Reverse Engineering Wall Street
Interim Status Report: Foreclosure-Related Consent Orders
By Daniel Edstrom
DTC Systems, Inc.
The Office of the Comptroller of the Currency has released an Interim Status Report regarding the Foreclosure-Related Consent Orders. The November 2011 report is available here: OCC Interim Status Report for November 2011
Independent Foreclosure Review Engagement Letters
By Daniel Edstrom
DTC Systems, Inc.
The Office of the Comptroller of the Currency has posted the following on its website (http://www.occ.gov/topics/consumer-protection/foreclosure-prevention/independent-review-foreclosure-letters.html).
Independent Foreclosure Review Engagement LettersBelow are links to engagement letters submitted by the independent consultants, retained by servicers regulated by the OCC, who will be conducting foreclosure reviews pursuant to the requirements of the April 13, 2011 consent orders. The engagement letters describe how the independent consultants will conduct their file reviews and claims processes to identify borrowers who suffered financial injury as a result of servicer deficiencies identified in the OCC’s consent orders.
Limited proprietary and personal information has been redacted from the engagement letters. Examples of information that has been redacted include, but are not limited to: names, titles and biographies of individuals; proprietary systems information; references to specific bank policy; fees and costs associated with the engagement; and specific descriptions of past work performed by the independent consultants.
Since the acceptance of the engagement letters in September of this year, the independent consultants have further refined and made adjustments to the processes, procedures, and methodologies outlined in the engagement letters in consultation with OCC supervision staff. Therefore, in many cases the review processes being implemented may differ in some respects from those described in the engagement letters because of subsequent coordination with the OCC. In particular, there were a number of changes made to integrated claims process to ensure a single, uniform process among the servicers.
Pursuant to 12 C.F.R. § 4.12(c), the disclosure of the engagement letters at the OCC’s election has no precedential significance.
Another Giant Foreclosure Mill Shuts Down – Steven J. Baum PC
By Daniel Edstrom
DTC Sytems, Inc.
From:
One of the largest law firms in New York State is shutting down after losing business from Fannie and Freddie. Apparently the firm agreed to pay the U.S. $2 million and change its practices to resolve a probe of faulty foreclosure filings.
State of Nevada Brings 606 Count Indictment against Two Alleged Robo-signers – Including 404 Felonies
By Daniel Edstrom
DTC Systems, Inc.
The indictment is 440 pages long and contains 606 counts against two individuals. 102 misdemeanors and 204 felonies against one person and 100 misdemeanors and 200 felonies against a second person. It sure seems to me that in a case like this involving recorded documents that mail fraud would be involved. This is because usually the recorded documents are sent through the mail.
Many, if not all of the documents involved in the indictment are Notices of Default. If these are forged documents, how can the non-judicial foreclosures have been strictly complied with? Of course I am not a lawyer, but it would sure seem to me that any document recorded after the Notice of Default would also be void. But who knows, maybe there is another law that says if the parties performing a non-judicial foreclosure commit 1 misdemeanor and 2 felonies you still lose your house. This seems unlikely since most non-judicial foreclosure states usually call for strict compliance with the non-judicial foreclosure statutes.
One notary has already pled guilty to one count of notarizing the signature of an individual not in her presence.
http://dtc-systems.net/wp-content/uploads/2011/11/robosignnotarypleading.pdf
http://dtc-systems.net/wp-content/uploads/2011/11/TracyLawrenceCriminalInformation.pdf
Homeowner Taxpayers are Third Party Beneficiaries of HAMP
By Daniel Edstrom
DTC Systems, Inc.
Georgia judge provides colorful order denying motion to dismiss against US Bank. Phillips asserts that compliance with HAMP is a condition precedent to foreclosure.
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/
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”
Who Are You Fighting?
By Daniel Edstrom
DTC Systems, Inc.
Midland Funding vs. Tagliafferro. Who are You? This judge is making the point that all lawyers should be bringing up. The documents used to foreclose are full of long ridiculous names that do not make sense and in many instances do not exist and are not identifiable. Be sure to read ALL of what this judge had to say.
This foreclosure case has it all: The Who, Superman, Donald Duck and backwards masking.
Thank you to STOPForeclosureFraud.com for this one!
Show me the Note in California
By Daniel Edstrom
DTC Systems, Inc.
I have seen this topic of interest many times as well as numerous court cases where lawyers and judges profer that the note does not need to be produced. Whether it needs to be produced or not I will not venture to guess but for my own case I used California Civil Code 2943 and received an alleged “true and correct copy” almost immediately – including the alleged allonges and the alleged endorsements. For legal advice as to your own situation and the applicability of this law to any situation consult an attorney. This is only what I did for my own case.
(a) As used in this section:
(1) “Beneficiary” means a mortgagee or beneficiary of a mortgage
or deed of trust, or his or her assignees.
(2) “Beneficiary statement” means a written statement showing: Continue reading “Show me the Note in California”
SEC Staff Issues Summary Report of Commission Staff’s Examinations of Each Nationally Recognized Statistical Rating Organization
By Daniel Edstrom
DTC Systems, Inc.
Here is the 2011-199 release by the SEC:
SEC Staff Issues Summary Report of Commission Staff’s Examinations of Each Nationally Recognized Statistical Rating Organization
FOR IMMEDIATE RELEASE
2011-199
Washington, D.C., Sept. 30, 2011 — The staff of the Securities and Exchange Commission today issued a report summarizing the staff’s observations and concerns arising from the examinations of ten credit rating agencies registered with the SEC as Nationally Recognized Statistical Rating Organizations (“NRSROs”) and subject to Commission oversight.
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Additional Materials
2011 Summary Report of Commission Staff’s Examinations of Each Nationally Recognized Statistical Rating Organization
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The report notes that despite changes by some of the examined credit rating agencies to improve their operations, Commission staff identified concerns at each of the NRSROs. These concerns included apparent failures in some instances to follow ratings methodologies and procedures, to make timely and accurate disclosures, to establish effective internal control structures for the rating process and to adequately manage conflicts of interest. The report notes that the staff made various recommendations to the NRSROs to address the staff’s concerns and that in some cases the NRSROs have already taken steps to address such concerns. Continue reading “SEC Staff Issues Summary Report of Commission Staff’s Examinations of Each Nationally Recognized Statistical Rating Organization”