FORECLOSURES : BIGGEST FRAUD ON THE US COURT SYSTEM?
Allegations that the banks have engaged in fraudulent actions during the foreclosures crisis that begun in 2008 continue to mount.
Banks created a system for managing mortgagees known as MERS. The MERS system is tyro cornerstone of the foreclosures system. Individuals working for or alleging to work fir MERS have filed thousands upon thousands of foreclosures documents in our courts. According to Reuters, Banks had their own employees sign foreclodure documents as “vice presidents” of MERS and other titles using the documents as the basis for taking untold number of homes. See here.
Why is this so troubling? These documents often claim personal knowledge of the facts about the particular mortgage that is subject to foreclosure. But when a bank employee simply takes documents from the bank and MERS and then claims personal knowledge then it presents a host of problems.
First, the lack of personal knowledge means the banks may be presenting incorrect information. In States where foreclosures are resolved through the courts then the filing of an affidavit that claims personal knowledge without such knowledge is fraudulent. An example of this is the Robo-signing scandal that was brought to light through depositions stopping foreclosures in judicial foreclosure States. In Maryland some leading foreclosure lawyers have successfully challenged documents filed in court alleging personal knowledge resulting in dismissal of foreclosure actions. A Yale Law Professor, Roy Brescia, has claimed that “I think it’s difficult to find a bigger fraud on the US Courts in US History.” See here.
Are you facing foreclosures? Have you already lost your home to foreclosures? Let me know about your experience. Do you think the foreclosure process was fair? Were you given ample opportunity to save your home? I look forward to your comments.