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  • MERS? It May Have Swallowed Your Loan
    of loans County officials appealed to Congress arguing that MERS was of dubious legality But this was the 1990s an era of deregulation and the mortgage industry won We lost our revenue stream and Americans lost the ability to immediately know who owned a piece of property said Mark Monacelli the St Louis County recorder in Duluth Minn And so MERS took off Its board gave its senior vice president William Hultman the rather extraordinary power to deputize an unlimited number of vice presidents and assistant secretaries drawn from the ranks of the mortgage industry The nomination process was near instantaneous A bank entered a name into MERS s Web site and in a blink MERS produced a certifying resolution signed by Mr Hultman The corporate seal was available to those deputies for 25 As personnel policies go this was a touch loose Precisely how loose became clear when a lawyer questioned Mr Hultman in April 2010 in a lawsuit related to its foreclosure against an Atlantic City cab driver How many vice presidents and assistant secretaries have you appointed the lawyer asked I don t know that number Mr Hultman replied Approximately I wouldn t even be able to tell you right now In the thousands Yes Each of those deputies could file loan transfers and foreclosures in MERS s name The goal as with almost everything about the mortgage business at that time was speed Speed meant money ALAN GRAYSON has seen MERS s record keeping up close From 2009 until this year he served as the United States representative for Florida s Eighth Congressional District in the Orlando area which was ravaged by foreclosures Thousands of constituents poured through his office hoping to fend off foreclosures Almost all had papers bearing the MERS name In many foreclosures the MERS paperwork was squirrelly Mr Grayson said With no real legal authority he says Fannie and the banks eliminated the old system and replaced it with a privatized one that was unreliable A spokeswoman for MERS declined interview requests In an e mail she noted that several state courts have ruled in MERS s favor of late She expressed confidence that MERS s policies complied with state laws even if MERS s members occasionally strayed At times some MERS members have failed to follow those procedures and or established state foreclosure rules the spokeswoman Karmela Lejarde wrote or to properly explain MERS and document MERS relationships in legal pleadings Such cases she said are outliers reflecting case specific problems in process and did not repudiate the MERS business model MERS s legal troubles however aren t going away In August the Ohio secretary of state referred to federal prosecutors in Cleveland accusations that notaries deputized by MERS were signing hundreds of documents without any personal knowledge of them The attorney general of Massachusetts is examining a complaint by a county registrar that MERS owes the state tens of millions of dollars in unpaid fees As far back as 2001

    Original URL path: http://www.911omissionreport.com/mers.html (2016-02-14)
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  • Foreclosure abuse rampant across U.S., experts say
    and five major banks last week The banks have never formally admitted any wrongdoing A Wells Fargo spokesman said We have acknowledged we didn t always follow our policies in the foreclosure process We found some areas where there were deficiencies in our process It is expected that the 25 billion settlement will include no admission of wrongdoing by the banks Home loans have dropped 33 percent from a 2006 peak that was fueled by generous loans often to people with dubious credit records Nearly 11 million Americans now owe more than their homes are worth Thingpen said the San Francisco audit which was commissioned by the city s assessor recorder Phil Ting was not an exceptional case Where there s smoke there s fire and we re beyond the smoke stage There s fires in county recording offices across the country John O Brien the register of deeds for Essex County in northwestern Massachusetts conducted an audit of loans issued in 2010 and found 75 percent of the assignments to be invalid and a further 9 percent questionable LOAN REPACKAGING MUDDIED OWNERSHIP One of the major problems that has emerged in the foreclosure crisis is that it is far from clear that many lenders foreclosing on properties actually own the loans and have the right to take action against them In many cases during the housing bubble that burst in 2008 original mortgages were repackaged and sold to so many investors that it is now unclear who actually holds the loans O Brien could only find the current owners of the mortgages he studied in 287 out of 473 cases In the San Francisco study which studied properties subject to foreclosure sales between January 2009 to November 2011 45 per cent were sold to entities improperly claiming to be

    Original URL path: http://www.911omissionreport.com/foreclosure_abuse.html (2016-02-14)
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  • Bank of America forecloses on house that couple had paid cash for
    to the complaint It s still unclear if the couple s credit rating has been affected deMello said The suit names other defendants listed as John Doe who could include employees agents contractors or other persons ordered hired or told by BOA to trespass on the plaintiffs property and to dispose of the plaintiff s personal possessions The suit also charges the company with defamation and libel DeMello said the Cardosos are part of a Portuguese community in the area and the foreclosure tarnished their reputation Charlie Cardoso is an unemployed construction worker and his wife is disabled They paid 139 000 for the three bedroom pool home in the tidy neighborhood a few blocks south of Spring Hill Drive records show It was Charlie s life savings the complaint says We have a lot of friends there and all the time we ve been telling them the house has been paid for a tearful Maria Cardoso said in an interview with WCBV TV in Boston last month The couple reached at home in New Bedford Mass referred a St Petersburg Times reporter to deMello According to the complaint here is what happened Last July the couple s tenant called the Cardosos in a panic The single mother of two teenagers accused the couple of lying when they told her she could rent the house as long she wanted Three men were there to clean out the house and change the locks she told them Charlie Cardoso talked to a real estate agent for Bank of America who said he would inform the company that it had the wrong house The couple thought that was the end of the ordeal It wasn t A landscaper Bank of America hired in August to mow the grass on the property broke a fence to bring in his equipment The tenant got spooked and moved out just before Christmas On Jan 5 a friend of the Cardosos who was helping the tenant pick up belongings found men putting a lock box on the front door The workers said the house belonged to Bank of America The friend called the Cardosos When Charlie Cardoso called the bank a representative told him there was a mistake the problem would be fixed and he would get a return call The call never came The lock box remained Four days later Cardoso and his son drove to Florida missing the homecoming of another son who was returning from Iraq for a two week leave Cardoso had to prove to police that he owned the house The next day he broke in through a back door and used bolt cutters to remove the lock box The water and electricity had been turned off and pipes had frozen The couple filed suit 10 days later Possessions the couple had stored at the home including photos clothes tools and small appliances had been removed and are presumably lost the complaint states In September three months after Bank of America started

    Original URL path: http://www.911omissionreport.com/paid_forecloser.html (2016-02-14)
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  • KC Man Sues Bank Over Foreclosure Error
    the garage changed the locks on his home and cleaned it out two months after he paid cash for the property It was basically stuff that was 150 years of family history Danforth said I feel violated and I felt like the house wasn t even safe to go into for a while Danforth said Safeguard Properties could find his family heirlooms He said JPMorgan Chase just gave him a runaround They re the big bank and they don t care he said It s a wrong built upon wrongs said attorney Tony Stein He said it s a wrongful foreclosure We fully intend to go into court and have a Jackson County jury try to decide the eventual outcome of this case in the only language JPMorgan Chase understands Stein said The language of money In his lawsuit Stein accuses JPMorgan Chase of theft trespassing and reckless indifference Jackson County court records show that on Sept 9 the previous homeowners transferred the house to Danforth The bank signed off 12 days later For the very company to release their deed of trust and thereby release all their rights against this property and then two months later send in a company to clean this thing out You ll have to ask them why they d do something like that Stein said It defies logic Danforth and his attorney said the bank has ignored their letters When KMBC investigated the case a spokeswoman for JPMorgan Chase had a response We made a paperwork mistake when the property was sold which resulted in our service partner changing the locks and winterizing the property to ensure its security the statement said The company did not comment how it plans to settle the dispute I m not the first one I will not be

    Original URL path: http://www.911omissionreport.com/foreclosure_error.html (2016-02-14)
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  • Lauderdale man's home sold out from under him in foreclosure mistake
    questions to Bank of America and to the law firm Florida Default Law Group that handled the foreclosure have not been answered Florida Default Law Group could not be reached for comment despite several attempts by phone and e mail Grodensky said he has filed a claim with his title insurance company but that too has not resulted in any action It wasn t until last week when Grodensky brought his problem to the attention of the Sun Sentinel that it began to be resolved It looks like it was a mistake in communication between us and the attorneys handling the foreclosure said Bauwens Court records show Countrywide Home Loans filed a foreclosure case in Broward County civil court against the former owner of the home on Southwest 14th Street in 2008 Bank of America took over Countrywide at the end of that year The following year Grodensky and his father Steven bought the house for cash as an investment property Jason Grodensky s brother Kenny Sloan lives in the house now They negotiated a short sale which means the lender agreed to accept less than the mortgage amount Documents show the sale proceeds were wired to Bank of America The sale was recorded in December 2009 at the Broward County Property Appraiser s Office But in court the foreclosure case continued the records show There was a motion to dismiss the case in July followed the next day by a motion to re open it A court ordered foreclosure sale took place July 15 The property appraiser s office recorded the transfer of the title to Fannie Mae the same day Bauwens said the lender would go back to court to rescind the foreclosure sale Broward Chief Judge Victor Tobin who set up the county court s foreclosure system said this is the first he s heard of this type of mistake From the court s point of view we have no way of knowing that someone sells a house unless they tell us said Tobin The bank would first have to tell the lawyers and the lawyers would presumably ask the court for an order dismissing the case Tobin said the court system is under pressure to clear up its foreclosure backlog This year the state court system pumped 6 million into the effort hiring more temporary judges and staffers Some say there s too much effort aimed at simply disposing of the cases The evidence doesn t matter the proof doesn t matter due process doesn t matter said Asbury the attorney The only thing that matters is that they get rid of these cases Mindy Watson Cintron of Century 21 Tenace Realty said she was unable to stop a foreclosure even though she had a willing buyer for a Coral Springs home last summer Watson Cintron had a letter from GMAC Mortgage agreeing to sell the house in a short sale The letter indicates the deal would be accepted through Aug 20 Watson Cintron said she

    Original URL path: http://www.911omissionreport.com/foreclosure_mistake.html (2016-02-14)
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  • Caught by mistake in foreclosure web
    of homeowners in loan modification programs who allege that they made all of their payments but got foreclosed on anyway It is mind boggling that these large banks accepted billions and billions of TARP money from the government and they are just committing a fraud on the American people says Jack Gaitlin who filed the Kentucky suit on Oct 4 He was referring to the 2008 government bailout of the banks the Troubled Asset Relief Program To understand the banks back office dysfunction you have to travel back to the credit bubble of the early 2000s Rising home prices were turning real estate into the new national casino Lending standards evaporated No job or down payment necessary Banks meanwhile stopped holding on to mortgage loans and pooled them into securities that were sold to investors The banks charged fees for servicing the mortgages tasks such as collecting monthly payments The banks slap on the biggest fees when a borrower can t make payments and the bank forecloses Says Rheingold They created a servicing model where they made the most money by foreclosing on people as quickly and cheaply as possible When a foreclosed house is put back on the market and sold the proceeds are used to pay creditors like mortgage servicers first Now it s becoming clear just how chaotic the whole system became Depositions from employees working for the banks or their law firms depict a foreclosure process in which it was standard practice for employees with virtually no training to masquerade as vice presidents sometimes signing documents on behalf of as many as 15 different banks Together the banks and their law firms created a quick and dirty foreclosure machine that was designed to rush through foreclosures as fast as possible Former employees at banks and foreclosure law firms have testified that they also knowingly pushed through foreclosures on the wrong people Tammie Lou Kapusta is a former paralegal with the law offices of David J Stern a Florida firm that works for all the major banks and handles up to 70 000 foreclosure cases a year Kapusta testified in September that she received as many as 50 calls a day from homeowners who said they were the victims of mistakes But she was told she testified to ignore the callers and push through the foreclosures anyway The law firm is under investigation by the Florida attorney general The banks say they are reviewing their mortgage and foreclosure procedures and most of the people involved in foreclosure deals were behind on their payments As for people wrongly caught in the foreclosure net they say they are reviewing those cases too But what emerges from court filings depositions and interviews is that once the bank places you on its foreclosure assembly line it becomes nearly impossible to get off The minute Marconi ripped the foreclosure notice from the door of his house in Garrison N Y on Oct 20 he saw he was named as a defendant along

    Original URL path: http://www.911omissionreport.com/foreclosure_web.html (2016-02-14)
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  • Bank of America Gets Pad Locked After Homeowner Forecloses On It
    the home of a couple who didn t owe a dime on their home The couple said they paid cash for the house The case went to court and the homeowners were able to prove they didn t owe Bank of America anything on the house In fact it was proven that the couple never even had a mortgage bill to pay A Collier County Judge agreed and after the hearing Bank of America was ordered by the court to pay the legal fees of the homeowners Maurenn Nyergers and her husband The Judge said the bank wrongfully tried to foreclose on the Nyergers house So how did it end with bank being foreclosed on After more than 5 months of the judge s ruling the bank still hadn t paid the legal fees and the homeowner s attorney did exactly what the bank tried to do to the homeowners He seized the bank s assets They ve ignored our calls ignored our letters legally this is the next step to get my clients compensated attorney Todd Allen told CBS Sheriff s deputies movers and the Nyergers attorney went to the bank and foreclosed on it The attorney gave instructions

    Original URL path: http://www.911omissionreport.com/bank_forecloses_on.html (2016-02-14)
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  • Fed Moves To Gut Predatory Lending Regulation
    groups and 144 individual attorneys Passage of the proposed rule will considerably exacerbate foreclosure statistics in this nation Six Democratic senators led by Sherrod Brown of Ohio also urged the Fed to reconsider its rule in a Monday letter In this time of record foreclosures and reports of systemic problems with the operations of the largest mortgage servicers the proposed revisions are unfortunate and unnecessary the letter reads The mortgage market needs greater oversight and accountability to restore borrower confidence lost in the mortgage crisis The proposed rules would undermine this goal The signatories included outgoing Senate Banking Chairman Chris Dodd Conn incoming Chairman Tim Johnson S D and Sens Jack Reed R I Daniel Akaka Hawaii and Jeff Merkley Ore The controversy comes as the U S mortgage market enters one of the bleakest years in its history Foreclosures continue at a record pace slowed only briefly by recent concerns that borrowers were being improperly evicted due to bank errors At the end of September nearly 1 million homes were in foreclosure according to data collected by the foreclosure analyst RealtyTrac According to the Center for Responsible Lending 2 5 million homes were lost to foreclosure between January 2007 and the end of 2009 and another 5 7 million stand in imminent danger of foreclosure today There are thousands of rescission cases in hundreds of courtrooms all across the country Center for Responsible Lending spokeswoman Kathleen Day said Rescission is a main tool for fighting foreclosures The proposed change is part of a larger package of rules the Fed hopes to adopt several of which appear designed to protect the public from shady financial hucksters But while consumer groups are enthusiastic about some of the possible new regulations they are so worried by the rescission changes that they are

    Original URL path: http://www.911omissionreport.com/predatory_lending.html (2016-02-14)
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