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Tag Archive | "robo signing"

Morgan Stanley to be fined in electronic mortgage system (MERS) and foreclosure scandal

Morgan Stanley to be fined in electronic mortgage system (MERS) and foreclosure scandal


Wonder when they will get to LPS…

Computer World UK-

The US Federal Reserve has issued a punishing court order to Morgan Stanley, as it prepares to fine the bank over the use of automated ‘robo signing’ of documents relating to foreclosures for struggling US mortgage payers. It ordered the bank to make significant process, data and systems improvements.

The issue relates to a troubled electronic mortgage registry created by a range of the largest banks, which is allegedly plagued with errors. Those that have brought claims against the banks have said access to the database was deliberately restricted by the banks, and that mortgage foreclosures were often based on incorrect data entered by the banks as they rushed to offload the loans.

The court order issued this week concerns the Saxon business, which Morgan Stanley has sold to mortgage servicing group Ocwen Financial. The Fed said Morgan Stanley retained responsibility for the impact of Saxon’s actions. Saxon had issued over 225,000 residential mortgage loans.

Robo-signing typically involves employees of mortgage servicing companies automatically signing off foreclosure papers without checking them, in the interests of fast processing the papers.

The practice was allegedly supported by the Mortgage Electronic Registration Systems (MERS), which

[COMPUTER WORLD UK]

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Gretchen Morgenson: Wall Street Really Does Enjoy A Different Set of Rules Than The Rest of Us

Gretchen Morgenson: Wall Street Really Does Enjoy A Different Set of Rules Than The Rest of Us


Chris Martenson-

On The Two Sets of Rules

Honestly, the transfer of wealth that has been created, that has been taken from the saver — and from the taxpayer, do not forget — to “mend the financial system” or to keep it from falling off the cliff, is extraordinary.

When you talked about savers, these are the people as you point out that really had nothing to do with the crisis. They were in fact, doing the right thing, not buying more house than they could afford, putting away money for college education, etc. They are the ones who are really paying the price now.

I think that has led to a very angry populace but also a sense that there are two sets of rules in the country. That one set applies to big and powerful institutions that when they go awry are rescued quickly. Then there is another set of rules for the rest of us who do what we are asked to do, do what we are supposed to do, and really then become victims of the situation. It is very unfortunate and I think it is, as you say, corrosive. 

On The Lack Of Accountability

The idea that forging signatures, that notarizing very important legal documents really improperly in thousands of cases — maybe millions — the idea that that is somehow is going to be allowed to go on with just sort of a penalty of some kind or a fine and not prosecuted in the criminal courts, I think it is amazing. It is really counter to what we have all been led to believe was the course of action in such a case.

You have many small people, small fry mortgage fraudsters who are in jail. I mean we are talking about the people who were straw buyers for homes who defrauded banks. They are in jail for a reason: because they perpetrated a fraud. These banks whose employees were forging signatures should also have been prosecuted with vigor and they were not. They were simply allowed to negotiate their way out of trouble and negotiate their way with shareholders money. They are not paying it out of their own executives’ pockets; they are paying it out of the shareholders’ pockets. There really is no accountability here whatsoever.

There were 1,100 criminal referrals in the S&L crisis and there were 839 convictions. That is a sizable number and far, far, far more than we have seen. I mean I think I can name one senior level person at a mortgage company who is in jail at the moment

[CHRIS MARTENSON]

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Robosigning focuses attention on title companies

Robosigning focuses attention on title companies


TIC-TOC…

SFGATE-

Chain of title – proof of who really owns a house – underpins the entire U.S. system of real estate.

Broken chain of title due to slipshod paperwork was a serious issue uncovered in the nationwide robosigning scandal and again last month in a city report that found San Francisco foreclosure paperwork riddled with errors.

Those revelations draw new attention to title companies, which insure a home’s clear title for both buyers and lenders.

“If there is not a clear chain of title in the foreclosure process, how can there be a clear chain of title for the person buying foreclosed property?” said San Francisco Assessor-Recorder Phil Ting, who commissioned the audit. “Given our report, it calls into question whether entities selling a foreclosure really have the right to transfer that property to somebody else.”

Read more: [SFGATE]

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Massachusetts, Florida Look to Wrap Up Foreclosure Due Process

Massachusetts, Florida Look to Wrap Up Foreclosure Due Process


HUNDREDS of YEARS gone in SECONDS!


FDL-

As much as state and federal officials want to describe the foreclosure fraud settlement as a beginning, in many respects it was most certainly an ending. Analysts invested in the meme that “uncertainty” was crippling the housing market now are heavily invested in saying that the clearing of this uncertainty through the settlement will speed up the foreclosure machine. Diana Olick gives a version of that today which makes absolutely no sense, because all the data comes from the fourth quarter of 2011.

But nevertheless, she’s on to something. With state AGs releasing liability for foreclosure fraud, legislators in some key states are picking up where they left off, removing additional barriers to foreclosure, shutting down due process and subverting the implications of judicial rulings.

For example, in Massachusetts, lawmakers have introduced a bill to indemnify buyers of foreclosed properties from title defects that have been exposed by the Ibanez case.

The bill, if approved, will amend the state foreclosure laws to validate a foreclosure, even if it’s technically deficient under the Ibanez ruling, so long as the previously foreclosed owner does not file a legal challenge to the validity of the foreclosure within 90 days of the foreclosure auction.

The bill has support from both the community/housing sector and the real estate industry. Indeed, the left-leaning Citizens’ Housing and Planning Association (CHAPA), non-profit umbrella organization for affordable housing and community development activities in Massachusetts, has filed written testimony in support of the bill.

Properties afflicted with Ibanez title defects, in worst cases, cannot be sold or refinanced. Homeowners without title insurance are compelled to spend thousands in legal fees to clear their titles. Allowing such foreclosed properties to sit and languish in title purgatory is a huge drain on individual, innocent home purchasers and the housing market itself.

[FIRE DOG LAKE]

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Adam Levitin: Pushback on the San Francisco City Assessor-Recorder Foreclosure Audit

Adam Levitin: Pushback on the San Francisco City Assessor-Recorder Foreclosure Audit


Credit Slips-

Not surprisingly, there’s been some attempts to downplay the significance of the SF City Assessor-Recorder foreclosure audit. The attacks have come in three flavors:  questions about the auditors’ own background; questions about the accuracy of the report; and the “who cares, as these are just lousy deadbeats” argument. Even if we acknowledge that there is something to each of these attacks, they don’t take away from the core finding of the report, which is that things are FUBAR in mortgage documentation, and that is going to inevitably result in some honest, but unfortunate homeowners being harmed.

The first attack is on the credentials and former activities of the auditors. Given the deeply compromised background of the OCC foreclosure review auditors, this is a chutzpadik attack. The sad truth is that there isn’t a huge pool of people who can do this sort of audit. (Yes, takes it takes a thief and all that…) 

[CREDIT SLIPS]

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[VIDEO] SF Assessor-Recorder Phil Ting Uncovers Widespread (FRAUD) Mortgage Industry Irregularity

[VIDEO] SF Assessor-Recorder Phil Ting Uncovers Widespread (FRAUD) Mortgage Industry Irregularity


This is an explosive video and the AG’s better listen carefully because titles are in serious jeopardy. Forget the settlement… HOW do they prepare to correct the DEFECTS in YOUR TITLE?

Watch the video and listen to how the “New Lender” is stealing assigning Your Home to themselves… I hope AG Kamala Harris follows up and why haven’t the AG’s conducted these investigations? Truly sad.

58% of conflicts with MERS.

by on Feb 15, 2012

Assessor-Recorder Phil Ting Uncovers Widespread Mortgage Industry Irregularity in San Francisco Foreclosures

 

[Click on Image Below]

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Pelosi, Speier Request Justice Department Examination into Possible Violations of Federal Law in San Francisco Foreclosures

Pelosi, Speier Request Justice Department Examination into Possible Violations of Federal Law in San Francisco Foreclosures


Washington, D.C. – Democratic Leader Nancy Pelosi and Congresswoman Jackie Speier sent a letter today to Attorney General Eric Holder requesting he direct the Justice Department’s Financial Fraud Enforcement Task Force to examine whether any violations of Federal law occurred in the processing of foreclosures in San Francisco. 

The County of San Francisco’s Office of the Assessor-Recorder recently commissioned a report assessing compliance with applicable foreclosure laws by certain entities in the mortgage industry operating in San Francisco.

Below is the full text of the letter. 

February 17, 2012

The Honorable Eric H. Holder, Jr.
Attorney General
Robert F. Kennedy Department of Justice Building
950 Pennsylvania Ave., NW
Washington, DC 20530

Dear Attorney General Holder:

We are writing to request that you direct the Justice Department’s Financial Fraud Enforcement Task Force to examine whether any violations of Federal law occurred in the processing of foreclosures in San Francisco.

The County of San Francisco’s Office of the Assessor-Recorder recently commissioned a report, which is enclosed, assessing compliance with applicable foreclosure laws by certain entities in the mortgage industry operating in San Francisco. The report, based on a review of a random sample of mortgage loans that entered into foreclosure between January 2009 and October 2011, found that 99 percent of the San Francisco mortgages reviewed showed irregularities in the foreclosure process, and 84 percent showed potential violations of California non-judicial foreclosure laws.  In addition, foreclosures involving mortgages that were part of the Mortgage Electronic Registration System (MERS), which are more likely to have been securitized, showed a high rate of conflicting information regarding the actual beneficiary, which raises questions about whether homeowners were denied their due process rights.  We find these findings very troubling. 

Because the report does not specify the mortgage servicers involved, it is not possible to determine whether affected borrowers can seek remedies under provisions in the multi-state mortgage settlement. However, even if some borrowers can seek redress through the settlement process, or through private rights of action, the irregularities and violations cited in the report convince us that further investigation at the Federal level is warranted to determine whether any violations of Federal civil and criminal laws might have occurred.

The Assessor-Recorder has already referred the report’s findings to California Attorney General, Kamala Harris, for her review.  We believe the severity of the report’s conclusions also warrant a thorough review at the Federal level by the Task Force. 

We appreciate the hard work of the Obama Administration and the state Attorneys General, including the helpful protections for borrowers secured by California Attorney General Kamala Harris, in achieving a multi-state mortgage settlement. We are hopeful that preserving the ability of the states and the Federal government to continue to pursue actions not covered by the terms of the settlement will ensure that homeowners who experienced losses unfairly, particularly where abusive practices were the cause, will be able to seek a remedy.

Thank you for your attention to this matter.

best regards,

Nancy Pelosi
Democratic Leader

Jackie Speier
Member of Congress

Cc:           The Honorable Kamala Harris, Attorney General, State of California
                The Honorable Edwin M. Lee, Mayor, San Francisco, California
                The Honorable Phil Ting, Assessor-Recorder, City & County of San Francisco

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Adam Levitin: Why No Investigation?

Adam Levitin: Why No Investigation?


The robosigning itself and similar lack of internal controls are the small potatoes. There are much more serious things in the SF City Assessor report.


Credit Slips-

Here’s a bombshell: the San Francisco City Assessor commissioned a serious audit of foreclosure documentation filed in the past few years. The audit examined 400 foreclosures.  It found problems with 85% of them, often multiple problems. What’s more, some of the problems are pretty serious as they implicate not only borrowers’ rights, but the integrity of mortgage-backed securities and the property title system.  

The San Francisco City Assessor’s audit also serves as a benchmark for evaluating the Federal-State servicing settlement.  The San Francisco City Assessor managed to accomplish in a few months what the Federal government and state Attorneys General weren’t able to do in nearly a year and a half with far greater resources at their disposal:  perform a credible investigation of foreclosure documentation with serious implications about the securitization process in general.  That’s a lot of egg on the face of Shaun Donovan, Eric Holder, Tom Miller, et al.  The SF City Assessor report shows that it really wasn’t so hard for a motivated party to undertake a serious investigation. And that raises the question of why the largest consumer fraud settlement in history proceeded with virtually no investigation. 

The lack of investigation was the compelling criticism that led the NY and DE AGs to stay out of the settlement for quite a while. I’ve never heard an answer as to why no serious investigation. As the SF City Assessor’s audit shows, the documentation is all a matter of public record.  It’s not that hard to do, especially if you have the resources of the federal government.  So the resources were there. The capability was there. So why no investigation?  The answer has to lie with lack of motivation. Were the Feds and AGs scared of what they would find if they delved too deeply into the issue? 

I hope that members of Congress will question the Attorney General and HUD Secretary the next time they show up to testify on the Hill.  The issue is also worthy of a GAO or IG examination. 

[…]

[CREDIT SLIPS]

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Foreclosure Fraud, Abuse Rampant Across U.S., experts say

Foreclosure Fraud, Abuse Rampant Across U.S., experts say


* Report found 84 pct of San Francisco disclosures illegal

* High levels found across the country, experts say

REUTERS-

A report this week showing rampant foreclosure abuse in San Francisco reflects similar levels of lender fraud and faulty documentation across the United States, say experts and officials who have done studies in other parts of the country.

The audit of almost 400 foreclosures in San Francisco found that 84 percent of them appeared to be illegal, according to the study released by the California city on Wednesday.

“The audit in San Francisco is the most detailed and comprehensive that has been done – but it’s likely those numbers are comparable nationally,” Diane Thompson, an attorney at the National Consumer Law Center, told Reuters.

Across the country from California, Jeff Thingpen, register of deeds in Guildford County, North Carolina, examined 6,100 mortgage documents last year, from loan notes to foreclosure paperwork.

[REUTERS]

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AEQUITAS REPORT: FORECLOSURE IN CALIFORNIA A CRISIS OF COMPLIANCE

AEQUITAS REPORT: FORECLOSURE IN CALIFORNIA A CRISIS OF COMPLIANCE


1. Introduction

The City and County of San Francisco’s Office of the Assessor-Recorder retained Aequitas Compliance Solutions, Inc. to review 382 residential mortgage loan transactions (the “subject loans”) that resulted in foreclosure sales that occurred from January 2009 through October 2011.1 Over this period, there were 2,405 foreclosure sales. The subject loans thus represent approximately 16% of the total. (See Appendix B – Methodology.)

We analyzed the subject loans to determine the mortgage industry’s compliance with applicable laws. Specifically, we focused our analysis on important topics relating to six Subject Areas:

Assignments
Notice of Default
Substitution of Trustee
Notice of Trustee Sale
Suspicious Activities Indicative of
Potential Fraud
Conflicts Relating to MERS

[ipaper docId=81783176 access_key=key-23u7jv139fdxzsk3ytub height=600 width=600 /]

 

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The Law Firm of Levi & Korsinsky LLP Launches an Investigation Into Possible Breaches of Fiduciary Duties by the Board of Directors of Lender Processing Services, Inc.

The Law Firm of Levi & Korsinsky LLP Launches an Investigation Into Possible Breaches of Fiduciary Duties by the Board of Directors of Lender Processing Services, Inc.


Market Watch-

The investigation concerns whether the Board of Directors and certain other officials breached their fiduciary duties by engaging in the improper processing of mortgages and mortgage foreclosures as well as the improper sharing of attorney fees. Furthermore, the investigation concerns whether LPS issued materially false and misleading statements concerning various governmental and regulatory investigations, including statements meant to “downplay the robo-signing scandal and LPS’s central role therein.”

[MARKET WATCH]

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Controversy Over State Use Of Outside Legal Counsel Expands To LPS Robo-Signing Lawsuit

Controversy Over State Use Of Outside Legal Counsel Expands To LPS Robo-Signing Lawsuit


What is wrong with people these days???

They should have known better going up against AG Masto!


Nevada News Bureau-

CARSON CITY – When state Sen. Greg Brower asked the Attorney General’s office earlier this month about the $6 million in outside legal costs incurred so far in defending the state in a freeway construction dispute, he said his motives were purely fiscal in nature.

“We just don’t have money to waste,” said Brower, R-Reno. “At least this particular situation seems to suggest that maybe we are. Maybe there are good answers to all of these questions I raised in my letter but there is only one way to find out and that is to ask them.”

State Sen. Greg Brower, R-Reno. / Nevada News Bureau file photo.

But the use of outside counsel is being questioned in another case where Brower’s law firm, Snell & Wilmer, is representing a company being sued by Attorney General Catherine Cortez Masto, who is also using the services of a private law firm.

[NEVADA NEWS BUREAU]

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Oh look, Wells Fargo is recruiting new robo-signers

Oh look, Wells Fargo is recruiting new robo-signers


via: Matt Stoller

“Requires the applicant to qualify to be a Wells Fargo officer to execute documents and.. pass an online MERS signing authority assessment”

Oh and by the way, where is there any disclosure that Wells Fargo is a shareholder of MERS…?? So it will be creating legal documents for itself, basically.

[ipaper docId=79709191 access_key=key-tfzq0pqkh99mb6xttz7 height=600 width=600 /]

 

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Richard (RJ) Eskow: Bad Bankers, Bad Fraud Deals, and the President’s ‘Great Gatsby’ Problem

Richard (RJ) Eskow: Bad Bankers, Bad Fraud Deals, and the President’s ‘Great Gatsby’ Problem


Richard always finds a way to tie this all together, placing the Obama Administration front and center!

HuffPO-

“Investigate the Banks!” Today a coalition of progressive groups handed in a petition with more than 360,000 signatures that demanded exactly that. It calls on the Administration to stop pushing a cushy fraud settlement for bankers, to pursue a fair deal for shafted homeowners, and to let criminal investigations against Wall Street crooks proceed.

Yet White House officials are still aggressively pushing the very same cushy deal on foreclosure fraud that inspired the petition. And just this week the Justice Department declined to prosecute fraudulent bankers once again as it worked to settle another bank fraud case.

Thinking about this relentless pursuit of Wall Street settlements, suddenly the last line of The Great Gatsby — the one about “boats against the current” — came to mind. Bankers are today’s Jay Gatsbys. They’re shady figures who have adopted a veneer of respectability, yet remain relentlessly, ruthlessly, and sometimes illegally self-interested.

[HUFFINGTONPOST]

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JPM Chase Quietly Halts Suits Over Consumer Debts

JPM Chase Quietly Halts Suits Over Consumer Debts


American Banker-

JPMorgan Chase & Co. has quietly ceased filing lawsuits to collect consumer debts around the nation, dismissing in-house attorneys and virtually shutting down a collections machine that as recently as nine months ago was racking up hundreds of millions of dollars in monthly judgments.

[AMERICAN BANKER]

 

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Florida judge on foreclosures “no confidence that any of the documents the court is receiving…are valid”

Florida judge on foreclosures “no confidence that any of the documents the court is receiving…are valid”


It’s still inconceivable that not one attorney has been reprimanded, no suspensions after so much fraud. How long do investigations take? How long will this go on? After millions of hits on this blog…you would imagine it stop, a long time ago. But no...

 

WSJ-

After the robo-signing mess exploded last September, court officials in Florida, the nation’s busiest state for foreclosures, required lenders to swear that all the information in their foreclosure lawsuits was “true and correct.”

The new affidavits have made judges quicker to pounce on obvious flaws in foreclosure documents, such as when the loan amount doesn’t match the number included in the lawsuit. But some judges say the foreclosure process suffers from broader problems beyond their control.

[WALL STREET JOURNAL]

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Vexed by Securitization Suit, Banks Pull Out of Mortgage Fraud Settlement Meeting

Vexed by Securitization Suit, Banks Pull Out of Mortgage Fraud Settlement Meeting


Banks blow up mortgage settlement talks, despite Iowa AG Tom Miller’s begging and whimpering!!

TIME-

The five biggest mortgage servicers have cancelled a planned negotiating session with representatives of the 50 State Attorneys General in apparent protest over a federal regulator filing suit against them, a source familiar with the matter tells TIME.

The banks canceled the meeting on Tuesday afternoon in protest over the announcement last Friday that the Federal Housing Finance Agency would bring a broad case against 17 firms, including those in talks with the State AGs. The FHFA, which oversees mortgage giants Fannie Mae and Freddie Mac, alleges the firms violated securities law by misrepresenting the value of bundles of high-risk mortgages they sold. FHFA did not say how much the case might be worth, but outside analysts have said it could potentially produce billions of dollars in compensatory damages from the firms.

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In Disputed Fannie and Freddie Mortgage Deals Evidence of ‘Robo-Signing’

In Disputed Fannie and Freddie Mortgage Deals Evidence of ‘Robo-Signing’


TIME-

Long before the banks started evicting delinquent homeowners, Wall Street, it appears, used robo-signers to ink mortgage deals that would eventually cost investors tens of billions of dollars and in part led to the financial crisis.

According to lawsuits filed last week by the U.S.’s Federal Housing Financing Agency, one individual was used by three different banks to sign off on 36 different mortgage bond deals in 2006 alone. Many of the deals contained as many as 4,000 home loans. Yet, according to the lawsuits, the individual Evelyn Echevarria signed documents attesting to the fact that all the loans – well over 100,o00 in 2006 alone


Read more:
[Curious Capitalist.blogs.time.com]

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Hey AGs: Banks Aren’t Credible Negotiating Partners « Reality Check

Hey AGs: Banks Aren’t Credible Negotiating Partners « Reality Check


Abigail C. Field-

As reports of a 50 state AG settlement negotiation with the big banks continue to surface, the big mystery to me is why the AGs think they have good faith negotiating partners in the banks. I mean, the Nevada AG sued BofA for “almost immediately” violating, in basic and profound (“material”) ways, a settlement agreement that BofA negotiated and signed with attorneys general over Countrywide’s practices. Nor is that blatant settlement fraud by BofA the only sign the banks aren’t credible enough to talk to.

How about the consent decrees with their wholly captured regulator, the Office of the Comptroller of the Currency, that promised an end to robosigning/document fraud? Journalists willing to

[REALITY CHECK]

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COMPLAINT + EXHIBITS | American Home Mortgage Servicing Inc. Vs. Lender Processing Services Inc., DOCX

COMPLAINT + EXHIBITS | American Home Mortgage Servicing Inc. Vs. Lender Processing Services Inc., DOCX


American Home Mortgage

Servicing Inc.

v.

Lender Processing Services

Inc., DOCX, L.L.C

[ipaper docId=63851479 access_key=key-19uowkk1cinmvgl4xmqi height=600 width=600 /]

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Beyond Robosigning Forgers – The Truths Exposed in the AHMSI Suit

Beyond Robosigning Forgers – The Truths Exposed in the AHMSI Suit


Abigail C. Field-

The American Home Servicing lawsuit against consummate and prolific robosigner Lender Processing Services is a pretty good read, but if you don’t have the time, I’ve highlighted the best nuggets.

Page 1: American Home Servicing Inc. says that over 30,000 assignments of mortgage in Texas and across America are fraudulent—“improperly executed, notarized and recorded”.

Page 2: American Home renames robosigners “Special Officers” to suggest the robosigners were legitimately signing the assignments of mortgages.


[REALITY CHECK]

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PETITION | American Home Mortgage Servicing Inc. Vs. Lender Processing Services Inc., DOCX “Bombshell Admission of Failed Securitization Process”

PETITION | American Home Mortgage Servicing Inc. Vs. Lender Processing Services Inc., DOCX “Bombshell Admission of Failed Securitization Process”


Via NAKED CAPITALISM-

Wow, Jones Day just created a huge mess for its client and banks generally if anyone is alert enough to act on it.

The lawsuit in question is American Home Mortgage Servicing Inc. v Lender Processing Services. It hasn’t gotten all that much attention (unless you are on the LPS deathwatch beat) because to most, it looks like yet another beauty contest between Cinderella’s two ugly sisters.

[NAKED CAPITALISM]

.

Looks to me like the year was changed from 2009 to 2008 below…VERY SUSPICIOUS!

 

[ipaper docId=113924002 access_key=key-bo4zjmcs0z1kverjrx2 height=600 width=600 /]

 

 

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