Tag: Dolan Media

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”

Foreclosure Mills Continue Down the Wide Path of Destruction

Foreclosure Mills Continue Down the Wide Path of Destruction

By Daniel Edstrom
DTC Systems, Inc.

We have already talked about the foreclosure mills the Law Offices of David J. Stern PA and Ben-Ezra & Katz PA and NDEx West (owned by Dolan Media) with its doppelgänger foreclosure mill law firm, Barrett Daffin Frappier Turner & Engle.  Now we turn our attention to Shapiro & Burson apparently out of Maryland.  As stated on livinglies.wordpress.com (and originally from 4closurefraud.org), The Baltimore Sun’s Jamie Smith Hopkins reports that 1,000 or more Maryland deeds are likely forgeries that were created by a foreclosure mill (the law firm of Shapiro & Burson).  It turns out that last year two other law firms in Maryland admitted they had forged signatures on foreclosure documents in a similar manner (Bierman Geesing & Ward along with Covahey Boozer Devan and Dore).  I have already shown that NDEx West (owned by Dolan Media) along with Barrett Daffin Frappier Turner & Engle does the same thing.  This is very easy to show for just about any foreclosure mill.  Here is how.  Just go down to the recorders office and pull up 20 documents in each of the last 3 or 4 years naming your favorite foreclosure mill (NDEx West or whoever).  The chances of you not finding one forgery are probably close to 0%.  The chances of you finding multiple forgeries is very high (99%+). Continue reading “Foreclosure Mills Continue Down the Wide Path of Destruction”

Daniel Pennell Explains why MERS is Completely out of Control

Daniel Pennell Explains why MERS is Completely out of Control

By Daniel Edstrom
DTC Systems, Inc.

Daniel Pennell has the following qualifications:

  • PMP
  • LSSGB
  • Certified Lean Six Sigma (Process & Quality Control)
  • Certified Technical Program & Risk Manager
  • Former investment advisor and insurance broker
  • 16 Years designing and automating & business processes in regulated environments
    • Florida State Supreme Court
    • Florida 20th & 6th Judicial Circuits
    • Chubb Insurance
    • Pharmacia
    • Other State, Federal and Fortune 500 clients

Mr. Pennell goes on to give a professional analysis of the Frankenstein (MERS) process.  Which can only be described as completely out of control.  It is of significance to note that the very entities that created and brought forth Frankenstein are governed by the Office of the Comptroller of the Currency.  It is just as important to note that Frankenstein is NOT governed by the Office of the Comptroller of the Currency, nor governed by federal, state or county land recordation laws.   The OCC requires that national banks have “effective risk management procedures and internal controls to conduct the activities safely and soundly.”   It is apparent to everyone except OCC that this is not and has not been the case (i.e. rampant industry standards of notary violations, no personal knowledge, forgery, perjury, etc).  It is also apparent that the national banks are using other entities such as Frankenstein and foreclosure mills such as the Stern Law Firm and Dolan Media (NDEx West) to perpetuate these activities.  Dolan Media specifically states to their investors they are proudly not involved in the robo-signing fiasco (notary violations, no personal knowledge, forgery, etc).  If Mr. Pennell did an analysis of the shoddy work done by Dolan Media he would find that they give Frankenstein a run for its money.  What I want to emphasize though is that  Frankenstein, because of the very nature of its work, is required to have “effective risk management procedures and internal controls to conduct activities safely and soundly.”   But this was the OPPOSITE of the INTENT of the parties when they created this monster in their laboratories.   I can still hear the echos of their diabolical laughter.  As a side note, see Fred Smith explain why Frankenstein (MERS) was involved: http://livinglies.wordpress.com/2011/01/23/fred-smith-explains-why-mers-was-involved-multiple-securitizations/

Continue reading “Daniel Pennell Explains why MERS is Completely out of Control”

Split: The Note and the Deed of Trust (Redux)

The Note and Mortgage are split in judicial states the same as the Note and Deed of Trust in non-judicial states.

Split: The Note and the Deed of Trust (Redux)

by Daniel Edstrom

The Note and Mortgage are split in judicial states the same as the Note and Deed of Trust in non-judicial states.

The first issue is that the note was sold in 2005 but the Deed of Trust appears to have been left behind.  For the uninitiated, if the Note and Deed of Trust are split, this causes a nullity.  A nullity means the security interest is lost and the debt becomes unsecured.  In securitization this is standard operating procedure and is one of the issues that we are left to face.  Upwards of 60,000,000 homes may be unencumbered leaving those who own the notes on these houses with no power of sale.  And more considering MERS wasn’t the only party involved in splitting the note from the security instrument.

Who owns these loans if they are unsecured?  That was the whole purpose of creating the securitization diagram in the first place.

The result?  More questions, few answers. Continue reading “Split: The Note and the Deed of Trust (Redux)”