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Omaha Steve Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Sep-15-11 05:59 AM
Original message
Mortgage default warnings surged in August
Source: AP-Excite

By ALEX VEIGA

LOS ANGELES (AP) - Banks have stepped up their actions against homeowners who have fallen behind on their mortgage payments, setting the stage for a fresh wave of foreclosures.

The number of U.S. homes that received an initial default notice - the first step in the foreclosure process - jumped 33 percent in August from July, foreclosure listing firm RealtyTrac Inc. said Thursday.

The increase represents a nine-month high and the biggest monthly gain in four years. The spike signals banks are starting to take swifter action against homeowners, nearly a year after processing issues led to a sharp slowdown in foreclosures.

"This is really the first time we've seen a significant increase in the number of new foreclosure actions," said Rick Sharga, a senior vice president at RealtyTrac. "It's still possible this is a blip, but I think it's much more likely we're seeing the beginning of a trend here."

Read more: http://apnews.excite.com/article/20110915/D9PONUCO0.htm...
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tpsbmam Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Sep-15-11 07:07 AM
Response to Original message
1. I'm so glad Democrats stepped in so effectively to address this problem!
:sarcasm: :sarcasm: :sarcasm: :sarcasm: :sarcasm: :sarcasm:
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No Elephants Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Sep-15-11 07:25 AM
Response to Original message
2. Does any news story about a "surge" ever turn out to be good news?
Edited on Thu Sep-15-11 07:27 AM by No Elephants
Just remember. We bailed out these fuckers. And now cuts to fuel subsidies, cuts to Medicare and cuts to Social Security are "on the table."

BTW, has anyone in public office ever used the word "entitlement" in connection with the bail out/

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chill_wind Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Sep-15-11 09:07 AM
Response to Original message
3. And they're not using the infamous court "Rocket Dockets" or
the jillion robo-signed documents stacked up to the moon, as they had been, because everybody from the fraud-closure industry that ever did that is now serving time somewhere, right?


:sarcasm:
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ms.smiler Donating Member (311 posts) Send PM | Profile | Ignore Thu Sep-15-11 12:08 PM
Response to Reply #3
7. chill_wind, I suspect you are one that can follow this:
MERS has no employees yet there are about 20,000 persons who work for mortgage servicers, foreclosure & document mills who claim to be MERS Vice Presidents and Assistant Secretaries that sign various documents including Satisfactions of Mortgage, Assignments of Mortgage and Affidavits.

I suspect you share my view that MERS is a sham organization as are their 20,000 Certifying Officers. There is though a legal reason why MERS has no Vice Presidents or Assistant Secretaries with any authority whatsoever.

Wouldnt it be delightful if you had a fellow DU member that had daily researched mortgage/foreclosure fraud for 3 years and who hired a fine attorney that well understood securitized mortgages?

Wouldnt it also be delightful if that fellow DU member recently filed a Quiet Title action stating that Stacey Anderson was not an Assistant Secretary of MERS and that person had no authority to sign a MERS Assignment of Mortgage?

Might it possibly make your day to learn that in 300 such cases filed, 99% of the Complaints went unanswered and the mortgage servicers lost by default and their invalid documents will be stricken from our public land records as a result?

The well established way that MERS creates supposed Vice Presidents and Assistant Secretaries might be cost efficient, but it is nowhere close to the legal process that is required of companies incorporated in the state of Delaware such as MERS.

The problem isnt how many documents have a robo-signer on them, its how many millions of documents are invalid and fraudulent because no valid MERS signature appears on them.

Arent privatized (MERS) land records grand?

chill_wind, I am in the 1% of cases, presently in the Discovery phase and the case which is closest to trial. You have no idea how eager I am for my case to be completed so I can return to DU to share and cite the case.

Initially, my mortgage servicer agreed to the suit and to strike the invalid Assignment/lien from the land records. They didnt know that I check our land records online daily. The agreement hadnt made it to paper yet when I discovered a new Assignment/lien on my property the following day. My attorney then filed an Amended Complaint and added the new fraudulent Assignment. She also filed an Injunction to keep them from filing anything more as well as a Subpoena.

We dont have a foreclosure crisis in this country we have a mortgage/Title crisis. Millions of invalid documents have been filed in our public land records which create a cloud upon the Titles of millions of properties and millions of wrongful foreclosures.

Homeowners please set aside your understanding of traditional mortgages in favor of acquiring an understanding of securitized mortgages. A securitized mortgage is actually a sophisticated Wall Street scheme wherein those banks collect multiple times upon the same debt. Wall Street banks have defrauded investors, taxpayers and homeowners. Investors have come to understand how they were defrauded and are filing suit. Its time that homeowners come to understand how they were also defrauded and do likewise.

Our government is unfortunately enabling this fraud and it will take one homeowner at a time bringing suit against MERS and the banking industry in order to hold them accountable. While I don't anticipate that anyone will be incarcerated as a result of my suit, I consider it possible that a Notary or two will lose their license and extremely likely that I will obtain a valid Deed to my property in addition to money damages.

By the way chill_wind, I believe that the Rocket Docket recently ceased operation in Florida.


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Jefferson23 Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Sep-15-11 12:20 PM
Response to Reply #7
8. +1. n/t
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chill_wind Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Sep-15-11 01:01 PM
Response to Reply #7
9. Outstanding! MERS: Dr Frankenstein's Operating Table
"This is the biggest fraud in the history of the capitol markets."
-Janet Tavakoli

http://voices.washingtonpost.com/ezra-klein/2010/10/thi...



MERS 101

MERS has absolutely NO EMPLOYEES.

Deposition of Secretary and Treasurer of MERSCORP- William C. Hultman

Does MERS have any salaried employees?
A No.

Q Does MERS have any employees?
A Did they ever have any? I couldnt hear you.

Q Does MERS have any employees currently?
A No.

Q In the last five years has MERS had any
employees?
A No.

Q To whom do the officers of MERS report?
A The Board of Directors.

Q To your knowledge has Mr. Hallinan ever
reported to the Board?
A He would have reported through me if there was
something to report.

Q So if I understand your answer, at least the
MERS officers reflected on Hultman Exhibit 4, if they
had something to report would report to you even though
youre not an employee of MERS, is that correct?

MR. BROCHIN: Object to the form of the
question.
A Thats correct.

Q And in what capacity would they report to you?
A As a corporate officer. Im the secretary.

Q As a corporate officer of what?
Of MERS.

Q So you are the secretary of MERS, but are not
an employee of MERS?
A Thats correct.



Q How many assistant secretaries have you
appointed pursuant to the April 9, 1998 resolution; how
many assistant secretaries of MERS have you appointed?
A I dont know that number.

Q Approximately?
A I wouldnt even begin to be able to tell you
right now.

Q Is it in the thousands?
A Yes.

Q Have you been doing this all around the
country in every state in the country?
A Yes.

Q And all these officers I understand are unpaid
officers of MERS?
A Yes.

Q And theres no live person who is an employee
of MERS that they report to, is that correct, who is an
employee?

MR. BROCHIN: Object to the form of the
question.

A There are no employees of MERS.



http://www.democraticunderground.com/discuss/duboard.ph...



"The purpose of MERS was to help in the securitization process. Basically, MERS directed defaulting mortgages to the appropriate tranches of mortgage bonds. MERS was essentially the operating table where the digitized mortgage notes were sliced and diced and rearranged so as to create the Mortgage Backed Securities. Think of MERS as Dr. Frankensteins operating table, where the beast got put together. "



Gonzalo Lira On The Second Leg Down Of America's Death Spiral
Tyler Durden on 10/14/2010 10:19 -0500

http://www.zerohedge.com/article/gonzalo-lira-second-le...


Foreclosuregate: Time To Put A Fork In MERS?
http://www.democraticunderground.com/discuss/duboard.ph...

-------------------

You should make your post an OP. I applaud your fight and am rooting for a fair decision for you. Looking forward to hearing you share more on the process and outcome.
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ms.smiler Donating Member (311 posts) Send PM | Profile | Ignore Sat Sep-17-11 10:39 AM
Response to Reply #9
13. chill_wind, in that Deposition Hultman stated that the Board of Directors
passed a Corporate Resolution authorizing him to appoint Vice Presidents and Assistant Secretaries. That was back in the original MERS. No documents were ever produced to support what he stated. Even if true, that is not what is required by Delaware state law.

My attorney approached many other trusted attorneys to verify what she found. They all examined all of the MERS companies and came back very excited. I suspect they'll be filing the same sort of Complaints but it sounded as though their Complaints would be much more complex while my attorney wants to keep her Complaints very simple which is fine with me. My attorney actually expects to file two Quiet Title actions with the first being a "surgical strike" as she explained.

As I understand, today MERS Vice Presidents and Assistant Secretaries are created magically online on the MERS web site. As a business person, I keep thinking "no business is that stupid." I keep reminding myself these aren't business people - they're scammers. I would think that if the MERS Board members ever decided to get off their butts they could actually legally create Vice Presidents and Assistant Secretaries. Of course that would do nothing to erase the millions of invalid documents already filed in our land records and foreclosure suits.

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chill_wind Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Sep-17-11 11:48 AM
Response to Reply #13
14. I wish an investigative journalist would apply for one of the two job titles
at this link:

http://www.mersinc.org/career/index.aspx

They would have to say they were willing to relocate to Reston, Virginia, though.
It would be interesting to get a description of their visit to the shop.


Myself, oddly, I can't get the job title links to actually open in Firefox. Or anything else.

I can get a Corporate Seal for $25 bucks, though:

http://mersinc.org/MersProducts/pricing.aspx?mpid=1

Here's all the DIY training stuff, Quality Assurance Manual included. :-)

http://mersinc.org/MersProducts/manuals.aspx?mpid=1


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dixiegrrrrl Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Sep-16-11 02:51 PM
Response to Reply #7
11. I also can and will follow this, ms. smiler and I URGE you to post updates
as things progress.
I have a thick folder on the mortgage fraud issue, going way to 2008.
I live in a non-recourse state with a BOA mortgage via Countrywide, and while we have no problems in paying the mortgage, I also know BOA almost certainly does not hold the note, I know that MERS has infected this state. and am very concerned about how to obtain clear title if we ever sell/pay off.

So I am very interested in your process/progress.
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ms.smiler Donating Member (311 posts) Send PM | Profile | Ignore Sat Sep-17-11 04:32 PM
Response to Reply #11
16. dixiegrrrrl, as you may know most of the Notes were destroyed and only
the data from the loans were used on spreadsheets for investors. As I believe you know, the loans were often pledged multiple times to numerous Trusts. Securitized mortgages are after all a Ponzi scheme. Don't you think that action alone would cloud the Title?

I too consider it unlikely that BOA owns your loan. As I understand, BOA is going to sell off much of their servicing so you could wind up with yet another mortgage servicing company who wont own the loan either.

Does the Fannie Mae lookup tool show they own your loan? Often it is Fannie that really holds the paper while some mortgage servicing company steals the lien from our land records. Its that intentional mix of both private and public land records that permit such thievery as well as introduce yet another opportunity for the banks to collect upon the loan.

http://www.fanniemae.com/loanlookup /

On your Settlement Sheet, does any amount of money show for Yield Spread Premium? Do you have an Origination Fee greater than $2,000?

Have you checked your local land records in person or online to see what has been filed on your property? Are there ANY documents that have a MERS signature on them?

To me, MERS is like kudzu in our land records. As a homeowner you are wise to consider how to obtain a valid Deed. Making your mortgage payments alone wont do it for you. That is what Im hoping most homeowners will come to realize. Its also important that home buyers realize they wont get clear Title to a property with MERS in the Title history.

By the way, did you know that Countrywide executives are now positioned to profit at the back end of the scam?

http://www.businessinsider.com/ex-countrywide-execs-pen...

This particular point though, in our Quiet Title actions, must be toxic for MERS and the servicing companies if so very few even wanted to set foot in court on the matter. The suits only had this one Count though, extremely simple. Now that there is a court fight on my suit, my suit has grown to 6 Counts. I think that is because my attorney sees an opportunity to accomplish in the first suit some of what she would have accomplished in the second large suit.

There were two small companies that did Answer the Complaints and they offered the very same nonsense that my attorney expected. Hey, thanks for playing guys. :hi:

This type of suit really isnt that expensive and it only takes a few months. Because the first Quiet Title was kept so simple, it could be filed even if a homeowner was in foreclosure at the time. I should also mention that not only did nearly all companies fail to Answer this Complaint, but some also withdrew foreclosures they had filed, even before my attorney had an opportunity to have them Dismissed.

Nearly all of the reasonable money my attorney expects is only due after she wins the Deed and money damages for her clients. That tells me she is very confident in what she is doing.

In the neighboring state where my attorney is also licensed, a large firm has already invited her in to consult with them so they can begin doing the same type of work.

Would you believe that my servicer didnt hire a top Philadelphia law firm to handle this case as my attorney expected, but are instead using their flunky foreclosure mill? I am certain it is written on the first page of the bankster Bible Ye Shall Always do Whatever is Cost Efficient. (It's my attorney who comes from a prominent Philadelphia law firm.)

My attorney wanted to get all her cases filed first before she gave me permission to share what we are doing. I was thinking when my suit was complete I would share with DU what happened. It might be worthwhile though to at least share what weve learned and what we expect to accomplish in an OP.

As you can understand, this issue is actually bigger than the robo-signer scandal so my attorney doesnt expect much corporate media coverage; likely because of the severe damage it would do to the banks and MERS. When we have completed cases, it could be the peoples media that will have to carry the message.

It might delight you to know that my attorney expects this problem will eventually take down MERS. None of her clients minded.

The Discovery in my case is due in only a few days time. My attorney didnt want to waste so much paper so she sent it to them on a CD-ROM. I suspect the clerks at that foreclosure mill are very busy and perplexed over why they can't seem to find some of the things on my attorneys list.
:rofl:

I havent yet read everything but I suspect the Subpoena was for an audit of my loan in the MERS database. As far as I know, it takes a Subpoena to obtain that particular information because they much prefer that information remain a secret.


Damn, it feels SO GOOD not to just moan and groan about the banksters but to actually fight them!

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pam4water Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Sep-15-11 10:50 AM
Response to Original message
4. Coming up on three year in office for bib 0 and no significant change in the economy.
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kiranon Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Sep-15-11 11:20 AM
Response to Reply #4
5. Do not believe anyone could have done better with the economy.
Europe is on the ropes and the U.S. just barely has its head above water. It is a worldwide recession with no end in sight. More foreclosures will drop the price of houses even further. If the Republicans get the White House, the race to less than nothing will accelerate.
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pam4water Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Sep-16-11 02:43 AM
Response to Reply #5
10. FDR did. So give the BS lies a rest. I heard the same BS about Bush and 9/11.
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Jefferson23 Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Sep-15-11 11:23 AM
Response to Original message
6. Needless wrong doing, needless pain that could be alleviated but who really gives a shit?
Disgraceful.



K&R
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DeSwiss Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Sep-16-11 03:00 PM
Response to Original message
12. Not to worry.....
H.R. 365 is coming to the rescue.

- Relief should get here any minute. Yep, any minute......
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chill_wind Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Sep-17-11 11:58 AM
Response to Reply #12
15. Wow. I wonder how many people are even aware of that.
I wasn't. Even though I can't see it passing in a million years, it's interesting. Thanks for the link.
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