Economy
Related: About this forumBanks charging fees for mortgages they do not own
From foreclosure Fraud website: ( halfway down the article)
"While the settlement with Mr. Pino is confidential, we do know that a satisfaction of his mortgage was recorded in the public records in July 2011 (below).
Despite the fact that this mortgage asset no longer exists,
the trust is still claiming this mortgage as an asset as of the Jan 2012 investor report,
charging all sorts of fees, including monthly servicing fees, etc."
Snip:
Our research has uncovered other non-existent assets on the books of this trust. To put this in perspective, at the origination of this trust there were 6,734 loans of which 61 were originated in Palm Beach County.
As of the Jan 2012 investor report, 29 of the original 61 Palm Beach County loans remain on the trusts books. Only ONE is performing as originally contracted at closing.
Three others have been modified; one has a $39k forbearance, one has a $8k added to principal, one has $16k added to principal. The other 25 loans are non-performing
. (As of Jan 2012 report, total left in the trust 2,921; of the 2,921 left 1,187 are non-performing (delinquent = 237, bankruptcy 188, foreclosure = 512, REO = 250) but we know this data isnt correct, so
.)
Some non-existent loan examples from the trust
Roman Pino loan #130133456 $162,400 (July 2011 satisfaction still on the books in Jan 2012 trust report in foreclosure status)
BoA monthly servicing fee for non-existent mortgage $50.73
Samantha Woodruff loan #130521936 $171,940 (Sept 2011 deed from trust REO to new buyer still on the books in Jan 2012 trust report in REO status)
BoA monthly servicing fee for non-existent mortgage $33.70
Robert Rodriguez loan #130450231 $176,542 (Sept 2011 short sale deed & Nov 2011 satisfaction still on the books in Jan 2012 trust report in REO status)
WOW BoA monthly servicing fee for non-existent mortgage $181.69
Elsa Castillo Rivas loan #130445815 $375,000 (July 2011 short sale deed) remained on books through Dec 2011 in REO status), finally reported as liquidated in Jan 2012 report
WOW BoA monthly servicing fee for non-existent mortgage $328.04
This is just a small example of what we are uncovering. If we learned anything from the robosigning scandal, if there are more than two irregularities, there are thousands.
More examples from other trusts to come.
We feel comfortable saying that this is widespread
http://4closurefraud.org/2012/02/20/exclusive-the-sophisticated-and-the-scammed-mbs-trusts-keeping-assets-on-the-books-long-after-they-are-liquidated/
MannyGoldstein
(34,589 posts)They saw an opportunity and filled a need.
fasttense
(17,301 posts)AnotherMcIntosh
(11,064 posts)It must be due to those Republican obstructionists in the Senate with their filibusters.
Just not enough votes.
But it will be better after the re-election.
dixiegrrrrl
(60,010 posts)Don't want to be accused of having a negative outlook, don'tcha know.
msongs
(67,129 posts)LiberalEsto
(22,845 posts)Let's send them a bunch of bills for rent!
We don't own the phone company that serves them, either so,
let's send them some huuuge phone bills.
And we don't own the electric companies they buy power from so,
let's send them a few whopping electric bills.