I haven't looked for info on this on the web yet. I saw a 60 minutes show about mortgage paper mills and companies like DOCX.
It appears that much of the paper work for mortgages over the period of time of the fake boom was never created. So when the banks began to be asked for the documents, a huge scam was created to make falsified documents.
They even interviewed $10/hour workers who forged bank officer signatures and notory seals in creating fake documents.
At this point it appears the owners of many mortgages are not even known.
As fate would have it, a person who deals with verifying and proving legal documents got mixed up in the mess. Now proof of wrong doing is spilling out every where.
60 Minutes and mortgage paper mills
Re: 60 Minutes and mortgage paper mills
I heard something about this, too. It's good news for those underwater and in foreclosure proceedings. Seems any part of the financial market that was supposed to be regulated was not - the SEC was no different.Pigeon wrote:I haven't looked for info on this on the web yet. I saw a 60 minutes show about mortgage paper mills and companies like DOCX.
It appears that much of the paper work for mortgages over the period of time of the fake boom was never created. So when the banks began to be asked for the documents, a huge scam was created to make falsified documents.
They even interviewed $10/hour workers who forged bank officer signatures and notory seals in creating fake documents.
At this point it appears the owners of many mortgages are not even known.
As fate would have it, a person who deals with verifying and proving legal documents got mixed up in the mess. Now proof of wrong doing is spilling out every where.
Re: 60 Minutes and mortgage paper mills
As forgers they will be locked up right?
With this news a lot of folks may decide to hang onto the old homestead.
There's a lot of bad energy in the world these days.
With this news a lot of folks may decide to hang onto the old homestead.
There's a lot of bad energy in the world these days.
A foolish consistency is the hobgoblin of little minds, adored by little statesman and philosophers and divines. With consistency a great soul has simply nothing to do.
Emerson
Emerson
Re: 60 Minutes and mortgage paper mills
The actual low paid signers shouldn't. They were instructed to do it as their job. The company is to blame.
Re: 60 Minutes and mortgage paper mills
Agreed.Pigeon wrote:The actual low paid signers shouldn't. They were instructed to do it as their job. The company is to blame.
Re: 60 Minutes and mortgage paper mills
Pigeon wrote:The actual low paid signers shouldn't. They were instructed to do it as their job. The company is to blame.
If you were paid to forge signatures would you do it? They are complicit. I don't think locking them up will solve anything, however if there are repercussions to such actions then corporations would be held more accountable then they are. You have to make the act illegal or the instruction to break the law becomes moot.
Last edited by Ozfactor on Tue Apr 05, 2011 9:10 pm, edited 2 times in total.
A foolish consistency is the hobgoblin of little minds, adored by little statesman and philosophers and divines. With consistency a great soul has simply nothing to do.
Emerson
Emerson
Re: 60 Minutes and mortgage paper mills
Here's something on it. There's more at the link and a link to the 60 minutes piece at the link, too.
e a comment
ASHEHAM PRESS OP-ED ALL RIGHTS RESERVED
The genie is out of the bottle, but it is more like Pandora’s box with massive loan fraud and negligence emerging into our nations crippled economy like the radiation from Fukushima. This is a long post and ties into the 60 Minutes piece aired tonite on home foreclosures and document fraud.
After working in the automotive industry in the 70s and 80s, I worked in the Real Estate title insurance industry for six years in the early 90s as a title searcher and examiner. The job of searching title is to examine public records and the chain of title so when a seller passes title to a buyer, there are no issues. You want a clean title. If there are matters of record, they are revealed in a title policy. In a real estate transaction, title companies do most of the heavy lifting to make sure the title is clean. Title companies are regulated by each state. Mortgage lenders are NOT regulated in the same stringent manner.
One of things you look for in doing your search of a property is if there are any outstanding TRUST DEEDS – loans on the property. That means a first trust deed or a second or third, etc. Often, the originator of the loan — a bank or mortgage lender called the Beneficiary — will ASSIGN THEIR INTEREST IN THE TRUST DEED (the loan), to another entity. So, you may think you have a loan with your local bank like Wells Fargo, but they have ASSIGNED THEIR INTEREST to some other entity. So, now that company holds the loan and should have a copy of the Trust Deed and assignment in their possession.
When I heard Treasury Secretary Hank Paulson in October 2008 state to the Congress that there was a problem in knowing the asset value of the MBS, I knew we were on the edge of a major massive problem.
Follow along here: THERE IS A PAPER TRAIL ON ALL RECORDED TRANSACTIONS. LIKE the GRANT DEED WHICH SHOWS THE OWNERSHIP — THE GRANTOR AND GRANTEE (SELLER AND BUYER) — there is a PAPER TRAIL. IF, there is an interuption in the paper trail — this is called a BREAK IN THE CHAIN OF TITLE — that’s a problem. The key is RECORDED DOCUMENTS can be searched. No recorded documents and they float out into the ether.
Likewise, LENDERS — BANKS AND MORTGAGE COMPANIES — have a paper trail of the LOANS issued via their trust deed documents. AT THE VERY LEAST THEY NEED TO HAVE THEM INTERNALLY FOR AUDIT PURPOSES. For Title search purposes, IF THE TRUST DEED IS RECORDED, THERE IS A PAPER TRAIL available from the county recorders office.
THE BASICS: The TRUST DEED document shows three parties:
* The Trustor, which is you, the borrower
* The Trustee, which is an entity that holds “bare or legal” title
* The Beneficiary, which is the lender
OK, HERE COMES THE GOOD PART…
When the Beneficiary ASSIGNS THEIR INTEREST to another entity, a document called a ASSIGNMENT is drawn up. OFTEN, BUT NOT ALWAYS, IT IS RECORDED IN THE PUBLIC RECORDS. IT DEPENDS ON THE LAW IN THAT MUNICIPALITY. There can be multiple assignments made on any given property.
In the case of many loans made prior to 2008, ASSIGNMENTS were NOT handled properly by the lenders.
Here is some legal information that should be read: Read the whole thing.
RESPA STATUTES GO HERE
California is what is called a “race notice” state, meaning that the date upon which a conveyance is recorded can have a great deal of significance. If you were to take out a mortgage, but for some reason the mortgage company neglected to record it, and you subsequently took out a second mortgage which was properly recorded, in the event of
foreclosure the second mortgage company would have priority over the first with regard to recovering funds to satisfy its loan. The second mortgage company was the first to give public notice of its interest, and thus won the “race”.
In terms of the mortgage, as the original mortgage company has recorded the mortgage in the chain of title for the property, subsequent lenders are on notice of its interest. The successor mortgage company assumes the rights of the first mortgage company, and
is similarly protected. The second mortgage company may wish to record the transfer in order to ensure that appropriate contact information is reflected in the chain of title in case another mortgagor or lien holder attempts to foreclose, but such a notice would be recorded for its own protection, not out of a legal obligation or duty.
The original mortgage company, however, may be under a duty to notify you of the transfer. Obviously, mortgage companies choose to inform their clients of transfers for the obvious reason that the mortgage payments must be sent to the correct place. However, sometimes mortgage companies fail to give proper notice to the borrower, and
that failure may provide a defense against foreclosure. See, e.g., Winger v EMC Mortgage Corporation, 103 Cal. App. 4th 1125; 127 Cal. Rptr. 2d 685 (2002), in which a mortgagor neglected to provide notice required by the Real Estate Settlement Procedures Act of 1974 (RESPA), 12 U.S.C. 2601 et seq. The estate of the borrower was able to present
the failure to provide proper notice to the borrower as a defense against foreclosure. (If you review that case, you will note that the court did not discuss the failure to provide notice of the transfer as either a defense against the transfer or as a defense against the
mortgage itself.)
***end quote
IF YOU THINK YOU HAVE A LEGAL ISSUE REGARDING ASSIGNMENT(S) OF YOUR TRUST DEED WHICH MAY BE AFFECTING YOUR RIGHTS CONTACT AN ATTORNEY.
https://asheham.wordpress.com/tag/docx-fraud/ASHEHAM PRESS OP-ED ALL RIGHTS RESERVED
The genie is out of the bottle, but it is more like Pandora’s box with massive loan fraud and negligence emerging into our nations crippled economy like the radiation from Fukushima. This is a long post and ties into the 60 Minutes piece aired tonite on home foreclosures and document fraud.
After working in the automotive industry in the 70s and 80s, I worked in the Real Estate title insurance industry for six years in the early 90s as a title searcher and examiner. The job of searching title is to examine public records and the chain of title so when a seller passes title to a buyer, there are no issues. You want a clean title. If there are matters of record, they are revealed in a title policy. In a real estate transaction, title companies do most of the heavy lifting to make sure the title is clean. Title companies are regulated by each state. Mortgage lenders are NOT regulated in the same stringent manner.
One of things you look for in doing your search of a property is if there are any outstanding TRUST DEEDS – loans on the property. That means a first trust deed or a second or third, etc. Often, the originator of the loan — a bank or mortgage lender called the Beneficiary — will ASSIGN THEIR INTEREST IN THE TRUST DEED (the loan), to another entity. So, you may think you have a loan with your local bank like Wells Fargo, but they have ASSIGNED THEIR INTEREST to some other entity. So, now that company holds the loan and should have a copy of the Trust Deed and assignment in their possession.
When I heard Treasury Secretary Hank Paulson in October 2008 state to the Congress that there was a problem in knowing the asset value of the MBS, I knew we were on the edge of a major massive problem.
Follow along here: THERE IS A PAPER TRAIL ON ALL RECORDED TRANSACTIONS. LIKE the GRANT DEED WHICH SHOWS THE OWNERSHIP — THE GRANTOR AND GRANTEE (SELLER AND BUYER) — there is a PAPER TRAIL. IF, there is an interuption in the paper trail — this is called a BREAK IN THE CHAIN OF TITLE — that’s a problem. The key is RECORDED DOCUMENTS can be searched. No recorded documents and they float out into the ether.
Likewise, LENDERS — BANKS AND MORTGAGE COMPANIES — have a paper trail of the LOANS issued via their trust deed documents. AT THE VERY LEAST THEY NEED TO HAVE THEM INTERNALLY FOR AUDIT PURPOSES. For Title search purposes, IF THE TRUST DEED IS RECORDED, THERE IS A PAPER TRAIL available from the county recorders office.
THE BASICS: The TRUST DEED document shows three parties:
* The Trustor, which is you, the borrower
* The Trustee, which is an entity that holds “bare or legal” title
* The Beneficiary, which is the lender
OK, HERE COMES THE GOOD PART…
When the Beneficiary ASSIGNS THEIR INTEREST to another entity, a document called a ASSIGNMENT is drawn up. OFTEN, BUT NOT ALWAYS, IT IS RECORDED IN THE PUBLIC RECORDS. IT DEPENDS ON THE LAW IN THAT MUNICIPALITY. There can be multiple assignments made on any given property.
In the case of many loans made prior to 2008, ASSIGNMENTS were NOT handled properly by the lenders.
Here is some legal information that should be read: Read the whole thing.
RESPA STATUTES GO HERE
California is what is called a “race notice” state, meaning that the date upon which a conveyance is recorded can have a great deal of significance. If you were to take out a mortgage, but for some reason the mortgage company neglected to record it, and you subsequently took out a second mortgage which was properly recorded, in the event of
foreclosure the second mortgage company would have priority over the first with regard to recovering funds to satisfy its loan. The second mortgage company was the first to give public notice of its interest, and thus won the “race”.
In terms of the mortgage, as the original mortgage company has recorded the mortgage in the chain of title for the property, subsequent lenders are on notice of its interest. The successor mortgage company assumes the rights of the first mortgage company, and
is similarly protected. The second mortgage company may wish to record the transfer in order to ensure that appropriate contact information is reflected in the chain of title in case another mortgagor or lien holder attempts to foreclose, but such a notice would be recorded for its own protection, not out of a legal obligation or duty.
The original mortgage company, however, may be under a duty to notify you of the transfer. Obviously, mortgage companies choose to inform their clients of transfers for the obvious reason that the mortgage payments must be sent to the correct place. However, sometimes mortgage companies fail to give proper notice to the borrower, and
that failure may provide a defense against foreclosure. See, e.g., Winger v EMC Mortgage Corporation, 103 Cal. App. 4th 1125; 127 Cal. Rptr. 2d 685 (2002), in which a mortgagor neglected to provide notice required by the Real Estate Settlement Procedures Act of 1974 (RESPA), 12 U.S.C. 2601 et seq. The estate of the borrower was able to present
the failure to provide proper notice to the borrower as a defense against foreclosure. (If you review that case, you will note that the court did not discuss the failure to provide notice of the transfer as either a defense against the transfer or as a defense against the
mortgage itself.)
***end quote
IF YOU THINK YOU HAVE A LEGAL ISSUE REGARDING ASSIGNMENT(S) OF YOUR TRUST DEED WHICH MAY BE AFFECTING YOUR RIGHTS CONTACT AN ATTORNEY.
Re: 60 Minutes and mortgage paper mills
Ozfactor wrote:Pigeon wrote:The actual low paid signers shouldn't. They were instructed to do it as their job. The company is to blame.
If you were paid to forge signatures would you do it? They are complicit. I don't think locking them up will solve anything, however if there are repercussions to such actions then corporations would be held more accountable then they are. You have to make the act illegal or the instruction to break the law becomes moot.
These robo-signers were lied to...they were told their companies had power of attorney
Re: 60 Minutes and mortgage paper mills
What's going to happen here...is that the banks will pay fines and the foreclosures will continue.
The Govt has already decided to prop up the banks with bailouts....(forget for a moment that even today the banks are all still insolvent)
Rightfully or wrongfully...the foreclosures need to occur so that housing can find a bottom...the lower the better....and an actual real recovery can start.
All these programs and forgeries were meant to do one thing only....slow foreclosures.
Bank want time to try to get top dollar for their REO"s (Real Estate Owned)
If they all hit the market at the same time...market values would plummet...probably 50% lower than what they are already.
Also...think about all the home equity loans and second mortgages on houses already under water.
There are huge losses that that don't have to be realized until the actual foreclosure and subsequent sales.
This is all out in the open.
The Govt is firmly and squarely protecting the banks...in fact the banks now own the govt.
The Head must be killed.....Kill the Federal Reserve
The Govt has already decided to prop up the banks with bailouts....(forget for a moment that even today the banks are all still insolvent)
Rightfully or wrongfully...the foreclosures need to occur so that housing can find a bottom...the lower the better....and an actual real recovery can start.
All these programs and forgeries were meant to do one thing only....slow foreclosures.
Bank want time to try to get top dollar for their REO"s (Real Estate Owned)
If they all hit the market at the same time...market values would plummet...probably 50% lower than what they are already.
Also...think about all the home equity loans and second mortgages on houses already under water.
There are huge losses that that don't have to be realized until the actual foreclosure and subsequent sales.
This is all out in the open.
The Govt is firmly and squarely protecting the banks...in fact the banks now own the govt.
The Head must be killed.....Kill the Federal Reserve