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Mortgages Were Pledged to Multiple Buyers at the Same Time -
nakedcapitalism.com ^ | 101910 | George Washington

Posted on 10/19/2010 10:58:33 AM PDT by Fred

Bank of America alleged in a court filing this June:

It appears as though many loans and other mortgage-related assets have been double and even triple-pledged to various constituencies

As I have repeatedly pointed out, the failure of the mortgage originators and banks to prepare and record proper documentation has led to an epidemic of fraud. The pledging of the same mortgage again and again to different trusts related to mortgage backed securities is just one result.

And as long-time foreclosure investigator Nye Lavalle writes:

On thousands of occasions I stated to regulators, CEOS, banks, Fannie and Freddie that the practices of the banks were that they were double and multi-pledging assets and pledging paid off and refinance notes to securitizations. This is something April, Max [Gardner] and I have discussed for years now. Now, they come and admit that each of my allegations were true. Without analyzing the deal, as complex as they are, you WILL NEVER KNOW IF THE FORECLOSING PARTY HAS “ANY” RIGHT TO FORECLOSE!!!

There are several videos and docs on the blog that cover these FACTS.

http://www.scribd.com/doc/33364308/Boa-Answer-to-Freddie-Objection-in-Re-Taylor-Bean-amp-Whitaker-Mortgage-Corp


TOPICS: Business/Economy; Education; Government; Politics
KEYWORDS: boa; chase; dodd; fannie; fha; finreg; forclosure; foreclosure; foreclosuregate; forelcosuregate; frank; fraudclosure; freddie; goldman; goldmanschs; jpmorgan; mers; remic; tarp; tarp2; toobigtofail; wellsfargo

1 posted on 10/19/2010 10:58:39 AM PDT by Fred
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To: Fred

“you WILL NEVER KNOW IF THE FORECLOSING PARTY HAS “ANY” RIGHT TO FORECLOSE!!!”

If I pay my mortgage, I’m pretty sure that they don’t have the right to foreclose. If I don’t pay, I don’t care who forecloses.


2 posted on 10/19/2010 11:02:56 AM PDT by Doctor 2Brains
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To: Fred

So how does one find out who actually holds the note on a mortgage? Of course I pay my mortgage every month but I would still like to see the documentation. I know that my mortgage was “sold” about a year after I purchased the home. I may have a work related move coming up, what if I try to sell a house and am unable to do so because of this?


3 posted on 10/19/2010 11:03:28 AM PDT by joesjane ((The strength of the pack is the wolf - Rudyard Kipling))
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To: Fred

B of A is a CIA operation, morals & proper conduct are far far away on the other side of the universe.


4 posted on 10/19/2010 11:04:03 AM PDT by yesca (..belief is the enemy)
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To: joesjane

Go to the county recorder and verify that all the documents have been updated with the county. Many counties now have these records online now and or a one line item for the update. But if you go personally, the recorder can give you all the documents. Also, there is a very strict history of the buying and selling of the property in question.


5 posted on 10/19/2010 11:08:47 AM PDT by Fred (Suspend All Immigration Until Unemployment is Reduced to 5%)
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To: Doctor 2Brains

Doc 2Brains,

When your original lender sells your note and the new buyer securitizes it after taking an image copy then destroying the original, you won’t know it.

Not unless you think to ask for the original note back when you sell your property. When they can’t send it to you, the title is clouded, and how much is your property worth if you can’t get the title insured for the new buyer?


6 posted on 10/19/2010 11:08:52 AM PDT by RideForever
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To: joesjane
So how does one find out who actually holds the note on a mortgage?

Your County Recorder of Deeds is, supposedly, the 'official' repository of such information. However these banks often didn't bother with anything as mundane and old fashioned as actually paying the fee to have the note-holder information changed.

But I'd start there if I were you. If that information isn't accurate I'd bring the fact that your County is owed their fees to the attention of someone in the Recorders office.

Then I'd retain the services of a qualified Real Estate Attorney and show him what you've found.

Best of luck,

L

7 posted on 10/19/2010 11:09:40 AM PDT by Lurker (The avalanche has begun. The pebbles no longer have a vote.)
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To: Fred

Who the hell is “April, Max (Garnder)” and why should I care what he or she says?


8 posted on 10/19/2010 11:11:19 AM PDT by Larry Lucido
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To: RideForever; Doctor 2Brains

Unlike the average blogger, Doc will have enough brains to get a real estate lawyer to file a quiet title action, name the bank as a defendant, and get a quiet title and costs.

The blogger will keep having lunch with April, Max (Gardner), whoever that is.


9 posted on 10/19/2010 11:13:51 AM PDT by Larry Lucido
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To: Doctor 2Brains

The point of this blog posting is that the banks are repackaging and reselling the SAME loan to multiple trusts.

The banks would like all of us TAXPAYERS to believe that these mistakes are just little boo-boos and there is no deliberate fraud intended..and with the help of our so called government..it looks like they are going to get away with it.

I will let you figure out the fallout from this.....here is a clue....TARP II


10 posted on 10/19/2010 11:16:57 AM PDT by Fred (Suspend All Immigration Until Unemployment is Reduced to 5%)
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To: Lurker

And might I add, Lurker, the person that bought the property PAID for these documents to be filed with the county recorder.


11 posted on 10/19/2010 11:19:10 AM PDT by Fred (Suspend All Immigration Until Unemployment is Reduced to 5%)
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To: Doctor 2Brains
If I pay my mortgage, I’m pretty sure that they don’t have the right to foreclose. If I don’t pay, I don’t care who forecloses.

If I were you, I'd go down to the county offices and see who the records show a the owner of your mortgage. If it isn't the entity to whom you've been sending checks, you have good reason to be worried. If it isn't, you'd better contact the entity to whom you've been sending checks and tell them there will be no more checks until they record the transaction with the county.

12 posted on 10/19/2010 11:19:51 AM PDT by SeaHawkFan
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To: Larry Lucido

a simple google search will answer that question....


13 posted on 10/19/2010 11:20:49 AM PDT by Fred (Suspend All Immigration Until Unemployment is Reduced to 5%)
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To: Fred
And might I add, Lurker, the person that bought the property PAID for these documents to be filed with the county recorder.

That had completely slipped my mind, but you're right. So if the bank took those fees from someone and never paid them to who they were contractually obligated to, they've committed a fraud.

Nice.

14 posted on 10/19/2010 11:22:29 AM PDT by Lurker (The avalanche has begun. The pebbles no longer have a vote.)
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To: Doctor 2Brains

Does this mean, they don’t know which Country owns the loans(homes), because they were sold around the world....


15 posted on 10/19/2010 11:24:50 AM PDT by Freddd (CNN is down to Three Hundred Thousand viewers. But they worked for it.)
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To: Larry Lucido

Thank you. Yes, I read documents, including loan packages, and I cover myself. I have no fear of “evil capitalists” taking my cash. Democrats and libs have that fear.


16 posted on 10/19/2010 11:27:14 AM PDT by Doctor 2Brains
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To: Freddd

MSfraud.org and Livinglies.wordpress.com are some of the most eye opening sites out there.

This fraud makes Enron and Madoff look like chumps.

Document fraud, fraudulent creation of the documents, RICO investigations are now beginning.

Fun times...


17 posted on 10/19/2010 11:36:08 AM PDT by 1st I.D Vet
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To: Fred

And who started BoA?.


18 posted on 10/19/2010 11:47:12 AM PDT by Vaduz
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To: Doctor 2Brains

What if four parties try to foreclose and there is only one property?

What if you can’t sell your home because it cannot be determined who has deed and title?


19 posted on 10/19/2010 11:49:58 AM PDT by IamConservative (Gentleman, we have no money. We must now use our brains.)
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To: Vaduz

Do not know, however, I do know that WE THE PEOPLE pretty much own it now, since it is carrying over ONE TRILLION DOLLARS in mortgage liabilities that are guaranteed by Fannie/Freddie...or is it TWO TRILLION...after a trillion I stopped counting...


20 posted on 10/19/2010 12:05:00 PM PDT by Fred (Suspend All Immigration Until Unemployment is Reduced to 5%)
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To: IamConservative

What if those things don’t happen?


21 posted on 10/19/2010 12:09:33 PM PDT by Doctor 2Brains
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To: Doctor 2Brains

Then your house just went up by 10% in value...


22 posted on 10/19/2010 12:49:34 PM PDT by Fred (Suspend All Immigration Until Unemployment is Reduced to 5%)
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To: Fred; blam; Chunga85; stephenjohnbanker; M. Espinola; Quix; 2ndDivisionVet
Multiple buyers were pledged to buy the same POS mortgage. And yet, FORGED foreclosure documents are still being sold by fraud mills to the highest bidder:

You wanted concrete proof of widespread lost mortgage documentation? Feast your eyes upon this:

BOMBSHELL: Check Out This Industry Catalog And Price Sheet For FABRICATED Foreclosure Documents

A foreclosure lawyer sent sent this little beauty by email last night. I had no idea the market was so robust for replacing missing mortgage documents with forgeries. And apparently there is inflation within the criminal cabal that engages in foreclosure document fabrication.

Prices to replace missing documents keep going up . . . ;-)

It is time for outraged Americans to protest in the streets and shut down all air, train and bus travel just like the Greeks are doing. Ooops ! Sorry about that: I forgot the Spanish and French and Germans. Americans act like a bunch of weak kneed pussies when compared to other western nations . . .

National Strike: Greece Shuts Down !

23 posted on 10/19/2010 2:10:52 PM PDT by ex-Texan (Ecclesiastes 5:10 - 20)
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To: ex-Texan
BOMBSHELL: Check Out This Industry Catalog And Price Sheet For FABRICATED Foreclosure Documents

Document recovery, not document fabrication.

More ex-Tex poor reading.

24 posted on 10/19/2010 4:46:16 PM PDT by Toddsterpatriot (Math is hard. Harder if you're stupid.)
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To: Fred

Sooo...an inside glimpse as to how a Democrat Runs a Bank.


25 posted on 10/19/2010 4:47:53 PM PDT by mo
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To: joesjane

If you are lucky, your state requires that all liens on your property be filed. Then you just have to ask your local office to show all the filed liens, and whoever has the mortgage lien, that’s the people you have to pay, and are the ones who have the right to foreclose.

If they sold off the right to the cash flow, that’s of no concern of yours, you pay them, and after that they can do what they want with the money.


26 posted on 10/19/2010 6:16:31 PM PDT by CharlesWayneCT
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To: Fred

liabilities who says Obama isn’t a president that gives. /s


27 posted on 10/20/2010 10:17:23 AM PDT by Vaduz
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