fargo10 Comments

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