Banks have to PROVE in all ways they own the loan in Nevada now! If they ILLEGALLY or Fraudulently foreclose on a home it is a FELONY and they can be put in jail!
Every single state needs to put this on the books! Good for Nevada!
Article:
Nevada has set a precedent in which other states may follow by making it a felony if repossession of a home is illegal. Bankers better beware because now they can face jail time and a felony conviction on their records. This new law was in response to the thousands of complaints from homeowners to state lawmakers about the fact their homes were being illegally repossesses by banks without proof of ownership.
Nevada has led the U.S. in home foreclosures for six straight years and with so many complaints state lawmakers could no longer look the other way. These illegal robo-signing tactics have nearly crippled the housing market in Nevada. Homeowners poured in tens of thousands of these complaints which got their voice heard and action taken on illegal foreclosures.
The Nevada law makes it a felony for a mortgage servicer or trustee of a mortgage to make false representations concerning a title such as claiming that they are an executive of a bank or mortgage servicer, which was the case in at least hundreds of thousands, perhaps millions of robo-signings. A $5,000 fine will also be assessed if fraud is found. The law requires mortgage companies to provide a new affidavit with the amount owed on the loan, the person who is in possession of the note and the individual with the authority to foreclose on the property.
Some 26 U.S. states conduct foreclosures through the courts, but the new law does not make Nevada a judicial foreclosure state. Foreclosures have been delayed in many cases since the law went into effect Oct. 1 st.
Cathe Cole, vice president of default for Trustee Corps., and foreclosure counsel in Nevada for Freddie Mac said as long as trustees can show a clear chain of title, including the named servicer of the mortgage there would be nothing for companies carrying out foreclosures to fear. “They just want to make sure we’re doing things correctly,” said Cole.A paper has "Betrayal of Justice" today about the Bank Fraud.
Nevada’s state attorney general is attempting to halt illegal foreclosure practices such as robo-signing with the new law, which they believe are still taking place. Proof of ownership title is critical to the chain of title. If the proof has been lost or never forwarded to a mortgage servicing company the foreclosing party may have no right to formally foreclose and take the real estate.
The Nevada law could provide an example for other states to follow implementing the new law. Homeowners throughout the U.S. have filed lawsuits against mortgage servicing companies alleging fraud in foreclosure proceedings used to formally repossess their homes after Mortgage Electronic Registration Systems (MERS) reportedly failed to provide the physical documents on foreclosures their electronic system was used for to provide foreclosures through. MERS ordered mortgage servicers and banks to halt foreclosures in its name earlier this year.
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There is a cancer in American government. It is aggressive and spreading.
The cancer was first diagnosed by the FBI in 2004, when it warned of “rampant” mortgage fraud. But the warning was ignored. No action was taken and the cancer spread.
Now, after a congressional investigation and the work of a few courageous journalists, we know the extent of the fraud. One of those journalists, Greg Hunter summarized it.
“There was real estate document fraud when the original Promissory Notes and loan documents were ‘lost.’ The Promissory Notes were required to create tens of thousands of mortgage-backed securities (MBS). No ‘note,’ no security. That is security fraud. No security means the special IRS tax treatments for the MBS’s were fraudulently obtained. That is IRS tax fraud. Because there were no documents, the rating agencies fraudulently made up triple ‘A’ ratings for the securities. When the whole mess blew up, big banks hired foreclosure mill law firms to create forged documents. That phony paperwork was and is being used to wrongfully remove homeowners from their property. That is foreclosure fraud.”
In exchange for paying some billions in fines, those who committed the fraud that has cost the middle class trillions of lost wealth and destroyed lives and futures, will get immunity from criminal prosecution and any future claims for damages.
Call it the first class action sell out.
But now SIX of the 50 state attorneys general are opposing this betrayal of justice: New York, Delaware, Kentucky, Minnesota, Nevada and California. They are demanding a full investigation and criminal prosecutions where warranted.
CONTACT YOUR ATTORNEY GENERAL - TELL THEM TO JOIN THE SIX AGs WHO ARE STANDING UP FOR THE LAW! THEY NEED TO STAND UP FOR THE LAW TOO!
Back in the late 1980s, I took The Golden Nugget for $16.50 on the mechanical nickle slot machines and now this. Lookin' good there, Nevada. Really. Thank you. Just promise you will adopt a local banking system and help dump the fed.
ReplyDeleteI believe there are already laws on the books protecting us from fraud, counterfeiting, usury, grand larceny, tax fraud, extortion and forgery.
ReplyDeleteThe problem is getting existing laws to be enforced. Some judges and prosecutors simply go along to get along especially when they are always raising funds for re-election.
Obviously, it's happening since then. They just didn't notice it.
ReplyDelete