UCC: possession is not an indication of ownership of the note. Recording of collateral assignments is not required under Revised Article 9. Enforcement of the debt without the note is allowable under Article 3. Equitable arguments are available to prevent a borrower from benefiting from the industry's inability to keep track of its documents. by John C. Murray and Dena…[...]

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Tags: borrower, disclosure, foreclosure defense, foreclosure offense, fraud, Lender Liability, Mortgage, securitization
Posted in Corruption, Eviction, Modification, securities fraud, Servicer |

DOJ Probing Mortgage Data Processing Firms By Peg Brickley Of DOW JONES DAILY BANKRUPTCY REVIEW The Department of Justice is conducting a nationwide probe of the company whose automated systems handle half the mortgages in the U.S., looking for evidence Lender Processing Services Inc. (LPS) has “improperly directed” the actions of lawyers in bankruptcy court. The Jacksonville, Fla., company was…[...]

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Tags: borrower, disclosure, foreclosure defense, foreclosure offense, fraud, lender, Lender Liability, Mortgage, mortgage meltdown, TILA audit, trustee
Posted in Corruption, Eviction, Modification, securities fraud, Servicer |

Lies a new tool in foreclosure Lawyers, in rush to regain properties, can exploit judges' workload By Todd Ruger Published: Sunday, May 10, 2009 at 1:00 a.m. Foreclosure lawyers want to take back property as fast as possible, and sometimes they do not let the facts slow them down. In case after case, lawyers representing banks are giving false statements…[...]

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Tags: foreclosure defense, foreclosure offense, fraud, Lender Liability, predatory lending, securitization
Posted in Corruption, Eviction, Modification, securities fraud, Servicer |

The Judge authored a 58 page opinion ”to share my education with participants in the bankruptcy system who may be similarly unfamiliar with the extent that a third party intermediary drives the Chapter 13 process.” Opinion, p. 30. where, as here, the debtor contests the relief sought, the flaws in the automated process become apparent. At this juncture, an attorney…[...]

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Tags: bankruptcy, borrower, Chapter 13, disclosure, foreclosure defense, foreclosure offense, fraud, Lender Liability, lost note, Mortgage, rescission, securitization
Posted in Corruption, Eviction, Modification, securities fraud, Servicer |

Editor's Note: Nationwide (described in the article below) is not the only company that is in the business of trying to "clear up" the title, assignment and, ownership and recording problems caused by the manner in which the loans were securitized. In many cases we are seeing fabricated documents, signatures from unauthorized people, notarization in a place where the signatory…[...]

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Tags: borrower, disclosure, foreclosure defense, foreclosure offense, fraud, Lender Liability, lost note, predatory lending, rescission, securitization, TILA audit, trustee
Posted in Corruption, Eviction, Modification, securities fraud, Servicer |

Many Thanks to Ron Ryan, Esq. representing the Tucson Bankruptcy Bar for the submission below: Editor's Note: Obama wasn't kidding when he he said the thing that humbled or frustrated him the most was how slow Washington is to "get on board." Dick Durbin had the class and guts to say it outright. The banks own the city --- and…[...]

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Tags: bankruptcy, borrower, Chapter 13, disclosure, foreclosure defense, foreclosure offense, fraud, Lender Liability, mortgage meltdown, predatory lending, rescission, securitization, trustee
Posted in Corruption, Eviction, Modification, securities fraud, Servicer |

Sen. Dick Durbin (D-Ill.) introduced legislation in the Senate Thursday which would allow homeowners in bankruptcy to renegotiate -- or cramdown -- mortgages with banks. His corresponding amendment to the House-passed bankruptcy reform bill is scheduled to be voted on at 2:30. (Read the whole thing.) The measure is widely expected to fail, as crucial Democratic senators, whose votes are…[...]

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Tags: bankruptcy, borrower, Chapter 13, foreclosure defense, foreclosure offense, fraud, Lender Liability, Mortgage, predatory lending, securitization
Posted in Corruption, Eviction, Modification, securities fraud, Servicer |

WaMu faulted on home loans Colluded to inflate property values, N.Y. attorney general says By AUBREY COHEN AND BILL VIRGIN P-I REPORTERS New York's attorney general has accused Washington Mutual Inc. of pressuring a real estate appraisal company to deliver inflated home values in order to justify making loans, a practice that some appraisers have complained of increasingly in recent…[...]

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Tags: borrower, disclosure, foreclosure defense, foreclosure offense, fraud, Lender Liability, Mortgage, predatory lending, rescission, securitization, trustee
Posted in Corruption, Eviction, Modification, securities fraud, Servicer |

Thank you Alan Baron for submitting the article. Editor’s Note: Maybe too little too late but a good start nonetheless. This issue is very simple. In the law it is called “fraud on the market.” Wall Street targeted specific swaths of geography and made it look like the entire market was going wild in that area. It wasn’t. It was…[...]

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Tags: bailout, borrower, disclosure, foreclosure defense, foreclosure offense, fraud, Lender Liability, Mortgage, predatory lending, rescission, securitization, TILA audit
Posted in Corruption, Eviction, Modification, securities fraud, Servicer |

FAIR GAME Guess What Got Lost in the Loan Pool? By GRETCHEN MORGENSON Published: February 28, 2009 WE are all learning, to our deep distress, how the perpetual pursuit of profits drove so many of the bad decisions that financial institutions made during the mortgage mania. But while investors tally the losses that were generated by loose lending so far,…[...]

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Tags: borrower, disclosure, foreclosure defense, foreclosure offense, fraud, Lender Liability, lost note, Mortgage, securitization, TILA audit, trustee
Posted in Corruption, Eviction, Modification, securities fraud, Servicer |