Skip to comments.Special report: Banks continue robo-signing
Posted on 07/19/2011 5:03:31 AM PDT by Kartographer
The bank now trying to foreclose on Marjorie Gunter has produced a troubled paper trail. OneWest submitted a document signed this February to prove that the original lender for her mortgage, a company called MortgageIT, had signed over ownership to OneWest. But MortgageIT, owned by Deutsche Bank, wasn't in business in February. It had ceased operations three years earlier, in 2008.
A Deutsche Bank spokesman declined to comment.
Even if the February document were authentic, it wasn't recorded until nearly 10 months after OneWest had launched its foreclosure action, which began in May 2010. Real estate law throughout the United States requires that before moving to foreclose, a trust or bank must already own the mortgage and related promissory note. Otherwise, courts have ruled, a forecloser has no right to seize a house.
OneWest also filed two separate copies of what it said was the 87-year-old homeowner's original promissory note. The first had an endorsement only from MortgageIT to now-defunct IndyMac Bank. Weeks later, OneWest filed a second copy of the note, with the addition of a "blank" endorsement -- an endorsement by IndyMac, but with the name of the payee left empty. OneWest has filed no evidence in the case that the note was subsequently transferred to Fannie Mae.
(Excerpt) Read more at news.yahoo.com ...
It’s difficult to believe that places full of accountants and such and computers long programmed to keep track of things could have dropped the ball so badly.
If it works for the Patriot Act, ...
At least an ancillary question is ‘what on earth is an 87-year old woman doing with a mortgage’?
this is the Democrats’ Ace in the Hole.
If they become desperate enough to win an election that they are willing to toss their high-finance bundlers under the bus (and it appears they are getting pretty close to that point) they will look to gain traction by latching on to public anger at the banks with a full-on War on Eeeeeevil Grrrrrreeedy Bankers.
Look for weekly televised floggings of bankers live from Yankee Stadium as Nov. 6, 2012 approaches.
At least an ancillary question is what on earth is an 87-year old woman doing with a mortgage?
By law they can NOT deny you based on age.
Linda Green has signed over 1,300 mortgage documents in the past nine months.
She did so using 22 different signatures.
All while not working in the industry since spring of 2010
The elderly Gunter believed she applied for a “reverse mortgage” but the company, the now defunct MortgageIT, signed her up for a $149,900 30 year mortgage in 2006. The forms themselves show the monthly payments ($1,151) exceeded her income of $800 in Social Security and $200 in food stamps. They knew she had no way to pay for the product they handed her.
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