Loan origination fraud, sub-prime mortgages and foreclosure fraud dominates the discourse when it comes to the mortgage loan meltdown that started in 2008 with Lehman Brothers filing for bankruptcy protection.
Brent Hunsberger who writes the blog It’s Only Money at The Oregonian points out that as early as 2003 there were warnings flares going up at Fannie Mae that were ignored, but that foreshadowed the muck we find ourselves in today.
This weekend’s excellent story comes from New York Times writer Gretchen Morganstern. Its title: A Mortgage Tornado Warning, Unheeded.
Turns out, a confidential 147-page investigation into mortgage fraud commissioned by Fannie Mae uncovered some of the very abuses bedeviling homeowners today. Yet Fannie appeared to take no action on the 2006 report. The investigation was triggered by a wealthy businessman’s allegations in 2003 that servicers were filing false foreclosure documents and “playing fast and loose with the law.”
“It is axiomatic that the practice of submitting false pleadings and affidavits is unlawful,” said the report, a copy of which was obtained by The New York Times. “With his complaint, Mr. (Nye) Lavalle has identified an issue that Fannie Mae needs to address promptly.”
Mr. Lavalle and Fannie’s investigators found lawyers filing “sham proceedings” in eight states on behalf of either Fannie Mae or the Mortgage Electronic Registration System (MERS).
“From my own personal experience and 20 years of research and investigation, nothing
The folks at CREDO have a petition you can sign and a script to help you with your call to the President.
On Good Friday, thought an appropriate biblical reference was in order — John 8:32, “And you will know the truth, and the truth will set you free.”
Today, like every day, we are muddling through many foreclosure files rife with out right lies, misleading affidavits and phony MERS assignments of mortgage.
Heading into Easter Weekend with some new tricks for the pro se foreclosure fraud fighters.
In an article today, published by the Palm Beach Post, it is alleged that David J. Stern’s
Anyone following the foreclosure fraud unfolding before our very eyes in the courts, will want to read through this recent ruling out of Rhode Island. Just a few quotes follow to whet your appetite.