Property Rights Gone Wrong by Ratigan Causes Jump in Quiet Title Actions

Dylan Ratigan

“The Dylan Ratigan Show” on MSNBC 4:00PM ET

Posted: October 7, 2010 02:57 PM

 

Most mortgages in America are now backed by our government. And in order for a bank to get that backing from our government it must fill two criteria:

1. The borrowers must be verified by the banks and their agents as qualified.

2. Lenders must fill out paperwork accurately and make sure that when the home’s title changes hands, so does the documentation.

But in the past two decades, a whole lot of the time, that never happened.

Why?

For banks and servicers, the motive was money. Banks profited by packaging and selling those toxic home loans. Then they profited again by betting against those same securities. A bet, in essence, that a fraudulent loan wouldn’t be paid back.

But why would politicians allow this?

The simple answer is to stay in office.

Giving people huge government incentives to buy houses made them happier and thus made their politicians more likely to keep their jobs. And at the same time, the financial services sector — the banks making all the money — were donating to their political campaigns.

In 2008, the financial sector was the top donor to both the Democratic and Republican candidates.

So where are all these toxic loans now? We own them! At the Federal Reserve, Fannie Mae, and Freddie Mac.

And the banks and politicians will do whatever it takes to prevent a legitimate foreclosure proceeding…one which would easily reveal the lack of qualifications and bad documentation in the loans sold to the government.

Finally, the last and most important why:

Why isn’t the government dealing with it now?

Simply because it could reveal systematic criminal and civil fraud at the highest levels of America’s banks and in its political corridors.

12 Responses

  1. Thank you for all of your support.

    I have the promotional team and publicists that handle Tiger Woods handling this campaign.

    There will be 3 YouTube videos launched this week, as we are spearheading a campaign to get the word out.

    The next major thing that is going to happen (my prediction) is that the insurance companies are going to implode because of all of the major hits as a result of the foreclosure challenges.

    For those of you worrying about pricing of the eBook, please keep in mind that we are supplementing all of you with updated information on the HOW TO’s as the attorneys attack this situation. Obviously I can only report on what has been done and NOT on my own assumptions of HOW to put a pleading together.

    For the last 3 weeks, I have been writing pleadings and doing assessments for attorneys in 8 states. If this keeps up, I will have to hire my own team of analysts because where I see this headed is:

    (1) The judicial system in this country is headed for proverbial meltdown where we will have special courts set up just to hear these cases, as in Florida, and I think the judiciary is going to have to take things a little more seriously other than bringing judges out of mothballs to hear these cases “just to clear dockets”.

    (2) E&O carriers are going to get whacked. There is no doubt in my mind that this is the next phase of what you are going to be seeing. All title companies and real estate brokerages have E&O coverage. MERSCORP, INC. has E&O coverage. Bankruptcy remote entity MERS-3 has E&O coverage only on its immediate Board of Directors (to my knowledge). The “Vice Presidents” and “Assistant Secretaries” DO NOT HAVE E&O COVERAGE, except through their servicing entities. The mortgage servicers have E&O. Within 3 years, a lot of this money they hold is going to be tapped through litigation (my prediction).

    People thought I was crazy when I started researching this in 2007 and started writing about it in 2009. This is no laughing matter. This system is in serious trouble and risks implosion. People buying foreclosures could end up as Defendants in lawsuits.

    As for judges, they will have to start listening to these lawsuits and quit denying the borrowers the right to due process under state statute. This of course, again, is all due to ignorance of the culpability of the ROBO-MILLS!

    Again, thanks for your support.

    Dave Krieger
    http://www.cloudedtitles.com

  2. @ Larry – Good question to inquire about.

    @ Mike Maunu – Where can I read more about your story with Chase? I’m interested in your securitization report and “how they backed themselves into a corner they can’t get out of.” What state are you in and what attorney? I’d just really like to read more about your story. Thank you, Okie from Muskogee

  3. The book is worth your time..Buy it !

    Be a Patriot and Stop your mortgage payment !
    This is the only way to get attention and end the fraud.

  4. Corruption is what dooms governments. With elections coming up we all should see this – and make sure those you’re voting for see it:

    http://www.youtube.com/user/fiercefreeleancer

  5. Thank you Dave!!!

    I just purchased a copy of your book.

  6. @ Deby and @Dave Krieger

    @Deby – Let me state it is an ebook. It is a long one (249 pages) but is broken up into chapters that make it very easy to follow. You get an immediate download. I was one of the first to buy the book and have spoken with Dave.

    As to the price, I can’t even believe you made the statement. It’s $29.95! I have been selling information products online for 12 years and i told Dave he was crazy to sell it so cheap.

    The info in the book comes from Dave’s experience and in talking to all the experts in the crusade. That’s about a tenth of the cost of one-hour with most attorneys that still don’t get it!

    The info he has in the book is phenomenal, including his smoking gun that no one has thought of using in their QT filings. He provided me with the info I needed that none else could answer.

    In fact, I am in contact with several other people in their battles and have recommended the book to help them as well

    GO BUY THE BOOK!

    With the info in this book and the securitization report we purchased through Neil we have Chase dead in our sites. They have backed themselves into a corner they can’t get out of.

    @ Dave – we need to talk again on the issues on the table. If you still have my number call me or send me an email and I’ll call you. I have the number still.

  7. this question needs to be answered truthfully

    “what have the courts been doing all this time? Have to say – this makes the courts appear very gullible – or did they know and just ignore it??”

    Then the conflict of interest will become apparent immediately !

  8. this is to Mr. Neil Garfield–again i want to thank you and your staff for all of the helpful emails i receive on a daily basis, most of them do not pertain to my problem, however i do read each and ever one of them, my question to you is how/where/whom do i contact to get this securitization process-title search-documentation process-legal description-insured title search-note holdler/investor name and location–=-trustees name and location– and also who/where can i get all of the information i need to file a quite title actions against my lender/server, thanks, larry and lena

  9. Dave: I applaud you on your efforts with the book and checked out your website: My first concern is the book is priced a little too high; and it should be offered as an e-book; most people don’t have time to sit down with a book these days; they download them so they can read on computers or via audiobooks – that’s just my suggestion; I would have purchased it right off if it would have been an ebook and look forward to when it becomes available in that format!

    Good luck and thanks for all the hard work and research!

  10. Agree with the following quote:

    “So where are all these toxic loans now? We own them! At the Federal Reserve, Fannie Mae, and Freddie Mac.”

    That is, until they dispose of them to third parties – which is the intent.

    Ironic that we, who are also taxpayers, are really foreclosing upon ourselves.

    Until we see principal reductions – there will be no end to the mess. And, principal reductions have been avoided like the plague.

    Dave Kreiger is right. – the mortgage title issues are a mess and would add – that none of foreclosure recovery proceeds are paid to the receivable pass-through “Trust” – and are not transferred through the trustee.
    My only problem with Quiet Title is that many judges deny it – if you are in default.

    Really have to question the courts here – with all the “halting” on foreclosures due to document fraud – what have the courts been doing all this time? Have to say – this makes the courts appear very gullible – or did they know and just ignore it?? The state DOJs should also be halting foreclosures in their court foreclosure divisions.

  11. Hello Dave , I like the story , but I also have a question :
    If you file a Quiet Title action , what will happening to
    the HELOC ,if the has good papers ?

  12. The new book CLOUDED TITLES is now available at:

    http://www.cloudedtitles.com

    Now you’re asking yourself what this article has to do with the title to your property, or even a potential sale of a foreclosed home?

    You’ll find out at closing.

    Wells Fargo for example appears to be making their purchasers (of foreclosed properties) sign waivers indemnifying them from suit because of the condition of title. If you remember, Wells Fargo is also the one that said “We don’t do this kind of fraudulent paperwork.” Excuse me?

    I was doing an assessment of title for a homeowner in Phoenix (by and through his attorney Beth Findsen) and discovered a robo-signor factory up in Eagan, MN directly attributable to Wells Fargo Bank N.A. wherein notaries and “Vice Presidents of Loan Documentation” were interchangeable. If that’s not a ROBO-MILL … I don’t know what is. Did I just coin a new term for these folks?

    And just because you see “certified” claimants recorded in some court document doesn’t really mean they exist. This is what is causing all of the problems.

    Down the road, this activity will cause more problems.

    People buying foreclosed homes are going to be faced with these problems. People who discover after they’ve been foreclosed on will also discover these problems (because of the media attention) and go back after the current owners and their bankers who sold their houses out from under them RIGHT THROUGH THE CHAIN OF TITLE.

    This is where the existing problems are and no one sees them for what they are?

    According to Nevada attorney Mark Mausert, who I’ve interviewed a number of times for the book, has even indicated that foreclosures themselves slander title. Now look at the end result, coupled with bad or fraudulent documentation. You have clouds all over the title, usually on the “back end”, where the foreclosure took place.

    The most common cloud is caused when the trustee (or someone claiming to be the substitute trustee) goes in and files for record BEFORE the actual lender has been assigned the deed and note. That means that the trustee is acting outside of the scope and capacity of his alleged duties, which means he is violating all sorts of state and federal laws, for which he has no protection. Even his Errors and Omissions insurance carrier is going to throw a fit when they see what their client has gotten himself into.

    It all started at the courthouse folks! It all started when everyone and his brother became “Vice Presidents” and “Assistant Secretaries” of MERS. You’ll notice trustees conveying the deed and note to the lender and then appointing themselves as trustees, all on behalf of their positions as MERS agents. Oops! Another cloud.

    I could go on, but in order to understand the full details of my investigations, you just need to buy the book!

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