Successfully reported this slideshow.
We use your LinkedIn profile and activity data to personalize ads and to show you more relevant ads. You can change your ad preferences anytime.

Power point fl ag

1,193 views

Published on

Published in: Economy & Finance, Business
  • Be the first to comment

  • Be the first to like this

Power point fl ag

  1. 1. Office of the Attorney General om Economic Crimes Division d.c u F ra UNFAIR, DECEPTIVE re lo suAND UNCONSCIONABLE c ACTS o re IN p F FORECLOSURE CASES to w .S Prepared by: June M. Clarkson, theresa b. Edwards and rene D. harrod ww
  2. 2. Overview of Foreclosure Industry om dFlorida Attorney General investigation .c u50 State Multi-State TeamF ra Investigation re suLaw firms began withdrawing lo documents cBanks suspended o reforeclosures p F to w .S ww
  3. 3. Delinquency & Foreclosure Rates 2006-2010 om d.c u F ra re lo su e c o r p F S to w . wwSource: Oversight Panel Oversight Report, Examining the Consequences of Mortgage Irregularities for Financial Stability and Forec
  4. 4. om d.c u F ra re lo su e c o r p F S to w .ww
  5. 5. om d.c u F ra re lo su e c o r p F S to w .ww
  6. 6. om d.c u F ra re lo su e c o r p F S to w .ww
  7. 7. The History of Mortgages in America omBankers used to take the d.c original note and u mortgage and secure it F ra in the bank vault. re lo su e c o r p F S to w . ww
  8. 8. Mortgage-Backed Trusts omAs the mortgage industry d.c grew, bankers began u securing the notes in F ra mortgage-backed trusts reTrusts are a bundle of 5,000 notes secured by lo su mortgages e cA bundle of notes may o r p F contain 5,000 notes and to mortgages with a face S . value of $1.5 Billion w ww
  9. 9. Sales & Servicing of Trusts omThese Trusts were d.c packaged as Residential u Mortgage-Backed F ra Securities (“RMBS”) and re could be sold to investors in bite-sized lo su pieces e c oThe rules for the operationr of these RMBS trusts p F S to were set forth in “Pooling and Servicing w . Agreements” ww
  10. 10. The Travels of a RMBS bundle om d.cTrust bundles travel from: u  The Lender F ra  To the Depositor re  To the Securities Company lo su To the Trustee e c  o r p F S to w . ww
  11. 11. When it doesn’t work quite right . . . omSometimes a note or a mortgage gets lost. d.c u F ra re lo su c o re p F to w .S w w
  12. 12. When it doesn’t work quite right . . . omSometimes the document d.c u custodians are lax about their procedures. F ra re suThat appears to be the situation here in Florida as well as across the clo nation. re Fo to p . S w w w
  13. 13. When it doesn’t work quite right . . . o m d.cto keepSometimes there are just too many documents track of any single Note or Mortgage.au F r re lo su c o re p F to w .S w w
  14. 14. When it doesn’t work quite right . . . omKeep in mind these are d.c u some of the largest banks in the country . . . F ra losing ownership re paperwork!! lo su e c o r p F S to w . ww
  15. 15. IMPORTANT: The Key om d.c uThe key to the problems F ra regarding foreclosures of re mortgages are the ASSIGNMENTS of lo su mortgage. e c o r p F S to w . ww
  16. 16. IMPORTANT: The Key om d.c u ra Assignments of F re mortgage operate to lo sutransfer ownership of the mortgage e c from one bank to o r another. p F You sue on the note S to but foreclose under w . the mortgage.ww 
  17. 17. What if there is no valid assignment? omA valid assignment transfers d.c the ownership of the u mortgage and allows the F ra assignee of the assignment re to begin a foreclosure action. lo suOnly the holder/owner of the e c note and mortgage can o r institute a foreclosure p action if the homeowner F to stops making their S . mortgage payments. w ww
  18. 18. om If the d.cmortgage is u not F ra re properlyassigned…. lo su e c o rthe result is p F chaos. to w .S ww
  19. 19. The Paperwork in Securitization Process om d.c u F ra re lo su e c o r Assignments p F S to w . wwSource: Oversight Panel Oversight Report, Examining the Consequences of Mortgage Irregularities for Financial Stability and Forec
  20. 20. Sample Assignment of Mortgage om d.c u F ra re lo su e c o r p F S to w .ww
  21. 21. Execution of the Assignments omThe Banks d.c u appointed F ra individuals to re execute the lo su assignments c re Fo to p . S w w w
  22. 22. om d.c uExample F raAppointments rethrough aLimited Power lo suof Attorney for e cexecutingAssignments o r p F S to w . ww
  23. 23. Execution of the Assignments omMany individuals who executed the d .c u ra assignments knew nothing about the F e documents they were signing, these ras “robo-signers” u individuals are referredsto c lo o re p F to w .S w w
  24. 24. Execution of the Assignments om d.cIndividuals included bank employees, law u and ra firm employees (lawyers, paralegals, F re even secretaries) and document preparation and processing companyu s employees lo and thousands of cThousands and thousands re weekly. assignments . . . signed o p F to w .S ww
  25. 25. Fraudulent Practices come in all shapes and sizes omRobo-signers d.c u F raFake witnesses reFake notaries lo su cFake documents o re p FFalse affidavits to w .S ww
  26. 26. Problems with Assignments omNot executed by the authorized d .c u person raSignatures not witnessed properly by F the “witnesses” re lo suSignatures not properly notarized by a c notary o re p F to w .S w w
  27. 27. Forgeries in Assignments om d.c u F ra re lo su e c o r p F S to w .ww
  28. 28. Forgeries in Assignments om d.c u F ra re lo su e c o r p F S to w .ww
  29. 29. Forgeries in Assignments om d.c u F ra re lo su e c o r p F S to w .ww
  30. 30. Forgeries in Assignments om d.c u F ra re lo su e c o r p F S to w .ww
  31. 31. Forgeries in Assignments om d.c u F ra re lo su e c o r p F S to w .ww
  32. 32. Vice President Linda Green Signature omSample One Sample Two ud  .c F ra re lo su e c o r p F S to w . ww
  33. 33. Who is the Real Linda Green? om d.c u F ra re lo su e c o r p F S to w .ww
  34. 34. Linda Green om d.c u F ra Linda Green’s “signature” re appears on su  hundreds ofo l thousands of mortgagec e assignments. o r F  p as an officer of dozens of to She is listed  .S banks and mortgage companies. www
  35. 35. A Few of Linda Green’s Many Job Titles om d.c u F ra re lo su e c o r p F S to w .ww
  36. 36. Scott Anderson, Ocwen employee om d.c u F ra re lo su e c o r p F S to w .ww
  37. 37. Forgeries by Mortgage Servicers om d.c u F ra re lo su e c o r p F S to w .ww
  38. 38. A Mortgage Servicing Company omMortgage servicing companies help d .c banks obtain foreclosure by preparinga u F r documents re necessary to facilitate the foreclosure in Court. o su lrobo-signers whoThese companies hire c re by the tens of execute the documents o F thousands per month. p to w .S w w
  39. 39. Mortgage Servicing Companies om dDocX had offices employing dozens of workers.c u F ra producing thousands of fraudulent assignments.Lender Processing Services produced 2,000 re su robo-signer, Jeffrey assignments each working day. lo assignments everyGMAC (including its first famous Stephan) also producesc r e 2,000 day. F o pNationwide Title Clearing out of the Tampa area also to produces 2,000 assignments every day. w .S w w
  40. 40. Forgeries in Other Documents om d.c u F ra re lo su e c o r p F S to w .ww
  41. 41. Forgeries in Other Documents om d.c u F ra re lo su e c o r p F S to w .ww
  42. 42. Examples of Bogus Documents om d.c u F ra re lo su e c o r p F S to w .ww
  43. 43. Examples of Bogus Documents om d.c u F ra re lo su e c o r p F S to w .ww
  44. 44. Examples of Bogus Documents om d.c u F ra re lo su e c o r p F S to w .ww
  45. 45. Examples of Bogus Documents om d.c u F ra re lo su e c o r p F S to w .ww
  46. 46. Examples of Bogus Documents om d.c u F ra re lo su e c o r p F S to w .ww
  47. 47. Assignment of Mortgage om d.c u F ra re lo su e c o r p F S to w .ww
  48. 48. Corrective Assignment of Mortgage om d.c u F ra re lo su e c o r p F S to w .ww
  49. 49. Filing Lis Pendens Without Standing om d.c u F ra re lo su e c o r p F S to w .ww
  50. 50. Assignments After Lis Pendens om d.c u F ra re lo su e c o r p F S to w .ww
  51. 51. Filing Lis Pendens Without Standing om d.c u F ra re lo su e c o r p F S to w .ww
  52. 52. Assignments After Lis Pendens om d.c u F ra re lo su e c o r p F S to w .ww
  53. 53. Affidavit of Amounts Due om d.c u F ra re lo su e c o r p F S to w .ww
  54. 54. Affidavit of Amounts Due om d.c u F ra re lo su e c o r p F S to w .ww
  55. 55. Withdrawal of Affidavits of Amounts Due om d.c u F ra re lo su e c o r p F S to w . ww
  56. 56. Withdrawal of Affidavits of Amounts Due om d.c u F ra re lo su e c o r p F S to w . ww
  57. 57. om d.c u F ra re lo su e c o r p F S to w .ww
  58. 58. om d.c u F ra re lo su e c o r p F S to w .ww
  59. 59. Sample Notice of Lis Pendens om d.c u F ra re lo su e c o r p F S to w .ww
  60. 60. Stamped signature on Assignment of Mortgage om d.c u F ra re lo su e c o r p F S to w . ww
  61. 61. Stamped Signatures om d.c u F ra re lo su e c o r p F S to w .ww
  62. 62. Stamped Signatures om d.c u F ra re lo su e c o r p F S to w .ww
  63. 63. Affidavit of Correction due to assignment of amortgage that had been fully paid (St. Lucie Co.) m .c o u d F ra re lo su e c o r p F S to w . ww
  64. 64. Affidavit of Correction due to an assignment of mortgage that had been fully paid. (Palm Beach Co.) om d.c u F ra re lo su e c o r p F S to w .ww
  65. 65. Affidavits of Correction due assignments of mortgage that had been fully paid (Broward Co. and Palm Beach Co.) om d.c u F ra re lo su e c o r p F S to w . ww
  66. 66. $164k Question om d.c u F ra re lo su e c o r p F S to w .ww
  67. 67. And you thought your mortgage was high? om d.c u F ra re lo su e c o r p F S to w . ww
  68. 68. Assignment for Defunct Assignee om d.c u F ra re lo su e c o r p F S to w .ww
  69. 69. American Brokers Conduit BANKRUPT 8/7/2007 m .c o u d F ra re lo su e c o r p F S to w . ww
  70. 70. Assignment by a defunct institution om d.c u F ra re lo su e c o r p F S to w .ww
  71. 71. IndyMac, out of business CLOSED July 2008 om d.c u F raFederal regulators seize crippled IndyMac Bank reDoors will reopen Monday. lo su 2008A run on the Pasadena thrift ends in one of the biggest financial failures ever. July 12, cJuly 12, 2008|Kathy M. Kristof and Andrea Chang | Times Staff Writers reThe federal government took control of Pasadena-based IndyMac Bank on ohistory. p FFriday in what regulators called the second-largest bank failure in U.S.*** S toThe banks 33 branches will be closed over the weekend, but the Federal w .Deposit Insurance Corp. will reopen the bank on Monday as IndyMacFederal Bank, said the Office of Thrift Supervision in Washington. ww
  72. 72. Assignment for Defunct Assignee om d.c u F ra re lo su e c o r p F S to w .ww
  73. 73. Lehman Brothers om d.c u F ra re lo su e c o r p F S to w .ww
  74. 74. Notary Issues om d.c u F ra re lo su e c o r p F S to w .ww
  75. 75. Impossible Notaries- Stamps are only good for four years in Florida om d.c u F ra re lo su e c o r p F S to w . ww
  76. 76. Impossible Notaries om d.c u F ra re lo su e c o r p F S to w .ww
  77. 77. Impossible Notaries om d.c u F ra re lo su e c o r p F S to w .ww
  78. 78. Sworn Testimony of Tammie Lou Kapusta om d.c u F ra re lo su e c o r p F S to w . ww
  79. 79. Testimony of Tammie Lou Kapusta, former employee of Law Offices of David J. Stern, P.A. o m d .c asQ Would these notaries be there watching her [Cheryl Samons] u she signed?A No. F ra re them? su I dont think any notaryQ She would just sit there and sign stacks ofA Correct. As far as notaries go ino firm actually used their own notary c l the The team used them. stamp.Q There were just stampso re around?A Yes. p F toQ And you actually saw that? .S w wA I was part of that. w
  80. 80. Sample Assignment of Mortgage om d.c u F ra re lo su e c o r p F S to w .ww
  81. 81. Testimony of Tammie Lou Kapusta, former employee of Law Offices of David J. Stern, P.A. omQ So this was an assignment signing table? d.cA Correct. Assignments or Affidavit As that she was signing. u raQ Whats an Affidavit A? F reA The indebtedness affidavit. suQ Okay.A I think thats all Cheryl signed for. I think Beth signed for the rest. Theres your Exhibit lo Es. We had different exhibits. Thats how they signed them. When Cheryl was out of the e c office Tammie would sign them or Beth would go sign them. o rQ Beth would sign but it would say Cheryl Samons?A Correct. p F toQ And Beth would be the signer?A Correct.Q Or Tammie Sweat?. S wA Right. ww
  82. 82. Testimony of Kelly Scott, former employee of Law Offices of David J. Stern, P.A. om d.c u F ra re lo su e c o r p F S to w .ww
  83. 83. Testimony of Kelly Scott, former employee of Law Offices of David J. Stern, P.A. om d.c Q. Other than Cheryl going around twice a day to sign the documents that she was reading, was there anyone else that did that, as well? u raA. Only Cheryl. And only when Cheryl was out of town, that she would go on vacation, there was someone else that would sign on her behalf. Who was it? I really dont know. F reQ. But they signed Cheryls name? suA. Yes. lo Q. And when you said those were the papers that were up on the long table on the four floors, what types c of documents were those?A. r e Motions for Summary Judgment and Assignments of Mortgage.Q. *** Fo But whatever was on those long tables, nobody was reading? They were just putting their names onA. them? to p Yes, they were just putting their names. . S Q. Yes, there was no one reading them?A. w Yes, there was no reading them. w w
  84. 84. Cheryl Samons “signature” om d.c u F ra re lo su e c o r p F S to w .ww
  85. 85. Cheryl Samons “signature” om d.c u F ra re lo su e c o r p F S to w .ww
  86. 86. Cheryl Samons “signature” om d.c u F ra re lo su e c o r p F S to w .ww
  87. 87. Cheryl Samons “signature” om d.c u F ra re lo su e c o r p F S to w .ww
  88. 88. Cheryl Samons “signature” om d.c u F ra re lo su e c o r p F S to w .ww
  89. 89. Sample Assignment of Mortgage om d.c u F ra re lo su e c o r p F S to w .ww
  90. 90. Misuse of Falsified Assignments o m dImproper assignments were recorded in the county .c land records offices u raImproper assignments were submitted to the Court in F support of foreclosure motions reby the Court as valid su foreclosureImproper assignments were accepted assignments that substantiated the lo c was not the true holder ofHomeowners were foreclosed upon based upon falsified assignments, by a banke the note. o r who F p then the homeowner risks a secondIf the foreclosure judgment is obtained by a bank that does not hold the to note, lawsuit by S real note holder, and possibly a having a the . second judgment against them on one property. w w w
  91. 91. om d.c u F ra re lo su e c o r p F S to w .ww
  92. 92. om d.c u F ra re lo su e c o r p F S to w .ww
  93. 93. Notices to Court of Improper Affidavits om d.c u F ra re lo su e c o r p F S to w .ww
  94. 94. Notices to Court of Improper Affidavits om d.c u F ra re lo su e c o r p F S to w .ww
  95. 95. Real Estate in Florida (in pictures) om d.c u F ra re lo su e c o r p F S to w .ww
  96. 96. Real Estate in Florida (in pictures) om d.c u F ra re lo su e c o r p F S to w .ww
  97. 97. Real Estate in Florida (in pictures) om d.c u F ra re lo su e c o r p F S to w .ww
  98. 98. Solutions for Foreclosures in Florida??? omAny solution must include: d.c u  ra  Assuring the integrity to the judicial foreclosure process F form Documents submitted must be true and accurate  re and accurate Affidavits must be proper in substance and  lo su homeowners Assignments must be properly executed Due process rights to the foreclosed  c   reby the plaintiff Bank Proper service of process on the homeowner oof paperwork prior to foreclosure Proper standing to sue  F phave to go forward and there will be many Substantive review  Foreclosures o tyear, but they need to done within the law. will .S more next w w  w

×