Tag: misrepresenting

The OCC Misses the Point on Toxic Waste

The OCC Misses the Point on Toxic Waste

By Daniel Edstrom
DTC Systems, Inc.
http://www.dtc-systems.net

We all see what we want to see.  But when others control the conversation, it is easy to miss the point.  As a regulator the Office of the Comptroller of the Currency should be taking the lead and controlling the conversation, but in reality, they have been bridled and are being led around by the nose.  Conspiciously absent are numerous issues they as a regulator have the responsibility of dealing with.  This article is timely in response to an article by Neil F. Garfield (http://livinglies.wordpress.com/2011/12/27/the-big-lie-banks-did-nothing-illegal/), which is a response to Yves Smith of Naked Capitalism article (http://www.nakedcapitalism.com/2011/12/more-msm-criticism-of-obama-nothing-illegal-here-move-along-stance-on-foreclosure-fraud.html), which is a response to a Reuters article (http://www.reuters.com/article/2011/12/22/us-foreclosures-idUSTRE7BL0MC20111222).  But I found none of these articles until I was finished writing this post.  Take the following random and critical issues:

  • Are the loans in the pool?  Were the loans ever in the pool?  Does the pool exist?  Did the pool perfect interest in any of the loans?  This issue is very political and the OCC in our opinion will never address this issue or look into this.
  • What loans are in default?  Can a loan be in default?  What comes first, the default or the loss?
  • Are there any compliance issues?

Continue reading “The OCC Misses the Point on Toxic Waste”

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”

Failure to Allege Lack of Default

Failure to Allege Lack of Default

by Daniel Edstrom
DTC Systems, Inc.

I came across the following on Google Scholar (http://scholar.google.com/scholar_case?case=16055101289176414591&q=Restatement+(Third)+Of+Property+(Mortgages)+%C2%A7+5.4&hl=en&as_sdt=2,5):

A. Failure to Allege Lack of Default

First, Nevada law is clear that “[a]n action for the tort of wrongful foreclosure will lie if the trustor or mortgagor can establish at the time the power of sale was exercised or the foreclosure occurred, no breach of condition or failure of performance existed on the mortgagor or trustor’s part which would have authorized the foreclosure or exercise of the power of sale.” Ernestburg v. Mortgage Investors Group, No. 2:08-cv-01304-RCJ-RJJ, 2009 WL 160241, at *6 (D. Nev. Jan. 22, 2009) (internal citations and quotations omitted). The plaintiff must establish that they were not “in default when the power of sale was exercised.” Id. (citing Collins v. Union Fed. Sav. & Loan Ass’n, 662 P.2d 610, 623 (Nev. 1983)). Furthermore, a claim for wrongful foreclosure does not arise until the power of sale is exercised. Collins, 662 P.2d at 623.

Continue reading “Failure to Allege Lack of Default”