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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TheEquitableOne
http://www.courts.state.ny.us/reporter/3dseries/2013/2013_23224.htm


 
- "In order to establish prima facie entitlement to summary judgment in a foreclosure action, a plaintiff must submit the mortgage and unpaid note, along with evidence of default." 
 
- As to the identification of Plaintiff, counsel explains that The Bank of New York Mellon "is the proper plaintiff in its capacity as Trustee for the Trust, which . . . is the holder of the Deanes' loan"
 
But the affidavit of Angela Frye states, "Wells Fargo, as custodian for and on behalf of the Trust, is the current holder of the Mortgage loan, pursuant to the PSA".  Since a person cannot be a "holder" of a negotiable instrument without possession, both statements cannot be literally accurate. It may be that Plaintiff does not use "holder" as it is understood in the law of negotiable instruments, but the term and concept "holder" is too important to "standing" and a plaintiff's ability to maintain this action for there to be risk of further confusion.

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Since a person cannot be a "holder" of a negotiable instrument without possession, both statements cannot be literally accurate. It may be that Plaintiff does not use "holder" as it is understood in the law of negotiable instruments, but the term and concept "holder" is too important to "standing" and a plaintiff's ability to maintain this action for there to be risk of further confusion.
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