Recruiters are hiring for a job that shouldn’t exist: finding “missing” documents required to “complete” broken chains of title on mortgages entering foreclosure.
Since all assignments of mortgage should have been prepared and recorded within days of the transfer or sale — and the failure to do so irreparably ruptures chain of title — the companies would seem to be looking for time travelers or magicians.
Or maybe they want to manufacture false evidence to introduce into courts as a means to take away people’s homes.
Without a chain of title documenting the sequence of historical transfers of title to a property, foreclosure proceedings cannot continue in a legal fashion.
Alluvion Staffing, a recruiting firm from Jacksonville, Florida, posted a listing on Career Builder for a “Default Breach Specialist” for an unnamed mortgage company, who would be tasked with locating “missing assignments needed to complete the chain of title prior to foreclosure referral.” The ad follows a separate search from Select Portfolio Servicing, a Utah-based mortgage servicer, for someone to “provide assistance in demonstrating the Investor has the appropriate legal authority to initiate actions through a complete Chain of Title.”
As I detailed in my book Chain of Title, the various companies packaging loans during the housing bubble routinely failed to follow the precise steps to transfer mortgages into the tax-preferred trusts used to create mortgage-backed securities.
For the most part, these breaches cannot be reversed, because the governing securitization documents, known as pooling and servicing agreements, specified a time limit for conveying mortgages into trusts.
Regardless of this rigid deadline, mortgage companies hired third parties to mock up after-the-fact documents, making it look like they held an unbroken chain of title and had the ability to foreclose. The obvious fabrications have been challenged in court numerous times, and were the focus of a national settlement with leading mortgage servicing companies in 2012.
However, the focus of the settlement — false documents submitted to courts in foreclosure cases — continues to this day.
The multiple job listings for specialists to fix broken chains of title only confirms that nothing has changed in the industry. No mortgage company would require a chain of title specialist if the documents needed to foreclose existed.
It’s possible the missing documents merely need to be located. But the presence of an entire industry of third-party “default services” companies that recreate mortgage assignments suggests that this isn’t a case of lost-and-found. Last September, one such third party, Security Connections of Idaho Falls, Idaho, was caught soliciting individuals to forge mortgage documents.
The Alluvion Staffing advertisement says the Default Breach Specialist must maintain a caseload of delinquent loans “to ensure timely preparation, execution and/or recordation of all needed assignments prior to foreclosure referral.” Alluvion adds that two years of mortgage default servicing and a high school diploma are required for the job, with “college education a plus.”
Select Portfolio Servicing’s job listing seeks individuals who can “facilitate document requests in a timely manner,” while exhibiting a “comprehensive understanding of proving up all Chain of Title requirements.”
The qualified applicant would have document-processing experience, proficiency in Microsoft Word and Excel, and mysteriously, the “ability to lift boxes weighing 25 lbs.” The company does not specify a pay range. Company officials could not be reached for comment.
Over 6.2 million families have lost their homes to foreclosure since the financial crisis began in September 2008, according to a report Monday from CoreLogic. It is not known how many of those foreclosures were executed with false documents. But we do know that the failure to follow longstanding property records laws in securitization contracts was so systemic that eight years later, special teams of chain of title specialists must be hired to make the problem vanish.
Michael Redman of the recently restarted 4closurefraud.org blog found the initial listing from Select Portfolio Servicing. Foreclosure defense attorney April Charney sent the Alluvion Staffing listing.
That doesnt even cover the half of it,Robo-signers,fake and false notaries,third party agents that also file fake and forged documents and all this because you wanted a better rate or lost your job or became ill.They wer going to do right for all the stuff they were already busted for,read the settlement transcripts from the court and know they never followed through on a single one.
They are above the law plain and simple,banks own our country ,our government ,our judicial system,our land as a matter of fact no single person owns their land any longer,you maintain it,you pay tax on it,you pay mortgage payments but you DO NOT OWN IT.Again do your research.
The running them is most of the loans circa 2004-2008 were 1.Prepared by fictitious preparer.2.Rarely did the home owner get closing docs,not until things are getting bad and they request them.The figures are 98% of the time completely different than the real figures,and in the servicing and pooling agreements it states within 90 days loans are to be transferred into the trust.Why because that keeps thing fair and level and what you fail to see is any contract that originates in Fraud just like an assignment that doesnt get into a trust is VOID.
Fabricating documents to prove standing in court is wrong meaning if you owned your house outright and I went and recorded a Substitution of trustee,and full reconveyance, conveying it to me and sold it,then the new owner comes to move in,then what?Nothing different about a bank who acting as lender,immediately sells your loan,so paid in full,then hedges that it will fail ,and now is the “Servicer” of your loan,so when you cant or dont want to pay interest only at 6% because the rates are now 3,and they wont renogiate but tell you to modify only to qualify you have to be at least 3 months behind.
You stop paying because they told you to,you submit the mod docs 25 times and every time they tell you something is missing,now your 8-12 months behind while they have collected insurance and the loan is now in default,the investors some also collect insurance and write off the bad debt ,paid in full a second time,bailout funds =3rd time,the lender who now is servicer buys back the loan for pennies on the dollar and is now back to lender/benificiary and refuses to work with you and in order to foreclose needs a valid assignment.They fabricate and forge,and create whatever it takes to win by entering false evidence into court where only a tiny percent of the judges can actually wrap their brains around a complex ponzi scheme that starts with unclean hands and finishes by making a hard working American who bought into the DREAM bullshit they are selling and if you dont believe it do your research its all public record.Most the trust never were funded and are now revoked,if ever started and they bluff people right outa their homes,been there done that seen the ugly side of lawyers,judges,and banks.
“Since all assignments of mortgage should have been prepared and recorded within days of the transfer or sale — and the failure to do so irreparably ruptures chain of title — the companies would seem to be looking for time travelers or magicians.
This is simply not true. Documents conveying interests in real property are valid the moment they are signed. Recordation is only to establish legal notice and priority if a dispute arises, e.g., whose mortgage is “first” and whose is “second.”
“Without a chain of title documenting the sequence of historical transfers of title to a property, foreclosure proceedings cannot continue in a legal fashion. ”
Sort of. But you can “go back in time” to fix a chain in most jurisdictions. Imagine you sell your house, having bought and paid for it, only to discover someone 15 years ago executed a deed incorrectly, so your “chain” is “broken.” All you have to do is go back to the last person with good title and all subsequent conveyances become valid. Otherwise minor title issues would leave people all over the place with no way to establish their ownership.
So not only can you “find” missing documents in the chain, you absolutely can “make” them, and it isn’t illegal, or time-travel, or magic, or fraud.
I wish people trying to fight the improprieties of the mortgage crisis would stick to the real problems — like lenders, servicers, brokers, and rating agencies dropping all their standards (well, brokers don’t really have any haha) and driving up prices under the false premise that housing prices never go down.
I’m as appalled as everyone the way the mortgage bubble occurred and the behavior of lenders both in encouraging it to happen and in the haphazard way the subsequent foreclosure wave was carried out. However, several of your basic premises are legally wrong here.
First, there is no legal requirement in any jurisdiction I have run into that assignments of mortgage must be recorded, or that ” the failure to do so irreparably ruptures chain of title.” Deeds, mortgages, assignments, etc. are all generally valid as soon as they are signed. Recordation just gives legal notice to any competing parties in the event of a dispute. So, no need for “time travelers.” Recording an assignment can be done at any time, or not at all.
Further as to “time traveling” or “magic” being needed to repair a chain of title after the fact, a legal principle called the “doctrine of after-acquired title” means that in most places, a chain can be repaired after the fact. A conveys to B, but there was a problem with A’s ownership due to a problem in the back chain, say a missing deed from Mr. C. The moment Mr. C. signs a deed, even years after A’s sale to B, that A to B deed becomes effective and B’s title is good.
Finally, I’ve always been intrigued by this idea that there was a limited window during which mortgages or mortgage-backed securities could be conveyed into a trust, after which they could not. The result there would again not be that the mortgage was invalid, but that some other party (the one who tried to transfer it) would hold the mortgage, and would have the right to foreclose.
It wouldn’t be a bad idea to require lenders to record all conveyances of mortgage — MERS made a real mess of thing — but it’s important to note the difference between a confusing state of affairs and all those mortgages being somehow invalid. That’s not the case, and I don’t think it helps if we’re talking about reform to proceed on these false premises.
Great article as always, David. Understandably, many homeowners being foreclosed on with fraudulent documents want to sue their lender, but they don’t have the money to do so. A loan modification is the only hope most homeowners in default have to keep their home. We have free information about how to get a loan modification and other foreclosure alternatives on our blog: http://blog.amerihopealliance.com/blog
Do your homework,research,No one owns their home in this country any longer,your only renting,maintaining,insuring,paying prop tax,but never owning even if you paid cash.
Happens every day in California and other states hundreds of fraudulent foreclosures on deceptive,misleading lending products that most Originated in fraud and the Big Banks/AKA -Servicers as they now call themselves,Sold -meaning paid in full,then they collect the insurance,then buy em back for pennies when in default.
Running theme is never assigned to any trust and the trusts were never funded,so foreclosure is an Impossibility without fraudulently fabricating the needed documents,fraudulently recording them and fraudulently submitting them as evidence in court to STEAL someones home.
After they have made 10,20,years of payments and repairs and prop tax,all while our elected officials,judges,regulatory bodies stand by and get theirs on the back end.
Wells Fargo/B of A/Chase/Ocwen/Citi all the big banks are committing criminal acts daily and getting away with it .
Nationwide posting in California post lists of potential auctions/sales and for any one month period they list around 3400 homes being fraudulently foreclosed by a corrupt underground industry of lawyers,title companies,and others who that is what they do,and have no regard if people are out on the street even if they have Zero standing to do so.IT SUCKS
Some of this fraud doesn’t involve real people or properties. The originating banks/institutions created mortgages for homes that don’t exist and were never built. They then sold them en masse to Wall Street who sliced them up and repackaged them into tranches and got them stamped AAA rated securities and then sold them worldwide to everyone they could.
Big banks on Wall Street were themselves scammed by these fraudulent mortgages. The Federal Reserve has been buying back “toxic mortgages” to protect the banksters on Wall Street. Financial institutions don’t like to admit when they have been ripped-off. So the Fed created some money and “bought the fraud” out of the system.
You probably won’t hear about most of these cases since there is no home or homeowner to go with the mortgage. It also explains why some people are having their houses foreclosed when they have no mortgage in the first place. The bank has a mortgage with no house to back it. So they try to assign it to a house that does exist.
“Created mortgages for homes that don’t exist…..then sold them en masse”
This sounds a lot like money-laundering. Also a sure-fire way to ripoff the US taxpayer at the same time.
….m**huffpost.com/us/entry/us_55b11779e4b0a9b94853e255
found this article describing your claim about toxic mortgages. No wonder the Jacksonville FBI investigation just stopped. Banks are always in collusion and don’t want to offend each other with charges of fraud.
What do you mean by “mortgages for homes that don’t exist”? A mortgage is basically a loan to buy real property, with the loan secured by that property. Do you mean mortgages for raw land? How could there be a mortgage without any land to secure it?
This is more complicated than the story here lays out. There are two issues regarding the transfer of a mortgage: 1) the actual transfer, usually a grant deed; and 2) the recording of the transfer, which gives notice of the transfer to everyone. A transfer without recording is still valid, but if it is not recorded, the person who bought the property and/or lien might have a problem if someone else claims title.
Also, as I’ve pointed out here before, this is a technicality and has nothing to do with banksters ripping off people, though it is about banksters ripping off other banksters and financial industry people (boo effing hoo on that). If a bank or anyone else lends you money to buy a house, you have to repay that money. Who owns the loan after you get it is really not your concern. Once the loan is paid off you will own the property free & clear. If you don’t pay, you’re going to get foreclosed. I’m glad that a few state courts have refused to allow foreclosure if the bank can’t prove they own the loan, but those courts are a very small minority (Massachusetts and maybe New York?). Here in California, the courts have disallowed this defense to foreclosure for the foregoing reason.
That all said, I agree with the Native American concept that no one can own land; you merely USE the land you’re on. If we eliminated the concept of land ownership, including the concept of landlords — a needless and harmful leftover of feudalism — these problems would be eliminated. But in the context of this society, you have to pay your mortgage or expect to get foreclosed. The banks can fight over who owns your loan, but you have to repay it.
california is a state that prefers to rob people
– just and FYI as to why calif courts dont give their citizens a breathing chance
Franchise Tax Board of California v. Hyatt
Franchise Tax Board of California v. hewlett packard – appears to have been removed from search engines – could have been an unrecorded, the fight was over $10M on transfer of IP rights.
Carl’s Jr. HQ Moving From Calif. to Nashville; Press Avoids Saying Why
The Big Idea: California Is So Over – The Daily Beast
California Is The First Failed State – IQ2 Debates – Intelligence Squared
Will California become America’s first failed state? | US news | The …
http://www.theguardian.com › US News › California
Debate: California Is a Failed State – Newsweek
http://www.newsweek.com/debate-california-failed-state-71157
Calif needs $25,000,000,000 a year to pay for illegal immigration problems
I’m a time traveler and a psychic with experience in the mortgage industry. How can I apply for this fantabulous opportunity?
Since the 2008 bubble collapse, several REITs have popped who are buying up the pooled securities. Companies like Waypoint Homes in Oakland California make their living at buying these securities, foreclosing on the homeowner, then fixing up the home and renting it out.
On the one hand, they are taking the surplus inventory out of the market and unwinding the securities. On the other hand, they are now competing on home ownership with private citizens.
One has to wonder how long it will take before the average American will be priced out of a home and all of us become renters.
Yep, the second wave of unlawful foreclosures begins. The 10/1 Interest Only ARMs sold in 2006 – 2008 are resetting. That means a while lot of new defaults coming down the pike. The crooks need ever more gullible employees to forge new documents to unlawfully foreclose. FORGERY. Not the stupid cutesy name the banksters gave it “robo-signing”….. it’s forgery.
And our corrupt judiciary continue to allow the banks to use this forgery every day to take homes unlawfully.
David, you must report on United States v. Discovery Homes, Inc. That criminal sentencing court report shows that even the FBI could not determine the owner of 300 privately securitized loans (made through Discovery Homes). The FBI investigated these loans to find who was damaged, so they could be compensated. They could not determine the owner of the debt. If the FBI cannot determine who the owners of the debt is, with their superior subpoena power, how the hell is a homeowner supposed to find out?
Thieving wallstreet criminals say “We robbed you before. We’re gonna rob you agin. ‘n we’re gonna keep robin’ yuz. Becuz we can. Cuz we got the power ‘n yer elected poly-tishuns in ar pockets!”
Ol’ George Washington may hear the call of the people and rise from his grave. Pretty hard to kill a man who is already dead.
The ability to lift a box weighing 25 lbs. indicates it may be legit.
I’ve had the pleasure of wading through bankers’ boxes full of paper, stacked many levels high in storage rooms. And they are heavy.
Whether they may be asked to manufacture documents they can’t find in hard copy … well that’s another issue.
This murderer and terrorist an NPR/ BBC correspondent referred to him as a mentally ill white guy. The label can only be used when the murderer/terrorist is non-white.
There’s so much misinformation here…
Yes there is. It’s as if no one’s ever heard of a suit to quiet title, or to reform a clerical error.
Maybe we should stop having loans to buy houses, and people will just have to save up 100% of the purchase price… but I suspect these people heaping scorn upon foreclosing banks and noteholders would not enjoy that economy.
Hey @ddayen your stealing my posts lol I made a joke about this on 4closureFraud. We have Ocwen #WallStPig escaping to Malta and other #WallStThief #Countrywide #Mozilo off the hook today. But we homeowners, any consumer are on the hook for toxic property records and credit reports. American consumers and homeowners need to get their heads out of the sand! This administration and Congress need to stop covering up their crimes!
CLAWBACK
And the adults need to start looking at the real picture and the banks are not it Try telling a true American story about what is going on with the tax paying American homeless familys…..BANKS story lie its never going to change and they love the attention.THE YEAR IS 2016 not 1999 .Nothing has changed with the BIG banks and there bullys. They are still stealing American family homes and The Chain of title that did work cant be fixed ,The land that has been in familys for 200 years now belongs to a forein corperation end of story.Try helping the American children with some basic knowledge,like roosters don’t lay eggs.Its not about me or you its about the next generation our childrens ,and there children.Just a nuther deadbeat homeowner looking to give a nuther home to the BIG BAD BANKERS .
i read that there was a country that took back ownership of their currency from the banks and then they prospered magnificiently.
How can a housing bubble-related foreclosure case still be active eight years after the housing market crashed?
Even if this is still a widespread problem (I don’t think it is, but it was a massive problem a few years ago), the owner would have been living in the home for free that whole time.
It would be hard for me to classify said person as a victim.
Seems more of a case of people who took on mortgages, their bank went bankrupt and now they are trying to say the house should be mine for free. I fully support such a stand against the banks but I would not describe them as victims at this point.
This is your opportunity to be an American hero. You should share your lawyer’s name and how you were rescued from the wallstreet bankster thieves.
ALL WARS ARE BANKER WARS.
Styopa Law Firm out of St Petersburg, FL – wonderful firm
I was no hero, I just rescued myself. Purchased a house for $140 in 2006. After the crash, the value fell to around $70k. I told the bank reduce the principle or they could have their house back. They did not want to negotiate so I hired a lawyer to negotiate for me.
End result I was legally allowed to walk away from the house at no penalty.
Saved up for a bit and in Sepember I bought a house cash… won’t ever do business with the banks again.
If there are people still actively fighting a 2008 foreclosure, that would be hard for me to believe. There are not many court cases that are active for 8+ years.
You need to go out in the real world stop listening to the lies of the deadbeat home owner.Talk to there children.You think shame lies are the truth you need to wake up.There are real people involved try watching 99 homes see what really going on tax paying layman never ask for a free home WAKE UP why would we put are name on a note .or pay f note or bank or serviser for 20 years and owe more now than we did 20 years ago TRICKERY DUMBING UP
Hey, perhaps Correct The Record is now being hired to spread propaganda for the banks? How much do they pay?
The founding father of the United States of America may have revolted against the practices of such Charlatanism. And yet today the whores of government give grand theft homes a pass to the zionistas that own both the whores of government and the property of Americans which they stole.
The adversaries of the people of the US is not the government – a framework owned by the people but hijacked by the criminal practices of wallstreet.
What is happening now is just another israeli styled stall so they can rob Americans more.
lulz – the only difference between you and an ISIS supporter is your brand of extreme
the courts are actively trying to help people with evidence to resolve these cases… my foreclosure lawyer did an excellent job helping me resolve my case for example. it took two years but got resolved
the problem is the evidence is hard to find hence the need to hire people to find it… banks and homeowners have the same problem in this regard
Now is your opportunity to be an American hero. Share your lawyer’s name and how you were rescued from the wallstreet bankster thieves.
ALL WARS ARE BANKER WARS.
Depends on the court,county, judge…evidence and the Truth In Lending Act were actively ignored the past 10 years
Allow me to clear up one ‘mystery’ for you. The standard document box (aka a bankers box) that is so ubiquitous it is the prop of choice for every legal drama, when full, weighs about 25 pounds. Now, whether the requirement is included in the job description because they are looking for someone who’ll be going through all the physical papers stored away in the hopes that lowly interns and clerks actually did the grunt work of filling out the legally mandated forms, and the massively bonused folks merely forgot to include a copy in their working files, or because they want someone put together truck loads of paper files to bury anyone who challenges their claims (a tactic that also is so ubiquitous that it’s part of the plot line of every legal drama), well, that’s a different mystery.
lol. It’s not a robbery, it’s another robbery. And they need the help of their American victims to cover up their crime/s. Just like a thief.
Loved your book David Dayen. I found out a lot through 4closurefraud – stuff I didn’t believe with my own eyes. I took my bank to court per se and actually won for non-disclosure of a mortgage assignment in 2012. Your book woke my up that our case is not closed….In our case the we now have two mortgages instead of one – one original and one modified….they could foreclose double on our house if we ever went into default.
the thieves ruining American lives and American are not American.
The Republican party doesn’t want to talk about it – silence is golden – Saint Ronnie’s decree…. Bailouts and foreclosures…attacks on the safety net of the people – – the attacks on the pensions affects everyone – Detroit, Michigan cut the pensions of those living on them – APPROVED BY THE COURTS
A&P/PathMark after dividing 8 million dollars among the executives declared bankruptcy ( which was after the workers gave back pay and benefits) APPROVED BY THE COURTS Hostess Cakes/Entelmans/Drakes Cakes/ Wonder Bread – declared bankruptcy after all the executives got raises and bonuses….APPROVED BY THE COURTS
The courts and the politicians are exempt from the pension cuts……
the latest and greatest scam to screw the workers -BANKRUPTCY – and Donald Trump has had four……REVEL in Atlantic City cost 2.4 billion dollars to build…was sold for 82 million dollars or 3% of the value – – and bets on who gets hurt??
APPROVED BY THE COURTS
– sounds like egypt
– sounds like the courts are not american
– sounds like foreign courts
– sounds like the wannabe TPP
– sounds rather treasonous
the people have no say in any of this….democracy?.? the Afghanistan / Iraq WAR based on lies and the people have no say anymore than the so-called bailout and FORECLOSURES…. I don’t like having my pocket picked – by politicians without any conscience or concern for the people or the country. Another FAILURE – War of Terror – go anywhere – kill anyone – NO BORDERS
I find it strange that more criminals, really bad financial criminals, are out of prison than just your garden variety crooks. The ‘financial’ wizards are literally above the law and act with utter impunity. Even if ‘caught’ the penalties are barely worth mentioning. If folks don’t soon wake up and see how the upper .1% basically gets free passes this nation too will go down the memory holes of history; hurry time’s growing very short.
If anyone wants proof that the Democratic Party has, like the Republican Party, re-invented itself as a tool of Wall Street, one needs only look at their response to the subprime mortgage crisis of 2008. Real Democrats like FDR would have forced Wall Street to take a major haircut and set up a federal loan refinance/restructuring program that would have converted all adjustable-rate mortgages to fixed-rate mortgages; the loss of wealth among the elite 1% would have been considerable; there would have been no AIG bailout or counterparty payoffs to Goldman Sachs & Co, but millions of homeowners would have been protected from foreclosure.
The fact that Obama coordinated with Bush to bailout Wall Street made a mockery of his “Hope and Change” campaign platform and was a leading factor in the alienation of his 2008 supporters and the resulting loss of Congress to Republicans in 2010.
Now we have the student loan debt issue, much like subprime mortgage issue, where students stuck with usurious loan debt are not allowed to go into bankruptcy, but instead must spend their lives as debt slaves, which is again a bipartisan corporate Democratic-Republican example of servitude to Wall Street, another targeted assault on the middle class, on young adults in particular. Clinton is sure to continue this approach; her huge Goldman Sach speaking fees are proof enough of that, as Goldman Sachs is now a major holder of student loan debt packages.
Goldman Sachs is now a major holder of student loan debt packages.
Goldman Sachs is now a major holder of student loan debt packages.
GOLDMAN SACHS IS NOW A MAJOR HOLDER OF STUDENT LOAN DEBT PACKAGES.
In other words… goldy-sacks owns your children because goldy-sacks owns the future of your children as in a marriage to have and to hold till death do they part unless goldy-sacks sells your children to the highest bidder. Is that marketplace still in Charleston?
by the way-
where students stuck with usurious loan debt are not allowed to go into bankruptcy,
debtors prison awaits. This is precisely one of the reasons the American settlers killed the forces of the bankster thieves in the revolt that made America what it was, not what it has become.
Bankruptcy is the only decent form of justice to relevel the playing field of an economy gone bad. Perhaps the bankster thieves are betting that people would prefer debtors prison to revolting.
Yep, a nation run by a criminal class… This is well and, way, way, WAY before examining the question of who actually owns anything. Ask any native/indigenous person – or creature – what they think of ownership and considerations given them before displacement, forced removal, injury or killing. From the money printers on “down”, through the food chain(s) of so-called ownership, rent, indebtedness and debt slavery a most convenient untruth – if you’re printing the money. All others, slave on…
Talk about papering over a problem! It’d be hilarious if the consequences weren’t so grave.
Someday we’re going to sell this farm and move into another residence. Having once worked as a loan processor/closer in the mortgage industry, I have a fixed a time frame for a home’s financial history in which I will not purchase (damn near the 30 years we’ve been here). What this industry did is criminal. And, allowing them to paper over their criminality, is another crime in itself. They fucking broke – wilfully shattered – a critical aspect of “ownership.” It’s only the fucking foundation of the transaction they chose to detonate, after all. They should never be allowed to proceed as though all the shards can be glued back together.
Jesus, these people…
PS. Congrats on completing your book. As much as I feel I should read it, I think I’d actually go irredeemably crazy if I did. So much was so wrong.