WHY DO BANKS CARE ABOUT IMMUNITY? THEY'LL CONTINUE TO DO WHAT THEY WANT ANYWAY, WITH OR WITHOUT IT. CONSUMERS MOVE YOUR MONEY TO A LOCAL CREDIT UNION OR SAVINGS AND LOAN. DO NOT SUPPORT BIG BANKS ANYMORE.

THE STORY CONTINUES: NO ORIGINAL DOCUMENTS, NO NOTES, NO ENDORSEMENTS — EVEN IN CASES WHERE THE FORECLOSURE WAS APPROVED

Posted on July 24, 2011 by Neil Garfield

MOST POPULAR ARTICLES

 GET COMBO TITLE AND SECURITIZATION ANALYSIS – CLICK HERE

EDITOR’S COMMENT: These documents are considered as “cash equivalent” by auditors and bankers and always have been considered that way. So we must think of the documents as cash. Why would cash go missing? Why would anyone allow them to be lost in such large numbers? Why would anyone destroy money?

It all comes down to what I have been saying in my seminars and conference calls: “why would destroy a ten dollar bill.” The only reason in this context is because the holder of the the ten dollar bill represented it to be a one hundred dollar bill and now someone wants to see it. So it is more convenient to say they lost it or destroyed it than to show proof they committed fraud in the first place, subjecting the holder to jail time and civil penalties.

Behind foreclosure corner-cutting, troves of missing documents

// // //

Related News

• Special report: Banks still robo-signing
  Tue, Jul 19 2011
• Life on MERS: Archive is at center of mortgage mess
  Mon, Jul 18 2011
• JPMorgan Chase overhauls troubled mortgage unit
  Mon, Jul 18 2011
• JPMorgan profit rises, loan book grows
  Thu, Jul 14 2011
• UPDATE 2-Six FHLB banks challenge BofA mortgage pact
  Wed, Jul 13 2011

Analysis & Opinion

• Chart of the day: Where does the mortgage-interest deduction go?
• Luxury real estate: How to snag a deal on a foreclosure or short sale

//

Related Topics

• U.S. »
• Housing Market »

// // //

Related Interactive

Housing Market

//

By Scot J. Paltrow

NEW YORK | Mon Jul 18, 2011 9:27pm EDT

NEW YORK (Reuters) – Why have sketchy mortgage procedures been so difficult to root out? Some lawyers blame misguided efforts to cut costs. Most foreclosures are uncontested, they note. And so servicers save money by avoiding costly searches for missing original documents or hiring additional staff to

• Spread the word

Filed under: bubble, CDO, CORRUPTION, currency, Eviction, foreclosure, GTC | Honor, Investor,Mortgage, securities fraud Tagged: | bankruptcy, borrower, countrywide, destroyed documents,disclosure, foreclosure, foreclosure defense, foreclosure offense, foreclosures, fraud, LOAN MODIFICATION, lost documents, modification, quiet title, rescission, RESPA, securitization, TILA audit, trustee, WEISBAND

« THE ESSENCE OF TILA: BORROWER’S BILL OF RIGHTS MERS: 50 Employees Rule the World of Finance and Ruin the Lives of Americans »

Related articles

• The Banks Promised to Clean Up Their Act -- So Why Are They Still Using Robo-Signers to Engage in Foreclosure Fraud? (alternet.org)
• Robo Signing Foreclosure Fraud ! (2012patriot.wordpress.com)
• Forensic Study Exposes Massive Foreclosure Fraud (beavercountyblue.org)
• Mortgage Securitization & Clouded Chain of Ownership (tiffanylarthur.wordpress.com)
• Foreclosure watch: Immunity for big banks? Robo-signing continues? Plus, Wells Fargo fined for pre-crisis loan practices (oregonlive.com)
• Foreclosure-Gate Screw Tightens: Banks Face $17 Billion in Suits Over Foreclosures (timothymccandless.wordpress.com)
• Foreclosures Decline (librarealtygroup.wordpress.com)
• Register of Deeds O'Brien Rejects Fraudulent Foreclosure Documents (firedoglake.com)
• AG Settlement Just About Cashed, As Principal Reductions Exit the Picture (news.firedoglake.com)
• The Great Securitization Scam and the Great Recession (timothymccandless.wordpress.com)