Reverse Engineering Wall Street
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:
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
Jeff Thigpen, Register of Deeds
336-451-5300
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
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.