aig-bailout-profit
Neil Barofsky to head the SEC!
Tuesday, December 11, 2012
Friday, November 30, 2012
Thursday, November 29, 2012
New York AG Schneiderman Files Fraudulent MBS Complaint Against Credit Suisse
Posted at http://nationalmortgageprofessional.com:
new-york-ag-schneiderman-files-fraudulent-mbs-complaint-against-credit-suisse
new-york-ag-schneiderman-files-fraudulent-mbs-complaint-against-credit-suisse
Wednesday, November 21, 2012
Two Original “WET INK” Notes Discovered in Same Foreclosure Case – Beth Cottrell JPMorgan Chase Team – 18,000 Documents a Month!
two-original-wet-notes-discovered-in-same-foreclosure-case-beth-cottrell-jpmorgan-chase-team-18000-documents-a-month
As the writer of this post states, we have had our suspicions of fraudulently created original "wet ink" notes as well - especially when the note is lost for 6-18 months, then suddenly appears and is presented to the Court, or where we get multiple copies of the purported same allonge but the endorsements are in different places, sometimes the allonges are even on different bank letterheads (!)(First National Bank of Arizona / Nevada).
As noted in the story, GMAC has referred to this in court as a "technical" problem. No, it is not. It is blatant fraud. Yet, when we have presented this evidence in court, often the case was dismissed as the Court asserts that the homeowner cannot file a suit and raise the issue on a "suspicion." A suspicion? Really? This is how you catch people when they commit fraud - you have a good faith basis to assert they are committing fraud, you sue, you investigate, and maybe its true, maybe its not, but you get to find out because the court wants to know (or it should).
We stay hopeful that the approach of the courts to these documents (fraudulent assignments, allonges and endorsements on notes) continues to shift towards justice.
As the writer of this post states, we have had our suspicions of fraudulently created original "wet ink" notes as well - especially when the note is lost for 6-18 months, then suddenly appears and is presented to the Court, or where we get multiple copies of the purported same allonge but the endorsements are in different places, sometimes the allonges are even on different bank letterheads (!)(First National Bank of Arizona / Nevada).
As noted in the story, GMAC has referred to this in court as a "technical" problem. No, it is not. It is blatant fraud. Yet, when we have presented this evidence in court, often the case was dismissed as the Court asserts that the homeowner cannot file a suit and raise the issue on a "suspicion." A suspicion? Really? This is how you catch people when they commit fraud - you have a good faith basis to assert they are committing fraud, you sue, you investigate, and maybe its true, maybe its not, but you get to find out because the court wants to know (or it should).
We stay hopeful that the approach of the courts to these documents (fraudulent assignments, allonges and endorsements on notes) continues to shift towards justice.
Guilty Pleas in Foreclosure Fraud Cases by DocX Founder - the document prep company used by banks
docx-founder-pleads-guilty-in-foreclosure-fraud
From the Article comes this quote:
"We are sending a signal to the financial industry that these mortgage documents have meaning, they are legal documents and if you are going to file them in the courthouses of this country then they had better be honestly drafted," said Chris Koster, the Missouri attorney general.
And this:
"If citizens had filed these types of documents with a bank in an attempt to get a loan, the banks would have filed criminal cases against them," Mr. Koster said. "The mortgage servicing industry has to be held to the same standard that the banks hold the rest of us to."
Truer statements could not be made. At BB&B we have been raising those very issues for five years with the courts. Simply, an entity may not used fraudulent documents as the basis to take someone's home. Yet, all too often this fraud is overlooked in an effort to protect creditors. But that is the point, if the documents are fraudulent, there is no evidence that the foreclosing entity is, in fact, the creditor.
Further, the rule of law must prevail over the inconvenience of a foreclosure that must be overturned, or denied prior to occurring. When the rule of law does not prevail, our system of justice is tainted.
From the Article comes this quote:
"We are sending a signal to the financial industry that these mortgage documents have meaning, they are legal documents and if you are going to file them in the courthouses of this country then they had better be honestly drafted," said Chris Koster, the Missouri attorney general.
And this:
"If citizens had filed these types of documents with a bank in an attempt to get a loan, the banks would have filed criminal cases against them," Mr. Koster said. "The mortgage servicing industry has to be held to the same standard that the banks hold the rest of us to."
Truer statements could not be made. At BB&B we have been raising those very issues for five years with the courts. Simply, an entity may not used fraudulent documents as the basis to take someone's home. Yet, all too often this fraud is overlooked in an effort to protect creditors. But that is the point, if the documents are fraudulent, there is no evidence that the foreclosing entity is, in fact, the creditor.
Further, the rule of law must prevail over the inconvenience of a foreclosure that must be overturned, or denied prior to occurring. When the rule of law does not prevail, our system of justice is tainted.
Tuesday, November 20, 2012
Sunday, November 18, 2012
Making a bad problem worse. The longer it takes for the public (it needs to know and understand) / congress (ha!) to shut it down, the worse it will be
The Fed's Nuclear Balance Sheet. Stand Back: This Baby's Going to Explode: via HuffPost http://huff.to/ZJGesg
Friday, November 9, 2012
The Importance of Elizabeth Warren
Excellent article by Simon Johnson on the election of Elizabeth Warren, and what that means for all Americans, not only those in Massachusetts.
the-importance-of-elizabeth-warren
the-importance-of-elizabeth-warren
Thursday, November 8, 2012
Secret Documents Show Weak Oversight of Key Foreclosure Program
Pro Publica is doing incredible work - the hard work none of us wants to / can do. Once again, they expose the inherent problems of having the fox guard the henhouse.
Asking why it is done that way is an entirely different question.
Read more at the link for more depressing goodness.
secret-documents-show-weak-oversight-of-key-foreclosure-program
Asking why it is done that way is an entirely different question.
Read more at the link for more depressing goodness.
secret-documents-show-weak-oversight-of-key-foreclosure-program
Wednesday, November 7, 2012
Why Mortgage-Backed Securities Aren't (Backed by Securities): How MERS Toasted the Banks
MERS and the mortgagebacked-securities
Great article from December 2010 - so much of this has come to light since.
Great article from December 2010 - so much of this has come to light since.
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