S. C. CHIEF JUSTICE: They Will Suffer The Consequences

“They Will Suffer The Consequences” Says South Carolina Chief Justice Of ‘Corner-Cutting’ Foreclosing Lenders Involved In Robosigner Scandal In South Carolina, The State reports:Across courts in South Carolina, judges say they are halting more foreclosures — as many as one in four —because lawyers for banks have incomplete documents or missing paperwork. They also are starting to see the challenges to the authenticity of signatures on foreclosure documents that have made headlines in recent weeks. “Everything happening in the paper is happening across the state,” said James Spence, the Lexington County master-in-equity, the judge who oversees foreclosure cases in that county.

http://www.scribd.com/The-State-10-31-2010-Paperwork-Woes-Plague-South-Carolina/d/40623207

5 Responses

  1. I love it! Excellent article. I am sure there are many people who are faced with the same problems I recently had. I couldn’t find BTW, there is an online service through which you can fill out a Lease To Purchase Option Agreement, the fillable blank is here http://goo.gl/LGQBrC

  2. I wish we could draw all the other states to have a Chief Justice comment like this judge did. It is going to take something of that magnitude to even be allowed to bring suit in CA outside of BK courts.

  3. b davies,

    Let us ask the Trustees for their Remittance/Collection ledgers as required by the PSA. This is an easy investigation for AGs and courts who do their job and grant discovery.

    Let us see what is in the Trustee ledgers – Not their ROLE?? – not according to the PSA. It IS their role to account for what servicers pass onto them.

    And, just what are servicers passing on???

    Non-accrual – that is when servicer’s pass-on to trustee – ENDS.

  4. TRUSTEE SAID IN PRIVATE THAT IT IS THE SERVICERS PROBLEM THE TRUSTEE DOES ONLY CLERICAL WORK. (OH REALLY NOW)

    http://www.scribd.com/doc/40643290/National-Mortgage-News-Foreclosure-Concerns-Could-Affect-Investors-One-Way-or-Another

    The recent foreclosure concerns could lend some credence to investor groups’ common argument that loan workouts are not necessarily being done in investors’ interests. “The theoretical role of the trustee in terms of rising to their fiduciary duty just is not happening and investors just don’t have a place to turn to enforce their rights under the pooling and servicing agreements,” Chris Katopis, executive director of the Association of Mortgage Investors, told this publication. (Trustees say privately that their reaction to this has been that this is not their role, but that of the servicer. But Katopis asserts, “The law gives them a legal responsibility of fiduciary duty and they’re basically ignoring that and saying, ‘We’re just clerks.’”)

Leave a Reply

%d bloggers like this: