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National Information Services, fraud digest, indymac, Law Offices Of David J. Stern P.A., Lender Processing Services Inc., LPS, Lynn Szymoniak ESQ, MERS, Mortgage Foreclosure Fraud, note, onewest, roger stotts, scam MORTGAGE ASSIGNMENTS AS EVIDENCE OF FRAUD, by Lynn Szymoniak, ESQ. Posted on07 March 2010. Tags: assignment of mortgage, christina allen, FIS, foreclosure, foreclosure fraud, foreclosure mill, foreclosure mills, indymac, INDYMAC Bank Onewest Deutsche Neil Garfield April Charney Hamlet Paul Muckle Geithner Obama Mortgage Fraud Concealment Fraudulant transfer Assignment of Erica Johnson-SECK Law Offices Of David J. Ster, laura hescott, lender processing inc., LPS, MERS, MORTGAGE ELECTRONIC REGISTRATION SYSTEMS INC., mortgage note, note, onewest, ponzi scheme, roger stotts, short sale fraud
MORTGAGE ASSIGNMENTS AS EVIDENCE OF FRAUD
Lynn Szymoniak, Esq. Editor, Fraud Digest, February 9, 2010 (email@example.com)
In the past ten years, hundreds of thousands of residential mortgages were bundled together (often in groups of about 5,000 mortgages), and investors were offered the opportunity to buy shares of each bundle. This process is called securitization. Each such bundle of residential mortgages was given a name, such as “Soundview Home Loan Trust 2006 OPT-2.” The name indicates information about the particular trust such as the year it was created (2006) and its contents (with OPT indicating that the loans in that particular trust were originally made by Option One Mortgage). Each such bundle/trust has a Cut Off Date identified in the trust documents (specifically, in the Pooling and Servicing Agreement). The Cut Off Date is the date on which all mortgage loans in the trust must be identified. In short, a final list of all of the mortgages in the bundle is set out. Each trust also has a Closing Date which is the date that the individual mortgages are transferred to the Trust Custodian, who must certify that for each mortgage, the custodian has a mortgage note endorsed in blank and proof that the ownership of the note has been transferred. This proof is most often an Assignment of Mortgage.
most of these Assignments did not set forth the actual date that the Assignment took place. The first was prepared in the name of Mortgage Electronic Registration Systems as “nominee” for the particular bank or mortgage company. This issue arose because Trustees and their lawyers discovered in the foreclosure process that the Assignments could not actually be located. One of the most significant issues was whether Mortgage Assignments could be back-dated or have retroactive effective dates. Trustees discovered that the laws regarding Mortgage Assignments varied significantly from state to state. over 80% of the filed Mortgage Assignments in the last three years were prepared and filed by the same five or six law firms and default processing companies. two such Assignments were prepared and filed. or that certain states did not allow blank Assignments. When MERS authority to file foreclosures and Assignments was challenged in most jurisdictions. The Assignments were signed and notarized as if the transfer took place many years after the actual transfer date. In many states. new Assignments were made and recorded.Most trusts included the following or equivalent language regarding the Assignments: “Assignments of the Mortgage Loans to the Trustee (or its nominee) will not be recorded in any jurisdiction. but will be delivered to the Trustee in recordable form. so that they can be recorded in the event recordation is necessary in connection with the servicing of a Mortgage Loan.” Title insurance companies issued policies guaranteeing that the trust had clear title to the mortgages. Many issues regarding such Assignments were simply unresolved. Because the question of retroactive Assignments had not been 2 resolved. To solve the problem of the missing Assignments. In jurisdictions with a high rate of mortgage defaults. The Assignments were prepared by specially selected law firms and companies that specialized in providing “mortgage default services” to banks and mortgage companies. a non-MERS Assignment was prepared as well. When widespread defaults occurred. An examination of the Assignments filed showing the grantee as the . with varying results. the Assignment was prepared to conceal the actual date that the property was acquired by the Trust. In all of these cases.
the default of defendants Valentin and Ruiz began with the nonpayment of principal and interest due on January 1. in HSBC Bank v.Trust – such as “Soundview Home Loan Trust 2006 – OPT 2” – shows that most of these Assignments were prepared and filed in 2008 and 2009. Harris. according to plaintiff’s application. Judge ARTHUR M. No Trustee has ever come forth and explained that the Trust actually acquired the loan years before the Assignment. Valentin. Schack of Kings County. making it appear that the Trust somehow magically knew prior to the assignment that it would acquire the defaulting property several months after the foreclosure action was initiated. In many cases. it is actually an Assignment specially. courts have asked Trustees to explain why they were acquiring nonperforming loans and whether such acquisition was a violation of the trustee’s fiduciary duty to the Trust. SCHACK Kings. and in many cases. four months later. These Specially-Made Assignments have created havoc in the courts. the Court requires an explanation from an officer of plaintiff DEUTSCHE BANK as to why. If a Mortgage Assignment is dated. V. The Court wonders why HSBC would purchase a nonperforming loan. Yet. four months in arrears? And in Deautsche Bank National Trust Co. Repeatedly. there are many decisions with observations similar to this observation made by Judge Arthur M. New York. fraudulently. As a result. the mortgages and notes were actually assigned – albeit defectively – prior to the closing date of the Trust. notarized and filed in a year after the year set forth in the name of the grantee trust on the Assignment. the Specially-made Assignments are dated After the foreclosure action has been initiated. made to facilitate foreclosures. Index No. in reality. New York. in the middle of our national sub-prime . any Trust that includes the year in 2006 in its title most likely closed in 2006. when. 3d 1124 [A]: Further. plaintiff HSBC was willing to take an assignment of the instant nonperforming loan. 39192/2007 (05 FEB 2008): Further. 21Misc. 2007. While the exact closing date can only be determined by looking at the trust documents.
Eventually.S. Massachusetts Land Court Misc. but the uncertainty itself. because the transfers occurred months and years prior to the bankruptcy filing. When these big mortgage companies filed for bankruptcy. consolidated with two other cases. 2009. In cases where the Trust failed to get a valid Assignment. Most likely in fear that a Bankruptcy Judge would not rubber stamp such a request. a mortgage is a conveyance of land. Many authors expect the Massachusetts Supreme Court to reverse the Ibanez decision. the problem is complicated by the bankruptcy of the major loan originators. Bank National Association v. stating: The blank mortgage assignments they possessed transferred nothing…in Massachusetts.mortgage financial crisis. 2009. when the Assignments were required for foreclosures. Years later. and Countrywide Home Loans. a bankruptcy court’s permission was needed to Assign billions of dollars in mortgages. Trusts continue to rely on Assignments specially made by their own law firms and mortgage default service companies. these . caused lenders to flood recording offices with new Assignments. including American Home Mortgage. 384283. U. as in the case of the MERS challenges. Nothing is conveyed unless and until it is various agreements between the securitization entities stating that each had a right to an an assignment and they are certainly not in recordable form. no such permission has ever been sought. Land Court Judge Keith Long reaffirmed a March. DEUTSCHE BANK would purchase a nonperforming loan from INDYMAC… In Massachusetts in October. they did not disclose the mortgages already sold to the trusts as assets. Option One Mortgage. ruling that a lender cannot begin foreclosure proceedings before the lender has filed and recorded the Assignment. Case No. In lieu of valid Assignments. Ibanez.
MERS. Deutsche BANK et al~~ Lets connect this Pyramid: Erica Johnson-Seck. you don’t find. Abandoned foreclosures a mounting crisis in Manatee County (with video)…SO KEEP US IN THESE HOMES!!! THIS ARTICLE WAS PLANNED!! Another “BOGUS” scenario of todays reality.. MERS KISS: Keep It Simple Stupid… "SCAM" If self nominating officers signing on behalf of MERS. ESQ.com/watch?v=9UbE6ryohJY&hl=en_US&fs=1&]. 4. For thousands of homeowners. et. All rights reserved.] .youtube.. Source: ASSIGNMENTS AS EVIDENCE © 2010-12 FORECLOSURE FRAUD | by DinSFLA. This post was written by: dinsfla . « Dinsfla Mortgage Foreclosure F…. UNDER INVESTIGATION 3. Dennis Kirkpatrick. SOON TO BE FAMOUS ROGER STOTTS & DENNIS KIRKPATRICK VP's. Short Sale Supervisor Talks to a Real Estate Agent – Recorded Conversation WHO Would have thunk? This is why some are in.. Wherever you look.. 2. [..com 1... Roger Stotts... and the foreclosing trusts required to prove that they own the Mortgage and Note in the foreclosure action without reliance on Assignments that misrepresent the date of the actual transfer to the Trust the authority of the signers of the bankrupt original lenders. CONTROL FRAUD | ‘If you don’t look... FOR POSSIBLE FRAUD [youtube=http://www. this realization has come too late. ATTORNEY in FACT. BOGUS ASSIGNMENTS 2…I'm LOVING this!! LPS DOCx ADMISSIONS SEC 10K ROOFTOP SHOUT OUT! LENDER PROCESSING SERVICES INC. ONEWEST..fraudulent Assignments are being discovered by Courts. by Lynn Szymoniak. MORTGAGE ASSIGNMENTS AS EVIDENCE OF FRAUD | Virginia Title Insurance Continuing Education says: 03/09/2010 at 2:11 pm [.. INDYMAC..StopForeclosureFraud. you will find’ William Black 1.. www..who has written 3650 posts on FORECLOSURE FRAUD | by DinSFLA. 5.] via MORTGAGE ASSIGNMENTS AS EVIDENCE OF FRAUD.
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