trustees - FORECLOSURE FRAUD

Tag Archive | "trustees"

Does Pauley’s BNYM ruling spell new liability for MBS trustees?

Does Pauley’s BNYM ruling spell new liability for MBS trustees?


Alison Frankel-

Beth Kaswan of Scott + Scott has the fervor of a pioneer when she talks about the implications of U.S. District Judge William Pauley‘s ruling Tuesday that her client, a Chicago police officers’ pension fund, can proceed with some claims that Bank of New York Mellon violated its duty to Countrywide mortgage-backed securities investors under the federal Trust Indenture Act. “Judge Pauley is the first judge to say the Trust Indenture Act, in existence since 1939, does apply in this type of circumstance to mortgage-backed securities,” Kaswan told me Wednesday. “That means investors can sue trustees, even if they can’t cobble together 25 percent” of the voting rights in any particular trust — a prerequisite to suing under the pooling and servicing agreements governing most MBS trusts.

Kaswan, who said her firm was the first to assert the federal law against an MBS trustee, believes Pauley’s 19-page decision offers a significant new route to damages for MBS investors. The Manhattan federal judge ruled that the Chicago fund only has standing to bring claims for the trusts in which it invested, reducing the number of Countrywide MBS trusts in the case from 530 to 26. But he also said that investors in those 26 trusts can sue BNY Mellon for allegedly failing to notify certificateholders that Countrywide and Bank of America supposedly breached their obligations to the trusts and for failing to take action on those breaches.

[ON THE CASE -REUTERS]

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Re-Wind | Judges to weigh mortgage document destruction

Re-Wind | Judges to weigh mortgage document destruction


Any follow up to this story from back in January 2011?

By Scot J. Paltrow

WASHINGTON | Sun Jan 23, 2011 2:50pm EST

WASHINGTON (Reuters) – Federal bankruptcy judges in Delaware are due to hold separate hearings Monday on requests by two defunct subprime mortgage lenders to destroy thousands of boxes or original loan documents.

The requests, by trustees liquidating Mortgage Lenders Network USA and American Home Mortgage, come despite intense concerns that paperwork critical to foreclosures and securitized investments may be lost.

A series of recent court rulings have increased the importance of original loan documents, holding that they are essential for investors to prove ownership of mortgages and to have the right to foreclose.

In the Mortgage Lenders case, the U.S. Attorney in Delaware has formally objected to the requested destruction because loss of the records “threatens to impair federal law enforcement efforts.”

The former subprime lender shut down in February 2007. In a January 6, 2010, motion, Neil Luria, the liquidating trustee, asked Bankruptcy Judge Peter J. Walsh for permission to destroy nearly 18,000 boxes of records now warehoused by document storage company Iron Mountain Inc.

Luria stated that destruction is necessary to eliminate $16,000 per month in storage costs as he disposes of the last assets of the bankrupt company.

In the American Home Mortgage case, the liquidating trustee, Steven Sass, has asked Bankruptcy Judge Christopher Sontchi to approve destruction of 4,100 boxes of loan documents stored in a dank parking garage beneath the company’s former headquarters in Melville, Long Island.

[REUTERS]

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JPMorgan, UBS, Deutsche Bank Said to Be Added to Probe

JPMorgan, UBS, Deutsche Bank Said to Be Added to Probe


Bloomberg-

JPMorgan Chase & Co., UBS AG and Deutsche Bank AG are being probed in an expanded investigation by New York Attorney General Eric Schneiderman into mortgage securitization, according to a person familiar with the matter.

Four bond insurers also were subpoenaed: Ambac Financial Group Inc., MBIA Inc., Syncora Holdings Ltd. and Assured Guaranty Ltd., according to the person, who couldn’t be identified because the probe isn’t public.


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Lenders say they’re owners ‘in name only’ and don’t have to pay for upkeep

Lenders say they’re owners ‘in name only’ and don’t have to pay for upkeep


This is when those placeholders “A Bad Bene, Bogus Assignee” might come in handy… Maybe AG Harris will put a stop to this madness.

MSNBC

Not according to Deutsche or other banks. They say they aren’t really the owners, despite the fact that their name appears on the property title. They also say they are not responsible for maintenance.

Representatives of Deutsche, as well as U.S. Bank, BNY Mellon and HSBC — three other major lenders that Los Angeles is investigating with an eye to suing, all said that loan servicers are responsible for property upkeep, as well as tasks such as sending default notices, modifying loans, selling homes, and collecting rent and mortgage payments.

“We’re there in name only,” said Teri Charest, spokeswoman for U.S. Bank. “We’re trustees. We have a very limited role.”

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ANNOUNCEMENT | CA Attorney General Kamala D. Harris Announces Creation of Mortgage Fraud Strike Force to Protect Homeowners

ANNOUNCEMENT | CA Attorney General Kamala D. Harris Announces Creation of Mortgage Fraud Strike Force to Protect Homeowners


LOS ANGELES – Attorney General Kamala D. Harris today announced the creation of the California Attorney General’s Mortgage Fraud Strike Force, staffed by Department of Justice attorneys and investigators charged with protecting innocent homeowners and bringing to justice those who defraud them.

The Mortgage Fraud Strike Force will operate out of Department of Justice offices in Los Angeles, Fresno, San Francisco and Sacramento. Twenty-five attorneys and investigators will work together in three teams:
– The consumer enforcement team will target scams in the consumer arena, including predatory lending, unfair business practices in originating loans, deceptive marketing, and loan modification and foreclosure consultant scams.
– The criminal enforcement team will prosecute criminal frauds associated with the epidemic of mortgage scams, including fraudulent investment and money laundering schemes related to mortgage lending or foreclosure relief.
– The corporate fraud team will target misconduct involving investments and securities tied to subprime mortgages, as well as false or fraudulent claims made to the state with respect to these securities.

Los Angeles Mayor Antonio R. Villaraigosa offered his support of the new strike force. “With nearly 10,000 foreclosures in the City of Los Angeles last year,” he said, “this strike force is certain to help countless residents and families from becoming victimized.”

“The Attorney General’s authority and attention to this issue brings a critical law enforcement component to the table that will help stop the practice of predatory lending once and for all,” said Mayor Villaraigosa. “I applaud Attorney General Harris for her dedication to employing swift justice to the scam artists who prey on the residents of some of our most economically vulnerable neighborhoods.”

“The fingerprints of illegal activity are all over the foreclosure crisis,” said Paul Leonard, director of the California Office, Center for Responsible Lending. “The Attorney General’s effort marries the need to punish bad actors for the practices that brought our economy to the brink with the need to eliminate the scam artists who have since attempted to profit from it. Given the economic damage wreaked by foreclosures in California, this initiative is very welcome news.”

[Source: http://oag.ca.gov]

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Officials Ramp Up Mortgage Scrutiny

Officials Ramp Up Mortgage Scrutiny


Wall Street Journal-

State attorneys general are stepping up their investigations of mortgage-industry practices by probing for potential misdeeds when banks originated home loans and packaged them into securities, according to people familiar with the examinations.

New York State Attorney General Eric Schneiderman has issued subpoenas to four bond-insurance companies as part of his expanding probe of mortgage-securitization practices, people familiar with the matter said.

At the same time, California Attorney General Kamala D. Harris is expected to announce Monday a new law-enforcement effort aimed at mortgage-industry practices, people familiar with the initiative said. The effort will cover a range of activities, from loan origination to the packaging of mortgages into securities, and will include both civil and criminal prosecutions, these people said.

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IN RE: TIFFANY M. KRITHARAKIS | US Bankruptcy Trustee Slams Deutsche Bank and their “Retroactive” Assignments of Mortgage

IN RE: TIFFANY M. KRITHARAKIS | US Bankruptcy Trustee Slams Deutsche Bank and their “Retroactive” Assignments of Mortgage


UNITED STATES BANKRUPTCY COURT
DISTRICT OF CONNECTICUT
BRIDGEPORT DIVISION

In re
TIFFANY M. KRITHARAKIS,
Debtor.

UNITED STATES TRUSTEE’S MOTION FOR RULE 2004 EXAMINATION OF
REPRESENTATIVE(S) OF DEUTSCHE BANK NATIONAL TRUST COMPANY, AS
TRUSTEE FOR SOUNDVIEW HOME LOAN TRUST 2005-OPTI,
ASSET BACKED CERTIFICATES, SERIES 2005-OPTI

EXCERPT:

21. Also annexed to the Amended Proof of Claim is a copy of the Sand Canyon AOM whereby Sand Canyon Corporation f/k/a Option One Mortgage Corporation assigned its rights to the Mortgage to Deutsche. See Amended POC at Part 8. The Sand Canyon AOM is dated June 11, 2010 but has an effective date of assignment of May 1, 2005. Id. The Sand Canyon AOM is signed by Rhonda Werdel (“Werdel”) as Assistant Secretary of Sand Canyon Corporation FKA Option One Mortgage Corporation. Id. The May 1, 2005 effective date contained in the Sand Canyon AOM conflicts with the January 19, 2005 dated contained in the Option One Allonge. See Amended POC at Part 5 and Part 8.

22. On information and belief, American Home Mortgage Servicing, Inc. purchased the mortgage servicing rights of Sand Canyon in April 2008. See Declaration of Dale M. Sugimoto, As President of Sand Canyon Corporation, dated March 18, 2009, doc id # 141 in In re Ron Wilson, Sr. and LaRhonda Wilson, 07-11862 (EWM), United States Bankruptcy Court for the Eastern District of Louisiana attached here to as Exhibit 3 (“March 2009 Sugimoto Declaration”). According to the March 2009 Sugimoto Declaration, Sand Canyon does not own any mortgage servicing rights or any residential real estate mortgages. See Exhibit 3 at ¶ ¶ 5, 6. As such, it appears that the Sand Canyon AOM executed in June 2010 may be deficient because Sand Canyon did not own any mortgages in 2010.

Continue below …

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UNSEALED “Sigma” COMPLAINT | AFTRA Retirement Board Sues JPMorgan Chase

UNSEALED “Sigma” COMPLAINT | AFTRA Retirement Board Sues JPMorgan Chase


“Very Big Money Making Opportunities As The Market Deteriorates”

NYTimes:

In the summer of 2007, as the first tremors of the coming financial crisis were being felt on Wall Street, top executives of JPMorgan Chase were raising red flags about a troubled investment vehicle called Sigma, which was based in London. But the bank chose not to move out $500 million in client assets that it had put into Sigma two months earlier.


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US judge temporarily delays loan document shredding

US judge temporarily delays loan document shredding


Mon Jan 24, 2011 1:57pm EST

* Two defunct lenders seeking to destroy boxes of records

* One judge temporarily blocks document destruction

* In separate hearing, destruction partially allowed

* Rulings come amid wide concerns of missing loan docs

By Scot J. Paltrow

WILMINGTON, Del., Jan 24 (Reuters) – A U.S. bankruptcy judge temporarily blocked bankrupt subprime lender Mortgage Lenders Network USA from destroying 18,000 boxes of original loan files after federal prosecutors said documents in them may be needed as evidence in more than 50 criminal investigations.

In a hearing Monday before U.S. Bankruptcy Judge Peter J. Walsh, a representative from the Delaware U.S. Attorneys’ Office said she did not know details of any of the investigations.

But she said prosecutors and FBI offices around the country had requested time to access to the boxes and assess whether the contents contain needed evidence before the judge permits any destruction.

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Judges to weigh mortgage document destruction

Judges to weigh mortgage document destruction


By Scot J. Paltrow

WASHINGTON | Sun Jan 23, 2011 2:50pm EST

WASHINGTON (Reuters) – Federal bankruptcy judges in Delaware are due to hold separate hearings Monday on requests by two defunct subprime mortgage lenders to destroy thousands of boxes or original loan documents.

The requests, by trustees liquidating Mortgage Lenders Network USA and American Home Mortgage, come despite intense concerns that paperwork critical to foreclosures and securitized investments may be lost.

A series of recent court rulings have increased the importance of original loan documents, holding that they are essential for investors to prove ownership of mortgages and to have the right to foreclose.

In the Mortgage Lenders case, the U.S. Attorney in Delaware has formally objected to the requested destruction because loss of the records “threatens to impair federal law enforcement efforts.”

The former subprime lender shut down in February 2007. In a January 6, 2010, motion, Neil Luria, the liquidating trustee, asked Bankruptcy Judge Peter J. Walsh for permission to destroy nearly 18,000 boxes of records now warehoused by document storage company Iron Mountain Inc.

Luria stated that destruction is necessary to eliminate $16,000 per month in storage costs as he disposes of the last assets of the bankrupt company.

In the American Home Mortgage case, the liquidating trustee, Steven Sass, has asked Bankruptcy Judge Christopher Sontchi to approve destruction of 4,100 boxes of loan documents stored in a dank parking garage beneath the company’s former headquarters in Melville, Long Island.


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BLOOMBERG| Foreclosures May Be Undone by State Ruling on Mortgage Transfer

BLOOMBERG| Foreclosures May Be Undone by State Ruling on Mortgage Transfer


Massachusetts’s highest court is poised to rule on whether foreclosures in the state should be undone because securitization-industry practices violate real- estate law governing how mortgages may be transferred.

The fight between homeowners and banks before the Supreme Judicial Court in Boston turns on whether a mortgage can be transferred without naming the recipient, a common securitization practice. Also at issue is whether the right to a mortgage follows the promissory note it secures when the note is sold, as the industry argues.

A victory for the homeowners may invalidate some foreclosures and force loan originators to buy back mortgages wrongly transferred into loan pools. Such a ruling may also be cited in other state courts handling litigation related to the foreclosure crisis.

“This is the first time the securitization paradigm is squarely before a high court,” said Marie McDonnell, a mortgage-fraud analyst in Orleans, Massachusetts, who wrote a friend-of-the-court brief in favor of borrowers. The state court, under its practices, is likely to rule by next month.

Claims of wrongdoing by banks and loan servicers triggered a 50-state investigation last year into whether hundreds of thousands of foreclosures were properly documented as the housing market collapsed. The probe came after JPMorgan Chase & Co. and Ally Financial Inc. said they would stop repossessions in 23 states where courts supervise home seizures and Bank of America Corp. froze U.S. foreclosures. Massachusetts is one of 27 states where court supervision of foreclosures generally isn’t required.


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Anatomy of Mortgage Fraud, Part II: The Mother of All Frauds

Anatomy of Mortgage Fraud, Part II: The Mother of All Frauds


2 minor corrections: 1. There are now 66 Million mortgages in MERS 2. The First Edition of MERS Recommended Foreclosure Procedures was actually written in 1998. To see the First Ed. from 1998 go here towards the bottom.

L. Randall Wray

Professor of Economics and Research Director of the Center for Full Employment and Price Stability, University of Missouri–Kansas City

Posted: December 13, 2010 10:58 AM
.

In part one of this series I showed that MERS recommended that mortgage servicers retain the “wet ink” notes that borrowers signed. These notes are required in 45 states to foreclose on a home. Not only does the foreclosing party need to physically hold the note, but the note must be properly endorsed and transferred every time a mortgage is sold. A clear chain of title must be demonstrated to make the note valid. This is to protect borrowers from fraud — no one can manufacture a note, claim to be a creditor, and then take a homeowner’s property. And this is especially important when mortgages are securitized and bought and sold a dozen times — if there is no clear chain of title, the borrower can never be sure who is really the creditor.

But, in fact, the notes were never transferred, there is no clear chain of paperwork, and in many cases the notes have “disappeared” so that when the servicers or MERS tries to foreclose, they must file “lost note affidavits” claiming rightful ownership even though they do not have evidence. They have also been caught using “robo-signers” to forge documents — and sometimes they have foreclosed on the wrong properties and even seized homes on which there was no mortgage. That is precisely why the law requires proper transfers of the note. Without that, the mortgage is a fraud and foreclosure is fraudulent.

By itself, all of this is a horrific scandal, involving up to 65 million mortgages — the number of mortgages registered at MERS, most of which presumably were subjected to MERS’s guidelines and extremely sloppy record-keeping. But like Shrek’s onion, it is much more complicated than that — with layer after layer of fraud piled on fraud. There are many angles to be explored, most of them too complex and arcane to be pursued in a short column. Here, in part two, I will discuss the implications for the securities that bundled the fraudulent mortgages registered at MERS. Not only did MERS defraud the counties out of their recording fees and the homeowners out of their homes, but it also helped to perpetrate securities fraud and federal tax fraud. Fortunately for the investors in these securities, the securitization process was fatally flawed, meaning that they can return to the issuing banks and demand their money back. But that implies, of course, that the banksters are hopelessly insolvent — on the hook for hundreds of billions of dollars.

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WA STATE Attorney General McKenna calls for mortgage trustees to suspend questionable foreclosures

WA STATE Attorney General McKenna calls for mortgage trustees to suspend questionable foreclosures


Hat tip to ForeclosureBlues

SEATTLE – Washington Attorney General Rob McKenna announced today that his office has uncovered evidence that suggests foreclosure trustees are ignoring consumer protection laws in Washington, adding a new layer to a stack of problems reported in the mortgage-servicing industry. He sent letters today to 52 trustees outlining his concerns and calling on them to suspend any questionable foreclosures in the state.

“As part of our ongoing investigation, we have received complaints and information that indicate the Washington foreclosure process frequently includes inaccurate documents, conflicts-of-interest, faulty chains of title and failures to provide the disclosures and conduct mediations required by law,” McKenna said during a press conference today in Seattle with officials from the Department of Financial Institutions (DFI) and the Washington State Housing Finance Commission. “Some of these practices can deprive homeowners of their legal right to assert legitimate defenses in an action to save their homes.”

“Problems aren’t limited to the national banks and mortgage servicers, however, and appear to extend to foreclosure trustees,” he continued.

The Department of Financial Institutions shares McKenna’s concerns that some foreclosures may not have been processed according to Washington law, said Director Scott Jarvis.

“Such failures potentially injure not just the homeowners denied the protections afforded to them under our laws, but also subsequent purchasers of foreclosed properties, financial institutions who might be inclined to lend on such properties, and the title insurance companies who insure the chain of title to those properties,” Jarvis said. “The last thing we need in these difficult times is to further damage our already struggling real estate industry.”

Washington state government officials are investigating foreclosure servicing problems from three perspectives:

  • McKenna and Jarvis announced today that they have joined the National Association of Attorneys General and banking regulators in forming a multistate group to investigate whether mortgage servicers have improperly submitted affidavits or other documents related to foreclosures in their states. The Washington Attorney General’s Office will serve on the executive committee of the multistate group. Jim Sugarman and David Huey, assistant attorneys general in the Consumer Protection Division, and Deborah Bortner, director of DFI’s Division of Consumer Services, will represent Washington on the new multistate group.
  • The Mortgage Fraud Working Group of The Financial Fraud Enforcement Task Force, a joint federal-state initiative co-chaired by McKenna, is also investigating certain aspects of these foreclosure problems.
  • On the local front, the Washington Attorney General’s Consumer Protection Division since May of this year has been investigating reports of lenders and trustee services not properly reviewing foreclosure documents or following other legal procedures.

“Because Washington state law allows foreclosure without court oversight, you are the party most responsible for ensuring that foreclosures are done properly,” McKenna wrote in the letter to trustees. “Consequently, I ask you to suspend all foreclosures in which you have not yet confirmed that all foreclosure-related documents were lawfully signed, that the chain of ownership is clear and has been revealed to you in full, and that state consumer protection requirements have been followed.”

McKenna said that he strongly favors loan modifications and other means of preventing foreclosures when possible and advocates working with lenders to improve communication with borrowers. In addition to its enforcement efforts, the Attorney General’s Office plays a leading role in the multistate Foreclosure Prevention Working Group, which issues regular reports on the status of foreclosure prevention efforts.

“The housing counselors that we fund have told us again and again about the serious communication problems they are having on behalf of families facing foreclosure,” said Kim Herman, executive director of the Washington State Housing Finance Commission, “These families just want to be treated fairly and get a reasonable, timely decision so they can move on with their lives. That is not too much to expect and, hopefully, this process will help that happen.”

Washington residents facing foreclosure should call the Washington State Homeownership Information Hotline at 1-877-894-HOME (4663) for referral to a free, state-approved housing counselor or legal help. Additional resources are on the Attorney General’s Web site at www.atg.wa.gov/foreclosure.aspx.

Specific concerns addressed in McKenna’s letter to foreclosure trustees:

  • Employees of foreclosure trustees are signing documents posing as the corporate officer of multiple banks and mortgage servicers and signatures of some trustees vary widely from document to document. This appears to be happening even though signatures are notarized with a statement that the signer is the actual person standing before the notary.
  • Trustees may be foreclosing on homes when there is no clear chain of ownership for the loan or the security interest. At the national level, there are reports of lenders “reverse-engineering” the chain of title, including back-dating documents to make it appear as though the loan was passed from company to company.
  • Many default notices have gone out without all required information. Since July 26, 2009, Washington trustees have been required to identify the owner of the loan and the company that is acting as servicer. The notices must also include an address and phone number for the servicer. The absence of these details can make it harder for homeowners to contact their mortgage owners.
  • Lenders are not consistently telling homeowners about their right to explore alternatives to foreclosure. Lenders are required to advise borrowers who obtained mortgages between 2003-2007 of their right to meet and confer and, if requested, the loan owner must schedule a meeting to occur within 14 days. It is our understanding that lenders are regularly not telling homeowners about this right, which exists to help homeowners explore alternatives to foreclosure.

Washington is a “non-judicial foreclosure” state, which means that a lender can proceed directly to selling a home at public auction without first filing a lawsuit. This process was created by the state Legislature. Although lenders may foreclose in court in Washington, they almost always choose non-judicial foreclosures.

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The Anatomy of Mortgage Fraud: MERS’s Smoking Gun, Part I

The Anatomy of Mortgage Fraud: MERS’s Smoking Gun, Part I


L. Randall Wray

Professor of Economics and Research Director of the Center for Full Employment and Price Stability, University of Missouri–Kansas City

Posted: December 9, 2010 06:04 PM

In two recent pieces I harped on the problems at MERS, the Mortgage Electronic Registration System. (“Support Representative Kaptur’s Bill: Time To Shut Down Mers And To Restore The Rule Of Law” and “Shut Down MERS“). Briefly, MERS purportedly offers an alternative to paperwork, maintaining an electronic record of mortgages that are usually packaged into mortgage backed securities (MBSs). When mortgages go delinquent, MERS helps mortgage servicers foreclose on homes.

I argued that MERS was created to run multiple frauds, a topic I will discuss in more detail in part two of this series. However, one of the big puzzles of the ongoing foreclosure crisis concerns the whereabouts of the “wet ink notes” — the IOUs signed by borrowers. In foreclosure cases across the nation, the banks have been filing “lost note affidavits”, certifying that they cannot find the notes that are required to prove that they have the right to take away someone’s home. In some cases, the notes miraculously appear, seemingly out of nowhere, and in others “Burger King kids” have been manufacturing them for robo-signers. By law, the notes are supposed to be at REMIC trustees, held against the MBSs sold on to investors — and must be presented to foreclose.

The real mystery is why these trustees cannot produce the notes. I think we have finally found the smoking gun. An interested reader alerted me to MERS’s instruction manual, “MERS Recommended Foreclosure Procedures — State by State”, originally written in 1999, updated in 2002 and available on MERS’s website (accessed by clicking on: Recommended Foreclosure Procedures).

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Why Do Banks, MERS Use Lender Processing Services’s Minnesota Address?

Why Do Banks, MERS Use Lender Processing Services’s Minnesota Address?


1270 Northland Dr
Mendota Heights, MN 55120

Found another interesting affidavit/ foreclosure deed in Massachusetts Land Records. Some might recall back on June/2010 SFF made a post on this address here.

What all information is in these walls? Maybe ya’ll can fill in the missing pieces. 🙂

MERS 1270

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TESTIMONY OF Tom Deutsch Executive Director American Securitization Forum

TESTIMONY OF Tom Deutsch Executive Director American Securitization Forum


Statement of:

Tom Deutsch
Executive Director
American Securitization Forum

Testimony before the:

Committee on Financial Services
United States House of Representatives

Hearing on:

The Future of Housing Finance—
A Review of Proposals to Address Market Structure and Transition

September 29, 2010

ASF Testimony
The Future of Housing Finance
September 29, 2010

Chairman Frank, Ranking Member Bachus and distinguished Members of the Committee, my name is Tom Deutsch and as the Executive Director of the American Securitization Forum (the “ASF”)1, I very much appreciate the opportunity to testify here on behalf of the 330 ASF member institutions who originate, structure and invest in the preponderance of residential mortgage-backed securities (“RMBS”) created in the United States, including those backed entirely by private capital as well as those guaranteed by public entities such as Fannie Mae, Freddie Mac and Ginnie Mae (for the purposes of this testimony, collectively, the “Government-Sponsored Enterprises” or “GSEs”).
In this testimony, I seek to address these key issues to the future of US housing finance:

1. Importance of the Process of Securitization to Mortgage Lending
2. Transitional Concerns Related to the GSEs
3. Future Structure of Any Government Role in the Secondary Mortgage Market
4. Return of a Private Secondary Mortgage Market
5. Industry Improvements to the Securitization Market Infrastructure
6. Covered Bonds Legislation

[ipaper docId=44479324 access_key=key-1lw44ml6vki6mrqeghaa height=600 width=600 /]

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[VIDEO] Mortgage Fraud Clearing House

[VIDEO] Mortgage Fraud Clearing House


MUST WATCH

Investors are looking for banks to buy back potentially fraudulent residential mortgage-backed securities (RMBS). “The Strategy Session” hosts discuss this topic with Talcott Franklin, the principal of Talcott Franklin PC, whose firm has organized a RMBS clearinghouse on behalf of investors.

“Creature of their own Creation”

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FORECLOSURE| MBS FRAUD 101…MBS investors calling lawyers!

FORECLOSURE| MBS FRAUD 101…MBS investors calling lawyers!


“Years before they can get clear title and actually sell em”

“You guys in the MEDIA have a real tough time…your looking for events, your trying to cover the news minute by minute…”

“THIS IS CANCER”

“There are a lot of investors out there who don’t know what they own… they may own unsecured loans….. trustees that were supposed to do things under state law (and didn’t)… even Fannie and Freddie have issues with this.”

“This is not minutia…this is the Letter of the Law”

“Most securities issues in the United States are governed by New York law”

“Dealer has to deliver to the trustee the notes, that evidence the obligation”

“Trustees have the least duties”

“You have to indemnify them”

Christopher Whalen, managing director of Institutional Risk Analytics, talks with Bloomberg’s Mark Crumpton about the impact of U.S. mortgage foreclosures on banks and the housing market and the outlook for the economy.

Whalen is author of the book “Inflated: How Money and Debt Built the American Dream.” (Source: Bloomberg)

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NEW YORK STATE COURT FORECLOSURE FRAUD CASES

NEW YORK STATE COURT FORECLOSURE FRAUD CASES


Beginning 4/22/2011

This area is for Members Only

Over 200+ Cases and growing

All at your finger tips

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Only $49/ per month


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These fees help pay for research and costs associated in running this site.

Not all New York cases

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Breaking News: U.S. investigating possible criminal violations in foreclosure crisis

Breaking News: U.S. investigating possible criminal violations in foreclosure crisis


Task force probing whether banks broke federal laws during home seizures

Washington Post Staff Writer
Tuesday, October 19, 2010; 3:10 PM

Federal law enforcement officials are investigating possible criminal violations in connection with the national foreclosure crisis, examining whether financial firms broke federal laws when they filed fraudulent court documents to seize people’s homes, according to people familiar with the matter.

The Obama administration’s Financial Fraud Enforcement Task Force is in the early stages of an investigation into whether banks and other companies that submitted flawed paperwork in state foreclosure proceedings may also have misled federal housing agencies, which now own or insure a majority of home loans, according to these sources.

The task force, which includes investigators from the Justice Department, Department of Housing and Urban Development and other agencies, is also looking into whether the submission of flawed paperwork during the foreclosure process violated mail or wire fraud laws. Financial fraud cases often involve these statutes.

Continue reading …WASHINGTON POST

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Fannie Mae Requirements for Document Custodians

Fannie Mae Requirements for Document Custodians


[ipaper docId=34929249 access_key=key-1r2lqf9dy84f0m2bbsq height=600 width=600 /]

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



Posted in chain in title, fannie mae, foreclosure, foreclosures, mortgage, non disclosure, servicers, trustee, Trusts, truth in lending actComments (1)


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