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N.C. joins states calling for foreclosure moratorium

The North Carolina attorney general's office expanded its investigation into improperly prepared paperwork for foreclosures to 15 mortgage companies and ordered them to suspend foreclosures in the state.

Attorney General Roy Cooper's announcement Wednesday follows similar industry-wide moratoriums issued by his counterparts in Texas and Connecticut. California and Massachusetts have issued more limited directives, calling on specific lenders to freeze foreclosures.

"If mortgage companies are using potentially unlawful practices to push through foreclosures in North Carolina, that needs to stop," Cooper said in a statement. "Foreclosures have to happen when people don't pay, but homeowners deserve a fair shot at keeping their homes when possible."

North Carolina's investigation began in late September following revelations that employees at Ally Financial's GMAC mortgage unit may have routinely signed off on foreclosure affidavits without properly reviewing them or verifying their accuracy.

North Carolina officials said they are concerned that if foreclosures are not being properly reviewed by lenders, some homeowners may not get a fair chance at loan modifications that could save their homes.

The companies under investigation in North Carolina:

· Bank of America
· Wells Fargo
· J.P. Morgan Chase
· Citi Mortgage
· SunTrust Mortgage
· PHH Mortgage
· OneWest Bank
· PNC Mortgage
· Aurora Bank
· US Bank Home Mortgage
· HSBC
· MetLife Home Loans
· BB&T Mortgage
· American Home Mortgage Servicing
· Ally Financial GMAC

More in The Washington Post:

On Tuesday, House Speaker Nancy Pelosi and other members of the California delegation called for a federal investigation of mortgage foreclosure proceedings.

By Ariana Eunjung Cha  | October 6, 2010; 10:59 AM ET
Categories:  Housing  
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Next: Ore. Senator calls for special investigator for foreclosures

Comments

The stories that have hit the press that are half truths. I have had correspondent relationships with both Rescap GMAC Mortgage and JP Morgan as a national conduit mortgage lender What the government press and public are unaware of that Mr. Jeffrey Stephan and associates of GMAC Mortgage behind closed doors have been manufacturing mortgage assignments and endorsements of notes on mortgage lenders that sold loans to GMAC Mortgage When a mortgage lender sells a loan to any investor it is a requirement that the sale of this mortgage loan known as a mortgage assignment be recorded in the county where the property is located that the sale took place and the mortgage promissory note is endorsed from mortgage lender to mortgage investor. Consequently any contract between the mortgage lender ( The seller) of record and the investor ( purchaser of record) always has a deficiency clause that the seller of record is responsible for all trailing documents such as the recorded mortgage, recorded assignment of mortgage and the Final Title Alta Policy. The recorded mortgage and assignment are always returned to the mortgage lender of record. If any of these documents are not received by the investor that purchased the loan within the time specified in the contract between both parties the investor would normally sue for breach of contract. The problem with every investor that has purchased these mortgage loans in the secondary market is that the mortgage lenders of record that sold them these loans are all out of business. You can’t prove that you own the mortgage loan if the seller never recorded it and with them being out of business the buyer of the mortgage loan legally doesn’t own it. As a result of this serious implication the investor GMAC Mortgage manufactures these mortgage assignments and pretends that the mortgage lender that is out of business is still in business and has their employees Jeffrey Stephan sign as a limited signing officer of that company. This is fraud, mail fraud, perjury, subordination of perjury, fraud of the court ,abuse of process and a violation of UCC code 3-104 Improper endorsement, 3-202 Statutory requirements, 3-114 Contradictory terms of instrument , 3-403 Unauthorized signature , 3-404,Imposter fictitious payees, 3-405,Employers responsibility of fraudulent endorsement, 3-406,Negligence contributing to a forged signature 3-407,Alteration,3-416 Transfer of Warranties, 3-420 Conversion of an instrument. I have many of these recorded instruments for your review that were illegally manufactured & recorded by GMAC that forecloses on borrowers around the country. People that do not have counsel that do not respond to the foreclosure summons and complaint have their homes stolen from them and this is what is invisible.

Posted by: Anonymous | October 8, 2010 2:06 PM | Report abuse

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