Hermie
17th September 2010, 06:26 AM
http://blog.alexanderhiggins.com/2010/09/17/wall-street-banks-committing-widespread-mortgage-foreclosure-fraud-5229/
A recent string of rulings show that the courts are finally starting to crack down on widespread rampant fraud used by Wall Street banks to foreclose on homeowners.
The wall Street Journal reports on two such cases in the article Judge Bashes Bank in Foreclosure Case.
A Florida state-court judge, in a rare ruling, said a major national bank perpetrated a “fraud†in a foreclosure lawsuit, raising questions about how banks are attempting to claim homes from borrowers in default.
The ruling, made last month in Pasco County, Fla., comes amid increased scrutiny of foreclosures by the prosecutors and judges in regions hurt by the recession. Judges have said in hearings they are increasingly concerned that banks are attempting to seize properties they don’t own.
Judge Tepper, who ruled on the matter, investigated the documents filed by the lawyer representing U.S bank in 2007 claiming the bank owned the mortgage but found it was impossible for the documents to have been prepared until 2008.
The Judge Tepper wrote in the ruling that “â€did not exist at the time of the filing of this action…was subsequently created and… fraudulently backdated, in a purposeful, intentional effort to mislead†and subsequently she dismissed the case.
The Wall Street Journals also reports that U.S Bank has recently withdrawn several other foreclosures that were found to have the same or similar problems.
According to the article judges across the nation have found fraudulent documents being submitted by banks and their representatives which has led to an ongoing criminal probe in Florida.
The report states that the ruling was a backlash against law firms that are running what are know as foreclosure mills across the nation using a cookie cutter process that Judge Tepper calls “fraught with potential for fraudâ€.
The article mentions an unrelated matter heard last week in which a GMAC tried submitting an affidavit claiming GMAC owned the mortgage but submitted no other proof of ownership.
“I don’t have any confidence that any of the documents the Court’s receiving on these mass foreclosures are valid,†the judge said at the hearing.
Personally I find it ironic that when GM was on its ass it held its hand out to taxpayers for a bailout.
But now that the company is back on its feet again here they are submitting fraudulent documents to kick taxpayers out of their homes.
Complete article: http://blog.alexanderhiggins.com/2010/09/17/wall-street-banks-committing-widespread-mortgage-foreclosure-fraud-5229/
A recent string of rulings show that the courts are finally starting to crack down on widespread rampant fraud used by Wall Street banks to foreclose on homeowners.
The wall Street Journal reports on two such cases in the article Judge Bashes Bank in Foreclosure Case.
A Florida state-court judge, in a rare ruling, said a major national bank perpetrated a “fraud†in a foreclosure lawsuit, raising questions about how banks are attempting to claim homes from borrowers in default.
The ruling, made last month in Pasco County, Fla., comes amid increased scrutiny of foreclosures by the prosecutors and judges in regions hurt by the recession. Judges have said in hearings they are increasingly concerned that banks are attempting to seize properties they don’t own.
Judge Tepper, who ruled on the matter, investigated the documents filed by the lawyer representing U.S bank in 2007 claiming the bank owned the mortgage but found it was impossible for the documents to have been prepared until 2008.
The Judge Tepper wrote in the ruling that “â€did not exist at the time of the filing of this action…was subsequently created and… fraudulently backdated, in a purposeful, intentional effort to mislead†and subsequently she dismissed the case.
The Wall Street Journals also reports that U.S Bank has recently withdrawn several other foreclosures that were found to have the same or similar problems.
According to the article judges across the nation have found fraudulent documents being submitted by banks and their representatives which has led to an ongoing criminal probe in Florida.
The report states that the ruling was a backlash against law firms that are running what are know as foreclosure mills across the nation using a cookie cutter process that Judge Tepper calls “fraught with potential for fraudâ€.
The article mentions an unrelated matter heard last week in which a GMAC tried submitting an affidavit claiming GMAC owned the mortgage but submitted no other proof of ownership.
“I don’t have any confidence that any of the documents the Court’s receiving on these mass foreclosures are valid,†the judge said at the hearing.
Personally I find it ironic that when GM was on its ass it held its hand out to taxpayers for a bailout.
But now that the company is back on its feet again here they are submitting fraudulent documents to kick taxpayers out of their homes.
Complete article: http://blog.alexanderhiggins.com/2010/09/17/wall-street-banks-committing-widespread-mortgage-foreclosure-fraud-5229/