New York vs the MERS Scheme

New York vs the MERS Scheme

By Daniel Edstrom
DTC Systems, Inc.

New York Attorney General Eric T. Schneiderman filed a complaint today against JPMorgan Chase Bank, NA, Chase Home Finance, LLC, EMC Mortgage Corporation, Bank of America, NA, BAC Home Loans Servicing, LP, Wells Fargo Bank, NA, Wells Fargo Home Mortgage, Inc., MERSCORP Inc., and Mortgage Electronic Registration Systems, Inc.

Neil Garfield reports:

“The banks created the MERS system as an end-run around the property recording system, to facilitate the rapid securitization and sale of mortgages. Once the mortgages went sour, these same banks brought foreclosure proceedings en masse based on deceptive and fraudulent court submissions, seeking to take homes away from people with little regard for basic legal requirements or the rule of law,” Continue reading “New York vs the MERS Scheme”

County Recorder First in Nation to Step Forward and Reject Robo-Signed Documents

County Recorder First in Nation to Step Forward and Reject Robo-Signed Documents

By Daniel Edstrom
DTC Systems, Inc.

The news release from Massachusetts speaks for itself:  County Recorders Surprised to Find Acknowledgements Cannot be Relied Upon.

New release:

FOR IMMEDIATE RELEASE:

 Salem, MA

June 7th, 2011

Contact:

Kevin Harvey, 1st Assistant Register

978-542-1724

[email protected]

Jeff Thigpen, Register of Deeds

336-451-5300

[email protected]

Massachusetts Register of Deeds John O’Brien is first in the nation to say no to recording robo-signed documents; North Carolina Register of Deeds, Jeff Thigpen agrees. Continue reading “County Recorder First in Nation to Step Forward and Reject Robo-Signed Documents”

Cease & Desist Orders for: Citigroup, HSBC, JP Morgan Chase, MetLife, PNC, SunTrust, US Bancorp and Wells Fargo Bank

Cease & Desist Orders for: Citigroup, HSBC, JP Morgan Chase, MetLife, PNC, SunTrust, US Bancorp and Wells Fargo Bank

By Daniel Edstrom
DTC Systems, Inc.

The latest round of Cease and Desist orders issued by the Office of the Comptroller of the Currency (OCC) are against some of the largest “too big to fail” banks.  Notably missing so far is Deutsche Bank National Trust Company along with Deutsche Bank Trust Company Americas and of course OneWest Bank.

The gist of these Cease and Desist orders is that certain “deficiencies” were found and the banks are operating with “unsafe or unsound” practices in residential mortgage servicing and in the Bank’s initiation and handling of foreclosure proceedings.

We hail the OCC for these efforts, but the problem is following up.  How are the banks going to immediately comply with this order?  They would have to stop processing nearly every single foreclosure they are working on today.

Continue reading “Cease & Desist Orders for: Citigroup, HSBC, JP Morgan Chase, MetLife, PNC, SunTrust, US Bancorp and Wells Fargo Bank”