Robosigned? No Paper? Uh, Not So Fast Jackass...
The Market Ticker ® - Commentary on The Capital Markets
Posted 2010-10-27 17:57
by Karl Denninger
in Foreclosuregate
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Robosigned? No Paper? Uh, Not So Fast Jackass...
 

Hoh hoh hoh....

Some interesting points in here....

First, the Court requires proof of the grant of authority from the original mortgagee, CAMBRIDGE HOME CAPITAL, LLC (CAMBRIDGE), to its nominee, MORTGAGE ELECTRONIC REGISTRATION SYSTEMS, INC. (MERS), to assign the subject mortgage and note on March 16, 2009 to INDYMAC FEDERAL BANK, FSB (INDYMAC). INDYMAC subsequently assigned the subject mortgage and note to its successor, ONEWEST, on May 14, 2009.

This was a portfolio'd loan?  Why do I have a problem believing that?  If - and I stress if - this was a portfolio loan, then ok.  If not, well, then there's a few other assignments that have to be in there somewhere.  But wait a second... Cambridge appears to still exist!  Is this the same Cambridge?  If so, what (the ****) do we have here?

You can't possibly be serious..... Today, in 2010, we still have NINJA loans?  Oh, and for good measure, we have I/Os (bad enough) and worse, no-ratio loans (which I would argue are presumptively entered into in bad faith, as there is no attempt made to determine ability to pay.)

In any event, the Judge is demanding proof of provenance of the note.  Good!  It's about damn time that someone started insisting that people coming to court asking for a security interest be enforced prove that they actually have one!

Then there's this:

In the instant action, Ms. Johnson-Seck claims to be: a Vice President of MERS in the March 16, 2009 MERS to INDYMAC assignment; a Vice President of INDYMAC in the May 14, 2009 INDYMAC to ONEWEST assignment; and, a Vice President of ONEWEST in her June 30, 2009-affidavit of merit. Ms. Johnson-Seck must explain to the Court, in her affidavit: her employment history for the past three years; and, why a conflict of interest does not exist in the instant action with her acting as a Vice President of assignor MERS, a Vice President of assignee/assignor INDYMAC, and a Vice President of assignee/plaintiff ONEWEST. Further, Ms. Johnson-Seck must explain: why she was a Vice President of both assignor MERS and assignee DEUTSCHE BANK in a second case before me, Deutsche Bank v Maraj, 18 Misc 3d 1123 (A) (Sup Ct, Kings County 2008); why she was a Vice President of both assignor MERS and assignee INDYMAC in a third case before me, Indymac Bank, FSB, v Bethley, 22 Misc 3d 1119 (A) (Sup Ct, Kings County 2009); and, why she executed an affidavit of merit as a Vice President of DEUTSCHE BANK in a fourth case before me, Deutsche Bank v Harris (Sup Ct, Kings County, Feb. 5, 2008, Index No. 35549/07).

Oh, you mean that our fair Judge would also like Ms. Robosigner to explain who she gets paid by, how she gets paid, and more importantly, how she can overcome what appears to be a clear conflict of interest.

smiley

 

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User Info Robosigned? No Paper? Uh, Not So Fast Jackass... in forum [Market-Ticker]
Gamma
Posts: 5549
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Gold
Northern CA
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"...Ms. Johnson-Seck must explain to the Court, in her affidavit: her employment history for the past three years; and, why a conflict of interest does not exist in the instant action with her acting as a Vice President of assignor MERS............"

Oh Christ, that (entire quoted area) should be engraved on a freakin' bronze plaque somewhere....although it would also make a nice preface for a book about this era. Unbelievable.

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This stuff we're going through, this is nothing compared to the Middle Ages.
They told me if I voted for John McCain, an idiot would be a heartbeat away from the presidency. Sure enough...
Obsidian
Posts: 2445
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Green
Eagle Mountain, Utah
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This is a Judge worth electing.

Now we need a DA to get onboard and hang these folks.

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232-Th + n --> 233-Th --> 233-Pa --> 233-U.
Trolling is a art.
Gamma
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Gold
Northern CA
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Geez, Karl, you're busier today than the FDIC on a Friday before a long weekend!

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This stuff we're going through, this is nothing compared to the Middle Ages.
They told me if I voted for John McCain, an idiot would be a heartbeat away from the presidency. Sure enough...
Genesis
Posts: 130690
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Admin A True American Patriot!
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smiley

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I don't care if it makes sense -- only if it makes money. -- Me
Bank (n): See scam, fraud and theft. Eat a bankster -- they're low-carb.
What part of "shall not be infringed" was unclear?
Etz
Posts: 13888
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Silver
LA
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Ms Vice President

inline

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Legal chicanery and beneficent darkness are the banker's stoutest allies - F.Pecora.

Themortgagedude
Posts: 8846
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Green
saint louis
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I don't have a problem with NINA loans. Just be sure and tell your end investor that's what your selling them. Bet ya you're gonna find that pretty hard to sell boys.

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I'm already visualizing you with duct tape over your mouth.
Workerbee
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Silver
* Winter is Coming *
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LMAO!

I'd rather laugh than cry, but I'm sure later on I'll be crying....

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Prepare for Our Valley Forge
*~* Appeal to Heaven *~*
...that those "who having no appeal on earth to right them, they are left to the only remedy in such cases, an appeal to heaven." ~John Locke
Cobra2411
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Philly P.a.
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All this lost note stuff gives new meaning to the term "Paperless Banking".... smiley

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To err is human. To really **** things up takes government.
Joshua_d
Posts: 163
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Lenoir, NC
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L.......O........L! Seriously, you have to laugh at that.

'Miss, could you please explain exactly how you hold every position with every one of these companies?'

'Well, I filled out these forms online, paid some cash and ...'
Poer
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Silver
'Eppur si muove!'
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There should be more Judges like this
We are witnessing the mortgage industry and how it is utterly
FUBAR
That acronym should be evident

Good work Karl
History will read like a comic tragedy

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"The degree to which a man substitutes the judgment of others for his own, failing to look at reality directly, is the degree to which his mental processes are alienated from reality." Nathaniel Branden in Ayn Rands 'Capitalism The Unknown Ideal'
Docberg
Posts: 161
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Karl, I am getting the definite impression today that you are having the time of your life! I can't wait to see that employment history for this very busy lady. I thought I had a tangled job history!!! LOL!

In the immortal words of Sheriff Bart: "It's Showtime!"
Licorice
Posts: 1320
Incept: 2009-01-06

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Ms. Robosigner's defense: High-frequency employment?

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Print the money and give it to the people.
Squeak
Posts: 509
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Green
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Interesting: she can't even spell President right:

http://www.linkedin.com/profile/view?id=....
Bertdilbert
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CA
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If I were the judge I would have her add copies of her W2's to verify her employment for each position held to prove it was not a sham in itself. No W2's no, employment period and fraudulent conveyance.

At this point we should have a National Registry of robosigners and Multi entity signers and false affidavits signers just as we do for sexual offenders. What would we call them? Signophiles? Help me out here guys....

Edit...
Hey if a neighbors property value got slammed from foreclosures and the foreclosures were fraudulent, does the homeowner have a case?

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Dear Euroland: Relax, Germany has a plan for your money!

Political Capital Defined: We are out of money but will tax our citizens for whatever it takes to "SAVE" the Euro.

Reason: added to
J0nx
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Green
The trashcan of the nation
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Bert: if that's the case then I am in for a windfall.

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The fraud and lies are only allowed to continue because the people allow it. Either through apathy or ignorance, they still allow it.
Wawawa
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San Diego, CA
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"The American Republic will endure until the day Congress discovers that it can bribe the public with the public's money."

Alexis de Tocqueville

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RAT RACE IS OVER, RATS WON :)
Elcope
Posts: 51
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Montana
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Just Google "Ms. Johnson-Seck" she is all over fraudulent forclosures since 2006 at least, a number of which have been dismissed with prejudice.

Waiting to go viral.
Sangell
Posts: 379
Incept: 2009-08-16

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No wonder unemployment is so high. These robosigners are hogging ALL the jobs.

FT says WELLS FARGO is redoing their paperwork on 55,000 foreclosure actions but
notice their statement doesn't address any of the real issues about due process,
standing, forged and perjured documents etc.

“The issues the company has identified do not relate in any way to the quality of the customer and loan data; nor does the company believe that any of these instances led to foreclosures which should not have otherwise occurred,”
Throxxofvron
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Hyper-Speculative Psycho-Facsistic Parabolic Blow-Off
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In all seriousness: what the hell do these People think they are doing?

Are they all just dumber than ****ing rocks?

Vice President of how many Corporations?
Where are the W2s from employment indeed.
Let's see the IRS filings for this Person.

Let's see the IRS filings for ALL such Persons so that the veracity of their assertions of position and standing can be verified.

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DIONYSUS: " Thou hast no knowledge of the life thou art leading; thy very existence is now a mystery to thee. " -from 'The Bacchantes' By Euripides “During times of universal deceit, telling the truth becomes a revolutionary act.” -George Orwell
Mikek31
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Chicago
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LOL, Etz. That was the funniest **** I've seen all day...

Vicarious criminal liability. Whoever put these people up to these tasks (the real corporate officers, not the phony robo-signer ones) needs to be brought up on charges before the court...

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Everyone keeps looking at the system and saying "it's not working, it needs to be redesigned somehow." It's working exactly the way the people who own it intend it to work.-Sutluc
Uwe
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I suppose that "these People" figured that the courts would simply rubber-stamp the paperwork they were submitting, without examining it in any detail.

-Uwe-




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“Whenever the legislators endeavor to take away and destroy the property of the people, or to reduce them to slavery under arbitrary power, they put themselves into a state of war with the people, who are thereupon absolved from any further obedience.” - John Locke
Crzymorse
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Maryland
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At least they could have some fun while trying to BS everybody. I'm waiting for some of the classics names to popup in the court docs, anybody want to take odds.

Harry Balls VP
Ben Dover VP
Seymour Bush VP
Andyc
Posts: 333
Incept: 2010-10-24


Banned
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Ms Seck signed 6000 documents in a week, that's some speedy penmanship.

If there are losses on this Indy Mac stuff the government (we the people) is on the hook for everything after the first 20%, that was the terms of the deal when a consortium of Obama supporters bought the place......Soros, Michael Dell etc.....
Crzymorse
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Maryland
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Maybe she was cloned. We the people are on the hook regardless.
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