Assessor-Recorder Phil Ting Uncovers Widespread Mortgage Industry Irregularity

[ms.smiler]

I am hoping that homeowners will come to understand securitized mortgages and how securities fraud on Wall Street & MERS created a cloud on millions of property Titles regardless of foreclosure.

Homeowners please ask yourself - if it takes this level of fraud to simulate ownership of loans in order to foreclose, what level of fraud is necessary at this very moment to simulate ownership of your mortgage loan.

Register of Deeds, John L. O’Brien conducted an audit of his records which revealed that 75% of Assignments of Mortgage in his office are invalid.

http://stopforeclosurefraud.com/2011/06/29/southern-essex-registry-of-deeds-audit-reveals-that-75-of-assignments-of-mortgage-are-invalid-obrien-says-banks-responsible-for-an-epidemic-of-fraud-once-again-urges-attorney%e2%80%99s-general-to/

Millions of documents in our land records is established evidence of the largest financial crime in history - waiting to be used in court. Think of your Recorders office as a crime scene because it is.

This is why I filed a Quiet Title action. The trial is presently scheduled for May.

[earcandle]

1. Oh Yes! Please let the people keep their homes for free, because the banks already got paid by the

insurance policies they took out before they cut up the loans and swapped them in default credit swaps securities to hide the evidence.

Prosecute to the fullest! Those horrible domestic terrorists!

[msongs]

2. umm sorry but I think the Obama crowd has let all these people off the hook with a settlement nt

[elleng]

3. No, that didn't happen.

'the agreement importantly does not prevent both states and individuals from pursuing claims. AFL-CIO leader Richard Trumka said, " Law enforcers can still investigate and prosecute criminal activity against the banks, and pursue broader civil claims for illegal conduct that brought down our housing market."

Rebuild the Dream's Van Jones said, "Because this settlement limits legal immunity for banks, this deal does not automatically let the banks off the hook for all of their wrong-doing. Except for a few issues like robo-signing, state attorneys general can still fight for more compensation and relief for the banks' victims."'

http://peoplesworld.org/mortgage-agreement-a-small-step-forward/

[fasttense]

4. The system is NOT broken, The system is NOT antiquated

Banks are committing criminal acts, fraud and out right cons and NOT being prosecuted.

Banks are selling homes they don't have clear titles to. That means for all you know, they are selling you the Golden Gate bridge.

[ms.smiler]

5. Here is a link to a 21 page Aequitas report:

Foreclosure in California A Crisis of Compliance

http://www.aequitasaudit.com/images/aequitas_sf_report.pdf

This is an article about the report:

Foreclosure process is ‘utterly broken’

http://lansner.ocregister.com/2012/02/19/foreclosure-process-is-utterly-broken/158790/#more-158790

From the article:

99% of the sampled foreclosures contained at least one irregularity
84% appear to contain one or more clear violations of law
58% of the cases entered on the trustee’s deed of the beneficial owner of the loan conflicted with the owner of the loan according to the MERS database

That’s why you hear all this stuff about forged or back-dated documents and robo-signing. There are gaps in title that need to be filled. This is also why this is such a big mess to fix. You might have bought a loan but you never got a receipt and now the seller is dead and buried. It’s difficult to imagine how the industry can cost-effectively solve these problems ex post facto.

Yes, mortgage securitization creates gaps and breaks in the chain of Title. Of course securities fraud on Wall Street creates a need to “paper over” that fraud here on Main Street.

I purchased my mortgage loan in 2006 and within about 90 days, there should have been an investment Trust that had a valid lien upon my property. That never happened according to my land records. That indicates to me, that my loan was used to defraud MBS investors on Wall Street.

The original mortgage lien sat in my land records until 2009, when my mortgage servicer filed a fraudulent and “robo-signed” Assignment and stole the lien from the land records. After I filed my lawsuit, they actually filed a second such fraudulent document on my property in 2011. Simply, they slandered my Title now, not once but twice. (I have an Injunction to keep them from filing anything more on my property.)

The Title problems exist the entire time the securitized mortgage loan is timely paid. Those problems exist when homeowners refinance their securitized mortgages. They exist when homeowners sell their homes and receive a fraudulent MERS Satisfaction of Mortgage. They exist when parties attempt to fraudulently recreate the loan in order to foreclose and when home buyers and investors purchase a foreclosed property.

I realize that there may be some legitimate amount of money due on my mortgage loan, but that is dwarfed by the money damages owed to me for the fraud in my 30 year fixed rate mortgage and the damage done to my property Title.

I’ve lived in my home for 30 years and I have no intention to sell. I will though have a property with a marketable Title when I have completed my Quiet Title.

We don’t have a foreclosure crisis in this country; we have a mortgage/Title crisis.