ML-Implode Exclusive: Foreclosure Expert Mildred Wilkins Blasts Industry in “Fraudclosure” Report
Indirect impact of Title Uncertainty
Consumers who have already paid off a mortgage which was securitized during the past fifteen (15) years cannot rest easy either. There is a major question of whether the CORRECT holder of the mortgage and note was in fact paid off. Was the release of mortgage signed by one of the robo-signers who worked for Nationwide Title Services (or other similar entities) who have testified in sworn affadavits (see www.4closurefraud.org) that they did not check or cross-check anything when they signed off on release of mortgages (they just signed where their name appeared)?
For those of you who are current on your mortgage, I suggest you research how to submit a comprehensive qualified written request and get one in the mail asking for verification of a number of things related to your mortgage, including a record of all payments made-since the inception of the loan- and copy of assignment trail for both your mortgage and note.
The general public is already experiencing a growing uneasiness with the viability of real estate in many regards. The most notable aspects are probably the fragility of the value of properties, uncertainty of availability of mortgage money for new purchases, significant concern about the liquidity of our banks (even without a clear understanding of the issues revealed and examined in this report).
We can, we must—unite to get and stayed informed about what is happening and how our world is being changed. It is not just a trite statement, it is imperative that we take action in any way possible to enhance the protection of the laws which are the foundation of our country, the rights of each and every one of us because to do less diminishes the rights of all of us. We can ill afford to keep mouthing the rectoric of the banksters that everyone getting foreclosed upon deserves it. That is patently not true. There can be no excuse for failure to
follow the laws of our great country and to join together in immediately demanding that our elected officials:
- Insist on strict adherence to all laws, especially those related to real property and foreclosure in this country
- Immediately become proactive in establishing a planned resolution for the clouded titles which currently number in the millions
- Make some plan of acceptable restitution for those who have been wrongfully
foreclosed upon - Mandate the cessation of all foreclosure action , in every state, until such time as lenders can demonstrate, at a minimum, legal standing to foreclose and
documentation of the amounts owed - Mandate that lenders/guarantors be held accountable for the maintenance of the buildings (former homes) which they have foreclosed on so that they do not become not only eyesores but havens for criminal activities in our communities around the country
- Mandate that lenders follow the HAMP and HAFA guidelines with a sincere effort to avoid foreclosure, rather than a token effort to use as bankster PR
- Mandate lenders immediately resume the legal practice of recording all
assignments, mortgage transfers and satisfactions of mortgages in local record
offices - Penalize lenders severely for any fraudulent documents which have been filed in their names and refuse to let them ‘clean them up and re-submit’
- Mandate compliance with all medication and/or settlement hearings which are
applicable as a chance for a face-to-face meeting with lenders to resolve the issues. - Create legislation which will dictate that letters related to a mortgage default must contain a name and a number to call a person (not the current practice of sending out unsigned letters, with no phone number at all or a non-working number.
- Utilize the oversight authority already in place and institute any additional oversight where there are gaps in the current structure
- Other suggestions which were covered in testimony before the Senate/House during the last half of November
An informed populace can increase the chances that our leaders will be—can be –forced to address this crisis with determination and resolve. Real estate professionals should join with consumers and the ranks of the consumer advocates who are calling for systemic changes which are needed to safeguard the right to home ownership for future generations.
Watch for “Buyer Beware: REO is Risky Business” @ MildredWilkins scribd.com This expose should be released by 12/15/2010 and will address the impact of title issues on purchasing REO properties. If you bought an REO within the past few years or you are anticipating doing so, you really need to avail yourself of this informative report.
Epilogue
From the desk of Mildred Wilkins . . .
Dear Reader:
We are experiencing an economic tsunami. I believe that history will record the period of 2011-2012 as witnessing the GREATEST financial crash of our history. Yes, surpassing even the crash of 1929. I, along with an ever-growing crowd of economists, analysts and informed legal minds see no other possibility – given the reality of the title crisis which can no longer be denied.
This report has covered accurately and in detail our reality. You should choose your reaction to that reality. Your pension fund, should you be lucky enough to have one of those, has investments in mortgage-backed securities. Your lending institution ( if it is anything other than a credit union or a very small local bank) is highly likely to fail during the next two years. Do you have a contingency plan? Are you prepared to continue to educate yourself about the impact of national and international news, lending practices and related hearings and legislation (attempted as well as passed and implemented) on your every day well-being?
I grew up in an abusive household and denial was the dominant tool of survival. We, as Americans, have chosen denial for many years because we believed, as I believed as a child, that those charged with our well-being would make decisions which safe guarded us, kept our homes secure, our future intact. The American public has behaved as children, choosing denial over the harsh reality. Our protectors have plundered and pillaged and left us destitute. We can no longer afford denial. Survival requires that we accept our reality, halt destructive practices and implement new methods which will serve to restore our core systems in the places where they have become non-functional.
I have spent my entire adult life committing to uncovering truth and attempting to share it so the consequences of denial could be avoided. Armed with ACTUAL facts, accompanied by an explanation which clarifies the most likely outcome and its impact, we are prepared with what is needed to make informed decisions about our lives.
Study this report; study the materials at 4closurefraud.org and other strong websites with an analytical mind. Go beyond the what (specific behaviors being reported) to the why. What does the discussed revelation mean in the broader context of law, home ownership, your finances? Analyze—not surf, read the what—study the why. Make your future personal, housing and financial plans based on an expanded awareness that national and international news—on a daily basis—is shaping YOUR future.
Share when you have the opportunity. Together, we can make a difference.
“Knowledge can be empowering”
(signed) Mildred Wilkins
End Notes
1. MERS Roles in the Foreclosure Epidemic and Lack of Standing
By George Beckus Esquire; the Golick Law Firm, January 1, 2010
Found at Florida Foreclosure Lawyer
2. M.E.R.S.—It’s Not a Planet-available at www.4closurefraud.org
3. MERS Scandal Exposed & Explained; Nov 3, 2009, courtesy of Joe Bisogno of
Loan Compliance Advisory Group
4. HAMP has not worked because lenders have used the fact that the general public is unaware that they have the authority under most servicing rights to make whatever modifications are needed to maintain the loan as a performing loan. Additionally, HAMP solicited voluntary compliance from financial institutions, did not require adherence to recommendations as a condition of the bailouts and essentially they were granted permission to do what they do, which is, whatever they want to do.
5. Few consumers and almost none of the professionals whom I have taught in the past 7-8 years were aware that there are clear guidelines set out as federal regulations which govern servicing on all government backed loans, FHA, VA, USDA. There regulations were put into place decades ago to protect consumers from craziness like we have been experiencing. The regulations are a matter of public record, they are nonetheless somewhat difficult to find and you would have to know they existed in the first place. The guidelines for just FHA are contained in many thousands of pages of documents called Mortgagee Letters. They are all available at www.HUD.gov. Short sale requirements, modification stipulations, requirements on both the borrower and the lender are readily available on line. Check the other government websites for their guidelines as well. Fannie, Freddie and Farmer are a little bit different since they were quasi-government until they had to be bailed out by the government two years ago and became actual governmental entitites. Their guidelines for how your loan should be serviced are also available on line.
Private mortgage insurers are PRIVATE and consequently, their guidelines cannot be viewed online.
Further to my comment of 9 August 2016, unlike the old Bank Rate system with its high interest rates, Quantitative…
Comment by Jean E. Allan on 20 December 2010:
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.
Sincerely,
Jean E. Allan aka Jean E. Allan Sovik
Pingback by Fraudclosure Report | “The Title Crisis: Clouded at the Core” « Foreclosure Fraud – Fighting Foreclosure Fraud by Sharing the Knowledge on 27 December 2010:
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Comment by marilyn lane on 27 December 2010:
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.
FORGED DEEDS CONVEY NO TITLE AND HAVE NO LATCHES.
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.
Comment by Michael Haltman on 27 December 2010:
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
Comment by mike on 27 December 2010:
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.
Comment by John R. on 27 December 2010:
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.
Comment by Blanche Dubois on 16 January 2011:
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.
Comment by clark on 24 September 2012:
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
Comment by Mike Libera on 27 December 2013:
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?