Posted on 08/25/2011 9:05:40 AM PDT by Chunga85
Wow, Jones Day just created a huge mess for its client and banks generally if anyone is alert enough to act on it.
The lawsuit in question is American Home Mortgage Servicing Inc. v Lender Processing Services. It hasn’t gotten all that much attention (unless you are on the LPS deathwatch beat) because to most, it looks like yet another beauty contest between Cinderella’s two ugly sisters.
AHMSI is a servicer (the successor to Option One, and it may also still have some Ameriquest servicing). AHMSI is mad at LPS because LPS was supposed to prepare certain types of documentation AHMSI used in foreclosures. AHMSI authorized the use of certain designated staffers signing with the authority of AHSI (what we call robosinging, since the people signing these documents didn’t have personal knowledge, which is required if any of the documents were affidavits). But it did not authorize the use of surrogate signers, which were (I kid you not) people hired to forge the signatures of robosigners.
The lawsuit rather matter of factly makes a stunning admission (note that PSA here means Professional Services Agreement, and it was the contract between AHSI and LPS, click to enlarge):
So AHMSI has just admitted that all of its foreclosures done with LPS were completed by the wrong party. In Alabama, wrongful foreclosures are subject to statutory damages of three times the value of the house, and recent cases have awarded much higher multiples of the property’s value. This little paragraph is a litigation goldmine for the right attorneys. I hope they have fun with it.
(Excerpt) Read more at nakedcapitalism.com ...
Rampant Fraud Unravelling Ping.
Better sue ‘em quick, soon they won’t have any assets.
So it looks like with the exception of Chase and WaMu almost every mortgage written in the last several years were never transfered to trust by the date required by law and now there’s no one who clearly has the right to foreclose. WOW no wonder Obama and his ‘Bankster’ buddies are trying to cover this up.
This is really getting to be incredible. Standard and Poors Sharma is replaced with a bankster COO, we've got Bondi firing investigators, and now Schneiderman gets kicked off the executive committee.
They're not even bothering to hide this anymore.
bumping for later... Nice catch!
Fraud,scams and other crimes are the only things left in a country that doesn’t produce anything.
wamu and chase are no exceptions.
What about Wachovia? And isn’t wells fargo in the same boat
Yeah. When we transitioned to a service-oriented economy, everybody thought it was a good thing - get slobs in other countries to produce the products we want to buy at a lower cost than we could produce.
Then, with the advent of the Internet, some "brainiac" figured out that we we could do the same with service-oriented industries [such as call centers] by out-sourcing them to that 1 billion + worker pool known as India ...
The result is no production, no service jobs, and high unemployment - except [of course] slingin' java at Starbucks ...
Your premise is not only delusional, it is faulty. When you rant about not producing you display ignorance.
America is not only producing but America is exporting.....do you homework.
We don’t make things others can make less expensively and better, but the total of what America produces is immense
You got that right bert! Why ‘Bammy’ alone produces more B*S* than all the cattle regions of Brazil and Argentina combined!
Better sue ‘em quick, soon they won’t have any assets.
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Working on it as we speak ... I’ve got the fraud trifecta WF/AHMSI/LPS and access to internal documents verifying false claims.
We don’t make things others can make less expensively and better,Wow! more expensive AND lower quality. You must belong to a union bert
but the total of what America produces is immenseHave you seen the unemployment numbers bert? Who's producing all this stuff bert?
So low quality, high prices and a lot of it is your idea of ideal American commerce...got it.
If anyone reads what I said about not producing anything and your explanation of what we produce, one has to come away with what I said is true...or, following your business model, soon will be.
You live in the failed state of California. The rest of the country is not that way. I see exports every day and while not at previous level the containers are still being loaded and shipped to the port.
My point stands, your rant is off base.
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