minnesota | FORECLOSURE FRAUD | by DinSFLA - Part 2

Tag Archive | "minnesota"

Adam Levitin | Make The Banks Pay

Adam Levitin | Make The Banks Pay


Obama and the AGs still balk at the only solution to the housing-driven recession

Salon-

There is $700 billion in negative equity in the U.S. housing market. That means Americans owe $700 billion more than their homes are worth. Any plan for the housing sector or the U.S. economy, that doesn’t take a serious bite out of negative equity isn’t serious.

Yet un-serious is what we continue to get from elected officials. This week the Obama Administration announced a new plan to help underwater homeowners refinance their mortgages to lower rates.  The plan, really an expansion of an existing program, is the latest in a series of programs designed to deal with the moribund housing market. Each has proven a more dismal disappointment than the next.

So too with the latest version of the proposed settlement between the state Attorneys General, led by Iowa’s Tom Miller, and the mortgage servicing industry. Yes, the deal has been sweetened by the addition of some interest rate reductions for underwater homeowners who are current on their payments. But that’s small potatoes.

[SALON]

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Foreclosure Fraud Settlement: A Deal That Wouldn’t Sting – Gretchen Morgenson

Foreclosure Fraud Settlement: A Deal That Wouldn’t Sting – Gretchen Morgenson


By now, I hope you fully understand, if your AG has yet to join The State AG’s that are holding the bankers feet to the fire, than they’re working hand by hand with the bankers against you.

AG’s are there to serve the peoples interest not those that commit fraud on a massive level.

NYTimes-

Cutting to the chase: if you thought this was the deal that would hold banks accountable for filing phony documents in courts, foreclosing without showing they had the legal right to do so and generally running roughshod over anyone who opposed them, you are likely to be disappointed.

[NEW YORK TIMES]

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VIDEO: DE AG Beau Biden on fighting fraudclosure, his lawsuit against MERS – Dylan Ratigan

VIDEO: DE AG Beau Biden on fighting fraudclosure, his lawsuit against MERS – Dylan Ratigan


“Other States Will Follow Suit, Similar Laws”

Delaware Attorney General Beau Biden sued the private national mortgage registry MERS, alleging a slew of deceptive trade practices that prevent homeowners from staving off foreclosure.

Visit msnbc.com for breaking news, world news, and news about the economy

so they decided to privitize it, on their own. and in doing so, they did two things. they avoided millions upon millions of fees, and are able to more nimbly secure ties to mortgage backed securities. but they forgot to keep track of mortgages. and in Delaware, in 72% of the cases we’ve investigated, and this is just the beginning, they’ve literally foreclosed on behalf of the wrong entity. so they exercise the right to foreclosure on an entity, and in one case in Delaware that we have, they foreclosed on behalf of an entity that no longer existed. so that’s how screwed up this has become. they don’t follow their own rules, and that’s why we think they violated the Delaware deceptive trade practices act.

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STATE OF DELAWARE v. MERSCORP, Mortgage Electronic Registration Systems, Inc., (MERS)

STATE OF DELAWARE v. MERSCORP, Mortgage Electronic Registration Systems, Inc., (MERS)


IN THE COURT OF CHANCERY OF THE STATE OF DELAWARE

STATE OF DELAWARE,
Plaintiff,

v.

MERSCORP, Inc., a Delaware corporation, and
Mortgage Electronic Registration Systems, Inc.,
a Delaware Corporation,
Defendants.

VERIFIED COMPLAINT

Excerpt:

17. Since January 1, 2008, MERS has filed over 1,600 foreclosure
actions in Delaware. Thousands more foreclosures on MERS-registered mortgages
have been filed in Delaware after assignments out of the MERS System that were
based on the unreliable data in MERS’ records. Many more thousands of
mortgages associated with outstanding loans remain recorded in the Delaware
county land records in the name of MERS without appropriate indications or
avenues to ascertain the identity of the true mortgagee in interest.

[…]

51. Many foreclosed-upon mortgage loans have previously been
securitized and are purportedly owned at the time of foreclosure by a securitization
trust. Under the law governing the creation of many securitization trusts, the
contractual arrangements setting forth the manner and conditions under which
mortgage loans were to be sold into a securitization is crucial to whether the
securitization succeeded in owning the mortgages it purportedly bought.

[…]

C. Defendants committed and continue to commit deceptive trade
practices by assigning or foreclosing upon mortgages for which
MERS did not possess authority to act because the mortgage loan
was never properly transferred to the purported beneficial owner.

55. The MERS System is designed to reflect the intended transfer
of the beneficial ownership of a mortgage loan, but does not have adequate
safeguards to ensure that the transfer recorded in MERS System accurately reflects
an actual transfer of ownership. Where MERS seeks to assign a mortgage or
foreclose on a mortgage loan on behalf of a securitization trust that, despite being
registered as the mortgage owner in the MERS System, does not own the loan,
MERS acts without authority. This is a deceptive trade practice within the meaning
of 6 Del. C. § 2532(a)(2), (3), (5) and (12).

[…]

[ipaper docId=70612403 access_key=key-2oeq0yol9d3j7iccdyb height=600 width=600 /]

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MERS subpoenaed by New York Attorney General Eric Schneiderman

MERS subpoenaed by New York Attorney General Eric Schneiderman


I think MERS’ Janice Spokeswoman needs to be updated on all that happened from 1998-2002 before she comments.

Just like the others who have resigned when the company is on the brink of exposure. Wait until they get a hold of those who were involved from the beginning (X-CEO and X-VP/Treasurer)… who know what’s up.

But they will be reeled back in because they knew all along this was bound to happen. You ain’t so smart now… are you?

REUTERS-

New York’s attorney general has subpoenaed MERS, the electronic registry of mortgages used by the banking industry, seeking information about how it is used by major banks, a person familiar with the matter said.

Delaware also took action by filing a lawsuit on Thursday that accuses MERS of taking unlawful shortcuts in dealing with the foreclosure crisis.

The registry used by the banking industry is “unreliable” and “frequently inaccurate,” Beau Biden, the state’s attorney general said in the lawsuit, which seeks penalties of $10,000 per violation.

New York Attorney General Eric Schneiderman issued a subpoena earlier this week demanding documents from MERS about how it is used by major banks, a source told Reuters.

The subpoena is part of a joint New York-Delaware mortgage probe, the source said.

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DE Attorney General Beau Biden sues private mortgage registry MERS for violating Delaware Law

DE Attorney General Beau Biden sues private mortgage registry MERS for violating Delaware Law


On October 27, 2011 Attorney General Beau Biden filed a lawsuit against the mortgage registry MERS that is at the center of the housing crisis. The suit charges that MERS has repeatedly violated the Delaware’s Deceptive Trade Practices Act.

If you are a Delaware resident and believe you have been harmed by MERS, contact the Attorney General’s Office by e-mail at mortgage@state.de.us or call the Attorney General’s Mortgage Hotline at 800-220-5424.

 

.

Press Release

[ipaper docId=70554826 access_key=key-1w6hmtk43ew2n54fk3xz height=600 width=600 /]

 

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FACT SHEET |  DELAWARE V. MERS

FACT SHEET | DELAWARE V. MERS


DELAWARE

V.

MERS

What is MERS: In 1995, banks and others in the mortgage lending industry created the Mortgage Electronic Registration System (“MERS”) – a national registry to track ownership and servicing rights for residential mortgages. This system is designed to facilitate mortgage securitizations and circumvent the traditional county Recorders of Deeds offices. The rapid rise in popularity of mortgage backed securities and their subsequent decline in value is a major cause of the housing crisis that sent America’s economy into the largest collapse since the Great Depression.

Foreclosure crisis in Delaware: Delaware is experiencing a record rate of foreclosures. The
foreclosure rate tripled from 2008 to 2009, rising from 2,000 homes annually to 6,000. A record
6,457 homes were foreclosed on in 2010.

Who owns/uses MERS: There are more than 5,500 members representing the most significant
players in the mortgage industry, including: mortgage lenders and servicers (Bank of America,
CitiMortgage, Inc., GMAC Residential Funding Corporation, and Wells Fargo Bank, N.A.);
government-sponsored entities (e.g., Fannie Mae and Freddie Mac); insurance and title
companies and the Mortgage Bankers Association.

MERS in Delaware: MERS purports to hold more than 30% of Delaware mortgages. Since
January 1, 2008, MERS has filed more than 1,600 foreclosure actions in its own name against
Delaware homeowners. Additionally, thousands of other homeowners whose mortgages have
been tracked in the MERS system were foreclosed on by entities whose right to the property was
unclear because of the unreliability of MERS’ records. Thousands more Delaware homeowners
currently hold mortgages with MERS listed as the owner, but with no way to actually determine
the true owner.

What is Attorney General Biden alleging: MERS violated Delaware’s Deceptive Trade
Practices Act by creating an unregulated shadowy registry that is unreliable and inaccurate and
blocks homeowners from learning which entity truly owns their mortgage. The complaint
highlights three major deficiencies:

• MERS obscures important information from borrowers and what is available to
borrowers is frequently inaccurate.
• MERS acts without authority
• MERS is a “front” organization that does not enforce its own rules

How the mortgage industry works: A mortgage loan taken out by a homeowner is really two
documents – the first is a promissory note requiring the borrower to repay the holder of the note.
The second document (the mortgage instrument) allows the holder to foreclose on the property if
the loan is not repaid. The person or entity holding the note receives the money from the
borrower’s monthly mortgage payments.

How securitization works: Banks that make the mortgage loans to homeowners sell the
mortgage notes to other financial institutions. Several times over, the loans are bundled into
investments known as mortgage-backed securities and the notes are sold to large investment
groups, such as pension funds.

Where MERS comes in: As the notes are sold in the securitization process, someone has to
service the loans and hold legal title to the mortgage instrument. Servicers do all the work
involved with a mortgage loan on the lender side – physically collecting and distributing
payments, answering borrowers’ questions, etc. MERS acts as passive place-holder on the
County Recorder of Deeds public registry. Additionally, MERS can also file foreclosure actions
on behalf of the note-holders in foreclosure proceedings. MERS allows its members to sell
mortgages many times over without recording the transactions at the local Recorders of Deeds
offices, thereby avoiding fees, eliminating any official paper trail and creating significant
confusion that has led to improper foreclosures.

What the lawsuit seeks: The suit asks the Court of Chancery to impose various sanctions on
MERS, including requiring it to audit its records to ensure accuracy, stop foreclosing on homes
without divulging the true owner of the mortgage, and correct records filed with county Recorder
of Deeds that do not list the entity that owns the mortgage. The suit seeks a civil penalty against
MERS of up to $10,000 for each willful violation of the Deceptive Trade Practices Act, as well
as restitution to borrowers who were harmed by these violations. The exact amount will be
determined during trial.

[ipaper docId=70553803 access_key=key-114tbnge9pb2rw37t1c9 height=600 width=600 /]

 

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Delaware sues MERS, claims mortgage deception

Delaware sues MERS, claims mortgage deception


Some saw this coming in the last few weeks. Now all HELL is about to Break Loose.

This is one of the States I mentioned MERS has to watch…why? Because the “Co.” originated here & under Laws of Delaware…following? [see below].

Also look at the date this TM patent below was signed 3-4 years after MERS’ 1999 date via VP W. Hultman’s secretary Kathy McKnight [PDF link to depo pages 29-39].

New York…next!

Delaware Online-

Delaware joined what is becoming a growing legal battle against the mortgage industry today, charging in a Chancery Court suit that consumers facing foreclosure were purposely misled and deceived by the company that supposedly kept track of their loans’ ownership.

By operating a shadowy and frequently inaccurate private database that obscured the mortgages’ true owners, Merscorp made it difficult for hundreds of Delaware homeowners to fight foreclosure actions in court or negotiate new terms on their loans, the suit filed by the Attorney General’s Office said.

[DELAWARE ONLINE]

[ipaper docId=70528719 access_key=key-2d3d8493odiku19mmpgx height=600 width=600 /]

 

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[VIDEO] New York Attorney General Eric Schneiderman “MBS’s That Brought Down The Country…All Issued Out of NY, DE Trusts” – The Rachel Maddow Show

[VIDEO] New York Attorney General Eric Schneiderman “MBS’s That Brought Down The Country…All Issued Out of NY, DE Trusts” – The Rachel Maddow Show


Rachel Maddow interviews NY AG Eric Schneiderman on 10/25/2011. “One Set of Rules for Everyone”

 

 

 

.

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New York Working With Delaware on Criminal Foreclosure Inquiry

New York Working With Delaware on Criminal Foreclosure Inquiry


via Bloomberg

New York Attorney General Eric Schneiderman said he is working with Delaware Attorney General Beau Biden to investigate possible criminal acts by financial institutions tied to the foreclosure crisis in an interview today on the cable news network MSNBC.

Tried to get the video clip off the Rachel Maddow show but it would never work. So until it’s fixed there won’t be a video of his interview.

 

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A Fire Sale for Arsonists: The “Revised” Bank Mortgage Settlement Still Stinks

A Fire Sale for Arsonists: The “Revised” Bank Mortgage Settlement Still Stinks


Excellent piece by Richard (RJ) Eskow


HuffPO-

Imagine that a group of arsonists was terrorizing your town. First they’d buy insurance on a stranger’s home, then they’d show up with a blowtorch and a tanker truck filled with gasoline and burn the place down. Imagine that they’ve burned down a thousand homes this way, ruining the lives of the homeowners — and everyone else’s, too, as real estate values plunged and the local economy collapsed.

Now let’s imagine that the Mayor, the DA, and the Chief of Police said they’ve come up with a great “settlement”: The arsonists will pay a small fine, and they’ll never be prosecuted for arson. Plus, if they’re asked very nicely, they’ll also agree to provide a little help to 27 out of the 1,000 families they made homeless — although they’d control the ‘help’ process and the town might wind up footing the bill anyway.

And one more thing: They get to keep the gasoline truck and the blowtorch.
____________________________

[HUFFINGTONPOST]

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California Takes the Bait, Is Wooed In Foreclosure Fraud Settlement Talks

California Takes the Bait, Is Wooed In Foreclosure Fraud Settlement Talks


People NEED JOBS ..!! I don’t care if you refi or reduce the mortgage 50%… “people” need jobs.

Do all the math you want and all these mortgages will head back into default. Is anyone paying close attention to the economy? Just because AG’s have security and banker back ups, there are millions who can barely put food on the table. So this refinance plan WILL NOT WORK for all!

Again, if anyone does this… you will create new paper to correct any issues that may exist with the original paper trail.

It’s a trap and no wonder this world is failing.

LA Times-

California is reemerging as a central focus for state attorneys general hoping to reach a nationwide wrongful-foreclosure settlement with major banks, even though the Golden State walked away from talks three weeks ago.

Iowa Atty. Gen. Tom Miller, who is leading the negotiations on behalf of the states and federal agencies, met with representatives of the nation’s five largest mortgage servicers in Washington on Friday to discuss details of a new plan aimed at enticing California back into the fold.

[LA TIMES]

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AG Beau Biden Discusses His Fight to Investigate the Banks, MERS on The Dylan Ratigan Show [VIDEO]

AG Beau Biden Discusses His Fight to Investigate the Banks, MERS on The Dylan Ratigan Show [VIDEO]


Beau Biden, Attorney General for the State of Delaware, has made it his mission along to hold the banks accountable for their behavior in such a way that we can discipline and encourage our way into a system that actually resurrects a positive future for the people in this country.  Here’s his interview.

 

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Foreclosure deal near as banks win more immunity

Foreclosure deal near as banks win more immunity


It’s official now and it’s very clear that the AG’s behind this foreclosure fraud settlement are purposely doing something so insane that it does not surprise us. For example, take the Michael Hudson’s iWatch series that takes us behind the scenes of what really went down in Countrywide.

Now take a look at what Reuters is reporting the AG’s want to include in the settlement

In recent days, the state attorneys general agreed to release major banks from claims that they made legal errors when first originating the loans, such as approving loans for borrowers without verifying any income, according to two people familiar with the talks.

Is there any other reports out there of more fraudulent activity we can post so this also gets included in the settlement before it’s wrapped up in the coming few days?

Michael?

Gretchen?

Anything?

 …Lets add “Toxic Title” to this equation!

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Morning Joe: Del. AG Biden tells It EXACTLY how It Is, “AG’s Job is to Make Sure there Is “Criminal” Accountability”

Morning Joe: Del. AG Biden tells It EXACTLY how It Is, “AG’s Job is to Make Sure there Is “Criminal” Accountability”


You must love AG Beau Biden for telling it exactly how it is…Forget that he is who he is and listen as if he is a victim of Foreclosure Fraud himself.

Please watch this all.

 

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Mortgage refinance doesn’t belong in the settlement talks

Mortgage refinance doesn’t belong in the settlement talks


Will add that by signing “new docs” you will create “new paper”… Banks and The “People” that work for them, doing what comes naturally and secretly going around cutting corners? The Fraudulent Twins – When we’re talking about reducing payments to Freddie and Fannie mortgage holders, we’re really talking about reducing payments to ourselves. Lets not forget the talks about the government rental program… inventions never end.

Like everything else they attempt, these too shall fail.

p.s. Flip Flop BS: What ever happened to “A key objection is the “moral hazard” created by the proposal to reduce homebuyers’ loans because it “rewards those who simply choose not to pay their mortgage”?

REUTERS-

The WSJ has the latest mortgage-settlement trial balloon, and it’s pretty weak tea: under the terms of the deal, if (a) you’re underwater on your mortgage, and (b) you’re current on your mortgage payments, and (c) your mortgage is owned by the bank outright, rather than having been securitized, then you would be given the opportunity to refinance your mortgage at prevailing market rates.

[REUTERS]

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Rumors swirling that Foreclosure Settlement is trying to “Entice” CA AG Harris to Come Back

Rumors swirling that Foreclosure Settlement is trying to “Entice” CA AG Harris to Come Back


Source close to AG “robo” foreclosure settlement talks says underwater refi proposal designed to bring California AG back to table…

Are they playing her? Knowing very well all she knows, will she allow herself to be played?

Once they lure her… they will do a 360.

 

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IN RE BANKS, Bankr. Appellate Panel, 8th Circuit: ““bearer” note, which requires actual possession of the note to enforce or negotiate it.

IN RE BANKS, Bankr. Appellate Panel, 8th Circuit: ““bearer” note, which requires actual possession of the note to enforce or negotiate it.


 In re: Edward D. Banks and Diane Marie Banks, Debtors.

Edward D. Banks and Diane Marie Banks, Plaintiffs-Appellants,
v.
Kondaur Capital Corporation, Defendant-Appellee,
Shapiro & Zielke, LLP, formerly known as Shapiro Nordmeyer & Zielke, Defendant.

No. 11-6025.
United States Bankruptcy Appellate Panel, Eighth Circuit.

Submitted: September 13, 2011.
Filed: October 11, 2011.

Before VENTERS, FEDERMAN, and SALADINO, Bankruptcy Judges.

VENTERS, Bankruptcy Judge.

The Debtors, Edward and Diane Banks, appeal the bankruptcy court’s entry of summary judgment in favor of Defendant Kondaur Mortgage Corp. in the Debtors’ adversary action seeking, inter alia, to avoid Kondaur’s mortgage lien on the Debtors’ residence. We have jurisdiction over this appeal pursuant to 28 U.S.C. § 158(b). For the reasons stated below, we reverse and remand the matter to bankruptcy court for further proceedings consistent with this opinion.

I. STANDARD OF REVIEW

Findings of fact are reviewed for clear error, and legal conclusions are reviewed de novo.[1] The bankruptcy court’s grant of summary judgment is reviewed de novo.[2]

II. BACKGROUND

A. Uncontroverted Facts

On June 27, 2006, the Bankses purchased a home located at 964 Laurel Avenue, St. Paul, Minnesota 55104. To finance this purchase, the Bankses executed a promissory note and mortgage in favor of New Century Mortgage Corporation (“NCMC”) in the amount of $415,800.00. On April 2, 2007, NCMC filed for Chapter 11 bankruptcy protection in the Bankruptcy Court for the District of Delaware.[3] NCMC’s bankruptcy case was jointly administered with the bankruptcy case filed by its parent company, New Century TRS Holdings, Inc.[4]

On May 2, 2007, New Century Financial Corporation (“New Century”) and certain of its subsidiaries (including NCMC) entered into an Asset Purchase Agreement (“APA”) with Ellington Management Group, LLC.[5] Pursuant to the APA, Ellington purchased all of New Century’s right, title, and interest in numerous notes and mortgages (the “Purchased Assets”), which included the Bankses’ note and mortgage. The Delaware Bankruptcy Court approved the APA on May 7, 2007.

In connection with the APA, New Century also agreed to execute a power of attorney appointing Ellington as its attorney-in-fact, enabling Ellington to execute all documents necessary to assign or foreclose mortgages in the name of New Century. On March 12, 2008, New Century executed and delivered to Ellington a Limited Power of Attorney, which was recorded with the Ramsey County (Minnesota) Recorder on February 25, 2010.

On July 15, 2008, the Delaware Bankruptcy Court approved a plan of liquidation for New Century TRS Holdings, Inc. The remainder of New Century’s assets were transferred to a liquidating trustee pursuant to the plan.[6]

On May 11, 2009, Ellington, as attorney-in-fact for New Century, assigned the Bankses’ mortgage to Elizon LA 2007-2, LLC.[7] The assignment was recorded on June 23, 2009, but according to Kondaur, the assignment to Elizon was a mistake. On February 22, 2010, Ellington executed a “Corrective Assignment Mortgage” purporting to re-assign the Bankses’ mortgage to Kondaur. The Corrective Assignment was recorded on February 25, 2010.[8]

B. Procedural Background

The Bankses filed a Chapter 13 bankruptcy petition on May 17, 2010. On October 12, 2010, they filed a seven-count complaint against Kondaur, seeking a combination of declarative, injunctive, and compensatory relief. At essence, the Bankses challenge Kondaur’s standing as the holder of the promissory note and owner of the mortgage originally executed in favor of NCMC. Attached to the complaint as exhibits were copies of (a) the assignment of mortgage from NCMC to Elizon LA 2007-2, LLC; (b) the “Corrective Assignment,” purporting to assign the mortgage from NCMC to Kondaur; and (c) the limited power of attorney giving Ellington Management Group, LLC the power to endorse and transfer mortgages on NCMC’s behalf.

On November 24, 2010, Kondaur filed a motion to dismiss the lawsuit. Kondaur attached a copy of the APA to the motion and referenced Kondaur’s proof of claim, to which was attached a copy of the original promissory note — endorsed in blank — and the original mortgage to NCMC.

The bankruptcy court held a hearing on Kondaur’s motion to dismiss on December 20, 2010, at which time the court indicated its intent to treat the motion as one for summary judgment since the motion referred to material outside of the pleadings. Counsel for the Debtors reiterated that they were there on a motion to dismiss — not a motion for summary judgment — but they didn’t specifically object to going forward, and they too referred to the APA in their argument.

On December 23, 2010, the bankruptcy court entered an order granting Kondaur summary judgment on all counts of the Debtors’ complaint.[9] The Debtors timely appealed.

DISCUSSION

Summary judgment is appropriate if there is no genuine issue as to any material fact and the moving party is entitled to a judgment as a matter of law.[10] We view the summary judgment record in the light most favorable to the nonmoving party and afford that party all reasonable inferences.[11] An issue of fact must be based on specific factual allegations.[12]

Summary judgment was improper in this case because there was a material issue of fact regarding whether Kondaur has possession of the original promissory note.

As Kondaur admits, and is apparent from the copy of the note attached to its proof of claim, the promissory note the Debtors executed in favor of NCMC has not been specifically endorsed to Kondaur; it is endorsed in blank. Accordingly, it is a “bearer” note, which requires actual possession of the note to enforce or negotiate it.[13] The Debtors raised the issue of whether Kondaur is the proper party to enforce the note and cast further doubt on Kondaur’s standing by introduction of the Corrective Assignment. Unfortunately, there is nothing in the record evidencing the location of the note. Kondaur’s counsel represented at oral argument before this Court that Kondaur has possession of the note, but its failure to produce the note prior to or at the hearing on its motion to dismiss (treated as a motion for summary judgment) precluded a determination that Kondaur has the right, as a matter of law, to enforce the promissory note.

At oral argument, Debtors’ counsel conceded that there is a valid mortgage on the property and that production of the note most likely will remove the final hurdle to Kondaur’s pending motion for relief and Kondaur’s motion to dismiss the adversary proceeding.[14]

CONCLUSION

For the reasons stated above, the bankruptcy court’s order entering summary judgment in favor of Kondaur is reversed and remanded for proceedings consistent with this opinion.

[1] See In re Waterman, 248 B.R. 567, 570 (B.A.P. 8th Cir. 2000).

[2] See U.S. v. Horras, 443 B.R. 159, 161-62 (B.A.P. 8th Cir.2011) (citing Taylor v. St. Louis County Bd. of Election Commissioners, 625 F.3d 1025, 1028 (8th Cir. 2010)).

[3] Case No. 07-10419-KJC.

[4] In re New Century TRS Holdings, Inc., Case No. 07-10416.

[5] The relationship between NCMC and New Century Financial Corp. is not clear from the record, but it is not the basis of any challenge here.

[6] The Bankses’ argument that Ellington lacked the authority to assign the Banksees’ mortgage to Kondaur because the assignment took place some time after New Century’s assets were transferred to a liquidating trustee under New Century TRS Holdings, Inc.’s plan is without merit. Although New Century might have remained the titular owner of the mortgage, its substantive rights therein had already been transferred to Ellington pursuant to the APA.

[7] Inexplicably, the date on the assignment indicates that it was signed on May 11, 2009, but the notarization indicates that it was signed on May 11, 2007.

[8] Although we reverse on other grounds, we have serious concerns about the validity and effect of the “Corrective Assignment.” At oral argument, Kondaur represented that it was common practice in the mortgage industry. Considering the current state of the mortgage industry, this gives us little comfort. At the least, the Corrective Assignment would appear to create a cloud on Kondaur’s right to foreclose, necessitating a judicial foreclosure.

[9] The order did not include a judgment on Count VII of the complaint, which alleged that Kondaur’s attorneys violated the Fair Debt Collection Practices Act, because the reference had been withdrawn on that count on April 14, 2011.

[10] Fed.R.Civ.P. 56, applicable herein pursuant to Fed. R. Bankr.P. 7056; Celotex Corp. v. Catrett, 477 U.S. 317, 322, 106 S.Ct. 2548, 91 L.Ed.2d 265 (1986).

[11] See In re Patch, 526 F.3d 1176, 1180 (8th Cir. 2008).

[12] See Neighborhood Enterprises, Inc. v. City of St. Louis, 644 F.3d 728, 734 (8th Cir.2011) (citation omitted).

[13] See Minn. Stat. § 336.3-205(b).

[14] Jackson v. Mortgage Electronic Registration Systems, Inc., 770 N.W.2d 487, 494 (Minn. 2009).

[ipaper docId=69075230 access_key=key-27jsyanir04z0khwkv97 height=600 width=600 /]

 

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Be Prepared, New Wave of Foreclosures Coming

Be Prepared, New Wave of Foreclosures Coming


This can only mean one thing. Are your mark, get set, go! The settlement is about to be signed, sealed and delivered!

The new wave will also mean more fraud and more title defects America. You continue to get sold out and tossed for the bankers who are too big too fail. Get your money out of these banks immediately. Don’t complain, don’t explain when you continue to get screwed….now, you’re doing this to yourself.

REUTERS-

The paralyzed U.S. housing market is once again up against an obstacle it has seen before — mounting foreclosures.

And a fresh drop in home prices is likely to result.

Banks have stepped up the pace of home seizures after a year-long slowdown brought on by the “robo-signing” scandal in which banks were accused of seizing properties without a proper review of loan documents.

[REUTERS]

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Eric Holder sides with banks against state AGs in Foreclosure Fraud and Robo-Signing settlement talks

Eric Holder sides with banks against state AGs in Foreclosure Fraud and Robo-Signing settlement talks


Fox Business-

The Obama Administration has finally found something it can agree on with the nation’s big banks: The need for the 50 state attorneys general to finally reach a deal to end the year-long investigation into faulty mortgage foreclosure practices and reach a long-awaited settlement, the FOX Business Network has learned.

People at the big banks say the Obama Administration is prodding the state AGs, led by Iowa’s Tom Miller, to agree on a deal that is currently on the table that calls for fines and revised mortgage foreclosure practices — but also limits banks’ liability on legal action.

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



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[VIDEO] AG Beau Biden TOTALLY Gets It!  “One of The Greatest Fraud in The Courts of American History”

[VIDEO] AG Beau Biden TOTALLY Gets It! “One of The Greatest Fraud in The Courts of American History”


Excellent video clip. Watch this and tell me if he doesn’t get the fraud. Delaware, Mass., Nevada and NY should be very proud of their AG’s. We are waiting for the rest to show a bit more strength.

Not Done Until The Core of Mortgage Back Securities Is Investigated.

UP w/ Chris Hayes

 

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



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Massachusetts Attorney General Coakley Says She May Sue Banks

Massachusetts Attorney General Coakley Says She May Sue Banks


Bloomberg is reporting this breaking news, saying she “lost confidence” that they will present an agreement to adequately resolve foreclosure disputes.

As soon as more info develops, it shall be posted.

 

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



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