Tag: affidavits

Wells Fargo Investors Sue Wells Fargo Executives and Directors

Wells Fargo Investors Sue Wells Fargo Executives and Directors

By Daniel Edstrom
DTC Systems, Inc.

Thanks to Oktay for this complaint. 

Quote

This action arises out of individual defendants’ (as defined herein) illicit business practices and improper statements in connection with its mass processing of loan ownership and servicing documents in furtherance of its efforts to foreclose on lendees whose mortgage loans had entered delinquency.  In particular, the Individual Defendants are responsible for the Company employing illegal practices, including fabricating, improperly altering, or attesting to false information in documents filed with courts to facilitate the foreclosure of homeowners.  For example, Wells Fargo servicing agents falsely maintained in court-filed affidavits and attached loan documentation that the Company was the legal owner of the loan on which they sought to foreclose without reading the affidavit or examining the information contained in the loan documentation.  These improper practices called “robo-signing,” lead to filing and false sworn documents to the court and the wrongful foreclosure of homes for which the Company did not have legal ownership rights. Continue reading “Wells Fargo Investors Sue Wells Fargo Executives and Directors”

State of Missouri 136 Count Indictment – 68 Class C Felonies for Forgery and 68 Class B Misdemeanors for False Declarations

State of Missouri 136 Count Indictment – 68 Class C Felonies for Forgery and 68 Class B Misdemeanors for False Declarations

By Daniel Edstrom
DTC Systems, Inc.

Thanks to Charles Cox and George Christian for locating this indictment.  Each count lists either a forgery or a misdemeanor.  DOCX LLC is named throughout the indictment.  On April 13, 2011 the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the Officer of Comptroller of the Currency, and the Office of Thrift Supervision issued a Cease and Desist Consent Order against Lender Processing Services, Inc., DocX, LLC and LPS Default Solutions, Inc. making the following findings:

WHEREAS, in providing document execution services to Examined Servicers, including services that facilitated completing foreclosures, LPS and its employees allegedly:

(a) Executed numerous affidavits and similar sworn statements (collectively, “Affidavits”) making various assertions, such as the ownership of the mortgage note and mortgage (or deed of trust), the amount of principal and interest due, and the fees and expenses chargeable to the borrower, in which the affiant represented that the assertions in the Affidavit were made based on personal knowledge or based on a review by the affiant of the relevant books and records, when, in many cases, they were not based on such knowledge or review. LPS executed these Affidavits on behalf of Examined Servicers knowing they would be filed in state courts and in connection with bankruptcy proceedings in federal courts; Continue reading “State of Missouri 136 Count Indictment – 68 Class C Felonies for Forgery and 68 Class B Misdemeanors for False Declarations”

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”