Homeowners Alert! You Are Corresponding With Machines, Not People.

Neil Garfield

Most people do not spend their time keeping up with advances in technology. When it comes to their front door they know it has arrived.

For about 12 years I have been telling people that there is a “high probability” that no human is making any decision and no human is doing anything with respect to their alleged loan account. The only exceptions are (1) a lawyer appearing in court and (2) a robowitness appearing at trial knowing only the content of a prepared script.

When homeowners write to the company that has been named “servicer” of a receivable account due from the homeowner they normally think that someone reads what they wrote. And the response, if any, appears to have been written by somebody.

Recent advances in Artificial Intelligence, particularly with language have now stepped over the line from “highly probable” to complete certainty. Nothing you write to them is read by a human being and nothing written back to you is written by any human being or even approved by the human being. The advantage, when you are running the largest economic scam in human history, is that no person can be accused of doing anything because, in fact, they didn’t.

People ask me questions like “Why are they doing this?” Embedded in the question is a belief that some human intelligence is calling the shots. No, it is all machine-driven. No investigation or assessment is ever made with respect to forbearance, modification, workouts, or anything else. The declaration of default you receive is not a decision made by any human representing any company.

And when you get statements or other pieces of correspondence, and the body of the message is under a letterhead like, for example, Ocwen, that is not the entity who sent it and it is not the entity on whose behalf the message was sent.

To get more information I strongly recommend you read a recent article in the New York Times. Here is the link: https://www.nytimes.com/2022/04/15/magazine/ai-language.html?referringSource=articleShare

Foreclosure Daily News Update ⋅ May 5, 2022

NEWS

Colorado legislature passes HOA foreclosure reform bill – Rocky Mountain PBS

Rocky Mountain PBS

House Bill 22-1137 limits HOAs from seeking foreclosure against homeowners who accumulate fines for violating community rules known as covenants.

Detailed Legislative Reports – Topical Index : 2009-10 – Access Washington – Bill Info Detailed Legislative Reports

Full Coverage

 

 

 

Weatherhead’s Michael Goldberg discussed the effect the pandemic had on foreclosures in Ohio

The Daily | Case Western Reserve University

Cleveland leads the nation in new foreclosure filings, … explained how the COVID-19 pandemic impacted a rising number of foreclosures in Ohio.

 

 

 

NY Senate Passes Foreclosure Abuse Prevention Bill – National Mortgage Professional

National Mortgage Professional

As expected, the New York State Senate on Tuesday easily passed a controversial bill aimed at foreclosure reform. The vote was 52 to 10 in favor …

 

 

 

NY bill would close foreclosure loophole | National Mortgage News

National Mortgage News

The Foreclosure Abuse Prevention Act has gone to Gov. Kathy Hochul for signature into law or a veto. No decision on the bill’s fate has been made.

Avoid Foreclosure Rescue Scams(Video) | PALawHELP.org – Your Online Guide to Legal … – PALawHELP.org

NH bucking U.S. trend of rising home foreclosures – NH Business Review – NH Business Review

Full Coverage

 

 

 

Bank asks court to set another foreclosure sale date for Spicer Mansion – TheDay.com

TheDay.com

Chelsea Groton Bank has asked Superior Court to schedule another foreclosure sale of Spicer Mansion, the boutique hotel in Mystic that drew a …

Difference Between Roku TV And Smart TV. – BWI Legal Services – BWI Legal Services

Full Coverage

 

 

 

BBB warns of home foreclosure scam – Yahoo News

Yahoo News

May 4—The Better Business Bureau in Springfield is warning Lawrence County residents of a scam related to the alleged foreclosure of their house.

 

 

 

Bill to stop foreclosures heads to Hochul, under heavy pushback from banks – Brooklyn Eagle

Brooklyn Eagle

In the case, known as Freedom Mortgage Corporation v. Engel, the Court of Appeals ruled that lenders could proceed with foreclosures nonetheless — and …

 

 

 

Illinois spending millions to help homeowners with mortgage payments as foreclosures spike

Advantage News

Some eight months after a nationwide moratorium on foreclosures expired, foreclosure filings are soaring this year. According to the U.S. Foreclosure …

Mortgage Foreclosure Counseling is Available | AlabamaLegalHelp.org | A guide to free and … – Alabama Legal Help

IowaLegalAid.org Iowa – Iowa Legal Aid

Full Coverage

 

 

 

Colorado Legislature Passes HOA Foreclosure Reform Bill – Patch

Patch

Colorado Legislature Passes HOA Foreclosure Reform Bill – Across Colorado, CO – Colorado lawmakers passed a bill Monday aimed at protecting …

 

 

 

Bank Allowed To Seek Fees For Tossed Foreclosure Suit – Law360

Law360

A borrower who got a foreclosure suit dismissed and his attorney fees awarded cannot sue the law firm representing the bank in a reinstatement of …

 

 

 

World Class Holdings Properties Head To Bankruptcy – The Real Deal

The Real Deal

Austin landlord Nate Paul’s World Class Holdings just put more properties into bankruptcy to fend off a foreclosure attempt by its lender Karlin …

Homes for sale in clackamas oregon. $775,000. 5 bath • 2,675 sqft • House for Sale. We show up to … – Museo Archeologico Cicolano

Full Coverage

 

 

 

NOTICE OF MORTGAGE FORECLOSURE SALE NOTI – Wadena Pioneer Journal

Wadena Pioneer Journal

NOTICE OF MORTGAGE FORECLOSURE SALE NOTICE IS HEREBY GIVEN That default has occurred in conditions of the following described mortgage.

Foreclosure Of Real Property Mortgage By Advertisement :: 2021 South Dakota Codified Laws – Justia US Law

Full Coverage

 

 

 

What Are the Risks of Taking Out a Home Equity Loan? – Investopedia

Investopedia

Can Your Home Be Foreclosed on if You Don’t Pay off a Home Equity Loan? … your home could go into foreclosure and you could lose your home.21 …

 

 

 

Is a Postpetition Non-bankruptcy Court Order a Violation of the Automatic Stay? – JD Supra

JD Supra

In 2014, the foreclosed former owner sued the purchaser, HOA, mortgagee, … that the HOA’s foreclosure effectively extinguished the mortgage.

Ohio Revised Code Title [23] Courts-Common, Chapter 2308 (2020) – Expedited … – Justia US Law – Justia US Law

Full Coverage

 

 

 

Rockford organization receives grant to help families with foreclosure avoidance | MyStateline.com

MyStateline.com

… and sustain neighborhoods in the country. “HomeStart” helps local individuals and families with down payment assistance, foreclosure avoidance […]

 

 

 

Ulster County creates land bank to turn foreclosed properties into affordable homes – Daily Freeman

Daily Freeman

Bartels said land banks have the unique power to obtain property at low or no cost through property tax foreclosure proceedings and has the …

 

 

 

Businessman Nate Paul back in bankruptcy court in bid to protect Austin properties

Austin American-Statesman

Chapter 11 provides an automatic stay of foreclosure proceedings. Paul has lost some high-profile properties as various bankruptcy cases have worked …

 

 

 

In the courts: | News, Sports, Jobs – The Review

In the courts: | News, Sports, Jobs – The Review

Nations Lending Corp. vs. Jalen DeSarro, et al., foreclosure sought for property on Shontz Drive, Wellsville. JPMorgan Chase Bank vs. Robert Blazer, …

 

 

 

Legal Notices, May 5, 2022 – Selma Sun

Selma Sun

MORTGAGE FORECLOSURE SALE.Default having been made in the payment of the indebtedness secured by that certain mortgage executed by Katrena Renee …

Georgia Code § 44-14-238 (2020) – Foreclosure When Debts Due in Installments – Justia US Law – Justia US Law

Login – Foreclosure – Pro Bono Net – Pro Bono Net

Oklahoma Statutes §62-493 (2021) – One year deferment on certain foreclosure actions. – Justia US Law

Full Coverage

 

 

 

Federal jury finds Triangle firm committed ‘bid rigging’ – The Business Journals

The Business Journals

The Estates is a membership organization that lists low-dollar HOA foreclosures in states like North Carolina. Members interested in a foreclosure …

 

 

 

‘Severely decomposed’ body found in foreclosed SI home – Audacy

Audacy

NEW YORK (1010 WINS) — A “severely decomposed” body was found in a foreclosed home on Staten Island Tuesday afternoon, police said. Live On-Air.

 

 

 

Rockford organization receives grant to help families with foreclosure avoidance – YouTube

YouTube

A stateline organization received some major funding to improve the area.Stay informed about Rockford-area news, weather, sports and entertainment …

 

 

 

$20 million fund aims to help Detroit homeowners with repairs – WDET 101.9 FM

WDET 101.9 FM

They also need to apply for property tax exemptions. Jennifer Gilbert says the foundation previously helped residents avoid foreclosure. The fund is …

 

 

 

Carr Secures Over $4 Million for Georgia Consumers Deceived by TurboTax

Georgia Attorney General – Georgia.gov

… Mortgage and Foreclosure Information · Outside Counsel Fee Information · Lactation Room Rules and Participation Agreement · Legal Resources …

 

 

 

Fitch Upgrades Cartesian Residential Mortgages 6 S.A.’s Class B notes; Affirms Others

Fitch Ratings

According to criteria, Fitch tested the impact of the IO concentration weighted average foreclosure frequency (WAFF) on model-implied ratings …

 

 

 

Nate Paul’s World Class files Ch. 11 bankruptcy for North Austin office park – The Business Journals

The Business Journals

After a losing attempt to gain ownership of the properties through an improper UCC foreclosure sale, and after complaining to the court they would be …

Foreclosure Notice – Southwest Regional Publishing – Southwest Regional Publishing

Full Coverage

 

 

 

Federal dollars in Bexar County help people pay overdue mortgages and delinquent property taxes

YouTube

Foreclosure fees has local judge steaming mad. ABC Action News. ABC Action News. •. 3.4M views 11 years ago · How to Speak. MIT OpenCourseWare.

 

 

 

In Faribault, a pre-Civil War home’s fate rests at auction – Bring Me The News

Bring Me The News

“There’s no light fixtures, no appliances — nothing.” The 167-year-old home went into tax foreclosure last year and Rice County officials put the home …

 

 

 

Williams County Courthouse, May 5, 2022 – The Crescent-News

The Crescent-News

Foreclosure. Fifth Third Bank NA, Cincinnati, vs. Laure Herman, Edgerton, et al. Foreclosure. Kymberly Baker, Stryker, and Daniel Baker, Stryker, …

 

 

 

Residents relieved after known drug house closed by police | Lethbridge News Now

Lethbridge News Now

“So what’s different this time around is the bank has gone to a foreclosure on this property,” said Letourneau. “They attended court on April the …

 

 

 

COMING DOWN | Bladen Journal

Bladen Journal

According to Rusty Worley with the town, the property is currently going through foreclosure. “We’re working with the lender right now,” he said.

 

 

 

Illinois spending millions to help homeowners with mortgage payments as foreclosures spike

Spot On Illinois

(The Center Square) – As foreclosures rise in Illinois, the state is spending millions of taxpayer dollars to help homeowners.

 

 

 

Texas Public Notices – Austin American-Statesman

Austin American-Statesman

Notice of Public Foreclosure Sale Property: Manufactured Home: Used 2012 Cavco, model TX 2852 LTD, Ser. No. CAV150TX1210027A/B, Length/Width 28×52 …

 

 

 

Court cases backlog: Dallas County commissioners at odds with judges over disposition rate

YouTube

Foreclosure fees has local judge steaming mad. ABC Action News. ABC Action News. •. 3.4M views 11 years ago · Tax Collector threatens couple to …

 

 

 

John Stossel highlights the home equity theft scheme robbing individuals of their property

Pacific Legal Foundation

The Oakland County treasurer ended the plan, however, with the tax debt standing at $22,642, and foreclosed on the Halls’ home.

 

 

 

Intercontinental Exchange to acquire Black Knight for $13.1 billion | News | The Title Report

The Title Report

Couple seeks to intervene in foreclosure, redeem tax sale certificate … to intervene in a foreclosure action and redeem a tax sale certificate.

 

 

 

Fixes to signature Uphams Corner building set for fall finish | Dorchester Reporter

Dorchester Reporter |

In the early 1980s, Dorchester Bay took control of the property after a foreclosure. There was significant work done in the 1990s, but, …

 

 

 

ENNICO: Do you really need a business plan? – Mecklenburg Times

Mecklenburg Times

… Falls To 5 Percent As Ongoing Nonresidential Recovery Offsets Rare Dip In Residential Total (access required). February 22, 2022. foreclosure …

 

 

 

Investing in Dutch mortgages – As safe as houses – Investors’ Corner

Investors’ Corner – BNP Paribas Asset Management

Strong investor protection. A lender has full recourse to the assets of a borrower in the case of foreclosure, meaning all assets besides the property …

 

 

 

Newark mayor announces plans to limit corporations from buying up homes – News 12 Brooklyn

News 12 Brooklyn

… advantage of that by purchasing all of the properties that they can get their hands on through foreclosure and private sales,” Baraka said.

 

 

 

Legal Notices, May 06, 2022 – The Coast News Group

The Coast News

WHEREAS, a Notice of Default and Foreclosure Sale was previously issued, that recorded on 3/24/2022 in SAN DIEGO County, CA as Instrument No.

 

 

 

WEB

NCRC Training: Foreclosure Intervention – HUD Exchange

HUD Exchange

This training provides housing counselors with effective tools and guidelines in addressing foreclosure prevention. This training covers:.

 

 

 

Indiana Code § 36-9-36-61. Disposition of Foreclosure Proceeds Contrary to Chapter

Justia US Law

Article 9. Transportation and Public Works Chapter 36. Barrett Law Funding for Counties and Municipalities 36-9-36-61. Disposition of Foreclosure …

 

 

 

We can help you cancel your Foreclosure subscription – Truebill

Truebill

Want to quickly cancel your Foreclosure account? Our app does all the hard work of canceling your unwanted subscriptions so you’re no longer …

 

 

 

Residential Condominium (A3) (1) – Collin County Foreclosure Notices

Collin County Foreclosure Notices

… Texas * All Rights Reserved * 972.548.4100 (McKinney) * 972.424.1460(Metro). Privacy & Accessibility Policy. Foreclosure Notices 20211019.44.

 

 

 

List Filters – Collin County Foreclosure Notices

Collin County Foreclosure Notices

Foreclosure Notices. Foreclosure Notices. Show/Hide Filter. List Filters. Sale Date. 6/7/2022 (40) [X]. City. McKinney (11).

 

 

 

March sees home foreclosure crunch | Fox Business Video

Fox Business Video

FOX Business’ Jeff Flock reports on the home foreclosure surge and data showing closures have tripled over the last year.

 

 

 

gym foreclosure sales Off 67% – GMC ANANTNAG

GMC ANANTNAG

HUGE LIQUIDATION GYM EQUIPMENT SALE; gym foreclosure sales Bank Ordered Fitness Equipment Auction; gym foreclosure sales …

 

 

 

Harney County Land Sale List.pdf

Harney County

OBTAINED THROUGH FORECLOSURE – FOR RESALE BY COUNTY. ORS Chapter 312 as of January 20, 2022. Account. Map. Acres. 749 23S 31E 07DC 2000U1.

 

 

 

Texas Foreclosure Series (On-Site CE Class) – Eventbrite

Eventbrite

Eventbrite – Mr. Texas Real Estate presents Texas Foreclosure Series (On-Site CE Class) – Monday, May 9, 2022 at The Texas Real Estate Investment …

 

 

 

Mortgage Fraud Daily News Update ⋅ May 5, 2022

NEWS

Man accused of running real estate scam based out of Springfield arrested in Costa Rica

The Register Guard

A man accused of running a real estate scam out of both Springfield and … funds to pay for various personal expenses including his own mortgage.

Fugitive California couple convicted in COVID mortgage fraud scheme sentenced to federal … – Investidollar –

Full Coverage

 

 

 

Family trio charged in scams, including stealing $700K house from dead man – New York Post

New York Post

As a result, Chianti was granted ownership of Butler’s house in 2020, which she then went on to take out a $200,000 mortgage on, officials allege.

 

 

 

Fugitive Wanted in the District of Oregon Returned to the U.S. After Two Decades on the Run | USAO-

Department of Justice

Robin James McPherson, who faces charges of wire fraud and money … funds to pay for various personal expenses including his own mortgage.

 

 

 

Intercontinental Exchange to acquire Black Knight for $13.1 billion | News | The Title Report

The Title Report

Massachusetts man sentenced for mortgage fraud … for participating with his sister in a $6 million real estate scam that involved listing homes …

 

 

 

MoneyWise: Fraud Prevention | WPBN – UpNorthLive.com

UpNorthLive.com

If someone asks you to pay in advance for things like debt relief, a credit card interest rate reduction, a loan offer, mortgage assistance, or a job, …

 

 

 

ICE to acquire Black Knight for $13.1 billion | News | The Title Report

The Title Report

Massachusetts man sentenced for mortgage fraud – https://zpr.io/VFPTVXvSwNwQ – An Oxford, … California man pleads guilty to real estate scam …

 

 

 

Compliance track at NS3 examines variety of issues | News | Dodd Frank Update

Dodd Frank Update

… of educating the consumer directly on the dangers of wire fraud. … “The competition for mortgage originations is going to continue to heat …

 

 

 

Former aide to Ogun governor pleads guilty to wire fraud in US | The Guardian Nigeria News

The Guardian Nigeria News

Abidemi Rufai, a former senior special assistant to the Ogun State governor Dapo Abiodun, has pleaded guilty to wire fraud in the United States.

 

 

 

Ex-Nigerian official pleads guilty to pandemic relief fraud – Times Union

Times Union

TACOMA, Wash. (AP) — A former Nigerian government official arrested in connection with massive fraud against Washington state’s pandemic relief …

 

 

 

First American Mortgage Solutions Announces First-of-its-Kind Title and Settlement …

Yahoo Finance

SANTA ANA, Calif., May 04, 2022–First American Mortgage Solutions LLC, … data and analytics, fraud and verification, regulatory compliance, …

 

 

 

Mortgage Prisoners | UK Finance

UK Finance

Mortgages prisoners are borrowers that are up to date with their mortgage payments but who are unable to switch mortgage providers because they …

 

 

 

N266m fraud: How alleged fake army general changed account name – witness

The Guardian Nigeria News

A Compliance Officer with First Bank of Nigeria Plc., Mr Chris Ekpe, on Wednesday narrated how an alleged fake army general, Bolarinwa Oluwasegun, …

 

 

 

The SEC Is Hiring Experts to Combat Crypto Fraud. How Might This Help Investors?

The Motley Fool

Although the new hires will provide the unit with more resources to fight against crypto scams and fraud, the SEC is not new to crypto security.

 

 

 

Queensbury doctor named in sex assault lawsuit pleads guilty to tax fraud – Times Union

Times Union

Ehab Kodsi, 56, of Colonie, who runs Total Care & Rehabilitation Medicine, admitted before Senior U.S. District Judge Lawrence Kahn to filing a false …

 

 

 

Fraud and scams | UK Finance

UK Finance

The UK Finance’s Economic Crime team focuses on the current fraud landscape and emerging fraud threats and provides a platform for industry …

 

 

 

House passes Rep. Sharice Davids’ bill increasing funds for women-owned businesses

Shawnee Mission Post

pandemic loan fraud. The House of Representatives passed the Women’s Business Centers Improvement Act with bipartisan support last week.

 

 

 

Catalyst enters BTL market with launch of BOOST to let | Financial Reporter

Financial Reporter

According to the lender, the new product is a specialist mortgage designed for landlords who fall outside mainstream lending, allowing brokers and …

 

 

 

Thieves are stealing homes in Georgia: How they’re getting away with it, and how you can …

11Alive.com

ATLANTA — Thieves are stealing Homes nationwide through identity fraud, … Blumenthal said if a home is paid off, there is no mortgage company …

 

 

 

Two days of strike action underway at FCA – Mortgage Finance Gazette

Mortgage Finance Gazette

FCA reports increase in scam-related enquiries · New chair of practitioner panel for FCA · Focus on first-time buyers and PRS to ensure thriving …

 

 

 

Ex-Nigerian official pleads guilty to pandemic relief fraud – KTAR.com

KTAR News

Rufai faces up to 32 years in prison for wire fraud related to a … Here’s what you need to know and consider when refinancing your mortgage.

 

 

 

Suspect wanted in Loves Park credit card fraud | MyStateline.com

MyStateline.com

Facebook’s IL lawsuit checks to go out this week · Family ID’s victim of 12th Avenue shooting · Illinois offers up to $30K for mortgage and rent … · IL …

 

 

 

April posts fewest mortgage searches in seven months: Twenty7Tec

Mortgage Finance Gazette

April posted the fewest monthly mortgage searches since last October, apart from December which is traditionally a slower period, according to …

 

 

 

Glenhawk launches regulated bridging range | Financial Reporter

Financial Reporter

Available for loan sizes from £150,000 to £2 million and a maximum term of 12 months, the range features the lender’s lowest interest rate, …

 

 

 

NYC Family of Con Artists Charged With Litany of Crimes for Decade-Long Scams: DA

NBC New York

According to the complaint, she was then granted ownership of his house in 2020 and took out a $200,000 mortgage. Additionally, she also allegedly …

 

 

 

Election fraud claims thrive on Pennsylvania campaign trail – KTAR.com

KTAR News

Candidates sometimes repeat Trump’s conspiracy theories about fraud or … what you need to know and consider when refinancing your mortgage.

 

 

 

half of investors would miss signs of screen sharing scam as FCA warns of 86% increase

Financial Conduct Authority

The FCA launches latest ScamSmart campaign aimed at raising awareness of increasingly sophisticated investment scam tactics.

 

 

 

Fitch Affirms COMM 2014-277P; Revises Outlook on One Class

Fitch Ratings

The mortgage loan is secured by the borrower’s fee simple interest in a … Nonrecourse carve-outs, including fraud, waste and misappropriation, …

 

 

 

14 Miami-Dade judicial candidates qualify for county, circuit court races – Political Cortadito

Political Cortadito

… attorney who prosecuted primarily complex white collar and fraud cases, including RICO, mortgage fraud, money laundering and related crimes.

 

 

 

Jury Rejects Wire Fraud Charges in Boeing Crash Prosecution | New York Law Journal

Law.com

The prosecution of individuals in complex fraud cases is no simple … personal income on a mortgage loan application because “wire fraud may be …

 

 

 

Telemarketing executive sentenced after two decades on the run for tax fraud | The Hill

The Hill

McPherson used the funds to pay for his own personal expenses including his mortgage, the statement noted. Tags California Department of Justice …

 

 

 

Scam fam stole a dead man’s house, over 30 identities, COVID relief checks and more: Queens DA

Audacy

After the court granted her ownership, Stephanie Bailey allegedly moved her family into the home and the defendants took out a $200,000 mortgage. They …

 

 

 

Blog: Proceed cautiously to roll out commonhold – Mortgage Finance Gazette

Mortgage Finance Gazette

It was good to see Michael Gove confirming the end of ground rent charges on new residential leases from 30 June. This is a welcome step on the …

 

 

 

Comedian Dave Chappelle attacked on stage in LA – ABC27

ABC27

… Hall Of Fame Induction Ceremony at Rocket Mortgage Fieldhouse on October 30, 2021… … AARP Fraud Watch: Western Union Refunds Available …

 

 

 

Directors Behaving Badly – How to spot and stop company fraud – IFA Magazine

IFA Magazine

Following on from the Nationwide April HPI published this morning,: Andrew Montlake, managing director of the UK-wide mortgage broker, …

 

 

 

What housing correction? Mortgage borrowing on the rise in new figures – Daily Express

Daily Express

MORTGAGE borrowing is on the rise as homebuyers appear to shrug off the cost-of-living hike in a bid to buy their dream home, latest figures show.

 

 

 

Santa Clarita Man Pleads Guilty to ‘Coupon Bonds’ Scam – San Fernando Valley Business Journal

San Fernando Valley Business Journal

Skinner “used investor funds from those entities and accounts to pay for personal trips, his mortgage, his utility bills, cosmetic surgery and …

 

 

 

Kansas gamer pleads guilty for role in fatal ‘swatting’ case | Star Tribune

Star Tribune

Shane Gaskell, 23, pleaded guilty Tuesday in federal court to wire fraud in case that drew national attention to “swatting,” during which a caller …

 

 

 

Greenlight Credit Limited (trading as Varooma) enters administration | FCA

Financial Conduct Authority

With Logbook lending, the lender owns the vehicle until the loan is paid back in full. All existing customer agreements remain in place and are …

 

 

 

Scam artist Queens clan ran ‘one-family crime spree,’ stole dead man’s $700000 house: DA

NY Daily News

That will was accepted the next year, and in 2020, Chianti Bailey became the home’s owner — and then took out a $200,000 mortgage against it.

 

 

 

Election fraud claims reemerge on Pa. campaign trail – The Daily Item

The Daily Item

HARRISBURG — With two weeks until Pennsylvania’s primary election, Republican candidates running for U.S. Senate and governor continue to sow …

 

 

 

Santa Clarita man pleads guilty to $1.7 million in fraud

Santa Clarita Valley Signal

Santa Clarita man pleads guilty to $1.7 million in fraud … items such as trips, his mortgage, his bills, cosmetic surgery and alimony payments.

 

 

 

First American Mortgage Solutions Announces First-of-its-Kind Title and … – StreetInsider.com

StreetInsider.com

BUSINESS WIRE)– First American Mortgage Solutions LLC, a part of the First … data and analytics, fraud and verification, regulatory compliance, …

 

 

 

Man convicted in $60M film finance fraud scheme – CambridgeToday.ca

CambridgeToday.ca

Man convicted in $60M film finance fraud scheme. Canadian Press about 21 hours ago about 21 … Worried about rising mortgage rates in Cambridge?

 

 

 

Stratford Woman Charged With Health Care Fraud Again: Feds – Patch

Patch

The woman was awaiting sentencing in a health care fraud case when she was arrested on another health care fraud charge, officials said.

 

 

 

Fugitive on the run from the US for 20 years brought back to Oregon to face charges | WTOV

WTOV

… from U. S. officials for 20 years has been captured and returned to the states to face charges of wire fraud and money laundering in Oregon.

 

 

 

Brother-sister team scammed home buyers out of $6 million in down payments for houses …

MarketWatch

Mario Gonzalez pleaded guilty to wire fraud in a related case in 2019 and … being sold at a price below the value of the mortgage on the home, …

 

 

 

Man convicted in $60M film finance fraud scheme – Newmarket Today

Newmarket Today

Man convicted in $60M film finance fraud scheme. Canadian Press about 3 hours ago about 3 … Worried about rising mortgage rates in Newmarket?

 

 

 

Consumer champion Sonali Shah issues energy bills advice and mortgage warning on …

Manchester Evening News

She joined Steph McGovern to talk about energy bills, identity fraud, and the housing market. Steph joked with Sonali that every time she appears …

 

 

 

WEB

Real Estate Brokerage and Agent Sued for Breach of Fiduciary and Investment Fraud – Diana Legal

Diana Legal

FRAUD I MORTGAGE FRAUD – 3 Arrested in $7 Million California Mortgage Fraud Scheme Targeting the Elderly, 3 Victims Live in San Diego October 21, 2019 …

 

 

 

 

Pig in a Poke

(Or is it?)

 

SO, WHERE DO WE BEGIN?

Let us start with “I really don’t understand this”. Be honest with yourself. If you did, I would have seen headlines by now.

Let’s look at [who][what][where][when][how]

[who] – Mortgage Bankers Association and its cronies. [what] – Faulty Security Instruments

[where] – Just about everywhere [public land records][judicial systems][stock market]

[when] – Beginning of design and creation of electronic promissory note registry [eNote] Registry.

[how] – Utilizing Transferable records [payment intangibles] as lawful [tangible] real property records

[ Not necessarily in that order]

CAN’T SAY ENOUGH ABOUT THIS ONE

I mentioned this many times that James McGuire explained this stuff years back in “Have A Note”. That document is full of education. There are also many other documents and charts providing educational information in regards to this MERS/GSE scheme. Actually James goes deeper than that. So, there is nothing new with my information, this is just my attempt to help others better understand what most appear not to.

MORAL OF THE STORY

Ever heard of the phrase “Pig in a Poke”? It dates back to the middle ages. Maybe it will help you better understand what the banks have done and are continuing to do. This “pig in a poke” scheme utilized a “pig” and a “bag” which purportedly contained the pig. However, clever buyers failed to look in the bag to see if it really was a live pig. Instead, the clever buyer found out after the purchase, that there was no pig, only a cat. Pigs were a source of meat to eat. The cat was not. Hence “Buyer Beware”.

As for the banks and their associates, I think the phrase “Cat in a Bag” used in other particular countries fits this Intangible scheme more suitably because now the “Cat is out of the Bag”.

Take the pig in a poke scenario, and replace the [word] pig with a [tangible] Real Property mortgage, replace the [word] bag with MERS and replace the [word] cat with a Transferable Record [eNote]. Investors can see the eNote assuming it is a [tangible] real property mortgage, and just like the clever buyer, they too invested in a pig in a poke. The cat in the bag reveals that it is not a pig. The [transferable record][cat] reveals that it is not the [tangible promissory note obligation][pig]. The real property mortgage like the pig was something of value, where the eNote[transferable record] like the cat was not worth value as like the pig was.

Hence “Buyer Beware”.

THE eGAME

CRAFTING THE WORD

Ever hear of the phrase “word crafting”? You have realized the banks lawyers, attorneys etc, whom are looked upon as artists in a sense, have honed their skills and have a tool chest full of ways to craft words to fit their needs in the “mortgage scheme”. Mark Twain once wrote; “The difference between the almost right word & the right word is really a large matter -- it's the difference between the lightning bug and the lightning.” The banks “word crafters” and their “almost right” words have deceived many.

THE CONCEPT [Money via Wall Street Secondary Market]

It starts with an evil mind to create design and implement an illusionary scheme that would involve many deceptions. When the can spills over, only then will you know how many and whom these worms are.

The National eNote Registry is a compliance vehicle to satisfy certain requirements imposed by the Uniform Electronic Transactions Act (UETA) and the federal Electronic Signatures in Global and National Commerce Act (E-SIGN) so that the owner of an eNote (the

Controller) would have legal rights similar to those that a “Holder in Due Course” has with a paper negotiable promissory note. – National eNote registry Requirements, 2003.

Did the “legal rights similar” part confuse you? “so that the owner of an eNote (the Controller) would have legal rights similar to those that a “Holder in Due Course” has with a paper negotiable promissory note.

If you are only looking at the tangible world, you don’t see anything. If you realize there is a [tangible] world and an [intangible] word, you probably understand that the [Controller] of the [eNote] has similar legal rights as if the [eNote] were a [tangible] paper negotiable promissory note. This does not mean the “Controller”[servicer] is a “Holder in Due Course” of a

[tangible] paper promissory note. The eNote has only similar characteristics. Since skills of word crafting are in action here, the clever representative of the “Lender” can bravely state or claim “So and so is the holder of the Note”. Sure they can say that. What is not being asked is “What Note is so and so the holder of? Is so and so the holder of a tangible promissory Note or the holder of an Intangible Electronic Promissory Note?”

With an intent to deceive whomever believes in these “payment intangibles”, these evil minds created a crime largest in U.S. history. Only time will tell. What is worse is the possibility of many people working in the corporate American government may be caught up in it also.

Duh? What is even worse than that is so many unsuspecting pension plans and 401k’s are invested in these [payment intangibles][transferable records] as [investments].

TOO BIG TO FAIL?

To begin with, it is probably a general consensus that that banks failed to keep up with the tangible mortgage paperwork. Especially the tangible stuff which makes up the secured obligation and also the collateral to secure that obligation which the courts and the banks say the

“mortgage follows the note” for a debt to be considered secured.

What seems to be the clog in the wheel as I see it is that most people only understand or possibly assume an understanding of a [tangible] mortgage [pig], but do not realize that an [intangible] mortgage is being used instead Hence a [Pig in a Poke][Cat in a Bag]. It appears that since the banks have slid under the radar since 2000 or even prior with a “thing” they call an

eMortgage, which is an electronic mortgage [cat] that is not the same as a tangible paper mortgage obligation [pig].

THE REAL DEAL [Real Property]

A real property mortgage starts with a [tangible] paper promissory Note [in writing] and collateral, probably a security instrument [paper mortgage][in writing]. There are (2) two party’s involved, a [borrower] and a [lender]. Both instruments together are purported to be a secured indebtedness. Prior to expiration of temporary perfection, the security instrument would be recorded in the county where the real property is located to continue perfection of that secured indebtedness. In Texas, this satisfies §192.001, Tex. Loc. Govt. Code requirement. Look at your state code if in different state. Each state has laws that govern real property. Any need to look at the UCC? Nope.

So, now you have the [borrower] and the [lender]. Also known as [obligor] and [obligee]. Also known as [debtor] and [creditor]. Also known as [grantor] and [grantee]. So many words for supposedly the same entities? Why? But what about [account debtor]? Did you realize there was an account debtor involved?

Through trickery another party somehow got involved to provide an additional illusion. A Bankruptcy Remote called MERS [Mortgage Electronic Registration Systems, Inc.] Could you possibly call it “Mutilated Every Recordation System”? It did a good job at it.

In Carpenter v. Longan, the U.S. Supreme court made it clear in stating the “mortgage follows the note”. The Texas Supreme Court again repeated this statement back in the 1930’s in

West v. First Baptist Church of Taft. Back then it was paper. Electronic mortgages were not around back then.

AN ILLUSION [The Transferable record called an eMortgage]

So why MERS? Electronic mortgages are eMortgages as the mortgage bankers association [mba] calls them. But the big problem with these eMortgages is that they are electronic. The way the [mba] has allowed its banks to apply ESIGN and UETA are absurd. Illegal at the most. Securities fraud too if you understand. Let me explain.

IN THE BEGINNING [ TANGIBLE mortgage loan]

The [originating lender] supposedly loans a [potential homeowner] money to purchase real property [paper mortgage loan]. The [potential homeowner][grantor] provides collateral in the form of title to real property that is conveyed to the [grantee] [potential homeowner] from the [seller][grantor] of the real property. Then the [grantor] [potential homeowner] conveys the real property to the [originating lender][grantee]. The [originating lender][grantee] provides title to real property to [trustee] until obligation extinguished. This was all accomplished with tangible paperwork involved. This should still be true today.

IN THE BEGINNING, PART II [ INTANGIBLE mortgage loan]

Take the above scenario and add an electronic twist to it.

When the [potential homeowner] originally and [tangibly] signed the paper promissory note or a contract with the [originating lender] to start the purported loan process, the [originating lender] scoured its electronic cloud [network] to locate a [warehouse lender] [could be another entity] that the [originating lender] as a [borrower] can obtain a line-of-credit. In turn the [originating lender][borrower] would pledge the [potential homeowner][borrower][grantor] [tangible] mortgage loan as a security to the [warehouse lender][lender] from the [originating lender][borrower] payment stream. The [payment stream] is monies that the [potential homeowner][borrower] would be paying to the [originating lender][lender].

For the [originating lender][borrower] eMortgage [eNote] to be considered acceptable to a government sponsored entity [GSE], specific guidelines must be met. One of the requirements is to use an electronic registration system for tracking eNotes. MERS is mentioned in GSE eMortgage implementation guideline books as the registration system to use.

All of this activity so far is accomplished prior to the [potential homeowner][borrower] closing on the [tangible] [paper mortgage loan]. Without the knowledge of hypothecation, the [potential homeowner][borrower] unknowingly signed a [tangible] security instrument that unbeknownst to the [potential homeowner][grantor] also included a third party that only functions in the [electronic transactions] world. In fact it only tracks [eNotes] called [transferable records]. The mba clearly described the “National eNote Registry”[NeR] back in 2003 that stated

this eRegistry does not track [tangible] paper promissory Notes. So why use MERS for paper mortgages? The “Pig in a Poke” eMortgage illusion.

PREMEDITATED ENOTE [ intangible mortgage loan]

Once the [originating lender][lender] holds a [potential homeowner][borrower] signature, the [originating lender][lender] as a premeditated act, determines a Mortgage Identification Number [MIN] to apply the [potential homeowner][borrower] paper mortgage loan to give the illusion to [everyone] that the [tangible] [paper mortgage] is registered and being tracked in a

“book entry system” called MERS orchestrated by members of this NeR.

Upon agreement between the [originating lender][borrower] and the [warehouse lender][lender] and in consideration for GSE requirements for eMortages [eNotes], these NeR entities register these premeditated MINS [eNotes] in the NeR, and through the agreement such as a MERS Warehouse Lender/Electronic Tracking Agreement, the [originating lender][borrower] will service such MINS in the NeR. This MIN [eNote] is then purchased and sold by investors either by the [eNote] or a partial interest in the [eNote].

In essence what you just read explains the loan process [eNote] an [account debtor][originating lender][borrower] created between itself and the [creditor][warehouse lender][lender][other Ner entity] in an intangible goods and services environment. This is not a [tangible] real property environment.

There is a very big difference. Real property is not governed by the Uniform Commercial Code [UCC]. Neither is real property governed by ESIGN and UETA.

Transferable records are personal property [payment intangibles] and not real property. Transferable records that are allegedly secured by real property are [payment intangibles] and governed by the UCC. Goods and Services are governed by the UCC. Hence the problem.

If the “Lenders” had followed the law, it might not be too bad, but the “Lenders” didn’t follow the laws. Instead the “Lenders” followed their lust for “greed”.

ACCOUNT DEBTOR [ intangible mortgage loan]

So what is a MERS member who registers and sells its [eNotes] called? They are called an Account Debtor according to UCC § 9-102. Definitions And Index Of Definitions

(3) "Account debtor" means a person obligated on an account, chattel paper, or general intangible. The term does not include persons obligated to pay a negotiable instrument, even if the instrument constitutes part of chattel paper.

If the MIN[eNote] information is viewed from something like a MERS Milestone;

In the image above, the [account debtor] American Mortgage Network, Inc is the party obligated on the MIN [eNote] which is held in an account [Org ID] registered on MERS eRegistry, which is by definition a [general intangible].

(42) "General intangible" means any personal property, including things in action, other than accounts, chattel paper, commercial tort claims, deposit accounts, documents, goods, instruments, investment property, letter-of-credit rights, letters of credit, money, and oil, gas, or other minerals before extraction. The term includes payment intangibles and software. - UCC § 9-102. Definitions

(61) "Payment intangible" means a general intangible under which the account debtor's principal obligation is a monetary obligation. UCC § 9-102. Definitions

From this example image above which reflects that American Mortgage Network, LLC registered an [eMortgage][eNote][payment intangible] in the MERS eRegistration System with a registration date of November 3, 2004. This example is proof of the [transferable record][eNote][payment intangible][electronic record].

The example would also show that American Mortgage Network, LLC would be considered the [account debtor] of the [payment intangible]. More on this later in the document.

Proof of this [payment intangible] scheme is clearly written in any security instrument involving MERS or a GSE. Public land records historically provides prime facie proof of the chain of title. Any [entity] involved in a lawful negotiation of the [potential

homeowner][borrower][grantor] [tangible] paper mortgage loan note, from originator to each subsequent purchaser would be identified in public land records via constructive notice to reflect a lawfully perfected chain of title.

What you do see in public land records is something the banks and the courts say can’t happen, bifurcation. Separation of the [tangible] note and [tangible] deed of trust [security instrument]. So, how did it happen. Answer is easy, simple ignorance. And it shows. Else this would have already been brought to light way before now.

IT TOOK TIME TO MAKE THIS WORK

How did it work you ask? It took some time to put this scheme in place, it didn’t just happen recently. The elevator version goes like this;

HYPOTHECATION [Pledging something they don’t have]

The “Lenders” decided to create a security instrument that was designed to give an illusion that the security instrument was a contract according to law <where ever>. What the security instrument actually accomplished was that it helped these “Lenders” in some demented state of mind, devise a way to confuse everyone with a combination of tangible and intangible, paper and electronic with a twist of law manipulation, making it the perfect “poke”.

This MERS/GSE security instrument simply allows the unsuspecting [potential homeowner][borrower][grantor] to unknowingly [tangibly] indenture the [tangible] security instrument and thus agreeing by ignorance with the [originating lender][lender] to separate the [tangible] security instrument from the [tangible] paper promissory note the [potential homeowner][borrower] indentured.

Through trickery, the [originating lender][lender] led the [potential homeowner] [borrower] to believe that the [tangible] mortgage would be registered with MERS. This is not true. What the [originating lender][lender] did was make scanned copies of the original [tangible] [mortgage] in an deceptive manner and [Offer] an identical MIN [eNote] [transferable record] electronically to investors in the secondary “payment intangible” market by claiming a value to the eNote.

There are severe problems with this MERS/GSE “eMortgage follows the eNote” scheme.

There is no eMortgage to follow the eNote. The “Lenders” themselves destroyed the [tangible] mortgage simply by “word crafting” within the four corners of the security instrument contract. Check it out for yourselves. It has been explained with many articles and charts along with where to find those sources to support it. What more could you ask for?

HOW IT WORKED

What happened in the eMortgage world is this. The [originating lender][lender] registered a MIN [eNote] with the MERS eRegistry. This MIN [eNote] is an electronic promissory note that is an intangible electronic record, called a transferable record. This [eNote] [MIN] is supposed to be governed by ESIGN and UETA. The illusion to this [eNote] is the misrepresentation that it is a [potential homeowner][borrower] tangible obligation when it is not. It is information retrieved from scanned copies of the once [potential homeowner][borrower] tangible paper instruments now attached to an [eNote] [MIN].

Let us look at the [eNote] transferable record that MERS members rely upon.

First the “Scope” of the law. [Texas Business and Commerce Code]; [See also 15 USC 7003]

Sec. 322.003. SCOPE. (a) Except as otherwise provided in Subsection (b), this chapter applies to electronic records and electronic signatures relating to a transaction.

  • This chapter does not apply to a transaction to the extent it is governed by:
  • a law governing the creation and execution of wills, codicils, or testamentary trusts; or
  • the Uniform Commercial Code, other than Sections 1.107 and 1.206 and Chapters 2 and 2A.
  • This chapter applies to an electronic record or electronic signature otherwise excluded from the application of this chapter under Subsection (b) when used for a transaction subject to a law other than those specified in Subsection (b).
  • A transaction subject to this chapter is also subject to other applicable substantive law.

Section §322.03 does not apply to a transaction governed by the Uniform Commercial Code [UCC] because there is no real property securing it. So are transferable records out when it comes to the UCC? Don’t worry, real property is not governed by the UCC either.

Sec. 322.016. TRANSFERABLE RECORDS. (a) In this section, "transferable record" means an electronic record that:

  • would be a note under Chapter 3, or a document under Chapter 7, if the electronic record were in writing; and
  • the issuer of the electronic record expressly has agreed is a transferable record.
  • A person has control of a transferable record if a system employed for evidencing the transfer of interests in the transferable record reliably establishes that person as the person to which the transferable record was issued or transferred.

Is this what confuses you? Is it that the “Lenders” point more to (a)(1) claiming the [eNote] was the [potential homeowner][borrower] obligation? It is not. Section 322.03(a) contains “and”. (a)(1) “and” (a)(2) “the issuer of the electronic record expressly has agreed is a transferable record”. So, the [eNote] is actually an [intangible debt obligation] created by the

“registrar” of the [eNote] and not the [potential homeowner][borrower] tangible note obligation. This is a separate [electronic] obligation and not a [tangible] paper mortgage obligation.

The [eNote] is the only electronic record registered in the MERS eRegistry. MERS members use the MERS [eRegistry] to track the [eNote]. MERS does not track [tangible] paper promissory notes. So who tracks a [tangible] paper promissory note? They didn’t.

REALIZING IT NOW?

By now you are realizing that the [originating lender][lender][borrower] is an “account debtor” of the [eNote] according to the [UCC]. The [subsequent purchaser] of the [eNote] only receives the value the [eNote] is worth. But the [Enote] has no value. The only value reflected for the [eNote] is whatever value that was keyed in at the time of the creation of the [eNote].

Besides that, the “Lenders” stripped the monetary value from the [tangible] promissory note and somehow created the same value in an eNote. Can’t do that. Not lawfully anyway.

THE “MORTGAGE SERVICER” IS A SERVICER

OF AN ENOTE MORTGAGE

The [originating lender][lender] basically claims that it is the holder of the [original mortgage loan]. Through this claim, the [originating lender][lender] registers an [eMortgage] in the MERS eRegistry. The [originating lender][lender] sells the [eNote] to a [subsequent purchaser] [change of servicer notice]. The [subsequent purchaser][change of servicer notice] then sells the [eNote] to another [subsequent purchaser] [change of servicer notice] whom through the cycle of trading stocks continues the process. Until some [determined] time, the [subsequent purchaser] of the eNote somehow determines a default. Next step foreclosure.

If you read “Alvie Explains It”, I mentioned our original loan started out with American Mortgage Network, Inc. dba AMNET Mortgage as purportedly the Originating Lender. Then a month past and I received a notice from Wells Fargo Home Mortgage [WFHM] that is was the

“mortgage servicer” of my alleged loan. I also noticed the loan number had changed. That mystery is now solved. The original loan number was the [tangible mortgage loan] and the new number provided by [WFHM] reflected the [eNote] [subsequent purchase] and not the negotiation of the [tangible mortgage loan] as I was led to believe that [WFHM] was [servicing].

So we find that when the alleged [mortgage servicer] changes, the eNote was transferred to another MERS eMember although nothing is reflected in public land records. Why should it? It has nothing to do with the [tangible][paper promissory note]. It is only an electronic transaction with an [eNote]. For a negotiation of the [tangible mortgage loan], the Note would be indorsed and per governing laws, an [assignment of mortgage] would be reflected in public land records to provide constructive notice of a new secured creditor change. But that did not happen.

THE DEAD / ZOMBIE FILE

ASS IGNMENTS?       [Movement of the eNote or “Electronic negotiation of the eNote”]

A MERS Milestone provides the proof of an “actual notice” MERS members refer to.

Through MERS eDelivery, and according to the above MERS Milestone, the [eNote] was transferred to Wells Fargo Home Mortgage [electronic eNote transfer from one investor to another investor]. But this [eNote] is not the [tangible] paper promissory Note [tangibly] indentured by the [potential homeowner][borrower]. MERS does not track a paper promissory note. MERS only tracks eNotes. Wells Fargo Home Mortgage never recorded its lien continuation in public land records. So who tracks the paper?

PUBLIC LAND RECORDS [ Messed with almost Every Record in the System]

What did happen in public land records was some “Vice President” or “Assistant Secretary” allegedly claiming to be a MERS officer records something typically called

“Assignment of Note and Deed of Trust” in public land records. This was and is still a distraction to lure many into the “Robo-Signer” scandal? It is a cover up. Why waste time on it. There are bigger fish to fry. This colorable [recordation] is only an illusion because the fraudulent

“Assignment of Note and Deed of Trust” which is an electronic record has nothing to do with the

[potential homeowner][borrower][grantor] tangible mortgage loan. This “Assignment of Note and Deed of Trust” is proof that there was an electronic transfer [electronic negotiation of the eNote] in the MERS eRegistry, but it does not prove neither negotiation of the [tangible promissory note] or the transfer of the tangible [security instrument]. Because neither of the contracts can legally or lawfully exist now. The design of the tangible [security instrument] removed all legality to such contract even before it was recorded in public land records. Then the value was stripped from the [tangible] promissory note and that [tangible] value was somehow placed into the eNote. How can that legally happen? It can’t according to laws of negotiation.

THE FORECLOSURE

Here lies the confusion to the MERS/GSE scheme. MERS members have made a serious mistake when it comes to defaults. As it is clear that MERS members conduct business with

eNotes and not tangible paper promissory Notes. More “Lenders” claiming title to a security instrument that was defeated before it was ever recorded into public land records. More than that,

“Lenders” are using the “Account Debtor” Obligation to confiscate the real property of owners whom lawfully own it [potential homeowner][borrower][grantor]. The security instrument, called a Deed of Trust in Texas, is not anything the “Lender” can lawfully use for enforcement. These “Lenders” will actually have a time trying to collect upon a tangible promissory Note when it is shown that the “Lender” actually stripped the value from that tangible note and claimed it in a transferable record. There is no value to a Note if the amount was taken away.

What  should  have  happened  when  the  “default”  was  declared  was  that  the  current

“Controller” should have foreclosed upon the Account Debtor. In the example above, it would be AMNET. The eNote [intangible obligation] was not created by the [potential homeowner][borrower], it was created by a MERS member who became the account debtor responsible for a payment stream that does not lawfully exist anymore. Actually it didn’t before.

THE END

It is amazing how a [potential homeowner] can become an unsuspecting victim at the beginning and can later become a “deadbeat” in the eyes of the court and of the people. Its amusing to hear people whom have very little knowledge of this scheme then pass judgment upon these unsuspecting victims of the largest crime in U.S. history. What is even more amusing is the fact that these “typical” people do not even realize they are involved in this also. They pay taxes. The banks get the last laugh.

Again, all you need to do is read the articles and charts created by James McGuire. He did all the leg work so you don’t have to. All you need to do is go and verify what’s already been verified. A challenge was put to the world a few years back about this “mishap” and it has not been proven wrong anywhere yet.

O daughter of Babylon, doomed to be destroyed, blessed shall he be who repays you with what you have done to us!

Peace be with you,

 

Scope of the FRAUD STOPPERS Bloomberg Securitization Audit

FRAUD STOPPERS Evaluation for Violations of “RESPA” The Real Estate Settlement Procedures Act (RESPA) is a consumer protection statute, first passed in 1974. It requires lenders to give a good faith estimate (GFE) of all closing costs that borrowers must pay. It was designed to help borrowers from being forced to pay “hidden fees” at closing. Typical violations of RESPA include (1) Statutory Damages, (2) Attorney’s fees, and in many cases (3) Treble Damages [i.e., 3 times the amount.]

FRAUD STOPPERS Evaluation for Violations of “TILA” The Truth in Lending Act (TILA) requires lenders to disclose the terms of a loan, including the total amount of the loan, the annual interest rate, and the number, amount, and due dates of all payments necessary to repay the loan. The TILA also requires additional disclosures and places many restrictions on mortgages. The most often sought remedy under TILA is rescission of the loan.

FRAUD STOPPERS Evaluation for Violations of “FCRA” The Fair Credit Reporting Act (FCRA) was designed to prevent inaccurate or obsolete information from entering or remaining on a credit report. The law requires credit bureaus to adopt reasonable procedures for gathering, maintaining, and disseminating information. Commons remedies for violating FCRA are (1) statutory damages and (2) Attorney fees

FRAUD STOPPERS Evaluation for Violations of “ECOA” The Equal Credit Opportunity Act (ECOA) was designed to ensure that all qualified people have access to credit and prohibits discrimination based on sex, marital status, age, race, national origin, or public assistance benefits received.

FRAUD STOPPERS Evaluation for Violations of “HOEPA” Home Ownership Equity Protection Act state and local high costs. Federal (HOEPA), state and local high-cost thresholds.

FRAUD STOPPERS compares the loan data collected during a forensic loan audit to the calculated high-cost thresholds as defined by the Home Ownership and Equity Protection Act (HOEPA) and applicable state and local jurisdictions.

FRAUD STOPPERS Evaluation for Violations of “Underwriting Standards” The purpose of an underwriter is to determine whether the borrowers can qualify for a loan and if the borrowers can repay the loan. This determination of the ability to repay a loan is based upon employment and income in large measure, which is proved by getting pay stubs, 1040’s, W-2’s and a Verification of Employment and Income on the borrowers.

If an underwriter has evaluated the loan properly, then there should be no question of the ability of the borrower to repay the loan. Debt ratios will have been evaluated, credit reviewed, and a proper determination of risk made in relation to the loan amount. Approvals and denials would be made based upon a realistic likelihood of repayment.

The terms “abusive lending” or “predatory lending” are most frequently defined by reference to a variety of lending practices. Although it is generally necessary to consider the totality of the circumstances to assess whether a loan is predatory, a fundamental characteristic of predatory lending is the aggressive marketing of credit to prospective borrowers who simply cannot afford the credit on the terms being offered. While such disregard of basic principles of loan underwriting lies at the heart of predatory lending, a variety of other practices may also accompany the marketing of such credit.

Targeting

Targeting inappropriate or excessively expensive credit products to older borrowers, or to persons who are not financially sophisticated or who may be otherwise vulnerable to abusive practices, and to persons who could qualify for mainstream credit products and terms

Loan Flipping & Equity Stripping

Repeated refinancing of borrowers into loans that have no tangible benefit to the borrower. Can be the same lender or different ones. Loans and refinances whereby equity is removed from the home through repeated refinances, consolidation of short-term debt into long term debt, negative amortization, or interest only loans whereby payments are not reducing principle, high fees and interest rates. Eventually, borrower cannot refinance due to lack of equity.

High Debt Ratios

This is the practice of approving loans with high debt ratios, usually50% or more, without determining the true ability of the borrower to repay the loan. Can often be seen with Prime borrowers approved through the Automated Underwriting Systems.

High Loan to Value loans

Loans offered to a borrower having little or no equity in the home. Usually, adjustable-rate mortgages that the borrower will not be able to refinance out of when the rate adjusts due to lack of equity.

Fraudulently Caused to Execute Loan Documents

Adjustable-rate mortgage loan was an inter-temporal transaction on which Plaintiffs had only qualified at the initial teaser fixed rate and could not qualify for the loan once the interest rate terms change.

Deception, Fraud, Unconscionable

Is marketed in a way that fails to fully disclose all material terms. Includes any terms or provisions which are unfair, fraudulent, or unconscionable. Is marketed in whole or in part based on fraud, exaggeration, misrepresentation, or the concealment of a material fact. Includes interest only loans, adjustable-rate loans, negative amortization and HOEPA loans.

Stated or No Income/No Assets

Is based on a loan application that is inappropriate for the borrower. For instance, the use of a stated-income loan application from an employed individual who has or can obtain pay stubs, W-2 forms and tax returns.

Lack of Due Diligence in Underwriting

Is underwritten without due diligence by the party originating the loan. No realistic means test for determining the ability to repay the loan. Lack of documentation of income or assets, job verification. Usually with Stated Income or No documentation loans but can apply to full documentation loans.

Inappropriate Loan Programs

Is materially more expensive in terms of fees, charges and/or interest rates than alternative financing for which the borrower qualifies. Can include prime borrowers who are placed into subprime loans, negative or interest only loans. Loan terms whereby the borrower can never realistically repay the loan.

All claims and defenses the borrower may have against the mortgage lender, mortgage broker, or other party involved in the loan transaction.

FRAUD STOPPERS Evaluates Each File for Violations of “Common Law Principles”

CONSTRUCTIVE FRAUD

Material facts include the terms of the loan, whether there is a prepayment penalty, or any other information which a reasonable borrower would want to know before accepting the loan. Did the broker or loan officer or anyone working for the broker or loan officer fail to disclose any material facts to the borrower?

FRAUD AND NEGLIGENT MISREPRESENTATION

Were any representations, statements, or comments, written or made by the loan officer, broker, notary or anyone else who contradicted the terms of the documents?

NEGLIGENT MISREPRESENTATION

When a mortgage professional makes errors which a reasonably diligent mortgage professional would not have made, he or she may have made a negligent misrepresentation.

BREACH OF CONTRACT

The note and its attachments are a contract. The broker must follow all the terms of the contract such as the way the interest is calculated, and the penalties it assesses. Were there any terms in the contract which the lender failed to follow?

BREACH OF FIDUCIARY DUTY

And many, many, more…….

This is a court ready trial evidence audit & expert witness affidavit that you and your attorney can use to win your case. 

GET YOUR AUDIT NOW

 Breaking News - What the Bank Does Not Want You to Know:

CONFIDENTIAL SETTLEMENT AFTER ORDER ON JUDGMENT inFlorida - CFLA Client Gets Huge Damage Award against JPMCB and WellsFargo for multiple fraudulent misrepresentations in loan documents and bylender[s] to homeowner[s]. The following is an exert from the Court's Orderin Florida. This case has reached CONFIDENTIAL SETTLEMENT andtherefore some information is redacted:

"Defendants JPMCB and Wells Fargo were involved in fraudulent recordeddocuments in violation of 15 USC §1611, and is entitled to damages forclouding title and to cure/Quiet Title. Plaintiffs are entitled to the reliefrequested herein to quiet title and for award of costs under FS §57.041"

Homeowner Quiets Title to Real Property in Florida Court and Liable forDamages for Fraudulently Recording Documents, Fraud, Misrepresentation

 

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