Investor foreclosures, in Laguna, California. Borrowers who were deceived into payment shock mortgages dictated by the requirements of the securitization trusts, had a fundamental right to know who really funded their loans, and to whom they could contact if there was a problem. Credit: Foreclosureradar.com
- Investor foreclosures, in Laguna, California. Borrowers who were deceived into payment shock mortgages dictated by the requirements of the securitization trusts, had a fundamental right to know who really funded their loans, and to whom they could contact if there was a problem.
- Most of the B of A mortgages between 2003 and 2008 were actually pre-assigned to, and funded by the securitization trusts. In many cases, B of A, with its trustworthy reputation, was only a strawman, only pretended to be the real lender, and was at no time the true beneficiary.
- Court documents reveal that during the real estate valuation collapse starting in 2007, Wells Fargo began looking for any excuse to call obligations due and payable, and pursued any means to protect their junior liens from being foreclosed out by lenders in first position. Wells Fargo often used sewer service and default judgments to escalate their junior trust deeds, into liens upon the entirety of the debtor’s real and personal property.
- Bank of America rewarded its loan officers with the highest commissions and incentives to mislead borrowers about the true terms of Pay Option and Hybrid ARM Loans by focusing the borrowers’ attention on low beginning payments and teaser rates
- Mortgage servicers are still fabricating conveyances, assignments of mortgage, and substitutions of trustee that should have been executed years ago, and fraudulently submitting them to the courts as evidence to foreclose on homeowners.
- Federal prosecutors shelved a criminal investigation of Angelo R. Mozilo after determining that his actions in the mortgage meltdown — which led to $67.5-million settlement against him — did not amount to criminal wrongdoing.
- The legality of the privately surreptitious MERS system, with respect to its avoidance of physically recording encumbrances with local county recorders, as has been the law for hundreds of years, and with its access limited only to high officials of the member banks, has grave implications for millions struggling to save their homes from foreclosure by unknown entities, notwithstanding the lack of legal documentation for chain of title.
- According to American Banker, Bank of America and Wells Fargo continue to backdate legal documents necessary to foreclose. The documents include signatures by current bank employees claiming to represent lenders that no longer even exist.
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