Fresh news from California: the county assessor in San Francisco (joint city and county government there) just issued a scathing report on the defects of the bankster’s performance, in about 400 recent foreclosures from Jan. 09 through Nov. 11.
Among the findings:
85 percent of the files contain “what appear to be clear violations of the law”.
About 2/3 of the files contain four or more irregularities.
In 8 percent, the foreclosure proceeded without even a notice of default to the borrower/homeowner. 8 percent!
85 percent showed that transfers of title to new trustees were not filed properly.
And this gem:
“And in 45 percent of the foreclosures, properties were sold at auction to entities improperly claiming to be the beneficiary of the deeds of trust. In other words, the report said, “a ‘stranger’ to the deed of trust,” gained ownership of the property; as a result, the sale may be invalid, it said.”
(Side note: this was done to me in a foreclosure on an investment in Florida, by liars working for Lehman Bros., just ten days before its collapse.)
And this stunner:
“In 6 percent of cases, the same deed of trust to a property was assigned to two or more different entities, raising questions about which of them actually had the right to foreclose. Many of the foreclosures that were scrutinized showed gaps in the chain of title, the report said, indicating that written transfers from the original owner to the entity currently claiming to own the deed of trust have disappeared.”
And that entity that our sack of fig juice hails as such a “good idea”, MERS, came in for this:
“The report found that 58 percent of loans listed in the MERS database showed different owners than were reflected in other public documents like those filed with the county recorder’s office.”
The report has been forwarded to California AG Kamala Harris.
Note that last week’s national settlement only dealt with some of the civil complaints. It does not shield the banksters from any criminal charges.