http://4closurefraud.org/2009/10/21/mers-info-discovery-submissions-interrogatories/
Oh this is just to rich. You have to read it.
MERS has 1000 prefered shared of stock as well as 1000 shares of common stock issued.
It would be very interesting to know who the holders were.
MERS just blew up the banks
Showing posts with label Ally Financial Inc. Show all posts
Showing posts with label Ally Financial Inc. Show all posts
Sunday, October 3, 2010
Friday, October 1, 2010
APNewsBreak: BofA delays foreclosures in 23 states
http://finance.yahoo.com/news/APNewsBreak-BofA-delays-apf-3343207402.html?x=0&sec=topStories&pos=main&asset=&ccode=
And so, now Bank of America stops their foreclosure is 23 states.
And it's commonly know that MER was standard practice.
So all those millions of foreclosures are now null and void.
Whether your in foreclosure or not if you have bought a house or refinanced your house your Title to, is now involved, unless it's mortgage free.
This has nothing to do with whether you can make the payments or not.
It has to do with the bank you pay your payments to, they don't own your title to the property. They sold it in a CDO and millions of pensions cet... around the world bought them. So the bank doesn't legally own it and what you don't own ,you can't take. It's against the law and punishable by imprisonment.
Freddie and Frannie are also part of this. The government has guaranteed their loans and now the banks are going to be forced to take them back.
The FED is filled to capacity with this very same problem.
A lawyer for the homeowner in the case, James O'Connor of Fitchburg, Mass., said such problems are rampant throughout the industry.
"We have had thousands, maybe hundreds of thousands of foreclosures around the country by entities that did not have the right to foreclose," O'Connor said.
The disclosure comes two days after JPMorgan said it would temporarily stop foreclosing on more than 50,000 homes so it could review documents that might contain errors. Last week, GMAC halted certain evictions and sales of foreclosed homes in 23 states to review those cases after finding procedural errors in some foreclosure affidavits.
Consumer advocates say the problems are widespread across the lending industry.
"The general level of sloppiness is pervasive around the industry," said Diane Thompson, counsel at the National Consumer Law Center.
And so, now Bank of America stops their foreclosure is 23 states.
And it's commonly know that MER was standard practice.
So all those millions of foreclosures are now null and void.
Whether your in foreclosure or not if you have bought a house or refinanced your house your Title to, is now involved, unless it's mortgage free.
This has nothing to do with whether you can make the payments or not.
It has to do with the bank you pay your payments to, they don't own your title to the property. They sold it in a CDO and millions of pensions cet... around the world bought them. So the bank doesn't legally own it and what you don't own ,you can't take. It's against the law and punishable by imprisonment.
Freddie and Frannie are also part of this. The government has guaranteed their loans and now the banks are going to be forced to take them back.
The FED is filled to capacity with this very same problem.
A lawyer for the homeowner in the case, James O'Connor of Fitchburg, Mass., said such problems are rampant throughout the industry.
"We have had thousands, maybe hundreds of thousands of foreclosures around the country by entities that did not have the right to foreclose," O'Connor said.
The disclosure comes two days after JPMorgan said it would temporarily stop foreclosing on more than 50,000 homes so it could review documents that might contain errors. Last week, GMAC halted certain evictions and sales of foreclosed homes in 23 states to review those cases after finding procedural errors in some foreclosure affidavits.
Consumer advocates say the problems are widespread across the lending industry.
"The general level of sloppiness is pervasive around the industry," said Diane Thompson, counsel at the National Consumer Law Center.
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.
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