The continued saga of misbehavior by banks and their related brethren in the mortgage business is discussed in this post. The tale outlined in this post will amplify the information that previously was provided in the "Quotation for Today"; a sordid story of alleged mortgage foreclosure fraud and the ensuing lawsuit against the alleged perpetrators.
As discussed in "Quotation for Today: Banking On Fraud" the attorney general for New York state has brought a lawsuit against Mortgage Electronic Registry System (MERS) and three too-big-to-fail banks; Bank of America, Wells Fargo and JP Morgan. The lawsuit alleges the accused banks utilized MERS to submit false and misleading court documents to support their foreclosure actions.
Continuing the narrative about misbehaving banks and their mortgage and financial brethren we find out that this egregious behavior of using fraudulent foreclosure documents has been taking place for quite a while. By way of Ms. Gretchen Morgenson of The New York Times and a Mr. Nye Lavalle (a private citizen), the hideous robo-signing of mortgage foreclosure documents has a reasonably lengthy history; much of the fraudulent activity appears to have occurred in the courts of Florida.
The document, OCJ Case No. 5595 (referenced in Ms. Morgenson's article), expounds on Mr. Lavalle's claims against Fannie Mae and describes the legal actions surrounding the fraudulent foreclosure documents filed in the Florida courts. Via the executive summary for OCJ 5595, Mark A. Cymrot and Ambika Biggs (authors of OCJ 5595) report the following critical findings:
To read more of this sordid tale of misbehavior by the banks and their mortgage and financial brethren, please follow the link provided in the citation for Ms. Morgenson's article.
Morgenson, Gretchen. "A Mortgage Tornado Warning, Unheeded." The New York Times 4 February, 2012: online edition.
Related information:
"Quotation for Today: Banking On Fraud." Exempli Gratia 5 February, 2012.
Cymrot, Mark A. and Ambika Biggs. Report To Fannie Mae Regarding Shareholder Complaints By Mr. Nye Lavalle (OCJ Case No. 5595). Baker & Hostetler LLP, 19 May, 2006. Note: "OCJ" refers to Fannie Mae's "Office of Corporate Justice."
As discussed in "Quotation for Today: Banking On Fraud" the attorney general for New York state has brought a lawsuit against Mortgage Electronic Registry System (MERS) and three too-big-to-fail banks; Bank of America, Wells Fargo and JP Morgan. The lawsuit alleges the accused banks utilized MERS to submit false and misleading court documents to support their foreclosure actions.
Continuing the narrative about misbehaving banks and their mortgage and financial brethren we find out that this egregious behavior of using fraudulent foreclosure documents has been taking place for quite a while. By way of Ms. Gretchen Morgenson of The New York Times and a Mr. Nye Lavalle (a private citizen), the hideous robo-signing of mortgage foreclosure documents has a reasonably lengthy history; much of the fraudulent activity appears to have occurred in the courts of Florida.
The document, OCJ Case No. 5595 (referenced in Ms. Morgenson's article), expounds on Mr. Lavalle's claims against Fannie Mae and describes the legal actions surrounding the fraudulent foreclosure documents filed in the Florida courts. Via the executive summary for OCJ 5595, Mark A. Cymrot and Ambika Biggs (authors of OCJ 5595) report the following critical findings:
We have found evidence that false statements by foreclosure attorneys are being routinely made in at least two counties in Florida and appear to be occurring elsewhere.and
MERS's counsel conceded false allegations are routinely made, and the practice should be "modified." He acknowledged that foreclosure counsel used the Florida Supreme Court's form pleading for foreclosures without critically analyzing the facts. The form contains an allegation that the plaintiff is the "owner and holder" of the promissory note. MERS is neither.
To read more of this sordid tale of misbehavior by the banks and their mortgage and financial brethren, please follow the link provided in the citation for Ms. Morgenson's article.
Morgenson, Gretchen. "A Mortgage Tornado Warning, Unheeded." The New York Times 4 February, 2012: online edition.
Related information:
"Quotation for Today: Banking On Fraud." Exempli Gratia 5 February, 2012.
Cymrot, Mark A. and Ambika Biggs. Report To Fannie Mae Regarding Shareholder Complaints By Mr. Nye Lavalle (OCJ Case No. 5595). Baker & Hostetler LLP, 19 May, 2006. Note: "OCJ" refers to Fannie Mae's "Office of Corporate Justice."
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