Bank Fraud News: The reason why banks and servicers should receive no presumption of reliability

The following is but a short sampling supporting the argument that any document coming from the banks and servicers is suspect and unworthy of any legal presumption of authenticity or validity. Judges are looking into self-serving fabricated documentation and coming to the wrong conclusion about the facts.

Chase following bank playbook: screw the customer

“Chase provided no prior notice to its cardholders that their crypto ‘purchases’ would be treated as ‘cash advances’ on a going forward basis,” according to the suit.

Tucker claims he was hit with about $140 in fees and a “sky-high” interest rate of 26 percent without warning after Chase reclassified his purchases as cash advances, a violation of the Truth in Lending act.

Fannie Mae and Freddie Mac Stealth: Hiding the elephant in the living room

Its never been a secret that Freddie Mac’s business policy is to remain stealth in any chain of title if possible, and to rely on the servicers to keep its presence a secret in foreclosure proceedings. In fact, this PNC case which was overturned against PNC, involved the Defendant’s assertion that PNC was concealing Freddie Mac’s interest in the loan. Freddie Mac’s business policy appears to rely upon nothing more than handshakes with the originators and servicers. Here is some verbiage from a “Freddie Mac – Mortgage Participation Certificates” disclosure (See: Freddie Mac – Mortgage Participation Certificates):

Deutsch files lawsuit against private mailbox troller following the Deutsch playbook of foreclosure

“Defendants, and each of them initiated a malicious campaign to disrupt the chain of title to prevent Plaintiff from enforcing its contractual rights in the 2006 DOT by way of recording fraudulent documents to purportedly assign the rights under the 2006 DOT without the consent of Plaintiff, and otherwise thereafter fraudulently transfer all rights via a trustee deed upon sale, even though no trustee sale was ever conducted. All subsequently recorded or unrecorded transactions are therefore null, void, and of no effect.”

EDITOR COMMENT: So Deutsch is admitting that its practice of recording fraudulent documents are “null, void and of not effect.” In order to get to that point Deutsch is going to be required to prove standing — i.e., definitive proof that it paid for the debt, which it did not. Deutsch is on dangerous ground here and might deliver a bonus for homeowners. As for the defense, is it really a crime to steal a fraudulent deed of trust supported by fraudulent assignments and endorsements?

Barclays Bank settles for $2,000,000,000 for fraud on investors

Barclays’ offering documents “systematically and intentionally misrepresented key characteristics of the loans,” and more than half of the loans defaulted, federal officials said.

Additionally, the Department of Justice reached similar settlements with two Barclays’ employees involved with subprime residential mortgage-backed securities. They will pay $2 million collectively.

The agreements mark the latest in a string of U.S. settlements with major banks over sales of tainted mortgage securities from 2005 to 2007 that helped set the stage for the real estate crash that contributed to the financial crisis.

Deutsch Pays $7.2 Billion for Fraudulent securitizations

Confirming settlement details the bank disclosed in late December, federal investigators said Deutsche Bank will pay a $3.1 billion civil penalty and provide $4.1 billion in consumer relief to homeowners, borrowers, and communities that were harmed.

The federal penalty is the highest ever for a single entity involved in selling residential mortgage-backed securities that proved to be far more risky than Deutsche Bank led investors to believe. Nonetheless, the agreement represents relief of sorts for the bank and its shareholders, because federal investigators initially sought penalties twice as costly.

Credit Suisse‘s announcement said it would pay the Department of Justice a $2.48 billion civil monetary penalty. The bank will also provide $2.8 billion in consumer relief over five years as part of the deal, which is subject to negotiations over final documentation and approval by Credit Suisse’s board of directors. [Credit Suisse owns SPS Portfolio Servicing.]

Ocwen Settles with 10 States for Illegal Servicing

“The consent order provides that Ocwen will transition its servicing portfolio off of its current servicing platform to a platform better able to manage escrow accounts and establish a new complaint resolution process,” the Georgia Department of Banking and Finance said in a press release. “Ocwen shall hire a third-party firm to audit a statistically significant number of escrow accounts in high-risk areas of the portfolio to determine whether problems continue to exist around the management of escrow accounts and to identify the root cause of those problems.

“Ocwen has faced many legal and regulatory challenges in recent years. In December 2013 it reached a settlement over foreclosure and modification processes with the CFPB and state regulators. A year later, it made a separate agreement with New York regulators that removed company founder William Erbey as CEO.

Wells Fargo Whistleblower is Fired Among Others Who refused to Lie to Customers

In 2014, according to Mr. Tran, his boss ordered him to lie to customers who were facing foreclosure. When Mr. Tran refused, he said, he was fired. He worried that he wouldn’t be able to make his monthly mortgage payments and that he was about to become homeless.

Joining a cadre of former employees claiming they were mistreated for speaking out about problems at the bank, Mr. Tran sued. He argued in court filings that he had been fired in retaliation for blowing the whistle on misconduct at the giant San Francisco-based bank. Mr. Tran said he didn’t want his job back — he wanted Wells Fargo to admit that it had been wrong to fire him and wrong to mislead customers who were facing foreclosure.




13 Responses

  1. TY, Cement…good you got it. Everyone involved with New Century needs to know.

  2. This may work. I have them in my sent folder. If this doesn’t work get me an email and I’ll send them along…I am a little inadequate with PDF files and how to copy them, DAH

    Delaware Bankruptcy Court, Judge Carey 2008



  3. i would love to read the Court ordered cancellation of the executory contracts with MERS for New Century 2008, retroactive to late 2006.
    do you have a link?

  4. Question for anyone here: I am being told, which I do not believe, that a order of foreclosure sale can be amended, changing the trustee, after the hearing and order is signed, setting the date of sale. Example: CSMC NC1-OSI 2007 REMIC, with US Bank as trustee, assigned by MERS (after a Federal Court order from Delaware Bankruptcy Court ordered a cancellation of the executory contracts with MERS for New Century 2008, retroactive to late 2006). Yesterday, I received a notice of the amended foreclosure sale, with Fidelity National Title as the new trustee, removing US Bank, with an auction date May 08, 2018. Handiwork is Ocwen…the narrative must fit the original paperwork.

  5. Atlas Consumer Law Secures $3,582,000 jury verdict obtained by Monette Saccameno, a resident of Cook County Illinois, and against Ocwen Loan Servicing LLC, a national mortgage loan servicer and US BANK as Trustee…

    News provided by Atlas Consumer Law
    Apr 11, 2018, 17:37 ET

  6. What is the hope then to look for?! To hire lawyer Mark Gallagher took $4k he did not even have name in my foreclosure good lawyer will cost more than the profit of the house! Wells Fargo threw my mortgage to servicer BSI couldn’t communicate w them it’s premedid modification foreclosure they put us on street! Nobody giving a damn

  7. Racott: you are correct. Their only mission is to steal your home. Both parties know the paperwork is bad, the transfer never occurred, or occurred more than once. When servicers like Wells seek only foreclosure it’s the swaps and payoffs they’re after. And the free house, of course.

  8. Reblogged this on Deadly Clear.

  9. I have Deutsche in my chain at that time. Should I contact them?

    Ariel – Ariels Advanced Skin Care


  10. Wells Fargo and Freddie Mac are playing good cop bad cop. Wells Fargo is he serviced who churns fees and charges high interest and lies about borrower income and claims they are dining it under their “investor guidelines” Freddie Mac is the investor and conceals any involvement in predatory lending. This is what is happening in my wrongful foreclosure going on since 2009 when I applied for HAMP and the web of lies came to light.

    You can’t accwpt anything a bank says as the truth. A smoke and mirrors game has replaced fair business practices.

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