Free Republic

More than a year before lenders, law firms and document companies began owning up to widespread paperwork problems with their foreclosure filings, Lisa Epstein and Michael Redman already knew that something was wrong — very wrong. Redman, a former online automobile consultant, got his first taste of the problem in early 2008, when he tried to help a relative who was facing foreclosure. As he tried to determine which of three or four supposed lenders held the note, Redman, 35, realized that not only did he not know the answer, neither did any of the companies that were asking for...

Attorneys General of all 50 states have initiated a joint investigation into foreclosure procedures.Attorneys general from all 50 states have put on a "bi-partisan multistate group" to investigate if faulty procedures were used to sign foreclosures which lead to evictions, as the foreclosure freezes extend with GMAC, one of the largest mortgage providers, deciding to review its procedures at a nationwide level. Bank Of America has already imposed a "freeze" on all of its foreclosures."Robo-signing," as the National Association of Attorneys General puts it, occurred when document signings by people in mortgage providing agencies contained procedural defects, such as signing...

It is the company created and owned by all of the big banks to process title to property in the U.S. Approximately 60% of the nation’s residential mortgages are recorded in the name of MERS. MERS is a shell corporation with no employees, but thousands of officers. As the treasurer and secretary of MERS admitted in a deposition: Q Does MERS have any salaried employees? A No. Q Does MERS have any employees? A Did they ever have any? I couldn’t hear you. Q Does MERS have any employees currently? A No. Q In the last five years has MERS...

Foreclosure Fraud: It's Worse Than You Think Posted By: Diana Olick | CNBC Real Estate Reporter CNBC.com | 12 Oct 2010 | 01:14 PM ET There has been plenty of pontificating over the ramifications of foreclosure freezes on troubled borrowers, foreclosure buyers and the larger housing market, not to mention lawsuits, investor losses and bank write downs. There has been precious little talk of what the real legal issues are behind the robosigning scandal. Yes, you can't/shouldn't sign documents you never read, but that's just the tip of the iceberg. The real issue is ownership of these loans and who...