MERS chief legal officer, its national litigation coordinator, its corporate counsel and its chief internal auditor -- have now departed. Even if the company survives its legal challenges, the government could someday pull the rug out from under it.
Is a criminal investigation lurking?
Finally (and as a way to clear the Second Department trial court dockets of fraudulent RMBS foreclosure actions), this Court should require foreclosing trustees to produce a certified and unredacted copy of their trust's Federal REMIC annual tax return, Form 1066, along with the opinion of tax counsel that no actions by the trustee for the subject tax year were in violation of the REMIC tax statutes.
Violations of Hawaii’s Mortgage Rescue Fraud Prevention Act and the laws prohibiting unfair and deceptive trade practices subject offending parties to fines ranging from $500 to $10,000 per violation per day.
Findings of Fact & Conclusions
The jury rendered its verdict and found that Defendant US Bank committed fraud and constructive fraud against Plaintiff Mary McCulley and that the fraud and constructive fraud injured and caused damage to Ms. McCulley. The jury also rendered its verdict that found US Bank liable for punitive damages.
The Tananas argue their mortgage payments were not credited, incorrectly tabulated or rejected. They allege the company "has taken intentional actions to force the default by rejecting payments and miscalculating payments that have been made." The couple's admission of default but their unsuccessful attempts to continue to pay the loan is a reasonable defense, Judge Nealon found.
tied to ‘ROBO-SIGNING’
The lawyers were accused of not doing enough to inform Maine courts in more than 100 foreclosure cases of the possible implications of that information – that people faced losing their homes based on documents with potentially inaccurate statements or debt figures.
We have said that the banksters trade mortgage loans like baseball cards. No one seems to know, from one day to the next, who owns the loan. More disturbing is that it now seems that different banks are claiming ownership of the same loan. Who is lying? We suspect BOTH U.S. Bank and Bank of America.
Homeowners need to understand that the FDIC deciding to sue on the interest rate swaps re: LIBOR is BAD news for the homeowner.
This is my legal theory in Galope being twisted in favor of the investor. This will help Barclays on their petition for rehearing as to standing, I believe that is what the banks are thinking at least. I believe that the timing of the FDIC suit and the petition for rehearing are not coincidental. Unfortunately the homeowners are getting confused, thinking this is somehow a win for them against the banks, when in fact, this is another step the banking industry is trying to take in order to take rights away from the homeowner. - Galope attorney
The foreclosures were planned before the loans were originated, and that is why MERS was created.
MERS, in and of itself, is evidence of advanced planning.
Whether the Federal National Mortgage Association satisfies the Statutory Foreclosure Act's authorized-to-do-business requirement, Ark. Code Ann. $ 18-50-1 17, under 12 U.S.C. S 1716 et seq., or other federal laws, or must the Federal National Mortgage Association satisfy Ark. Code Ann. $ 18-50-1 17 by obtaining a certificate of authority in Arkansas prior to statutorily foreclosing on property in Arkansas?
Statute of Limitations
This is tricky as banks are re-foreclosing on already foreclosed homes.
Don’t let them try to take your home away a second time. The timing and the difference between losing your home and keeping your home is critical. Watch Roy’s explanation.
Dual-Tracking's Bait & Switch
DiRienzo's modification request was not acted on because she was current on her loan payments. DiRienzo stopped making further payments based on the statements of the vice president.
DiRienzo’s action did not have the desired effect. Her FICO credit score dropped from 735 to 682 as a result of her delinquency. She was eventually told her modification would not be considered due to her credit score. In 2011, Deutsche Bank initiated foreclosure.
For more than 20 years, Ocwen has been stealing homes using this same procedure used by other mortgage industry criminals.
Ocwen 'misapplied' 4 monthly payments, sought $7,098.75 in unidentified 'fees and expenses'.
Martens' February statement showed the account was up to date, and everything seemed fine through early March. Martens said she paid her March statement six days before it was due.
On March 14, she received a certified letter from Ocwen stating she was in default on her loan. The letter showed a past due balance of $9,184.53, claiming she had missed her January and February payments. It included $7,098.75 in unidentified "fees and expenses." It demanded payment in full by April 5.
If the fabricated, forged, robo-signed, falsely notarized, assignment says that the note was assigned to that foreclosing party, there can be no challenge to the foreclosure.
If that doesn’t take your breath away, you must be in a coma. That is the state of your property rights when forgeries are accepted for recording. Anyone can take your home if they know how to do it, and the bankstas invented this system.
The beauty of this plan for Wall Street is that nobody from any of the tiers could make direct claims to the benefits of any of the contracts. It has also enabled them to foreclose more than once on the same home in the name of different creditors, making double claims for guarantee from Fannie Mae, Freddie Mac, FDIC loss sharing, insurance and credit default swaps.
The ugly side of the plan is still veiled, for the most part in secrecy. When the homeowner gets close in court, there is a confidential settlement, sometimes for millions of dollars to keep the lawyer and the homeowner from disclosing the terms or the reasons why millions of dollars were paid to a homeowner to keep his mouth shut on a loan that was only $200,000 at origination.
Here, it is clear from the face of the order confirming sale that Appellant's due process rights were violated.Thus, the order confirming sale is void on its face and the trial court was without jurisdiction to enter such order. The trial court's judgment is REVERSED AND this matter is REMANDED for further proceedings consistent with this opinion.
Chris Cooley never missed a payment on his mortgage. What followed was what most homeowners would consider a nightmare. While Cooley tried to stave off foreclosure to save his home and livelihood, Wells Fargo paid the other renters living in the property $5,000 to move out behind his back, and then denied Cooley further aid – because his income, which he drew from the rentals, was too low. “They took my income away from me, and then they couldn’t give me a loan because I had no income,” Cooley said. “What a wonderful catch-22.”
in Ohio Court of Appeals
We concluded that the inconsistencies between the indorsements contained on the submitted notes created a genuine issue of material fact that precluded summary judgment as we could not ascertain which lender possessed the note at the time the foreclosure was filed.
"Its own mortgage specified the important information that it was bound to give its borrower in default, and it simply failed to do so."
We reverse the district court’s ruling that Galope failed to establish injury in-fact necessary for Article III standing on her LIBOR-based claims. Galope adequately alleged that she would not have purchased her loan had she known that the Defendants were manipulating the LIBOR rate. Article III standing exists when a plaintiff purchases a product she would not have otherwise purchased but for the alleged misconduct of the defendant.
F or TWO YEARS, this 80-year-old woman has been in fear of losing her home to foreclosure despite never having missed a mortgage payment. Bank of America filed for foreclosure over two payments that were each one penny short. Tom Murphy: "Well, Bank of America shortchanged the payment that they were making to themselves for her mortgage."
Bryan Cave, LLP Reinstated By Ninth Circuit
The suits allege that Bryan Cave committed malpractice and breached its fiduciary duty in advising the debtors on how to conduct their business operations in light of allegations of violations of complex real estate and securities laws.
From page 12 of the
Bryan Cave allegedly made EFI aware of the fraudulent behavior that was going on. And the allegation is Bryan Cave said it was okay to go ahead and continue that fraudulent behavior. And the allegation is that Bryan Cave said it was okay to continue lying. What types of lies? Failing to disclose how investor money is -- without -- taking investor money without disclosing true risks, lying to investors about what projects their money was being invested in.
to $800,000 Home
"That the subject property is hereby awarded to, and title quieted in favor of Plaintiffs. That Defendant SABR is permanently enjoined and prohibited from recording any documents affecting or purporting to affect title of the subject property; and, any acts or recordings now or in the future by Defendant SABR relating to the subject property shall be of no force or effect."
on RESPA and Breach of Contract
OCWEN did not fulfill theirs when they refused to accept their payments according to the terms of the contracts, and when they unilaterally changed the terms of the contracts; and that this caused Plaintiffs damages.
to Nine Years in Federal Prison
Tell us this doesn't sound exactly like what the banks did:
Promised modifications, repeatedly took millions from TARP, did nothing, and then destroyed peoples' lives. (Law enforcement is telling homeowners they will not investigate anything under $5 Million? This guy didn't even get close to a million.)
National Mortgage Settlement Funds
The Texas Attorney General's Office promptly - and indeed unlawfully - diverted most of $134 Million in settlement funds away from Texas homeowners and into, among others, the Texas Judicial Fund, to fund criminal indigent defense programs across Texas. Yet, Texas has projected a large budgetary surplus for 2014 and beyond and has given no indication regarding this budget item, that it should be replenished using the diverted funds, now or ever.
The book has closed on the National Mortgage Settlement, one of the most shockingly awful examples of government cowardice and corruption in recent American history.
for Fabricating Documents to Steal Real Estate
Attorney Linda Tirelli discusses her lawsuit against Wells Fargo with Fox News. Robo-Signing is alive and well - instructions included.
From Center for Economic and Policy Research:
Faced the prospect of several years in prison, it is likely that many would be prepared to testify against their bosses.
The trio asked to review the report’s findings with Holder and discuss steps the agency will take to improve its efforts to prosecute the crimes.
Administration Won’t Name Offending Prosecutors.
In the majority of the matters—more than 400—OPR categorized the violations as being at the more severe end of the scale: recklessness or intentional misconduct, as distinct from error or poor judgment.
Here is one of the report’s conclusions: “We found that, despite public statements by the Financial Fraud Enforcement Task Force and the department about the importance of pursuing financial fraud cases, including mortgage fraud, the F.B.I. Criminal Investigative Division ranked complex financial crimes as the lowest of the six ranked criminal threats within its area of responsibility, and ranked mortgage fraud as the lowest subcategory threat within the complex financial crimes category. Additionally, we found mortgage fraud to be a low priority, or not listed as a priority, for F.B.I. field offices in the locations we visited.”
Got that? Complex financial crimes were the lowest priority for the criminal investigative division.
We will have more information and video of hearing next week.
From National Mortgage Settlement
The suit is demanding the state replace $369 million that had been earmarked to help troubled borrowers - but was used instead to pay down the state’s debt. Under California law, money placed in a so-called special deposit fund can be transferred to the state’s general fund only “if the transfer does not interfere with the object for which the special fund was created and the transferred amount is repaid when feasible.” It is not clear how many other states could file similar lawsuits, but we hope it's many.
This is a great piece to share with friends and who still aren’t sure why we had a crisis or are predisposed to blame it on greedy borrowers, as opposed to greedy and reckless financial services industry players.
"Remember there is no Fraud exorcist. Once it starts out a fraudulent loan, it can only be sold to the secondary market through more frauds."
According to court papers, the 150-page Wells Fargo Foreclosure Attorney Procedures Manual details “a procedure for processing [mortgage] notes without endorsements and obtaining endorsements and allonges.” If the allegations in Tirelli’s court filing are true, this manual represents the first time ‘ta-da’ endorsements are “being described and admitted to be a procedure” at a major bank.”
“The Association of Mortgage Investors are currently reviewing action against a number of servicers for their actions that have been harmful for both investors and borrowers.”
"It appears that the chain of title of the Note was not properly proved and therefore the party entitled to enforce the Note is not the Appellant. As neither a holder of the Note nor a non-holder with the rights of a holder, Vanderbilt cannot enforce the Note. Because “a mortgage is valid and enforceable only if the underlying debt continues to be an enforceable obligation,” the Mortgage is no longer enforceable under Kentucky law."
from Weidner Law
The filing of a forged document warrants disbarment. The Florida Bar v. Hall, 49 So. 3d 1254, 1259 (Fla. 2010)
Complaints to the Bar should bring forged documents by the truckload.
The handbook is full of [mis]information.
for Foreclosure Fraud
Powell was about to lose his home when he saw a 60 Minutes report in 2011 that blew the lid off the industry's big secret. The report revealed banks used phony documents to push people out of their homes. The documents were apparently created because banks lost the original documents during Wall Street's securitization process. Bank attorneys and foreclosure firms then willfully forged the documents.
Wells Fargo foreclosed on the family home despite the accidental death insurance policy the bank sold his father along with the mortgage – conduct an Albuquerque judge said was so "shocking" and “highly reprehensible” she slapped the company with a judgment awarding the Dollens estate $2.7 million in punitive damages.
Our highest court will be the next stop for a lawsuit that accuses some of the country’s largest banks and mortgage firms of plotting to avoid filing real estate transactions in Louisiana parish clerk of court offices, costing the clerks tens of millions of dollars in fee revenue.
JPMorgan admitted that for more than a decade it submitted thousands of mortgages for insurance by the FHA or the Department of Veterans Affairs that did not qualify for government guarantees.
Who Is Included in the Settlement Class?
The Settlement Class consists of all borrowers in the United States who, between January 1, 2008 and October 4, 2013, were charged by the Chase Defendants as insureds or additional insureds under a hazard lender-placed insurance.
We all know that consumers continue to suffer gross abuses at the hands of the banks and a court system which has largely reached the conclusion that banks must be rewarded with Final Judgments of Foreclosure no matter what the facts.
Petition in Rodriguez v. BONY
According to the indictment, the defendants targeted financially distressed homeowners facing foreclosure, falsely promised them help in saving their homes, engaged in real estate transactions with straw purchasers, and obtained dozens of fraudulent mortgages. The defendants took whatever equity the homeowner had left, funneled it through various shell corporations they controlled, used some of it to pay the new mortgages, and kept the rest.
"It truly concerns me, however, that thousands and thousands -- thousands and thousands of mortgage foreclosure actions have been filed with these allegations. I am not certain what remedy, if any, these people would have were it to be determined that MERS was not ever the proper party notwithstanding that these folks [might] have been in default what their recourse, if any, would be. I'm not certain with the satisfaction of mortgages that have been filed on behalf of MERS how good those are and I am not certain how good title to property is that people bought at these foreclosure sales if it turns or becomes established that MERS was indeed not only not the right party but misrepresented by way of their pleadings and affidavits that they held something they didn't own, so I'm not certain of the consequences but it seems vast."
- The Honorable Judge Jon Gordon - September 2005 (Emphasis added)