florida today_toxic mortgage discharge_brevard county florida

8/2/2019 Florida Today_Toxic Mortgage Discharge_Brevard County Florida

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M O N D A Y , O C T O B E R 1 8 , 2 0 1 0

Brevard's Own Guide To Toxic Mortgage Mess

A Brevard County foreclosure case has gotten the attention of Barry Ritholtz,

author of the 2008 bestseller about the economic meltdown, "Bailout Nation." On

his blog "The Big Picture," he has posted the case as an example of what's

wrong with thousands of mortgages and titles across the nation.

The Guide to Toxic Mortgage Discharge uses the case of Margaret McLaughlin,

whose bank filed foreclosure proceedings against her Indialantic home in 2009.

Or was it her bank?

What online county records show would make anyone wonder. Records filed with

the Brevard County Clerk of Courts show that she satisfied her mortgage on May

4, according to the Mortgage Electronic Registration Systems. Records also


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show she signed that $584,000 mortgage in December 2006 with American

Mortgage Network.

So why did IndyMAC Federal Bank FSB file foreclosure proceedings against her

in February 2009? Court records show it claimed to be the holder of the

mortgage and the note, "and/or is entitled to enforce it," yet also claimed both

mortgage and note were either lost or destroyed.

IndyMAC also said that it and McLaughlin were the only parties to have any

interest in the mortgage note.

Months dragged on. In April, Deutsche Bank filed a motion for co-counsel, saying

it had a claim as trustee of the note and asked for a substitution of co-counsel, to

which IndyMAC agreed.

A month later, in May, the mortgage-tracking service issued the satisfaction of

mortgage. If Deutsche Bank is the trustee of the note, Ritholtz asks, then why

did MERS and not DeutscheBank issue the satisfaction of mortgage note in

May?

In June Deutsche Bank filed a voluntary dismissal from the case.

In July, IndyMAC asked to substitute its original law firm, The Florida Default

Group, with Deutsche Bank's law firm, Kahane and Associates. Order granted.

The Florida Default Law Group is one of four "foreclosure mills" under

investigation by Florida Attorney General Bill McCollum. He has accused the

firms of "unfair and deceptive practices," said his spokesman, Ryan Wiggins.

McCollum also has subpoenaed the records of Lender Processing Services, a

Jacksonville company responsible for preparing much of the paperwork in

thousands of foreclosure cases.


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"The volume is so huge that these law firms are taking shortcuts," Ritholtz said,

describing the slew of cases as an assembly line.

For the time being, the discovery of those flaws has frozen that assembly line.

Labels: Brevard watchdog blog, economy, foreclosures, mortgage fraudPOSTED BY JEFF SCHWEERS AT 2:45 PM

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Guide to TOXIC DISCHARGE in the 18th Circuithttp://www.ritholtz.com/blog/2010/10/guide-to-toxic-mortgage-discharge/

Members appoint MERS as the mortgagee of record on all loans that theyregister on the MERS System. This appointment ELIMINATES the need for anyfuture assignments.

Instead of preparing a paper assignment to track the change in the county landrecords, all subsequent transfers are tracked electronically on the MERSSystem.

MERS does not create or transfer beneficial interests in mortgage loans or createelectronic assignments of the mortgage.

What MERS does do is eliminate the need for subsequent recorded assignmentsaltogether.

The issue is still; WHO loaned money, WHO suffered a loss, why are people toldthey need to be 90 days behind before they can receive help, why are peoplecurrent in their loans being foreclosed on, why are we not PROSECUTING forFRAUD ON THE COURT, SECURITIES FRAUD, TAX FRAUD, state & federalviolations, et al?

You don't have to be a lawyer to understand that the note & mortgage aresupposed to stay together the transfer of ownership supposed to berecorded in public land records per the mortgage contract and the pooling &servicing agreement.

The reason is simple; you do not want to have multiple copies of a note floatingaround. What could happen is that the note could be copied many times and soldinto multiple pools and insured with multiple sets of credit default swaps.


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See here page 23http://www.occ.gov/news-issuances/news-releases/2008/nr-occ-2008-152a.pdf

Are the credit bids on foreclosure sales actually being made by the REAL

creditors?

Why are all these properties being sold for just $100 and not $100 'and otherconsideration'?

Perhaps the buyer and seller know that the Note has already been paid for bysomeone else, i.e insurance against credit default, so the Note was effectivelyworthless... except to the schemers who attempt to steal houses by scammingthe Courts.

Researching the entities involved in purchasing these toxic assets on the back

end (after being double deeded at the foreclosure MILL law firms in-house titlecompany) would be in order here.

TITLE WASHING ANYONE?

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