http://www.zerohedge.com/article/mortgage-meltdown-mess-update
With all the excitement over yet another market melt up, some may have forgotten about the biggest story in process of decimating the US economy, and its entire mortgage-credit backbone. Here is a brief summary of all the comings and goings in the Mortgage Meltdown Mess, which may explain why the Fed is getting aggressive about inflating the living feces out of $10+ trillion in mortgage debt.
Rep. Zoe Lofgren and CA Democratic Delegation Asks for Investigations
http://lofgren.house.gov/images/stories/pdf/letter_to_investigate_banks_-_final_10.4.10.pdf
AFL-CIO Reiterates Call for Foreclosure Moratorium
http://blog.aflcio.org/2010/09/30/banks-should-follow-chase-and-declare-moratorium-on-foreclosures/
Freddie Demands Review of Servicer Policy
http://www.freddiemac.com/sell/guide/bulletins/pdf/iltr100110.pdf
Senator Menendez Sends Stern Letters to Banks, Asks for GAO Investigation
•JP Morgan Chase: http://menendez.senate.gov/imo/media/doc/20101005ltr_JPMorgan.pdf
•Bank of America: http://menendez.senate.gov/imo/media/doc/20101005ltr_BoA.pdf
•Ally Financial: http://menendez.senate.gov/imo/media/doc/20101005ltr_Ally.pdf
•Mortgage Servicers (identical letter sent to 117 companies): http://menendez.senate.gov/imo/media/doc/20101005ltr_MortgageServicers.pdf
•GAO: http://menendez.senate.gov/imo/media/doc/20101005ltr_GAOMortgages.pdf
The Next New Century? LPS under investigation by Florida AG
Showing posts with label Motgage-gate. Show all posts
Showing posts with label Motgage-gate. Show all posts
Tuesday, October 5, 2010
Saturday, October 2, 2010
Noterize this the brewing foreclosure storm
http://www.huffingtonpost.com/jennifer-brunner/notarize-this-the-brewing_b_747461.html
Another must read, by Ohio Secretary of State Jennifer Brunner
Under today's financial schemes, foreclosure documents are routinely created to demonstrate the transfer of the interest in the note so the right person brings the foreclosure lawsuit. In the case of Chase Home Finance, LLC, its Columbus, Ohio employee, Beth Cottrell, testified in her deposition that she helps create foreclosure documents by signing on behalf of the banks and financial institutions (including MERS) that have been involved. Then, a small group of notaries at Chase notarize her and others' signatures on various foreclosure documents (about 18,000 documents a month at Chase Home Finance, LLC).
While serving as a Chase Home Finance, LLC employee, Beth Cottrell's name has appeared in foreclosure affidavits from 2008 through 2010 in the Florida court system on documents showing mortgage amounts owed on behalf of Wells Fargo, U.S. Bank, Federal National Mortgage Association, HSBC, Deutsche Bank, People's Choice Home Loan, Wachovia and Citi, even though she was an employee of Chase Home Finance, LLC in Columbus.
In Ohio, I read two depositions of Beth Cottrell taken in Columbus, Ohio in May of this year, about a Florida foreclosure. I was frankly chagrined to read her description of the notary activity to process the 18,000 documents a month by the company she works for alone--using just eight notaries. In her deposition, Ms. Cottrell's stated that: no oath is administered for the signing of each document; notaries (not signers) are filling in numbers in the affidavits used in court ordered foreclosures; notarized documents are not verified by the person signing them, but rather, signers are relying on verification by others, and notaries know this at the time they notarize documents; and large numbers of documents are signed in bulk and notarized in bulk separately.
Another must read, by Ohio Secretary of State Jennifer Brunner
Under today's financial schemes, foreclosure documents are routinely created to demonstrate the transfer of the interest in the note so the right person brings the foreclosure lawsuit. In the case of Chase Home Finance, LLC, its Columbus, Ohio employee, Beth Cottrell, testified in her deposition that she helps create foreclosure documents by signing on behalf of the banks and financial institutions (including MERS) that have been involved. Then, a small group of notaries at Chase notarize her and others' signatures on various foreclosure documents (about 18,000 documents a month at Chase Home Finance, LLC).
While serving as a Chase Home Finance, LLC employee, Beth Cottrell's name has appeared in foreclosure affidavits from 2008 through 2010 in the Florida court system on documents showing mortgage amounts owed on behalf of Wells Fargo, U.S. Bank, Federal National Mortgage Association, HSBC, Deutsche Bank, People's Choice Home Loan, Wachovia and Citi, even though she was an employee of Chase Home Finance, LLC in Columbus.
In Ohio, I read two depositions of Beth Cottrell taken in Columbus, Ohio in May of this year, about a Florida foreclosure. I was frankly chagrined to read her description of the notary activity to process the 18,000 documents a month by the company she works for alone--using just eight notaries. In her deposition, Ms. Cottrell's stated that: no oath is administered for the signing of each document; notaries (not signers) are filling in numbers in the affidavits used in court ordered foreclosures; notarized documents are not verified by the person signing them, but rather, signers are relying on verification by others, and notaries know this at the time they notarize documents; and large numbers of documents are signed in bulk and notarized in bulk separately.
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