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Nation Wide Foreclosure Fraud – No Breaks for Robo-signing Computer Stamping Files
Bloomberg report with 4closureFraud links...
No Breaks for Robo-signing Computer Stamping Files
By Prashant Gopal
Nov.
15 (Bloomberg) -- Bryan Bly is a pen-wielding “robo- signer” at
Nationwide Title Clearing Inc., inking his name on an average 5,000
mortgage documents a day for companies such as Citigroup Inc. and
JPMorgan Chase & Co.
Full Deposition of Bryan Bly of Nationwide Title Clearing
Posted by Foreclosure Fraud on November 8, 2010 ·
This
deposition was taken on November 4, 2010 in Pinellas County, Florida,
by attorney Christopher Forrest of The Forrest Law Firm. Bryan Bly
Deposition 1 Bryan Bly Deposition 2 Bryan Bly Deposition 3 Some
background… Bryan Bly, is it a LIE? Robo-Signer for Nationwide Title
Posted by Foreclosure Fraud on June 20, 2010 · By Susan … Read more
Those are just the ones that cross his desk.
Nationwide
Title employs a computer system that automatically inserts a copy of
Bly’s signature on thousands of digital files that he never sees. The
system even affixes an electronic notary seal.
“The problem
with the way these documents are created isn’t because a computer is
used,” said Gloria Einstein, a legal aid attorney in Green Cove
Springs, Florida, who deposed Bly in a case in which her client faces
foreclosure by a unit of Deutsche Bank AG. “It’s because an enterprise
has decided to use a computer to create a system where nobody is
responsible for the information and the decisions.”
The rush to
securitize more than $4 trillion of mortgages as U.S. home sales
peaked in 2005 and 2006 inundated loan servicers and contractors like
Palm Harbor, Florida-based Nationwide Title that help them handle
paperwork. Lawsuits fighting some of the more than 4 million
foreclosures since then have exposed sloppy recordkeeping and raised
questions about the validity of documents used to seize properties.
Signatures Draw Scrutiny
Bly
is just one of more than a dozen robo-signers deposed in the past two
years by lawyers for borrowers seeking to block foreclosures. Spurred
by descriptions in depositions of employees signing thousands of
affidavits a week without checking their accuracy as legally required,
the attorneys general in all 50 states last month opened an
investigation into whether banks and loan servicers used faulty
documents or improper practices to foreclose.
Full Video Deposition of Dhurata Doko of Nationwide Title Clearing
Posted by Foreclosure Fraud on November 7, 2010 ·
This
deposition was taken on November 4, 2010 in Pinellas County, Florida,
by attorney Christopher Forrest of The Forrest Law Firm. See also…
KABOOOOOOOOM – Full Video Deposition of Crystal Moore of Nationwide
Title Clearing This deposition was taken on November 4, 2010 in
Pinellas County, Florida, by attorney Christopher Forrest of The
Forrest Law Firm … Read more
~
KABOOOOOOOOM – Full Video Deposition of Crystal Moore of Nationwide Title Clearing
Posted by Foreclosure Fraud on November 7, 2010 ·
This
deposition was taken on November 4, 2010 in Pinellas County, Florida,
by attorney Christopher Forrest of The Forrest Law Firm and has to be
one of the most damning yet. The reason I say “yet” is because Bryan
Bly’s video deposition is coming up next… Here is the the video
Deposition of Crystal Moore … Read more
You can also check out the rest of the depositions on 4closureFraud's Deposition page here...
Nationwide
Title, which has about 175 employees, provides document imaging,
tracking, retrieval, recording and processing on bulk loan transfers
for lenders, servicers and investors. It’s the largest third-party
processor of mortgage assignments, handling more than 350,000 last
year, Senior Vice President Jeremy Pomerantz said in a telephone
interview. The company also prepares lien releases, which show that a
mortgage has been paid off by the borrower.
Kinda like the lien releases prepared on President Obama's mortgages???
4closureFraud Exclusive – President Obama Falls Victim to Chase Robo-Signer
Posted by Foreclosure Fraud on October 10, 2010 ·
Well
well well… Lookie what we have here folks… Is this why they tried to
sneak through H.R. 3808? (just kidding) Just like we have been saying
all along, this is so much bigger than “affidavits.” Here is another
piece of the puzzle, without bringing up the REMIC issues… Now that
YOU are affected personally … Read more
And
4closureFraud Exclusive Part Deux – President Obama Falls Victim to ANOTHER Robo-Signer
Posted by Foreclosure Fraud on October 11, 2010 ·
Can’t
Get No Satisfaction Part one if you missed it… 4closureFraud
Exclusive – President Obama Falls Victim to Chase Robo-Signer Well well
well… Lookie what we have here folks… Is this why they tried to sneak
through H.R. 3808? (just kidding) Just like we have been saying all
along, this is so much bigger than “affidavits.” … Read more
Assignments,
which are usually recorded with county land record departments, list
the buyer and seller of a loan as it’s sold or packaged with other
loans into a mortgage-backed security. Lawyers for homeowners are
challenging the legitimacy of the documents, which are relied on by
lenders to show they have the right to foreclose.
Batches of 30,000
(While
closely held Nationwide Title in the past offered a package of
foreclosure-specific services, it had just one client, Pomerantz said.
The company often doesn’t know whether documents it prepares will end
up being used in foreclosure cases, he said.)
Nationwide
Title’s proprietary system isn’t entirely automated, said Erika Lance,
senior vice president of administration. Employees receive requests
from clients for lien releases and mortgage assignments, which are
often sent in batches of as many as 30,000. They review the information
and images of loan documents sent along with the request, and the
information is keyed into the computer system.
The computer
system fills in the electronic assignments in the format and wording
each county requires, and places a signature and notary seal from a
list of employees approved by each bank. Bly and other signers are
given a title at the bank requesting the documents, such as “vice
president” or “assistant secretary,” depending on what the individual
counties require, Lance said.
Laws Catching Up
Nationwide
Title files documents with scanned signatures in the 10 percent of
counties in the U.S. that accept electronic mortgage assignments,
including those for cities such as Chicago, Miami and Seattle,
according to Lance. She said producing electronic signatures in bulk is
common in the industry.
“The laws are catching up to what is
occurring with documentation,” she said. “Electronic recording is an
accepted method of document recording.”
Nationwide Title isn’t
alone in using electronic signatures. Angela Nolan, a JPMorgan Chase
vice president in Monroe, Louisiana, testified in a January deposition
that bank’s computer system was inserting employee signatures,
including hers, in random order on some documents. She said the
digital signatures were used on allonges, which are added to
promissory notes when more space is needed for endorsements.
Re-Introducing Angela Nolan of JP Morgan Chase – Another form of Robo Signer – AutoPen
Posted by Foreclosure Fraud on September 27, 2010 ·
Q
Do you know about a requirement that allonges be permanently affixed
to notes? ~ A That’s– I believe that was a Fannie Mae requirement
that was eliminated several years ago. ~ Link -AutoPen… This
deposition, originally posted last March, reveals another form of
“Robo Signer”, a computer generated document, complete with a “real”
signature … Read more
Random Selection
“How
is it determined which person’s signature will get on the allonge?”
Dustin Zacks, an attorney for Ice Legal PA in Royal Palm Beach,
Florida, asked during the deposition.
“I believe it’s just a
random process of making sure you have the individuals,” Nolan said.
“There are certain titles that are required, assistant vice president,
vice president, assistant treasurer. I believe they just go in and
randomly select those individuals.”
Thomas Kelly, a spokesman for New York-based JPMorgan Chase, declined to comment.
While
the law allows for electronic signatures and seals on assignments and
lien releases, the signer must physically appear before the notary,
and the notary must affirm the signer’s identity, that the signer is
aware of what the document is, and that the signer is willingly
executing it, said Michael Robinson, executive director of the
National Notary Association based in Chatsworth, California.
Must Read
“The guiding principles behind it are the same as the guiding principles around paper notarizations,” he said.
Mark
Ladd, a land-records technology consultant in Racine, Wisconsin, said
the systems he’s seen require that the signer acknowledge that he’s
read the document and that the notary is physically present.
“The
law requires that somebody review these documents themselves,” Ladd
said. “The person who signs the document makes a statement that they
read it.”
Nationwide Title’s Pomerantz declined to say whether
the company’s system requires signers to affirm they have read the
document. He said document inspectors, a job sometimes performed by
signers and notaries, review signatures and seals on a computer
monitor. The notaries know the identities of the signers because they
work in the same office, he said.
Relying on Staff
“The
signature is required to authorize it,” Pomerantz said. “The signature
is not testifying in any way that they prepared that or personally
validated the information. They rely on their staff to validate.”
Missing
or incomplete paperwork has forced lenders to routinely recreate
documents to show courts they have standing to seize properties, said
Jim Miller, the executive who oversaw foreclosure-processing operations
at JPMorgan Chase & Co. from 2005 to November 2008.
About a
third of foreclosure files his teams handled were missing mortgage
assignments. Servicers would often write new assignments when judges
requested proof that the party seeking to repossess a property had the
right to do so, he said.
“What used to happen before the
robo-signer issues is that you’d find out while in the foreclosure
process that assignments needed to be done, and you had time to clean
it up before the actual foreclosure solidified,” Miller said in a
telephone interview.
At JPMorgan Chase, where Miller was
managing director of the default group, the company began fixing
documentation prior to foreclosure more than two years ago in response
to court rulings requiring lenders to show evidence of owning the
loan before taking legal action, he said.
Full Deposition of Beth Cottrell Chase Home Finance – Robo-Signer Extraordinaire
Posted by Foreclosure Fraud on May 27, 2010 ·
Wow…
She doesn’t know anything… She doesn’t even read ANYTHING! She does
the assignments, the verifications of complaint “under penalty of
perjury” and amounts due and owing! Just got it so wanted to share…
Full analysis to come… WOW 4closureFraud 1-561-880-LIES Florida
Foreclosure Defense Law Offices of Carol C. Asbury
www.FightTheBanksNow.com Full Deposition of Beth … Read more
Central Issue
Miller
is now an independent consultant for the mortgage- servicing industry
based in Dallas. Kelly, the JPMorgan Chase spokesman, declined to
comment.
The issue for courts to decide is whether banks are
seizing homes that they never legally acquired, visiting Harvard Law
professor Katherine Porter told a Congressional Oversight Panel on Oct.
27.
The legal debate centers on whether assignments can be
created to show transfers between banks that happened years earlier,
Porter said.
“The largest and most complex harm that may exist
with the loans in default or foreclosure today is that the paperwork
for the loans was not transferred correctly,” Porter said. “I
emphasize that what constitutes a correct transfer is a gray area; we
need more direction from courts and legislatures on this subject.”
A Must See – Congressional Oversight Panel (COP) Hearing on Foreclosure Fraud and Robo-Signers
Posted by Foreclosure Fraud on October 27, 2010 ·
It’s
long but you need to watch it. It is Fascinating… On Wednesday,
October 27 at 10:00 a.m., the Congressional Oversight Panel for the
Troubled Asset Relief Program (TARP) held a hearing in room 138 of the
Dirksen Senate Office Building. Archived video is available below.
Click Through to View (But read the rest before … Read more
Ownership Questions
Joshua
Rosner, an analyst at New York-based Graham Fisher & Co., has
also questioned whether mortgage-bond trusts did enough to take
ownership of loans. Typical practices, such as filling in the names of
trusts on notes and completing missing links in assignment chains
only after foreclosure work has started, may encourage investors to
challenge whether the debt met the requirements for delivery under
bond contracts, he said in an Oct. 27 interview.
At the end of
the U.S. real estate boom in 2005 and 2006, about 70 percent of the
$6.1 trillion in mortgage lending was packaged into bonds, according
to the Securities Industry and Financial Markets Association in New
York.
Paper documents were turned into electronic files so that
they could be moved around quickly, and shortcuts were taken to
accommodate multiple transactions, said Alan White, a law professor at
Valparaiso University in Indiana. Promissory notes were endorsed in
blank so that whichever company held it could claim possession. And
mortgages were sometimes assigned in blank.
The Florida Bankers Associations’ Comments to the Florida Supreme Court Task Force on Foreclosures may shed some light on document destruction.
Documents Destroyed
The
foreclosure crisis opened up the process to scrutiny, as banks
claimed to have lost thousands of promissory notes and were instead
showing judges copies, White said.
Virginia B. Townes, general
counsel of the Florida Bankers Association in Tallahassee, said some
banks intentionally destroyed notes after scanning. Townes declined to
name specific companies.
“The problems were lurking in the
files,” White said. “As long as people were paying and values went up
nobody cared. Fraud that happens during boom times comes to light in
the bust.”
One concern with recording transfers years after the
fact is that many entities that might have had roles in the
securitization chain no longer exist, Porter, the visiting Harvard
professor, said in her testimony.
Disappearing Links
“To
the extent that these transfers are being completed retroactively, it
raises issues about honesty in creating and dating the
assignments/transfers and about what parties can do, if anything, if an
entity in the securitization chain, such as Lehman Brothers or New
Century, is no longer in existence,” she said.
New Century
Financial Corp., once the largest independent subprime-mortgage
lender, filed for bankruptcy in April 2007. Lehman Brothers Holdings
Inc. was the fourth-largest U.S. investment bank when it went bankrupt
in September 2008.
It doesn’t matter when mortgage assignments
and endorsements are recorded because the existence of the pooling and
service agreement and purchase sale agreement is proof in itself that
the loan was conveyed, said Stephen Ornstein, a partner in the
Washington office of SNR Denton, a law firm that represents loan
servicers and lenders.
“If the assignment is missing, you can create it by having the old assignee reassign it to you,” Ornstein said.
Rumors
to the Contrary Notwithstanding, You CAN Take It With You! Defiled
Land Records & Convoluted Chain of Property Ownership
From
the Hamlet… Rumors to the Contrary Notwithstanding, You CAN Take It
With You! Posted by L Countrywide, Indymac, Lehman Brothers, First
Magnus: DEAD. ALL LONG DEAD. Yet. Yet. Yet. Apparently, these
predatory financial institutions are immortal and have assets to
transfer, via their strawman tax-evading MERS, even in 2010. So, is it
ANY WONDER … Read more
‘Middle of Storm’
Nationwide
Title’s Lance said she has long recommended to corporate clients that
they keep their files clean and produce assignments as transfers
happen. Many of the assignments the company produces are for bulk sales
from one bank to another, she said.
“NTC has been put in the middle of this storm,” she said.
Bly,
52, said he trusts the employees that have verified the assignments
his signature is appearing on -- even though he doesn’t know what
those processes are and never sees the document.
“If they check it, why do they need you, sir,” Einstein, the attorney, asked Bly in his July deposition.
“As a signer,” he replied.
--Editors: Larry Edelman, Rob Urban
To contact the reporter on this story: Prashant Gopal in New York at pgopal2@bloomberg.net
Reprinted with permission from the author.
Links added by 4closureFraud.
And I got more where that came from, Nationwide...
Shall
I publish your cease and desist letter to 4closureFraud about Bryan
Bly just before these depositions were released or should I wait for
your response to our requests before I do?
Ball is in your court, just let me know...
~
4closureFraud.org
»
- advertisements -
Awesome. The fraud coming to light in foreclosure proceedings is revealing a much, much deeper abuse, and we have to keep pounding on that because when a crime is this big and systemic, there are only two choices: 1) collapse, with apologies all around and no one held accountable
2) collapse, with punishment of the criminals who profited from felonious activities and fundamental change
This is not about foreclosure. Foreclosures are symptomatic. The disease is, and has always been, securitization, itself. The jettisoning of responsibility, of ownership of debt. I have been saying this for a long time. It is literally impossible to responsibly bundle mortgages into something called a "security" fast enough for a market in bonds derived from that security to function. The multi-trillion dollar MBS market was dependant on widespread fraud. Felonious acts, up and down the line. Thousands upon thousands of people in the food chain who KNOWINGLY disregarded the law of the land and should be thrown in jail.
These lawsuits over ownership and MERS, and buyback and misrepresentation of assets and loss of documents, etc, could go on for the rest of my lifetime. It's so big, you could refer to it as the collapse of the Ponzi scheme of America, itself. This land is your land, this land is my land, this land is no longer owned by anybody, get it? It's paper land, and if you want to take it away from me you either better have a gun bigger than mine or you better have the police and the politicians in your back pocket, cause that back-dated, faded little robo-signed piece of shit in your hand don't mean squat.
Someone tell me how the hell we get out of this without killing off forever the securitization market, without going back to a requirement that banks hold on to the loans they give out, period, not a 5% skin, the whole damn thing? The damn thing is dead, anyway. It's like a tumor, choking us off. It's like AIDS, given to us by the banks, who raped us, and our politicians are being threatened at gun point and being told to let the rape continue.
The legal system is our only hope. Are we a nation of laws, or not, is again coming into focus. Why do you think Sheila Bair said bye-bye? She doesn't want anything to do with this shit. At some point, Congress is going to have a real crisis and they won't be able to keep kicking the can down the road, which is all they have been doing. You and I will pay, guaranteed.
the "federal government owns your loan" so "there you go." it is news that "Sheila Bair is leaving." bad news, actually. "securitization" is to me in no way "the bad guy." it's like dealing with a VERY volatile..."person" shall we say. "when everything is on the upswing he's happy, but when it's on the downswing..." in short "a realistic risk assessment is very important." George Bush's "mistake" as it were was "he relied on Wall Street Bankers for his risk assessment." That was a mistake. An "acceptable one" in my view! but "what follows is VERY important." The "intervention" shall we say...One shouldn't "make the intervention a direct threat to the people of the United States" for example...
The banking cartel will have to get their servants in congress to create a massive crisis diversion.
And so that a real VP doesn't have to get their hands dirty and incriminated by an unlawful act.
Good Job , Good Story... Thanks...
I hope JP Morgan goes down....
Efficiency without transparency is mystery and chaos.
20,30,40,50,60 year old children. Unsupervised. Deliberately.
The glee of riches.
This may have already been mentioned by others, but BAC currently requires payment for copies of deeds related to the promissory notes they are collecting for. $15 a pop may not sound like much but given the benefit / risk analysis employed and the precedent to charge, what's to prevent an "exorbitant" fee to keep the charade in play?
When this REALLY begins to blow up, we will have another 9-11 event.
Exactly. That's when the legislation goes through
Or congress/BHO will simply change the laws and make them retroactive to "save the economy from systemic collapse". If i was a betting man, count on fraud being legalized in the USSA komrad.
We're all living in America,
Amerika is wunderbar.
We're all living in America,
Amerika, Amerika.
We're all living in America,
Coca-Cola, sometimes WAR,
We're all living in America,
Amerika, Amerika.
www.youtube.com/watch?v=6unDcYBQSpQ
The robo-signers in Congress will sign anything that the banks put in front of them! They don't read any of the bills either, so they would see absolutely nothing wrong with what 'Mona Lisa' and Bly were doing. Pelosi or Boehner might even offer 'Mona Lisa' a job as a congressional assistant to speed up his/her own bill signing performance!
@4closeureFraud:
What's with the maths in this case? Bly admits to signing an average of 5,000 affidavits a day, and worked there for many years. Yet he was only asked to admit to signing about 50,000 affidavits ... ie. just 2 weeks work! Didn't he actually sign about 5 MILLION affidavits over 6 or 7 years?!