Articles Related To Mortgage Servicing Fraud

*Date*	Article (Recent Additions)	*Author*	*Comment*
October 1995 through April 1999	The Unknown $19 Trillion Depository Trust Company (DTC) This exclusive report is a compilation of interviews and background research from October 1995 through April 1999.	Ming TV	The Depository Trust Company (DTC) is the best kept secret in America. Headquartered at 55 Water Street in New York City, the average American has no clue that this financial institution is the most powerful banking corporation in the world. The general public has no knowledge of what the DTC is or what they do. How can a private banking trust company hold assets of over $19 trillion and be unknown? In a recent press release dated April 19, 1999, the Depository Trust Company stated: The Depository Trust Company (DTC) is the world's largest securities depository, holding nearly $19 trillion in assets for its Participants and their customers.... Last year, DTC processed over 164 million book-entry deliveries valued at more than $77 trillion.
12/29/99	United Companies Signs Letter Agreement With EMC Mortgage Corporation for the Sale of Its Whole Loan Portfolio, Residual Interests and Servicing Operation.	BusinessWire	UC customers now EMC Mortgage victims. Where they are now? Homeless? Penniless? Dead?
11/1999	The Act that would transfer trillions in wealth and destroy the lives of millions globally FINANCIAL MODERNIZATION: THE GRAMM-LEACH-BLILEY ACT SUMMARY	Covington Burling	With this new product and service authority, there are some new regulations. ABA worked hard to make the insurance, securities, consumer and privacy regulations workable and to prevent their being used to discriminate against banks. In addition, we?re happy to report that the legislation includes a lengthening of the CRA exam cycle for many community banks.
10/27/99	SEC Turning Over Grand Jury Testimony in Bear Stearns-Baron Case	By Robert Kowalski The Street.com	After Bear Stearns settled, Harriton resigned from the company and vowed to fight SEC securities-fraud charges against him personally. Now, with those civil charges still pending, the SEC is required by its own rules to share the grand jury documents with Harriton, Starr says.
9/15/99	The Unknown $19 Trillion Depository Trust Company	Truthspace?s Research	This exclusive report is a compilation of interviews and background research from October 1995 through April 1999. The Depository Trust Company (DTC) is the best kept secret in America. Headquartered at 55 Water Street in New York City, the average American has no clue that this financial institution is the most powerful banking corporation in the world.
8/20/99	To Your Credit: Going to court over bad credit reports	CBS.MarketWatch.com	"How can it be unique when I'm sitting here with hundreds of letters from consumers?" Denise Richardson, consumer.
7/2/99	Fraudulent Assignments / Forgery / Fraud	Alexis Rotkowitz and Bert Rush	An excellent story of fraud and flipping.
2/11/99	Transfers of Mortgage Notes under New Article 9	Prof. Dale Whitman	The new version of UCC Article 9, approved by NCCUSL at its 1998 Annual Meeting, makes important changes in the treatment of promissory notes, including notes secured by real estate mortgages. Perhaps the most significant change is the fact that outright sales of notes, as well as the use of notes as collateral security for other obligations, are now covered by Article 9 and subject to its concept of "perfection."
2/1/99	World Markets Take Industry To School	Geoffrey Richards	Retail real estate entered 1998 on a roll. Capital was plentiful and cheap, property values and investment returns were high, and rising corporate growth was being rewarded by the stock market. Indeed, it was smooth sailing for the real estate industry.
12/23/98	Support Your Local Embezzler (Follow-up to below.)	Peter Byrne SF Weekly	Follow-up to the article below about the '*Higher Standards'* company, Bank of America.
6/28/98	PREYING ON BUYERS OF THE AMERICAN DREAM FAST-TALKING LENDERS SCORE ON BOOM IN HOME BUYING	PETER GRANT - DAILY NEWS	Four years ago they paid $185,000 for a Bedford-Stuyvesant house using a mortgage banker who later was barred from a federal lending program because of a laundry list of lending abuses. A year later, they found out that no one had recorded their purchase with the city, meaning that it wasn't even clear that they owned the house.
5/21/98	Foreclosure Encounters	ERIC DEXHEIMER Westword.com	By the time one of these investors gets his foot inside the door, your house is as good as gone.
4/21/98	New Way To Sue Lawyers (bad link)	The Wall Street Journal - by Richard B. Schmitt	She hired Thomas Leiter, a lawyer in Peoria, III., who over about two years billed $65,000 in fees. The suit contends that about $40,000 of that sum was excessive or fraudulent.
4/13/98	Bank of America lost track of $7 billion	By Erik Smith The Press-Enterprise	An effort by hundreds of local governments, including more than a half-dozen in the Inland Empire, to take control of a mammoth lawsuit against the Bank of America has prompted the bank to make a startling admission -- that it lost track of about $7 billion in its bond accounts. The bank says the accounting problem has no bearing on the lawsuit, which alleges sloppy bookkeeping and gross mismanagement of more than $100 billion in municipal bond accounts.
2/98	PAYOLA JUSTICE	Texans for Public Justice	60 percent of the 530 opinions that the court delivered from 1994 through October1997 are tainted by the fact that at least one of these seven justices studied took money from a contributor with close links to a party or lawyer involved in that case.
1998	1998: YEARS OF BAD ADVICE CULMINATE IN RUSSIA'S TOTAL ECONOMIC COLLAPSE
12/31/97	The Great Bank Thievery	Peter Byrne SF Weekly	Is stealing legal when you are Bank of America? Read and make up your own mind.
11/97 handbook	Asset Securitization Comptroller?s Handbook The borrower is a party to securitization! (Page 4)	Comptroller of the Currency Administrator of National Banks	An overview of the securitization markets, followed by a discussion of the mechanics of securitization. The discussion evolves to the risks of securitization and how, at each stage of the process, banks are able to manage those risks.
July 1997	Taming the Subprime Animal	Keith Douglas - VP EMC Mortgage	Instructional piece on how to prepare for the subprime market - including who they target.
4/4/97	Bias Against Pro Per Litigants: What It Is. How to Stop It. Are courts really biased against self-represented litigants? Clearly so.	Nolo Press	This bias exists in direct contradiction to the Supreme Court's ruling in Faretta v. California. that everyone has the constitutional right to proceed without counsel. The reasoning behind that decision means that the Constitution requires our justice system to be neutral towards the self-represented litigant. That in turn means that the courts must offer a level playing field for the represented and unrepresented alike, consistent with basic principles of fairness.
1/1/97	MERS aids electronic mortgage ("fraud") program.	Schneider, Howard Publication: Mortgage Banking	The 1997 beginning of MERS marks the birth of MORTGAGE SERVICING FRAUD on a wider scale and raids the county coffers. MERS is the scam set up by the mortgage industry to conceal paper trails and shield the GSE's Fannie & Freddie.
1997	East Asian financial crisis	Wikipedia	History lesson referencing the year 1997 around the time this scam of stealing homes began in America.
1996 added 12/14	The Minnesota Recording Act and the importance of recording title documents The Minnesota Recording Act, Minn. Stat. ? 507.34, protects a judgment creditor's lien on real property against unrecorded prior interests if the creditor has no actual, constructive, or inquiry notice of the prior interest at the time the judgment is docketed. Additionally, nonparties to a judgment cannot attack the judgment if it is valid on its face.	STATE OF MINNESOTA COURT OF APPEALS	In this quiet title action, vendees of real property under unrecorded deeds claimed their property interest was superior to that of the judgment lien creditors of the record owner of the property. On appeal, the vendees argue the trial court erred in finding the judgment lien creditors' interests superior, and in concluding the vendees could not collaterally attack the original judgments. Public policy dictates that judgment creditors must be able to rely on the title shown in public records.
1996-1998	Mortgage Banking Comptroller's Handbook The key economic function of a mortgage lender is to provide funds for the purchase or refinancing of residential properties. If one loan in the pool is missing a single document, the entire pool may not receive final certification.	Office of the Comptroller of Currency	This function takes place in the primary mortgage market where mortgage lenders originate mortgages by lending funds directly to homeowners. This market contrasts with the secondary mortgage market. In the secondary mortgage market, lenders and investors buy and sell loans that were originated directly by lenders in the primary mortgage market. Lenders and investors also sell and purchase securities in the secondary market that are collateralized by groups of pooled mortgage loans.
10/21/96	MERS - (Selling the MERS* scam*) Mortgage records privatization eyed.	Minneapolis/St. Paul Business Journal	Those savings, however, correlate to the filing fees that a mortgage lender would not be paying to a county recorder and that has some county recorders worried. County recorders in Illinois oppose MERS
Spring 1996	Procedures to Delay Real Property Foreclosures	Kathleen Agan Knox Western State University Law Review	In seeking to enjoin foreclosure, borrowers or other parties with certain interests in real property must not only plead and prove one of the above four recognized grounds for injunctive relief but also, as a condition precedent to maintaining such an action, must tender, to the beneficiary, payment of all amounts admittedly due and owing when injunctive relief is sought. ... It is the position of this author that judicial reliance upon Van Hook as a basis to restrain foreclosure is misplaced and that any injunctive relief granted upon this basis is void.
7/6/94	Bank Penalized for Mislaying Bonds	By KENNETH N. GILPIN New York Times	The bonds were supposed to be shipped to a New York clearing bank, but they ended up in the hands of the Federal Bureau of Investigation.
1993	Bear Stearns' unit leads Wall Street rush for lemons.		Raice noted that, if California real estate prices turn around and begin climbing again, EMC would be in a position to make a big profit.
1993**	Looting: The Economic Underworld of Bankruptcy for Profit Our theoretical analysis shows that an economic underground can come to life if firms have an incentive to go broke for profit at society's expense (to loot) instead of to go for broke (to gamble on success). Bank ruptcy for profit will occur if poor accounting, lax regulation, or low pen alties for abuse give owners an incentive to pay themselves more than their firms are worth and then default on their debt obligations.	GEORGE A. AKERLOF PAUL M. ROMER University of California, Berkeley	The Clinton administration promptly took three actions that were far more destructive than the repeal of Glass-Steagall and the passage of the Commodities Futures Modernization Act of 2000 (the Act that created a ?regulatory black hole? in which credit default swaps (CDS) operated). First, it greatly reduced the prosecution of elite bank and S&L frauds by changing the priority to health care fraud. Second, it implemented the ?Reinventing Government? initiative that was hostile to regulation and enforcement. We were instructed, pursuant to that initiative, to refer to (and think of) the industry as our ?clients.? That is a mindset that destroys effective supervision. Third, the Office of Thrift Supervision (OTS) terminated its underwriting regulations (which essentially banned liar?s loans) and replaced them with deliberately unenforceable guidelines. This change made it significantly more difficult to prosecute ?accounting control frauds? by lenders. The three ?de?s? ? deregulation, desupervison, and de facto decriminalization returned with a vengeance in 1993 and expanded over the next 15 years.
10/10/93	COMPLAINTS ARISE OVER FINANCE FIRMS	James Greiff, Staff Writer CHARLOTTE OBSERVER	History that would now be long forgotten if not for a contributor!
2/17/93	The Bankruptcy of The United States This is an undeclared economic war, bankruptcy, and economic slavery of the most corrupt order! Wake up America! Take back your Country."	Rep. James Traficant, Jr. (Ohio) addressing the House	Why are 90% of Americans mortgaged to the hilt and have little or no assets after all debts and liabilities have been paid? Why does it feel like you are working harder and harder and getting less and less? We are reaping what has been sown, and the results of our harvest is a painful bankruptcy, and a foreclosure on American property, precious liberties, and a way of life. Few of our elected representatives in Washington, D.C. have dared to tell the truth.
8/16/92	A New Wrinkle in Mortgage Insurance	MICHAEL QUINT - NY Times	The cozy world of home-mortgage insurers is about to be stirred and perhaps shaken by a familiar face, someone who thinks the business is ripe for cost cutting that could reduce homebuyers' premiums by more than 20 percent.
4/15/92	Cosentino To Plead Guilty To Bank Fraud Charges See related links	Chicago Tribune	Former state Treasurer Jerome Cosentino has agreed to plead guilty to defrauding two banks by directing a multimillion-dollar check-kiting scheme while in office in 1988 and 1989.
1991	Bank of New England Corporation		The bank failure was the largest since the 1989 collapse of MCorp and the 1988 collapse of the First Republic Bank Corporation, both of Dallas, Texas. All three banks were owned by Bank of New England Corporation (BNE Corp.). The failures received a lot of news media attention because 45 credit unions without federal deposit insurance had been closed in nearby Rhode Island on New Year?s.
11/91	Former Chief Of Chicago Bank Held In Fraud	Chicago Tribune	James E. Wells, whose tenure as chairman of Cosmopolitan National Bank in Chicago was marked by bad loans and political controversy over loans to former Illinois Treasurer Jerome Cosentino, was arrested Saturday in Florida on a federal charge that accuses him of converting $141,000 from the bank for his personal use, authorities said.
11/91	Don't compound ARM errors with misguided audits.	Gary C. Tepper of Brownstein, Zeidman, and Schomer	The more troublesome pitfalls are the: Racketeer Influenced and Corrupt Organizations Act, the Truth in Lending Act, and the "little FTC Acts."
9/9/90	Time To Take That ARM To The Mat?	Kenneth Harney	An important and historical article about ARM overcharges.
2/20/89	The Savings And Loan Crisis: Finally, the Bill Has Come Due	Time Magazine Barbara Rudolph;Gisela Bolte and Richard Hornik/Washington and Thomas McCarroll / New York	It is even more interesting to read about the Savings & Loan Scandal of the 1980's, now that the much larger fraud that was born out of the S&L fraud is being exposed.
1988 white paper	Subject Matter Jurisdiction as a New Issue on Appeal: Reining in an Unruly Horse	Law Professor Robert J. Martineau	An even more general rule that allows an appellate court in its discretion to consider any new issue it thinks appropriate.' This new rule has been characterized as the "gorilla" rule in recognition of the appellate court's ability under the rule to consider any new issue it wants.
5/16/1987	Ex-Amerifirst Federal Savings & Loan Official, Spouse Plead Guilty In $780,000 Fraud	United Press International	A former AmeriFirst Federal Savings and Loan Association vice president and her husband pleaded guilty on Friday to charges of defrauding the institution of nearly $780,000 over three years.
5/17/84	Continental Illinois National Bank and Trust Company		Most of the institutions considered ?too big to fail? were actually closed, with shareholders generally losing their entire investments. The ?too big to fail? designation came about because these troubled institutions were resolved by paying off both their insured and uninsured depositors, so that no depositors, or other creditors with the same priority as depositors, lost money.
Undated	Borrowers Beware	By Teresa Dixon Murray Reporter, The Plain Dealer, Cleveland, Ohio	Tom, who has spent several hours every week for the last 16 months trying to fix the problems, says he can no longer stand to think about what the lender has done to his family. "I'm so tired," he says. "Things happen, little things, and I can't take it. Mentally I'm losing it. Why can't somebody do something so this doesn't happen to people?"
1970	From our case archives: Copy of the Note is Not Enough BLAIR v. HALLIBURTON	COA of Texas 8th Dist. El Paso	We have judgment being granted solely on the pleadings, with a "copy" of a note a part thereof. That is not enough. He was faced only with pleadings -- no proof... pleadings alone will not raise a fact issue.
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The Act that would transfer trillions in wealth and destroy the lives of millions globally

FINANCIAL MODERNIZATION: THE GRAMM-LEACH-BLILEY ACT SUMMARY

Mortgage Banking

If one loan in the pool is missing a single document, the entire pool may not receive final certification.

From our case archives:

Copy of the Note is Not Enough

FINANCIAL MODERNIZATION:
THE GRAMM-LEACH-BLILEY ACT SUMMARY