My comment bellow as I wrote it on Propublica.com regarding Fraud-Closures:

The people have to catch up to the whole Ponzi Scheme, which is really Insane: Fannie/Freddie, Appraisal FRAUD, HUD Fraud, FDIC Insured Bank Fraud, Contracts fraud, Pretender lender fraud, Lender fraud, Ratings agency fraud, Origination fraud, Fraudulent inducements, Second Bankster fraud, MERS (Mortgage Electronic Registration Systems) fraud, Securities fraud, Goldman SUCKS!, Lehman Bros. and many more selling bad loans to their investors, New pin numbers to hide the origination fraud, REMIC (Real Estate Mortgage Investment Conduits) fraud, Speculating on that fraud and making 100 Trillion dollars on the same fraud on WALL STREET with such Mortgage Derivatives as CDO’S (collateralized debt obligations ) when Banks knew would fail, MBS (Mortgage Back Securities) fraud, AIG Fraud knowingly insuring bad, trap, and liar loans, Credit Default Swaps Insurances fraud, Title CO. fraud, Intentionally creating a massive housing bubble with fraud while they knew would cause a financial crisis, Intentional stock market collapse, The clear and present robbery and swindle of American people in front of their own eyes, Institutions that set the American people up to fail who sent JOBS overseas, Forgeries of legal Docs, Where Are The Notes?? Where are the Original Notes?? (Destruction of Notes) Fraudulent Affidavits (also to fraudclosure), No Proof of ownership by the pretender Lender, Non Judicial Foreclosures, The Bill HR 3808, Constant Wars: ( http://costofwar.com/en/ ) Massive JOB Losses, New Impoverishment of the people, Blaming the VICTIMS, The breakup of the families, Destroyed credits, Mass UNEMPLOYMENT, People not able to afford to send kid’s to college, Abandoned pets ( due to foreclosures), Bank owned abandon properties http://www.nytimes.com/2011/03/31/us/31bat.html , People living in their CARS (thanks to Fraud-Closures). No due process in courts on foreclosures, Flouting of the property rights and constitutional rights of we the people to steal homes Banksters don’t Own, Giant Corporations that pay no taxes, Overseas tax heavens for the super rich, Giant BONUSES for the crooks at Chase, Wells Fargo, Bank of America, Citibank, Freddie, Fannie and the CEO’S who robed the people, Wealth stole in overseas bank accounts, Lack of affordable Medical Care, Hyper-Inflated Property Taxes, Short Sale fraud (watch video) http://youtu.be/8esGSOos2lo, Loss of pensions, Loss of 401 K’S, Loss of Commercial Property Investments, Hyper-Inflation, Deflation. THE FED, The T.A.L.F (Term Asset-Backed Securities Loans). The BAILOUTS, The lies: you were denied for help by the bank, we want you to sell your home that we DON’T OWN so we can sell it and make thousand of dollars even that we don’t have the Mortgage Note, Banksters strong arming the American people for delinquencies they don’t owe. Force Insurance Violations, Frozen credit for main street, Cash For Keys Fraud (I can explain that one), Deed In Lieu Fraud, Cross Collateralization Fraud, Scrivener’s errors fraud (person who writes out deeds, copyist, professions, a notary), Robo-signing Fraud, (the automatic generation of document which turn out to be ruled illegal.), FRAUDCLOSURES, Devastated Communities, Bankrupting America to pay for all of the Mortgage Fraud and The Ponzi Scheme Heist. The Bail Outs (that stills continues through the back door Fed) and finally, the fact that the American people have not wake up to all of these insanity, Its Shocking to say the least !
Bottom-line the banks wrote more mortgages than they had assets to hold… they foreclose because they have to… there is nowhere to keep all these loans, (2) there was no disclosure to the borrower who had no idea his collateral, promise to pay and credit score was going to be used to bait investors in the Big Ponzi Scheme, and (3) if the borrower had known 1 & 2 and that the appraisals were inflated – there likely would not have been a new mortgage or refinance… and certainly the borrower wouldn’t have wrapped his unsecured credit card debt into his new secured mortgage, if he had understood the consequences… but then there was no fiduciary duty between a lender and a customer – or was there?

Nissim Sasson

The Bubble in Housing

The bubble in housing prices went so much further than anything in history because it wasn’t real — it was fraud all the way through with Wall Street pumping money into an already bloated system and putting pressure on mortgage and real estate brokers, and with the complicity of developers, to inflate housing prices over broad swaths of the market. None of it was real. Comparing the prices to the traditional index of median income, housing prices simply disconnected from the rest of the economy and went where Wall Street needed them to be.
Now, because the securitization scheme was an illusion (no transfers actually made), and the courts allowing millions of foreclosures that are equally false and fraudulent, we have a fake inventory of houses for sale that exceeds anything in history. And it will only get worse unless everyone starts to wake up and people stop walking away from homes that were the basis of a fraudulent sale of loan products that were not loans at all — they were part of an essential scheme of issuance of securities by homeowners who didn’t have any idea that the essence of the their “loan transaction” was securities fraud.

False Attorney Signatures Cast New Doubts on Foreclosure

False Attorney Signatures Cast New Doubts on Foreclosures

by Sasha Chavkin ProPublica, Dec. 13, 2010, 1:49 p.m.

Many foreclosures have been thrown into question because of flawed documentation such as inaccurate affidavits describing a mortgage’s history. But three recent court cases point to another type of flaw in foreclosure filings that could place thousands more cases in doubt: false attorney signatures on court documents.

Experts said that foreclosures that relied on court documents with the signatures of attorneys who in fact neither signed nor reviewed them are vulnerable to being thrown out in the 23 states in which foreclosures must be approved by a judge.

“What you have is a non-lawyer engaged in unauthorized practice of law, and that would be a serious problem in terms of that foreclosure judgment withstanding that kind of attack,” said Max Gardner, a consumer bankruptcy lawyer and an expert on foreclosures. While the extent of the practice remains unknown, filings in the recent cases allege that law firms that specialize in foreclosure systematically directed their clerical staff to sign documents in the name of attorneys.

A suit filed this fall in a federal court in Pennsylvania, on behalf of a homeowner facing foreclosure from the Bank of New York, prompted a striking admission by the bank’s lawyers. In a deposition cited in the lawsuit, attorney Gary McCafferty — whose firm specializes in representing lenders in foreclosure cases — acknowledged that many documents his firm submitted to court with his signature had in fact been signed by administrative staff and that he had neither read nor reviewed them.

“Complaints were filed without an attorney seeing them,” McCafferty said in the deposition.

McCafferty also said that his firm no longer engages in this practice. He did not return a phone call from ProPublica inquiring about his firm’s role in the case.

False attorney signatures are different from robo-signing, in which mortgage company officials sign large numbers of foreclosure documents without checking the accuracy of the details. Bob Davis Jr., a Pennsylvania lawyer who concentrates on the defense of attorney ethics cases, said that falsified signatures from lawyers on case pleadings can void a foreclosure by rendering key documents invalid before the court.

“In litigation the signature of an attorney means something very specific: that they’ve read the material and attest that it’s truthful,” Davis said.

Davis said that while it is not good practice, it is permitted to use a name stamp or have another person physically sign an attorney’s name, but only if the attorney has personally conducted due diligence and determined that the material is truthful. He also distinguished between documents with false signatures and those whose contents are materially false. If an attorney has allowed another person to sign court documents in the attorney’s name without reviewing them, but the underlying evidence is accurate, Davis said it may be possible — but is by no means certain — that the pleadings could be corrected and re-submitted to the court.

In some cases, false attorney signatures have led to foreclosures being dismissed. In October, the Baltimore Sun reported that lawyers from two Maryland firms that handle foreclosures acknowledged that they had not in fact signed many affidavits filed with their signatures and had submitted “corrective affidavits” to try to remedy the problem. The two lawyers, who have reportedly filed more than 20,000 foreclosure cases in Maryland since 2008, told the Sun that they had reviewed the content of all their affidavits although they did not always sign them themselves.

However, one of the lawyers, Jacob Geesing, agreed to dismiss five foreclosure cases after an attorney representing homeowners filed motions last November to dismiss them on the basis of “fraud on the court” related to false attorney signatures.

A class action suit in federal court in Mississippi against the foreclosure contractor Lender Processing Services includes similar allegations. The suit, which the U.S. Justice Department has joined as a plaintiff, charges that LPS engaged in unauthorized practice of law, according to an investigation by Reuters.

Reuters obtained legal testimony and internal LPS documents that show foreclosure documents were “mostly prepared by clerical workers, not lawyers,” and that LPS created a ratings system that rewarded law firms that processed documents quickly, often at the expense of being reviewed by lawyers. LPS told Reuters that its clients can pick the law firms that represent them — although court documents show that its clients signed agreements to use LPS’s network of lawyers — and said that its system did not encourage carelessness by law firms.

Gardner, the bankruptcy attorney, said that he believes the problem is widespread because it results from the business model employed by many law firms that specialize in foreclosures.

“They have a small number of attorneys and a very large back office,” Gardner said. “The first time an attorney knows anything about a case in these kinds of operations is when someone like me files a response.”

Lawyers who are found to have authorized fake signatures could face sanctions, such as reprimands, or suspensions of license, said Dianne Coscarelli, a partner at the firm Thompson Hine and the vice-chair of the American Bar Association’s Real Estate Finance Group.

Gardner, the consumer bankruptcy lawyer, said he expected that false attorney signatures will become the target of increasing scrutiny. He said that additional class action suits against law firms that specialize in foreclosures, sanctions by state bar associations against offending lawyers, and investigations of the practice by state attorneys general are all likely possibilities.

“I think this is the next huge issue,” Gardner said.

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