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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Angelo
Here is a great and well articulated article about MERS and fraudulent business model.

This comes from stopforeclosurefraud.com

http://stopforeclosurefraud.com/2012/03/27/the-magic-of-the-mortgage-electronic-registration-system-it-is-and-it-isnt/
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Walt

"The Magic of the Mortgage Electronic Registration System: It Is and It Isn't", by David P. Weber (August 30, 2011). American Bankruptcy Law Journal, Vol. 85, p. 230, 2011. Available at SSRN:


http://ssrn.com/abstract=1898306

 

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texas
Additional - http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1815372

The Murky Mess of MERS: The Complications of Collecting on Promissory Notes When MERS is Around


David P. Weber


Creighton University - School of Law


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texas
Damian at stopforeclosurefraud does place the interest of the people before his own.
 
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Walt

I agree with Texas that StopForeclosureFraud is one of the better "me too" sites.

But MS Fraud is the original site! 
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Angelo
Apology accepted.  I would never try and lead anybody away from this site.  It IMHO it's hands down the best forum for distressed homeowners.  The wealth of information here is unmatched anywhere. 

Stopforeclosurefraud.com is a good site because it posts stories and decisions that are beneficial to homeowners.  The only problem I see is there is no forum(blog) for discussion.
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texas

15 USC 1641 (g)

(g) Notice of new creditor

(1) In general

In addition to other disclosures required by this subchapter, not later than 30 days after the date on which a mortgage loan is sold or otherwise transferred or assigned to a third party, the creditor that is the new owner or assignee of the debt shall notify the borrower in writing of such transfer, including—

(A) the identity, address, telephone number of the new creditor;

(B) the date of transfer;

(C) how to reach an agent or party having authority to act on behalf of the new creditor;

(D) the location of the place where transfer of ownership of the debt is recorded; and

(E) any other relevant information regarding the new creditor.

(2) Definition

As used in this subsection, the term “mortgage loan” means any consumer credit transaction that is secured by the principal dwelling of a consumer.

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ldeanTX
I am in Harris County, Houston TX.  I have a America's Wholesale Lender/CTC Real Estate/MERS Deed of Trust and the promissory note is to AWL.  It was not until I was facing foreclosure and in a loan modification 4 years after purchasing my home that I found out MERS could be listed as a mortgagee and Bank of New York FKA CWABS 2007-7 Asset Backed Certificates could be a Mortgagee as well.  I say this because my NOD and "Notice of Substitute of Trustee Sale" from Recontrust reads that Bank of America is foreclosing on behalf of MERS Original Mortgagee, and Bank of New York as Current Mortgagee.  This was news to me and so I have been doing a lot of writing to Bank of America asking who, when, how did this take place.  I had to find the answer for myself as Bank of America would only tell me that Bank of New York owns the note.  I went on the Security Exchange Commission website and put in CWABS and looked for the year I purchased my home and thought I would check February 2007 since my closing was close to the end of  January.  I found my loan in the pool.  Of course, MERS is listed as the beneficiary and nominee on my deed of trust but America's Wholesale Lender was supposedly the Lender.  Here is my confusion and I am sorry if I am babbling way too much but I really need some advice.  Countrywide Serviced the Loan for the Lender AWL.  1 Week after property was purchased, it was put in a trust CWABS 2007-2.  Bank of New York as Trustee.  I have never ever had any dealings with AWL except paying Countrywide up until 2008.  Then the transfer to BOA took place and I received a letter that BOA was my servicer of my loan.  I guess long story short, I am still trying to figure out when did AWL come into play?  From what I can see, AWL was never even a part of this whole thing.  Now when I get on the MERS website, for my subprime 80/20 mortgage, I find that Bank of America N.A. is the investor of the 20% Loan and Bank of America services the loan and Bank of New York FKA CWABS 2007-2 is the investor of the 80% loan and Bank of America Services the loan.  So, in a nutshell, the loans were split and apparently did not stay with the promissory note (assumption) I am not very bright at this!!  Bank of America not only services but is also a investor of 20% note (When did this happen)?  Apparently when I closed on the home.  I sent a qualified written request to Bank of America requesting to see the promissory note with my signature and they sent the promissory note to America's Wholesale Lender.  This lead me to go to my County Records office and get a certified copy of my deed of trust.  My deed of trust is exact as the day I closed on my home.  So hear is my question????
How did all of this go on and I didn't know until I have almost lost my home?  I am thinking of filing Chapter 13.  If MER's is a mortgagee are they a creditor?  Bank of New York as current Mortgagee, are they a creditor as well?  I have also sent letters to them both and they will not respond.  My last letter(s) asked them if they had any interest in the property and they did not respond.  What now?

Leah Dean
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Greg

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I guess long story short, I am still trying to figure out when did AWL come into play? From what I can see, AWL was never even a part of this whole thing.
 

"America's Wholesale Lender" is a registered trademark of Countrywide Home Loans, Inc., registered with the U.S. Patent and Trademark Office on January 10, 1995.  It is not a separate lender, servicer or mortgage investor.  This trademark has Serial No. 74358690 and Registration No. 1872784.

 

Countrywide simply used this as an alternative description of itself.

 

The mark is currently owned by Bank of America Corporation (Delaware).

 

See:  http://www.uspto.gov/trademarks/index.jsp

 

You are tilting at windmills and focused on the wrong issues!

 

Texas is a non-judicial state.  I would highly encourage you to immediately consult an competent Texas attorney experienced in consumer debt, foreclosure and bankruptcy.  If you are in the midst of of a forthcoming non-judicial sale in Texas, you do not likely have sufficient time to school yourself up on foreclosure defense to mount an effective defense.

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ldeanTX
to Greg:  Thank you for this information.  I have been researching this since June 2011 when I was in the process of a Loan Modification through Bank of America.  These were a couple of questions that came to mind as I was looking at my deed of trust and my truth in lending statement.  I came to the realization that I closed on my home January 23, 2007 and the promissory note and DOT has America's Wholesale Lender but on February 8, 2007 according to the SEC, my loan number was in the Countrywide pool CWABS 2007-2.  I was never notified.  Although I read in my DOT that my note can be sold, it also states I am to be notified each time it is sold.  Never knew anything until Bank of America started the Loan Modification and tried going up on my house payment by $972.00/month.  It was then I realized there was the name Bank of New York FKA CWABS 2007-2 Asset Backed Certificates.  Then when the Notice of Default came from Recontrust it listed MERS as the original Mortgagee and Bank of New York as the Current Mortgagee.  So you are right about one thing, time to get a competent Texas Attorney and I want one who knows how to deal with these matters.  Tilting towards windmills probably so, have enough sense to know there was a lot of deception between the time I closed on my home and the mortgage being put in the trust Bank of New York.  The pooling and Service Agreement is so much to read and understand.  Also, the other thing I know, is if the Federal Housing Administration is suing the banks and MERS, then apparently there is some shady business going on.

Thanks again

Leah Dean
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texas
http://www.google.com/url?sa=t&rct=j&q=&esrc=s&source=web&cd=1&ved=0CEEQFjAA&url=http%3A%2F%2Fwww.ktsm.com%2Fnews%2Fmortgage-registry-accused-of-owing-ep-county-millions-will-county-sue&ei=CGaAT_DuB-Pu0gHD2eCUCA&usg=AFQjCNET2NpFGDHr8cgRgcV1iVoHcifdnQ

Richard A Roman Attorney
505 E Rio Grande Ave El Paso, TX 79902-4206
Phone: (915) 351-2679
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