http://4closurefraud.org/2010/10/15/judge-denies-protective-order-of-removal-jeffrey-stephans-deposition-from-internet-blog/
OOOH, hard blow for GMAC.
Jeffery Stephan must leave his dirty laundry to air in public.
Showing posts with label robo-signers. Show all posts
Showing posts with label robo-signers. Show all posts
Friday, October 15, 2010
Thursday, October 14, 2010
Document Mess Hits Fannie, Freddie .
http://online.wsj.com/article/SB10001424052748704763904575550472268902454.html?mod=WSJ_hpp_LEFTTopStories
Do you really think that this situation can be fixed Ben?
Ms. Kapusta handled files for Fannie and Freddie, according to her deposition.
When Fannie came to the Stern law firm to check on the processing, "We would all have to be under strict dress code and emails would go out that Fannie was in the office," Ms. Kapusta said. Fannie and Freddie have guidelines that require, for example, that documents reflecting the transfer of ownership be dated on the exact day of the transfer.
But Ms. Kapusta said that to meet those guidelines, documents were backdated. "They'd come in and audit," Ms. Kapusta said, "so we're just typing in what they want to see. It's not necessarily what actually occurred. That's what we were told to do."
Fannie and Freddie declined to comment on the deposition
Do you really think that this situation can be fixed Ben?
Ms. Kapusta handled files for Fannie and Freddie, according to her deposition.
When Fannie came to the Stern law firm to check on the processing, "We would all have to be under strict dress code and emails would go out that Fannie was in the office," Ms. Kapusta said. Fannie and Freddie have guidelines that require, for example, that documents reflecting the transfer of ownership be dated on the exact day of the transfer.
But Ms. Kapusta said that to meet those guidelines, documents were backdated. "They'd come in and audit," Ms. Kapusta said, "so we're just typing in what they want to see. It's not necessarily what actually occurred. That's what we were told to do."
Fannie and Freddie declined to comment on the deposition
Wednesday, October 13, 2010
Attorneys General in 49 States Join Foreclosure Probe
http://www.businessweek.com/news/2010-10-13/attorneys-general-in-49-states-join-foreclosure-probe.html
The AG's better dig a little deeper than just the foreclosure process and ask why all of the crimes had to be committed for the simple process as a foreclosure.
They're a missing the big picture or choosing to willingly ignore it, in which case,it would seem the possibility is there that they themselves are also aiding and abetting the banks as well as being in collusion regarding the political cover up of one of the greatest financial crimes committed against the taxpayer in the history of the United States..
With the fraudulent use of MERS the banks decided their own fate regarding the state of fairness.
America is not going to let this go.
The banks plied Fannie and Freddie with this crap that can't be traced to legally foreclose on. They just billed the taxpayer a few more billion the last quarter to take care of the financial obligations to the bondholders that come with the getting dumped with Fannie and Freddie.
The FED wants to buy more of this same crap up and stick the taxpayer with the tab, as well as devaluing your dollar even more in the process of doing it.
Top legal officers of 49 states opened a joint investigation into home foreclosures, saying they will probe practices at banks and mortgage companies.
The states, including Texas, Iowa and New Mexico will conduct a coordinated inquiry into whether banks and loan servicers used false documents and signatures to justify hundreds of thousands of foreclosures, Minnesota Attorney General Lori Swanson said today in an e-mailed statement.
“Our multistate group has begun inquiring whether or not individual mortgage servicers have improperly submitted affidavits or other documents in support of foreclosures,” the attorneys said in a statement. “The facts uncovered in our review will dictate the scope of our inquiry.”
Alabama is the only state that didn’t join the probe
“This group has the backing of nearly every state in the nation to get to the bottom of this foreclosure mess, and we plan to work together as thoroughly and expeditiously as possible,” Iowa Attorney General Tom Miller, who is leading the group, said in a statement.
“Since this issue affects people’s homes and has clear economic implications, this probe and its outcome need to be fair both to homeowners and also to lenders,” Miller said.
First Steps
The group’s initial goals include putting an immediate stop to improper mortgage practices, reviewing past and present practices by mortgage servicers, evaluating potential remedies and establishing a mechanism for more effective independent monitoring of future mortgage foreclosure practices, Miller’s office said in its statement.
The AG's better dig a little deeper than just the foreclosure process and ask why all of the crimes had to be committed for the simple process as a foreclosure.
They're a missing the big picture or choosing to willingly ignore it, in which case,it would seem the possibility is there that they themselves are also aiding and abetting the banks as well as being in collusion regarding the political cover up of one of the greatest financial crimes committed against the taxpayer in the history of the United States..
With the fraudulent use of MERS the banks decided their own fate regarding the state of fairness.
America is not going to let this go.
The banks plied Fannie and Freddie with this crap that can't be traced to legally foreclose on. They just billed the taxpayer a few more billion the last quarter to take care of the financial obligations to the bondholders that come with the getting dumped with Fannie and Freddie.
The FED wants to buy more of this same crap up and stick the taxpayer with the tab, as well as devaluing your dollar even more in the process of doing it.
Top legal officers of 49 states opened a joint investigation into home foreclosures, saying they will probe practices at banks and mortgage companies.
The states, including Texas, Iowa and New Mexico will conduct a coordinated inquiry into whether banks and loan servicers used false documents and signatures to justify hundreds of thousands of foreclosures, Minnesota Attorney General Lori Swanson said today in an e-mailed statement.
“Our multistate group has begun inquiring whether or not individual mortgage servicers have improperly submitted affidavits or other documents in support of foreclosures,” the attorneys said in a statement. “The facts uncovered in our review will dictate the scope of our inquiry.”
Alabama is the only state that didn’t join the probe
“This group has the backing of nearly every state in the nation to get to the bottom of this foreclosure mess, and we plan to work together as thoroughly and expeditiously as possible,” Iowa Attorney General Tom Miller, who is leading the group, said in a statement.
“Since this issue affects people’s homes and has clear economic implications, this probe and its outcome need to be fair both to homeowners and also to lenders,” Miller said.
First Steps
The group’s initial goals include putting an immediate stop to improper mortgage practices, reviewing past and present practices by mortgage servicers, evaluating potential remedies and establishing a mechanism for more effective independent monitoring of future mortgage foreclosure practices, Miller’s office said in its statement.
Tuesday, October 12, 2010
Robo-signers: Mortgage experience not necessary
http://finance.yahoo.com/news/Robosigners-Mortgage-apf-382327091.html?x=0&sec=topStories&pos=main&asset=&ccode=
This my friends is what Congress was trying to cover up, when they signed on the bum rush HR 3808, to cover up for their friends.
It sure couldn't have been that they were looking out for you.
The experience level says they don't know enough to question anything, they just did what they were told or rather shown, since it all seems to be a made up on demand, kind of fill in the blanks as you go kind of thing.
-- In an effort to rush through thousands of home foreclosures since 2007, financial institutions and their mortgage servicing departments hired hair stylists, Walmart floor workers and people who had worked on assembly lines and installed them in "foreclosure expert" jobs with no formal training, a Florida lawyer says.
In depositions released Tuesday, many of those workers testified that they barely knew what a mortgage was. Some couldn't define the word "affidavit." Others didn't know what a complaint was, or even what was meant by personal property. Most troubling, several said they knew they were lying when they signed the foreclosure affidavits and that they agreed with the defense lawyers' accusations about document fraud.
"The mortgage servicers hired people who would never question authority," said Peter Ticktin, a Deerfield Beach, Fla., lawyer who is defending 3,000 homeowners in foreclosure cases. As part of his work, Ticktin gathered 150 depositions from bank employees who say they signed foreclosure affidavits without reviewing the documents or ever laying eyes on them -- earning them the name "robo-signers."
This my friends is what Congress was trying to cover up, when they signed on the bum rush HR 3808, to cover up for their friends.
It sure couldn't have been that they were looking out for you.
The experience level says they don't know enough to question anything, they just did what they were told or rather shown, since it all seems to be a made up on demand, kind of fill in the blanks as you go kind of thing.
-- In an effort to rush through thousands of home foreclosures since 2007, financial institutions and their mortgage servicing departments hired hair stylists, Walmart floor workers and people who had worked on assembly lines and installed them in "foreclosure expert" jobs with no formal training, a Florida lawyer says.
In depositions released Tuesday, many of those workers testified that they barely knew what a mortgage was. Some couldn't define the word "affidavit." Others didn't know what a complaint was, or even what was meant by personal property. Most troubling, several said they knew they were lying when they signed the foreclosure affidavits and that they agreed with the defense lawyers' accusations about document fraud.
"The mortgage servicers hired people who would never question authority," said Peter Ticktin, a Deerfield Beach, Fla., lawyer who is defending 3,000 homeowners in foreclosure cases. As part of his work, Ticktin gathered 150 depositions from bank employees who say they signed foreclosure affidavits without reviewing the documents or ever laying eyes on them -- earning them the name "robo-signers."
Tuesday, October 5, 2010
Florida judge halts foreclosure mill subpeona
http://www.miamiherald.com/2010/10/05/1857541/judge-halts-foreclosure-probe.html
A Palm Beach County judge struck down a state subpoena on Monday, halting an investigation into a Boca Raton law firm's foreclosure practices
Against a backdrop of halted foreclosures and exposed ``robo-signers,'' a Palm Beach County judge dealt a blow to an investigation of one of the law firms under state scrutiny, striking down the state's subpoena.
Judge Jack S. Cox of the 15th Judicial Circuit ruled that Attorney General Bill McCollum lacked standing to file his subpoena against Shapiro & Fishman law firm of Boca Raton, effectively blocking an investigation of that firm's foreclosure practices.
``I think it is a great result of the law firm and a fair result,'' said Gerald Richman of Richman Greer, P.A., legal counsel for Shapiro & Fishman. ``It should be the end of the investigation as far as the attorney general is concerned.''
The state has not given up on its investigation, according to a brief statement released Monday afternoon.
``Our attorneys are discussing our options, including whether or not we will appeal the judges ruling,'' said Ryan Wiggins, a spokeswoman for the attorney general's office.
McCollum had filed sweeping subpoenas against Shapiro & Fishman and two other law firms in August, alleging they may have used fraudulent documents as they speedily processed foreclosure cases for lenders. Monday's ruling could halt the state investigation, one of at least six going on nationwide in a foreclosure climate that has grown increasingly hot for lenders and the so-called ``mills'' that process their cases.
The judge's ruling was a clear rebuke of the attorney general's legal tactic. In addition to lacking standing, the judge wrote, the state's subpoena was ``overbroad, vague, inconsistent and unduly burdensome.''
The subpoena had demanded that the law firm hand over five years of documents and e-mails, and copies of all its contracts with foreclosing lenders. According to Richman, the state attorney general wanted to know every employee bonus that had been given in the past five years, as well as all company investments around the world.
A Palm Beach County judge struck down a state subpoena on Monday, halting an investigation into a Boca Raton law firm's foreclosure practices
Against a backdrop of halted foreclosures and exposed ``robo-signers,'' a Palm Beach County judge dealt a blow to an investigation of one of the law firms under state scrutiny, striking down the state's subpoena.
Judge Jack S. Cox of the 15th Judicial Circuit ruled that Attorney General Bill McCollum lacked standing to file his subpoena against Shapiro & Fishman law firm of Boca Raton, effectively blocking an investigation of that firm's foreclosure practices.
``I think it is a great result of the law firm and a fair result,'' said Gerald Richman of Richman Greer, P.A., legal counsel for Shapiro & Fishman. ``It should be the end of the investigation as far as the attorney general is concerned.''
The state has not given up on its investigation, according to a brief statement released Monday afternoon.
``Our attorneys are discussing our options, including whether or not we will appeal the judges ruling,'' said Ryan Wiggins, a spokeswoman for the attorney general's office.
McCollum had filed sweeping subpoenas against Shapiro & Fishman and two other law firms in August, alleging they may have used fraudulent documents as they speedily processed foreclosure cases for lenders. Monday's ruling could halt the state investigation, one of at least six going on nationwide in a foreclosure climate that has grown increasingly hot for lenders and the so-called ``mills'' that process their cases.
The judge's ruling was a clear rebuke of the attorney general's legal tactic. In addition to lacking standing, the judge wrote, the state's subpoena was ``overbroad, vague, inconsistent and unduly burdensome.''
The subpoena had demanded that the law firm hand over five years of documents and e-mails, and copies of all its contracts with foreclosing lenders. According to Richman, the state attorney general wanted to know every employee bonus that had been given in the past five years, as well as all company investments around the world.
Friday, October 1, 2010
Mortgage-gate MERS and Robo-signers the Mortgage Industry and You
http://www.mersinc.org/about/index.aspx
You got it right from the horses mouth,
MERS makes the world paperless, and it holds all the original mortgages.
Except it's not allowed to. It's not human.
And it was endorsed by everybody who is anybody, and main streamed in as an everyday practice.
Then your have the Robo signers who where approving 7-8 thousand foreclosure a month without ever having looked at any of the paper work between 7-8 thousand foreclosure a month and attested that they had by the writ of their signature.
So they all go down together. Their is no getting out of it.
What they did is against the law in any court of the land.
But it can be turned into a country saving opportunity by paying back off our National debt with the free money we now all have.
Because seriously, who is going to continue to pay for something that they can never legally own, because there is no paperwork to ever be able to prove title of ownership.
About MERS
MERS was created by the mortgage banking industry to streamline the mortgage process by using electronic commerce to eliminate paper. Our mission is to register every mortgage loan in the United States on the MERS® System.
Beneficiaries of MERS include mortgage originators, services, warehouse lenders, wholesale lenders, retail lenders, document custodians, settlement agents, title companies, insurers, investors, county recorders and consumers.
MERS acts as nominee in the county land records for the lender and service. Any loan registered on the MERS® System is inoculated against future assignments because MERS remains the nominal mortgagee no matter how many times servicing is traded. MERS as original mortgagee (MOM) is approved by Fannie Mae, Freddie Mac, Ginnie Mae, FHA and VA, California and Utah Housing Finance Agencies, as well as all of the major Wall Street rating agencies.
You got it right from the horses mouth,
MERS makes the world paperless, and it holds all the original mortgages.
Except it's not allowed to. It's not human.
And it was endorsed by everybody who is anybody, and main streamed in as an everyday practice.
Then your have the Robo signers who where approving 7-8 thousand foreclosure a month without ever having looked at any of the paper work between 7-8 thousand foreclosure a month and attested that they had by the writ of their signature.
So they all go down together. Their is no getting out of it.
What they did is against the law in any court of the land.
But it can be turned into a country saving opportunity by paying back off our National debt with the free money we now all have.
Because seriously, who is going to continue to pay for something that they can never legally own, because there is no paperwork to ever be able to prove title of ownership.
About MERS
MERS was created by the mortgage banking industry to streamline the mortgage process by using electronic commerce to eliminate paper. Our mission is to register every mortgage loan in the United States on the MERS® System.
Beneficiaries of MERS include mortgage originators, services, warehouse lenders, wholesale lenders, retail lenders, document custodians, settlement agents, title companies, insurers, investors, county recorders and consumers.
MERS acts as nominee in the county land records for the lender and service. Any loan registered on the MERS® System is inoculated against future assignments because MERS remains the nominal mortgagee no matter how many times servicing is traded. MERS as original mortgagee (MOM) is approved by Fannie Mae, Freddie Mac, Ginnie Mae, FHA and VA, California and Utah Housing Finance Agencies, as well as all of the major Wall Street rating agencies.
Wednesday, September 22, 2010
GMAC Spotlight On 'Robo-Signer'
http://online.wsj.com/article/SB10001424052748703399404575506303831235126.html?mod=WSJ_hpp_sections_realestate#articleTabs%3Darticle
Make sure you read the first comment, the example given in it shows the extent of just how screwed up the Banks have left the mortgage industry in.
They are called robo-signers, putting their names on thousands of documents tied to mortgages facing foreclosure. Now, under pressure from borrowers, banks are halting foreclosures where the documents are signed by these employees.
This week, mortgage-servicing giant GMAC Mortgage Co. halted foreclosures in 23 states due to questions about documents signed by one of its robo-signers, Jeffrey Stephan.
Until now, Mr. Stephan was an anonymous middle manager whose job is to sign affidavits, assignments of mortgages and other documents that establish a bank's ownership of a mortgage, thus giving the bank the right to foreclose.
But, as revelations come to light about how Mr. Stephan and other robo-signers do their jobs, a picture is emerging of a foreclosure process that critics say is just as flawed as the lax lending and perverse incentives that created the lending crisis.
In two sworn depositions given by Mr. Stephan over the last 10 months, he said that assistants brought as many as 500 documents a day to this desk at GMAC's office in Fort Washington, Pa. Some months, he would sign more than 10,000 documents related to home foreclosures. By signing the documents, he was stating that he had personally reviewed the details of each case.
The problem is, according to depositions Mr. Stephan gave in December and June, he didn't really look at each case. In fact, he assumed that all the details were correct, and just signed off on each one.
Make sure you read the first comment, the example given in it shows the extent of just how screwed up the Banks have left the mortgage industry in.
They are called robo-signers, putting their names on thousands of documents tied to mortgages facing foreclosure. Now, under pressure from borrowers, banks are halting foreclosures where the documents are signed by these employees.
This week, mortgage-servicing giant GMAC Mortgage Co. halted foreclosures in 23 states due to questions about documents signed by one of its robo-signers, Jeffrey Stephan.
Until now, Mr. Stephan was an anonymous middle manager whose job is to sign affidavits, assignments of mortgages and other documents that establish a bank's ownership of a mortgage, thus giving the bank the right to foreclose.
But, as revelations come to light about how Mr. Stephan and other robo-signers do their jobs, a picture is emerging of a foreclosure process that critics say is just as flawed as the lax lending and perverse incentives that created the lending crisis.
In two sworn depositions given by Mr. Stephan over the last 10 months, he said that assistants brought as many as 500 documents a day to this desk at GMAC's office in Fort Washington, Pa. Some months, he would sign more than 10,000 documents related to home foreclosures. By signing the documents, he was stating that he had personally reviewed the details of each case.
The problem is, according to depositions Mr. Stephan gave in December and June, he didn't really look at each case. In fact, he assumed that all the details were correct, and just signed off on each one.
Subscribe to:
Posts (Atom)