Class Action Suit Against Citibank for not Responding to RESPA Letters sent by Homeowners.

I have a tab/page that is strictly a RESPA letter to send to your mortgage lender.

By sending the RESPA letter the banks are required to answer all the questions you have to your lender regarding your loan.   Of course they can not answer all of them due to the Fraud they commit with mortgages.

Many times people get back letters from the banks with some of the information but then a note saying "other information is privileged information."

There is a Class Action Suit that has now been started against Citibank for them not responding to the RESPA letters. 

Law Offices of Rosario Sicuranza

This Is An Class Action Already Filed Defendant Type Mortgage Company Defendant Company Citimortgage Scope of Investigation Court Having Jurisdiction United States District Court of NY Eastern District Cause of Action The case alleges that CitiMortgage Inc. routinely violates section 6 of RESPA by not responding to QWR\\\'s, or responding inappropriately with form letters that are completely unresponsive to th Who would Qualify Any homeowner with a CitiMortgage, INC serviced mortgage who sent in a QWR to Citi and received nothing in return, received a form letter response or a non-responsive response from Citi. Here is the text of the complaint...

When you see the above "QWR" here is what it is:

What is a QWR?

A qualified written request is a legally crafted letter written pursuant to Section 6 of the Real Estate Settlement Procedures act of 1974 to your lender requesting that an issue related to a real estate based loan or a mortgage be cured -AND- that the lender send you documents related to such loan be forwarded to you. The QWR does two things for the homeowner. First is sets off 2 timers. The bank MUST acknowledge the receipt of the QWR with 20 days of its receipt. Secondly, the bank must resolve the issue within 60 days. The bank is PREVENTED BY LAW from reporting the homeowner as late on payments during this 60 day period and most of the banks continue to halt late credit reporting after this 60 day period. Further, the lender MUST forward with their answer to your QWR, a phone number and name of an individual employee of the bank who is assigned to handle your issue. This is a much better situation than being one of the millions of blind sheep that call in on the customer service number for help to be rebuffed, ignored, put off or denied by an $8.00/hour bank employee with no ability to effect a change for you.

 I can not impress enough that people need to send out the RESPA letter that I have on the page no matter where you are with your mortgage, behind or not.

We all have to hold the banks accountable to their fraud.  The more that people stand up the more the people will win.  The banks have committed fraud and we the people are having to pay for their fraud over and over again.

It is time for all of us to help stop the fraud, we do this by working collectively to expose the fraud over and over again, until all judges rule correctly with contract laws and not ignore them for the  banks.

Citigroup Confernce Call - What is Coming Out right now - JUST TIP OF ICEBERG - In Problems with Bank FRAUD!

A Citigroup Call with investors, didn't go the way, I assume the company had planned.  Adam Levitin, an associate professor of law at Georgetown University, spoke on it.  He said what is happening right now is "Just the Tip of the Iceberg".

Zerohedge has lots of information on the site.  I have to Say I am Thrilled with all the attention Zerohedge has given the MERS Foreclosure Fraud by the Banks! 


Portions of Article:

Far from providing the "all green" call participants had desired, Levitin said that what we have recently seen and heard in the news is “just the tip of the iceberg” and that the foreclosure halt may well cause a "systemic problem",
"Our speaker predicted that more and more lenders are likely to stop their foreclosure processes in both judicial and non-judicial states. He also expects more states’ attorney generals to get involved. At the federal level, it is possible than banking regulators might step in as there is legal and reputational risk for the banks involved. Ultimately, if these issues do in fact escalate, the Administration may try to broker some sort of settlement. If such deal brokering does take place, Levitin believes that “some payment” will be exacted from the lenders and servicers. The Administration could bargain for more mortgage principal write downs." In other words, the endgame will likely end up being the extraction of material concession from the banking syndicate, in the form of systemic mortgage writedowns, with Obama's blessing, which will likely put the 25% of homeowners who are underwater on equal footing with the other 75%. It may turn out that this was the plan all along. And people naively wonder why banks have hundreds of billions in cash stashed on the sidelines...

here is Citibanks Concern on the Foreclosure Fraud issues:

Issues Concerning Affidavits

When the aforementioned paperwork is lost, an agent of the mortgage servicer can sign an affidavit swearing that he or she has personal knowledge that, although now lost, the trustee was once in possession of the necessary documents. The affidavit is considered to have the same weight as sworn testimony in a court of law.

Two problems have emerged with regards to affidavits. First, several news stories have reported that the people signing these affidavits had no knowledge of the matters in question despite the fact that there were legally testifying that they did. Many of these people have since been labeled “robo-signers” given the tremendous volumes of affidavits which they signed in relatively short periods of time. Second, the affidavits may be irrelevant because the issue is not that the mortgage documents were lost but they were never properly transferred at each step of the aforementioned securitization process.

Issues Concerning Tax and Trust Laws

Beyond the affidavit issues, our speaker highlighted potential problems concerning the trusts which hold the securitized mortgages. Most mortgage trusts were set up as REMICs (Real Estate Mortgage Investment Conduits) which are special purpose vehicles used to pool mortgages. Under the IRS code, REMIC confers a special tax status in which the cash flows to the trust are not taxed. Investors in the trust pay taxes. The tax exempt nature is important. If the trusts were in fact to be taxed, the taxes would distort the yields required by investors.

To qualify as a REMIC under the IRS code and enjoy the beneficial tax treatment, the trust (1) must be passive and (2) cannot acquire any new assets 90 days following the trust’s creation.

If, as described above, mortgage documents were never correctly passed through to the trust when it was established, then the trust may not actually own the underlying mortgages it purports to own. Although it is possible that this issue could be remedied by some legal maneuvering, doing so could violate the REMIC status since the trust would be acquiring assets long after the aforementioned 90 day period has expired. Such a violation in turn could trigger a sizeable tax burden for investors. Our speaker indicated that there are a handful of open questions on this front and that this is a legal gray area.

Issues Concerning Title Insurers

Levitin noted that all of the above issues may impact how title insurance companies act. If a scenario emerges in which title companies are unwilling to issue title insurance, in those scenarios lenders may cease lending.

When a home with a mortgage on it is sold, the mortgage must be released at closing by the current mortgage owner before a new mortgage with title insurance is issued. If it is not known with certainty who owns the mortgage in question, it cannot be released. If the title company is not satisfied that there is a good release on the old mortgage, it will refuse to insure the new mortgage.

None of these issues affect mortgages for newly constructed homes. Our speaker expects the mortgage market for new homes to continue to function without any material hindrances.

Issues Concerning MERS

MERS (Mortgage Electronic Registration Systems) functions as a centralized electronic registry of mortgages and tracks ownership of mortgages. MERS allows mortgage ownership to change hands efficiently and relatively quickly since it is electronic and allows all parties to forgo making a filing in local land records. Indeed, MERS was designed to function as a substitute for local land records.

Although MERS was designed to enhance efficiency in the mortgage assignment process, Levitin argued it may not conform with the law. “Slowly but surely” courts are issuing decisions which “cast validity on the MERS process.” Although ~60% of mortgages list MERS as the “nominee” which owns the mortgage, a handful of recent court cases have ruled that MERS has no standing in foreclosure actions either because (1) physical paperwork must be transferred when a mortgage is assigned by one party to another or (2) MERS has no true economic interest in the mortgage in question since it collects no payments from the borrowers.

Documents Show Citibank and Wells Fargo (MERS cos) Also Commit Paperwork Foreclosure FRAUD! All the MERS Banks are Being OUTTED ! I Bet we will Soon hear them STOPPING Foreclosures Also!

It is just coming out Citibank and Wells Fargo have also Committed Paperwork Foreclosure FRAUD! 

Of course they have - ANY MERS Bank HAS TO COMMIT FRAUD TO FORECLOSE!  Otherwise they could NOT foreclose on any house.  THEY ARE NOT THE OWNERS, ONLY THE SERVICERS!

This is NO surprise, Every single MERS Bank will have to come OUT that they have Committed Paperwork Fraud to Foreclose on a House!

This is just the beginning, since the whole MERS Fraud is now EXPLODING!

Every single MERS Bank will have to STOP Foreclosures.  Right now they are stopping them in Judicial Foreclosure States.  Which is very interesting, considering the various lawyers I had discussed getting a Class action suit with Against MERS last year, were going to do it for the Non-Judicial states, and they were not sure how to handle the Judicial foreclosure states.   Now, the Judicial foreclosure states are the ones at the forefront.

WE NOW, have to STOP the foreclosures of the NON-Judicial States - I am going to start calling Lawyers once more about a Class Action Against MERS in ALL States!