Mortgage Servicing Fraud
occurs post loan origination when mortgage servicers use false statements and book-keeping entries, fabricated assignments, forged signatures and utter counterfeit intangible Notes to take a homeowner's property and equity.
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arkygirl
60 million loans being "tracked" by MERS. A decade or more of original notes, refis, and more refis.

That is a lot of paper. Lots of DOTs and lots of notes. The sheer weight of it would be considerable.

Where are all the repositories for all those claimed "lost notes" and DOTs that were never properly filed? You know, the ones you filed false affidavits of loss on. Maybe you just didn't want to have to go dig through your enormous warehouses so it was easier to lie?

Maybe all the REMICs have a huge warehouse where they are safely storing all the paperwork for their investors?

Hey, banks, show me your warehouses, vaults, rental storage. The paperwork has to be somewhere, doesn't it?

Just sayin'......why isn't anyone asking? I mean it seems that one of those "regulatory agencies" might have this same question.
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Excellent question.  Perfect in its eloquent simplicity.  Indeed, show us the paper!

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anon

That is a good question.

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I came up with this last night and decided not to post it.  But now thanks to Arkygirl it now seems to be appropriate. 

A quick reality check (and to inject bit of comic relief) regarding the review process to find the silly little unimportant “mistakes”:

A quick Google search indicates there are about 44,000,000 active home mortgages in the US.  For sake of argument let’s say each mortgage, including a copy of the deed; the deed of trust and note, but not including the boilerplate pages, is about 15. 

This means the “mistakes” are buried somewhere within about 4.4-billion single pieces of paper.  Now let’s say each has been sold only twice.  (That pesky chain of title thing)  This being the case, we are now up to 13.2-billion pieces of paper.

I seriously doubt that the custodian of the documents, whoever and wherever they may be, have the mortgages that are A-Ok in one pile and the ones with mistakes in another pile.

If you want to be sure the problem is fixed once and for all, then you need to look at all of them.

Put them in a stack and the pile and would be 6.3 miles high.

Whoops, got a problem.  You can’t separate the boiler plate pages from the important pages.  So really the average mortgage package is maybe 50 pages.  The pile just got a lot higher.

One 40-foot tractor trailer can hold about 200,000 montages.  So it would take about 660 tractor trailers to hold them all.

Put them in file cabinets and you’d have to rent a 556,500 square foot building.

A 15-minute review of each mortgage package wound take one person 152 years to review each mortgage.  

But not to worryMERS can fix it.

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arkygirl
Wow!

I just thought of weight and volume when I had to reload my printer this morning and realized that a ream of 8.5" X 11" letter-size paper weighs several pounds.

And then I noticed how much space in the office was dedicated just to paper storage. And these are nice, neat wrapped reams of paper, not folded sloppy been-through-the-mill paperwork files which would be even bulkier.

Imagination ran wild.  Where in the world is it?

I must bow to your superior calculating skills on this one.

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But not to worryMERS can fix it.

MERS CAN fix it. All they have to do is force all their thousands of "Vice Presidents" and assorted "signatories" from all over the country into their archives, chain them to the walls, and tell them to get busy. Bread and water twice a day until they get done.

After all, they screwed it up. Doesn't seem too outrageous to ask them to fix it, lol.

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Thanks for the complement, but I could be off a tad here and there.

Sorry, I failed to to place one of these at the end of the last sentence:

But not to worryMERS can fix it.


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anon
And those are the ones that have not gone into litigation.  I have two plastic 18 x 13 " file boxes that I keep the important hard copies plus electronic disk storage space of six years worth of emails, docs, letters etc. Not to mention the 3 file volumes of paper stored at the courthouse in Miami.

An interesting side note. The county has had a serious volume problem with the files.They were storing the files at the back of the courtrooms A number of files are kept offsite. They are moved by forklift. They have to keep finding more storage space. Ironically one of my file volumes (with original paperwork) was completely water damaged, dissolving signatures.

Thanks for humerous viewpoint
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arkygirl
Seen any lawyers lately accompanied by forklifts? No? Me either.

It has always been a mystery to me why any bank that knows contact law would destroy its own security interest by burning/dumping/shredding the contracts. I mean, if I had a contract with someone it would be inside a fireproof, waterproof box inside another box in a bank vault. That is my security and without it I am naked in court should I need to go there someday. Or so I thought....

There are no warehouses located in Area 51. There is no paperwork that got sent to the moon for safekeeping. There are no storage units. There is no paperwork.

They HAD to destroy it. This post Why weren't the notes conveyed to the REMICs? tells why. So ALL of the loans, securities, all of it for at least a decade is FRAUD.

If we are to keep pretending that we are a country with a rule of law, the notes must be forgiven, all principal refunded, the investors must be repaid, and people must be sent to prison. If that does not happen, we must admit that we are a lawless country.

The IRS cometh soon I hope.

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anon

 Silly. Everyone knows the judges and the lawyers don't actually read the files.

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