Fla Bar News: Study — Only 16% of Foreclosure Documents Were Valid

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SHAM TRANSACTIONS: VIRTUALLY NONE OF THE SECURITIZED MORTGAGES WERE SECURITIZED

If anyone is still wondering whether the issue of illegal foreclosures has reached mainstream in judicial circles, take a look at the article in this week’s Florida Bar News by Gary Blankenship entitled “Who Owns the Note? Paperwork problems still plague foreclosure actions.”

Quoting from several of the known players in the world of calling out the banks on their illegal actions, Blankenship reports that the issues includes, fraud, forgery, fabrication and just plain negligence. 4clourefruad.com’s Michael Redman is quoted extensively. Redman’s site is now publishing a feature called “Fraud of the week” where 10 cases are selected randomly and analyzed to show the most egregious defects in the paperwork. One problem highlighted by Redman was a case where two “wet ink” signatures were submitted by two different companies, each claiming they had the original on the same case, same borrower and same property. Redman’s group concluded that the signatures were actually copies digitized and printed to make them look like originals.

The article is very long for any article appearing in the Florida Bar News, which gives some indication of how well accepted the “spurious” claims of yesteryear are now being accepted as true, correct and only part of the problem. The big question, as we have repeatedly shown, is that even if we eliminate all current foreclosures the larger problem of title on around 100 million transactions nationwide are going to still rear their heads as transactions stumble forward. Any chain of title with a securitized mortgage in it is going to be met with problems of  clouded, defective or unmarketable title.

The title companies are watching this closely and they are nervous as a long-tailed cat in a room full of rocking chairs. Their agents frequently were the closing agents and their reports on title were used to close tens of millions of transactions with defective title. The presence of MERS is clearly one of the biggest headaches inasmuch as none of the assumptions behind the creation and business model of MERS were correct. The value of a MERS deed or any deed in a chain of title where MERS was involved automatically means there is a  title problem.

11 Responses

  1. […] Filed under: bubble, CDO, CORRUPTION, currency, Eviction, foreclosure, GTC | Honor, Investor, Mortgage, securities fraud Tagged: bankruptcy, borrower, countrywide, disclosure, foreclosure, foreclosure defense, foreclosure offense, foreclosures, fraud, LOAN MODIFICATION, modification, quiet title, rescission, RESPA, securitization, TILA audit, trustee, WEISBAND Livinglies’s Weblog […]

  2. TMT, while there may be some here that do not know, most here probably do know that fact.

  3. The link to the actual article ( 09/15/2011 ) is here ==> http://www.floridabar.org/DIVCOM/JN/jnnews01.nsf/cb53c80c8fabd49d85256b5900678f6c/1ecf0330ff80aed5852579090042ef92!OpenDocument&Highlight=0,foreclosure,documents* and it references the registrar John O’Brien in Massachusetts that is rejecting robosigned docs.

  4. Securitization is scam so as MERS created by title industry too… Wake up!

    http://www.alta.org/technology/mers.cfm

  5. Louise—is this the James Kowalski you mentioned?

    http://www.kowalski-law.com/about-james/

  6. Incognito, You are probably right. The scam was worked out and to maximize profits, the worst possible practices were put in place. Total lawlessness. James A. Kowalski, Jr., Esq. before the Comittee on the Judiciary House of Representatives 12/2/10: “These abuses of the judicial system are not the work of a few individuals or a rogue outsourced unit of a servicer. The systemic use of manufactured documents and false affidavits is a business model. It has been the business model of the servicing industry for years.”

  7. Louise, I TOTALLY agree, except I am not even sure about your 7%, as in my research, honestly, I find problems, sometimes small, but something in every one. However, EVEN IF the Florida Bar were correct, I find it DISGUSTING that even they will admit at LEAST 84% are bad, even that rate is beyond disgusting.

  8. I think 16% is very optimistic. It is probably more like 7% that are correct. Securitization is a scam all by itself; so is MERS.

  9. Glen Clover:

    You did the same thing…8-)…it’s 4closurefraud.org

    ,evoL
    doG

  10. The link to michael Redman’s site is incorrect. It should be 4closurefraud.com

  11. Neil: Please fix the web link. Misspelled.

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