Tag: MERS

Congress, Constitutional Law, Courts, Criminal law, Justice, Lawyering, Politics, Society, Uncategorized

Foreclosure Fraud?

150px-Wells_Fargo_Bank_svg

Respectfully submitted by Lawrence E. Rafferty (rafflaw) Weekend Contributor

Since the Great Recession officially started in December of 2007, millions of people have lost their homes to foreclosures.  It turns out that many of those foreclosures may have been fraudulent or in violation of foreclosure laws. According to the Southern Essex County, Massachusetts Register of Deeds, John O’Brien, a forensic audit of his recording files suggests that at least 75% of the mortgage assignments were invalid.

“My registry is a crime scene as evidenced by this forensic examination. The Audit makes the finding that this was not only a MERS (Mortgage Electronic Registration Systems) problem, but a scheme also perpetuated by MERS shareholder banks such Bank of America, Wells Fargo, JP Morgan and others. I am stunned and appalled by the fact that America’s biggest banks have played fast and loose with people’s biggest asset – their homes. This is disgusting, and this is criminal.” Nation of Change Continue reading “Foreclosure Fraud?” →

Congress, Constitutional Law, Courts, Criminal law, Justice, Lawyering, Media, Politics, Society

Bank of America Escapes Jail… Again

220px-Bank_highlander

Respectfully submitted by Lawrence E. Rafferty (rafflaw)-Weekend Contributor

It seems that a week doesn’t go by without news of the latest Big Bank agreeing to pay billions in a settlement with the government over their past and continuing abuses concerning mortgages.  This past week was no exception.

“Preliminary reports say that a $16 to $17 billion settlement will soon be announced between the Justice Department and Bank of America. That would break the record for the largest bank settlement in history, set less than a year ago by a $13 billion agreement between Justice and JPMorgan Chase.” Crooks and Liars

Sixteen billion dollars is not chickenfeed!  However, as we have learned in the many past settlements, the dollar amounts can be a little deceiving.  Continue reading “Bank of America Escapes Jail… Again” →