About the Author

author photo

See All Posts by This Author

ML-Implode Exclusive: Foreclosure Expert Mildred Wilkins Blasts Industry in “Fraudclosure” Report

The creation of MERS in 1996/97 (Mortgage Electronic Registery Service) allowed members organizations to save billions of dollars.1,2,3 They avoided the time-consuming and hugely expensive cost of paying pesky recording fees to undeserving local recorders’ offices. The MERS members (initially included most of the big players you would expect and perhaps a few which will surprise you: Fannie Mae and Countrywide Financial, J.P. Morgan Chase, Bear Stearns, HUD, Freddie Mac, Bank of America, Merrill Lynch, Lehman Brothers, Wells Fargo, Wachovia, Option One, Ginnie Mae, Norwest Mortgage, Allied Group Mortgage Company, and ALTA (the American Land Title Association) were among club members who have changed the way the world views titles of real property.

This newly created ‘club’ had a solution which would work better for them than the
cumbersome and expensive requirement under which they had been operating for more than a couple of centuries. Eventually, almost all banking entities in our country saw the wisdom of joining the MERS club. They unilaterally created and agreed to a ‘new’ rule which was to by-step the universal requirement under state law to record ALL mortgage/deed/deed of trust/assignments and sales as a way to guarantee that there was a clear chain of title for all property in the country thereby protecting both the current and any future land owner from claims against the property for which they were paying or had paid. The banksters (and other MERS club members) decided it was sufficient for their purposes to use an electronic format to record who was holding your mortgage at any given time. They were not concerned with violation of the New York trust law which stated notes had to accompany (as in “go with” “be stuck to” with a staple machine or chewing gum or something) the mortgages (YOUR MORTGAGE) as described in the trust document. Because ALTA (American Land Title Association) was a MERS club member, their cooperation in the creation and utilization of mortgages in blank (like a BEARER check) meant this mortgage could be passed around (or recorded as though it had been) when in fact the actual document was sitting in originator’s vault the entire time.

There is no disputing that billions were saved in recording fees and valid lawsuits are surfacing which allege as much. The billions saved by MERS club members are the exact same billions which were NOT paid to local municipalities across the country. A possible secondary benefit to not recording the transfer each time a mortgage (minus it’s note) was transferred has been reported as allowing the sale of the same mortgage/collateral to multiple institutions. Shocking, I know, but the evidence that such was the case grows stronger every day. There is credence to this based on an ever increasing number of reported cases in recent months/days where multiple banks have filed foreclosure against the same house. How could this be unless it was sold to multiple parties? How could the details, loan number etc be in their system so they had enough information to begin foreclosure unless they had been sold the mortgage? (or a piece thereof). Personally, I believe that it will ultimately be revealed that mortgages’ being sold to multiple investors has been a common practice since MERS came into existence. I mention it  now as part of the background because the lack of validity for American real estate has been undermined by numerous unethical and illegal practices.

The loss of integrity for titles in the United States is already complete.

American land titles are clouded at the core.

This report will discuss the HOW and why it is important to your life-TODAY-and the implications for your personal real estate related decisions. This report is an analysis of facts. It will include references to facts which are covered in great detail in other places on the web. For legal documentation including revelant lawsuits, sworn depositions, etc. I have not uncovered another website which gets material as quickly as www.4closurefraud.org nor another which has such a comprehensive inventory of leading stories and legal documentation worth your reading time. There are a number of sources which I read multiple times per day. It is important that you likewise select resources on whom you can rely to give you fact based information during this volatile time in the history of our once great country.

This report was written by a consumer Advocate-Writer-Educator-Researcher-Analyzer—A student of “the BANK GAME”

What makes me think I am competent to provide an analysis of such a complex subject? The answer is a decade of being immersed in fighting as a consumer advocate to help address unfair housing issues, beginning with predatory lending. I have made the study of real estate my life since the late 80’s. I became a fulltime REALTOR in January of 1993, a Fannie Mae Broker-Specialist in 1999 and a consumer advocate in 2002 railing against the internal processes at Fannie and HUD which were leading to increased foreclosures and ever increasing losses to government insurance pools. I’ve studied appraising and real estate law, read many thousands of pages of federal regulations related to loan servicing, taken classes and extensive training on loss mitigation. I’ve taken training designed for loan servicers from both HUD and Fannie Mae to find out what servicers are supposed to do and then compared that to what they do.

“Such a tangled web we weave, when first we practice to deceive.”
-Sir Walter Scott

I became a trainer, teaching housing professionals what the laws and regulations say should
occur and how it is frequently ignored to the detriment of their clients. I became a writer of
articles and courses related to foreclosure intervention for both consumers and professionals.  As a national trainer since 2005 I have gained the benefit of the experiences of thousands of attendees from across the country on what is being done by lenders across the United States, rather than a small sampling in a given geographic location.

My focus has always been the broader picture (the elephant). My goal has been to first understand, find weaknesses which could be used for consumer benefit and then share that information as broadly as possible.

Rather than marvel at the elephant’s awesome trunk, I’ve questioned why does he appear to favor his left rear foot. What is the reason behind the action? Analyzing is what I do with the goal of first understanding, then sharing that knowledge so that you can benefit without reading 6-8 hours per day, volumes of material which make your head hurt. Since foreclosure intervention training is what I do professionally, it is an investment in my calling to know both the WHAT and the WHY.

Earlier this year I shifted from primarily training real estate professionals to be better prepared to help consumers in default to looking for opportunities, to educating consumers directly about the challenges they face in housing. My goal is to impart broader knowledge in a format which is easy to digest, with the intent to empower the public with sufficient knowledge to implement recourse. Now that you know certain facts, since you are frustrated with currents behaviors which have been revealed, do you know what those facts mean to you personally? The title issue this report addresses affects everyone—even if you don’t own a house. Whether you are paying on a home, paid off a home, rent a home—the cloud on titles in this country will forever change real estate transactions.

Pages: 1 2 3 4 5 6 7

There Are 9 Responses So Far. »

  1. My family’s saga is being told on nhjustice.net. It is a very ugly story about how a small state has been captured by big financial interests, and has used the ‘color of law’ to take private property from the average citizen and turn it over to the large financial/business interest. In our case, the State overtly took $100,000, but there may have been more trading that we are not aware of.

    Today, I am schedule to have a competency hearing. The State’s Office of Forensic Examiners found me not competent because I essentially reported exactly what you are reporting in this paper. The only difference was that I used the specifics of my case. And, the names are very well know. And, on is about to get the medal of freedom award for his assistance in the 2008 bailout of the banksters.

    Thank you for continuing to write on this issue. Individual citizen families cannot fight the foreclosure fight alone. We continue to pray that some authority will intervene on our behalf. Perhaps I will know more after 1Pm today. That is the time of the competency hearing.


    Jean E. Allan aka Jean E. Allan Sovik

  2. […] 1 2 3 4 5 6 […]

  3. For anyone who has had their property fraudulently sold, they have another battle to fight – that of the Title companies that insured the forged deeds.

    After having Astoria Federal S & l ,Successor in Interest to Fidelity NY FSB state in New York Supreme Court in front of Judge Alice Schlesinger, Its Indemnify, Indemnify Indemnify , we are stepping aside and the title coompanies are stepping in.(Astoria Federal with corrupt debt collector attorneys Mullooly, Jeffrey Rooney & Flynn auctioned off my two NYC condos to straw buyers without even owning my two properties.

    Fast forward – The Bank got rid of these corrupt attorneys MJRF and has new attorneys. At that point when the banks new attorneys said it’s Indemnify , I should have been given back possession of my two condos.

    Instead corrupt attorney Thomas Malone for Fidelity National Title and corrupt attorney David K Fiveson of Coronet Title did not want to indemnify the forged deeds they insured but wanted to be Intervenors instead and be heard and what they told the court is time makes forged deeds good.


    The Title Companys , Judge Alice Schlesinger of NY Supreme Court, and I all know there is no “equity” in a forgery.

    With the fraud being discovered at William P Foley’s (CEO) Fidelity National Title ,Fidelity National Financial and Lenders Processing Service (DOCX) the title attorneys statement to Judge Schlesinger “we have equity”,
    only meant there was money under the table for the judge and Judge Schlesinger said to me, “it doesn’t look good for you” and she ruled against the law.

    Judge Alice Schlesinger perpetrated Title fraud with Fidelty National Title and Coronet Title.

    I am the true owner of apts xx and xx at xxxxxxxxx and I will continue to pursue to get possession of my two condos.

  4. Hi Mildred:

    Great article on the title crisis. I am giving a CLE class on foreclosures and title and in my research have found what you are saying regarding MERS, securitization and standing to foreclose.

    My read is that the new owners of the homes who bought foreclosures or REO’s probably won’t be thrown out avoiding a claim to the title company. The original homeowner, although delinquent and subject to a legally done foreclosure, may have a claim against the lender who foreclosed illegally and took their house.

    It is somewhat confusing unless I do a flow chart, but in your opinion who is going to be held culpable including the referee. Thanks.

    Mike Haltman

  5. Great article but you miss real valid arguments. 99% of the notes are unenforceble if transfered correctly into the trust. Why?

    )1 Because once the notes enter into the REMIC they are no longer notes but have been converted into bonds. Once done, they can not be undone.

    2) Likewise the mortgages/DOT also need to transferred, assigned and recorded at the local level in order to get into the trust. The problem is the trust can’t hold assets or they lose there IRS tax free status and their ability to be bankruptcy remote.

    What you have here realy is the sale of unregistered securities to unknowing investors (homeowners). The banks and securities underwriters knew this all along and that’s why nothing was ever transferred and they used MERS to hide it all.

    Let’s follow the rabbit further down the hole. When a homeowner makes a payment that payment was never truly credited on the books of his loan. Why? Because the money was paid into a pool(trust) where the bonholders were paid in their tranches. This why they will not and cannot produce the loan level files.

    On top of that you need to also factor in the over$ 7 trillion dollars in bailout money the FED(foreign owned) gave out and the billions of dollars the FDIC bought back of MBS from all the players. Also, the CDOS, CDS, insurance money that has already been paid off.

    There is no money owed and their is no clear title! How do you fix that mess?

    Iit is FRAUD from the creation at every juncture of the game and all the players are complicit including thegovernment for the coverup.

  6. This is directed to Michael Haltman’s question. As I’ve read it,if fraud was used in a lawsuit, and then, post judgment proved, then the original lawsuit is deemed VOID ab initio…. (or “at initiation”)that means it’s as if the judgment was never rendered! Ergo, the “new owners” own nothing! How could they? They were, after all, only a part of a fraudulent scheme. And the correct procedure for the “victims” who originally lost their homes would be to submit a motion to vacate a void judgment and once ruled on, to file an eviction notice. Woe befalls those who participated in the fraud, the buyers & the sellers of the illegally foreclosed on property.

  7. I read the article with great interest although I am already familiar with this mess. However, great as the information may be, it still doesn’t answer any questions. For example, here’s my predicament:

    1. I refinanced my mortgage in Nov. 09 with BofA. At the time of the closing, I was provided with blank copies of all my docs. Shortly thereafter, I received a notice telling me that they had already shuffled the mortgage around to someone else. When this mess hit the public eye, I started to track my papers but to no avail. My payments are going to (what seems) is BofA and I’m receiving statements from what seems to be BofA. I requested a copy of my Deed and Note and, instead, received a copy of my appraisal report which tells me that they don’t have the original documents. I hold a recorded Deed, Note and Title from Chase (my prior mortgagor) but have not received the discharged papers from them either. So what does that mean? What am I supposed to do? Where do I start looking? What are my options? Coincidentally, my mortgage is in good standing and I’m in no danger of losing the home that I know of.

  8. Lots of fraud folks. Many of the crooked attorneys who foreclose very homes are financed by the mortgage companies they foreclose for. Many of the judges are taking bribes thru their homes also being financed multiple times and then paid off by robo signers. Basically check the records they’ll get loans totaling $200,000 up to millions on the same home some show 2-3 loans a year. The loan is quickly paid off, a few months later they’re given another loan. No one can do this, but they can. The government doesn’t inquire about a fat check like this. They walk away with big bribes to go against borrowers no matter even though they know it’s a fraudulent loan. Many of these attorneys and judges allegedly make no house payments.

    Their income would not sustain this but they have been also trustees for predatory lenders also and trustees for home improvement companies that defrauded borrowers which turned into predatory loans. This is how they proved themselves worthy to be judges and hold a license to defraud the borrowers. This has been going on for years. They are being paid by the title companies and banks to do this folks. This is a big network all the attorney bar associations want to keep the crooks on the bench. This the very reason when folks have been defrauded by mortgage and title companies most attorneys refuse to take the case or if they do take the case won’t fight and just take clients money. They know what will happen if they challenge the crooks, they won’t ever win another case in court. This thing is sinister folks, but true

  9. I am involved in several loans with Ocwen as servicer. They have unbelievably sent me copies of bills they have submitted in my case (one for a property already sold at auction to them; one which they refuse to sell despite my many requests to do so)which total over $30,000 for two BPO letters, which normally run around $100 apiece. Clearly they’re milking somebody – I guess the taxpayer. Isn’t anyone watching these thieves?

Post a Response