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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stillinmyhome
Just pondering this situation.  a loan was started with bank A. Almost a year later it was it was allegedly securitized into an asset backed trust. Bank B is now the trustee and an indorsement it made to them. Bank A's vp signs indorsement (Rubber stamp not an actual hand written signature) but bank B the trustee does not sign it. Just a stamp with their name. 2 years later the firm that owned the trust or asset backed securitys goes under and bank B now owns them buying them for way less than they are worth.  4 years later bank C claims to be trustee and forecloses but no changes to the note or the prospectus of the trust reflecting it.  Who actually has standing and is worth bringing up in court?
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Cabinetmaniac
The holder of the note.
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Cabinetmaniac
Actually it would be either the holder, a non holder in possession or their agent/servicer.

U.C.C. - ARTICLE 3 - NEGOTIABLE INSTRUMENTS
..PART 3. ENFORCEMENT OF INSTRUMENTS

§ 3-301. PERSON ENTITLED TO ENFORCE INSTRUMENT.

"Person entitled to enforce" an instrument means (i) the holder of the instrument, (ii) a nonholder in possession of the instrument who has the rights of a holder, or (iii) a person not in possession of the instrument who is entitled to enforce the instrument pursuant to Section 3-309 or 3-418(d). A person may be a person entitled to enforce the instrument even though the person is not the owner of the instrument or is in wrongful possession of the instrument.



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