October 13, 2010

In a national press release, Citibank has announced that it is dropping The Law Offices of David J. Stern as foreclosure counsel due to and pending the investigation of Stern’s office by the Florida Attorney General.

In a separate release, JPMorgan Chase announced that it is withdrawing from MERS in connection with legal challenges to foreclosures. We expect others to follow in an effort to try to circumvent the chain of title and document problems created by interjecting MERS into the mortgage loan process. What this tells us is that there was never, at any time, any authority to have MERS assume any role, title, or function in connection with a mortgage loan other than as an electronic tracking system, and thus the conclusion is that MERS was deliberately used as an instrumentality for the express purpose of ultimately furthering the perpetration of a fraud upon borrowers.

In another headline, depositions of “robo-signers” and other investigations have revealed that financial institutions and their servicing units hired hair stylists, WalMart floor employees, and assembly line workers and installed them as “foreclosure experts” with no formal training to further foreclosures.

The tsunami of fraud which we have been talking about for years is thus finally coming to the fore and is being set forth “on the record”. Again, we believe that this fraud will permit tens of thousands, if not hundreds of thousands, of foreclosure victims to successfully petition the courts to re-examine their foreclosures for fraud, document irregularities, and other legal infirmities, and will probably lead to the filing of significant damage claims as well.

Jeff Barnes, Esq., www.ForeclosureDefenseNationwide.com