WASHINGTON, March 23 (Reuters) – Former MF Global official Edith O’Brien said in an October 2011 email that CEO Jon Corzine gave “direct instructions” to transfer $200 million from a customer account to cover an overdraft in a JPMorgan account in London, according to a congressional memo released on Friday.
Steven Goldberg, a spokesman for Corzine, noted that Corzine did ask that the JPMorgan overdraft be corrected, but never gave any instructions to misuse customer funds.
A. Deception of courts, mediators and homeowners as to identity of owners of loans being foreclosed.
1. Deception of homeowners, courts and mediators by the GSEs and their servicers, as to the true identity of the parties owning mortgage loans being foreclosed upon, has resulted in:
a. Inability of mediators to know what loan modification standards apply to any given loan coming before a mediator.
b. Inability of homeowners and their lawyers to know the identity of the party owning the loans and having the ultimate authority to modify the loans;
c. Wasted time for lawyers for homeowners and courts in pre-trial discovery disputes relating to determination of the identity of the true owners of mortgage loans being foreclosed upon.
2. The MERS System has been and continues to be a source of problems for courts, mediators and homeowners in determining the identity of the parties who own loans in foreclosure. 5It was only under public pressure that MERS began to identify the owners of the mortgage loans registered on its system. 6Even now, disclosure of “investor identity” information on the MERS system is voluntary with those investors and thus is often unavailable, even to homeowners trying to determine the identities of the owners of their loans. Further, when a mortgage is registered on the MERS System, that system never identifies the actual trust that owns the loan. Contrary to the MERS claims that it accurately tracks the ownership of mortgage loans registered on its system, MERS does not obtain, record or track the identity of the trusts that own the loans registered on its system, The lack of this information makes it impossible to locate the pertinent pooling and servicing agreement which is needed to determine, among other things, whether there are investor restrictions which limit the ability of a servicer to modify loans in that trust.
AN ASSIGNMENT OR A FORMALIZATION OR A MEMORIALIZATION?
The standard language in most of the mortgage assignments being signed by employees of Lender Processing Services (most recently, Kathy Smith, Joseph Kaminsky) has changed in one significant respect.
The effective date of the transfer from grantor to grantee is now not stated as a specific date. Instead, we have the following:
“This document has been executed and is being recorded in order to formalize and memorialize an assignment of the subject mortgage which took place prior to December 17, 2009.”
A copy of this particular “assignment” is attached. It is signed by Kathy Smith “Assistant Secretary, MERS as nominee for American Home Mortgage.”
This language is easy enough to locate on the document because a different type font is used.
How this prior assignment took place without a document is left unexplained.
IN THE PAST MONTHS, THIS CHANGE HAS BEEN MADE BY MANY OF THE FORECLOSURE MILL LAW FIRMS DIRECTED BY LENDER PROCESSING SERVICES, SO,
THERE MUST BE A MEMO DIRECTING THIS.
This is really an acknowledgment that the document is NOT the original assignment – but a replacement. Who will recognize this shoddy attempt to “create” standing to foreclose? No doubt, the state court judges in Brooklyn, the federal court judges in Ohio, a few bankruptcy judges, a few Massachusetts land court judges (Keith Long) and many bankruptcy trustees.
In Florida, the scheme will perhaps be first be exposed by state court judges Bailey, Traynor or Rondolino.
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