Interagency Independent Foreclosure Review – File Your CLAIM

Interagency Independent Foreclosure Review – File Your CLAIM

By Daniel Edstrom
DTC Systems, Inc.

The following regarding the numerous Cease and Desist Consent Orders issued against servicers and others for unsafe or unsound foreclosure policies and practices is available here: http://www.independentforeclosurereview.com/

Independent Foreclosure Review

Looking for information about the Independent Foreclosure Review? Si usted habla español, tenemos representantes que pueden asistirle en su idioma.

Homeowners whose primary residence was part of a foreclosure action between January 1, 2009 and December 31, 2010, and whose home loan was serviced by a participating servicer, may be eligible for an Independent Foreclosure Review.

The Board of Governors of the Federal Reserve System and the Office of the Comptroller of the Currency (federal bank regulators) have required an Independent Foreclosure Review by an independent consultant to identify eligible customers who may have been financially injured due to errors, misrepresentations or other deficiencies in their foreclosure process. If the review finds that financial injury occurred, the customer may receive compensation or other remedy.

To qualify, your mortgage loan would need to meet the initial eligibility criteria: Continue reading “Interagency Independent Foreclosure Review – File Your CLAIM”

MERS CEASE AND DESIST FOR CERTAIN DEFICIENCIES AND UNSAFE OR UNSOUND PRACTICES!!!

MERS CEASE AND DESIST FOR CERTAIN DEFICIENCIES AND UNSAFE OR UNSOUND PRACTICES!!!

By Daniel Edstrom and Jim Macklin
DTC Systems, Inc. and Secure Document Research

On April 13, 2011 the Department of the Treasury, Comptroller of the Currency, Board of Governers of the Federal Reserve System, Federal Deposit Insurance Corporation, Office of Thrift Supervision and the Federal Housing Finance Agency have issued a consent order stating that these agencies have identified

“certain deficienies and unsafe or unsound practices by MERS and MERSCORP that present financial, operational, compliance, legal and reputational risks to MERS and MERSCORP that present financial, operational, complaince, legal and reputational risks to MERSCORP and MERS, and to the participating Members.”

OCC No. AA-EC-11-20

Board of Governers Docket Nos. 11-051-B-SC-1, 11-051-B-SC-2

FDIC-11-194b

OTS No. 11-040

FHFA No. EAP-11-01

Read the full 31 page Consent Order here: http://dtc-systems.net/wp-content/uploads/2011/04/MERS_Cease_and_Desist_2011_04_13.pdf

Securitization Workshop for Attorneys March 19th 2011 in San Francisco

Securitization Workshop for Attorneys March 19th 2011 in San Francisco

By Daniel Edstrom

Join us for our 3rd Securitization Workshop for Attorneys being held in San Francisco on March 19th, 2011.  Visit the event website for more information: http://securedocumentresearch.eventbrite.com

This workshop has been approved for Minimum Continuing Legal Education (MCLE) by the State Bar of California.  Total credit hours approved are 6.75 hours.

Description of event:

SECURITIZATION WORKSHOP FOR ATTORNEYS
March 19th, 2011 – in San Francisco, CALIFORNIA

Continue reading “Securitization Workshop for Attorneys March 19th 2011 in San Francisco”

L Randall Wray – MERS is Toast – RIP

L Randall Wray – MERS is Toast – RIP

By Daniel Edstrom
DTC Systems, Inc.

If you have MERS on your loan, banks messed up big time and get no “do over” – congratulations on owning your house free and clear (once you wrestle it free of the big banks that is).  So says L Randall Wray, who is the Professor of Economics and Research Director of the Center for Full Employment and Price Stability, University of Missouri–Kansas City.  Read his entire article here: http://www.benzinga.com/news/11/02/867233/new-yorks-us-bankruptcy-court-rules-merss-business-model-is-illegal

Congratulations to the mega banks and companies that are MERS shareholders:

MERS has no agency – New York Bankruptcy Court: in re Agard

The following is a New York Bankruptcy motion for relief from stay ruling from February 10th, 2011

UNITED STATES BANKRUPTCY COURT

EASTERN DISTRICT OF NEW YORK

—————————————————————–x

In re:

Case No. 810-77338-reg

FERREL L. AGARD,

Chapter 7

Debtor.

—————————————————————–x

MEMORANDUM DECISION

Before the Court is a motion (the “Motion”) seeking relief from the automatic stay

pursuant to 11 U.S.C. § 362(d)(1) and (2), to foreclose on a secured interest in the Debtor’s real

property located in Westbury, New York (the “Property”). The movant is Select Portfolio

Servicing, Inc. (“Select Portfolio” or “Movant”), as servicer for U.S. Bank National Association,

as Trustee for First Franklin Mortgage Loan Trust 2006-FF12, Mortgage Pass-Through

Certificates, Series 2006-FF12 (“U.S. Bank”). The Debtor filed limited opposition to the Motion

contesting the Movant’s standing to seek relief from stay. The Debtor argues that the only

interest U.S. Bank holds in the underlying mortgage was received by way of an assignment from

the Mortgage Electronic Registration System a/k/a MERS, as a “nominee” for the original

lender. The Debtor’s argument raises a fundamental question as to whether MERS had the legal

authority to assign a valid and enforceable interest in the subject mortgage. Because U.S. Bank’s

rights can be no greater than the rights as transferred by its assignor – MERS – the Debtor argues

that the Movant, acting on behalf of U.S. Bank, has failed to establish that it holds an

enforceable right against the Property.1 The Movant’s initial response to the Debtor’s opposition was that

MERS’s authority to assign the mortgage to U.S. Bank is derived from the mortgage itself which

allegedly grants to MERS its status as both “nominee” of the mortgagee and “mortgagee of

record.” The Movant later supplemented its papers taking the position that U.S. Bank is a

creditor with standing to seek relief from stay by virtue of a judgment of foreclosure and sale

entered in its favor by the state court prior to the filing of the bankruptcy. The Movant argues

that the judgment of foreclosure is a final adjudication as to U.S. Bank’s status as a secured

creditor and therefore the Rooker-Feldman doctrine prohibits this Court from looking behind the

judgment and questioning whether U.S. Bank has proper standing before this Court by virtue of a

valid assignment of the mortgage from MERS.
Continue reading “MERS has no agency – New York Bankruptcy Court: in re Agard”

Support Cameron/Baxter Films in support of Foreclosure Defense!

Support Cameron/Baxter Films in support of Foreclosure Defense!

By Daniel Edstrom
DTC Systems, Inc.

HELP KICKSTART the Foreclosure Crisis film “COPS ‘n ROBBERS vs THE PEOPLE: the Death and Rebirth of the American Dream”. Taking the High Road. This is a movie of the People, by the People, for the People. Join our Kickstarter.com backer community and INSPIRE AMERICA to its higher conscience! VALENTINE’S DAY DEADLINE. FEB. 14! http://kck.st/hLX9W5

The Wrong Remedy at the Wrong Time, Part 1

The Wrong Remedy at the Wrong Time, Part 1

By Daniel Edstrom
DTC Systems, Inc.

New Note added on 1/22/2012 thanks to Simonee.  California Probate Code does not seem to apply based on this California Supreme Court decision: Monterey S.P. Partnership v. W. L. Bangham, Inc. (1989) 49 Cal.3d 454 , 261 Cal.Rptr. 587; 777 P.2d 623 (download here: http://dtc-systems.net/wp-content/uploads/2012/01/Monterey_SP_Partnership_vs_WL_Bangham.pdf)

Monterey S.P. Partnership v. W. L. Bangham, Inc. (1989) 49 Cal.3d 454 , 261 Cal.Rptr. 587; 777 P.2d 623

Here is a quick overview of what happens in a non-judicial foreclosure.  If you are in a judicial state, this post does not apply directly to your case.  But if you understand what happens in a non-judicial foreclosure, you may get insight into what might apply to your case.

I am not indicating that any of these documents are true or accurate, just that this is what typically happens.

Closing the Transaction

The homeowner executes a note and security instrument (i.e. Deed of Trust).  The parties to the trust created by the Deed of Trust are the trustor (homeowner), trustee (usually a title company) and the beneficiary (either MERS or the named lender).    Everyone seems to assume that the trust was constituted (created), that it is valid and continuing.  This is where the trouble begins (not really, but for this article we will assume it begins here and not before).

Notice of Default

Supposedly the Notice of Default is recorded and sent to the homeowner by the agent for the beneficiary.  Who is the beneficiary?  Looking at my notice of default the only beneficiary mentioned is MERS.  However, other documents sent usually point to one or more other parties who “might” be a beneficiary.

Continue reading “The Wrong Remedy at the Wrong Time, Part 1”

Securitization Workshop for Attorneys January 29th 2011 in Los Angeles

Securitization Workshop for Attorneys January 29th 2011 in Los Angeles

By Daniel Edstrom

Join us for our 2nd Securitization Workshop for Attorneys being held in Los Angeles on January 29th, 2011.  Visit the event webiste for more information: http://securedocumentresearch.eventbrite.com and visit our product page for a super early registration price if you sign up by December 31, 2010: http://dtc-systems.net/products/securitization-workshop-attorneys-los-angeles-ca-january-29th-2011/

Description of event:

SECURITIZATION WORKSHOP FOR ATTORNEYS
 January 29th, 2010 – in Los Angeles, CALIFORNIA

 [Location will be determined soon]

SECURE DOCUMENT RESEARCH

Auburn, CA 95603; ph: 530.888.9600

DTC Systems, Inc.

[email protected]://www.dtc-systems.net

 Presented by:

Secure Document Research and DTC Systems, Inc.in Association with the Garfield Continuum and Neil F. Garfield, Esq.
http://livinglies.wordpress.com
REGISTER EARLY, LIMITED SEATING IS AVAILABLE

Continue reading “Securitization Workshop for Attorneys January 29th 2011 in Los Angeles”