Shareholder | FORECLOSURE FRAUD | by DinSFLA

Tag Archive | "shareholder"

Wells Fargo Board Must Face Foreclosure Claims, Judge Says

Wells Fargo Board Must Face Foreclosure Claims, Judge Says


Bloomberg-

Wells Fargo & Co. directors must face investors’ claims that largest U.S. mortgage lender failed to properly disclose details of its foreclosure practices to government investigators, a judge ruled.

U.S. District Judge Susan Illston in San Francisco rejected Wells Fargo’s request to dismiss shareholders’ allegations that directors wrongfully failed to disclose their opposition to a government probe of the bank’s mortgage lending and foreclosure policies.

“The fact that the company was allegedly stymieing the government regulators is certainly material to stockholders when considering whether to authorize a more serious internal investigation,” Illston said in Feb. 9 ruling.

[BLOOMBERG]

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CHRISTIAN COUNTY, WASHINGTON COUNTY (KENTUCKY) v. MORTGAGE ELECTRONIC REGISTRATION SYSTEMS INC. (MERS) et al

CHRISTIAN COUNTY, WASHINGTON COUNTY (KENTUCKY) v. MORTGAGE ELECTRONIC REGISTRATION SYSTEMS INC. (MERS) et al


UNITED STATES DISTRICT COURT
FOR THE WESTERN DISTRICT OF KENTUCKY
LOUISVILLE DIVISION

CHRISTIAN COUNTY CLERK, by and through
its County Clerk, MICHAEL KEM;
WASHINGTON COUNTY CLERK, by and through
its County Clerk, GLENN BLACK; on behalf
of themselves and all others similarly situated,

Plaintiffs

v.

MORTGAGE ELECTRONIC REGISTRATION SYSTEMS
INC.; MERSCORP, INC,; BANK OF AMERICA, N.A.;
CCO MORTGAGE CORPORATION; CITIMORTGAGE, INC;
CORINTHIAN MORTGAGE COMPANY;
EVERHOME MORTGAGE COMPANY; GMAC RESIDENTIAL FUNDING CORPORATION;
GUARANTY BANK; HSBC FINANCE CORPORATION;
MERRILL LYNCH CREDIT CORPORATION;
NATIONWIDE ADVANTAGE MORTGAGE COMPANY;
SUNTRUST MORTGAGE, INC.;JPMORGAN
CHASE & CO.; WELLS FARGO BANK, N.A.; AND
WMC MORTGAGE CORPORATION,

Defendants

[ipaper docId=70276713 access_key=key-1ltvdkngodowjj0xtcpg height=600 width=600 /]

 

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So Who’s Reviewing “Guarding” The Foreclosed Henhouse For Fraud?

So Who’s Reviewing “Guarding” The Foreclosed Henhouse For Fraud?


Pull the wool over the eyes.

In the last few days, more evidence has surfaced that will need to be addressed before it quickly becomes a bailout .

As it turns out, Robo-Signing is NOT showing signs of slowing down, regardless of any settlement. Lets step back and examine a few things that will make your jaw slam to the floor, “drop” would be an understatement.

For instance, Prof. Adam Levitin just found a big problem with those soon to be hired foreclosure fraud reviewers.

In his article the robo-signing problem continues to move forward, except only this time the pay jumped from $10/hr to $19 – $23/hr.  But wait it gets better…There’s other evidence that servicers are not stopping the practice anytime soon.

It doesn’t stop here…there’s more and you simply cannot make this stuff up:

In the wake of the robo-signing debacle, Stewart Lender Services is rolling out a foreclosure processing review to help servicers ensure foreclosures are compliant with state and federal laws.

[…]

“It’s really two things,” said Jason Nadeau, group president of Stewart Lender Services. “It is essentially having a third party come in to look over your shoulder.”

Stewart Lender Services is a subsidiary of Stewart Title Co., who is a shareholder of Mortgage Electronic Registration Systems, Inc. (MERS), the registry that’s the prime focus of the “robo-signing debacle”.

Still with me?

Does this seem like “It is essentially having a third party come in to look over your shoulder“? Guess a hen wouldn’t mind a wolf looking over his shoulder either [.]

Lastly, Lender Processing Services Inc.’s (LPS) current Senior Vice President Tim Anderson, was a former Vice President of Stewart Lender Services. LPS as you may already know, is also at the core of the robo-signing scandal.

Still with me?

Do you see a pattern? Until someone takes this epidemic seriously, the housing and the economy is not going to rebound at all.

Rememeber in order to pull MERS off… they needed support from

  • Banks/Servicers
  • Title Co.
  • Insurance Co. and
  • Government Sponsored Entities

… Pull the wool back over the eyes.

 

© 2010-17 FORECLOSURE FRAUD | by DinSFLA. All rights reserved.



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Moynihan Faces Mortgage Questions At Annual Meeting

Moynihan Faces Mortgage Questions At Annual Meeting


Advice to Brian….Never let them see you sweat the small stuff…LULZ

FOX BUSINESS

Bank of America Corp. Chief Executive Brian Moynihan faced contentious questions from several shareholders Wednesday at the annual meeting for the nation’s largest bank by assets, particularly regarding its mortgage problems.

[…]

Moynihan appeared to grow impatient with shareholder questions. While one man demanded Moynihan himself call him on the phone to discuss what the holder said was a wrongful foreclosure, Moynihan began checking his watch. He also tried to speed along proposals.


© 2010-17 FORECLOSURE FRAUD | by DinSFLA. All rights reserved.



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Fannie Mae warns of SIGNIFICANT RISK, Half of FNMA’s mortgages registered in MERS name

Fannie Mae warns of SIGNIFICANT RISK, Half of FNMA’s mortgages registered in MERS name


Two things… she’s either trying to scare you since they just announced she seeks billions from taxpayers last week, or they are trying to come clean in case this all folds up… knowing they ALWAYS knew this system was wrong.

After all, if you recall she made another announcement last year, MERS May NOT Foreclose for Fannie Mae effective 5/1/2010 and then her mate followed, Freddie Mac Tells Servicers NOT To Foreclose In MERS.… so she was possibly working on this for some time. Both shareholders of MERS from the beginning.

Coincidence? Do you have a choice to remove MERS off your loan at the closing table?

Dont’cha wonder what was the point of saving on recording fees or the amount it take$ to defend MERS? Betcha either was well worth it as it made wall street CEO’s billions and others many millions.

Housing Wire-

Roughly half of the mortgages owned or guaranteed by Fannie Mae are registered in the Mortgage Electronic Registration System name, according to a filing by the government-sponsored enterprise last week.

Fannie’s guaranty book of business totaled $2.9 trillion at the end of the first quarter, meaning about $1.45 trillion of loans are registered in MERS’ name. The connection, Fannie said, poses a significant risk.


© 2010-17 FORECLOSURE FRAUD | by DinSFLA. All rights reserved.



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SHAREHOLDER VERIFIED COMPLAINT | BRAUTIGAM v. RUBIN  ‘Citigroup Board, Robo-Signing, Nationwide Title, Derivatives, Breach, Putback’

SHAREHOLDER VERIFIED COMPLAINT | BRAUTIGAM v. RUBIN ‘Citigroup Board, Robo-Signing, Nationwide Title, Derivatives, Breach, Putback’


MICHAEL G. BRAUTIGAM,

v.

ROBERT E. RUBIN, C. MICHAEL
ARMSTRONG, JOHN M. DEUTCH,
ANNE M. MULCAHY, VIKRAM PANDIT,
ALAIN J.P BELDA, TIMOTHY C. COLLINS,
JERRY A GRUNDHOFR, ROBERT L. JOSS,
ANDREW N. LIVERIS, MICHAEL E. O’NEILL,
RICHARD D. PARSONS, LAWRENCE R.
RICCIARDI, JUDITH RODIN, ROBERT
L. RYAN, ANTHONY M. SANTOMERO,
DIANA L. TAYLOR, WILLIAM S. THOMPSON,
JR., AND ERNESTO ZEDILLO

~
Excerpts:


I. This is a shareholder derivative action brought on behalf and for the benefit of Citigroup against certain of its current and former directors. Citigroup is a global . financial services company, and provides consumers, corporations, governments and institutions with a range of financial products and services. The recipient of some $45 billion of federal government bail-out monies, Citigroup has suffered, and will continue to suffer, serious financial and reputational impacts from the inadequate servicing of its troubled residential mortgage loans.

2. On April 13, 2011, the Office of the Comptroller of the Currency (“OCC”) publicized findings from its fourth quarter 2010 investigation into Citigroup’s mortgage servicing and foreclosure processing practices. As a result of that investigation, the OCC concluded that Citigroup (through its wholly-owned subsidiary, Citibank, N.A.): engaged in improper servicing and foreclosure practices; lacked sufficient resources to ensure proper administration of its foreclosure processes; lacked adequate oversight, internal controls, policies, and procedures, compliance risk management, internal audit, third party management; failed to supervise outside counsel and other third parties handling foreclosure-related services; and engaged in unsafe or unsound banking practices. The above findings were made public in the OCC’s formal enforcement agreement with Citibank as set forth in the Consent Order captioned In the Matter of Citibank, NA. Las Vegas, Nevada AA -EC-II-I3 (the “Consent Order”).

<SNIP>

13. Apar from a dismal track record in complying with its obligations under TARP and HAMP, Citigroup also suffered from the effects of a lack of adequate controls over its foreclosure processes. By third and fourth quarters of 20 10, reports had surfàced alleging that companies (including Citigroup) servicing $6.4 trillion in American mortgages may have bypassed legally required steps to foreclose on a home. For example, a New Jersey state cour administrative order specifically implicated Citi Residential Lending, Inc. (“Citi Residential,” a business of Citigroup) in the so-called “robosigning” scandal. Robo-signers, as the court put it, “are mortgage lender/servicer employees who sign hundreds-in some cases thousands-of affidavits submitted in support of foreclosure claims without any personal  knowledge of the information contained in the affidavits. ‘Robo-signing’ may also refer to improper notarizing practices or document backdating.” The administrative order cited devastating evidence of the inadequacies of Citigroup’s internal controls over its loan documentation and foreclosure processes:

An individual employed by Nationwide Title Clearing, Inc., with signing authority for Citi Residential Lending, Inc., testified in a deposition that when he signed documents for Citi, he did not review them for substantive correctness. He could not even explain what precisely an assignment of a mortgage accomplishes. He had no prior background in the mortgage industry.

Further, a second person with signing authority for Citi Residential Lending, Inc. testified that she never reviewed any books, records, or documents before signing affidavits and that she instead trusted the company’s internal policies and procedures to ensure the accuracy of the information she signed. She signed several documents each day (in many instances without knowledge of what she was signing) and indicated that they were often notarized outside of her presence.

14. The deficiencies in Citigroup’s controls over its loan documentation and foreclosure processes have led to tens of thousands of adverse outcomes for the Company throughout the United States. On November 23, 20 i 0, a Managing Director of Citi- Mortgage, in a written statement to the House Committee on Financial Services, Subcommittee on Housing and Community Opportunity, admitted that: (a) the Company was reviewing approximately 10,000 affidavits executed in pending foreclosures initiated before February 2010; (b) affidavits executed before fàll 2009 would need to be refilled;
(c) that the Company was reviewing another approximately 4,000 pending foreclosure affidavits that may not have been properly executed; and (d) it was transferring approximately 8,500 foreclosure files from its former Florida law firm that engaged in robo-signing.

Continue below…

[ipaper docId=53708997 access_key=key-29j62rkkguzyij0xjuys height=600 width=600 /]

http://www.scribd.com/full/53708513?access_key=key-1pzxbltfa7cdhtky3rr8

© 2010-17 FORECLOSURE FRAUD | by DinSFLA. All rights reserved.



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BREAKING!!!!! JPMorgan Chase DROPS MERS

BREAKING!!!!! JPMorgan Chase DROPS MERS


JPMorgan exits electronic mortgage tracking system

(AP) –

NEW YORK — JPMorgan Chase’s CEO says the bank has stopped using the electronic mortgage tracking system used by major financial institutions.

Lawyers have argued in court proceedings that the system is unable to accurately prove ownership of mortgages.

JPMorgan Chase & Co. and other banks have suspended some foreclosures following allegations of paperwork problems in thousands of cases.

JPMorgan’s CEO, Jamie Dimon, made the announcement in a conference call Wednesday to discuss the bank’s quarterly earnings.


Continue reading…ASSOCIATED PRESS


Posted in assignment of mortgage, foreclosure, foreclosure fraud, foreclosure mills, foreclosures, forgery, jpmorgan chase, STOP FORECLOSURE FRAUDComments (2)

WHISTLE BLOWER | Report On Fraudulent & Forged Assignments Of Mortgages & Deeds In U.S. Foreclosures

WHISTLE BLOWER | Report On Fraudulent & Forged Assignments Of Mortgages & Deeds In U.S. Foreclosures


Pew family trusts which I am a beneficiary and/or remainderman have maintained
investments in various banks, mutual funds, and other entities that maintain
interests in various shares, mortgage backed securities and/or debt issuances and I
have been a shareholder in many mortgage companies including Fannie Mae,
Bear Stearns, JPMorganChase, Washington Mutual, MGIC, Ocwen and Radian,
many of which are members, owners and shareholders in Mortgage Electronic
Registration Systems, Inc. [MERS].

© 2010 Nye Lavalle, Pew Mortgage Institute
•10675 Pebble Cove Lane • Boca Raton, FL 33498
561/860-7632 • mortgagefrauds@aol.com

[ipaper docId=36753239 access_key=key-1xwnf3x33iwj6zod9965 height=600 width=600 /]

© 2010-17 FORECLOSURE FRAUD | by DinSFLA. All rights reserved.



Posted in bear stearns, bogus, chain in title, concealment, conflict of interest, conspiracy, CONTROL FRAUD, corruption, foreclosure, foreclosure fraud, foreclosure mills, foreclosures, forensic document examiner, forensic mortgage investigation audit, forgery, insider, investigation, Law Offices Of David J. Stern P.A., Lender Processing Services Inc., LPS, Max Gardner, MERS, MERSCORP, MORTGAGE ELECTRONIC REGISTRATION SYSTEMS INC., Mortgage Foreclosure Fraud, neil garfield, notary fraud, note, OCC, R.K. Arnold, racketeering, RICO, robo signers, shapiro & fishman pa, STOP FORECLOSURE FRAUD, stopforeclosurefraud.com, trade secrets, Trusts, Violations, Wall StreetComments (0)

Florida FORECLOSURE Lawyer David J. Stern (DJSP) ‘Su Casa es Mi Casa,’ Your House Is My House, Exclusive See His Photos

Florida FORECLOSURE Lawyer David J. Stern (DJSP) ‘Su Casa es Mi Casa,’ Your House Is My House, Exclusive See His Photos


Once again from Florida’s BEST PRIVATE INVESTIGATOR BILL WARNER!

Mr. Warner really deserves an enormous amount of credit for all his hard work in his investigative work!

Thank you!!

See the entire article link below…

Foreclosures Bring Wealth, Rebukes For Florida Lawyer David J. Stern Who Was Going To Name His 130 Foot Boat ‘Su Casa es Mi Casa,’ Your House Is My House, Exclusive See His Photo.

Thursday, July 22, 2010.

FROM THE ST. PETE TIMES…Sunday, July 18, 2010.  You could call him the foreclosure king of Florida. As lawyer for several major banks, David J. Stern handles 20 percent of all foreclosure cases in the nation’s fourth most populous state. It is from Stern’s law firm that well over 100,000 Floridians, including many in the Tampa Bay area, have received the dreaded notice to pay up or face losing their homes.The foreclosure business has been good to Stern, who lives in a $15 million Fort Lauderdale mansion and (STERN) reaped $58.5 million by selling his back-office operations to a new public company (DJSP enterprises) in which he is a major shareholder. But as his case load has grown, so have the controversies.  This spring, a Pasco County judge threw out a foreclosure case against a Wesley Chapel man after ruling that Stern’s firm had submitted a clearly fraudulent document.

In South Florida, a foreclosure defense lawyer discovered more than 20 mortgage documents submitted by Stern’s firm that bore notary seals that did not exist at the time the documents supposedly were notarized. The Florida Bar reprimanded Stern in 2002 for overcharging and misleading clients, and is now considering a complaint questioning whether he should be allowed to farm out so much of his firm’s business to nonlawyers. Stern declined to be interviewed for this story.  By 1999, Stern’s firm represented banks in foreclosure actions against more than 10,000 home­owners, according to records in a class action lawsuit filed in federal court in Tallahassee. The suit alleged that the firm overcharged homeowners for title searches, postage and other expenses, then submitted “false and fraudulent” invoices to support the charges. The case was closed in 2000 with Stern agreeing to pay a total of $2.1 million to homeowners.  He next drew scrutiny from the Florida Bar over complaints that his firm had misled its own clients as well as borrowers. more from the St Pete Times… The St Pete Times article is somewhat incorrect, they state that  ”Stern himself is something of an enigma. Other than references to his law firm and a sketchy biography, there is almost nothing on the Internet about him (David J. Stern).  No photos are available“.
Oh really, well I have been a private investigator in the State of Florida for 15 years and here is the short list of investigative reports that I have posted online about David J. Stern, above is one of his exclusive photos that the St Pete Times could not obtain;

Continue reading this incredible article….

Bill Warner Private Detective Blog

Posted in class action, djsp enterprises, foreclosure, foreclosure fraud, foreclosure mills, foreclosures, investigation, Law Offices Of David J. Stern P.A., STOP FORECLOSURE FRAUDComments (7)


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

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