Posted by zeez JosephineJoseph rules on August 19, 2011, 1:18 pm
http://www.cbsnews.com/stories/2011/08/07/60minutes/main20086862.shtml
Pelley explains a bizarre aftershock of the U.S. financial collapse:
An epidemic of forged and missing mortgage documents.
In the 1930s we had breadlines; venture out before dawn in America
today and you'll find mortgage lines. This past January in Los
Angeles, 37,000 homeowners facing foreclosure showed up to an event to
beg their bank for lower payments on their mortgage. Some people even
slept on the sidewalk to get in line.
So many in the country are desperate now that they have to meet in
convention centers coast to coast.
In February in Miami, 12,000 people showed up to a similar event. The
line went down the block and doubled back twice.
Extra: Eviction reprieve
Extra: "Save the Dream" events
Dale DeFreitas lost her job and now fears her home is next. "It's very
emotional because I just think about it. I don't wanna lose my home. I
really don't," she told "60 Minutes" correspondent Scott Pelley.
"It's your American dream," he remarked.
"It was. And still is," she replied.
These convention center events are put on by the non-profit
Neighborhood Assistance Corporation of America, which helps people
figure what they can afford, and then walks them across the hall to
bank representatives to ask for lower payments. More than half will
get their mortgages adjusted, but the rest discover that they just
can't keep their home.
For many that's when the real surprise comes in: these same banks have
fouled up all of their own paperwork to a historic degree.
"In my mind this is an absolute, intentional fraud," Lynn Szymoniak,
who is fighting foreclosure, told Pelley.
While trying to save her house, she discovered something we did not
know: back when Wall Street was using algorithms and computers to
engineer those disastrous mortgage-backed securities, it appears they
didn't want old fashioned paperwork slowing down the profits.
"This was back when it was a white hot fevered pitch to move as many
of these as possible," Pelley remarked.
"Exactly. When you could make a whole lotta money through
securitization. And every other aspect of it could be done
electronically, you know, key strokes. This was the only piece where
somebody was supposed to actually go get documents, transfer the
documents from one entity to the other. And it looks very much like
they just eliminated that stuff all together," Szymoniak said.
Szymoniak's mortgage had been bundled with thousands of others into
one of those Wall Street securities traded from investor to investor.
When the bank took her to court, it first said it had lost her
documents, including the critical assignment of mortgage which
transfers ownership. But then, there was a courthouse surprise.
"They found all of your paperwork more than a year after they
initially said that they had lost it?" Pelley asked.
"Yes," she replied.
Asked if that seemed suspicious to her, Szymoniak said, "Yes,
absolutely. What do you imagine? It fell behind the file cabinet?
Where was all of this? 'We had it, we own it, we lost it.' And then
more recently, everyone is coming in saying, 'Hey we found it. Isn't
that wonderful?'"
But what the bank may not have known is that Szymoniak is a lawyer and
fraud investigator with a specialty in forged documents. She has
trained FBI agents.
She told Pelley she asked for copies of those documents.
Asked what she found, Szymoniak told Pelley, "When I looked at the
assignment of my mortgage, and this is the assignment: it looked that
even the date they put in, which was 10/17/08, was several months
after they sued me for foreclosure. So, what they were saying to the
court was, 'We sued her in July of 2008 and we acquired this mortgage
in October of 2008.' It made absolutely no sense." (continued on site)
--
## _________________________________________________
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######## l Do not assume, it makes an ass out of U and me l
######## l________________________________________________l
########## started usenet reader at: 10:16:16.39a _Fri_08-19-2011
# Remove the obvious from my address to e-mail me. sig2.txt
Posted by Jerry Okamura on August 21, 2011, 4:25 pm
"If" they committed "fraud" which is a crime, have they been charged with
the crime?
"zeez JosephineJoseph rules" wrote in message
http://www.cbsnews.com/stories/2011/08/07/60minutes/main20086862.shtml
Pelley explains a bizarre aftershock of the U.S. financial collapse:
An epidemic of forged and missing mortgage documents.
In the 1930s we had breadlines; venture out before dawn in America
today and you'll find mortgage lines. This past January in Los
Angeles, 37,000 homeowners facing foreclosure showed up to an event to
beg their bank for lower payments on their mortgage. Some people even
slept on the sidewalk to get in line.
So many in the country are desperate now that they have to meet in
convention centers coast to coast.
In February in Miami, 12,000 people showed up to a similar event. The
line went down the block and doubled back twice.
Extra: Eviction reprieve
Extra: "Save the Dream" events
Dale DeFreitas lost her job and now fears her home is next. "It's very
emotional because I just think about it. I don't wanna lose my home. I
really don't," she told "60 Minutes" correspondent Scott Pelley.
"It's your American dream," he remarked.
"It was. And still is," she replied.
These convention center events are put on by the non-profit
Neighborhood Assistance Corporation of America, which helps people
figure what they can afford, and then walks them across the hall to
bank representatives to ask for lower payments. More than half will
get their mortgages adjusted, but the rest discover that they just
can't keep their home.
For many that's when the real surprise comes in: these same banks have
fouled up all of their own paperwork to a historic degree.
"In my mind this is an absolute, intentional fraud," Lynn Szymoniak,
who is fighting foreclosure, told Pelley.
While trying to save her house, she discovered something we did not
know: back when Wall Street was using algorithms and computers to
engineer those disastrous mortgage-backed securities, it appears they
didn't want old fashioned paperwork slowing down the profits.
"This was back when it was a white hot fevered pitch to move as many
of these as possible," Pelley remarked.
"Exactly. When you could make a whole lotta money through
securitization. And every other aspect of it could be done
electronically, you know, key strokes. This was the only piece where
somebody was supposed to actually go get documents, transfer the
documents from one entity to the other. And it looks very much like
they just eliminated that stuff all together," Szymoniak said.
Szymoniak's mortgage had been bundled with thousands of others into
one of those Wall Street securities traded from investor to investor.
When the bank took her to court, it first said it had lost her
documents, including the critical assignment of mortgage which
transfers ownership. But then, there was a courthouse surprise.
"They found all of your paperwork more than a year after they
initially said that they had lost it?" Pelley asked.
"Yes," she replied.
Asked if that seemed suspicious to her, Szymoniak said, "Yes,
absolutely. What do you imagine? It fell behind the file cabinet?
Where was all of this? 'We had it, we own it, we lost it.' And then
more recently, everyone is coming in saying, 'Hey we found it. Isn't
that wonderful?'"
But what the bank may not have known is that Szymoniak is a lawyer and
fraud investigator with a specialty in forged documents. She has
trained FBI agents.
She told Pelley she asked for copies of those documents.
Asked what she found, Szymoniak told Pelley, "When I looked at the
assignment of my mortgage, and this is the assignment: it looked that
even the date they put in, which was 10/17/08, was several months
after they sued me for foreclosure. So, what they were saying to the
court was, 'We sued her in July of 2008 and we acquired this mortgage
in October of 2008.' It made absolutely no sense." (continued on site)
--
## _________________________________________________
###### l l
######## l Do not assume, it makes an ass out of U and me l
######## l________________________________________________l
########## started usenet reader at: 10:16:16.39a _Fri_08-19-2011
# Remove the obvious from my address to e-mail me. sig2.txt
Posted by zeez on August 30, 2011, 11:55 pm
> "If" they committed "fraud" which is a crime, have they been charged with
> the crime?
Wow, you think they get the same kind of justice meted out to them as
the rest of us
--
the poor have more responsibilities than the rich
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> the crime?