I recently worked in the title insurance industry, litigating a lot of mortgage foreclosures and I can state from personal knowledge of the actual issues and facts in these cases that there has been no forgery, fraud on the court or destruction of the land title system.
The issue is primarily that the mortgage companies who were trying to foreclose massive numbers of mortgages tried to use some paperwork shortcuts, such as robo-signing, document signing by people who did not actually perform due dilligence regarding the underlying note and mortgage obligations and shortcuts in regard to how the actual original loan documents are warehoused or otherwise handled in a complex mortgage market where the underlying monetary obligation is sold multiple times.
I’m not a defender of banks and they certainly have used their massive economic weight and lobbying influence to get sweet bailout deals, but the charge you make is inaccurate. They are guilty of sloppiness and cutting corners, but not forgery, fraud or harm to the land title recording system.
They are guilty of sloppiness and cutting corners, but not forgery, fraud or harm to the land title recording system.
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What is MERS if not a neutron bomb aimed at every county clerks office?
Why are foreclosures going forward in the name of Countrywide? America’s Wholesale Lender? Option One Mortgage? Why did DocX exist? they were a wholesale forgery mill operated by LPS ... Why are assignments being created 3,4,5 years after the fact, in the name of defunct entities , signed by secretaries at the foreclosure mills as bank officers? swearing firsthand knowledge?
Why are banks/trustees/servicers continuing to collect payments on mortgages that don’t exist as they were sold/liquidated when certificates were created ?? Or long after AIG paid off on entire trusts ... or paid by TARP ...
What about “mortgages” where the funder isn’t on the note ,, only an entity pretending to be the funder who is nothing but a straw man collecting a comission... on top of the comission collected by the storefront “lender” .
I can understand you not wanting to acknowledge the fraud as your title business (in this environment) depends on you pulling a “Seargant Shultz” routine but the facts are there to be seen in every file I pull ... The Florida Bar reports that only 16% of mortgage related/title docs are correct and valid.