Deadly Clear

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David Dayen: Mortgage Companies Seek Time Travelers to Find Missing Documents

CoreLogic is full of baloney. The foreclosure crisis started before Lehman died…and there were over 14 million foreclosures by 2010. Think about the numbers. By 2009 the banks’ PR was being released in percentages. MERS depos talk about 72 million MERS mortgages. Another 20-30 million were no MERS. Figure roughly 100 million homeowners were scammed and on the way to the foreclosure slaughter. 6.2 million, baugh humbug! Way low. Maybe in 2009 alone – or they got it confused with jobs lost…

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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…

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1 thought on “David Dayen: Mortgage Companies Seek Time Travelers to Find Missing Documents

  1. Some states, way I get it, require assignments to be recorded. But, whether they do or not and whether or not they’re recorded concurrently with the (alleged) event, if an assignment isn’t delivered to the transferee, it has the same effect as that of an undelivered deed: none. If an assignment were executed and delivered, but not recorded, it’s still effective between the transferor and transferee IF the assignee accepted it. It doesn’t, though, impart Notice to anyone else and puts the transferee at risk of recordings which may become senior. And some like Zitta in AZ were able to avoid an unrecorded assignment in bk cases (as could his bk trustee have done – his was an 11). Banksters don’t like that of, course (and I’ve only seen it in bk cases even though also imo a bk court doesn’t have exclusivity on the laws of recordation and notice), so they’re either hard at work getting the laws changed if they haven’t already, post-Zitta and others. If homeowner attorneys are awake, evidence of delivery of an assignment and acceptance by the transferee should be an issue. I can’t prove it, but I still say an assignment requires acceptance (just like a deed). Otherwise when I’m being sued on an underwater property, as an example, I could just deed it to some foo’ and try to make him deal with it.

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