NOTE : IMHO - read your mortgage or deed of trust... nowhere does it say the servicer owns the loan... and so begins the way to explain why the poor homeowners have to swallow the fraud, lose their homes and give up for the good of the country. (it is my belief that is where this type of reporting about the economy is headed..... )
The simple question to me is not will the banks face harm... but will homeowners face harm. or the investor... if here it is the banks that are being portrayer as victim not those investors or homeowners that WERE FRAUDED. WAtch what you read carefully - this is all my opinion.....and what i believe might happen.
Mortgage Foreclosure: Watchdog Warns of 'Potential Crisis' From Fraud - ABC News: "While under a best-case scenario, the problems could prove 'overblown' -- the work of only 'a handful of employees' at mortgage servicers who failed to follow proper procedure -- the panel said there is a 'considerably grimmer' outcome.
Under a worst-case scenario, the servicers will not be able to prove that they own the mortgage loans they claim to own. Under such a scenario, the banks, the government and homeowners would all end up hurting, only two years after the 2008 meltdown.
The banks, for instance, could face 'significant harm' if the validity of 33 million loans is called into question. If an investor in a mortgage-backed security were to force a bank to repurchase a loan because the firm had misrepresented the quality of that loan, the problems could be severe. One such investor action, the panel said, could force Bank of America to repurchase and absorb partial losses on up to $47 billion in bad loans."
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LAWYERS WHO FILE FORECLOSURES SHOULD ALSO BE INVESTIGATED
Foreclosure lawyers are officers of the court; knowledge of applicable laws and civil procedure is not required from mortgage lenders, nor loan servicers. In states that require judicial foreclosures, lawyers are the ones who file lawsuits to seize and sell property; and lawyers are responsible for filing and recording foreclosure property deeds.
Inadequate or questionable foreclosure leads to useless property deeds that impede real estate sales; title insurance companies reluctant to cover foreclosed properties; mortgage default claims are being disputed due to defective foreclosures. . .Sample of fraudulent foreclosures by certain foreclosure mills:
–Deliberately utilize defunct lenders or lenders without “standing” to intentionally execute false foreclosure proceedings in civil as well as bankruptcy courtrooms.
– Create and conceal malpractice, delaying foreclosures, engineer various litigations to generate billable legal fees.
– Orchestrate sham foreclosure auctions; property never becomes acquired by lenders, but by 'straw buyers’
– Commit wrongs which are actionable (unfair debt collection, fraud, various torts) that give rise to lawsuits from property owners,
– Engage in self-dealing foreclosures by which some lawyers gain for themselves foreclosed properties
–Foreclosures via names of defunct lenders allow ’straw buyers’ illegally convey property deeds, flip real estate, and create blighted communities
– Unconscionably create false deficiency judgments against property owners after straw buyers acquire homes for pennies on the dollar
– Intentionally file Bankruptcy court “Motion to Lift” and “Proof of Claim” on behalf of NON-EXISTENT lenders, concealing fact of “non-secured” mortgage debt.
–Involved in fraudulent collection of property damage and mortgage insurance for illegally foreclosed homes
–Fraudulent foreclosures abet loss of property taxes to city revenue, rodents, vagrants, and blight. – Thousands of families are being made unlawfully homeless, scores of homes have been fraudulently flipped and communities are blighted from null foreclosure proceedings.
**more: Request for Congressional Foreclosure Panel to Examine Foreclosure Lawyers
http://www.change.org/petitions/view/request_for_congressional_foreclosure_panel_to_examine_foreclosure_lawyers#
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