Congressman | FORECLOSURE FRAUD | by DinSFLA

Tag Archive | "congressman"

Rep. Deutch Urges Attorney General Pam Bondi to Use Mortgage Settlement Money on Helping Struggling Homeowners

Rep. Deutch Urges Attorney General Pam Bondi to Use Mortgage Settlement Money on Helping Struggling Homeowners


Washington, Feb 22 - Today, U.S. Reps. Ted Deutch (FL-19), Corrine Brown (FL-3), Alcee L. Hastings (FL-13), Richard Nugent (FL-5), Debbie Wasserman Schultz (FL-20), and Frederica Wilson (FL-17) sent a letter to Florida Attorney General Pam Bondi urging her to ensure that the funds awarded to Florida in the recent nationwide mortgage settlement are used for no purpose other than helping struggling homeowners and foreclosure victims. Congressman Deutch’s letter follows developments in other states where settlement money intended for foreclosure relief is being used for other purposes. In Missouri and Wisconsin, Attorneys General have diverted funds to Governors and state legislators to plug budget shortfalls, and most recently, a plan put forward in Ohio uses such funds to pay for the demolition of vacant homes.

“Given the ongoing State of Florida’s housing crisis, we strongly urge you to use these settlement funds for housing relief, and resist any efforts to divert the funds to close shortfalls in the state budget,” the Representatives write. “Data demonstrates that Florida has the third highest percentage in the country of homeowners – 44% of homeowners in the state – that are underwater.  The funds from the Federal Government and State Attorneys Generals settlement with mortgage servicers can provide and should be used to provide much needed assistance to struggling homeowners.”

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Congressman Conyers Encourages Michigan Attorney General to Reject Flawed Nationwide Mortgage Settlement

Congressman Conyers Encourages Michigan Attorney General to Reject Flawed Nationwide Mortgage Settlement


Feb. 03, 2012

Conyers Encourages Michigan Attorney General to Reject Flawed Nationwide Mortgage Settlement

(WASHINGTON) – Today, Representative John Conyers, Jr. (D-MI) sent a letter to Michigan Attorney General Bill Schutte encouraging him to reject a proposed nationwide settlement between state attorneys general and the Nation’s five largest banks concerning possible fraudulent mortgage origination and servicing practices detrimental to homeowners across the country.  The deadline for the attorneys general to accept the terms of the settlement on behalf of the states is this Monday. 

 

February 3, 2012

 

The Honorable Bill Schutte

Office of the Attorney General 

G. Mennen Williams Building, 7th Floor

525 W. Ottawa St.

P.O. Box 30212

Lansing, MI 48909

 

Dear Attorney General Schutte:

 

I am writing to strongly encourage you to reject the proposed settlement between state attorneys general and the Nation’s five largest banks – Bank of America, JPMorgan Chase, Citibank, Wells Fargo, and Ally Financial – on the grounds that the settlement inadequately addresses the harm they caused to Michigan homeowners through illegal and fraudulent mortgage origination and servicing practices. 

 

Although the actual details of this settlement have yet to be publically disclosed, news reports suggest that the tentative agreement’s terms would only involve $25 billion in total compensation, of which only $17 billion would go towards loan modifications for homeowners.  This is a paltry sum when compared to the scope of the foreclosure crisis in our state.  Over 35 percent of all homeowners in Michigan owe more on their mortgages than their homes are worth.  The settlement would have to provide over $19 billion in relief to Michigan homeowners alone.  This settlement does not provide enough funds to cover damages for our state, let alone the entire country.

 

I also find it troubling that under the proposal, banks may receive greater credit for assisting homeowners when they modify the mortgages of borrowers who owe less than 175 percent of the value of their homes.  These incentives discourage banks from assisting borrowers who are severely underwater – the very people hit the hardest by the illegal behavior the settlement aims to rectify.  Furthermore, in exchange for this onetime payment to homeowners, the proposed settlement would likely release the five banks from liability on the origination and servicing of trillions of mortgages.  This could prevent the state from collecting hundreds of billions of dollars in possible compensation owed to homeowners devastated by the foreclosure crisis. 

 

Moreover, I find it surprising that top law enforcement officials across the country would even consider agreeing to such broad waiver of liability after being presented with clear evidence of widespread fraud.  For example, Delaware Attorney General Beau Biden has stated that a cursory examination of foreclosures in his state showed banks lacked the proper legal paperwork necessary to legally foreclose on a house in one out of four foreclosure proceedings. 

 

This proposed settlement may not do enough to stop ongoing origination and servicing fraud.  According to a Reuters article from February 1, the settlement proposes that state banking regulators take the lead in enforcing the settlement, with North Carolina’s banking commissioner playing a lead role.  But state regulators have an even worse track record than federal regulators when it comes to holding banks accountable.  According to a recent study by the National Bureau of Economic Research:

 

Federal regulators are significantly less lenient, downgrading supervisory ratings about twice as frequently as state supervisors. Under federal regulators, banks report higher nonperforming loans, more delinquent loans, higher regulatory capital ratios, and lower [return on assets].  There is a higher frequency of bank failures and problem-bank rates in states with more lenient supervision relative to the federal benchmark.

 

As long as fraud is pervasive and ongoing, we should not entrust the future well-being of Michigan’s homeowners to state bank commissioners who have historically lacked the will and capacity to police these powerful financial entities. 

 

For all of the above reasons, I believe this proposed settlement will result in nothing more than another bailout for big banks.  A settlement that fails to provide just compensation for hundreds of thousands of Michigan homeowners is not an agreement worth considering.  I ask for full and fair consideration of the concerns expressed in this letter, consistent with applicable law, rules, and regulations. 

 

Sincerely,

 Congressman John Conyers, Jr.

 MEMBER OF CONGRESS

###

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source: http://conyers.house.gov

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U.S. banks offered deal over lawsuits – FT

U.S. banks offered deal over lawsuits – FT


REUTERS-

Big U.S. banks in talks with state prosecutors to settle claims of improper mortgage practices have been offered a deal that is proposed to limit part of their legal liability, the Financial Times reported on Tuesday.

The FT said state prosecutors have proposed a deal to limit part of the banks’ liability in return for a multibillion-dollar payment.

The talks aim to settle allegations that banks including Bank of America (BAC.N), JPMorgan Chase (JPM.N), Wells Fargo (WFC.N), Citigroup (C.N) and Ally Financial (GKM.N). seized the homes of delinquent borrowers and broke state laws by employing so-called “robosigners”, workers who signed off on foreclosure documents en masse without reviewing the paperwork.

[REUTERS]

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LETTER | Iowa AG: Banks may face criminal liability after robo-signing settlement

LETTER | Iowa AG: Banks may face criminal liability after robo-signing settlement


LIES: Didn’t we hear this before?

HW-

The eventual robo-signing settlement between the 50 state attorneys general and major mortgage servicers will not release these firms from any criminal and not all civil liabilities, according to Iowa AG Tom Miller.

Rep. Jerrold Nadler (D-N.Y.) and 20 members of the New York congressional delegation sent a letter to Miller Wednesday, chiding him for allegedly ousting New York AG Eric Schneiderman from the talks.

“We are deeply troubled by your recent action to silence New York’s voice by removing New York State Attorney General Eric Schneiderman from an executive committee negotiating a nationwide settlement with the banks,” Nadler wrote.

[…]

“While a final multistate case release has not been negotiated and the release is a work in progress, attorneys general on the negotiation committee are not preparing to, nor will they agree to, release the banks from all civil liability,” Miller wrote in his letter to Nadler. “We are also not preparing to, nor can we agree to, release the banks from any criminal liability.”

[HOUSING WIRE]

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Memo: BofA to Sell Correspondent Mortgage Business

Memo: BofA to Sell Correspondent Mortgage Business


WSJ-

From: Home Loan News Sent: Wednesday, August 31, 2011 4:19am Subject: Important Message From Barbara DeSoer

To All IMS Associates

I wanted to provide this team with information about a strategic announcement our Home Loans business will make today that is consistent with our ongoing efforts to align the business to the bank’s customer-driven strategy.

Earlier this year, when we split out the Legacy Asset Servicing business, we did so in order for our team to focus on the future of the home loans business. We have made significant progress over the past several months and are taking steps to further position our business to serve the needs of the bank’s 58 million households and attract new mortgage customers with the potential to support growth across the franchise.

[WALL STREET JOURNAL]

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BREAKING: Bank of America to Exit Mortgage Business

BREAKING: Bank of America to Exit Mortgage Business


It’s going to tank!

WSJ-

Bank of America Corp. intends to sell its correspondent mortgage business, as the troubled lender looks to narrow its focus and bolster its financial strength, said people familiar with the situation.

Employees could be notified as soon as Wednesday that the lender has decided to exit the correspondent channel because it no longer fits with the long-term strategy for its mortgage unit. The company decided to get out roughly four to six weeks ago, following a review led by mortgage chief Barbara Desoer. The business employs more than 1,000 people.

[WALL STREET JOURNAL]

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Federal Housing Finance Agency Action Regarding Court Consideration of Proposed Bank of America Settlement

Federal Housing Finance Agency Action Regarding Court Consideration of Proposed Bank of America Settlement


For Immediate Release

Contact:
Corinne Russell (202) 414-6921
Stefanie Johnson (202) 414-6376

August 30, 2011

Federal Housing Finance Agency Action Regarding
Court Consideration of Proposed Bank of America Settlement

The Federal Housing Finance Agency (FHFA), in its capacity as conservator of Fannie Mae and Freddie Mac (the Enterprises), today filed an Appearance and Conditional Objection regarding the proposed settlement between Bank of America and a consortium of 22 investors being considered by a court in New York. This pleading was filed to obtain any additional pertinent information developed in the matter. The conservator is aware of no basis upon which it would raise a substantive objection to the proposed settlement at this time. In fact, FHFA considers it positive that the proposed settlement includes subservicing requirements, specific terms for the servicing of troubled mortgages and the curing of certain document deficiencies. Additionally, FHFA is encouraged that a number of significant market participants support the proposed settlement.

Due to its duty to preserve and conserve Enterprise assets, the conservator believes it prudent not only to receive additional information as it continues its due   diligence of the proposed settlement, but also to reserve its capability to voice a substantive objection in the unlikely event that necessity should arise.

###

The Federal Housing Finance Agency regulates Fannie Mae, Freddie Mac and the 12 Federal Home Loan Banks. These government-sponsored enterprises provide more than $5.7 trillion in funding for the U.S. mortgage markets and financial institutions.

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Nadler and NY Delegation Assail Iowa Attorney General for Excluding NY Attorney General from Mortgage Settlement Talks

Nadler and NY Delegation Assail Iowa Attorney General for Excluding NY Attorney General from Mortgage Settlement Talks


Tuesday, 30 August 2011

NEW YORK, NY – Today, Congressman Jerrold Nadler (D-NY), the ranking Democrat on the Judiciary Subcommittee on the Constitution, and 20 members of New York’s congressional delegation chided Iowa Attorney General Tom Miller for his dismissal of New York Attorney General Eric Schneiderman last week from ongoing mortgage settlement negotiations, demanding that Attorney General Miller explain how he intends to ensure that New York’s interests are represented during the remainder of the negotiation talks.  The national committee of state Attorneys General are working to settle numerous complex legal matters arising from the 2008 housing collapse.


“As members of the New York congressional delegation, we are united in fighting for a fair resolution of the housing crisis that has devastated tens of thousands of families across our state,” the members wrote.  “That is why we are deeply troubled by your recent action to silence New York’s voice by removing New York State Attorney General Eric Schneiderman from an executive committee negotiating a nationwide settlement with the banks.  We ask that you explain how New York’s interests will be protected as negotiations move forward.”

Below is the full text of the letter:

August 30, 2011

The Honorable Tom Miller
Attorney General
1305 East Walnut Street
Des Moines, IA 50319

Dear Attorney General Miller:

As members of the New York congressional delegation, we are united in fighting for a fair resolution of the housing crisis that has devastated tens of thousands of families across our state.  That is why we are deeply troubled by your recent action to silence New York’s voice by removing New York State Attorney General Eric Schneiderman from an executive committee negotiating a nationwide settlement with the banks.  We ask that you explain how New York’s interests will be protected as negotiations move forward.

New York’s homeowners and investors have been hit hard by the economic impact of wrongdoing related to the mortgage crisis.  According to the FBI, New York ranked as one of the top ten states for known or suspected mortgage fraud activity for two consecutive years.  It also was one of the top ten states for reports of mortgage fraud across all originations in 2010.  Undoubtedly, our state, the third largest in the nation, deserves a seat at any negotiating table that could potentially limit our state’s ability to investigate and penalize wrongdoing done within our borders.

Raising legitimate concerns about elements of the proposed settlement is a responsibility of every member of the executive committee and should never be the basis for silencing a viewpoint.  Your removal of Attorney General Schneiderman sets a dangerous precedent for other attorneys general who, out of fear of what might happen, may choose silence over voicing valid concerns with particular aspects of the proposed settlement.  Moreover, your attempt to banish opposition rather than address varying viewpoints undermines both the validity of the process and any settlement reached by the committee.

New York deserves adequate representation during the remainder of the mortgage settlement negotiations.  We look forward to hearing how you will ensure that New York’s voice is heard.

Sincerely,

Jerrold Nadler
Carolyn Maloney
Maurice Hinchey
Joseph Crowley
Edolphus Towns
Carolyn McCarthy
Jose Serrano
Gary Ackerman
Timothy Bishop
Eliot Engel
Charles Rangel
Nita Lowey
Louise Slaughter
Paul Tonko
Gregory Meeks
Bill Owens
Yvette Clarke
Kathleen Hochul
Brian Higgins
Nydia Velazquez
Steve Israel

###

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[VIDEO] MI Rep. Hansen Clarke Discusses Making Lenders Prove Ownership to Foreclose, Supports $100M Class Action Against MERS

[VIDEO] MI Rep. Hansen Clarke Discusses Making Lenders Prove Ownership to Foreclose, Supports $100M Class Action Against MERS


Make this go VIRAL!!

Contact: https://hansenclarke.house.gov/contact-me

Uploaded by on May 16, 2011

Rep. Hansen Clarke discusses home foreclosures on WJR’s The Law Show

[image: VoiceofDetroit.net]

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California Congressman Wants More Action To Halt Foreclosures H.R. 363

California Congressman Wants More Action To Halt Foreclosures H.R. 363


Cardoza calls for more federal action to halt foreclosures

CBVT, WASHINGTON, D.C.
January 20, 2011 9:00pm

excerpts:

Dubbed the “Housing Opportunity and Mortgage Equity (HOME) Act,” H.R. 363 would allow as many as 30 million homeowners with mortgages backed by Fannie Mae or Freddie Mac to benefit from the current historically low market interest rates and refinance for up to 40 years at a fixed rate, Mr. Cardoza says.

[…]

“The HOME Act would provide a light at the end of the tunnel for the millions of homeowners struggling to make their monthly house payment,” says Mr. Cardoza.

Read H.R. 363 below

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Grayson Sends Letter to FSOC Regulators on Foreclosure Fraud and Calls for Foreclosure Halt

Grayson Sends Letter to FSOC Regulators on Foreclosure Fraud and Calls for Foreclosure Halt


October 6, 2010

The Honorable Timothy F. Geithner   .The Honorable Sheila Bair
Secretary                                                        . Chairman
Department of the Treasury           . Federal Deposit Insurance Corporation
1500 Pennsylvania Avenue,          . NW 550 17th Street, NW
Washington, DC 20220                     . Washington, DC 20429

The Honorable Ben S. Bernanke                 .  The Honorable Mary Schapiro
Chairman                                                              . Chairman
Board of Governors of the Federal Reserve System    .Securities and Exchange Commission
20th Street and Constitution Ave,                                      .NW 100 F Street, NE
Washington, DC 20551 Washington, DC 20549

The Honorable John G. Walsh                                  .The Honorable Gary Gensler
Acting Comptroller of the Currency                     .Chairman
Office of the Comptroller of the Currency Commodity Futures Trading Commission
250 E St. SW                                                                    . 1155 21st St. NW
Washington, DC 20219                                                .Washington, DC 20581

The Honorable Ed DeMarco                                     .The Honorable Debbie Matz
Acting Director                                                             .Chairman
Federal Housing Finance Agency                         .National Credit Union Administration
1700 G Street,                                                               .NW 1775 Duke Street,
Washington, DC 20552                                              .Alexandria, VA 22314-3428

Dear Secretary Geithner and members of the Financial Stability Oversight Council (FSOC),

The FSOC is tasked with ensuring the financial stability of the United States, which includes identifying and addressing possible systemic risks. There is a well-documented wave of foreclosure fraud sweeping the country that presents such a risk. Bank of America and JP Morgan Chase have both suspended foreclosures in 23 states where that fraud could be uncovered and stopped by the courts. Connecticut has suspended foreclosures.

I write to encourage the FSOC to appoint an emergency task force on foreclosure fraud as a potential systemic risk. I am also writing to ask the members of the FSOC to use their regulatory authority to impose a foreclosure moratorium on all mortgages originated and securitized between 2005-2008, until this task force is able to understand and mitigate the systemic risk posed by the foreclosure fraud crisis.

So far, banks are claiming that the many forged documents uncovered by courts and attorneys represent a simple ‘technical problem’ with foreclosure processes. This is not true. What is happening is fraud to cover up fraud.

The mortgage lending boom saw the proliferation of predatory lending and mortgage fraud, what the FBI called at the time ‘an epidemic of mortgage fraud.’ Much of this was lender-induced.

When lenders – many of whom are now out of business – originally lent money to borrowers, they often did so knowing that the terms of the loans could not possibly be honored. They sought fees, not repayment. These lenders put people in predatory loans, they induced massive amounts of fraud, and Wall Street banks misrepresented these loans to investors when they moved through the securitization chain. They were stealing money from investors, and from homeowners.

Obviously these originators and servicers didn’t keep good records of who owed what to whom because the point was never about getting paid back, it was about moving as much loan volume as possible as quickly and as cheaply as possible. The banks didn’t keep good records, and there is good reason to believe in many if not virtually all cases during this period, failed to transfer the notes, which is the borrower IOUs in accordance with the requirements of their own pooling and servicing agreements. As a result, the notes may be put out of eligibility for the trust under New York law, which governs these securitizations. Potential cures for the note may, according to certain legal experts, be contrary to IRS rules governing REMICs. As a result, loan servicers and trusts simply lack standing to foreclose. The remedy has been foreclosure fraud, including the widespread fabrication of documents.

There are now trillions of dollars of securitizations of these loans in the hands of investors. The trusts holding these loans are in a legal gray area, as the mortgage titles were never officially transferred to the trusts. The result of this is foreclosure fraud on a massive scale, including foreclosures on people without mortgages or who are on time with their payments.

The liability here for the major banks is potentially enormous, and can lead to a systemic risk. Fortunately, the Dodd-Frank financial reform legislation includes a resolution process for these banks. More importantly, these foreclosures are devastating neighborhoods, families, and cities all over the country. Each foreclosure costs tens of thousands of dollars to a municipality, lowers property values, and makes bank failures more likely.

I appreciate your willingness to assess possible systemic risks to the country, and would again encourage you to suspend foreclosures until this problem is understood and its ramifications dealt with.

Sincerely,

Alan Grayson

Member of Congress

Letter to FSOC Calling for Foreclosure Halt

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WHAT LPS & THE MILLS DON’T WANT YOU TO KNOW…WHO REALLY OWNS THE NOTE!

WHAT LPS & THE MILLS DON’T WANT YOU TO KNOW…WHO REALLY OWNS THE NOTE!


Below is a document that Lender Processing Services, Inc. or it’s many subsidiaries submits by wire transmission to the foreclosure mill with instructions NOT to name the actual owner of the note on the foreclosure but in the name of the servicer!

“FORECLOSURE SHOULD BE IN THE NAME OF ”

It clearly states the names of the real parties:

  • SERVICER
  • TRUST
  • TRUSTEE/NOTE-OWNER
  • BORROWER

A foreclosure is rarely commenced under the “Real Entity.” So why do they keep this from us when they knew all along the real parties of interest? This was only discovered during an actual case or we would have never found this.

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Posted in assignment of mortgage, chain in title, conflict of interest, CONTROL FRAUD, DOCX, foreclosure, foreclosure fraud, foreclosure mills, foreclosures, forgery, investigation, Lender Processing Services Inc., MERS, MERSCORP, MORTGAGE ELECTRONIC REGISTRATION SYSTEMS INC., note, racketeering, RICO, scam, securitization, servicers, STOP FORECLOSURE FRAUD, stopforeclosurefraud.com, Wall StreetComments (7)

MASSACHUSETTES CALLS FOR A FORECLOSURE MORATORIUM

MASSACHUSETTES CALLS FOR A FORECLOSURE MORATORIUM


Coakley begins probe, calls for foreclosure moratorium

By Herald Staff
Saturday, October 2, 2010 –

Massachusetts Attorney General Martha Coakley called on Bank of America and other major creditors to delay all foreclosure proceedings and pledged to begin her own investigation in light of recent revelations that they may not have complied with the law.

Bank of America announced Friday it was delaying foreclosures in 23 states, not including Massachusetts, as it examines whether it rushed the foreclosure process for thousands of homeowners without reading the documents.

“Our office has been extremely active in holding major banks and Wall Street firms accountable during this foreclosure crisis. We are concerned about the revelations that Bank of America and other major lenders have failed to properly review foreclosure documentation,” Coakley said yesterday in a statement. “Our office is now investigating this apparent failure of major creditors to follow state foreclosure law to ensure that Massachusetts homeowners are properly protected. In light of these revelations, we are asking Bank of America and other major creditors to cease foreclosure proceedings for Massachusetts homeowners until they can demonstrate that they have complied with Massachusetts law.”

Continue reading…BOSTON HERALD

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Posted in assignment of mortgage, bank of new york, foreclosure, foreclosure fraud, foreclosure mills, foreclosures, forgery, GMAC, MERS, MERSCORP, Moratorium, mortgage, MORTGAGE ELECTRONIC REGISTRATION SYSTEMS INC., STOP FORECLOSURE FRAUDComments (1)

Documents Show CitiMortgage and Wells Fargo Also Commit Foreclosure Fraud

Documents Show CitiMortgage and Wells Fargo Also Commit Foreclosure Fraud


More of MESCORPS “Shareholders”. Make sure you catch their “old evidence” below…and have a barf bag because this is going to make you sick!

.

By ABIGAIL FIELD Posted 6:29 PM 10/01/10

Documents submitted to a court are supposed to be true as submitted. As an attorney, If I file a document with a court in which I swore I personally verified that the information contained within the document is true, and I didn’t actually do that, I’d get in real trouble. It’s simple: That’s fraud in the eyes of the court.

GMAC, JPMorgan Chase and Bank of America recently admitted that their employees routinely sign thousands of documents without verifying what they’re signing. Those documents are then submitted to courts as if the documents were true, to enable the banks to foreclose on delinquent properties. Wells Fargo and CitiMortgage told the New York Times their employees do not engage in similar practices. Yet new evidence shows they do.

Confusion at Wells Fargo
Herman John Kennerty of Wells Fargo has given a deposition describing the department he oversees for Wells Fargo. It’s a department dedicated to simply signing documents. Kennerty testified that he signs 50 to 150 documents a day, verifying only the date on each. What else might he want to verify? Well, in one document he signed, he supposedly transferred the mortgage from Washington Mutual Bank FA to Wells Fargo on July 12, 2010. But that’s impossible, since Washington Mutual Bank FA changed its name in 2004, and by any name WaMu ceased to exist in 2008, when the FDIC took it over. Making the document even less comprehensible, the debtor had declared bankruptcy a month earlier, according to Linda Tirelli, who represented the debtor. Why would Wells Fargo want a mortgage from someone in bankruptcy? Finally, Tirelli pointed out that the papers Wells Fargo filed included a different transfer of the mortgage dated three days before the debtor took out the loan. The documents are a mess, yet Kennerty signed them regardless.

Legal Nonsense at CitiMortgage

Similarly, one M. Matthews signed a number of documents that CitiMortgage has used to try to foreclose on properties. While Matthews may or may not sign hundreds of documents a day — I have not yet found a deposition in which he swears that he does — he certainly does not verify the contents of the documents he’s signing. For example, he signed a document supposedly transferring a mortgage from Lehman Brothers to Citi in 2009. It’s hard to see how that’s possible, since Lehman had already ceased to exist. When confronted with its nonsensical filing, Citigroup decided not to foreclose. Instead, it gave the homeowner a meaningful mortgage modification–$15,000 principal reduction, plus a 30 year fixed mortgage at 3%. Tirelli, who represented the debtor in that case too, notes that she sees bad documents in the vast majority of cases, and she keeps files of “robosigned” documents.

It’s true that in both the WaMu and Lehman Brothers documents, the signers were officially representing an entity called MERS and acting as the “nominee” of WaMu and the “nominee” of Lehman Brothers. But that doesn’t change the fraudulent nature of the documents as filed. MERS can’t continue to be the nominee of an entity that doesn’t exist. Moreover, MERS can’t assign something it doesn’t have, and MERS itself will admit it doesn’t own the underlying note or mortgage.

Possible Sanctions for JPMorgan Chase
Wells Fargo and CitiMortgage aren’t the only big banks to misrepresent their practices in the media; JPMorgan Chase told the New York Times that it had not withdrawn any documents in a pending case. However, Chase has in fact withdrawn robosigned documents in a case Tirelli is currently defending. Chase now faces possible sanctions in the case.

Why are the big, sophisticated banks submitting such problematic documents to the courts? The key reason is that sometimes when a bank wants to foreclose, it has to prove it actually has the right to foreclose — that it owns the note and accompanying mortgage. Unfortunately for the banks, the securitization of mortgages and the changes in property ownership documentation that accompanied it make it hard for the banks to establish clean chains of title and produce original documents. Hard, that is, in an environment where a massive number of foreclosures must be started and completed in a timely manner.

See full article from DailyFinance: http://srph.it/amvWqK

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RELATED:

HEY NY TIMES…’NO PROOF’ JEFFREY STEPHAN HAS AUTHORITY TO EXECUTE AFFIDAVIT FOR WELLS FARGO

.

Homeowner fights foreclosure in lawsuit claiming documents are fraudulent


THE ACTUAL DEPOSITION IN THIS CASE CITMORTGAGE v. BROWN

DEPOSITION OF NOTARY SHANNON SMITH OF THIS CASE

[ipaper docId=34340050 access_key=key-1eb2fh5kgjs1rbxhfwhq height=600 width=600 /]

MORE ON THIS CASE & FIRM BELOW

_________________

Take Two: *New* Full Deposition of Law Office of David J. Stern’s Cheryl Samons

_________________

Law Offices of David J. Stern, MERS | Assignment of Mortgage NOT EXECUTED but RECORDED

_________________

Cheryl Samons | No Signature, No Notary, 1 Witness…No Problem!

_________________

STERN’S CHERYL SAMONS| SHANNON SMITH Assignment Of Mortgage| NOTARY FRAUD!

_________________________________________________

MAESTRO PLEASE…AND THE WINNER OF THE “MOST JOB TITLES” CONTEST IS…

JOHN KENNERTY, a/k/a HERMAN JOHN KENNERTY

JOHN KENNERTY a/k/a Herman John Kennerty has been employed for many years in the Ft. Mill, SC offices of America’s Servicing Company, a division of Wells Fargo Bank, N.A. He signed many different job titles on mortgage-related documents, often using different titles on the same day. He often signs as an officer of MERS (“Mortgage Electronic Registration Systems, Inc.”) On many Mortgage Assignments signed by Kennerty, Wells Fargo, or the trust serviced by ASC, is shown as acquiring the mortgage weeks or even months AFTER the foreclosure action is filed.

Titles attributed to John Kennerty include the following:

Asst. Secretary, MERS, as Nominee for 1st Continental Mortgage Corp.;

Asst. Secretary, MERS, as Nominee for American Brokers Conduit;

Asst. Secretary, MERS, as Nominee for American Enterprise Bank of Florida;

Asst. Secretary, MERS, as Nominee for American Home Mortgage;

Asst. Secretary, MERS, as Nominee for Amnet Mortgage, Inc. d/b/a American Mortgage Network of Florida;

Asst. Secretary, MERS, as Nominee for Bayside Mortgage Services, Inc.;

Asst. Secretary, MERS, as Nominee for CT Mortgage, Inc.;

Asst. Secretary, MERS, as Nominee for First Magnus Financial Corporation, an Arizona Corp.;

Asst. Secretary, MERS, as Nominee for First National Bank of AZ;

Asst. Secretary, MERS, as Nominee for Fremont Investment & Loan;

Asst. Secretary, MERS, as Nominee for Group One Mortgage, Inc.;

Asst. Secretary, MERS, as Nominee for Guaranty Bank;

Asst. Secretary, MERS, as Nominee for Homebuyers Financial, LLC;

Asst. Secretary, MERS, as Nominee for IndyMac Bank, FSB, a Federally Chartered Savings Bank (in June 2010);

Asst. Secretary, MERS, as Nominee for Irwin Mortgage Corporation;

Asst. Secretary, MERS, as Nominee for Ivanhoe Financial, Inc., a Delaware Corp.;

Asst. Secretary, MERS, as Nominee for Mortgage Network, Inc.;

Asst. Secretary, MERS, as Nominee for Ohio Savings Bank;

Asst. Secretary, MERS, as Nominee for Paramount Financial, Inc.;

Asst. Secretary, MERS, as Nominee for Pinnacle Direct Funding Corp.;

Asst. Secretary, MERS, as Nominee for RBC Mortgage Company;

Asst. Secretary, MERS, as Nominee for Seacoast National Bank;

Asst. Secretary, MERS, as Nominee for Shelter Mortgage Company, LLC;

Asst. Secretary, MERS, as Nominee for Stuart Mortgage Corp.;

Asst. Secretary, MERS, as Nominee for Suntrust Mortgage;

Asst. Secretary, MERS, as Nominee for Transaland Financial Corp.;

Asst. Secretary, MERS, as Nominee for Universal American Mortgage Co., LLC;

Asst. Secretary, MERS, as Nominee for Wachovia Mortgage Corp.;

Vice President of Loan Documentation, Wells Fargo Bank, N.A.;

Vice President of Loan Documentation, Wells Fargo Bank, N.A., successor by merger to Wells Fargo Home Mortgage, Inc. f/k/a Norwest Mortgage, Inc.

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Posted in assignment of mortgage, Beth Cottrell, bogus, chain in title, citimortgage, CONTROL FRAUD, corruption, deed of trust, erica johnson seck, Erika Herrera, fannie mae, foreclosure, foreclosure fraud, foreclosure mills, foreclosures, forgery, herman john kennerty, investigation, linda green, LPS, Max Gardner, MORTGAGE ELECTRONIC REGISTRATION SYSTEMS INC., STOP FORECLOSURE FRAUD, wells fargoComments (2)

Bank exec. signed, didn’t read foreclosure papers

Bank exec. signed, didn’t read foreclosure papers


By ALAN ZIBEL

The Associated Press
Friday, October 1, 2010; 4:28 PM

WASHINGTON — A Bank of America official acknowledges in a legal proceeding that she signed up to 8,000 foreclosure documents a month and typically didn’t read them.

The executive’s admission adds the nation’s largest bank to a growing list of mortgage companies whose employees signed documents in foreclosure cases without verifying the information in them.

Two other companies, Ally Financial Inc.’s GMAC Mortgage unit and JPMorgan Chase, have halted tens of thousands of foreclosure cases after similar problems became public.

The Bank of America executive said in a February deposition in a Massachusetts bankruptcy case that she signed 7,000 to 8,000 foreclosure documents a month.

“I typically don’t read them because of the volume that we sign,” the executive said.

The disclosure comes two days after JPMorgan said it would temporarily stop foreclosing on more than 50,000 homes so it can review documents that might contain errors. Last week, GMAC halted certain evictions and sales of foreclosed homes in 23 states to review those cases after finding procedural errors in some foreclosure affidavits.

After GMAC’s announcement, state attorneys general in California and Connecticut told the company to stop foreclosures until it proves it’s complying with their state laws. The Ohio attorney general this week asked judges to review GMAC foreclosure cases.

And in Florida, the state attorney general is investigating four law firms, two with ties to GMAC, for allegedly providing fraudulent documents in foreclosure cases.

In some states, lenders can foreclose quickly on delinquent mortgage borrowers. But 23 states use a lengthy court process for foreclosures. They require documents to verify information on the mortgage, including who owns it. Florida, New York, New Jersey and Illinois are the biggest states with this process.

...WASHINGTON POST

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Posted in STOP FORECLOSURE FRAUDComments (1)

There you go Connecticut ‘ALL’ Bank Foreclosures Stopped

There you go Connecticut ‘ALL’ Bank Foreclosures Stopped


Connecticut halts all foreclosures for all banks

By Ariana Eunjung Cha  | October 1, 2010; 2:41 PM ET

Connecticut Attorney General Richard Blumenthal on Friday ordered a moratorium on all foreclosures by all banks for 60 days–the most radical action taken by a state on issue of document irregularities.

California also expanded the moratorium on foreclosures it announced last week on Ally Financial foreclosures to include those by J.P. Morgan Chase.

Calling the companies’ review of key foreclosure documents “a ruse,” California Attorney General Jerry Brown (D) ordered J.P. Morgan to prove it is following the law before it continues foreclosures in the state.

Both J.P. Morgan Chase and Ally have frozen foreclosures in 23 states because some employees had signed off on foreclosure paperwork without properly reviewing the files.

Colorado and Illinois have stopped foreclosures by Ally and at least seven other states have launched probes into the issue. But Connecticut is the first to institute an industry-wide ban.

Washington Post

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© 2010-15 FORECLOSURE FRAUD | by DinSFLA. All rights reserved.



Posted in concealment, conflict of interest, CONTROL FRAUD, corruption, robo signers, STOP FORECLOSURE FRAUDComments (1)

Every Attorney General Needs To Follow Connecticut AG and seek 60-day freeze on foreclosures

Every Attorney General Needs To Follow Connecticut AG and seek 60-day freeze on foreclosures


Here are excerpts to Reuters:

Connecticut AG seeks 60-day freeze on foreclosures

Fri Oct 1, 2010 12:09pm EDT

* Blumenthal says defective documents warrant freeze

* JPMorgan, Ally/GMAC being investigated

The attorney general, Richard Blumenthal, also said he is investigating JPMorgan Chase & Co (JPM.N) over its foreclosure practices. He previously said he was investigating Ally Financial Inc and its GMAC Mortgage unit.

“Banks that lured consumers into loans they couldn’t afford now seek to stampede them into foreclosure,” Blumenthal said in a statement. “This freeze should stop a foreclosure steamroller based on defective documents and enable effective remedies.”

The decisions came after borrowers’ lawyers released affidavits suggesting that some lenders’ employees are submitting documentation in foreclosure proceedings without understanding the contents.

Investigators in at least six U.S. states are examining foreclosure practices at GMAC, JPMorgan or both, and calling for such practices to be defended or halted.

Blumenthal, a Democrat, is running for the U.S. Senate. (Reporting by Jonathan Stempel in New York; editing by John Wallace)

Continue to REUTERS

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Press Release

Attorney General Asks CT Courts To Freeze Home Foreclosures 60 Days Because Of Defective Docs

October 1, 2010

Attorney General Richard Blumenthal today asked the state Judicial Department to freeze all home foreclosures for 60 days because of defective document filings and institute measures to assure the integrity of future filings.

Blumenthal made the request after a second bank, JP Morgan Chase, acknowledged filing defective foreclosure documents. Like GMAC/Ally, JP Morgan admitted that so-called “robo-signers” signed affidavits without verifying the information in them. The GMAC robo-signer said under oath that he signed 8,000 to 10,000 foreclosure affidavits a month while a robo-signer for JP Morgan testified to spending less than two minutes on each affidavit.

Blumenthal is investigating GMAC/Ally and JP Morgan, as well as whether other banks may have engaged in similar practices.

Submitting defective documents is a possible fraud upon the court, potentially undermining foreclosures and underlying mortgages.

“This freeze should stop a foreclosure steamroller based on defective documents and enable effective remedies,” Blumenthal said. “The actions of GMAC/Ally and JP Morgan are inexcusable, a possible fraud on the court undermining the integrity of the legal process and consumers’ ability to fight foreclosures. Banks that lured consumers into loans they couldn’t afford now seek to stampede them into foreclosure. We must stop this runaway foreclosure train, restoring proper procedure and property owner rights.

“The Judicial Department should take additional measures — including requiring signers to state the basis for verifying information in affidavits — to restore the integrity of foreclosure documents. This appalling practice must be stopped before it poisons the legal system and unfairly evicts families from their homes.”

Connecticut Attorney General

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Posted in assignment of mortgage, bogus, foreclosure, foreclosure fraud, foreclosure mills, foreclosures, forgery, investigation, MERS, MERSCORP, Moratorium, mortgage, MORTGAGE ELECTRONIC REGISTRATION SYSTEMS INC., notary fraud, robo signers, STOP FORECLOSURE FRAUDComments (1)

Fraud Factories, MERS, LPS, Forgeries: Rep. Alan Grayson Explains the Foreclosure Fraud Crisis

Fraud Factories, MERS, LPS, Forgeries: Rep. Alan Grayson Explains the Foreclosure Fraud Crisis


RepAlanGrayson | September 30, 2010
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This is Rep. Alan Grayson explaining the crisis of foreclosure fraud and how it links to the entire securitization chain of Wall Street.

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One of My First Videos 2/10/2010

This is what made plenty of noise!


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This is the actual “BOGUS ASSIGNEE” that was found…then came many.


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© 2010-15 FORECLOSURE FRAUD | by DinSFLA. All rights reserved.



Posted in assignment of mortgage, bogus, chain in title, CONTROL FRAUD, corruption, dinsfla, DOCX, fannie mae, florida default law group, foreclosure, foreclosure fraud, foreclosure mills, foreclosures, forgery, investigation, jeff carbiener, jeffrey stephan, Kristine Wilson, Law Office Of Steven J. Baum, Law Offices Of David J. Stern P.A., law offices of Marshall C. Watson pa, Lender Processing Services Inc., linda green, LPS, mbs, MERS, MERSCORP, MORTGAGE ELECTRONIC REGISTRATION SYSTEMS INC., Mortgage Foreclosure Fraud, notary fraud, note, robo signers, securitization, shapiro & fishman pa, STOP FORECLOSURE FRAUD, stopforeclosurefraud.com, sub-prime, Supreme Court, trade secrets, Tywanna ThomasComments (1)

Analysis: Foreclosure “mess” unfolds state by state

Analysis: Foreclosure “mess” unfolds state by state


By Dan Levine

SAN FRANCISCO | Thu Sep 30, 2010 8:46am EDT

SAN FRANCISCO (Reuters) – An outcry over questionable foreclosures by GMAC Mortgage and other lenders is likely to hit some states more than others because of major differences in real estate law across the nation.

But ramifications for federal taxpayers and investors will depend on the costs of clearing up the problem, the latest fallout from the bursting of the U.S. real estate bubble.

GMAC Mortgage announced last week that it had suspended evictions and post-foreclosure closings in 23 states due to concerns over paperwork. In order for a lender to foreclose on a property, it must prove that it actually checked the borrower’s loan agreements, and that the homeowner defaulted.

But the unit of Ally Financial, which is 56.3 percent owned by the U.S. government after a $17 billion bailout, said employees preparing foreclosures had submitted affidavits to judges containing information they did not personally verify.

“It’s a real mess,” said Justice Arthur Schack, a jurist on foreclosure issues who sits on the New York State Supreme Court in Brooklyn.

GMAC’s announcement has raised doubts about whether some people lost their homes without good reason. Attorneys general in several states, including California, Colorado, Illinois and Ohio, are investigating.

“The law demands that lenders prove their case in foreclosure actions,” Illinois Attorney General Lisa Madigan said last week.

But Ally characterizes the problem as merely technical, arguing that the underlying facts in each foreclosure are accurate.

“We are confident that the processing errors did not result in any inappropriate foreclosures,” it said in a statement last week.

GMAC landed in its predicament after one of its employees testified in a December 2009 deposition that he signed off on tens of thousands of affidavits containing information he did not verify.

The company said it has “substantially increased” the number of employees to verify documents, provided additional training, and suspended evictions out of an “abundance of caution.”

Ally isn’t the only firm under the microscope.

JPMorgan Chase & Co is delaying its current foreclosure proceedings and has begun to systematically re-examine related documents after discovering that some employees may have signed affidavits in some cases without personally reviewing the files.

Lawyers in Florida are questioning JPMorgan’s practices after discovering one of its executives did not check the details of its claims against a homeowner.

The executive said she had been part of an eight-person team that signs 18,000 documents a

Continue reading… REUTERS

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Posted in assignment of mortgage, Beth Cottrell, Bryan Bly, chain in title, Cheryl Samons, CONTROL FRAUD, corruption, Crystal Moore, deed of trust, dennis kirkpatrick, deposition, eric friedman, erica johnson seck, Erika Herrera, fannie mae, florida default law group, foreclosure, foreclosure fraud, foreclosure mills, foreclosures, forgery, Freddie Mac, investigation, jeffrey stephan, jpmorgan chase, judge arthur schack, Korrel Harp, Kristine Wilson, MERS, MERSCORP, Moratorium, mortgage, MORTGAGE ELECTRONIC REGISTRATION SYSTEMS INC., STOP FORECLOSURE FRAUD, Wall StreetComments (1)

Robo-Signer Called Out in Ohio by Attorney General Cordray

Robo-Signer Called Out in Ohio by Attorney General Cordray


The Honorable Judge
County Court of Common Pleas

Re: Foreclosure Affidavits

Dear Judge XXXXX, I write you, and the other presiding and administrative judges of the Ohio Courts of Common Pleas, to draw your attention to an issue that may be of interest to you.

As you are aware, when a plaintiff in a foreclosure case moves for default or summary judgment, it will attach an affidavit from the lender or mortgage servicer attesting to the ownership and default status of loan. During the last week, questions have arisen about the validity of the foreclosure affidavits filed by a large servicer, GMAC Mortgage. GMAC (also operating as “Ally Financial”) issued a press release on September 20, 2010 announcing that it had directed certain of its vendors to suspend evictions and REO closings because of “a potential issue that was raised in a number of existing foreclosures challenging the internal procedure we used for executing one or more judicially required forms.”

A number of media outlets, including The Washington Post and The New York Times, reported on this statement. The news articles suggest that GMAC’s actions are related to a Florida deposition and a Maine deposition given by one of its employees, Jeffrey Stephan. Mr. Stephan signed thousands of foreclosure affidavits for GMAC, but in his depositions stated that he does not have knowledge of how the information in the affidavit is determined (Deposition of Jeffrey Stephan, June 7, 2010, p 30), does not know how the accuracy of the information is verified (Id.), does not review the exhibits attached to the affidavit (Id., p 54), does not read every paragraph of the affidavit (Id. p 61), and does not have the affidavit notarized in his presence (Id., p 56).

The depositions were not taken by my office, so I do not opine on their accuracy, but I wanted to draw your attention to this issue. At least one court has found that filing affidavits that falsely claim personal knowledge is a violation of the Ohio Consumer Sales Practices Act when filed in connection with consumer transactions. Midland Funding, LLC v. Brent, 644 F. Supp. 2d 961, 977 (N.D. Ohio, 2009).

More broadly, I urge you as administrators to share this letter with your colleagues and urge them to exercise caution when approving any foreclosure orders involving GMAC. Further, I encourage you to consider whether additional administrative procedures need to be established to protect homeowners who are facing the threat of foreclosure. Issues similar to those surrounding GMAC have arisen in Ohio. For example, my office filed an amicus brief in an appellate case where a foreclosure affidavit averred that it was executed in Florida but the jurat and notarization stated that it was executed in New Jersey. The 2nd District Court of Appeals ruled that the trial court did not abuse its discretion by striking the faulty affidavit. HSBC Bank USA v. Thompson, 2010-Ohio-4158.

Please feel free to contact me or my Consumer Protection Section Chief, Susan Choe, at 614.466.1305, if we can be of any assistance regarding this letter.

Thank you.
Sincerely,
Richard Cordray
Ohio Attorney General

CC:
Sarah Lynn, Deputy Chief Counsel, Ohio Attorney General
Susan Choe, Consumer Protection Section Chief, Ohio Attorney General

[ipaper docId=38440652 access_key=key-6qk0oxuezmg7toyjlbw height=600 width=600 /]

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Posted in assignment of mortgage, chain in title, conflict of interest, CONTROL FRAUD, deed of trust, DOCX, foreclosure, foreclosure fraud, foreclosure mills, foreclosures, investigation, jeffrey stephan, jpmorgan chase, LPS, MERS, MERSCORP, mortgage, MORTGAGE ELECTRONIC REGISTRATION SYSTEMS INC., notary fraud, robo signers, STOP FORECLOSURE FRAUD, Supreme Court, TRO, Wall StreetComments (1)

HERE COMES JPMORGAN CHASE, LENDER PROCESSING SERVICES…AND THE ROBO-SIGNERS

HERE COMES JPMORGAN CHASE, LENDER PROCESSING SERVICES…AND THE ROBO-SIGNERS


Mortgage Fraud

Chase Home Finance, LLC
Whitney Cook
Beth Cottrell
Margaret Dalton
JPMorgan Chase
Lender Processing Services
Long Beach Mortgage
Stacy Spohn
Christina Trowbridge
Washington Mutual Bank

Action Date: September 30, 2010
Location: New York, NY

On September 29, 2010, financial giant JP Morgan Chase announced it was suspending 56,000 foreclosures because its documents may have been “submitted without proper review.” To assist JPMorgan Chase, Fraud Digest suggests that it dismiss those actions where the Affidavits or Mortgage Assignments were signed by the following robo-signers: Beth Cottrell, Whitney Cook, Christina Trowbridge and Stacy Spohn from the Chase Home Finance office in Franklin County, OH; Margaret Dalton and Barbara Hindman from the Jacksonville, FL office of JPMorgan Chase; and any of the Lender Processing Services robo-signers from the Dakota County, MN office including Christina Allen, Liquenda Allotey, Christine Anderson, Alfonzo Greene, Laura Hescott, Bethany Hood, Cecelia Knox, Topako Love, Jodi Sobotta, Eric Tate, Amy Weis and Rick Wilken. In particular, JP Morgan Chase should look at those cases where the bank has supposedly assigned mortgages to WaMu, WMALT, Long Beach Mortgage Company and NovaStar trusts years after the closing dates of these trusts. The number of questionable or fraudulent documents is likely to be much closer to 560,000 than to 56,000, and that will only be a good beginning.

Sample Of The Work

[ipaper docId=38430629 access_key=key-g6cuuygszzcvosanu4s height=600 width=600 /]

© 2010-15 FORECLOSURE FRAUD | by DinSFLA. All rights reserved.



Posted in assignment of mortgage, chain in title, chase, conflict of interest, conspiracy, CONTROL FRAUD, corruption, deed of trust, foreclosure, foreclosure fraud, foreclosure mills, foreclosures, forgery, fraud digest, investigation, jeffrey stephan, jpmorgan chase, Kristine Wilson, Law Offices Of David J. Stern P.A., law offices of Marshall C. Watson pa, Lender Processing Services Inc., LPS, MERS, MERSCORP, Moratorium, mortgage, MORTGAGE ELECTRONIC REGISTRATION SYSTEMS INC., Notary, robo signers, shapiro & fishman pa, STOP FORECLOSURE FRAUD, stopforeclosurefraud.com, Supreme Court, Violations, Wall Street, wamu, washington mutualComments (9)

CAUTION: FRAUD WILL NOT HALT A FORECLOSURE IN FLORIDA

CAUTION: FRAUD WILL NOT HALT A FORECLOSURE IN FLORIDA


It was a very sad day for Floridians yesterday when the Florida Supreme Court issued a statement that it does not have authority to intercede while a fraud investigation is pending. Although we may not agree with the decision, we must respect procedures that must be followed.

Florida, do not quit what you are doing because there are many states that we must continue to focus on. Judges need to put themselves in the homeowners situation and understand we cannot make these fraudulent documents up. These documents are sworn statements, under perjury of law and notarized. As officers of the court they must be held accountable. No ifs, ands, buts or suppose here. These are not errors.

Rest assured that The Florida Bar still has many pending investigations with these foreclosure firms and they have authority overseeing the misconduct of their members.

I am your voice, America. I share your fears, read your concerns and do try my best to reach out to you.

DinSFLA

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© 2010-15 FORECLOSURE FRAUD | by DinSFLA. All rights reserved.



Posted in assignment of mortgage, bogus, conflict of interest, CONTROL FRAUD, corruption, deed of trust, djsp enterprises, florida default law group, foreclosure, foreclosure fraud, foreclosure mills, foreclosures, forgery, investigation, Law Offices Of David J. Stern P.A., law offices of Marshall C. Watson pa, lawsuit, MERS, MERSCORP, Moratorium, MORTGAGE ELECTRONIC REGISTRATION SYSTEMS INC., notary fraud, note, robo signers, shapiro & fishman pa, signatures, STOP FORECLOSURE FRAUD, stopforeclosurefraud.com, Supreme CourtComments (3)

GARY DUBIN LAW OFFICES FORECLOSURE DEFENSE HAWAII and CALIFORNIA
Chip Parker, www.jaxlawcenter.com
Kenneth Eric Trent, www.ForeclosureDestroyer.com
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