California Real Estate Fraud Report

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03
Oct

Attorneys General Ordering Banks to Halt Foreclosures for Possible Violations

There’s a wildfire spreading across the country: instead of the continuing wave of foreclosures, the practices banks use to initiate the sales of homes are going under the microscope of judges and attorneys general.

Articles last week in the California Real Estate Fraud Report revealed that California Attorney General Jerry Brown has called on JP Morgan and Ally Financial, Inc. (GMAC) to suspend their foreclosure proceedings unless they could show they are in compliance with state consumer protection law.

In Connecticut last week, Attorney General Richard Blumenthal asked a state court to freeze all foreclosures for 60 days because it “should stop a foreclosure steamroller based on defective documents.”

New York, State Attorney General Andrew Cuomo is reviewing his own response “to prevent homeowners from being improperly removed from their homes.”

The Los Angeles Times reports that a Wells Fargo executive, Herman John Kennerty, admitted in a deposition he only signed dates on foreclosure documents because he “relied” on his subordinates to make sure the information was accurate.

Bank of America employee Renee Hertzler has admitted that she signed 7,000 – 8,000 foreclosure documents each month without reading them. Ms. Hertzler further admitted falsely posing as a representative for the Bank of New York Mellon, which served as the trustee for a homeowner’s loan.

Bank of America is haulting foreclosures in 23 states (Connecticut, Delaware, Florida, Hawaii, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Nebraska, New Jersey, New Mexico, New York, North Dakota, Ohio, Oklahoma, Pennsylvania, South Carolina, South Dakota, Vermont and Wisconsin) which use the judicial foreclosure process, a process that is lengthy and requires the foreclosing party to verify all documents. In contrast, non-judical foreclosure states such as California afford lenders the ability to foreclose on a property in less than 4 months via a trustee’s sale.

Read about this outrage against due process for homeowners by the banks in the Washington Post, Web of Debt author Ellen Brown in OpEd News.

© Copyright 2007-2018 Monique Bryher

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The information and notices contained on The California Real Estate Fraud Report are intended to summarize recent developments in real estate fraud, mortgage fraud, short sale fraud, REO fraud, appraisal fraud, loan modification scams, loan modification fraud and other real estate related crimes occurring in Los Angeles and California. The posts on this site are presented as general research and information and are expressly not intended, and should not be regarded, as legal advice. Much of the information on this site concerns allegations made in civil lawsuits and in criminal indictments. All persons are presumed innocent until convicted of a crime. Readers who have particular questions about real estate fraud, mortgage fraud and appraisal fraud matters or who believe they require legal counsel should seek the advice of an attorney.

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