Las Vegas TV reporter finds out he doesn’t legally own the foreclosed home he bought 3 years ago!
Watch Dave Krieger on KVUEDave Krieger appears on KVUE’s Midday newscast Consumervue segment. Krieger speaks directly to homeowners who may be facing foreclosure through no fault of their own and the uncertain future our country faces as the plot “foreclosure mess” thickens. He reveals the motivation behind the book Clouded Titles and describes his personal experience dealing with quiet title action on two of his own properties. Dave address the subject of robo-signers and outlines a few examples of how his investigative efforts have turned up some unusual and questionable findings. He touches on the fact that Northwest Trustee Services is currently being investigated for wrongful disclosure. Anchor Olga Compos closes the interview by asking “how did we get into this foreclosure mess in the first place?” Krieger’s answer begins, “MERS …”
SPIN DOCTORS, SOOTHSAYERS … AND IS BANK OF AMERICA SOON TO BE “BK” OF AMERICA … AS IN CHAPTER 11 … AND WHAT THAT MEANS FOR YOU!
By Dave Krieger
The spin cycles are in motion and we haven’t even done the laundry yet. Reports are out that not only did Bank of America post third-quarter losses of $7.65-billion; the soothsayers are countering with “exposure scenarios”, showing $50-billion worth of risk (representing only 3% of the $2.1-trillion total) as good enough reason for Bank of America to seek Chapter 11 protection. It also appears that in this election season, a bailout or some other government “deal” is highly unlikely and would certainly exacerbate Bank of America’s problems.
I thought I was dreaming until I saw Chris Whalen’s posting and thought … gee, Bank of America certainly does have a liquidity problem to be forced to start up foreclosures again. One would certainly have to ask why the Obama administration just now announced intentions to launch a criminal investigation into all of this mess. Does someone in DC have a conscience? Or is this just another “CYA” as a cave to public pressure? With these kinds of pictures, the day traders would be “shorting” Bank of America stock and making a killing doing it.
One would have to wonder about the liquidity factor with all of this missing paperwork and the investors and insurance companies that certainly will be lining up to file fraud suits against the banking giant will certainly force some sort of decision. For BofA, it is significant. General Motors went into Chapter 11 after all and within three months they emerged stronger than ever. But then again, GM wasn’t proprietarily trading residential mortgage-backed securities on Wall Street either. This is a different animal.
My take? Bank of America’s decision to absorb Countrywide and Merrill-Lynch probably wasn’t one of their smartest moves. The paperwork issue that forced the moratorium of some of these foreclosures has forced Bank of America to go after over 100,000 more homes … and then comes the fun part. (more…)
It should come as no surprise that B of A would impose such a moratorium by halting all of its foreclosure actions in light of the scrutiny of its documents that are being filed in courthouses all over the country. Just because Bank of America, along with PNC Bank, Ally Financial (formerly GMAC Mortgage), JPMorgan Chase and others are allegedly examining their foreclosure paperwork for flaws doesn’t mean they don’t know what’s really going on. And while Wells Fargo Bank N.A. isn’t admitting to any of this alleged fraudulent paperwork, this author has uncovered at least one foreclosure paper mill network in Eagan, Minnesota, full of the robosignors that all of the other lenders are accused of utilizing.
All of this is called damage control but it’s a far cry from the damage that all of these foreclosure actions have done in creating the real estate chaos in the nation’s county courthouses with the clouds on title. Despite the efforts of MERS, an acronym for Mortgage Electronic Registration Systems, Inc., a Delaware corporation whose parent MERSCORP, Inc., operates as a stock company with 17 known employees out of Reston, Virginia, the mess that MERS has made utilizing “authorized signers” on documents has still not been fully investigated. This author is seeing robosignor activity wherein the trustee will sign for the lender as a ìVice President for MERSî and appoint himself as a trustee so he can foreclose. In virtually all states, the trustee and beneficiary (the holder of the note) must be two separate entities.
The challenges to slanders and clouds on titles are only the beginning and title companies are starting to get nervous. The people who think they are getting a great deal on buying foreclosures may find themselves in more trouble than they bargained for when the evicted families find out that the bank that foreclosed on them used fraudulent paperwork and their titles were clouded and now these investors are going to have to spend money quieting their titles, not to mention being caught in a legal crossfire between the foreclosed homeowner and the lender that sold them the foreclosed home. The author predicted in 2007 that this would start happening after the foreclosure meltdown. The frauds are now starting to come to light with the whistleblower activity surrounding Florida attorney David J. Stern. Florida AG Bill McCollum is getting closer to hitting the mark in demonstrating that the banks haven’t been totally honest with the judges there.