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Florida AG Details Forgery & Deceit in Mortgage Process

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Boarded Up HomeIf the mortgage mess makes little sense to you, the Florida attorney general’s office created a handy slideshow titled “Unfair, Deceptive and Unconscionable Acts in Foreclosure Cases.” It’s both a great primer on the mortgage servicing industry, and a damning description of what Attorney General Pam Bondi calls a broken system.

The presentation starts out with a quick but in-depth look at how a loan is transferred from the original lender to other banks and loan servicers that actually handle the busywork of receiving loan payments, and making sure that investors and local taxes are paid.

The key to that process is called the “assignment,” which is used to transfer ownership of the loan from one party to the next. The typical loan receives four letters of assignment, and sometimes more, as it passes from the original lender all the way to the investors who ultimately come to own it.

That’s where things began to fall apart, according to Bondi. During the housing boom, banks were dealing with so many assignments of so many mortgages that they simply could not keep up.

Who Is Linda Green?So they cheated, Bondi says. Her presentation tracks the impossibly varied career of Linda Green, whose signature was forged onto hundreds of thousands of mortgage assignments. The presentation shows 13 such signatures, none of which resemble the others in any way. It also documents 14 jobs that Linda Green’s signature forgers claimed she had, as vice president of everything from Bank of America to Seattle Mortgage Company.

In their rush to plow through as many assignments as possible, made up other things, too. One document in the presentation says the loan assignment will become effective on 9/9/9999.

Another transfers the mortgage to “BOGUS ASSIGNEE.”

House image: Kevin Dooley, via Flickr.com

Signature image from slide show at www.StopForeclosureFraud.com

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  • http://www.scribd.com/doc/46233683/Letter-from-Bank-of-America-Admits-they-DO-NOT-OWN-THE-NOTE-while-attaching-a-FORGED-NOTE-to-their-letter Samuel Salmon

    Bank of America Admits FORGERY and authorities turn a blind eye!
    Our unstable economic environment is largely due to the corruption within our own stock market, and its tie to the US Treasury via the Government Sponsored Enterprises, or GSE’s like Fannie Mae, Freddie Mac, etc. The US government has no business using American taxpayer dollars as investments, but worse is the fact that the large banks which now don’t function as a traditional bank are “servicers” of the mortgages which have been bought up lock stock and barrel by the GSEs with the tax payers money. This is the reason behind civil unrest due to illegal foreclosures. Federal and State law prohibit the servicers from foreclosing on a mortgage if they are not the beneficiary of the loan, meaning they don’t own the note, but the laws do not seem to be an issue here as these illegal foreclosures are continuing and these properties are being confiscated by the servicers in spite of the fact they have already been fully reimbursed for the note by the GSE via tax dollars and the servicer no longer owns the note. Meanwhile countless families are being thrust into the street while the servicer confiscates their home paid for by the US taxpayers. It gets worse yet, the GSE takes and buys the notes, (with our taxes) and converts them into stocks through a process called securitization, which means the loan is no longer a loan but a stock under the rules of the SEC and the GSE proceeds to sell the stock on the stock marked as Residential Mortgage Backed Securities, or RMBS. This system will destroy our economy completely if it continues to go unchecked and unaccounted for.
    I have challenged Bank of America (BAC) who has claimed to be the beneficiary of my note at the county recorder’s office, but has admitted that they don’t own my note. Even with this letter from the office of CEO and President of BAC the judge has ruled in BAC’s favor in my Pro Se case. Even when BAC admits they are not the owner of the note the authorities are still overlooking their criminal acts. If I were to claim myself as beneficiary of your loan while admitting I don’t own it and produce a copy of your note as if I owned it, I would be thrown into jail for up to 10 years. This is exactly what Bank of America is doing.

    Should a bank be allowed to foreclose if they don’t own your NOTE?
    NO because:
    1. Beneficiary means owner of the note/mortgage, most 90%+ banks do not own the note yet claim to be the beneficiary.
    2. Federal and State law requires the forecloser to be the note owne.
    3. When a note is converted into a stock it is no longer a loan and is under the authority of the SEC not the FDIC.
    4. Most mortgage notes are not loans because they have been converted into stocks and sold on the stock market as RMBS.
    5. Your servicer most likely 95%+ does not own your note.
    Thanks for listening,

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