foreclosure law

· Lenders
should extend moratoriums on home foreclosures to all states, including
Michigan, rather than just those states with judicially supervised
foreclosures.

· Lenders that have initiated moratoriums
should insure that they actually prevent foreclosures rather than just
evictions subsequent to foreclosures.

· The Federal
Housing Finance Agency, which oversees Fannie Mae and Freddie Mac,
thereby controlling a major portion of mortgages subject to foreclosure
in the U.S., should review its procedures for proper compliance and
also consider initiating a foreclosure moratorium

At the
same time, Conyers announced plans to investigate mortgage lenders to
learn more about their foreclosure practices, including paperwork
violations and false affidavits, and ascertain what can be done to
protect homeowners from possible abuses. As part of this effort,
Conyers is asking the Federal Housing Finance Agency – the federal
agency charged with overseeing Fannie Mae and Freddie Mac – to ensure
that they abide by the law, to consider initiating a moratorium, and to
conduct an audit of their actions. In addition, Conyers will be calling
upon the DOJ’s Executive Office for U.S. Trustees to investigate the
extent to which false affidavits have been filed in bankruptcy cases by
lenders seeking to foreclose on debtor’s homes.

Thus far, only
three lenders – Ally Financial (parent of GMAC Mortgage), Bank of
America, and JP Morgan Chase – have ceased post-foreclosure enforcement
actions in 23 states that have court- controlled foreclosure
proceedings: Connecticut, Florida, Hawaii, Illinois, Indiana, Iowa,
Kansas, Kentucky, Louisiana, Maine, Nebraska, New Jersey, New Mexico,
New York, North Carolina, North Dakota, Ohio, Oklahoma, Pennsylvania,
South Carolina, South Dakota, Vermont, and Wisconsin. Even those
lenders appear to have only ceased evictions, while they continue to
engage in foreclosures, which take title from homeowners.

At this
point Michigan and 26 other states are not on the moratorium list for
these lenders, purportedly because they have a non-judicial foreclosure
process. However, without judicial oversight, the possibility of abuse
can be even greater in these states. As a result, elected state
officials in non-judicial foreclosure states such as California,
Colorado, Texas, Massachusetts, and Maryland have recently asked lenders
to suspend their foreclosures.

Widespread concern about
documentation abuses in the mortgage industry is not limited to state
officials. Yesterday, House Speaker Nancy Pelosi and other members of
the California congressional delegation called on the Justice
Department, the Treasury Department, and the Federal Reserve to
investigate large mortgage lenders’ handling of delinquent mortgages,
mortgage modifications, and foreclosures. Additionally, Senators Robert
Menendez (NJ) and Al Franken (MN) called on the Government
Accountability Office to investigate the role of federal government
entities charged with overseeing the mortgage lending industry to
determine how they allowed lenders’ misconduct to occur without
detection for so long. Also, Members of Congress from Maryland and
Arizona – two non-judicial foreclosure states - called on large lenders
to halt foreclosures in their states.

“It makes little sense to
limit the moratoriums to judicial foreclosure states when many of the
same errors and paperwork flaws likely plague non-foreclosure states,”
said Conyers. “When the very same lenders that ignored the rules which
helped get us into the real estate bubble are placed in charge of the
foreclosures that are exacerbating the problem, locking millions of
Americans in a financial trap they cannot escape from, we have a
situation that is spiraling out of control and cries out for
intervention.”

“Given the depth of the financial calamity in
Michigan and other states, the huge number of foreclosures, and the
chain reaction of problems involving foreclosures that has impacted
communities and individuals, I would urge home mortgage lenders to cease
their foreclosure activities,” said Conyers. “Rather than spending
their time running mass production foreclosure mills, the lenders should
be working with individuals to keep families in their homes and
restructure their loans.”

“Home foreclosures affect individual
families and devastate entire communities,” said Congresswoman
Kilpatrick. “For home foreclosures to proceed under false pretenses is
patently unwarranted and unfair. I am proud to join one of the founders
of the CBC and Chairman of the House Judiciary Committee in this
clarion call for justice, fairness, and equality to Michiganders and all
Americans.”

###

 

This is a difficult topic to write about because of all the hysteria, emotion and misinformation, but here goes ...



One of the interesting questions with "Foreclosure-Gate" is why several (but not all) mortgage servicers used "robo-signers". This includes GMAC, JPMorganChase, and several other servicers.



First, we have to remember that every foreclosure is a personal tragedy. I support alternatives to foreclosure including modifications, cram-downs, and even short sales. And before another person claims that I support the banks, I fully support fines, sanctions, disbarment, and the investigations by the 50 future governors (the state attorney generals) into "Foreclosure-Gate".



Second, "Foreclosure-Gate" is primarily about "robo-signers". Some people are trying to conflate other sloppy procedures, cost cutting and even MERS (Mortgage Electronic Registration Systems) into "Foreclosure-Gate". This is just confusing readers. All of the servicers who have put foreclosures on hold have done so either because they had "robo-signers" or because they wanted to verify that their processes did not use "robo-signers" (or anything similar). There are valid questions about MERS and other "cost cutting" measures - although most reports I've seen are grossly misinformed - but unfortunately it takes time to get that right (I'll write about that at a later date).



A review: "Robo-signers" are individuals who signed affidavits stating that they had "personal knowledge" of the facts in a foreclosure case, when in fact they did not.



JPM admitted as much this week: "We've identified issues relating to the mortgage foreclosure affidavits and those include signers not having personally reviewed the underlying loan files but instead having relied upon the work of others."



There were also situations of questionable notarization of the affidavits.



Here is an excerpt that I posted earlier from an affidavit signed by alleged "robo-signer" Jeffrey Stephen of GMAC:



Click on image for larger image in new window.



I've highlighted a couple of sentences in yellow. Source: Stopa Law Blog



According to the affidavit the affiant claims to have "examined" the details of the transactions in the complaint, and that he has "personal knowledge of the facts contained in the affidavit". In a deposition - according to media reports - the affiant admitted to just signing the documents without verifying the details.



So back to the original question: why did some servicers use "robo-signers"?



I think there are several reasons: the flood of foreclosures, the lack of experienced staff, cost cutting - and also because several of the servicers seemed to use the same service providers to set up their processes (probably the lowest bidder).



Way back in February 2007, Tanta wrote: Mortgage Servicing for UberNerds. Tanta made it clear there are times when servicers are really hurting:



1) When rates are falling and borrowers are refinancing. The servicers get paid a slice of each monthly payment, however their fixed costs are front-loaded. So if people are refinancing too quickly, the servicer doesn't receive enough payments to recoup their fixed costs, and ...



2) When the 90+ day delinquency bucket is increasing rapidly. Although the servicer will eventually recoup the costs for foreclosure, the servicers are usually required to pay property taxes, insurance and all the expenses of foreclosure until the REO is sold.



And right now mortgage rates are falling, and many borrowers are refinancing. And at the same time the 90+ day bucket is at record levels and the servicers are swamped with foreclosure activity. So these are the worst of economic times for servicers.



So, to cut costs and control cash flow, some servicers outsourced foreclosures to the lowest bidders. Here is a possible example from Barry Meir at the NY Times: Foreclosure Mess Draws in the Lawyers Who Handled Them.



And this brings us to another key point that Tanta made in 2007:

hen recovery values in a foreclosure are high (in an RE boom), servicers can noodle along and rack up expenses you didn’t know existed—i.e., shove as much of your “overhead” into FC expenses as you can get away with, since someone else will eventually pay the tab. That’s what we mean when we say that you used to be able to make money off a foreclosure. When the liquidation value starts to approach or drop under the loan amount, on the other hand, investors and insurers start going over those expense reports with a fine-toothed comb, and it can end up in “war”.

To no ones surprise, most liquidation values are far below the loan amounts, and investors and insurers are fighting over every servicer expense. This has pushed the servicers to do foreclosures as cheaply as possible (along with the cash flow reasons).



So my guess is a combination of getting swamped with foreclosures, lack of experienced staff, the poor economic environment for servicers, and outsourcing to the lowest bidder, all contributed to the servicers using "robo-signers". This doesn't excuse their behavior - I'm just trying to understand why this happened - and why it happened at more than one servicer.



Of course using the lowest bidders, and ending up with a flawed legal process, is going to lead to even larger battles over expenses between the investors and servicers. So instead of saving money, this is going to be far more expensive for certain servicers.

robert shumake twitter

Jodie Foster Says Mel Gibson Is &#39;The Most Loved Man In The Film <b>...</b>

Jodie Foster is convinced her pal Mel Gibson will be able to successfully resurrect his movie career following his recent personal problems as he is "the most loved man in the film business." Gib...

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Did you know that of Texas' budget of approximately $180 billion, over one third is sent by Texans to Washington in the form of federal taxes and.

robert shumake hall of shame
· Lenders
should extend moratoriums on home foreclosures to all states, including
Michigan, rather than just those states with judicially supervised
foreclosures.

· Lenders that have initiated moratoriums
should insure that they actually prevent foreclosures rather than just
evictions subsequent to foreclosures.

· The Federal
Housing Finance Agency, which oversees Fannie Mae and Freddie Mac,
thereby controlling a major portion of mortgages subject to foreclosure
in the U.S., should review its procedures for proper compliance and
also consider initiating a foreclosure moratorium

At the
same time, Conyers announced plans to investigate mortgage lenders to
learn more about their foreclosure practices, including paperwork
violations and false affidavits, and ascertain what can be done to
protect homeowners from possible abuses. As part of this effort,
Conyers is asking the Federal Housing Finance Agency – the federal
agency charged with overseeing Fannie Mae and Freddie Mac – to ensure
that they abide by the law, to consider initiating a moratorium, and to
conduct an audit of their actions. In addition, Conyers will be calling
upon the DOJ’s Executive Office for U.S. Trustees to investigate the
extent to which false affidavits have been filed in bankruptcy cases by
lenders seeking to foreclose on debtor’s homes.

Thus far, only
three lenders – Ally Financial (parent of GMAC Mortgage), Bank of
America, and JP Morgan Chase – have ceased post-foreclosure enforcement
actions in 23 states that have court- controlled foreclosure
proceedings: Connecticut, Florida, Hawaii, Illinois, Indiana, Iowa,
Kansas, Kentucky, Louisiana, Maine, Nebraska, New Jersey, New Mexico,
New York, North Carolina, North Dakota, Ohio, Oklahoma, Pennsylvania,
South Carolina, South Dakota, Vermont, and Wisconsin. Even those
lenders appear to have only ceased evictions, while they continue to
engage in foreclosures, which take title from homeowners.

At this
point Michigan and 26 other states are not on the moratorium list for
these lenders, purportedly because they have a non-judicial foreclosure
process. However, without judicial oversight, the possibility of abuse
can be even greater in these states. As a result, elected state
officials in non-judicial foreclosure states such as California,
Colorado, Texas, Massachusetts, and Maryland have recently asked lenders
to suspend their foreclosures.

Widespread concern about
documentation abuses in the mortgage industry is not limited to state
officials. Yesterday, House Speaker Nancy Pelosi and other members of
the California congressional delegation called on the Justice
Department, the Treasury Department, and the Federal Reserve to
investigate large mortgage lenders’ handling of delinquent mortgages,
mortgage modifications, and foreclosures. Additionally, Senators Robert
Menendez (NJ) and Al Franken (MN) called on the Government
Accountability Office to investigate the role of federal government
entities charged with overseeing the mortgage lending industry to
determine how they allowed lenders’ misconduct to occur without
detection for so long. Also, Members of Congress from Maryland and
Arizona – two non-judicial foreclosure states - called on large lenders
to halt foreclosures in their states.

“It makes little sense to
limit the moratoriums to judicial foreclosure states when many of the
same errors and paperwork flaws likely plague non-foreclosure states,”
said Conyers. “When the very same lenders that ignored the rules which
helped get us into the real estate bubble are placed in charge of the
foreclosures that are exacerbating the problem, locking millions of
Americans in a financial trap they cannot escape from, we have a
situation that is spiraling out of control and cries out for
intervention.”

“Given the depth of the financial calamity in
Michigan and other states, the huge number of foreclosures, and the
chain reaction of problems involving foreclosures that has impacted
communities and individuals, I would urge home mortgage lenders to cease
their foreclosure activities,” said Conyers. “Rather than spending
their time running mass production foreclosure mills, the lenders should
be working with individuals to keep families in their homes and
restructure their loans.”

“Home foreclosures affect individual
families and devastate entire communities,” said Congresswoman
Kilpatrick. “For home foreclosures to proceed under false pretenses is
patently unwarranted and unfair. I am proud to join one of the founders
of the CBC and Chairman of the House Judiciary Committee in this
clarion call for justice, fairness, and equality to Michiganders and all
Americans.”

###

 

This is a difficult topic to write about because of all the hysteria, emotion and misinformation, but here goes ...



One of the interesting questions with "Foreclosure-Gate" is why several (but not all) mortgage servicers used "robo-signers". This includes GMAC, JPMorganChase, and several other servicers.



First, we have to remember that every foreclosure is a personal tragedy. I support alternatives to foreclosure including modifications, cram-downs, and even short sales. And before another person claims that I support the banks, I fully support fines, sanctions, disbarment, and the investigations by the 50 future governors (the state attorney generals) into "Foreclosure-Gate".



Second, "Foreclosure-Gate" is primarily about "robo-signers". Some people are trying to conflate other sloppy procedures, cost cutting and even MERS (Mortgage Electronic Registration Systems) into "Foreclosure-Gate". This is just confusing readers. All of the servicers who have put foreclosures on hold have done so either because they had "robo-signers" or because they wanted to verify that their processes did not use "robo-signers" (or anything similar). There are valid questions about MERS and other "cost cutting" measures - although most reports I've seen are grossly misinformed - but unfortunately it takes time to get that right (I'll write about that at a later date).



A review: "Robo-signers" are individuals who signed affidavits stating that they had "personal knowledge" of the facts in a foreclosure case, when in fact they did not.



JPM admitted as much this week: "We've identified issues relating to the mortgage foreclosure affidavits and those include signers not having personally reviewed the underlying loan files but instead having relied upon the work of others."



There were also situations of questionable notarization of the affidavits.



Here is an excerpt that I posted earlier from an affidavit signed by alleged "robo-signer" Jeffrey Stephen of GMAC:



Click on image for larger image in new window.



I've highlighted a couple of sentences in yellow. Source: Stopa Law Blog



According to the affidavit the affiant claims to have "examined" the details of the transactions in the complaint, and that he has "personal knowledge of the facts contained in the affidavit". In a deposition - according to media reports - the affiant admitted to just signing the documents without verifying the details.



So back to the original question: why did some servicers use "robo-signers"?



I think there are several reasons: the flood of foreclosures, the lack of experienced staff, cost cutting - and also because several of the servicers seemed to use the same service providers to set up their processes (probably the lowest bidder).



Way back in February 2007, Tanta wrote: Mortgage Servicing for UberNerds. Tanta made it clear there are times when servicers are really hurting:



1) When rates are falling and borrowers are refinancing. The servicers get paid a slice of each monthly payment, however their fixed costs are front-loaded. So if people are refinancing too quickly, the servicer doesn't receive enough payments to recoup their fixed costs, and ...



2) When the 90+ day delinquency bucket is increasing rapidly. Although the servicer will eventually recoup the costs for foreclosure, the servicers are usually required to pay property taxes, insurance and all the expenses of foreclosure until the REO is sold.



And right now mortgage rates are falling, and many borrowers are refinancing. And at the same time the 90+ day bucket is at record levels and the servicers are swamped with foreclosure activity. So these are the worst of economic times for servicers.



So, to cut costs and control cash flow, some servicers outsourced foreclosures to the lowest bidders. Here is a possible example from Barry Meir at the NY Times: Foreclosure Mess Draws in the Lawyers Who Handled Them.



And this brings us to another key point that Tanta made in 2007:

hen recovery values in a foreclosure are high (in an RE boom), servicers can noodle along and rack up expenses you didn’t know existed—i.e., shove as much of your “overhead” into FC expenses as you can get away with, since someone else will eventually pay the tab. That’s what we mean when we say that you used to be able to make money off a foreclosure. When the liquidation value starts to approach or drop under the loan amount, on the other hand, investors and insurers start going over those expense reports with a fine-toothed comb, and it can end up in “war”.

To no ones surprise, most liquidation values are far below the loan amounts, and investors and insurers are fighting over every servicer expense. This has pushed the servicers to do foreclosures as cheaply as possible (along with the cash flow reasons).



So my guess is a combination of getting swamped with foreclosures, lack of experienced staff, the poor economic environment for servicers, and outsourcing to the lowest bidder, all contributed to the servicers using "robo-signers". This doesn't excuse their behavior - I'm just trying to understand why this happened - and why it happened at more than one servicer.



Of course using the lowest bidders, and ending up with a flawed legal process, is going to lead to even larger battles over expenses between the investors and servicers. So instead of saving money, this is going to be far more expensive for certain servicers.

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Jodie Foster Says Mel Gibson Is &#39;The Most Loved Man In The Film <b>...</b>

Jodie Foster is convinced her pal Mel Gibson will be able to successfully resurrect his movie career following his recent personal problems as he is "the most loved man in the film business." Gib...

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A study has drawn attention in media circles by suggesting that stories on "serious topics" such as the Gulf oil spill draw more revenue for media outlets than stories about celebrities like Lindsay Lohan. But the reality is a little ...

Dallas Morning <b>News</b> Makes Case for Rick Perry While Endorsing Bill <b>...</b>

Did you know that of Texas' budget of approximately $180 billion, over one third is sent by Texans to Washington in the form of federal taxes and.

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robert shumake hall of shame

robert shumake twitter

Jodie Foster Says Mel Gibson Is &#39;The Most Loved Man In The Film <b>...</b>

Jodie Foster is convinced her pal Mel Gibson will be able to successfully resurrect his movie career following his recent personal problems as he is "the most loved man in the film business." Gib...

Hard <b>News</b> Pays Better Than Fluff — or Does It?: Tech <b>News</b> «

A study has drawn attention in media circles by suggesting that stories on "serious topics" such as the Gulf oil spill draw more revenue for media outlets than stories about celebrities like Lindsay Lohan. But the reality is a little ...

Dallas Morning <b>News</b> Makes Case for Rick Perry While Endorsing Bill <b>...</b>

Did you know that of Texas' budget of approximately $180 billion, over one third is sent by Texans to Washington in the form of federal taxes and.

robert shumake twitter
· Lenders
should extend moratoriums on home foreclosures to all states, including
Michigan, rather than just those states with judicially supervised
foreclosures.

· Lenders that have initiated moratoriums
should insure that they actually prevent foreclosures rather than just
evictions subsequent to foreclosures.

· The Federal
Housing Finance Agency, which oversees Fannie Mae and Freddie Mac,
thereby controlling a major portion of mortgages subject to foreclosure
in the U.S., should review its procedures for proper compliance and
also consider initiating a foreclosure moratorium

At the
same time, Conyers announced plans to investigate mortgage lenders to
learn more about their foreclosure practices, including paperwork
violations and false affidavits, and ascertain what can be done to
protect homeowners from possible abuses. As part of this effort,
Conyers is asking the Federal Housing Finance Agency – the federal
agency charged with overseeing Fannie Mae and Freddie Mac – to ensure
that they abide by the law, to consider initiating a moratorium, and to
conduct an audit of their actions. In addition, Conyers will be calling
upon the DOJ’s Executive Office for U.S. Trustees to investigate the
extent to which false affidavits have been filed in bankruptcy cases by
lenders seeking to foreclose on debtor’s homes.

Thus far, only
three lenders – Ally Financial (parent of GMAC Mortgage), Bank of
America, and JP Morgan Chase – have ceased post-foreclosure enforcement
actions in 23 states that have court- controlled foreclosure
proceedings: Connecticut, Florida, Hawaii, Illinois, Indiana, Iowa,
Kansas, Kentucky, Louisiana, Maine, Nebraska, New Jersey, New Mexico,
New York, North Carolina, North Dakota, Ohio, Oklahoma, Pennsylvania,
South Carolina, South Dakota, Vermont, and Wisconsin. Even those
lenders appear to have only ceased evictions, while they continue to
engage in foreclosures, which take title from homeowners.

At this
point Michigan and 26 other states are not on the moratorium list for
these lenders, purportedly because they have a non-judicial foreclosure
process. However, without judicial oversight, the possibility of abuse
can be even greater in these states. As a result, elected state
officials in non-judicial foreclosure states such as California,
Colorado, Texas, Massachusetts, and Maryland have recently asked lenders
to suspend their foreclosures.

Widespread concern about
documentation abuses in the mortgage industry is not limited to state
officials. Yesterday, House Speaker Nancy Pelosi and other members of
the California congressional delegation called on the Justice
Department, the Treasury Department, and the Federal Reserve to
investigate large mortgage lenders’ handling of delinquent mortgages,
mortgage modifications, and foreclosures. Additionally, Senators Robert
Menendez (NJ) and Al Franken (MN) called on the Government
Accountability Office to investigate the role of federal government
entities charged with overseeing the mortgage lending industry to
determine how they allowed lenders’ misconduct to occur without
detection for so long. Also, Members of Congress from Maryland and
Arizona – two non-judicial foreclosure states - called on large lenders
to halt foreclosures in their states.

“It makes little sense to
limit the moratoriums to judicial foreclosure states when many of the
same errors and paperwork flaws likely plague non-foreclosure states,”
said Conyers. “When the very same lenders that ignored the rules which
helped get us into the real estate bubble are placed in charge of the
foreclosures that are exacerbating the problem, locking millions of
Americans in a financial trap they cannot escape from, we have a
situation that is spiraling out of control and cries out for
intervention.”

“Given the depth of the financial calamity in
Michigan and other states, the huge number of foreclosures, and the
chain reaction of problems involving foreclosures that has impacted
communities and individuals, I would urge home mortgage lenders to cease
their foreclosure activities,” said Conyers. “Rather than spending
their time running mass production foreclosure mills, the lenders should
be working with individuals to keep families in their homes and
restructure their loans.”

“Home foreclosures affect individual
families and devastate entire communities,” said Congresswoman
Kilpatrick. “For home foreclosures to proceed under false pretenses is
patently unwarranted and unfair. I am proud to join one of the founders
of the CBC and Chairman of the House Judiciary Committee in this
clarion call for justice, fairness, and equality to Michiganders and all
Americans.”

###

 

This is a difficult topic to write about because of all the hysteria, emotion and misinformation, but here goes ...



One of the interesting questions with "Foreclosure-Gate" is why several (but not all) mortgage servicers used "robo-signers". This includes GMAC, JPMorganChase, and several other servicers.



First, we have to remember that every foreclosure is a personal tragedy. I support alternatives to foreclosure including modifications, cram-downs, and even short sales. And before another person claims that I support the banks, I fully support fines, sanctions, disbarment, and the investigations by the 50 future governors (the state attorney generals) into "Foreclosure-Gate".



Second, "Foreclosure-Gate" is primarily about "robo-signers". Some people are trying to conflate other sloppy procedures, cost cutting and even MERS (Mortgage Electronic Registration Systems) into "Foreclosure-Gate". This is just confusing readers. All of the servicers who have put foreclosures on hold have done so either because they had "robo-signers" or because they wanted to verify that their processes did not use "robo-signers" (or anything similar). There are valid questions about MERS and other "cost cutting" measures - although most reports I've seen are grossly misinformed - but unfortunately it takes time to get that right (I'll write about that at a later date).



A review: "Robo-signers" are individuals who signed affidavits stating that they had "personal knowledge" of the facts in a foreclosure case, when in fact they did not.



JPM admitted as much this week: "We've identified issues relating to the mortgage foreclosure affidavits and those include signers not having personally reviewed the underlying loan files but instead having relied upon the work of others."



There were also situations of questionable notarization of the affidavits.



Here is an excerpt that I posted earlier from an affidavit signed by alleged "robo-signer" Jeffrey Stephen of GMAC:



Click on image for larger image in new window.



I've highlighted a couple of sentences in yellow. Source: Stopa Law Blog



According to the affidavit the affiant claims to have "examined" the details of the transactions in the complaint, and that he has "personal knowledge of the facts contained in the affidavit". In a deposition - according to media reports - the affiant admitted to just signing the documents without verifying the details.



So back to the original question: why did some servicers use "robo-signers"?



I think there are several reasons: the flood of foreclosures, the lack of experienced staff, cost cutting - and also because several of the servicers seemed to use the same service providers to set up their processes (probably the lowest bidder).



Way back in February 2007, Tanta wrote: Mortgage Servicing for UberNerds. Tanta made it clear there are times when servicers are really hurting:



1) When rates are falling and borrowers are refinancing. The servicers get paid a slice of each monthly payment, however their fixed costs are front-loaded. So if people are refinancing too quickly, the servicer doesn't receive enough payments to recoup their fixed costs, and ...



2) When the 90+ day delinquency bucket is increasing rapidly. Although the servicer will eventually recoup the costs for foreclosure, the servicers are usually required to pay property taxes, insurance and all the expenses of foreclosure until the REO is sold.



And right now mortgage rates are falling, and many borrowers are refinancing. And at the same time the 90+ day bucket is at record levels and the servicers are swamped with foreclosure activity. So these are the worst of economic times for servicers.



So, to cut costs and control cash flow, some servicers outsourced foreclosures to the lowest bidders. Here is a possible example from Barry Meir at the NY Times: Foreclosure Mess Draws in the Lawyers Who Handled Them.



And this brings us to another key point that Tanta made in 2007:

hen recovery values in a foreclosure are high (in an RE boom), servicers can noodle along and rack up expenses you didn’t know existed—i.e., shove as much of your “overhead” into FC expenses as you can get away with, since someone else will eventually pay the tab. That’s what we mean when we say that you used to be able to make money off a foreclosure. When the liquidation value starts to approach or drop under the loan amount, on the other hand, investors and insurers start going over those expense reports with a fine-toothed comb, and it can end up in “war”.

To no ones surprise, most liquidation values are far below the loan amounts, and investors and insurers are fighting over every servicer expense. This has pushed the servicers to do foreclosures as cheaply as possible (along with the cash flow reasons).



So my guess is a combination of getting swamped with foreclosures, lack of experienced staff, the poor economic environment for servicers, and outsourcing to the lowest bidder, all contributed to the servicers using "robo-signers". This doesn't excuse their behavior - I'm just trying to understand why this happened - and why it happened at more than one servicer.



Of course using the lowest bidders, and ending up with a flawed legal process, is going to lead to even larger battles over expenses between the investors and servicers. So instead of saving money, this is going to be far more expensive for certain servicers.

robert shumake hall of shame

robert shumake hall of shame

Jodie Foster Says Mel Gibson Is &#39;The Most Loved Man In The Film <b>...</b>

Jodie Foster is convinced her pal Mel Gibson will be able to successfully resurrect his movie career following his recent personal problems as he is "the most loved man in the film business." Gib...

Hard <b>News</b> Pays Better Than Fluff — or Does It?: Tech <b>News</b> «

A study has drawn attention in media circles by suggesting that stories on "serious topics" such as the Gulf oil spill draw more revenue for media outlets than stories about celebrities like Lindsay Lohan. But the reality is a little ...

Dallas Morning <b>News</b> Makes Case for Rick Perry While Endorsing Bill <b>...</b>

Did you know that of Texas' budget of approximately $180 billion, over one third is sent by Texans to Washington in the form of federal taxes and.

robert shumake detroit

robert shumake detroit

Jodie Foster Says Mel Gibson Is &#39;The Most Loved Man In The Film <b>...</b>

Jodie Foster is convinced her pal Mel Gibson will be able to successfully resurrect his movie career following his recent personal problems as he is "the most loved man in the film business." Gib...

Hard <b>News</b> Pays Better Than Fluff — or Does It?: Tech <b>News</b> «

A study has drawn attention in media circles by suggesting that stories on "serious topics" such as the Gulf oil spill draw more revenue for media outlets than stories about celebrities like Lindsay Lohan. But the reality is a little ...

Dallas Morning <b>News</b> Makes Case for Rick Perry While Endorsing Bill <b>...</b>

Did you know that of Texas' budget of approximately $180 billion, over one third is sent by Texans to Washington in the form of federal taxes and.

robert shumake twitter

Jodie Foster Says Mel Gibson Is &#39;The Most Loved Man In The Film <b>...</b>

Jodie Foster is convinced her pal Mel Gibson will be able to successfully resurrect his movie career following his recent personal problems as he is "the most loved man in the film business." Gib...

Hard <b>News</b> Pays Better Than Fluff — or Does It?: Tech <b>News</b> «

A study has drawn attention in media circles by suggesting that stories on "serious topics" such as the Gulf oil spill draw more revenue for media outlets than stories about celebrities like Lindsay Lohan. But the reality is a little ...

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You face imminent foreclosure on your house. You are afraid you will lose your home. You hear an advertisement from a company that offers to refinance loans for homeowners to pay bills, if the homeowners have equity in their homes. You should beware of such advertisements. No doubt there are many legitimate companies who will refinance a home loan for you, but there are also many foreclosure scams out there from companies who are out to take advantage of those who are in danger of losing their homes to foreclosure. Nearly 2 million Americans are facing foreclosure on their homes as adjustable rate mortgages reset at higher rates.

American Darrell Sa'lley was one American who faced just such a scam. After two surgeries for cancer, Sa'lley was months behind on his mortgage. Naturally, he feared he might lose his home. He heard a radio advertisement from a company that promised it would refinance loans for homeowners, if they have equity in their home. The advertisement said the money saved could be used to pay bills.

Sa'lley signed numerous documents with the company, thinking he would get an advance loan for refinancing. His attorneys now believe, however, that he was a victim of a foreclosure scam, as he signed away the deed to his house and lost all the equity he had put into it during the five years of ownership.

Attorneys Wanda Cooper and Tanya Bullock now represent Sa'lley for free, and Bullock claims Sa'lley "was not informed of what was happening." According to the attorneys, what Sa'lley actually received was a sale of his home, with the right to rent or buy the house back. He was not given the right to cancel.

The company Sa'lley became involved with was forced to give it back, because of a legal technicality. The company never made mortgage payments while it had control of the house, however, so Sa'lley still has to fight for his home.

Real estate attorney Kirk Levy says there are legitimate foreclosure rescue companies, and there are also foreclosure scams. Is says the difference between the honest companies and the dishonest companies is the rate they will charge to rescue a homeowner. A company involved in a scam may buy a home and then try to sell or rent it back to the original owner.

He said that if there is $100,000 equity on a $200,000 home, and a company gets to keep the whole amount, that is not fair. On the other hand, if a company buys the home for the $100,000 and sells it back for $110,000 that would be fair.

Both the National Consumer Law Center and the Washington Attorney's Office suggest that to avoid foreclosure scams you should: never sign away ownership of your house without consulting an attorney; beware of companies called "mortgage consultants," "foreclosure services," or something similar; beware of any company that offers to buy your house and sell it back in two or three years; never make mortgage payments to anyone other than your lender; and read every document, and do not sign what you do not understand.

The federal government also cautions people facing the possibility of foreclosure to avoid foreclosure scams.

According to the Department of Housing and Urban Development, the problem usually begins when homeowners start to get notices from lenders asking them to contact the lenders. When that happens, HUD advises that you: "Don't ignore letters from your lender. Contact your lender immediately. Contact a HUD approved Counseling Agency."

According to HUD, "Don't ignore the problem. The further behind you become, the harder it will be to reinstate your loan and the more likely that you will lose your house. Contact your lender as soon as you have a problem. Lenders do not want your house. They have options to help borrowers through difficult financial times.

"Open and respond to all mail from your lender. The first notices you receive will offer good information about foreclosure prevention options that can help you weather financial problems. Later mail may include important notice of pending legal action. Your failure to open the mail will not be an excuse in foreclosure court."

According to HUD, you should know laws relating to foreclosure. You should also understand foreclosure prevention options, which can be found at: www.fha.gov/foreclosure/index.cfm.

The official HUD website, www.hud.gov, offers other advice and Internet links on finding a HUD counselor, using money wisely, adequately using assets, and avoiding foreclosure scams.



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Making Money Scam

An online marketer who lured consumers into a bogus work-at-home scheme that charged them hidden fees by masquerading as a Google company has been shut down by the Federal Trade Commission.



Under a settlement agreement with the FTC, the defendants, which did business under names such as "Google Money Tree," "Google Pro," and "Google Treasure Chest," are barred from making misleading or unsupported claims while marketing or selling any product or service, and have been forced to surrender cash and other assets exceeding $3.5 million.



The defendants also are forbidden from marketing products via "negative option" transactions ­– a classic marketing scheme in which companies use fine print to trick victims into unwittingly agreeing to pay for a product or service for which they are billed on a regular basis until they cancel.



The FTC first took action against the defendants, Infusion Media, Inc., West Coast Internet Media, Inc., Two Warnings, LLC and Two Part Investments, LLC, in July 2009 as part of "Operation Short Change," an ongoing crackdown against scammers taking advantage of the recession to prey upon vulnerable consumers.



By using Google's household name and logo and falsely promising consumers could earn $100,000 in six months, the defendants lured consumers into providing their financial information to pay a small shipping fee for a work-at-home kit, according to the complaint.



What consumers didn't realize, thanks to the fine print, was that purchasing the useless work-at-home kit automatically triggered monthly charges of $72.21 for another product which continued until they took steps to cancel.



The complaint charged that the defendants violated the FTC Act by failing to adequately disclose that consumers would be subjected to monthly charges; by making false or unsupported claims that consumers were likely to earn substantial income; and by falsely claiming they were affiliated with Google Inc.



The defendants also violated the Electronic Fund Transfer Act and Regulation E by debiting consumers' bank accounts on a recurring basis without obtaining written authorization, the FTC charged.



The settlement includes a $29.5 million penalty against defendants Jonathan Eborn; Michael McLain Miller; Tony Norton; Infusion Media, Inc.; West Coast Internet Media, Inc.; Two Warnings, LLC; Two Part Investments, LLC; and Platinum Teleservices, Inc. A fourth defendant, Stephanie Burnside, is subject to a $741,900 fine.



The defendants have relinquished cash and other assets including two cars, a boat and a gun collection totaling approximately $3.5 million. The remaining $26 million has been suspended due to the defendants' inability to pay, but the full $29.5 million will be due if it's found the defendants lied about their finances.

Governor Pawlenty decides to screw Minnesota and work full time on wooing the Tea Party, while remaining governor:

Frustrated by what they see as stonewalling by Gov. Tim Pawlenty’s office over preparations for federal health reform, three of Minnesota’s most influential medical groups took matters into their own hands Thursday.

After Pawlenty declined to send Washington a letter with several state agencies’ recommendations for a key piece of the reform package, the medical groups got hold of a copy and sent it themselves.

They had to file a public records request to get the letter.

At the least, it’s a sign of growing frustration within Minnesota’s medical community with Gov. Tim Pawlenty. At most, it’s an open declaration of war. A trio of groups representing doctors, hospitals and health insurers on Thursday took the highly unusual step of circumventing Pawlenty to send a letter to U.S. Health and Human Services Secretary Kathleen Sebelius about how best to set up a state health insurance exchange under the federal health care overhaul.

What was so unusual about that? The letter was drafted by Pawlenty’s administration, but was never sent for reasons that aren’t clear but are the subject of speculation. Instead, the groups obtained it through a public data request.

He deliberately missed the deadline. Then neglected to tell them.

This summer, Pawlenty signed an executive order making Minnesota one of two states — Alaska was the other — to refuse money to study the cost of setting up the exchange. He has also forsworn other grants under the law, saying he was working to “keep Obamacare out of Minnesota.” The moves were widely seen as tinged with Pawlenty’s aspirations.

Palin actually quit her state job before becoming a full-time grifter.

Pawlenty has a better scam.

Remain governor, pick up the paycheck, retain the title, but simply refuse to do the job.

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"There was an exchange of words and pushing," an observer tells Us of the talked-about incident.

foreclosure defense

Until now, only a handful of depositions from robo-signers have come to light. But the sheer volume of the new depositions will make it more difficult for financial institutions to argue that robo-signing was an aberrant practice in a handful of rogue back offices.

Judges are unlikely to look favorably on a bank that claims paperwork flaws don't matter because the borrower was in default on the loan, said Kendall Coffey, a former Miami U.S. attorney and author of the book "Foreclosures."

"There has to be a cornerstone of integrity to the process," Coffey said.

Bank of America responded to Tiktin's depositions by re-affirming that an internal review has shown that its foreclosures have been accurate. "This review will ensure we have a full understanding of any potential issues and quickly address them," Bank of America spokesman Dan Frahm said. Frahm added that, on average, the bank's foreclosure customers have not made a payment in more than 18 months.

JP Morgan Chase spokesman Thomas Kelly said the bank has requested that courts not enter into any judgments until the bank had reviewed its procedures. But Kelly added that the bank believes that all the underlying facts of the cases involved in the document fraud allegations are true.

Litton Loan Servicing did not respond to a request for comment.

Even before the foreclosure scandal broke, the housing market was in the midst of an ugly detoxification. Now the escalating crisis is likely to prolong the housing depression for at least another few years. The allegations are opening the entire chain of foreclosure proceedings to legal challenge. Some foreclosures could be overturned. Others could be deemed illegal.

For a housing recovery to occur, all the foreclosed properties -- which could account for 40 percent of all residential sales by 2012 -- need to be re-scrutinized by the banks and resold on the market. Now, with so much inventory under a legal threat, the process will become severely delayed.

"This just adds more uncertainty to the whole mortgage process, so buyers are asking themselves: do I want to buy a home in this environment?" says Cris deRitis, director of credit analytics at Moody's Analytics. "We need to fix these issues before the economy can recover."

Though some have chalked up the foreclosure debacle to an overblown case of paperwork bungling, the underlying legal issues are far more serious. Yes, swearing that you've reviewed documents you've never seen is a legal offense. But at the center of the foreclosure scandal looms something much larger: the question of who actually owns the loans and who has the right to foreclose upon them. The paperwork issues being raised by lawyers and attorneys generals have the potential to blight not just the titles of foreclosed properties but also those belonging to homeowners who have never missed a mortgage payment.

So far, JP Morgan Chase, PNC Financial and Litton Loan Servicing have stopped some foreclosure proceedings in 23 states. Bank of America and GMAC, recently renamed Ally, have extended their moratoriums to all 50 states. Wells Fargo and Citigroup have said they are continuing with foreclosures, adding that they are confident in their documents and processes.

But Citigroup has now backpedaled some on that assertion. The bank sent out a press release Tuesday that it was no longer using the law firm of "foreclosure king" David Stern, now under investigation by the Florida attorney general's office. "Pending the outcome of the AG's investigation, Citi is not referring new matters to this firm," the bank said in an e-mailed statement.

Late last week, in an interview with the Florida attorney general, a former senior paralegal in Stern's firm described a boiler-room atmosphere in which employees were pressured to forge signatures, backdate documents, swap Social Security numbers, inflate billings and pass around notary stamps as if they were salt.

Stern's lawyer, Jeffrey Tew, did not respond to a request for comment.

Meanwhile, the public outrage continues to mount. In what is perhaps a sign of things to come, a Simi Valley, Calif., couple and their nine children broke into their foreclosed home over the weekend and moved back in, according to television station KABC of Simi Valley. The couple, Jim and Danielle Earl, say they were working with the bank to catch up on payments until they discovered a $25,000 difference between what they owed and what the bank said they owed. The family was evicted from their Spanish-style two-story in July. The home has been sold, and the new owner was due to move in soon.

The Earls and their attorney now allege that they were victims of fraudulent paperwork.

Curt Anderson contributed from Miami.

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I am a retired lawyer and cannot offer legal advice and my field was not Secured Transactions, but I can do research and give you the info freely available on the web. For starters:

This is from the MERS website regarding how they handle foreclosure:

Mortgage Electronic Registration Systems, Inc. (“MERS”) is a proper party that can lawfully foreclose as the mortgagee and note-holder of a mortgage loan. MERS Membership Rule 8 provides required guidelines that must be followed when MERS is the foreclosing entity. Please click here to access the Rules of Membership, and reference the Rule 8 requirements.

In mortgage foreclosure cases, the plaintiff has standing as the holder of the note and the mortgage. When MERS forecloses, MERS is the mortgagee and it is the holder of the note because a MERS officer will be in possession of the original note endorsed in blank, which makes MERS a holder of the bearer paper. MERS will not foreclose unless the note is endorsed in blank and held by MERS.

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

Notice how MERS acknowledges that only the holder of the note and the assigned mortgagee will it foreclose. They know they need both. They want the note in blank so that it remains a bearer instrument: “… when the endorsement is “in blank” – then only the party with actual possession of the note can be paid on it. Essentially, “in blank” is like turning the note into cash and so only the person with the cash in hand can spend it. [See California Commercial Code Section 3205].”

http://aforeclosurealternative.com/?p=439

The note is the key; without the note all else fails. The note is the obligation; not the mortgage. And ONLY the entity that has the note can enforce the note. These blank bearer notes can be a problem because it isliving document. Anyone who finds it can sue to enforce it. Here is the actual rule that MERS uses for foreclosures:

RULE 8

FORECLOSURE

Section 1. (a) With respect to each mortgage loan for which Mortgage Electronic

Registration Systems, Inc. is the mortgagee of record, the beneficial owner of such mortgage loan

or its servicer shall determine whether foreclosure proceedings with respect to such mortgage

loan shall be conducted in the name of Mortgage Electronic Registration Systems, Inc., the name

of the servicer, or the name of a different party to be designated by the beneficial owner.

(b) The Member servicing a mortgage loan registered on the MERS

System shall be responsible for processing foreclosures in accordance with the applicable

agreements between such Member and the beneficial owner of such mortgage loan.

(c) In the State of Florida, the authority to conduct foreclosures in the

name of MERS granted to a Member’s Certifying Officers under Paragraph Three of the

Member’s MERS Corporate Resolution is revoked. Effective June 1, 2006, the Member shall be

sanctioned $10,000.00 per violation for commencing a foreclosure in Florida in the name of

MERS.

(d) In the event that the beneficial owner or its designated servicer

determines that foreclosure proceedings shall be conducted in the name of a party other than

Mortgage Electronic Registration Systems, Inc., the servicer designated on the MERS® System

shall cause to be made an assignment of the mortgage from Mortgage Electronic Registration

Systems, Inc. to the person designated by the beneficial owner, and such beneficial owner shall

pay all recording costs in connection therewith.

Section 2: (a) If a Member chooses to conduct foreclosures in the

name of Mortgage Electronic Registration Systems, Inc., the note must be endorsed in blank and

in possession of one of the Member’s MERS certifying officers. If the investor so allows, then

MERS can be designated as the note-holder.

vJune2009

26

(i) The Member shall not plead MERS as the note-owner in

any foreclosure document; including but not limited to, the

foreclosure complaint.

(ii) The Member shall not plead MERS as a co-plaintiff in a

foreclosure action.

(iii) If the note is lost or cannot be located, the Member shall not

commence a foreclosure action in the name of MERS, but rather

must assign the mortgage out of MERS.

(b) In non-judicial foreclosure states, if the Member chooses to foreclose

in MERS name under the power of sale provision in the security instrument and is not seeking a

deficiency judgment, then the note does not need to be in the possession of the Member’s MERS

Certifying Officer when commencing the foreclosure action; provided, however, that under no

circumstances may the Member allege that the note is in their possession unless it so possesses.

(c) If the Member pleads MERS as the note-owner or as a co-plaintiff or

commences a foreclosure in the name of MERS when the note is lost or cannot be located, it

shall be considered a violation of the MERS Membership Rules and MERS may dismiss such

foreclosure action. Effective June 1, 2006, the Member shall be sanctioned $1,000.00 for the

first violation and $5,000.00 for each subsequent violation of this Rule.

(d) For all foreclosures conducted in the name of MERS, the member

shall take all reasonable and necessary steps to avoid having Mortgage Electronic Registration

Systems, Inc. take title to the applicable property that is the subject of a mortgage loan.

Mortgage Electronic Registration Systems, Inc. shall not be obligated to take title to any property

that is the subject of a mortgage loan; provided, however, that if the Member so requests,

Mortgage Electronic Registration Systems, Inc. may take title at the conclusion of the foreclosure

sale upon prior written consent to the Member from Mortgage Electronic Registration Systems,

Inc. If title is taken in the name of Mortgage Electronic Registration Systems, Inc., the Member

vJune2009

27

shall take all necessary and reasonable steps to remove Mortgage Electronic Registration

Systems, Inc. from title as soon as possible.

(e) If title is put into Mortgage Electronic Registration Systems, Inc.’s name and

there is a violation of state, county or city codes or any other applicable regulation; including, but

not limited to, non-payment of tax bills, the Member shall be responsible to promptly take all

necessary action to prevent fines or judgments from being entered against MERS. If the Member

fails to do so, MERS may take such action and will sanction the member for all costs and

expenses; including, but not limited to, attorney fees.

Actual physical possession is quite critical. Now, the note may become ‘lost’ or ‘destroyed’ but that raises other issues. Mers handles it this way:

MERS rules don’t allow members to submit lost-note affidavits in place of mortgage notes, said R.K. Arnold, the company’s CEO.

“A lot of companies say the note is lost when it’s highly unlikely the note is lost,” Arnold said. “Saying a note is lost when it’s not really lost is wrong.”

The usual way to get around the lost note is via affidavit by the party seeking to enforce the note that after due diligence the ORIGINAL note cannot be found and attached is a certified COPY. Of course, that begs the question of how do you produce a copy when you say you lost the original? Moreover, who goes around losing original notes for hundreds of thousands of dollars (or more) of debt?

So you can see why production of the original note is so important.

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Fox <b>News</b> Ratings HUGE For Final Chilean Miners&#39; Rescue

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Read our Wii news of Wii Remote/Motion Plus combo dated.

benchcraft company scam

Until now, only a handful of depositions from robo-signers have come to light. But the sheer volume of the new depositions will make it more difficult for financial institutions to argue that robo-signing was an aberrant practice in a handful of rogue back offices.

Judges are unlikely to look favorably on a bank that claims paperwork flaws don't matter because the borrower was in default on the loan, said Kendall Coffey, a former Miami U.S. attorney and author of the book "Foreclosures."

"There has to be a cornerstone of integrity to the process," Coffey said.

Bank of America responded to Tiktin's depositions by re-affirming that an internal review has shown that its foreclosures have been accurate. "This review will ensure we have a full understanding of any potential issues and quickly address them," Bank of America spokesman Dan Frahm said. Frahm added that, on average, the bank's foreclosure customers have not made a payment in more than 18 months.

JP Morgan Chase spokesman Thomas Kelly said the bank has requested that courts not enter into any judgments until the bank had reviewed its procedures. But Kelly added that the bank believes that all the underlying facts of the cases involved in the document fraud allegations are true.

Litton Loan Servicing did not respond to a request for comment.

Even before the foreclosure scandal broke, the housing market was in the midst of an ugly detoxification. Now the escalating crisis is likely to prolong the housing depression for at least another few years. The allegations are opening the entire chain of foreclosure proceedings to legal challenge. Some foreclosures could be overturned. Others could be deemed illegal.

For a housing recovery to occur, all the foreclosed properties -- which could account for 40 percent of all residential sales by 2012 -- need to be re-scrutinized by the banks and resold on the market. Now, with so much inventory under a legal threat, the process will become severely delayed.

"This just adds more uncertainty to the whole mortgage process, so buyers are asking themselves: do I want to buy a home in this environment?" says Cris deRitis, director of credit analytics at Moody's Analytics. "We need to fix these issues before the economy can recover."

Though some have chalked up the foreclosure debacle to an overblown case of paperwork bungling, the underlying legal issues are far more serious. Yes, swearing that you've reviewed documents you've never seen is a legal offense. But at the center of the foreclosure scandal looms something much larger: the question of who actually owns the loans and who has the right to foreclose upon them. The paperwork issues being raised by lawyers and attorneys generals have the potential to blight not just the titles of foreclosed properties but also those belonging to homeowners who have never missed a mortgage payment.

So far, JP Morgan Chase, PNC Financial and Litton Loan Servicing have stopped some foreclosure proceedings in 23 states. Bank of America and GMAC, recently renamed Ally, have extended their moratoriums to all 50 states. Wells Fargo and Citigroup have said they are continuing with foreclosures, adding that they are confident in their documents and processes.

But Citigroup has now backpedaled some on that assertion. The bank sent out a press release Tuesday that it was no longer using the law firm of "foreclosure king" David Stern, now under investigation by the Florida attorney general's office. "Pending the outcome of the AG's investigation, Citi is not referring new matters to this firm," the bank said in an e-mailed statement.

Late last week, in an interview with the Florida attorney general, a former senior paralegal in Stern's firm described a boiler-room atmosphere in which employees were pressured to forge signatures, backdate documents, swap Social Security numbers, inflate billings and pass around notary stamps as if they were salt.

Stern's lawyer, Jeffrey Tew, did not respond to a request for comment.

Meanwhile, the public outrage continues to mount. In what is perhaps a sign of things to come, a Simi Valley, Calif., couple and their nine children broke into their foreclosed home over the weekend and moved back in, according to television station KABC of Simi Valley. The couple, Jim and Danielle Earl, say they were working with the bank to catch up on payments until they discovered a $25,000 difference between what they owed and what the bank said they owed. The family was evicted from their Spanish-style two-story in July. The home has been sold, and the new owner was due to move in soon.

The Earls and their attorney now allege that they were victims of fraudulent paperwork.

Curt Anderson contributed from Miami.

Get HuffPost Business On
Twitter, Facebook, and Google Buzz!




Know something we don't? E-mail us at huffpostbiz@gmail.com

I am a retired lawyer and cannot offer legal advice and my field was not Secured Transactions, but I can do research and give you the info freely available on the web. For starters:

This is from the MERS website regarding how they handle foreclosure:

Mortgage Electronic Registration Systems, Inc. (“MERS”) is a proper party that can lawfully foreclose as the mortgagee and note-holder of a mortgage loan. MERS Membership Rule 8 provides required guidelines that must be followed when MERS is the foreclosing entity. Please click here to access the Rules of Membership, and reference the Rule 8 requirements.

In mortgage foreclosure cases, the plaintiff has standing as the holder of the note and the mortgage. When MERS forecloses, MERS is the mortgagee and it is the holder of the note because a MERS officer will be in possession of the original note endorsed in blank, which makes MERS a holder of the bearer paper. MERS will not foreclose unless the note is endorsed in blank and held by MERS.

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

Notice how MERS acknowledges that only the holder of the note and the assigned mortgagee will it foreclose. They know they need both. They want the note in blank so that it remains a bearer instrument: “… when the endorsement is “in blank” – then only the party with actual possession of the note can be paid on it. Essentially, “in blank” is like turning the note into cash and so only the person with the cash in hand can spend it. [See California Commercial Code Section 3205].”

http://aforeclosurealternative.com/?p=439

The note is the key; without the note all else fails. The note is the obligation; not the mortgage. And ONLY the entity that has the note can enforce the note. These blank bearer notes can be a problem because it isliving document. Anyone who finds it can sue to enforce it. Here is the actual rule that MERS uses for foreclosures:

RULE 8

FORECLOSURE

Section 1. (a) With respect to each mortgage loan for which Mortgage Electronic

Registration Systems, Inc. is the mortgagee of record, the beneficial owner of such mortgage loan

or its servicer shall determine whether foreclosure proceedings with respect to such mortgage

loan shall be conducted in the name of Mortgage Electronic Registration Systems, Inc., the name

of the servicer, or the name of a different party to be designated by the beneficial owner.

(b) The Member servicing a mortgage loan registered on the MERS

System shall be responsible for processing foreclosures in accordance with the applicable

agreements between such Member and the beneficial owner of such mortgage loan.

(c) In the State of Florida, the authority to conduct foreclosures in the

name of MERS granted to a Member’s Certifying Officers under Paragraph Three of the

Member’s MERS Corporate Resolution is revoked. Effective June 1, 2006, the Member shall be

sanctioned $10,000.00 per violation for commencing a foreclosure in Florida in the name of

MERS.

(d) In the event that the beneficial owner or its designated servicer

determines that foreclosure proceedings shall be conducted in the name of a party other than

Mortgage Electronic Registration Systems, Inc., the servicer designated on the MERS® System

shall cause to be made an assignment of the mortgage from Mortgage Electronic Registration

Systems, Inc. to the person designated by the beneficial owner, and such beneficial owner shall

pay all recording costs in connection therewith.

Section 2: (a) If a Member chooses to conduct foreclosures in the

name of Mortgage Electronic Registration Systems, Inc., the note must be endorsed in blank and

in possession of one of the Member’s MERS certifying officers. If the investor so allows, then

MERS can be designated as the note-holder.

vJune2009

26

(i) The Member shall not plead MERS as the note-owner in

any foreclosure document; including but not limited to, the

foreclosure complaint.

(ii) The Member shall not plead MERS as a co-plaintiff in a

foreclosure action.

(iii) If the note is lost or cannot be located, the Member shall not

commence a foreclosure action in the name of MERS, but rather

must assign the mortgage out of MERS.

(b) In non-judicial foreclosure states, if the Member chooses to foreclose

in MERS name under the power of sale provision in the security instrument and is not seeking a

deficiency judgment, then the note does not need to be in the possession of the Member’s MERS

Certifying Officer when commencing the foreclosure action; provided, however, that under no

circumstances may the Member allege that the note is in their possession unless it so possesses.

(c) If the Member pleads MERS as the note-owner or as a co-plaintiff or

commences a foreclosure in the name of MERS when the note is lost or cannot be located, it

shall be considered a violation of the MERS Membership Rules and MERS may dismiss such

foreclosure action. Effective June 1, 2006, the Member shall be sanctioned $1,000.00 for the

first violation and $5,000.00 for each subsequent violation of this Rule.

(d) For all foreclosures conducted in the name of MERS, the member

shall take all reasonable and necessary steps to avoid having Mortgage Electronic Registration

Systems, Inc. take title to the applicable property that is the subject of a mortgage loan.

Mortgage Electronic Registration Systems, Inc. shall not be obligated to take title to any property

that is the subject of a mortgage loan; provided, however, that if the Member so requests,

Mortgage Electronic Registration Systems, Inc. may take title at the conclusion of the foreclosure

sale upon prior written consent to the Member from Mortgage Electronic Registration Systems,

Inc. If title is taken in the name of Mortgage Electronic Registration Systems, Inc., the Member

vJune2009

27

shall take all necessary and reasonable steps to remove Mortgage Electronic Registration

Systems, Inc. from title as soon as possible.

(e) If title is put into Mortgage Electronic Registration Systems, Inc.’s name and

there is a violation of state, county or city codes or any other applicable regulation; including, but

not limited to, non-payment of tax bills, the Member shall be responsible to promptly take all

necessary action to prevent fines or judgments from being entered against MERS. If the Member

fails to do so, MERS may take such action and will sanction the member for all costs and

expenses; including, but not limited to, attorney fees.

Actual physical possession is quite critical. Now, the note may become ‘lost’ or ‘destroyed’ but that raises other issues. Mers handles it this way:

MERS rules don’t allow members to submit lost-note affidavits in place of mortgage notes, said R.K. Arnold, the company’s CEO.

“A lot of companies say the note is lost when it’s highly unlikely the note is lost,” Arnold said. “Saying a note is lost when it’s not really lost is wrong.”

The usual way to get around the lost note is via affidavit by the party seeking to enforce the note that after due diligence the ORIGINAL note cannot be found and attached is a certified COPY. Of course, that begs the question of how do you produce a copy when you say you lost the original? Moreover, who goes around losing original notes for hundreds of thousands of dollars (or more) of debt?

So you can see why production of the original note is so important.

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Until now, only a handful of depositions from robo-signers have come to light. But the sheer volume of the new depositions will make it more difficult for financial institutions to argue that robo-signing was an aberrant practice in a handful of rogue back offices.

Judges are unlikely to look favorably on a bank that claims paperwork flaws don't matter because the borrower was in default on the loan, said Kendall Coffey, a former Miami U.S. attorney and author of the book "Foreclosures."

"There has to be a cornerstone of integrity to the process," Coffey said.

Bank of America responded to Tiktin's depositions by re-affirming that an internal review has shown that its foreclosures have been accurate. "This review will ensure we have a full understanding of any potential issues and quickly address them," Bank of America spokesman Dan Frahm said. Frahm added that, on average, the bank's foreclosure customers have not made a payment in more than 18 months.

JP Morgan Chase spokesman Thomas Kelly said the bank has requested that courts not enter into any judgments until the bank had reviewed its procedures. But Kelly added that the bank believes that all the underlying facts of the cases involved in the document fraud allegations are true.

Litton Loan Servicing did not respond to a request for comment.

Even before the foreclosure scandal broke, the housing market was in the midst of an ugly detoxification. Now the escalating crisis is likely to prolong the housing depression for at least another few years. The allegations are opening the entire chain of foreclosure proceedings to legal challenge. Some foreclosures could be overturned. Others could be deemed illegal.

For a housing recovery to occur, all the foreclosed properties -- which could account for 40 percent of all residential sales by 2012 -- need to be re-scrutinized by the banks and resold on the market. Now, with so much inventory under a legal threat, the process will become severely delayed.

"This just adds more uncertainty to the whole mortgage process, so buyers are asking themselves: do I want to buy a home in this environment?" says Cris deRitis, director of credit analytics at Moody's Analytics. "We need to fix these issues before the economy can recover."

Though some have chalked up the foreclosure debacle to an overblown case of paperwork bungling, the underlying legal issues are far more serious. Yes, swearing that you've reviewed documents you've never seen is a legal offense. But at the center of the foreclosure scandal looms something much larger: the question of who actually owns the loans and who has the right to foreclose upon them. The paperwork issues being raised by lawyers and attorneys generals have the potential to blight not just the titles of foreclosed properties but also those belonging to homeowners who have never missed a mortgage payment.

So far, JP Morgan Chase, PNC Financial and Litton Loan Servicing have stopped some foreclosure proceedings in 23 states. Bank of America and GMAC, recently renamed Ally, have extended their moratoriums to all 50 states. Wells Fargo and Citigroup have said they are continuing with foreclosures, adding that they are confident in their documents and processes.

But Citigroup has now backpedaled some on that assertion. The bank sent out a press release Tuesday that it was no longer using the law firm of "foreclosure king" David Stern, now under investigation by the Florida attorney general's office. "Pending the outcome of the AG's investigation, Citi is not referring new matters to this firm," the bank said in an e-mailed statement.

Late last week, in an interview with the Florida attorney general, a former senior paralegal in Stern's firm described a boiler-room atmosphere in which employees were pressured to forge signatures, backdate documents, swap Social Security numbers, inflate billings and pass around notary stamps as if they were salt.

Stern's lawyer, Jeffrey Tew, did not respond to a request for comment.

Meanwhile, the public outrage continues to mount. In what is perhaps a sign of things to come, a Simi Valley, Calif., couple and their nine children broke into their foreclosed home over the weekend and moved back in, according to television station KABC of Simi Valley. The couple, Jim and Danielle Earl, say they were working with the bank to catch up on payments until they discovered a $25,000 difference between what they owed and what the bank said they owed. The family was evicted from their Spanish-style two-story in July. The home has been sold, and the new owner was due to move in soon.

The Earls and their attorney now allege that they were victims of fraudulent paperwork.

Curt Anderson contributed from Miami.

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I am a retired lawyer and cannot offer legal advice and my field was not Secured Transactions, but I can do research and give you the info freely available on the web. For starters:

This is from the MERS website regarding how they handle foreclosure:

Mortgage Electronic Registration Systems, Inc. (“MERS”) is a proper party that can lawfully foreclose as the mortgagee and note-holder of a mortgage loan. MERS Membership Rule 8 provides required guidelines that must be followed when MERS is the foreclosing entity. Please click here to access the Rules of Membership, and reference the Rule 8 requirements.

In mortgage foreclosure cases, the plaintiff has standing as the holder of the note and the mortgage. When MERS forecloses, MERS is the mortgagee and it is the holder of the note because a MERS officer will be in possession of the original note endorsed in blank, which makes MERS a holder of the bearer paper. MERS will not foreclose unless the note is endorsed in blank and held by MERS.

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

Notice how MERS acknowledges that only the holder of the note and the assigned mortgagee will it foreclose. They know they need both. They want the note in blank so that it remains a bearer instrument: “… when the endorsement is “in blank” – then only the party with actual possession of the note can be paid on it. Essentially, “in blank” is like turning the note into cash and so only the person with the cash in hand can spend it. [See California Commercial Code Section 3205].”

http://aforeclosurealternative.com/?p=439

The note is the key; without the note all else fails. The note is the obligation; not the mortgage. And ONLY the entity that has the note can enforce the note. These blank bearer notes can be a problem because it isliving document. Anyone who finds it can sue to enforce it. Here is the actual rule that MERS uses for foreclosures:

RULE 8

FORECLOSURE

Section 1. (a) With respect to each mortgage loan for which Mortgage Electronic

Registration Systems, Inc. is the mortgagee of record, the beneficial owner of such mortgage loan

or its servicer shall determine whether foreclosure proceedings with respect to such mortgage

loan shall be conducted in the name of Mortgage Electronic Registration Systems, Inc., the name

of the servicer, or the name of a different party to be designated by the beneficial owner.

(b) The Member servicing a mortgage loan registered on the MERS

System shall be responsible for processing foreclosures in accordance with the applicable

agreements between such Member and the beneficial owner of such mortgage loan.

(c) In the State of Florida, the authority to conduct foreclosures in the

name of MERS granted to a Member’s Certifying Officers under Paragraph Three of the

Member’s MERS Corporate Resolution is revoked. Effective June 1, 2006, the Member shall be

sanctioned $10,000.00 per violation for commencing a foreclosure in Florida in the name of

MERS.

(d) In the event that the beneficial owner or its designated servicer

determines that foreclosure proceedings shall be conducted in the name of a party other than

Mortgage Electronic Registration Systems, Inc., the servicer designated on the MERS® System

shall cause to be made an assignment of the mortgage from Mortgage Electronic Registration

Systems, Inc. to the person designated by the beneficial owner, and such beneficial owner shall

pay all recording costs in connection therewith.

Section 2: (a) If a Member chooses to conduct foreclosures in the

name of Mortgage Electronic Registration Systems, Inc., the note must be endorsed in blank and

in possession of one of the Member’s MERS certifying officers. If the investor so allows, then

MERS can be designated as the note-holder.

vJune2009

26

(i) The Member shall not plead MERS as the note-owner in

any foreclosure document; including but not limited to, the

foreclosure complaint.

(ii) The Member shall not plead MERS as a co-plaintiff in a

foreclosure action.

(iii) If the note is lost or cannot be located, the Member shall not

commence a foreclosure action in the name of MERS, but rather

must assign the mortgage out of MERS.

(b) In non-judicial foreclosure states, if the Member chooses to foreclose

in MERS name under the power of sale provision in the security instrument and is not seeking a

deficiency judgment, then the note does not need to be in the possession of the Member’s MERS

Certifying Officer when commencing the foreclosure action; provided, however, that under no

circumstances may the Member allege that the note is in their possession unless it so possesses.

(c) If the Member pleads MERS as the note-owner or as a co-plaintiff or

commences a foreclosure in the name of MERS when the note is lost or cannot be located, it

shall be considered a violation of the MERS Membership Rules and MERS may dismiss such

foreclosure action. Effective June 1, 2006, the Member shall be sanctioned $1,000.00 for the

first violation and $5,000.00 for each subsequent violation of this Rule.

(d) For all foreclosures conducted in the name of MERS, the member

shall take all reasonable and necessary steps to avoid having Mortgage Electronic Registration

Systems, Inc. take title to the applicable property that is the subject of a mortgage loan.

Mortgage Electronic Registration Systems, Inc. shall not be obligated to take title to any property

that is the subject of a mortgage loan; provided, however, that if the Member so requests,

Mortgage Electronic Registration Systems, Inc. may take title at the conclusion of the foreclosure

sale upon prior written consent to the Member from Mortgage Electronic Registration Systems,

Inc. If title is taken in the name of Mortgage Electronic Registration Systems, Inc., the Member

vJune2009

27

shall take all necessary and reasonable steps to remove Mortgage Electronic Registration

Systems, Inc. from title as soon as possible.

(e) If title is put into Mortgage Electronic Registration Systems, Inc.’s name and

there is a violation of state, county or city codes or any other applicable regulation; including, but

not limited to, non-payment of tax bills, the Member shall be responsible to promptly take all

necessary action to prevent fines or judgments from being entered against MERS. If the Member

fails to do so, MERS may take such action and will sanction the member for all costs and

expenses; including, but not limited to, attorney fees.

Actual physical possession is quite critical. Now, the note may become ‘lost’ or ‘destroyed’ but that raises other issues. Mers handles it this way:

MERS rules don’t allow members to submit lost-note affidavits in place of mortgage notes, said R.K. Arnold, the company’s CEO.

“A lot of companies say the note is lost when it’s highly unlikely the note is lost,” Arnold said. “Saying a note is lost when it’s not really lost is wrong.”

The usual way to get around the lost note is via affidavit by the party seeking to enforce the note that after due diligence the ORIGINAL note cannot be found and attached is a certified COPY. Of course, that begs the question of how do you produce a copy when you say you lost the original? Moreover, who goes around losing original notes for hundreds of thousands of dollars (or more) of debt?

So you can see why production of the original note is so important.

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Fox <b>News</b> Ratings HUGE For Final Chilean Miners&#39; Rescue

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Fox <b>News</b> Ratings | Chilean Mine Rescue | Chile - Cable <b>News</b> | Mediaite

Americans were gripped Tuesday night by images from the scene of the Chilean miner rescue. But whose images gripped them most? While CNN won during one hour, Fox News Channel, dominated prime time as usual, ahead of CNN, MSNBC and HLN.

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Fox <b>News</b> Ratings HUGE For Final Chilean Miners&#39; Rescue

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Fox <b>News</b> Ratings | Chilean Mine Rescue | Chile - Cable <b>News</b> | Mediaite

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Fox <b>News</b> Ratings HUGE For Final Chilean Miners&#39; Rescue

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Fox <b>News</b> Ratings HUGE For Final Chilean Miners&#39; Rescue

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President Obama is using a rare "pocket veto" to kill a bill that would allow mortgage companies to affix an electronic notary seal to foreclosure documents, thereby making the process easier and faster for the organizations to push through. Using an electronic notary seal would also allow foreclosure documents to be accepted across state lines and then potentially by more than one state, according to a Yahoo News report.

Obama has nixed the legislation in response to concerns over allegations that mortgage companies are using flawed documents to falsely issue foreclosures. The Yahoo report also highlights additional protests that were raised by consumer advocates, who pointed out that the bill would make it harder for homeowners to challenge foreclosure documents prepared against them by companies in other states.

"Pocket" vetoes are rarely used, as they usually ignite a storm of conflict between Congress and the president, regardless of affiliation. Unlike a regular veto, which sees the bill passed back to Congress and can be overridden by a congressional vote, pocket vetoes are permanent and irrefutable according to the Constitution, explains the Washington Post. The pocket veto can only be used while Congress is adjourned and not in session, and the bill is not returned; it is kept by the President. The term pocket veto comes from the image of the President keeping the bill upon his person.

While this bill sailed through Congress, analysts were not surprised to see Obama nix it, but it will ignite controversy anyway. Obama has only issued one other veto in his presidency so far, in December of last year, and it ignited a firestorm of criticism for his controversial use of the pocket veto at that time. Congress was in recess at the time, but had been holding small meetings here and there during the holiday break. Obama issued his first pocket veto amid arguments as to whether or not the Constitution allowed him that power, since Congress was not fully adjourned. He caused further confusion by sending the bill back to Congress, when pocket vetoes are not supposed to be returned, according to the Huffington Post. His use of the pocket veto again for only his second veto of his administration will ignite more criticism and constitutional debate than his refusing to sign the actual bill.

George W. Bush, in his second term in office, also exercised his right to the pocket veto, and in the same confused manner as President Obama has done. In 2007, he told Congress he was issuing a pocket veto, in this case for a massive defense spending bill, and then returned the document. That was lost, however, in the firestorm ignited by Bush vetoing a defense spending bill in a war time situation, according to HNN at the time.

Pocket vetoes really hadn't made an appearance in national politics for awhile, until the first President Bush made use of the option in his presidency almost half as many times as he issued regular vetoes. He pocket vetoed 15 bills versus issuing a regular veto for an additional 29 bills during his presidency, according to records on Senate.gov.

The use of the pocket veto tends to strain congressional relations with the President because it gives them no option to work on the bill. Constitutional experts are also increasingly concerned with the habit of the last two administrations of blurring the line between a regular veto and a pocket veto. This could give rise to the concept of an absolute veto, which would require legislation from Congress to stop the practice.

Sources

Alan Zibel and Ben Feller, "Obama sends foreclosure docs bill back to Congress." YahooNews.com

Ben Pershing, "House to vote on Obama's first veto." WashingtonPost.com

Robert J. Spitzer, "Pres. Obama, don't make this veto mistake." TheHuffingtonPost.com

MSNBC.com, "Bush to reject defense bill with pocket veto."

David Waldman, "Congress Matters: The pocket veto is finished." CongressMatters.com

Robert J. Spitzer, "Is Bush Inventing Another Constitutional Power?" HNN.com

Senate.gov, "George H.W. Bush."


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Fox <b>News</b> Ratings HUGE For Final Chilean Miners&#39; Rescue

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Fox <b>News</b> Ratings HUGE For Final Chilean Miners&#39; Rescue

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