October 24, 2014

Homeowners in Florida received some substantial justice with the Final Judgment entered on October 16, 2014 in the matter of Bank of America v. Nash, Seminole County, Florida Case No. 59-2011-CA-004389. The Court found, from the testimony of BOA’s witness, that despite the endorsement in blank by Countrywide dba America’s Wholesale Lender (AWL), no such corporation was ever formed by Countrywide, or BOA, or any of their related corporate entities or agents. BOA’s witness also testified that AWL never had a lender’s license in Florida and did not have authority to do business in Florida as a New York Corporation. The homeowner was represented by John G. Pierce, Esq. of Orlando, Florida. Butler & Hosch, P.A., also of Orlando, Florida, represented BOA.

BOA’s witness also testified that he had no knowledge of the existence of any document transferring any interest in the Note or Mortgage from the Lender to FNMA, which was alleged in the Complaint to be the owner of the Note and Mortgage when the Complaint was filed.

The Court found that the Note and Mortgage were void because AWL was not in fact incorporated in 2005 or ever by either Countrywide or BOA or any of their agents; that the “alleged mortgage loan” was void and invalid because AWL was not a licensed mortgage lender in Florida; that BOA and its predecessors did not have the right to receive payment on the loan because the loan was invalid and void because the mortgagee did not exist; and that the “alleged Assignment of Mortgage” was invalid because MERS had no authority to assign a loan which it did not own and was only a nominee for a non-existent corporation.

The Court thus found that BOA had no standing to bring the action and no legal right to attempt to claim ownership of the Note or the Mortgage or any right as servicer for some unknown entity or to collect monies. The Court thus found that the homeowner was entitled to recover all monies paid by the homeowner to BOA or its predecessors in interest in addition to attorneys’ fees and costs. The Court entered a judgment against BOA for almost $76,000.00.

This decision thus finally exposes the fantasy that was “America’s Wholesale Lender”, and the fraud perpetrated by Countrywide and BOA across the US in all cases where it claims that the lender was AWL and that MERS allegedly transferred an interest which it (a) did not own, and (b) could not have had as it could not be a nominee of a corporation which did not exist.

Separately, the Superintendent of the NY Department of Financial Services has uncovered what he has characterized as “serious issues” with Ocwen Loan Servicing’s systems and controls, including backdating that created situations where borrowers facing foreclosure received letters from Ocwen that specified a cure date for a claimed default which had passed months before the homeowners received the cure letters. Here, then, is proof positive that Ocwen, through the use of the U.S. Mails, intentionally manufactured fraudulent defaults for the purpose of thereafter pursuing fraudulent foreclosures and defrauding homeowners (RICO, anyone?). Ocwen’s stock plummeted as much as 24% and had been halted twice in view of these findings.

We thank our dedicated readers for sending us the Nash decision and the update on Ocwen.

Jeff Barnes, Esq., www.ForeclosureDefenseNationwide.com