Fraud Digest | Foreclosure Crimes

LYNN E. SZYMONIAK, ESQ.


FORECLOSURE CRIMES

Action Date: January 13, 2011
Location: West Palm Beach, FL

In the wake of the Massachusetts Supreme Court decision in Ibanez, a few facts regarding Mortgage Assignments to mortgage-backed trusts are worth noting.

First, the vast majority of the hundreds of thousands of Mortgage Assignments made in the last three years were made by mortgage servicing companies.

Second, these servicer-made Assignments were signed and notarized several years after the closing date of the trust. This means that these were NOT Assignments in blank – that is, signed by the assignor at the time of transfer to the trust, but with the name of the assignee left blank.

Third, these servicer-made Assignments state that the Assignments to the Trusts were made years after the closing dates of the Trusts.

Fourth, in all of these cases, the intervening Assignments were left out – the assignment went directly from the originator (such as Option One) to the Trustee on behalf of the Trust. Even the few Assignments in Blank, when subsequently filled in with the name of the Assignee, ignore these intervening owners and show the mortgage as going directly from the originator to the Trust, (ignoring the transfers to the depositors and sponsors).

Fifth, the victims of IAEF – Illegal Acts Expediting Foreclosures – include:

• individuals and families who were removed from their homes by a system (judicial and non-judicial) that relied on the authenticity of documents presented by the mortgage servicers;

• all investors in the mortgage-backed trusts; and

• subsequent purchasers of homes with concealed chain-of-title problems;
• all counties deprived of revenues by the servicer-prepared “originator-to-trust” Assignments.

In the search for solutions to the foreclosure crisis, it is important to keep in mind that at least part of the problem involves real crimes and real victims.

~

4closureFraud.org

Comments
4 Responses to “Fraud Digest | Foreclosure Crimes”
  1. fighting mad, mad as hell says:

    These are all crimes that common people would be rotting in jail for had they dared to do any of those things.
    Martha Stewart did time for far less charges, why should the banks get off free and easy?
    Apparently her insider trading was a real crime while everything the banks have done are just accounting errors.
    Why is the media making excuses and acting like all these are minor offenses.
    Embezzlement, theft, tax evasion, fraud, false insurance claims, securities fraud, and a laundry list of other violations of federal, state, county, and real estate law and nobody, not one person has been tried,convicted and imprisoned! They are so bold, they are still doing it, still forging documents and signatures, and have the nerve to ramp up selling new mortgages to new suckers!
    Of course the banksters believe they are above the law because they are being pampered and treated like they can do no wrong.
    It’s sickening to watch the same banks and mortgage companies new ads urging people to run out and get a new mortgage, or how sweet, innocent and out to serve the people’s best interests!
    Too big to fail, but not too big to lie, cheat and steal!
    Our jails are full of people who didn’t pay tickets, missed child support payments, got a life sentence for stealing $11 from a store or got 16 yrs for taking a candy bar. The judges wanted to make a point and teach these people a lesson.
    There is no justice in America unless you can pay your way out of jail, bribe a congressman or hold the nation hostage while you rob the country blind!
    We are a nation run by banksters and a bunch of political hypocrites.

  2. leapfrog says:

    I saw that Matt Weidner and NTC resolved the litigation. I know how these settlements work, he knows what he’s doing & I respect him; but I’m not buying that NTC has “clean hands” in this foreclosure crisis… It would have been so much more scrumptious if all of this went to discovery…

    http://mattweidnerlaw.com/blog/2011/01/nationwide-title-and-weidner-resolve-litigation-case-to-be-dismissed/

  3. losing my home in florida says:

    we all need to remeber this all started with mortgage appraisal fraud and has just piliferated until you have folks who can not afford these mortgages any more because of job loss illness, increase gas prices, increased food prices, increased everything. we nne to be paying a mortgage on what the house is worth now. the front page of the hernando today sunday showed a couple whom got help from the ocunty to purchase a “foreclosed ” home. they showed pictues of the house . imagine it was your house. so its ok for that couple to pay 400 dollas a month but the rest of us are paying 1200/month what we got raises and they didny??????? something is wrong and it needs to be fixed. please help we are all drowning

  4. John R. says:

    You forgot the Title Insuring Companies that insured the titles of all those home sold at auction!

    and how about any Insurance company who’s paid a claim on a house that wasn’t owned by the person representing they owned it when a claim was filed?

    And how about the property Tax’s that were paid wrongfully by those persons who thought they’d bought a free and clear property?

    or the realtor’s fee’s paid for during the purchase of these properties… shouldn’t the Buyer be able to recoup from them?

    and the Mortgage Broker’s involved too.. and the title researching companies…

    These are all professional organizations who employ Professionals and this issue has been public for what… 5 years?

    I mean… what about the old Law of Agents where they’re supposed to be knowledgeable of what’s happening in their profession and required by Law to work in their “Customers” best interest… aren’t they?

    I said it before… this snowball’s a rollin!

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