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>>> well, we are back following the fraud closure paper trail and it get uglier the deeper that you dig. millions of thoforeclosures could be infected with faulty paper work and federal efforts are falling short. the banks refuse to reduce payments. all this as we learn those on the inside who have voiced concerns may have been silenced by the superiors. nbc senior investigative correspondent lisa myers introduces us to two whistle-blowers. hi, lisa.
>> reporter: hi, dylan. both the banks of service mortgages and the federal government insists they’re doing everything possible to help troubled homeowners avoid foreclosure but our nbc news invest found that’s not times not the case. two insiders that saw the process firsthand say the deck often is stacked against homeowners who deserve help. for almost ten years, chris wyatt worked for a mortgage servicing company. a year ago he quit the business. he couldn’t stomach what he saw. an unwillingness to help troubled homeowners by modifying the loans. and worse, a deliberate strategy of pushing families in to foreclosure. has there been a rush to foreclose in your view?
>> i think there has been a rush to foreclose. i think the thing that most made me upset is that you had people that qualified for a loan modification that were denied and went into foreclosure.
>> reporter: lost their homes?
>> lost the homes.
>> even though they deserved modification.
>> even though they did.
>> reporter: why would a banker servicer do that?
>> it comes down to dollars and cents.
>> reporter: he say it is bottom line when you count the fees and expenses, servicers make more money foreclosing than modifying a loan.
>> they have a huge financial incentive to foreclose.
>> reporter: write who’s now a paid expert witness against banks says servicers also were overwhelmed. by the sheer number of people asking for help. and denied some modifications just to clear up the backlog. is there ever any consideration of the human carnage?
>> not servicing industry? no, i don’t think so.
>> reporter: caroline heron helped design and implement the government’s loan modification program as a consultant at fannie mae, helping the treasury department run the program. she says there was pressure to get homeowners into trial modifications. why was there such a rush to get people in to these trial modifications?
>> because of the program supposed to help up to 4 million people and they needed to make progress.
>> reporter: so it was about the numbers?
>> it was about the numbers.
>> reporter: he says she warned executives the program was hurting some homeowners and they ignored her.
>> executives were worried about getting the trial modification numbers up and so we could deal with problems later.
>> reporter: last year fannie mae filed her. she said it was because of the concerns. she’s suing the agency. fannie mae says an investigation found no merit to the allegations.
>> you know, over time, i’ve just begun to think that this wasn’t as much about homeowners as it was originally portrayed and it feels like it was more about the banks.
>> reporter: even though publicly they said it was all about helping homeowners.
>> correct. it seemed to be to appease the banks, investors and worry about the homeowners last.
>> reporter: fannie mae would not comment further on the allegations. treasury officials acknowledge that the performance of servicers is inadequate and say they don’t have the power to police them n. a settlement with bank regulators servicers recently agreed to review foreclosures over the last two years and improve their treatment of customers but critics say that is entirely inadequate and pushing for sanctions and fines.
>> one of the whistle-blowers is in that spot. chris wyatt received an e-mail? what is going on with him?
>> reporter: yes. from a lawyer at gold man sox. goldman opened the company that he worked for. litman loan servicing. even though he never mentioned — even though in our report we never mentioned the company, the e-mail claims that wyatt in our interview im improperly revealed secrets. the e-mail says, your comments disclose kcht shl information learned while you were employed by litton and therefore are a violation of your confidentiality obligations. we reserve all our legal rights with regard to this violation. now, the way i read this e-mail, dylan, it seems to suggest that the practices of wyatt told us going on within the industry may, in fact, have been going on inside the company owned by goldman sachs. we contacted goldman which declined comment.
>> goldman took a hit recently in the credit markets on speculation they may be vulnerable to a broad set of investigations. we’ll keep tracking that. lisa, congratulations, once again, on a sensational journalism that actually is relevant to our country in a way that’s best purpose.
>> thank you, dylan.
~
I have a piece of evidence that should be used to lift the bar license of one of Litton’s in-house attorney’s. Debra Lyman is supposed to be the person signing the assignment document.
Litton is the supposed servicer for supposedly BNY-Mellon.
Yet after Litton was already the servicer and BNY-Mellon was already the supposed Trustee Litton was working for, Debra Lyman signed the concocted assignment in favor of that very same BNY-Mellon Trustee. This document was even produced far after the foreclosure had been initiated by Litton, and in fact, was generated even after a Proof of Claim had been entered into the Bankruptcy case that I filed.
So the assignment was produced specifically to match up with the Proof of Claim they had already filed. I contend that is FRAUD.
Additionally, that assignment document ATTEMPTS to assign even the NOTE! MERS is not on the original note so CA courts are already ruling such assignments are void regarding the NOTE.
This bogus assignment attempts to assign a supposedly defaulted mortgage into a Trust. That is another no-no.
It assigns it into a trust that closed 5 years ago.That is another no-no.
MERS can not assign as NOMINEE of a corporation that does not now exist. In fact, the lender named on the original loan documents NEVER has existed. That is just another little ole Litton no-no.
Oh, yeah, and this is one of those trusts with a PSA that directs that multi-step chain of assignments, not this single-step, impossible ‘chain’ from a company that never existed into a trust that closed years ago!
Infact, even the name of the Trustee has changed over the ensuing years. The PSA specifies the Trustee is BNY. Now after 2005, BNY merged with Mellon, forming BNY-Mellon. The Litton assignment assigns to the f/k/a trustee.
Additionally, if the assignments had even been performed at the proper time, there would not have been any Litton involvement in the generation of the fabrications. The initial servicer was CountryWide. Litton only became the servicer AFTER the supposed default occurred.
Because the NOTE and DEED both name a fictional LENDER, fabrications were inevitable. IF the mortgage was ever paid off, someone would have had to sign for that fictional company on the satisfaction of mortgage. Either that or generate the false assignment to another company that would have signed for the satisfaction of mortgage. In that case, there is no guarantee that they would not have also falsely assigned the debt to other company simultaneously that did NOT issue a satisfaction of mortgage. As long as they are signing false documents, what is to stop them from creating a satisfaction at the same time they produce a non-paid-off assignment?
With the supposed default, they had to generate the fabricated assignment because they can not foreclose in the name of a TRADENAME. See Pagano v America’s Wholesale Lender. See also Silverstein v America’s Wholesale Lender.
Quoting Binkey:, (All of sudden my records in the Federal Courts have been sealed without my knowledge, if there is no problem, why have the records been sealed. I was told that was only in the case of my statements to the courts and they are not open for public view. I have never heard of this unless I made that request to the courts, and paid to have it sealed….)
Kinda makes you go Hmmmmm. FRAUD thats all it is and the Banks dont want the public to know and I think like everyone else here that it goes A WHOLE lot depper than what we really know………
Keep up the great work everyone!!!!!
The more I dig in my own case, the more fraud I find….
By a show of hands how many writers to this or any other blog have had some personal financial difficulty, such as job loss, medical bills etc that have caused you to stop paying your mortgage because you simply did not have the money?? Silly question I know, now heres another, AND if those hardships had not come would you all still be paying your mortgage, you sure would…and would you have all the time in the world to continually gripe about who is being fraudulent to you? No you would not!! The bottom line is anyone who purchased a property and did not have 100% of their own funds at closing needed the assistance of another party to provide the funds which allowed the buyer to purchase that property, move in and raise a family, WHILE AT THE SAME TIME, all of us signed documents pledging the asset (the home) as collateral that could be taken away if we stopped paying for it. And if you recall my first question and answered yes then what are you whining about? We all agreed to do certain things and we have failed, yet we want to sit back and point fingers as to who exactly holds the note to our properties and because it cannot be proven we are entitled to something for nothing, BULL SHIT, We owe the money to someone and that someone will come forward to collect, may not be today may not be tomorrow but we will all have to pay or we will have to get out…One final question, if you provided funds up front to someone to purchase an object and then asked them to pledge the object as collateral for guarantee you would pay them back, and then they stopped paying you or refused to pay you as they had agreed to do, would you not want your collateral back that they pledged to you?? Caution if you say no you are a liar!!
Hey GET REAL…you’re pretty sharp cookie. What if you bought a new car, signed the note, agreed to make payments, and the car didn’t have an engine! Would you keep paying? if you say yes, you’re a liar. Wake up stupid!
Hey Wakeup, why would anyone buy a car before test driving it, hence it would have to have an engine to do so…whos stuid now???
Get Real, We were all paying our bills on time for the last 25+ years until the ILLUMINATI INTENTIONALLY CRASHED THE STOCK MARKET IN 2008. GO…TO…YOU…TUBE….AND….SEARCH…FOR,,,,,THE VIDEO ENTITLED………….CNBC THE ILLUMINATI CRASHES THE STOCK MARKET. THEN YOU WILL ANSWER YOUR OWN QUESTION. IT IS CALLED TOO MUCH POWER IN THE HANDS OF A FEW GIANT FOREIGN OWNED AND OPERATED MULTINATIONAL CORPORATIONS A/K/A AND OLIGARCHY…….THAT WILL NOT STAND IN THE UNITED STATES OF AMERICA UNDER THE U.S. CONSTITUTION AND THE U.S. BILL OF RIGHTS. GOD BLESS AMERICA……OUR HOMES ARE PAID FOR FREE AND CLEAR BECA– USE OF THEIR PONZI SCHEME SWINDLE AND HEIST, THE PROOF IS IN THE ORIGINATION AND ON TITLE…………………WE THE PEOPLE OF THE UNITED STATES OF AMERICA PLAN ON NATIONWIDE MORTGAGE DEFAULTS AND TAX REVOLTS AND DECLARING OUR NATIONAL SOVERIEGNTY FROM THE FOREIGN MULTINATIONAL TYRANNY!!!!!!!!!!!!!!!! FREEDOM WILL REIGN SUPREME!!!!!!!!!!!!!!!!!!!!!!!!!!!!
Not only that, but the allegedly ‘damaged’ banks/servicers don’t actually lose any money on a default since they get paid off with credit default insurance (CDS). The borrower should get a free home once the bank is made whole by the CDS payoff.
i paid my mortgage til they forced homeowners ins that i already had in place (proved it to them, they paid out of escrow) they applied all my payment to BALBOA ins escrow and filed foreclosure. i was never in default. the fn judge covered his ears. i am not the only one
“if you provided funds up front to someone to purchase an object and then asked them to pledge the object as collateral for guarantee you would pay them back, and then they stopped paying you or refused to pay you as they had agreed to do, would you not want your collateral back that they pledged to you?? ” Yes, that is why the Investors of the MBS are suing the banks.
What they want is to steal homes they don’t own, collect all the money they can by fraudclosing and turn America into a nation of renters. THEY DO NOT OWN OUR HOMES AND EITHER DO THE TRUSTS. We own our homes free and clear because of the GIANT PONZI SCHEME.
THE BANKSTERS NEVER ASSIGNED THE LOANS TO THE TRUSTS. ESSENTIALLY NONE OF THEM….EVER….ASSIGNED….THE……LOANS….TO…..THE….TRUSTS.
AS MAX GARDNER POINTED OUT SPEAKING TO SOME OF HIS FELLOW ATTORNEYS ABOUT THIS ISSUE, , IF ANYONE EVER FINDS A DEAL WHERE THE NOTE WAS CORRECTLY ENDORSED TO THE TRUST, HE OR SHE SHOULD BRONZE IT AND HANG IT ON THEIR WALL.
THEREFORE, THIS MEANS THEY CAN NOT FORECLOSE.
. THIS IS WHY WE HAVE FORECLOSUREGATE .
THIS IS THE TRUTH THAT NEEDS TO GET OUT THERE.
DID YOU HEAR THAT WASHINGTON??????????????????????????
O how the Lord Jesus Christ loves and blesses whistleblowers and O how the wicked and liars hate whistleblowers. At first, the whistleblowers get beat up pretty good, but God lifts them up and covers them with protection and blessings.
All of sudden my records in the Federal Courts have been sealed without my knowledge, if there is no problem, why have the records been sealed. I was told that was only in the case of my statements to the courts and they are not open for public view. I have never heard of this unless I made that request to the courts, and paid to have it sealed…..I am questioning the statement I gave to courts regarding a letter that the Broker-Jauan Harris, sent to the courts. The respone given by me to the courts has been changed and the courts are claiming that the file was sealed? If you have nothing to hide then why are the records suddenly closed. There is a lot going on and for Washington to say they have no control over the banks is hogwash….Again we go to the Polls in 2012 don’t forget to vote everyone office, OUT. They are all getting paid a substancial amount of money to run this PONZI Scheme……They are all involved…..M & T Bank/Corporation is the bank that is funneling the monies back to our famous leaders. They have been in the Paper, nor have they ever been fined for anything…..HUD bought Millions of Dollars worth of properties that were sold to them by M & T Bank/Corp. who was not only a Fannie Mae sponsered bank, but they also were Freddie Mac backed,. We are all in this together and after taking sometype of responsibility for our action of refinancing entrapment ….we continue to support our leaders. I think it is time The People for the People….let our leaders know that we do understand what has happened and what is happening and Vote to get them removed from the seats we put them in. They can be 4 years hollering change or they can be 8 to 12 or more, but now it is our turn to show them what we really think. Republicans and Democrats alike need to be removed from our political seats as our leaders…..They are the real criminals in all of this. Then we can look at the banks and tell anyone or anybody you know the longer they stand off, from making home purchase….the lower the houses become, in which will keep the interest rates low…..Do not buy any housing in this courtry….Again, between now and 2016 there will be anywhere from 10 – 15 million foreclosures……Let stand off ….. while making them responsible for their actions. And it is obvious they are refusing to take action lets take steps to let them know we mean business. By not voting for them and not buying any new(homeowners) they will have no other choice but to change…..That is what we want isn’t it.
Hey Binkey, What’s voting everyone out gonna’ do? The banks will just pay off the newly elected and……………….here we go again!!!!!! We need honest, caring, hardworking, spiritual people helping us run the show (the govt). A new system. Just need to find new ideas? Anybody have any?
The foreign multinational corporate lobbying of the politicians is what has to be stopped.That is how they hijack and bankrupt nations. They are a den of vipers. Time to send the foreign owned multinational banksters packing. The Federal Reserve and Wall Street are a giant fraud and a tyranny. They make money for the rich and create debt and steal from all of the rest of us. Death to Foreign Multinational Tyranny, they are bankrupting America and the world. The debt they have created for all of us is unsustainable. Time America filed bankrupcy on all of them.