Kevin Harvey | FORECLOSURE FRAUD | by DinSFLA

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Bank practices cause register of deeds offices to be flooded with fraudulent documents

Bank practices cause register of deeds offices to be flooded with fraudulent documents


“It’s troubling to know that in each of our offices, are thousands — and I mean thousands — of fraudulent documents,” said Brown County Register of Deeds Cathy Williquette Lindsay

Madison-

It used to be that if you wanted to find out who owned your mortgage, you could go to the office of your local register of deeds, the final authority on questions of property ownership.

But when banks set up their own private registration system to help them bundle and resell mortgages in a whirlwind of securities exchanges, the land offices of record had no hope of keeping up.

And when some banks later foreclosed on many of those properties, often cutting corners or worse — creating phony documents — it left register of deeds offices across Wisconsin awash in forged and fraudulent documents.

That’s a “serious problem” for registrars charged with maintaining property records, said Brown County Register of Deeds Cathy Williquette Lindsay, who heads a committee studying foreclosure fraud on behalf of the Wisconsin Register of Deeds Association.

Read more: [WISCONSIN STATE JOURNAL]

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MI Clerks Bullard, Hertel testify before House committee about fraudulent mortgage documents

MI Clerks Bullard, Hertel testify before House committee about fraudulent mortgage documents


LegalNews-

If someone does not pay their mortgage they will lose their home. But banks have to play by the rules, too.” Hertel further stated,


“We are looking at a massive fraud committed against the people of the state of Michigan.”


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So. Essex County Reg. Of Deeds Has Forensic Mortgage Auditor Review Records/ Assignments

So. Essex County Reg. Of Deeds Has Forensic Mortgage Auditor Review Records/ Assignments


via Gloucester Times

Kevin Harvey, the county’s First Assistant Register, said that it’s not just a matter of unpaid fees at stake.

There are 148,000 mortgages on record at the Southern Essex County Registry of Deeds with cloudy ownwership, Harvey said — in large prt because of the way MERS documented, or failed to document, the transfers.

“We have a forensic mortgage auditor looking at their records,” Harvey said. “Once we have that, we may find that their records aren’t accurate.

“There may be fraudulent assignments, and a significant amount of assignments that are not filed,” Harvey added. “They’d file the original transfer, but after that, they never recorded the assignments because they didn’t want anybody to know what they were doing behind the scenes.”

Continue to… Gloucester Times


Southern Essex County have your umbrellas handy, Storm is coming!

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As We Were Saying, eMortgage Coming To Your Town?

As We Were Saying, eMortgage Coming To Your Town?


Come hungry…close a loan electronically within 15 minutes and with doughnuts. Not like it took any longer the paper route!

Providing all the ‘errors’ and ‘mistakes’ currently happening in foreclosure land, just hope your eNote/eMortgage doesn’t get deleted by accident.

via Housing Wire:

Harry Gardner, president of SigniaDocs, said the perfect infrastructure is one that manages all mortgage documents electronically, but the number of loans in the Mortgage Electronic Registration Systems’ eRegistry is about 200,000, or “a small fraction of mortgages written in the last 10 years.”

“And by eMortgage, we mean truly paperless not some hybrid of some paper and some electronic documentation,” Gardener said. “Ten years ago, we were saying mainstream eMortgage documentation was three to five years away, and I’m happy to say that mainstream eMortgage documentation is now three to five years away.”

continue reading….  Housing Wire

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eMortgages, eNotes …Get Ready For The No-DOC Zone

eMortgages, eNotes …Get Ready For The No-DOC Zone


For you to understand the plan the financial institutions have you need to grasp the following. Will MERS patterns continue? Imagine the price you will pay when these files are hacked or manipulated.

Everyone knows by now that MERS was ‘invented’ to keep costs low for the banks, reduce the risk of record-keeping errors and make it easier to keep track of loans for the banks not the borrowers. By these actions, not only has MERS eliminated crucial chain in title documents, has proven in many court cases to assign absolutely nothing because it had no power to negotiate the note but also eliminated an enormous amount of county revenues.

Last week SFF wrote about the latest invention planned to coexist with MERS called SmartSAFE, which will be used for creating, signing, storing, accessing and managing the lifecycle of electronic mortgage documents. According to Wave’s eSignSystems Executive VP Kelly Purcell, “Mortgages are sold several times throughout the life of a loan, and electronic mortgages address the problem of the ‘lost note,’ while improving efficiency in the process.”

This goes a step forward of what MERS can do today.

Will this process eliminate recording paper mortgages/deeds from county records? Eliminate fees that counties in trouble desperately need? THIS IS VERY DANGEROUS.

Still with me? Finally, according to CUinsight, a sample eNote in the form of a MRG Category 1 classified SMARTDoc, was successfully delivered to Xerox’s BlitzDocs eVault, a virtual repository that connects directly to the MERS® eRegistry and eDelivery systems, where it was electronically signed and registered.

Adding the finishing touches to permit MERS access to future eNotes? I say this is the master plan.

Looking forward to what MA John O’Brien, the Essex County register of deeds, NC Register of deeds Jeff Thigpen and NY Suffolk County, former county clerk Ed Romaine’s approach is after they read what they plan on doing to land records. If they thought it was limited to the elimination of recording fees for assignments of mortgage, they are mistaken.

Questions remain as to why replace something that has been working for so long? Why continue with MERS, a system which has failed in many ways? MERS is under investigation for fraud is it not? Why in a time where mortgage fraud is wide spread, will anyone even trust using electronic devices to manage possibly future trillions of dollars worth?

Say farewell to a tradition that has been here for well over 300 years. Eliminating ‘paper’ will put promissory notes and  mortgage related documents in great jeopardy. No computer system in the world is secure [PERIOD].

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



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MERS Shortchanged CPA Funds in MA City, Towns of $400K

MERS Shortchanged CPA Funds in MA City, Towns of $400K


March 10, 2011

City, towns lose $400k for CPA

Essex County’s register of deeds says that Gloucester and Cape Ann’s three towns have been shortchanged nearly $400,000 in money that should have been earmarked for their Community Preservation Act funds, thanks to a business set up by major banks and mortgage lenders to track of millions of mortgages across the country and bypass the system.

Register of Deeds John O’Brien says the Mortgage Electronic Registration System, or MERS, has cheated taxpayers out of at least $22 million across Essex County alone. He is asking for the help of the attorney general’s office to recover that money — and upward of $200 million he believes is owed to county registries across the state.


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MERS Responds to Essex Co., Mass. Announcement Company in compliance with purpose and intent of state recording acts

MERS Responds to Essex Co., Mass. Announcement Company in compliance with purpose and intent of state recording acts


MERS Responds to Essex Co., Mass. Announcement
Company in compliance with purpose and intent of
state recording acts

FOR IMMEDIATE RELEASE
Contact: Karmela Lejarde
703-761-1274

Reston, Virginia Feb. 25, 2011—MERS has not received any direct legal communication regarding Mr. O’Brien’s February 22, 2011 announcement. The use of MERS is in compliance with the purpose and intent of the state recording acts. MERS intends to fully defend itself against these unfounded allegations.

It is not the case that recording fees are somehow owed or outstanding. All MERS mortgages are recorded in the public land records, and MERS members pay recording fees when the mortgage is recorded. Fees are paid for a service performed, and if a document is eliminated because it is no longer necessary, no fee is due because there is nothing to record. We believe it is wrong and unethical to seek money for services that were never rendered, and in fact, MERS greatly reduces the workload of county recorders, resulting in lower operating expenses for the county recorder’s office. Moreover, it would be the borrower who ultimately pays the costs of recording assignments, either directly or indirectly.

When MERS is the mortgagee, the mortgage is recorded at the county land records, thereby putting the public on notice that there is a lien on the property. The MERS® System also complements the county land records by providing additional information that was never intended to be recorded at the county level, namely the information about the mortgage loan servicer, and now, with the addition of MERS® InvestorID, the name of the investor.

- 30 -

source: MERS

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O’BRIEN CALLS ON MERS TO COME CLEAN AND PAY UP: SAYS ESSEX COUNTY OWED $22 MILLION DOLLARS

O’BRIEN CALLS ON MERS TO COME CLEAN AND PAY UP: SAYS ESSEX COUNTY OWED $22 MILLION DOLLARS


FOR IMMEDIATE RELEASE
Salem, MA
February 22nd 2011

Contact:
Kevin Harvey, 1st Assistant Register
978-542-1724
kevin.harvey@sec.state.ma.us

O’BRIEN CALLS ON MERS TO COME CLEAN AND PAY UP: SAYS ESSEX COUNTY OWED $22 MILLION DOLLARS

Essex South Register of Deeds John O’Brien announced today that he will be seeking over $22 million dollars from the Mortgage Electronic Registration System, “MERS” which represents several major banking conglomerates.  O’Brien bases the $22M number on the fact that the Salem registry has recorded over 148,663 MERS mortgages since 1998.  After a careful review of a number of these mortgages O’Brien said it became very clear to him that MERS had assigned mortgages to other entities at least twice without paying a recording fee.  Based on this information the taxpayers have been defrauded out of $22,299,450 in Southern Essex County alone.  It is quite possible that in some cases they may have assigned the notes more than twice resulting in even greater loss of revenue. O’Brien called MERS “one of the greediest schemes ever perpetrated on the American people.  They have compromised the integrity of the public land recordation system and in doing so, have wreaked havoc on our economy”.

Last week MERS announced a major policy change conceding that assignments should be recorded in the various Registries across the country and “assignments out of MERS’s name should be recorded in the county land records, even if the state law does not require such a recording.” In addition MERS instructed its members to “not foreclose in MERS name”. O’Brien further states “MERS has now finally acknowledged that their business model was flawed, and they didn’t adhere to the legal requirement that all assignments of a mortgage must be recorded at the local Registry of Deeds.”  “If they had followed the law the public would know who was buying and selling their mortgage, and it would have been an open, honest and transparent process.  The fact that they deliberately chose to create a for-profit private cyber Registry of Deeds whose only purpose was to avoid paying the same fees as everyone else and keeping the public in the dark as to who was the rightful owner of the mortgage clearly demonstrates to me that this was a scheme of epic proportions.”  “When Wall Street and these major lenders joined together in creating MERS, they plunged us into a housing nightmare with little or no regard for their actions.  It’s obvious that their only motivation was to manufacture huge profits off the backs of homeowners and taxpayers. They should all be ashamed of themselves and step up to the plate and do the honorable thing and make the taxpayers’ whole,” O’Brien said.

The Essex South Registry of Deeds is one of 21 Registries in Massachusetts which have recorded MERS mortgages .O’Brien estimates that based on his conservative estimate of two assignments per mortgage the Commonwealth may be owed statewide upwards of $200 million dollars in lost recording fees.  Nationwide, the amount of revenue lost could be in the billions. O’Brien is calling on MERS to come clean and inform the registers of deeds across the country as to the number of times they assigned mortgages to other entities.  Only then will we get a true picture of the economic impact that this fraud has had on our country.

O’Brien, who in November, 2010, notified Massachusetts Attorney General Martha Coakley about MERS, will now be forwarding to her this additional information. “We need to act quickly to recover these funds,” O’Brien said.

[ipaper docId=49355778 access_key=key-ov8013p1bz75wu9pdyi height=600 width=600 /]

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