Producing the Note – Part Two

4-26-2010

In one  my earlier posts I talked about “Producing the Note”.  When this lending fiasco was moving full speed ahead, peoples mortgages were being taken over or transferred to different lending institutions faster than you could keep track of.  Personally my mortgage  was passed along three times finally ending up with Bank of America.  As this Housing  Crisis deepens and  foreclosures keep piling up,  courts in many states are demanding  proper documentation to proceed with the  litigation. This article below was written by Marie McDonnell, CFE a mortgage fraud and forensic analyst .

  A colleague forwarded me an important decision this morning that has just been handed down by the DISTRICT COURT OF APPEAL OF THE STATE OF FLORIDA, Fourth District, that is extremely helpful to foreclosure victims in particular, or for others who want to challenge whether or not they are making payments to the “real party in interest,” i.e., the owner of their mortgage loan.

This decision is extremely important and should be utilized in all foreclosure matters whether in judicial or non-judicial foreclosure states.  Without proper authentication and a full audit trail to prove who is the rightful owner and holder of the mortgage obligation, we are subjugating ourselves to a perpetual state of manipulation and fraud by the carpetbaggers and scallywags who are cleaning up the toxic waste dumped into our financial system by the derivatives mobsters.  I particularly like the statement in the Decision:

As in BAC Funding Consortium, there are no supporting affidavits or deposition testimony in the record to establish that Aurora validly owns and holds the note and mortgage, no evidence of an assignment to Aurora, no proof of purchase of the debt nor any other evidence of an effective transfer. Thus, we reverse the summary judgment and remand for further proceedings.

This decision moves past the “Bogus Assignment” problem (a la the recently announced Department of Justice’s criminal investigation of Lender Processing Services and its subsidiary Docx, LLC) and focuses on the requirements of admissible evidence.  This decision also harmonizes with the findings of fact and conclusions of law set forth in Massachusetts Land Court Judge Keith C. Long’s Memorandum in the U.S. Bank v. Ibanez and Wells Fargo Bank v. LaRace foreclosure cases.

By the way, the Massachusetts Land Court cases are on appeal before the Massachusetts Supreme Judicial Court.  We are waiting for the Banks’ attorneys to file their Appellants’ briefs.  Glenn F. Russell Jr. on behalf of the LaRaces, and Paul Collier on behalf of Mr. Ibanez will then have 30 days to write their Appellee briefs.

CIGA Marie

Marie McDonnell, CFE
Truth In Lending Audit & Recovery Services, LLC
Mortgage Fraud and Forensic Analyst
Certified Fraud Examiner

30 Main Street, Rear
P.O. Box 2760
Orleans, MA 02653
Tel.               (508) 255-8829         (508) 255-8829
Cell               (508) 292-5555         (508) 292-5555

HOPE THIS HELPS!

WAYNE ISAKSEN, TEAM PAY IT OFF.