*** PRESS RELEASE ***
Assessor-Recorder Phil Ting Uncovers Widespread Mortgage Industry Irregularity in San Francisco Foreclosures
First comprehensive audit of county land records in nation provides roadmap for legislative change
San Francisco, CA– Assessor-Recorder Phil Ting in partnership with mortgage investigation firm, Aequitas, announce the findings from an audit of 382 San Francisco homes that went through foreclosure during 2009, 2010, or 2011. The audit shows that 84% of sampled foreclosures contain at least one clear violation of California’s foreclosure laws. The results provide quantifiable support for greater mortgage industry oversight and legislative change.
The audit began last fall after irregularities and compromised documents were discovered as homeowners facing foreclosure came to the Assessor-Recorder’s office looking for property records in order to modify their loans or refinance. A county recorder’s office is responsible for keeping the official public records of property ownership and state law dictates how the mortgage industry must file those records.
“When it became clear that property records were severely undermined, a red flag was raised,” says Assessor-Recorder Phil Ting. “Those records are supposed to be filed with this office and many were simply missing or had serious inconsistencies. How can we expect homeowners to have a fighting chance of saving their homes when they can’t even find who currently owns their debt?”
In the past, legislation has been introduced to address mortgage industry problems by improving transparency in document recording, dual tracking and foreclosure processes. Ting explains that the need for state legislation is imperative in guaranteeing mortgage industry compliance with California foreclosure laws and ensuring homeowners have a clear and valid right of property ownership.
“With people losing their home everyday,” Ting adds, “it’s more important than ever to paint a clear picture of the problem. By looking at San Francisco as a sample, we are able to pinpoint examples of problems and provide proof for subsequent targeted legislation.”
Aequitas, a mortgage regulatory compliance consulting firm specializing in investigation and regulatory audits, performed the analysis.
“Until now, public information in California regarding improper foreclosure practices has been largely anecdotal,” said Lou Pizante, a principal at Aequitas. “This report is important because it is the first to provide a rigorous, quantifiable analysis of the nature and frequency of foreclosure irregularities in California.”
In California, most lenders foreclose under California’s non-judicial laws, a ministerial process controlled by statute. Consequently, there is little, if any, oversight of the foreclosing parties. In contrast, states with more rigorous judicial foreclosure requirements have uncovered and exposed patterns of lender and servicer misconduct. “By focusing on six subject areas within the foreclosure process we can see broad patterns and consistent issues. On the whole, over 75% of cases had problems related to three or more of the six general subject areas,” explains Pizante.
The report found 75% of sampled foreclosures had at least one issue relating to an assignment of the Deed of Trust. When a lender sells a loan it signs an assignment of the Deed of Trust in favor of the new lender. Common problems uncovered include conflicts between federal filings and recorded documents (23%), new lenders signing over debt to themselves (11%), and assignments being filed after the Notice of Default (59%).
The report also found that in many cases, there were instances of suspicious activity indicative of potential fraud. Examples include “strangers” to the Deed of Trust purporting to be Beneficiaries (45%) and the back-dating of documents (59%). Overall, 82% of cases had at least one occurrence of suspicious activity.
“If there is one lesson to take away from this report it is that California’s foreclosure process appears utterly broken,” says Pizante.
Ting adds, “It’s important to stress that we are in no way asserting that every distressed borrower is a victim and that the mortgage industry is collectively guilty of defrauding homeowners.
However, we believe that following the proper process in foreclosure is essential.” Ting explains, “California is a non judicial foreclosure state, meaning California foreclosures aren’t reviewed by judges before lenders foreclose. This makes following of the non-judicial process even more critical because it’s the only protection we have to ensure homeowners receive a fair shake.”
Ting continues, “We know the status quo is unacceptable. Originally, California’s real estate laws were created for a much simpler market but now they must adjust accordingly. In the long run, it’s in the best interest of the homeowner, mortgage industry, securities investor and the community to have a clear chain of title. Legislation that modernizes existing regulations and oversight will allow for increased trust in the industry and ultimately help stabilize the housing market.”
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I find this press release video a bit disturbing…the information is good albeit info we already sort of knew…but the way the guy from the agency is talking as if they are trying to help the banks correct these crime without prosecution and excusing the existing laws as being outdated!!! Law is law when it is broken…punish the crime then readdress the law again but the existing laws were flagrantly violated intentionally with total disregard to them.
Ivent, the members and stockholder of the major Central Banks from around the world meet once every year in one of the villages of Switzerland, in private of course, and seldom are even the most powerful politicians ever invited. They even have their own BIS Bank of International Settlement. The Central bankers monitor major every transaction that goes one in the world. A central bank is a monoply of the worst likd, once that is grated by govenrment decree.
ST ELMOS FIRE….That location where all of the #1 SWINDLERS, CRIMINALS AND THIEVES MEET TO SWAP SWILL AND SPIT……would be DAVOS SWITZERLAND…..ALL OF THEIR FRAUD IS HIDDEN IN THEIR OWN SECRET HELL HOLE IN CYBERSPACE KNOWN AS …….THE SHADOW BANK….WE CAUGHT THE DIRTY CROOKS RED HANDED TRYING TO MAKE ÀLL OF US THEIR LIFELONG INDENTURED SERVANT BITCHES TO THEIR MASSIVE, UNSUSTAINABLE DERIVATIVES FRAUD DEBT…..$1.2 QUADRILLION ELECTRONIC DOLLARS THAT WITH THE PUSH OF THE DELETE BUTTON…AFTER THEY ARE THROUGH USING IT TO DECEPTIVELY AND STRATEGICALLY ROB AND BANKRUPT THE PEOPLE….THEY WILL HIT THE DELETE BUTTON OF ELECTONIC FRAUD, LIES, FORGERY AND MASS CRIMINAL DECEPTIONS….
WELL THE PEOPLE NOW KNOW THE TRUTH
SO, THEREFORE, THESE CROOKS HAD BETTER FUCKING HIT THE DELETE BUTTON RIGHT FUCKING NOW……..AND DELETE ALL OF THEIR MASSIVE UNSUSTAINABLE DEBT FRAUD RIGHT NOW…..OR ELSE….. THE PEOPLE ARE GOING TO GO FREAKING NUTS ON ALL OF THEIR CONIVING… CRIMINAL LYING, THIEVING DECEIVING CROOKED ASSES….!
AND THEY BETTER RETURN ALL OF OUR HIJACKED STOLEN WEALTH AND PROPERTY, AND HOMES AND BUSINESSES AND ALL OF THE OTHER SHIT THEY HAVE STOLEN FROM THE PEOPLE VIA ALL IF THEIR DIRTY LITTLE SECRETS, LIES, DECEPTIONS AND FRAUD…..
THEN WE THE PEOPLE DEMAND OUR U.S. CONSTITUTION BE RESTORED AND OUR OWN CURRENCY BE ISSUED…..
U.S. BANK NOTES….
AND WE THE PEOPLE DEMAND THAT THE FED, THE IMF, THE GSES, THE UN AND NATO ALL BE ABOLISHED…
NATIONAL SOVRREIGNTY, FREEDOM AND PROSPERITY WILL PREVAIL…!!
Did any of you see the movie that came out about 2 years ago? The International ( Banks)…tells it all, wonder why they did not promote it much…but it tells you about the truth…I vent, you should get a hold of it…actually, everyone who is in fraud-closure should.
MUST WATCH YOU TUBE VIDEOS THREE PARTS ENTITLED…THOSE WHO SOLD OUT TO SATAN…..LOOKS LIKE THE END OF THEIR EVIL WORLD IS COMING WHEN ALL OF THEIR EVIL DIRTY SECRETS GET REVEALED BY THEIR OWN PEOPLE…..THANK GOD….!
THOSE YOU TUBE VIDEOS. ARE PROOF THAT YOU CAN FOOL.SOME OF THE PEOPLE SOME OF THE TIME….BUT YOU CANT FOOL ALL OF THE PEOPLE ALL OF THE TIME…….!!!
FORTUNATELY THAT WILL. LEAD TO THEIR OWN PERIL AND WILL LEAD TO THEIR OWN DEMISE……IN THE END…!
LETS HEAR IT ALL AMERICA….! LETS POST IT ALL RIGHT HERE ….!!! LETS DIG UP AND POST ALL OF THEIR SCUMMY, DIRTY LITTLE SECRETS AND REVEAL WHO THEY ALL ARE…..RIGHT HERE….RIGHT NOW…! LETS DIG UP ALL OF THE FILTH WE CAN ON ALL OF THESE SELL OUTS TO MANKIND……..
INQUIRING MINDS WANT THE TRUTH TO BE REVEALED ABOUT ALL OF THEM…AND WHO ALL OF THE SELL OUTS ARE…..NAMES AND ALL THAT GOOD STUFF……!
GOD PROMISED THE TRUTH WOULD BE REVEALED TO ALL WHO SEEK IT….SEEK AND YE SHALL FIND …..!!! I HOPE THAT EVERYONE WANTS TO KNOW THE TRUTH BECA– USE THE REVELATIONS ARE THERE FOR ALL WHO SEEK THE TRUTH…LOOKS LIKE THE TRUTH IS BEING REVEALED TO ALL TRUE BELIEVERS…!! THANK GOD..!
Remember the words to the song….? RIGHT HERE, RIGHT NOW….WATCHING THE WORLD WAKE UP TO HISTORY…..
IF WE WANT TO KNOW THE TRUTH … IT IS BEING REVEALED THAT EVERYTHING THAT WE WERE TOLD TO BELIEVE OUR ENTIRE LIVES WAS ALOT OF MANUFACTURED BULLSHIT…ALL CREATED BY CRIMINAL TRAITORS FROM WITHIN THE PEOPLES HO– USE……WHICH IS….THE UNITED STATES OF AMERICA…….
THE TRUTH IS BEING REVEALED TO THOSE WHO WANT TO KNOW THE TRUTH. AND THE TRUTH IS…….
THAT EVERYTHING THAT THESE SWINDLERS TOLD US….WAS A MASSIVE LIE, A DECEPTION AND A MASSIVE FRAUD…AND THE EXACT OPPOSITE OF WHAT WE WERE TOLD TO BELIEVE IS TRUE….
FOR EXAMPLE…..LETS TAKE THE BIGGEST LIE THAT THEY EVER MADE US BELIEVE….WHICH WAS THAT THEY EVER LENT US ANY MONEY…AND WHO THAT SOMEONE IS IN REALITY…….WHO THE REAL NOTE HOLDERS AND WHO IS REALLY OWED MONEY IS REALLY ALL OF US….THE U.S. TAXPAYERS………WE THE PEOPLE DEMAND A FULL AUDIT AND A FULL ACCOUNTING OF HANK PAULSON AND CO
….WE PEOPLE DEMAND AN AUDIT AND FULL ACCOUNTING OF THE U.S. TREASURY DEPT AND FORT KNOXX…
WE THE PEOPLE DEMAND A FULL AUDIT AND FULL ACCOUNTING OF THE NEW YORK FED…THEN…THE U.S TAXPAYERS DEMAND A FULL AUDIT AND A FULL ACCOUNTING AND A PAPER TRAIL WITH NAMES AND DATES OF THE TRANSFERS OF THE PEOPLES MONEY…..AKA THE THEFT, PLUNDERING AND SQUANDERING OF ALL OF THE U.S. TAXPAYERS MONEY..
.WE THE PEOPLE, THEREFORE, DEMAND OUR STOLEN WEALTH BE STRIPPED FROM THEIR GREEDY, CRIMINAL HANDS AND WE THE PEOPLE DEMAND ALL OF OUR STOLEN WEALTH RETURNED AND THEN WE THE PEOPLE DEMAND THE U.S.
JUSTICE DEPT THROW ALL OF THESE CROOKS IN PRISON…!
WE THE PEOPLE KNOW THE TRUTH IS THAT WE GOT ROBBED IN THE BIGGEST PONZI SCHEME SWINDLE AND HEIST IN HISTORY.
WE THE PEOPLE KNOW THIS SHOULD HAVE NEVER HAPPENED AND THERE ARE CROOKS WHO HELPED STEAL, SQUANDER AND PLUNDER THE PEOPLES MONEY….
.WE THE PEOPLE KNOW THE TRUTH… OUR HOMES ARE PAID FOR FREE AND CLEAR BECA– USE WE THE PEOPLE ARE WHO PAID FOR THEM AT THE CLOSING TABLE AND THAT THOSE NOTES WERE CHECKS THAT WE THE PEOPLE GAVE TO THEM…….
THEREFORE, WE THE PEOPLE KNOW WE WERE ROBBED AGAIN WHEN WE PAID THESE CROOKS AT THE CLOSING TABLE AND THEN, WE WERE SWINDLED INTO PAYING FRAUDULENTLY INDUCED MORTGAGE PAYMENTS AND FRAUDULENTLY INDUCED PROPERTY TAXES FOR OUR HOMES AND OUR LAND EXPONENTIONALLY ….BECA– USE IT IS WE THE PEOPLE WHO PAID FOR ALL OF IT….UP FRONT……!
THAT DOES NOT EVEN BEGIN TO INCLUDE ALL OF THE OTHER SHIT THAT WE ALREADY PAID FOR IN EVERYTHING THAT WE DO LIKE COLLEGE….HEALTHCARE….GAS, ELECTRIC AND SO ON….
.THESE SLIMY CROOKS HAVE BEEN DOUBLE DIPPING THE AMERICAN PEOPLE FOR DECADES BY MAKING EVERYONE BELIEVE THAT ONE BIG LIE THAT THEY LENT US ANY MONEY OR THEY OWN IT..WHEN IN REALITY THEY HIJACKED IT ALL AND STOLE IT BY MAKING THE PEOPLE BELIEVE THEIR BIG LIES….ALL INDUCED BY DECEIT AND ALL A BIG FRAUD…!!!
WHAT THEY NEVER WANTED US TO KNOW…THE TRUTH IS FINALLY BEING REVEALED THAT AMERICA IS A SOCIALIST COUNTRY…..AND WE THE PEOPLE ARE WHO REALLY FUND AND PAY FOR EVERYTHING. THAT THESE CROOKS DO…..UP FRONT AND HONESTLY….AND WHAT THESE CROOKS REALLY DO IS ….SWINDLE ALL OF US…..BY MAKING THE MASSES BELIEVE BIG LIES….BY THE MEANS OF SECRETS…..AND DECEPTIONS…..ALL COMMITTED JUST TO DEFRAUD THE AMERICAN PEOPLE…..
THESE CROOKS HAVE HIJACKED ALL OF OUR WEALTH AND LAND AND HOMES AND BUSINESSES AND GOLD AND NATURAL RESOURCES AND HEALTHCARE AND COLLEGE AND BIRTH CERTIFICATES…
YOU NAME IT…..THEY LIED, DECEIVED, SWINDLED AND HIJACKED IT…..
BY LYING AND DECEIVING THE MASSES……
YOU NAME IT…..THE AMERICAN PEOPLE HAVE ALREADY FUNDED IT AND PAID FOR IT……
AND WE THE PEOPLE ARE THE REAL OWNERS OF THIS FUCKING PLACE…..
.AKA THE UNITED. STATES OF AMERICA……
AMERICA IS NOT BROKE…THATS ALL A BIG SCAM AND A BIG LIE…
THESE CROOKS AT THE U.S. TREASURY AND THE UN FEDERAL RESERVE….AND CONGRESS AND THE SENATE…..
HAVE HIJACKED, PLUNDERED, SQUANDERED AND STOLEN ALL OF THE PEOPLES WEALTH VERY …..SECRETLY AND DECEPTIVELY THESE CRIMINALS AND IMPOSTERS HAVE DEFRAUDED THE AMERICAN PEOPLE…
AND THEY STILL ARE SECRETLY, DECEPTIVELY AND FRAUDULENTLY DEFRAUDING THE AMERICAN PEOPLE VIA THE FEDERAL RESERVE AND THE U.S. TREASURY DEPTS ONGOING PONZI SCHEME WITH THE PEOPLES MONEY……THEY ARE DOING NOTHING MORE THAN RECYCLING AND REGURGITATING THEIR MASSIVE FRAUD .
.$1.2 QUADRILLION DOLLARS IN DERIVATIVES FRAUD..
THEIR UNSUSTAINABLE DERIVATIVES FRAUD CAN NEVER BE REPAID….
THEY ARE SNEAKIILY, STRATEGICALLY AND DECEPTIVELY BANKRUPTING THE AMERICAN PEOPLE AND …THEY ALL MUST BE STOPPED…….THEREFORE, THE JIG IS UP….
WE THE PEOPLE DEMAND A FULL ACCCOUNTING FOR ALL OF OUR MISSING MONEY….AND WHO HIJACKED IT, STOLE IT, PLUNDERED. IT, OR SQUANDERED IT…
WE THE PEOPLE DEMAND OUR STOLEN WEALTH, HOMES, BUSINESSES BE RETURNED….AND ALL CRIMINALS BE HELD FULLY ACCOUNTABLE…..WE THE PEOPLE DEMAND THE FED BE ABOLISHED….OUR U.S. CONSTITUTION BE RESTORED TO ITS ORIGINAL FORM….
OUR OWN CURRENCY BE ISSUED …..
U.S. BANK NOTES BE ISSUED AND BACKED BY OUR RECOVERED, STOLEN. WEALTH…ISSUED VIA STATE BANKS….AND EXCHANGED AT THE FULL FACE VALUE FOR ALL FEDERAL RESERVE NOTES ……….THEREFORE ELIMINATING THE FEDERAL RESERVE….THE IMF …..AND WE ALSO NEED TO DUMP OUR MEMBERSHIP IN THE U.N./NATO FRAUD….THESE ENTITIES ARE A REAL THREAT TO OUR NATIONAL SECURITY AND OUR NATIONAL SOVEREIGNTY….AND THEREFORE OUR FREEDOM AND PROSPERITY….
Barry Fagan v Wells Fargo Bank Re REQUEST for JUDICIAL NOTICE of a RELATED CASE:REPORT Office of the Assessor-Recorder San Francisco Report as Sponsored by Phil Ting Assessor-Recorder for San Francisco Entitled Foreclosure in California a CRISIS OF COMPLIANCE
http://www.scribd.com/doc/82105072/Barry-Fagan-v-Wells-Fargo-Bank-Re-REQUEST-for-JUDICIAL-NOTICE-of-a-RELATED-CASE-REPORT-Office-of-the-Assessor-Recorder-San-Francisco-Report-as-Sponsor
Really? Seriously? Why couldn’t they just take the homeowners word about missing documentation,or fraudulent documentation.After all we are the people raising the red flag and they thought that we were what just trying to cry and complain and that this problem did not exsist?When people come into your office with a legitimate complaint in record droves,do they get this should be taken seriously.I could understand maybe three people not being taken seriously but truly in the hundreds and thousands?There are some really good assessors that caught on somewhat early,but now shouldn’t all land recorders offices be doing audits and so forth.Or are they just chicken and don’t want to be involved hoping the problem won’t affect them?I’ll take them seriously when they do the same.
WHERES HANK PAULSON & CO……? AND WHERES THE CUFFS FOR THAT DIRTY ROTTEN. SCUMBAG PLUNDERER, THIEF AND SWINDLER OF THE U.S. TAXPAYERS MONEY, HOMES, BUSINESSES, NOTES AND DEEDS..??…ISNT THAT DIRTY TRICK SUPPOSED TO BE WORTH 5 FUCKING BILLION TAX-PAYER FUNDED DOLLARS ON PAPER THAT DOES NOT INCLUDE THE OTHER TAX PAYER MONEY THAT CROOK AND ALL OF HIS CRIMINAL FRIENDS STOLE AND HID OVERSEAS ….WE THE PEOPLE WANT ALL OF OUR MISSING…PLUNDERED, SWINDLED AND STOLEN TAX PAYER MONEY BACK FROM THAT FUCKING SCUMBAG CON MAN AND ALL OF HIS CRIMINAL COHORTS AND MINONS AT THE UN FEDRRAL RESERVE….! THE U.S. TAXPAYERS WANT ALL OF THE BOOKS AT THE U.S. TREASURY DEPARTMENT OPENED UP……AND EVERY FUCKING DIME OF THE PEOPLES MONEY ACCOUNTED FOR……!! THE U.S. TAXPAYERS DEMAND AN AUDIT OF THE U.S. TREASURY AND A FULL ACCOUNTING OF ALL OF THE PLUNDERED, SWINDLED AND MISSING/ STOLEN TAXPAYERS MONEY…..AT NOT JUST THE U.S. TREASURY DEPARTMENT BUT ALSO AT FORT KNOXX……WE THE PEOPLE WANT FULL.ACCOUNTING ASAP AS TO WHERE THE FUCK…..ALL OF THE PEOPLES MONEY WENT …..AND WHO. STOLE, LOST, SWINDLED, AND PLUNDERED IT… .!! .WHO. GOT IT….EXACTLY HOW MUCH U.S. TAX PAYER MONEY THEY GOT….FOR WHAT REASON….WE THE PEOPLE WANT FULL ACCOUNTABILITY…NOW..!!! A PAPER TRAIL WITH FULL ACCOUNTING OF ALL U.S. TAXPAPER MONEY…..NOW…!!
THE AMERICAN PEOPLE HAVE GOOD REASON.TO SUSPECT THERE ARE ALOT OF GREEDY THIEVES STEALING, PLUNDERING AND SWINDLING U.S. TAXPAYER MONEY, NOTES AND DEEDS IN THE PEOPLES HO– USE…..THE UNITED STATES OF AMERICA….!!