http://thelogosproject.com/?p=417
75% of Massachusetts County mortgage assignments in are invalid. This is a crime. Attorneys General need to investigate a crime not negotiate with criminals.
Three-quarters of mortgage assignments issued to and from JPMorgan Chase (JPM: 40.21 +1.69%), Wells Fargo (WFC: 27.72 +0.84%) and Bank of America (BAC: 11.05 +2.13%) during 2010 in the Southern Essex Registry of Deeds in Massachusetts are invalid, according to an independent review of documents.
An audit revealed 75% of mortgage assignments are invalid, 16% of mortgage assignments in the Southern Essex Registry are valid and 9% of assignments are questionable. About 27% of invalid assignments are fraudulent while 35% are robo-signed and 10% violate the Massachusetts Mortgage Fraud Statue.
“What this means is that the degradation in standards of commerce by which the banks originated, sold and securitized these mortgages are so fatally flawed that the institutions, including many pension funds, that purchased these mortgages don’t actually own them,” “The assignments of mortgage were never prepared, executed and delivered to them in the normal course of business at the time of the transaction.” according to the analysts.
What could make anyone think that the results would be any different in other counties? Why are state and federal governments and policing agencies negotiating with Banks for a miserable settlement?
No comments:
Post a Comment