2011: THE TIDE TURNS: CHASE LIES IN THOUSANDS OF FORECLOSURES; FORECLOSURE MILLS ENGAGING IN MASSIVE FRAUD; BORROWER DAMAGES ACTIONS ON THE RISE
January 5, 2011
January 5, 2011
We first hope that all of you had a happy New Year’s Eve.
After a brief lull at year-end, a multitude of information is emerging which indicates that 2011 looks to be the year that the tide turns for borrowers and against lenders, servicers, and securitized trustee banks. As this is being written, borrower lawsuits are being prepared sounding in fraud, conspiracy to defraud, conversion, and other causes of action. FDN’s loan and securitized mortgage loan trust investigators have unconvered volumes of fraud in securitizations within the last month alone, which is being brought to the attention of the courts by FDN attorneys.
As the year closed, we were advised that Chase filed a Motion, in litigation instituted against it by Deutsche Bank, that it did NOT acquire mortgage loans or other liabilities in connection with its acquisition of assets from Washington Mutual, which acquisition is not yet even completed. if what Chase is now admitting is the truth, Chase has committed massive fraud in thousands of foreclosure actions across the country where it claimed that it had standing to foreclose as having allegedly acquired “the assets of Washington Mutual from the FDIC receiver”. We are examining each of our Chase/WaMu cases in light of this revelation and will be filing appropriate claims for relief.
It is also practically common knowledge that the foreclosure mills have been and continue to engage in massive fraud, with forged documents, backdated notaries, fraudulent affidavits, and other infirmities, many of which are actually documented on a recent posting by the Florida Attorney General’s office. The posting is almost comedic, with numerous signatures of the same person claiming to be an officer of numerous entities being totally different, notaries being forged, and in certain instances, assignments being made to an entity denominated as “bogus”. Despite being under investigation by state Attorneys General, these foreclosure mills continue with their rampant misdeeds, more and more of which are being exposed almost daily.
In view of what is finally being brought to light (and which we have been bringing to the attention of courts across the country for years), borrowers are fighting back. Lawsuits are being filed against the foreclosure mills and their “clients” for damages. A recent appellate court ruling in Florida has permitted a class action lawsuit to proceed against the Law Offices of David J. Stern. With the revelations being made by the various investigations, we anticipate that there will be a flood of borrower lawsuits in 2011.
This may be one reason why FDN has been receiving many requests for seminar registration information this week alone for the California seminar scheduled for January 21 and the Raritan Center, New Jersey seminar scheduled for early February.
Jeff Barnes, Esq., www.ForeclosureDefenseNationwide.com
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