Posts filed under “Foreclosures”
Below are the first criminal charges brought in the foreclosure fraud scandal. Every state Attorney General will take note of what Nevada AG Catherine Cortez Masto just did.
We’ve read the indictment, and those 606 charges are no joke. Just open it up to any page and you’ll see what was going on. A likely probability is that Nevada AG Masto is starting by going after mid-level employees, with the intent to flip up the chain.
According to the WSJ, the charges were brought against Lender Processing Services employees. As Yves Smith explains, LPS handled much of the foreclosure mill network used by the big banks.
Indictment (First Page)
OFFICE OF THE ATTORNEY GENERAL ANNOUNCES INDICTMENT IN MASSIVE CLARK COUNTY ROBO-SIGNING SCHEME To: Office of the Attorney general ANNOUNCES indictment in massive clark county robo-signing scheme Defendants to be Held Criminally Accountable for Filing Tens of Thousands of Fraudulent Foreclosure Documents Carson City, NV – The Office of the Nevada Attorney General announced today…Read More
MSNBC – Nearly 29% of mortgaged homes underwater A whopping 28.6 percent of homeowners with mortgages owe more on their loans than their homes could sell for, according to quarterly data released Tuesday by Zillow, a real estate website. That’s up from 26.8 percent in the second quarter. Home values declined only 0.2 percent from…Read More
HARBINGER ANALYTICS GROUP REAL ESTATE FRAUD EXPERTS:
David E. Woolley is the author of the attached white paper. Mr. Woolley is a California Licensed
Land Surveyor and Certified Fraud Examiner with over 24 years of experience and is the
principal in Harbinger Analytics Group:
“Thanks to the Mortgage Electronic Registry System’s (“MERS”) failure to accurately complete and/or publically record property conveyances in the frenzy of banks securitizing home loans and in subsequent foreclosure actions,1 neighbors to a foreclosed property (with a sequential conveyance) as well as the foreclosed property itself will have unclear boundaries and clouded/unmarketable titles making it difficult, if not impossible, for these homeowners to sell their properties and for subsequent purchasers to obtain title insurance on that property. MERS now keeps electronic records on about half of the home mortgages in the United States.
Many problems with MERS and the home loan securitization process have been reported in print media (countless articles), in movies (the Inside Job) and on television (most recently on the April 3, 2011 edition of 60 Minutes). Academic professors such as Christopher L. Peterson of the University of Utah, S.J. Quincy College of Law, have written extensively on what is wrong with MERS.
Courts have ruled against MERS’ standing to foreclose and have criticized the MERS model as being flawed, wholly inaccurate and not allowing homeowners to fight foreclosures because it shields the true owner of a mortgage in public records.5 States Attorneys’ General and federal bank regulators are investigating MERS practices including fraudulently robo-signing and back dating missing documents. A few County Registrars of Deeds are claiming that they are owed millions of dollars in lost revenue from mortgage assignment transfers that were not recorded because MERS was listed as the mortgagee in public land records.
Full PDF after the jump . . .
Richard Vetstein is a nationally recognized real estate attorney, frequently quoted in the media. He was recently named one of Inman News’ 100 Most Influential in Real Estate. Mr. Vetstein is the founder of the Vetstein Law Group and TitleHub Closing Services LLC. The former outside claims counsel for a national title company, he has…Read More
Over the past 2 years, I have warned repeatedly about the dangers to American property rights caused by massive bank fraud, A deadly combination of MERS, robo-signing, and illegal shortcuts have created a horrific situation. A bedrock of our society — the ability for the owner of a piece of real estate to confidently convey…Read More
Last year, we noted the fantastic report issued at of the Florida Attorney General’s office that detailed the rampant fraud in the foreclosure operations of major loan servicers and banks (Florida Attorney General Report on Fraudclosure). It was put together by June Clarkson and Theresa Edwards. That was before the AG’s office was sold to…Read More
“This is a big new front. This case is scary because if Dallas wins then there are a lot of other counties around the country that are going to follow.” -Christopher L. Peterson, associate dean and professor at the University of Utah S.J. Quinney College of Law. > In all of the market mayhem of…Read More