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JPMorgan Brings Foreclosure Case In Mortgage In Which It Was Just A Servicer, Court Finds Bank Committed Fraud
An interesting development out of Jean Johnson, Circuit Judge in Duval Country, Florida, where in a case filed by JPMorgan/WaMu, as Plaintiff, and law firm of Shapiro and Fishman, attempted to evict defendants Hank and Marilyn Pocopanni. As basis for the legal case, WaMu had submitted an assignment of mortgage, which however the court just found never actually belonged to WaMu, and instead was carried on the books of Fannie Mae. Once this was uncovered is where this case gets really interesting: In point 5 of the filing we read that the "plaintiff predecessor counsel made "clerical errors" when it represented to the Court that the plaintiff was the owner and holder of the note and mortgage rather than the servicer for the owner." Which means that only Fannie had the right to foreclose upon the Pocopannis, yet JPM, as servicer, decided to take that liberty itself. And here the Judge got really angry: "The court finds WAMU, with the assistance of its previous counsel, Shapiro and Fishman, submitted the assignment when [they] knew that only Fannie Mae was entitled to foreclose on the Mortgage, and that WAMU never owned or held the note and Mortgage." And, oops, "the Court finds by clear and convincing evidence that WAMU, Chase and Shapiro & Fishman committed fraud on this Court" and that these "acts committed by WAMU, Chase and Shapiro amount to a "knowing deception intended to prevent the defendants from discovery essential to defending the claim" and are therefore fraud. While the Judge in this case did not also find declaratory damages against the plaintiff, and while the case of the defendants is unclear (we would expect Fannie to file a foreclosure act on its own soon enough), the question of just how pervasive this form of "fraud" in the judicial system is certainly relevant. Because if JPM takes the liberty of foreclosing on mortgages as merely servicer, when it has no legal ground for such an action, who knows how many such cases the legal system is currently clogged up with. The implications for the REO and foreclosures track for banks could be dire as a result of this ruling, as this could severely impact the ongoing attempt by banks to hide as much excess inventory in their books in the quietest way possible.
Our advice to any party caught in a foreclosure process is to immediately go to www.fnma.com and use the Lookup Tool to see if Fannie is still mortgage owner of record, if a foreclosure suit has been brought up by a plaintiff other than the GSE.
We are confident quite a few other such cases will promptly appear.
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This is just a fishing expedition. And there are time when they walk away with the loot.
The system is Florida is just helping these servicers walk away with properties.
Read this:
http://www.nytimes.com/2010/09/05/business/05house.html
the NYT had an article about a year ago.
Given how much mortgage loans get passed around, this issue is pretty common. Rather than being an indication of some nefarious plot, it should be seen as an indication of the huge volume of bad loans that need to be foreclosed. Some poor lawyer working another 100 week who hasn't seen his kids in 4 months and just doesn't give a shit anymore. JPM, Wamu, Fannie... who cares it's all really the same isn't it?
Not surprising that it comes out in Florida. They have very borrower friendly foreclosure laws. Every case must go before a judge. If you are a deadbeat homeowner and you know how to work the system, you can live in the bank's house for years without paying a dime. And why pay your mortgage when the $$$ could be better spent on all those cool new Apple gadgets, the latest 60" flat screen, and a sweet new ride.
What? You defend predatory criminals? Shame on you!
If the laws and rules are an impediment, they will be changed. Florida has already set up a separate kangaroo-court system for foreclosures staffed with retired judges. Supposedly this separate system will streamline the process and unclog the court system which is trying to deal with thousands of foreclosure actions.
Judges have tremendous discretion when dealing with contract law, and these part-time judges are simply waving the cases through and dismissing any and all motions from defendant's counsel for missing deeds, forged signatures, discovery, etc., etc. If this Florida system works well, I expect we'll see it cloned across the country. Yes, you'll get your "day in court", but it will only last five minutes, and you always lose. Next!
Only if your state is a 'judicial' foreclosure state, most states aren't.
And yeah, FL will probably change it's rules.
So before anybody gets too excited, know your state's laws ... it's your butt, cover it.
Not to mention, the "fee" for the court is 10,000. Look for FL's budget deficit to disappear. Not to mention it's one of those odious full-recourse states. Time to move south (or north) of the border.
Just another inconvenient hoop for the banksters to jump through. The fraud accusation is familiar to them...and the handslaps/baby fines are ignored.
Fannie and Fred are political machines. They want no part of this grimy foreclosure business and are delighted to let the banksters work the killing floor. It's more better that way since the TBTFs can't be hated any more than they already are.
Besides, the servicing banksters cut out their own fees and expenses on the transaction before F/F get their cut of what's left. Lawyers, the whole deal. It's another money center for the banks......the logical front for the insolvent GSEs.
Law firm is under investigation by Florida State Attorney General.
http://tampabay.bizjournals.com/tampabay/stories/2010/08/09/daily31.html
The following (relating to a proper foreclosure referral package) taken from their website is priceless:
http://www.shapiroattorneys.com/admin/fl/content/FL_Foreclosure.pdf
Referral Package
The referral package contains the following documents and information:
The referral also includes the following information, when available, to assure a valid foreclosure:
It is critical that the assignments to the holder and proper party plaintiff be of record at the time of referral to initiate the foreclosure in a timely manner
Too bad the court didn't look at the % of the monthly cash flow the servicer had expected to garner on the classic WaMu rework.
"In most of the cities and towns of this country, this Wall Street panic will have no effect."
- Paul Block (President of the Block newspaper chain), editorial, November 15, 1929
I believe I got a press release a few weeks ago saying that Shapiro & Fishman, along with several other of the most "notorious" foreclosure attorneys in Florida (including one who has a ginormous yacht named....and I kid you not "su casa es mi casa") are being investigated by the State's Attorney for filing "improper" paperwork.
The mixed conflicting market signals return. It reminds me of periods in 2007/2008 during the market uncertainty and dislocation in addition to market intervention or rumours of market intervention (like the QE chatter now).
http://stockmarket618.wordpress.com
"as this could severely impact the ongoing attempt by banks to hide as much excess inventory in their books in the quietest way possible."
Not sure how this follows. If JPM forcloses, it looks like it has a bad loan on it's books when actually it's Fannie Mae that has the bad loan.
Seems more likely that Fannie, being a gvt entity, is using JPM as a beard.
Or even more likely, neither Fannie nor JPM had any idea who owned the mortgage.
This world will remain doomed, and controlled by endless predatory vipers, until "fictions" are ended. When the USA was established, there were no "fictitious entities" like corporations and such, only real, physical, living, breathing humans producing and trading. Early on there were some very limited fictions that were more-or-less like corporations, except they were "chartered" for extremely specific purposes stated in the charter, and for very limited periods of time. Furthermore, owners were personally responsible for every action taken on behalf of that "fictitious entity".
Today, one very crucial, primary reason the predator class can destroy the economies of entire countries, and effectively enslave millions of humans, is absurd expansions in the recognition and powers of all kinds of "fictitious entities" (essentially, "corporations" and other "organizations"). By today, the courts has given these non-existent entities more rights and privileges than real, living human beings, including "limited liability" and (for practical purposes) unlimited protection for the predator class who run many of those fictions (especially the very large ones).
The companies dump poisons into the rivers and air, and they lie, cheat, steal, destroy and cause endless destruction and mayhem with reckless abandon, because virtually ZERO of their executives ever go to jail, or suffer major penalties. So they have no worries, no constraints. Who is surprised this setup attracts the second worst group of predators on the face of the earth (the worst being the central banksters, politicians, etc)?
The modern world is utterly controlled today by FICTION. Until fiction is rejected and eliminated, no country, no planet has any chance to support widespread honesty, ethics, or simply "the good life".
Send the executives of JPM to jail. Ditto for every company that attempts fraud like this. This establishes a very natural, effective, wonderful deterrent to the idea "just grow at all costs, until you become too big and corrupt to fail". If executives are responsible for what their "companies" do, they will want to keep them small enough to "keep an eye on" for fear of going to jail.
Better yet. Return to the USA of 1776 and eliminate recognition of any "fictitious entity" (including "government"). Talk about the good life!!!
bless your heart. i haven't read this sane and lucid thruthfullness about JPM. again your heart must have many blessings.
"The modern world is utterly controlled today by FICTION."
this sentence is the core of everything that we are discussing in our little 'fictional' clubhouse here.
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