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Editor’s Comment: 

By William C. Veal, Esq.

As we see the progress, or lack thereof, of the investigation into the massive scan called Foreclosure in our country, we read many articles by various people regarding the current status of investigations and attempted solutions.  See the two articles below.

            One article, by Jessica Bye reports on two “whistle blowers” who state that BoA defrauded the Federal Housing Administration by inflating appraisals used for government-insured home loans.  In one of the lawsuits, it states, “In other words, BoA has had it both ways.  BoA has continued to maximize the value of its mortgage portfolio with anti-HAMP (Home Affordable Modification Program) modification practices and then make money by committing fraud on the homeowner”.  Obviously, lawsuits are brought by those who believe they have a strong position to bring to task the wrongdoer.  Those who have been foreclosed on improperly have the same sense of being wronged and have a right, if not an obligation, to present their cases to the courts.  While the mortgage companies have substantial assets with which to pursue their claimed remedies against the individual homeowners, those same homeowners are often befuddled by the flood of paper work and the myriad of legal documents with which they are confronted.  They rarely have the assets with which to determine whether or not “robo-signing” was used or whether or not the proper documents exist which would allow a legitimate foreclosure by a financial institution.  Accordingly, many homeowners are set out of their homes without knowing the full extent of their rights against the mortgage company.

            While extensive litigation and negotiation is underway, and has been for an extended period of time, various resolutions which, it appears to me, still benefit the mortgage lenders, are on the horizon.  One of the most interesting descriptions was written by Andrew Dunn.  See the second article below.  He addressed the issue of converting mortgages to leases.  While the details of this program are not confirmed and therefore unavailable, it would appear by the mere wording of converting mortgages to lease hold interests, the homeowner, it appears to me, is once again on the losing end of that arrangement.  While there are positives such as the homeowner being allowed to remain in their residence, the loss would be considerable to the homeowner forfeiting all ownership interest.  This would be particularly true if the mortgage documents could be called into question.  It would appear that the homeowner loses any rights that he may have had should the documentation be faulty.  Homeowners would be unable to negotiate their interests, much less protect them.  Obviously, if the economy begins to show substantial growth, then the investors would be the ones who reap the profit.  Unfortunately, I have been unable to determine whether or not such mortgages converted to leases would be long term or short term contracts and what modifications, if any, would be available to the leaseholder.  Obviously, “evicting a renter” is legally less difficult than a foreclosure process.

            It still seems to me that the tap dancing is only becoming more and more refined and shows little promise of real resolution to the problems facing homeowners today.

Whistleblower says BofA defrauded HAMP

By Jessica Dye

NEW YORK, March 7 (Reuters) – Bank of America NA prevented homeowners from receiving mortgage-loan modifications under a federal program in order to avoid millions of dollars in losses while benefitting from financial incentives for participating in the program, according to a complaint unsealed in federal court Wednesday.

The suit is the second whistleblower complaint unsealed so far with apparent ties to the $1 billion False Claims Act settlement announced by Bank of America and the U.S. Attorney’s Office for the Eastern District of New York on February 9.

The Bank of America settlement is also part of the sweeping $25 billion agreement reached between state and federal authorities.

Final settlement documents have yet to be filed in the BoA settlement, which the U.S. Attorney’s Office said was the largest ever False Claims Act payout related to mortgage fraud.

The settlement resolved claims that Bank of America’s Countywide Financial subsidiaries defrauded the Federal Housing Administration by inflating appraisals used for government-insured home loans, as well as claims involving the Home Affordable Modification Program, a federal program to help American homeowners facing foreclosure.

The complaint unsealed Wednesday was filed by whistleblower
Gregory Mackler, a Colorado resident who said he worked
alongside Bank of America executives while an employee at Urban
Lending Solutions, a company to which Bank of America contracted
some of its HAMP work.

While working at Urban Lending, Mackler said he saw BofA and its loan servicing subsidiary, BAC Homes Loans Servicing LP, implement “business practices designed to intentionally prevent scores of eligible homeowners from becoming eligible or staying
eligible for permanent HAMP modification.”

The bank and its agents routinely pretended to have lost homeowners’ documents, failed to credit payments during trial modifications and intentionally misled homeowners about their eligibility for the program, the complaint alleged.

BoA let through just enough HAMP modifications to avert suspicion and allay congressional critics, while not enough to incur any substantial losses to its own bottom line, according to the complaint.

“In other words, BoA has had it both ways. BoA has continued to maximize the value of its mortgage portfolio with anti-HAMP modification practices and managed to make money by committing fraud on homeowner,” the lawsuit said.

A lawyer for Mackler could neither confirm nor deny that the complaint was tied to the settlement. A spokesman for the U.S. attorney’s office and a representative for Bank of America declined to comment.

In February, a whistleblower complaint was unsealed from Kyle Lagow, a former employee in a Countrywide appraisal unit which detailed allegations of Countrywide’s “corrupt underwriting and appraisal process.” Bank of America purchased Countywide in June 2008

Under the False Claims Act, successful whistleblower complaints can earn that whistleblower up to 25 percent of the
settlement amount.

According to the docket, the U.S. Department of Justice has until March 16 to decide whether to intervene in both the Mackler and Lagow case.  The case is United States of America v. Bank of America NA et al., in the U.S. District Court for the Eastern District of New York, no. 11-3270.

Bank of America eyes turning troubled homeowners into renters


Bank of America is exploring a program that would allow homeowners on the brink of foreclosure to remain in their homes by becoming renters.

Such an ambitious program likely would draw interest from thousands of families still struggling with their mortgages. But it faces many hurdles and is unlikely to get off the ground nationwide.

The Charlotte-based bank has applied for a trademark for the phrase “Mortgage to Lease,” presumably what would become the name of the program.

The name of the program seemingly coincides with comments made by the head of the unit dealing with Bank of America’s troubled mortgages, Ron Sturzenegger, late last year. In an interview with housing finance news service HousingWire, he said the bank is exploring programs that would involve a short sale to an investor who would then lease it back.

While confirming that the bank is in the very early stages of exploring such a program, Bank of America spokesman Dan Frahm said nothing has been announced or is imminent.

He said the bank frequently applies for trademarks for program names that never come to pass.

Bank of America has been struggling under the weight of thousands of delinquent mortgages, the majority acquired through the bank’s 2008 acquisition of Countrywide Financial Corp. The division lost $18 billion in 2011, according to the bank’s annual report filed this week.

While the bank has been working through bad loans, it still had more than $150 billion in its portfolio at year’s end.

The bank already offers a number of standard refinancing and other foreclosure prevention programs.

A mortgage to lease program would be much more ambitious. While similar programs have been tested in smaller areas, none have been offered nationwide, said Guy Cecala, publisher of Inside Mortgage Finance.

There is no shortage of investors willing to buy properties. The trick would be to make the math work for all parties involved.

Such a program generally ends up as a good deal to the homeowner. The family gets to stay in their home, and the debt is settled for less than what they owe while avoiding a more damaging impact on their credit score.

The bank or investor, though, becomes a landlord, complete with responsibilities for upkeep, maintenance, insurance and taxes.

But a bank would see some benefits from a program. It would avoid the labor-intensive, costly foreclosure process, and evicting a renter is generally easier than foreclosing on a homeowner.

Cecala said he doesn’t expect Bank of America’s program – which would take years to develop – to come to pass.

“People like it in theory,” he said. “But when you start thinking about the logistics involved, it gets very complicated and perhaps not workable.”


54 Responses

  1. It is very informative post, you should check detail before looking for foreclosure. we needs to go to and see all the reports and articles about the bank fraud.

  2. ANONYMOUS- I am glad I’m correct! But, I forget what I am correct about, please jog my memory. Thanks, hard to follow 15 different trails at once and keep them straight.

  3. Ian is correct.

    And, Chris, government is well aware of what is going on. That is why they pushed through settlement WITHOUT investigation.

    Courts will get you on technicalities. That is the game. Government should not have played the game. But, they did.

  4. @ Chris

    NOTHING seems to “fly” with judges…they don’t seem to care that debt collectors are stealing houses…they don’t care, and they are just letting them. How do you fight a system which at this point is operating contrary to real property laws?

  5. @ carie

    It’s very telling if you cannot explain to someone what is going on, as that is the same way a judge will see it. Practice, practice…your case. If it does not make sense to the avergage person, it will not fly with the judge.

    The thing I have wanted to say here: Foreclosure Alternatives Explored? Really? How about no foreclosures explored? Let’s get to the ownership of the note and pay the right person, after we negotiate the note, that was bought for pennies on the dollar and the thief who stole the “supposed” rights to the payments, they have never paid the lender for?

  6. 12 USC § 1715z–24 – Pilot program for automated process for borrowers without sufficient credit history

    US CodeNotesCurrencyprev | next
    (a) Establishment
    The Secretary shall carry out a pilot program to establish, and make available to mortgagees, an automated process for providing alternative credit rating information for mortgagors and prospective mortgagors under mortgages on 1- to 4-family residences to be insured under this subchapter who have insufficient credit histories for determining their creditworthiness. Such alternative credit rating information may include rent, utilities, and insurance payment histories, and such other information as the Secretary considers appropriate.
    (b) Scope
    The Secretary may carry out the pilot program under this section on a limited basis or scope, and may consider limiting the program to first-time homebuyers.
    (c) Limitation
    In any fiscal year, the aggregate number of mortgages insured pursuant to the automated process established under this section may not exceed 5 percent of the aggregate number of mortgages for 1- to 4-family residences insured by the Secretary under this subchapter during the preceding fiscal year.
    (d) Sunset
    After the expiration of the 5-year period beginning on July 30, 2008, the Secretary may not enter into any new commitment to insure any mortgage, or newly insure any mortgage, pursuant to the automated process established under this section.

  7. @Ian and Chris,

    It seems to me that the most important thing we can do at this point to awaken the masses to this unprecedented situation is to figure out a way to make it as simple as possible to explain…so we AVOID the strange looks and people changing the subject, etc…like two or three sentences and maybe a simple graph or something…simple, simple, simple. And tell EVERYBODY—’cause it ain’t gonna be in the mainsteam media. The clear fraud MUST be understandable to the average layman…Lets work on THAT.
    I’m almost there, but not quite…any ideas? Or is this impossible to do…

  8. @ ian

    Yup, the masses do not know. They really believe if you just paid what you agreed to, everything would be fine. Don’t know about others, but I tried. They offered me a forbearance of 3x’s what my original payment was and no contract to guarantee the acceptance.I have lawsuits everywhere and nada…I have very low expectations.

    It’s obvious to me, there are no hero’s out there in the legislature or finance industry. We’re all fighting as hard as we can, we need more and so far we cannot seem to get a consensus of what to do.

  9. NORA C- rightfully so. I have found, that as most of the US citizenry don’t have any idea what is happening, it isn’t worth my flying into a tizzy, trying to explain in several minutes what I’ve found after almost 4 years of study and reasearching case law. So…..
    I usually make light of it, when people are talking about real estate, foreclosures, REO sales, etc.
    I explain that there are no banks involved. If it is ‘bank owned’, or ‘for sale by bank’, then unless it is a local, actual bank with a drive thru and a parking lot, it is only acting as a bank in a trustee capacity. And furthermore, who most people are paying their ‘mortgages’ to are servicers. There is no lender, no bank, no mortgagee, no beneficiary, no holder, no holder in due course, nothing.
    By then, I am getting odd looks, and no one says anything else. And so it goes. How to explain? “lets jam 4 years of research into 3 minutes without hyperventilating” FUN!

  10. Glaring errors in this crap; “no shortage of investors…” where are all these supposedly willing investors? They are fully aware that the Title problems will expose them to a huge risk. I’m sure they know that the tennant they rent to today will be evicted when the rightful homeowner takes back their home through the courts after all the dust settles. The reason the inventory of foreclosed homes is completely stagnant and there is no recovery in progress is because investors know the law isn’t on their side, and they’re not buying them.

    A good deal for homeowners? yeh, sure. We shouldn’t have to be doing anything but sitting tight in homes that are rightfully ours, and yet this clown, Andrew Dunn seems to think a program like this will draw a lot of interest, when it all boils down to the bank not being able to prove ownership of what they are trying to steal in the first place. It’s another end run poorly disguised as “help”, around the laws that are putting a kink in the foreclosure machine. It’s up to all of us to sue the bastards. When you keep taking a bite out of their asses, the blood loss will be fatal eventually. The few regulatory agencies and the handful of uncompromised public officials who’ve stood up so far are no match for the criminal banksters, but we are.

  11. @ chas404

    Please do it…anything AND EVERYTHING. Anyone who touched your paperwork needs to be held accountable.

    My $.02 Yes, Yes, Yes

  12. @Chris,
    No we do not need the banks in their current form.
    Iceland paved the way.
    They gave the banks the proverbial finger,defaulted on their external
    bank debt,nationalised their own banks and jailed their bankers
    and are now prosecuting the politicians that were in the banks
    They are now in good shape after 2/3 years of pain,with no problems.
    Here and elsewhere we’ve had 2/3 of of pain,and a now a maybe
    insoluble problem.
    We now have :no hope and no change,
    I am not being political,even if Obumney gets elected the end is now certain.Its just a matter of when.
    The only man offering the Icelandic solution is Ron Paul ,and
    the Banks,MSM and TPTB will never let that happen.

  13. How can a known Wells Fargo employee sign and authorize a mortgage assignment as a MERS officer? How can they assign the mortgage from MERS to WF this way? In Florida?

    Meanwhile, ‘loan’ is owned by Fannie Mae as ‘investor’ on website.

    I feel like I should file a complaint with the county recorder of deeds.

    Comments please.

  14. Total agreement with the posts here, it’s your home. We need to really squeeze out all the boa and lookalikes in this country.

  15. Drewe is so confusing…E. Tolle

    I am betting the assignments and or transfers NEED to take place, on paper, not “ghost writings”…just ’cause I said I have authority.

    Maybe it’s just me, but I have spent a good amount of time in court and I thought one needed to prove things? Evidence?

    If this is the new norm, we are all in deep poop

  16. @ John Gault, thanks, but I don’t believe it’s that easy in succession. My question has to do with correct i.e. perfected assignment, and I haven’t been able to locate the law on that.

    I do know that a New York court took B of A off of a liabilities suit against CW, disallowing the successor in interest claim on liability, which would lead one to believe that the same would work in reverse, meaning that if they don’t have CW’s liability, their assets are equally distant. However, a CA court did the opposite, making the connection solid between CW and B of A for liability due to clawbacks. And we know that CW is still its own entity, as Moynihan is dangling CW over the BK pit, as a threat to investor clawbacks, as in “take $.50 cents on the dollar or risk losing it all”.

    My question goes to the heart of these various divisions within these corporations. Countrywide has to assign to BAC. So why not BAC Home Loans Servicing, LP to B of A, NA?

    My belief is that you don’t automatically have the keys to the entire shoe conglomeration, to use your example, just because you work in the sandal department, if you get my drift. I know a case off to discovery right now where B of A as successor in interest on CW is having a tough time due to the fact that they’re not on the paperwork, and are claiming successor status. The judge isn’t buying the white knight theory. It’s my belief that they’d have to show that an individual loan actually transferred through an M&A deal in order to sue on it.

    My question goes to proper standing when the suit is filed issue. It’s my belief that assignments need to take place, regardless of M&A.


    If only Soliman and Drewe were speaking to me. I guess I should have held back that last snarky Molotov I tossed 🙂

  17. If you vote , you have to read this again : 2 years ago :

  18. @ john

    When you hold a certain amount of wealth…it’s definitely a game changer for someone who does not. No question. It just seems to me, collectively we have power. If many of us, changed what we do, even for a short time, the kingdom would topple. Do we really NEED banks, no! Too many people do not distinguish between wants and needs. The powers that be, have skillfully supplied us with “pretty things” and “gadgets” and where has it gotten us? Indentured slaves, I say. All the necessities are monopolized, by large corporations and have limited what we see, what we hear and buy. It’s no accident. The truth is; all history proves out, time will and does level this out. Every human being I know is angry. Now, what they do about that is personal, but slowly, people are changing their habits. It’s a wait and see thing!

  19. @Chris,
    Let me re phrase that.I put it that way because “conspiracy theorist” sometimes
    get it right.Just because you’re paranoid dos’nt mean somebody is not out to get you.
    There are people behind the bankers controlling them,a bigger
    banker (the Rothchilds)in this current iteration of the game..
    They are the 1% of the1%.
    They are very bright.Its their chess game we are losing..

  20. @ john

    For me, the banksters are not bright, nor are they risk takers. They have control of the money and are using that position, no question.

    They are not innovative, smart or creative, by any stretch. If one needs to use their power to intimidate, cheat and steal…me, I’m not impressed. They are bullies of the highest order. Over time they have used customers money, basically free and act like we owe them something, when in fact it is the reverse. But, we go back to our legislators once again, our elected officials tweak and twist the law to enable the transfer of real property from their citizens. This is a huge deal. It doesn’t matter who is in office, they need to be held accountable.

    My $.02

  21. @ Enraged

    Yes, that is NC…they usually don’t get the judicial thing right, but in this case kuddos…another scam, Core Logic…I can’t find out too much about them either. I’m thinking another electronic “maze of ghost paperwork”, by design, to keep everyone distracted and chasing their tails. MERS type of organization, in my opinion.

  22. @Chris,
    it is the biggest MODERN redistribution of wealth.
    But this game has been going on since the Chinese invented
    paper money around 1100 AD.
    Pump,dump,rinse and repeat for 900 years.
    You think these bankers have not read history.
    He who has bought all the hard assets with worthless paper
    always wins the repeating game
    The USA was a temporary aberation from 1776 to 1913.
    Once the unconstitutional Fed Res. came into being ,the game
    was back on.When we finally abandoned gold back in the 1970’s
    it turned into their Endgame.
    History repeats and repeats and sometimes rhymes.
    The 1% learnt from history, the 99% repeats it.

  23. I was right: ongoing clean up. Read the last sentence: many of these resignations include also “house arrests in many cases including inability to leave the country”.

    It is the summary of a previous post people are checking it out and paying attention.

    Friday, March 16, 2012
    20,000+ extra resignations that no one is reporting
    Over 20,000 resignations/house arrests are visible using data from
    the SEC Securities and Exchange Commission.

    The Securities Exchange Act of 1934 requires that publicly traded companies must
    report to the SEC whenever a member of the Board or certain officers resign.
    Also, the SEC has a database named EDGAR that is open to the public. After a
    little research, what was discovered is that corporations must report said
    resignations on Form 8-K, Item 5.02. From there, it was a simple matter of
    searching only Form 8-Ks within a specific range of dates, and including the
    boolean search terms “Resigns” and “Resignation”.

    I felt this would at least offer us a baseline comparison to see if there is
    truly an uptick in resignations, or if it just appears that way. I think you
    will be interested in the results.

    From the start of 2008 to the second quarter of 2011 the resignations remained
    steady @ about 2000 per quarter.

    Suddenly in the 3rd quarter of 2011 they
    increased by 50% to 3000 for that quarter. (That’s an extra 1000).
    Then in the 4th quarter they jumped to 7000. (That’s an additional extra 5000 resignations).
    Now without the full quarter results for the first quarter of 2012 they are up
    to 16,000. (That’s an extra 14,000 resignations & increasing fast).

    That’s a total of 20,000+ extra resignations that no one is reporting in news
    papers & nothing of course in the major media!

    These are people who were in sting situations but didn’t know it when their opportunistic
    thefts of funds became a trap providing evidence of their wrong doing. Reports of
    their resignations usually involve house arrest in many cases including
    inability to leave the country. Full exposure of their crimes will follow
    in due course. This involves financial houses and banks worldwide.

  24. E. Toile, Johngault,

    MERS is here to stay. Atty Ed Cox was right (listen to his postcast on Mandelman, about 6 months ago): MERS is the new, permanent, electronic registry. In a very few short months, those Thighpen, O’Brien and others may very well not have a job any longer. They’ve recome redundant.

    Schneiderman, banks agree on $25 million MERS deal

    By Andrew ScogginThe nation’s five biggest banks will pay $25 million to the New York attorney general’s office to settle certain claims related to the use of Mortgage Electronic Registration Systems.

    The agreement with New York Attorney General Eric Schneiderman releases Bank of America ($9.24 0%), Citigroup ($36.27 0%), JPMorgan Chase ($44.70 0%), Wells Fargo ($34.07 0%) and Ally Financial from certain claims of robo-signing foreclosure documents.

    Schneiderman sued Bank of America, JPMorgan and Wells Fargo, as well as MERS, in early February. The AG’s office said in the complaint the banks “created the MERS system as an end-run around the property-recording system.”

    MERS is not involved in the agreement, and a company spokeswoman declined to comment.

    The banks did not admit or deny any allegations contained in the New York MERS suit, according to court documents. The AG’s office reserves claims for consumer damages, but notes that the AG won’t seek to vacate any foreclosure judgments.

    Each bank will pay roughly $5.9 million, aside from a $1.25 million payment from Ally.

    The New York agreement comes in addition to the nationwide $25 billion settlement with the five banks filed in court Monday, as well as other side agreements with states. The settlement does not release MERS or the banks’ use of the system from future suits, and explicitly exempts MERS-related cases filed by attorneys general in Delaware, Massachusetts and New York.

    Delaware Attorney General Beau Biden, in return for $2.5 million, agreed to release the five banks from any statutory damages related to MERS. The banks are not named in the Delaware suit against MERS, but the agreement does not preclude future inclusion, according to Biden spokesman Jason Miller.

    The Delaware attorney general’s office filed a response Friday to MERS’ motion to dismiss the suit, Miller said. A court hearing is scheduled for May 30.

    The five banks also received dismal of two claims related to robo-signing and loan modifications in a suit filed by Massachusetts Attorney General Martha Coakley, as well as a $2 million cap on penalties per bank. Claims against MERS and the banks’ use of the system remain in the suit, as well as any potential injunctive relief.

    “This agreement allows our office to continue our claims, seek damages and pursue injunctive relief against the banks for initiating illegal foreclosures in our state and corrupting our land court system,” said Brad Puffer, a spokesman in Coakley’s office.

    Spokespeople for Bank of America, JPMorgan, Citi and Ally declined to comment on the New York agreement. A representative at Wells Fargo did not immediately respond to a request for comment.


  25. @BSE,

    Didn’t that run in 2008 already? I remember seeing it, in the same context and… Oabama looks younger thwqn he does today. I think it’s the old 2008 thing someone dug out.

  26. @bse – think that’s for real?!

  27. e. tolle – thanks for the link. As to your question, the answer is probably ‘probably’. I mean, I don’t know, that’s for sure, but it seems like a successor who is a successor by merger takes what’s there….?
    If I take a business by merger and they own 500 cartons of shoe shelves, I now own them, right? Does it matter that we’re talking
    real property interests which otherwise require an assignment (i.e., a writing)? I don’t think so, but dont’ know. (I’m not an assignee, I’m a successor in interest if take by merger, right?) Speaking of which, I wish we could remember more of the scuttlebutt with B of A and CW. Something about B of A did not in fact succeed to CW’s interests; B of A didn’t get anything from CW by merger (were not successors), so needed assignments, was that it?

  28. […] Filed under: bubble, CDO, CORRUPTION, currency, Eviction, foreclosure, foreclosure mill, GTC | Honor, Investor, Mortgage, securities fraud Tagged: 60 minutes, affidavits • attesting • Daniel Edstrom • DTC-Systems • fabricating • false information • false sworn documents • foreclose • illicit business practices • improper statements • imp, AHMSI, appraisal fraud, attorney general, auction fraud, Chris Koster, credit bids, DocX Indictment, foreclosure fraud, FORECLOSURE SETTLEMENT, foreclosures, forgery, housing market, housing prices, investors, linda green, LPS, Missouri, mortgage fruad, mortgages, Robo-Signing, settlement, strategic default, Wells Fargo Livinglies’s Weblog […]

  29. @ John Gault, here’s the MERS v. NY settlement I believe you were looking for:

    Question for anyone:

    Mortgage assigned to BAC Home Loans Servicing, LP.

    Can Bank of America, N.A., as successor by merger to BAC Home Loans Servicing LP, foreclose without an assignment from BAC Home Loans Servicing, LP, to Bank of America, NA?


    We got caught !

  31. @ All Wall Street Bankers

    Word on the grapevine – request for appearance from one of latest OWS supporters – Gnarls Barkley – Tremble

    “Who do you think you are
    Ha-Ha-Ha Bless your soul
    You really think you’re in control
    FUCK NO !
    I think you’re crazy – just like me”

  32. @chris

    I believe it is your state, right?

    March 15, 2012

    March 15, 2012

    The Guilford County, North Carolina Register of Deeds has filed a 47 page lawsuit against MERS and numerous banks arising out of what has been alleged to be a systematic creation of “falsified, forged and/or fraudulently executed mortgage documents filed with the Register of Deeds by what infamously has become known as ‘robo-signing’”, and that the Defendants’ scheme “was manifested in a private electronic registry many of the Defendants created called the ‘Mortgage Electronic Registration System’ (MERS).

    “Through MERS, Defendants effectively privatized the public property recording system and disrupted Guilford County’s responsibility to maintain a reliable public registry of land records, as well as citizens’ fundamental right to determine through public searches who holds interests in property.” The suit goes on to state that the scheme “confused, misled, and deceived the Register of Deeds, as well as borrowers, homeowners, and other citizens who rely on the validity of publicly filed property records.” Note the use of the term “fundamental right” of a citizen to determine who owns their property.

    The suit states that “Defendants’ misdeeds in connection with their securitization of billions of dollars of mortgages have been the subject of numerous investigations, state Attorneys General lawsuits, court findings of facts, and consent orders”, and that the actions of the Defendants were “criminal”. The suit takes the reader through the entire securitization process, the creation and operation of MERS, the state attorney and regulatory actions against MERS, fraudulent robo-signing, and sets forth documented examples of admissions of bank officers to signing false affidavits under oath. Examples of misconduct by JPMorgan Chase, Bank of America, Wells Fargo, and others are set forth in detail.

    This is a “must-read” for any attorney who practices foreclosure defense. The style is Guilford County ex rel. Jeff L. Thigpen, Guilford County Register of Deeds v. Lender Processing Services et al., General Court of Justice, Superior Court Division, County of Guilford, State of North Carolina. The case is online.

    We thank one of our North Carolina network attorneys for bringing this most important filing to our attention.

    Jeff Barnes, Esq.,

  33. @chris,

    I have been wondering quite a lot about CoreLogic. At some point, I came to the conclusion that CoreLogic was to money what MERS has been to property records: some electronic system with tentacles everywhere and the actual money chain.

    So far, no one seems to raise the issue but CoreLogic has been named as a co-defendant in a few of the lawsuits filed by counties against MERS. Again, we have only whatever information is allowed to trickle down. The day someone decides to summarize exactly how the system was supposed to operate from A to Z, we’ll learn that the accounting in those transfers/assignments was handled by CoreLogic.

  34. A day or so ago there was a ref to NY v MERS, but I missed it. Anyone have a link? thanks

  35. @ Enraged

    That’s okay…the list needs to be longer anyway.

    Have any of you noticed Core Logic is listing homes for sale on websites, when the people are only in default? Would I be the only one having a problem with this intrusion? I just sent a letter to the servicer on my property, when they sent someone over to inspect the house for tenancy…I told them and anyone else who trespasses, the shit will hit the fan next time. So, for me, no one should be roaming around, looking at a property that the bank does not own (which is all of them, I know) but you all know what I mean.
    My attorney tells me these inspections are, at least in NC a second degree trespass.

  36. PS: that long list is NOT mine. It is a cut-and-paste from another site that I closed too fast and can’t find anymore but I do not get any credit for that discovery. And I’ll have to contact the blogger and fess up to having used what he wrote.

  37. Bank resignations – SEC requires that all financial institutions file a 8-2 5.02 form each time a banker resigns. Look at the year, Q means “quarter”, and you have the number filed that quarter. This is exclusively for the US.

  38. @ Enraged

    What is it you are looking at? Missed something here…

  39. I was skeptical. I went to the database and queried it, quarter by quarter. It’s true. It seems shit hit the fan sometime after January 15th.
    Here are my results (The search count rounds the numbers)
    2008 Q1 800
    2008 Q2 5200
    2008 Q3 4600
    2008 Q4 5200
    2009 Q1 4500
    2009 Q2 3900
    2009 Q3 3800
    2009 Q4 4400
    2010 Q1 4100
    2010 Q2 4200
    2010 Q3 4100
    2010 Q4 4100
    2011 Q1 4300
    2011 Q2 4400
    2011 Q3 3800
    2011 Q4 4400
    2012 Q1 8000+

    Because 8000 is the record limit, I queried 2012 quarter one by the months individually. January by itself had 8000+. February by itself had 8000+. 03/01/2012-03/14/2012 had 8000+.

    To zoom in a little bit further, 01/01/2012 to 01/15/2012 only had 600, while 01/15/2012-02/01/2012 had 8000+.

    Here is the link, so you can search for yourself.


  40. Extremely important graph contained in the article belo (unfortunately, i can’t transpose it here).

    I was right: quarterly average bank resignations since 2008: 2,000
    Since Q4 2011, it has jumped to 16,000!!!!!!!!!!

    No one tells me nothing is happening!


    Posted by LordOfArcadia at:

    Gab1159 has done a remarkable job of providing information regarding, what appears on the surface, to be a mass wave of resignations from the financial sector.

    Massive Wave of Resignation (Part V): The New Bandwagon!

    I urge you to read his work before preceding further in this thread.

    If true, a huge exodus of the top brass from the financial sector would mean…. well, I am not sure, but it sure seems important. Upon reading his work, there was always the nagging thought in the back of my mind that, “Maybe there aren’t more resignations, it just seems that way because either (a) the media are reporting on them more frequently or (b) we are just paying more attention.” This thought has been raised in each of his updates, but nobody seemed to be able to quantify what is a reasonable number of resignations.

    In the most recent update, I posted a comment, wherein I used the EBSCOhost Business Premier database to search for articles that contained the world “Resign”. You can see my chart in Gab1159’s thread, but saying that the results were inconclusive is being generous.

    Then I had an idea. The Securities Exchange Act of 1934 requires that publicly traded companies must report to the SEC whenever a member of the Board or certain officers resign. Also, the SEC has a database named EDGAR that is open to the public. After a little research, I discovered that corporations must report said resignations on Form 8-K, Item 5.02. From there, it was a simple matter of searching only Form 8-Ks within a specific range of dates, and including the boolean search terms “Resigns” and “Resignation”.

    I felt this would at least offer us a baseline comparison to see if there is truly an uptick in resignations, or if it just appears that way. I think you will be interested in the results.

    A few details I should point out. One, these results are not broken down by industrial sector, but encompass all “SICs” or Standard Industrial Classifications. Also, when dealing with such a large number of results, EDGAR gives an approximation on the number of filings. For example, in 2Q 2008 there may have been 1786 filings, but it gives me 1800 as the approximate result.

    I must admit, when I started compiling the data, I did not believe I would find much. Possibly a slight upswing in the number of resignations, but I am simply blown away by the results.

    Posted by American Kabuki at 4:15 PM
    Labels: Corporate resignations, EDGAR DATABASE, K8, SEC

  41. @ John

    This is a grand redistribution of wealth…how do you like that hope and change? The theft of real property to the top 1% is happening as we speak. The government is actually condoning this behavior and changing the rule of law to allow it.

    They are going to steal our home, not houses and then allow us, at our expense, to rent them back. Ha, Ha, Ha, how’s that going to work? Knowing that a lease is worthless with these bums and when the economy does come back, they will evict you, ’cause maybe your not credit worthy? This insults my intelligence and fiber of my being.

  42. As I’ve been saying for quite a while now.
    The banks want the ‘hard assets’.Our houses.
    They’re not bothered about title issues ,they can just buy a few more
    politicians and change the laws down the road,
    In the meanwhile possesion of even a bogus title is 9/10 of the law.
    Or in their case 10/10.
    Few have the money or will left to fight,also engineered by them..
    Fight, due not be seduced by banks bearing gifts.
    They are all sociopaths and the few that are not are phsycopaths..

  43. Instead of turning homeowners into renters, turn them into landlords and employ them to manage properites – their own or the vacant one next door. Cheaper and better than the foreclosure mill vultures. Let them do their own drive by inspections and shop for their own insurance (keeping the cost down for any investors left standing with standing) and pay their own taxes. Or turn them into their own “short sale” brokers. Let them buy, sell and or pocket the “free house” or the pennies on the dollar house. We never needed the middle parties in the first place. They just buttoned up everything as “proprietory” and “confidential” and how did that turn out?

  44. chris, on March 15, 2012 at 10:10 am said:

    “As I have more money in the property than even the lender.”

    Exactly. Now why doesn’t everyone (especially judges) get this?

    And it isn’t only new owners. People who have owned and paid on time for decades are also in foreclosure now. Their debt payments, fees, points, title, escrow, insurance, taxes, home maintenance and improvements made many parties rich, kept people employed and made fixed income possible. Wipe out the debt payers and where does that leave all of the above? It isn’t just about buying and selling real estate and making a buck on commissions and quick cash sales at lower and lower prices to investors who then raise the rent, Can’t “fix” the economy by speeding up the free houses to non “lenders”. There is no demand. “Households” aren’t buying them. People are moving in together to survive.

    “Lender” is the key word. Identify “lender”. Who has skin in the game right now and standing to receive payments or take the house and home? Who stands to lose how much? What party stands to be harmed? Is that party the one who is declaring the default and proceeding with the foreclosure or not?

  45. I’ve got an alternative for you BOA…reduce the principle as you created the loss of equity. Then let me pay my arrears by adding them on the back end of the loan and I’ll send the payment to the rightful owner, so I can deal with them and clear up MY TITLE.

    As I have more money in the property than even the lender. Now, that would be a alternative that everyone likes !

  46. Definitley sets my ass on fire!

  47. And another thing:

    How does someone who does not own the property rent it to you?

  48. This article sets my arse on fire…anyone else?

  49. In other words…sign here on the dotted line so I can steal your home and then I will be your landlord. Because in reality I really don’t have legal right to foreclose so let me pull the wool over your eyes and then you will be indebted to Shank of Amerika as a renter!! Then when your home appreciates in value BOA will evict you, sell your home and make even more stolen cash!!!! So sick of the abuses by this sinister bank! They sit at their desk all day dreaming up ways to steal homes they don’t legally own and make up fraudulent paperwork to make homeowners and the judicial system believe that they do…SICKENING!!!! SICKENING! SICKENING!!!!!

  50. Everyone needs to go to and see all the reports and articles about the bank fraud and a case just posted today of MERS suing MERS and being denied they have the right to foreclose. Decided on March 12, 2012 Supreme Court, Queens County

  51. “People like it in theory,”

    Really? Which people are those? When the market values increase, eviction! WTF…

  52. “The bank or investor, though, becomes a landlord, complete with responsibilities for upkeep, maintenance, insurance and taxes”.

    And since many of those properties haven’t been adequately maintained for years, due to homeowner’s being squeezed out of his every last penny, I, as a tenant, would do a thorough walk through and nail the “new” owner-become-landlord for every possible thing that needs fixed or replaced: roof, plumbing, gas pipe, outdated electrical, anything I can think of… I might even be tempted to help jack up the repair bill.

    Ethical? Probably not. But let’s face it: they wanted the property by any possible means, legal or otherwise. They got it. They ain’t gona make a lot of money out of it if I can help it.

    Then again, I doubt that program will come to pass. If anything, all those ideas being tossed around in lieu of rightful prosecutions only serve to fuel the rage felt more and more by homeowners in this country.

    Sheeeesh! Spring will be damn hot!

  53. Renters my ass…I have a 30-40% down payment, 75k in upgrades (that belong to me), upkeep, taxes, insurance, etc…they have zero dollars invested in any property, except inflated legal fees, misc. fees and interest…maybe forced placed insurance 300x’ s the real cost and taxes. So, the alternative is rent from the thieves…that’s rich! For me, the place will have nothing in it except walls, barely!

  54. B of A defraudedHAMP?! I’m shocked, shocked to find there is gambling in this establishment!! But seriously, why is this published as if it is news? The new whistleblowers coming out of the closet to make way for multi billion dollar takes on multi billion dollar settlements, that’s news.

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