Why New York Foreclosures Are Grinding to a Halt
Some excerpts from the report…
On Oct. 20, New York State Chief Judge Jonathan Lippman ended robo-signing in New York state foreclosures by requiring a special affirmation from the banks’ attorneys. They now must swear that they know the banks’ documents are true because they checked the paperwork.
Further Affirmations Required
Similarly, on Dec. 1, Suffolk County Supreme Court Judge Peter Fox Cohalan issued an order dismissing all 127 foreclosures pending before him because the banks’ attorneys hadn’t filed the affirmation. While all the cases can be refiled once the banks documents are in order, Cohalan’s order requires the banks to go beyond the Lippman affirmation. In his court at least, a bank employee is going to have to sign an affirmation even more detailed than what Judge Lippman ordered for lawyers. The bank affirmation comes from Cohalan’s concern with robo-signing, explains Daniel J. Murphy, Judge Cohalan’s chief law assistant.
Going forward, banks that want to foreclose in Cohalan’s court will have to have “whoever is looking at the documents provide an affidavit that the amounts are correct, the mortgage is present, the assignments of mortgage have been correctly signed and dated and the paperwork before court is accurate.” To prevent robo-signing of those affidavits, Cohalan also requires bank representatives to list every document they reviewed for the affidavit. That list must include the note, and they must explain who they are, how long they’ve been at the bank and what their educational background is.
Only Real Vice Presidents Can Sign
Murphy explains the purpose of that mini-resume is to make sure these employees understand what they’re looking at and that any “person claiming he is the vice president of the bank is in fact a vice president of the bank.” While that sounds silly — why would someone sign a document with an inaccurate title — the robo-signing scandal has exposed the practice of people signing as a vice president who have no link to the financial institution except for a resolution authorizing them to sign.
See full article from DailyFinance: http://srph.it/ffcplV
Well, it’s a start…
See why New Jersey is going to grind to a halt also:
LINK – KABOOM! BofA, GMAC, Chase, Wells, Citi, Onewest Face N.J. Foreclosure Freeze
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Mt son is refinancing his auto and the first thing required is a copy of the title the new bank will get (the original) when they have his loan.
That is what bothers me. Who has the title (note) to my home?
How can I be assured I’m paying who I really owe?
Noone can answer that, everyone want to be paid, but who is really owed, and in lawyer terms, who has STANDING?
It is the plantiff (mortgage Company) that must provide that proof (original note), not me or any homeowner, Heck, we do not have the note!!!.
Thank you, I find it quite profound that you ask who is owed.
Just an opinion, but for a long time not just on mortgages but in general – we are all just told we owe – but often cannot get documentation.
This is for example quite stressful when one is grieving for a deceased account owner, and alleged creditors move the debt onto the grieving.
But they refuse paperwork or proof in any form. And they can behave very harshly.
Go to Wikipedia and check out The Protocols of the Elders of Zion.
Fraudclosures are just covering up for the origination fraud. Now, when the truth comes out about the origination fraud that “THEY” are covering up with the fraudclosures, then we will have a moratorium on all fraudclosures. MERS and interstate notarizations are just the cover up for the biggest fraud in history.
From your keyboard to the powers that be !
Manysmiles to your post.
Responding to the comment that it’s a start. Yes and let’s hope a pause that refreshes.
That is – there should be time before resumption of foreclosure tilings to take a better look at issues of validity in the mortgages themselves – lest we forget that facially improved documentation is basically procedural whereas there also lurk major substantive issues of predatory loaning practices and even more neutral mistake and lack of meeting of minds along with or independent of fair dealing..
Think that merits reviews will take place? All input welcome.
This should be a National Law, every Note, Mortgage, assignment, Power of attorney, and corp authorization
should have to be recorded in the propertys county deed office, or your out of luck, and no Mers.
Mark
What gets me is the same thing is in a car loan.
The bank would never make a car loan without holding the title to the car. If you default, they can prove they own it and sell, giving the title to whoever buys it. The title is the key to ownership. When you pay it off, they give you a release, but most importantly, they give you the title back.
For all my life that is the way it and the law worked. Very simple and everyone understood it.
Why now doesn’t only the holder of the note have authority to foreclose on you?
If anyone can foreclose on your home without the note, why can’t I drive off, claiming ownership, in anyones car without the title?
I’m suprised more crooks are not filing foreclosure papers on every home in an area as they can’t lose anything for doing so it seems.
John,
The difference is that your bank that loaned money on your car didnt come back to you a year later and say “Hey John, we want to refinance your car for you. And, we’ll give you 25% more than it’s worth, and lower your payment” Banks do have culpability here, as they over valued housing while not being too careful explaining the payback. They also would have had to give the title to another bank if they sold the loan. That does happen. Not with your house under mers. It may become something way bigger than it is today. Just wait til the new year. Will come back like a firestorm, imho
Frank
Frank, I’d like to talk to you further.
Sopricon@aol.com
Well said and though some do live in their cars alas – more often people live in houses called and experienced as: homes.
And shelter is a very basic need and in some aspects a right (of course rights imply duties as well) and this itself places a high degree of duty of care, at the outset, on those who can disrupt a home.
We haven’t heard that much about what its like to lose a home, or live in fear of losing a home – its so far mainly housing talk, but as Frank notes the conversation soon may broaden.
With best wishes to the forum.
New Jersey is Next.
Bank of America, Lenders Face Possible Foreclosure Freeze in New Jersey
http://www.bloomberg.com/news/2010-12-20/bank-of-america-lenders-subject-to-new-jersey-court-order.html
Well, IT’S ABOUT TIME for New York to get on the right page (same page) and do the RIGHT THING. New Yorkers pay a LOT of TAXES. New York should set examples for the rest of the country (COURTS). Show everyone (ALL COURTS) that New York knows what they are doing!!!!!!
I’m in New Jersey and there has only been one judge (in Atlantic County) who sees thruogh the thin veil of fraud that the banks are trying to perfect. To me, this judge’s opinion ( trial court) pointed out the issue of standing. He made opinions about securitization where he stated judges would need to look at this to determine the Plaintiff’s (banks) standing. At that trime, he also stated that he believed that the separation of the Note and Mortgage was not intentional. As a homeowner, I continue to read that this is not the case, but I would still praise this judge for coming forward as the lone judge to made such a profound opinion in a state where due process does not exist. For these same reasons, praises should be given to these two (Lippman, Cohalan)or three( Shack) or four(Spinner) judges for pulling the veil of fraud a little higher. But where you state ” Well, it’s a start…” is correct and it’s a very good start coming from these judges. My only problem with these new required Affirmations ( which I hope will trickle down to New Jersey) is that the judges will allow banks to proceed even though most of them do not own the Note and Mortgage.
There is a simple way to resume foreclosure and do so legally.. It is to plead electronic documentation instead of non-existent paper documentation to demonstrate ownership of the mortgage note. There exists ample legal authority to use this procedure but no one does. The use of fraudulent documents not only works a fraud upon the court and the defendant, it is also totally unnecessary. A proper, legal foreclosure can be accomplished by simply telling the truth. Where a mortgage min a mortgage backed securities trust is in default, why do foreclosure mills, servicers and trustees continue to insist upon the necessity of lying to accomplish foreclosure? See the White Paper issued by the American Securities Forum on November 16, 2010. Please let me know if anyone out there needs help to carry out a lawful foreclosure using e documents.
The white paper from the ASF is a whitewash that tries to cover over the endemic fraud in the securitization industry. To learn about some of the incredible misstatements and outright falsehoods they peppered through the paper see:
http://www.nakedcapitalism.com/2010/12/adam-levitin-shreds-the-american-securitization-forum-defense-of.html
http://www.nakedcapitalism.com/2010/12/new-york-judges-testimony-contradicts-american-securitization-forum-assertions-on-mortgage-mess.html
I am glad to see there are a few judges who are acting as judges, instead of their being additional robo-approvers for the banks!
I’m going to court soon and how I would like a copy of those two affirmations or requirements of Judges so I could present them to the judge for him or her to consider requiring.
Could they be posted at this site?
Is that possible?
This need to done in all states.
i agree, it needs to be done nationwide.