Apparently... The U.S. Comptroller of the Currency Is Lying To Us...

[WillyT]

I know, I know... file this under "Breaking: Water is Wet!"

Analysis: Doubts raised on OCC foreclosure estimate
By Scot J. Paltrow
WASHINGTON | Fri Mar 25, 2011 4:38pm EDT

<snip>

(Reuters) - A Reuters analysis raises doubts about a widely cited statement by U.S. Comptroller of the Currency John Walsh that only a "small number" of wrongful foreclosure sales have occurred despite widespread misdeeds by banks that are the leading mortgage loan servicers.

In a February appearance before the Senate Banking Committee, Walsh testified that formal examinations of 14 banks contradicted fears that many thousands of homeowners had been evicted erroneously because of mistakes and wrongdoing by the banks.

"Our work identified a small number of foreclosure sales that should not have proceeded," he said.

Yet...

Records examined by Reuters and interviews with legal aid lawyers indicate that many thousands of fraudulent mortgage assignments were used as evidence to justify foreclosures. These assignments, meant to prove transfer of ownership of a mortgage, were signed by individuals who had no relation to the banks that had issued the mortgages, and they were dated years after the legal deadlines for making such assignments.

Joe Klein, an attorney with Legal Aid of Collier County, Florida, who specializes in representing indigent homeowners in foreclosures, said that almost without exception the foreclosure cases filed against his clients contained false documents. "They're always frauds and forgeries," he contends.

Gardner said that in all of the cases he has handled, "I've never seen a complete chain of transfers and of the (mortgage promissory) note" to the trusts that had filed to foreclose.

<snip>

Link: http://www.reuters.com/article/2011/03/25/us-usa-foreclosures-occ-idUSTRE72N5H020110325

:shrug:

[Angry Dragon]

1. Anyone surprized??

[aquart]

2. Not the least, tiniest bit.

But we are not allowed to hang the bastard for lying to us.

[midnight]

3. When is our Consumer Advocate going to step in? Why is Elisabeth Warren

being relegated to an office that comes in sometime in the future? This comptroller, John Walsh, T.V. personality of the hit show "Most Wanted" is now running this agency?

[EFerrari]

4. The Treasury Dept would like to us?

:shrug:

They defined wrongful foreclosure as one where the borrowers were not behind in their payments or something close to that. It was a farce.

[xchrom]

5. more evidence of the corruption in our government.

seriously -- people should be furious.