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Servicers and banks were caught falsifying loan documents and transfers of debts, notes, mortgages and foreclosures. Settlements, penalties, fines and consent orders were entered against the perpetrators who had institutionalized practices that clearly violated laws, rules and regulations. For reasons yet to be explained none of those settlements, and little if any money from payment of fines worked to the benefit of the borrowers who were stuck with loan products in which the required disclosure (TILA and Reg Z) was absent. In fact, under the Assignment and Assumption Agreement present in most securitization schemes (but which is still largely ignored) the perpetrators enter into contracts that call for illegal, unfair and improper behavior.
The first major crack in the case for foreclosure came as a few people, including myself, starting in 2007 began to see a pattern. When we asked for documentation of the original loan or documentation of transfers, we would get it if the alleged loan was in litigation. When we asked for the same documentation on alleged loans where the unsuspecting borrower was paying the wrong party under terms that were unenforceable we received nothing.
The conclusion was obvious and unanimous. We all determined that the documents did not exist until foreclosure litigation commenced. The documents, we concluded, were being fabricated using advanced technology that made the documents appear facially valid. By appearing facially valid the banks and servicers claimed that certain legal presumptions applied and pushed through more than 6 million foreclosures displacing more than 15 million people from the home, their lives and their prospects.
Eventually somebody other than myself gave it the name “robo-signing” but it involved much more than merely having a person without any knowledge at all paid a virtual minimum wage, signing documents that were fabricated out of thin air. Thus, according to the San Francisco study, at least 65% of all foreclosures were conducted by parties who were “strangers to the transaction.” Other studies and testimony by the Clerk of recording Offices have concluded that property titles have been twisted beyond repair. Foreclosures only add to the title problems that were created the moment the loan documents were delivered and recorded.
Robo-signing is still present. First by legacy there are hundreds of thousands of cases going through the foreclosure process that the banks and servicers sat on in which the robo-signing documents, essentially forgeries, are the “basis” of their actions. Second robo-signing is still going on, sometimes with a live person and sometimes using advanced technology equipment producing “original” notes that borrowers mistakenly identify as the note they signed at closing.
Now we have a development that is being called “robo-witnessing” (see link below). And you have something called the “boarding process” in which self serving statements are made by an enforcer who was slipped in between the actual claimed servicer and the time of trial. These witnesses know absolutely nothing. Thus they cannot make embarrassing admissions. Their sole scope of employment is to testify and their sole training is about testifying. SPS for example trains people by teaching them how to testify at trial and how to testify at deposition. In most cases they have no experience with the business operations of the “new servicer”, which has never processed a single payment from the borrower or to the creditor.
While most judges have been allowing this bogus testimony from witnesses who know nothing about the loan, nothing about the transfers of the debt, nothing about the alleged default, nothing about the balance due, nothing about servicer advances etc., the trend is that judges are pushing back against this attempted proffer of evidence. As one Judge said, “there is no reason why you have not called a witness from Chase who was the alleged servicer for the loan. Instead you chose to call a witness from SPS who purports to be a servicer but who never performed any task in relation to processing this loan and therefore neither the witness nor the company itself was competent to testify about facts that occurred long before they were appointed for the sole purpose of enforcement with no other discernible reason for their presence. The “boarding process” is merely a self serving review that probably incorporates prior robo-signing and other mistakes and violations of law.”
Practice note: I strongly suggest that you investigate the witness before trial using private investigators, Google and whatever other means you have at your disposal. These cases are coming around to be fact driven, requiring private investigators more than law-driven where the argument is over the application of law. In fact disputes, borrowers are coming out on top in litigation. Where the argument is over the application of law, the banks and servicers seem to still be the clear winner.
Filed under: foreclosure |
Here’s the problem
Elizabeth Warren should go down in history.
http://m.huffpost.com/us/entry/6188324?ncid=fcbklnkushpmg00000013
The American Dollar is under assault. The attack is being directed from within the citadel of the private bankers that control our currency system.
That citadel is the intentionally mislabeled, “Federal Reserve”. The central bank, or, “Federal Reserve” is neither “Federal” (because it is PRIVATELY-OWNED); nor does it possess any “Reserves” (because our money system is based on our ability to use the printing press at the Treasury to create paper money out of thin air).
The private bankers also own and operate the DTCC and DTC. These agencies are meant to regulate and monitor the “derivatives” market; two things they are presently refusing to do.
The 680 Trillion Dollar gorilla in the room is sitting upon his international perch atop what are called “Notional Derivatives”. The “Notion” these derivatives (credit default swaps, collateralized debt obligations and synthetic collateralized debt obligations) have value is “derived” from the necessity people must lose their homes in foreclosure.
In other words, the bankers and their lawyers abused their position and created mountains of worthless loan documents and then used investor money to pay the loans. Then, they allowed borrowers to continue paying mortgages on loans the investors had already paid in full. As the money came in, games were played regarding promises to modify the bad paper the bankers and their lawyers had created.
Those games were intended to violate the 90 day rule; hence, “dual-tracking” and such so that the bankers and their lawyers could then collect on the “Notion” the borrower had defaulted.
There was never any intention on the bankers’ part to modify anything, and, besides, it is now proving they will not disclose who it is that actually sits, at bottom, as the person that actually did advance the funds used to own the borrowers’ debts.
For, to do so, armies of gray men will meet their fate as guests of prison systems the-world-over.
Some believe the banks are understaffed and, due to volume, unequal to the challenge. Or, some believe, the bankers and lawyers that do their bidding may have lost the necessary contracts to the debt (the Note”, or what I like to call it, the “Pink Slip”).
Instead, they created “dematerialization’ and “re-hypothecation”: destroying the paper and then reproducing it through forgeries.
This is the game. Scoff at the law and count on the ignorance of the judges and then play upon the governments’ fear failure to foreclose homes will devalue the Dollar as “Sovereign Currency”.
I say repudiate the bankers and their lawyer filth; reclaim the proceeds from the “Notion” defrauded borrowers and investors must pay for this behavior and instead jail these gray men.
Then, allow foreclosures on the borrowers’ terms and apportion the pay-offs on the “Notional Derivatives” amongst borrower and investor alike; thereby preserving the rule of law.
The added and perhaps supreme reason to do so is to allow the American Dollar to survive as “Sovereign Currency” while returning the stewardship of the Dollar and the central bank back to where they rightfully belong into the hands of “We The People”.
Deb, as far as I know if you have fraud, you have nothing. The SOLs will not run, because they do not apply because everything is void.
So if these robosigner documents are of no legal force then there is perhaps No tolling of SOL. iMHO.
http://moneymorningtv.com/rickards/ocho.php?pub_id=454975&s1=gdnnewmmp6
Sounds like Nazi Germany. The same tactics. Just now instead of putting us in Concentration Camps they put us IN the streets Homeless. Much cheaper.
NEVER AGAIN
http://www.nationalmortgagenews.com/news/compliance/wells-fargo-us-no-longer-optimistic-on-mortgage-pact-1043169-1.html?utm_campaign=daily%20briefing-nov%2019%202014&utm_medium=email&utm_source=newsletter&ET=nationalmortgage%3Ae3365591%3A518440a%3A&st=email
There are two notes on my property: one is a copy with a blue ink signature and one is a forged with an auto pen. Both have been put forth in court and constitute fraud on the court.
Judges need to be transparent as to their relationship or non relationship with the Banksters. Stop A non transparent Judge is an a lleged Bully Judge.
NEVER AGAIN