Skip to comments.Were Obama's own mortgage documents signed by a 'robo-signer'?
Posted on 10/11/2010 3:33:42 PM PDT by Nachum
A consumer advocacy Web site has obtained some mortgage paperwork for President Obama and first lady Michelle Obama's home in Chicago.
The documents, which show that the couple's mortgage of $210,000 was fully paid on May 10, 2005, are signed by a Chase Home Finance vice president Marshe Craine.
The interesting thing about the documents is that Craine's signature on court documents related to other people's homes looks radically different from the version on the Obamas' paperwork. In other, unrelated cases, attorneys for homeowners have accused loan processing companies of allowing employees to forge other people's signatures.
(Excerpt) Read more at voices.washingtonpost.com ...
See! See! This is my nightmare. Pay off your mortgage to get out of debt and nobody can be found to sign the satisfaction of mortgage. Then, the title company refuses to insure the title against the lien claim and POOF! you can’t sell your house because you can’t give a warranty deed! You r house value craters because of the title cloud... Darned Wall Street pirates!
It was signed off on by TOTUS.
I’m totally excited to see somebody investigating the Baraqqis.
I thought the media only did this stuff to Joe the Plumber?
Sen. Barack Obama (D-IL) also received a sweetheart loan of $1.32 million loan from Northern Trust in Illinois at a very good rate. TOO good for the vast majority of most citizens. Earlier in his presidential campaign, Barack Obama chose a man named Jim Johnson to head up his VP (Vice Presidential) search committee. From 1985 until 1990, Jim Johnson was the Managing Director of Lehman Brothers, which is now recently bankrupt because of the subprime mortgage collapse. From 1991 until 1998 Jim Johnson was the CEO of Fannie Mae, when the CRA was expanded under the Clinton administration. Mr. Johnson improperly deferred $200 million in expenses as the CEO of Fannie Mae. Fannie Mae underreported Johnsons compensation, which was originally reported as $6 to $7 million. Documents show that Johnson actually received $21 million. He was a contributor to Barack Obamas campaign and gave the personal maximum allowable donation of $4,600.00. Currently, Jim Johnson is a wealthy private banker and is on the board of Goldman Sachs, which has donated another $700,000.00 (seven hundred thousand) to Barack Obamas campaign, and raised another $500,000.00 (five hundred thousand) through bundling.
In June of 2008 it was announced that Jim Johnson quit as an Obama advisor because of pressure on account of his involvement in the current financial crisis. Jim also received a sweetheart loan from Countrywide Mortgage. Franklin Raines is Barack Obamas housing issues advisor. Mr. Raines currently lives in a house valued at approximately $7.6 million dollars.
Raines served as an advisor in the Carter administration from 1977 to 1979 when the CRA was first enacted. From 1980 to 1991 he was an investment banker with Lazard Ltd. From 1991 to 1996 he was the Vice Chairman of Fannie Mae, when the CRA was expanded to include subprime loans. From 1996 to 1998 he was the OMB (Office of Management and Budget) director for the Clinton administration. From 1999 to 2004 he was the CEO of Fannie Mae. He received a $25 million dollar golden parachute upon his departure. He also received a sweetheart loan from Countrywide Mortgage sometime between 1996 and 2004.
Under Franklin Raines leadership as chairman and CEO, Fannie changed its charter to a more high-risk enterprise of buying mortgages and holding onto them. Fannie also overstated earnings by a mind-boggling $10.6 Billion and paid Raines and his management team massive bonuses tied to Earnings Per Share (EPS). Any company can hit its EPS targets if they dont worry about minor details such as accounting rules, debt levels and risk factors. Franklin Raines pulled in a total of $90 million between 1999 and 2003, the majority from bonuses. In 2004 the SEC (US Securities and Exchange Commission) and OFHEO (Office of Federal Housing Enterprise Oversight) sued Raines to recover some $50 million of his bonuses based on Enron-like accounting practices. Civil charges were also filed against Raines. As a result, Raines agreed to an early retirement, paid hefty fines and gave up lucrative retirement benefits (stock options valued at $15.6 million) for his role in accounting errors.
Franklin Raines resigned from Fannie Mae due to accounting irregularities. From 1989 to 2008, Barack Obama received $126,349 in campaign support from Fannie Mae. This is four times more money from Fannie Mae per year than any other senator. Its 49 times more than John McCain. The lawfirm, Miner, Barnhill, and Galland sued banks for not issuing enough subprime loans. They sued Citibank. Obama was a junior lawyer on the team that sued Citibank. What were seeing is bad government regulation that made banks become predatory lenders to fulfill a government mandate; to offer souped up, shell game, Affordable mortgages.
No nobody signed your mortgage in the first place.
When you closed escrow you signed in the room with the agent and your real estate agent. No one signed for the “lender”.
You signed over power of attorney to them to manage your agreement which is all they did to get paid for.
File with your local recorder a revocation of power of attorney for your mortgage and instrument, appoint yourself as “Attorney-in-fact” for your future real estate then write your own letter of satisfaction.
Then put your mortgage into a trust or, an LLC not in your name.
We have two systems in this country. Title theory states and lien theory states. That strategy doesn’t work in a lien theory state. There, a mortgage is nothing more than a lien against a recorded warranty deed. If you can’t get the note holder to sign the satisfaction of mortgage lien, you can’t clear the title. The “bank” signed my mortgage lien the day they gave me the $$$ to buy the property.Then... they sold the note to who knows whom... and that person needs to sign the satisfaction or the title is not clear...
No. nobama’s mortgage documents were probably signed by soros!
Did you know going in they would sell your note or name for others to make money on when you signed? Did they tell you? If not, taking your name and credit to make money on is fraud. That is one of the problems no matter the state.
How do we know he actually paid it off?
There is some confusion here, during the campaign Obozo said he had a mortgsge to pasy off. Is anyone else seeing something as an oddity, in 2005 the martgage was paid off. How can this be, as a state Senator he was only working part-time/ He also stated he had student loans to pay off. Praytell, where did he get 210,000.00 to pay off the mortgage. Something does not pass the smell taste in the case of Obama;s mortgage.
It’s called an action to quiet title. I’ve done dozens. Clouded title can be cleared quite easily by anyone with good claim. Most actions go to default judgment because no one files an answer. Poof! Cloud gone.
I can’t remember...wasn’t Revco involved? As an aside - what ever happened to Sarbanes-Oxley?
Not true in all cases. Our lender had an employee there who did all the qualifying documents for the mortgage we got last year. We worked with her throughout the process.
Mortgage docs were signed by the same guy who signed his birth certificate.
It is indeed a shameful waste of resources, and yes some states probably make it harder than others to get to judgment. But there is a way to do it. Maybe some title insurers will agree to take on the risk in return for a larger premium.
You don’t list your state or profile care to share the only state in the union doing this?
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