“The reality is robosigning couldn’t have been the cause of foreclosure fraud because robots can’t engage in the self-interested behavior that underlies fraud.”
“As for robosigning computers stealing homes, still not much evidence for that. If you know of a case, do let me know.”
Really?
~
Finding Little Evidence Of Foreclosure Fraud, Feds Give Up
Daniel Fisher, Forbes Staff
The New York Times reported today concerns grew “in the upper echelons of the comptroller’s office” at the cost of the loan reviews, which consumed up to 20 hours per file at $250 an hour. Banks spent $1.5 billion on this snipe hunt without turning up meaningful examples of fraud, the Times reports. That money could have been handed out to borrowers in the form of a $5,000 check for each file.
The outcome shouldn’t come as a surprise. After I wrote a piece critical of the parallel mortgage settlement with state attorneys general last year, comparing it to the deeply flawed tobacco settlement, I was barraged with comments from critics accusing me of downplaying foreclosure fraud. I responded with one simple question: Has there been a single case in the past five years of a homeowner who was current on his mortgage being foreclosed through fraud?
Silence. I did get a lot of legal gobbledygook from marginally competent lawyers who, as it turns out, were the real crooks in the foreclosure crisis. For excessive fees, they offered underwater borrowers the false hope they could somehow keep their homes without paying for them, either by challenging the foreclosure paperwork or convincing a judge that the national registry system known as MERS was not the legitimate party to foreclose. Those tactics mostly failed. The Federal Trade Commission has a website devoted to protecting borrowers from the real scammers in the foreclosure crisis, and prosecutors have found plenty of fraud. Last September North Carolina AG Roy Cooper, for example, sued three foreclosure assistance firms for charging upfront fees and delivering nothing in return.
Full article here…
The author of the article, Daniel Fisher, can be reached at the email below…
E-mail: dfisher@forbes.com
~
Foreclosure cases in Florida are not tried before a jury for two reasons 1:) Florida law only allows foreclosure cases of equity to be tried by a judge. 2.) Most notes contain a waiver of trail by jury clause.
Beyond all of that, current case law has limited available affirmative defenses. By that I mean, all the bank has to do is to “allege” that they are the holder of the note. For a fixed fee a lawyer will draft fraudulent affidavits attesting that they hold the note. Unless you can prove that the note is not the original, by having a competent fraud examiner testify, then the bank’s allegation of “holder” of the note will stick. Judges really do not want to go beyond the legal theory of “holder” of the note in deciding cases. Sad but true. We need more appeals in order to create more case law.
Now, you will have to take my word for it, my loan was preditory right from the start Loan originator: IndyMac. Took about two weeks to put the loan together in December of 2007. Signed on the 28th. Promised a 4.75% fixed 30yrs, at the closing table, it was about 8% five year arm. Called the lending agent from escrow to find out why the change. Said it was the best “they” could do right now but if I signed he guaranteed he would get me a better deal after the one year per pay ran out. Guess what? Market collapsed in 2008. IndyMac taken over by FDIC and sold to One West in March 2009. Called IndyMac Servicing in October and asked what kind of loan mod I could get.Guess what? We have nothing for you because you are current on your payments. We can help you unless you are 90 days behind in your payments! I think, that’s not hard to fix. don’t make my payments for 90 days. I get Notice of Default. I send a QWR to verify the debt and see who holds the note so I can negotiate with the proper party. Bullshit response with a bunch of computer run sheets with a loan number that doesn’t match my loan docs. Sent a lot of affidavits to a lot of people and got little or no response or a response that said they wouldn’t respond to my mailings. So, you see wee have IndyMac Federal bank foreclosing on my property. Assignment of Deed filed with county on 4/20/2009 by a Roger Stotts, VP of MERS assigning deed ti IndyMac, which was sold to One West on 3/19/2009. Bethany Hood signs a Substitution of Trustee on 4/20/2009 naming Northwest Trustee Services as new trustee. Bains v. MERS (WA) says MERS can’t legally assign anything. Who cares? Is it legal for an entity that does not exist to do anything legally? Is this what they call “Dead Corporation Walking.” Someone should make a movies of these zombie corporation walking through American cities destoying everything in their path. One things for sure, you can’t kill them. They only come back to life in a different form. Come to think of it, I probably have more of a chance being made right by selling the movie rights then winning in court! You would think this one would be a no brainer. Well look at the bright side for the bank (even if they were dead!), they got me to default on my payments for the 90 days so I’m sure they collected their default swips?Enough of this shit. I’m going to smoke some weed. I don’t smoke but its legal in Washington State now and I may have to start so I can forget why I’m wasting my time fighting this.
i feel your pain with the indymac stuff. im in same boat…..i decided to stop trying to reason with them because it was v clear to me they wanted my property. One Worst Bank threw all of Indymacs agreements out the window. I stopped paying and started saving…..have a top=notch lawyer……this is f war!
Good to be in Alabama where the judges are all neutral and will award you a jury trial.
Too bad some of you have judges all for the financial institutions. Sounds like you need to educate your voters better about electing judges. What about the constitution in your state? Any law school teachers?
judges get chosen by a so called neutral panel not the gov or elected
usedkarguy,
Knowing they can’t come up with the paper work that proves “the existence of the debt” just try to get them in front of a jury. Your lawyer would have a field day.
With all that has and is happening and all the paying out they are doing, is it any wonder they do not want to be in front of a jury that has been reading about this fiasco? The more a normal person realizes, and anyone with common sense knows, no company pays out millions unless they are guilty.
Can you imagine an educated jurys response to a mortgage lender today?
/
The problem with you folks is you say”it belongs in front of a jury to determine that fact”. Well those of us who are lawyers or have legal experience know that. You are not telling us something we don’t know. The PROBLEM is getting it there because the judges don’t want a jury making the decision which is contra to what they want to do. That’s what most of you folks don’t get. Yeah whether there is a debt is a fact question for a jury, but getting it to the jury, is the issue. Its the issue in ALL litigation. Getting past the motions to dismiss and for sj that the defendants throw up against you. You folks seem to think we are incompetent if we don’t get it to the jury–we are not. We just know what the walls are we have to climb and you don’t. So don’t make these specious statements as if o just go get a jury trial and your lawyer will make mincement of them. I have been in court for three years and the defendants and judge have been running my case around the block. Yes its a jury trial. But sometimes getting there is the entire “game.”. I just don’t like you folks who make these statements as if those of us who are lawyers “don’t get that”. We do. What you “don’t get” is its not that simple.
I don’t think anybody is pointing fingers here. Its much frustration for those of us who are in this situation and read comments like the one Fisher gave. Its just propaganda and we recognize the bs instantly. I worship lawyers who are defending people that deserve it and that were put into this situation by the crooks. like the one I have. I believe in his stratagies and thank God I can afford him. I think most of us would agree on exactly what you just stated. I was in law enforcement and retired now, but have been in court and have seen it all as far as Judges go…..major problem if HE doesn’t “get it”.What can anyone do to make these guys understand ? or are they just in that political aspect of it all where they have obligation to the money hounds…..anyways, keep plugging at the b stards !
FOR A EXAMPLE OF NOT ONLY A FORECLOSURE WHILE CURRENT BUT ALSO OF A SHERIFF SALE WHILE CURRENT WHEN THE MORTGAGE COMPANY INTENTIONALLY DECIDED TO SKIP THE FORECLOSURE PROCESS AND SIMPLY KEEP THE PAYMENTS AND SELL THE HOME GO TO http://www.savejimmyshome.com or go to www. wetruth.com
If the government can’t simply ask the country’s bankruptcy attorneys to list all their most eggregious examples of fraudulent foreclosure practices and then review them then perhaps your government is getting paid by more than just the public! Any idiot could get the criminal convictions without much effort at all. For any person to not see the widespread fraudulent conduct in the mortgage industry would be a testiment to their blindness or their complicity.
Attorney Daniel J. Mazaheri
Plaintiffs’ Attorney for James and Judy DeHart
EDPa Case# CV-00416-MSG
AMEN
http://www.stellionata.com/in-the-news/38-headlines/7662-120509-jpmc-v-waisome-lawrence-nardi-deposition
http://news.firedoglake.com/2010/11/21/deposition-countrywide-never-sent-mortgage-notes-to-trust-mortgage-backed-securities-in-question/
http://www.scribd.com/doc/86389331/MUSTANG-ENGINE-HOTMAN-WAND-COLD-DARK-ROWS-OF-COLLATERAL-DEPOSTION-OF-COUNTRYWIDE-BAC-MICHELE-SJOLANDER-SHE-GAVE-POWER-OF-ATTORNEY-FOR-ENDORSING-NO
: http://stopforeclosurefraud.com/2013/01/06/full-deposition-of-northwest-trustee-services-jeff-stenman/
http://stopforeclosurefraud.com/2013/01/06/full-deposition-of-northwest-trustee-services-yvonne-mcelligott/
This woman has been dead since 2008, yet her name and signature is on a friend of mines CORPORATE ASSIGNMENT OF DEED FOF TRUST DATED 6/18/2012 and recorded 07/06/2012: and is assinging the mortgage to the FDIC. Tell me that is not fraud. She is the Guess what Vice President of Her rise from the dead to sign document is recorded in Pierce County Records Instrument number 201207060233 dated 07/06/2012. Her death announcment is dated November 8, 2008:
JPMorganChase is using a dead woman’s signature and saying it is for the FDIC at attorney-in-fact for. Here is the obituary for the woman Pearl M. Burch from Lousiana:
http://www.legacy.com/obituaries/shreveporttimes/obituary.aspx?pid=119734366#fbLoggedOut
Totally unbelievable!!!
This assignment is being used for fraud closure on a house that was defaulted by trickery and not by lack of paying. Just like mine. and many I know of.
Can you contact me please regarding the Pearl M. Burch document?.
Thanks.
Danny, I have a document with Pearl Burch, too. Contact me if you are interested.
I have a document with Pearl Burch and an obituary of her death two years before she signed this doc. Email me at Shelleystotalbodyworks@comcast.net
Pearl Burch is on pdf on my email i dont know how to send it anyway but that way and it is a doc of a close friend of mine that would like a copy of yours also to help her.
Does anyone have a document with Pearl M Burch and Angel Ruth Payne as the notary. I am trying to figure out how to prove Angel Ruth Payne is a robo-signer. If anyone has a link with her name on it showing she is a one, it would be greatly appreciated.
I have docs with Pearl Burch on them. Email me at Shelleystotalbodyworks@comcast.net
I have been doing some research on Pearl M Burch, and found her in Monroe LA still living. http://www.whitepages.com/name/Pearl-M-Burch/Monroe-LA/2d0kjcc
Alabama, my counselor and I just had that conversation about the “jury trial” aspect of all this. Borrowers ARE entitled to trial by jury ON THE EXISTENCE of the DEBT.
not legal advice, of course. I am not an attorney. I just play one around the house……
Hello all! This guy Fisher is a bank propagandist. Most of the Forbes Intelligencia has proven themselves to be mouthpieces. We know that. Take note that the comments section, closed, was never open. He can’t take the heat that follows his misinformation in public. So send him an email. Or thirty.
I tried to post my response to Mr. Fisher’s article but it wouldn’t accept comments. So I emailed him personally my response as follows:
Mr. Fisher,
You are a testament to the fact that journalists no longer report the unbiased facts, but rather, their own version in fairy tale format. You sound like a parrot repeating the same silly rhetoric as all of the minion attorneys that represent our large financial institutions. You have managed to condense years of manipulation and law breaking by these institutions in to approximately 12 paragraphs, give or take. Here are just a miniscule few of facts you conveniently left out:
1. The Lenders really were not lenders but originators who lent nothing and had no skin in the game;
2. Mortgage notes were duplicated sometimes numerous times and sold over and over as different MBS or other securities;
3. “Lenders” for years made sure that the appraisals on each sale were increased to keep the market going up creating the huge bubble that they knew would eventually crash the market;
4. Almost all appraisals were done by subsidiary companies or preferential companies of the banks. Without these inflated values by the banks, loans could not have been made and investors would not now be sitting holding worthless paper. Regardless of how much you try to blame all of the worthless deadbeats that didn’t read all the fine print of their mortgage documents, as you put it, and now want a free house; the whole situation would not be where it is today without the banks’ manipulation of the market;
I can assure you that if I had been told that the “lender”, really originator, would really be making millions of dollars on my mortgage and would be creating additional notes on my property to float around wherever, I would have passed on signing the papers. Accurate and complete disclosure has always been required by law on any contract as far as I am aware. Deceit is the same a fraud.
The banks had not one of their own dimes invested in these mortgages. They pushed every loan through regardless of qualifications or lack thereof. Why? Because they knew the borrower would default and they had insurance (bets) placed on the fact that they would fail. They are then paid again on something they originally had no investment in to start with. They had everything to gain by the loans failing.
If, like you state in your article, the banks lost money; can you tell us why, for example, Mr. Moynihan, CEO of BofA, in 2011 received almost 8 million dollars in bonuses. This is outside his yearly compensation. Do shareholders really pay such bonuses to their CEO’s who are losing money for them? Is that what you are trying to persuade your readers to believe?
Yes; there are those in the legal field that also abused homeowners with false hopes and fees, however, they are no worse than the banks minions who are paid plenty to do the banks bidding. Many ordinary hard working folks are just trying to keep their heads above water and did not start out with a plan to get a free house. You insult the intelligence and honor of many folks.
I could go on and on and much with my own personal details that would completely debunk your summary conclusions about banks and fraud but I won’t do that in this forum. I hope that my response gives some balance to your one sided opinion which, to me, is not journalism.
awesome!!! Take that to the bank…..
Where did they look? My mortgage? Hell no. The people I work for and the mortgages they are working on? Hell No. How about the guy in my real estate office I work at who came up to me this morning who told me he was current, wanted a loan mod, signed it and now they are foreclosing on him? Hell no. How about all the lawsuits that are referenced on these blogs? Did they talk to the people on those cases or their lawyers and ask about the fraud? Hell no. The rule of law, as we used to say in law school, is for all. The feds are not looking very far. Go to Michigan and look at the recent Michigan Supreme Court decision. How about the Oregon Supreme Court who is hearing oral arguments in the next day or so on a case. O, there was that Rhode Island case recently. And how about all those quiettitle actions being won in Texas. Did the feds look at those cases???? Hell no.
There have been some I know that were current and had been for many years that out of fear quitting paying. Reading all about the scary possibility you might be paying the wrong company and the right one come along later, some, requested proof through a lawyer of the companys legal standing or they were not going to pay anymore. Upon not receiving any proof, and that company not being recorded on their home at the local courthouse, they did as they said and quit paying and filed a suit for money they had paid and damages.
Some don’t want to talk about a pending jury trial.
No one wants to talk about later on some company, possibly from a foreign country sending you a letter stating you owe them and you lose all you paid to the wrong company. With so many going bankrupt and out of business, that could sure happen.
Nothing wrong with asking for proof of anyone that claims you owe THEM money.
Hey Dan…..check with Essex County, Massachusetts…..registrars office. Ask for Mr John Obrien and ask him about the Robo Signing…..letting you know. Danial Fisher is an idiot just pumping out propaganda…….obviously he is making money from it all. Dan, just google “IndyMac Complaints” 270,000 in .3 of a second. Must be all people who helped cause the crisis and just dont wanna pay their mortgage eh Dan?