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
Schack has produced another of his ... eloquently euphemistic opinions. 

"Thus, plaintiff CHASE ultimately acknowledged that FANNIE MAE is the 'Wizard of Oz,' operating behind the curtain, and the real owner of the subject BUTLER note and mortgage."

It is easy to be distracted from the substance by such linguistic license.  Don't be.  Read, and be informed.

http://www.courts.state.ny.us/reporter/3dseries/2013/2013_51050.htm
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texas
What does Fannie Mae really own, an interest in?

I would watch the concurrent to http://www.msfraud.org/LAW/Lounge/MERS_FINALLY-A-JUDGE-THAT-GETS-IT_Nueces_7-13.pdf.

Hint, in the same court...
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Link
texas wrote:
What does Fannie Mae really own, an interest in?

I would watch the concurrent to http://www.msfraud.org/LAW/Lounge/MERS_FINALLY-A-JUDGE-THAT-GETS-IT_Nueces_7-13.pdf.

Hint, in the same court...


Hi Texas,

The link doesn't work.
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texas
Link works as a download, check your download history.
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Eddy
This is something JPMorgan Chase has been doing for some time with thousands of loans they acquire from the FDIC or through other means.  See the link to what they have been doing in Broward County Florida.  They file the case as the Owner/Holder of the Note/Mortgage and get a Final Judgement of Foreclosure and a few weeks before the schedule auction, they do what is called an Assignment of Bid, which allows the property to be transferred to FEDERAL NATIONAL MORTGAGE ASSN.

Assignment of Bid

https://officialrecords.broward.org/oncoreV2/showdetails.aspx?id=53369672&rn=115&pi=0&ref=search

Final Judgment

https://officialrecords.broward.org/oncoreV2/showdetails.aspx?id=53098651&rn=1&pi=0&ref=search 

Broward County Property Appraiser Web Page for Property

http://bcpa.net/RecInfo.asp?URL_Folio=514219BB0350

How do they get away with this is beyond me.
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Shewd
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How do they get away with this is beyond me.

How they "get away with it" is because no one ever properly objects.

But you are actually confusing several different kinds of related mischief.

One sort of mischief is that discussed in the original case, where a servicer files suit in its own name and then falsely represents to the court that the servicer is the owner and the holder, concealing Fannie's interest.

Sometimes, there is a belated substitution of plaintiff, where the nominal plaintiff -- the servicer -- is replaced by the real party at interest such as Fannie Mae or vice versa.

Assignment of bid is yet again something different. When there is a substitution of plaintiff, the new entity replaces the original plaintiff in the case. With an assignment of bid, an assignee is substituted for the winning bidder.

While it is often the case that the plaintiff makes the winning bid, this is hardly universal. In fact, one approach is for the plaintiff, such as the servicer, to obtain judgment, and then for the real party at interest (e.g. Fannie Mae) to bid at the court ordered foreclosure sale. Thus, there might be a judgment in favor of Chase and Fannie might be the winning bidder at the foreclosure sale.

Of course, this is always a clue that Fannie Mae was the real party at interest all along, because Fannie would never, ever bid on a property at a foreclosure sale unless it was also the owner of the mortgage.

Still another variant is that a plaintiff such as Chase files suit falsely representing itself to be plaintiff and either Chase or yet some other entity is the winning bidder, but after the auction the winning bid is assigned to Fannie or even to some other shill to keep everyone in the dark.

Assignment of a winning bid is very often indicative of more mischief, but is hardly conclusively probative of this. That is, there are some honest reasons that a bidder might assign the winning bid, as when a principal sends an agent to bid in the agent's name and the agent afterwards assigns the bid to the concealed principal. There is nothing inherently dishonest or unethical about this. It is dishonest only when it is a means to conceal the other more egregious false representations to the court.

The mischief is confusing enough without adding to the confusion by muddling distinctive roles. As Mr. Guy taught us, all foreclosures orchestrated by all servicers on behalf of all mortgage investors are always dishonest, but often in different ways.
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