It’s about time. The Daily Tribune has just reported that someone has caught on to the massive foreclosure fraud in Michigan.
Oakland County Clerk Bill Bullard said Monday there’s evidence to warrant an investigation into document fraud surrounding county properties that have been or are about to be foreclosed.
The alleged fraud may be the basis to set aside foreclosures for civil or criminal proceedings, Bullard said.
In a letter to Michigan Attorney General Bill Schuette dated April 25, Bullard alleges that assignments of mortgages filed in the county bear the signature of a “Linda Green” — the same name that was part of the subject of a recent “60 Minutes” investigation into mortgage document fraud.
“Our role is limited, we don’t prosecute,” Bullard said Monday. “We’re just turning over documents to the proper authorities and asking them to take action.”
I’d like to commend the new Oakland County Clerk, Bill Bullard, for doing what his predecessor never did – actually LOOK at the database Oakland County maintains. I did this about 2 and a half years ago, and had a number of conversations with the clerks in Oakland County that work the desk at the Register of Deeds. I pointed out that the majority of assignments were either to or from MERS and many properties were being foreclosed by MERS.
At the time, there were only a couple of precedents set in upper courts around the country, which held that MERS never had any interest in the properties and therefore could not foreclose. As I posted here yesterday, now the Michigan Appellate Court has ruled the same thing. So now Michigan has it’s own MERS precedent.
To add to the fraud, it now appears that Mr. Bullard has discovered that numerous assignments filed at Oakland County bear the signature of the now infamous ‘Linda Green’ – who at any given time may have been acting as CEO or President of just about any bank a person could imagine.
The fact is, while the judicial foreclosure states were discovering all the fraud in the mortgage industry, the non-judicial states, like Michigan, were being targeted by the banks and lenders (often through MERS) for a massive increase in the rate of foreclosures. This was because the lenders knew that foreclosures in non-judicial states never had to go into court – and therefore, the documents never had to be examined.
Well, here’s another little thing you might want to look into Mr. Bullard and Mr. Schuette: taxing authorities have had millions upon millions of dollars stolen through fraudulent conveyance of property. MERS was first and foremost a mechanism by which the banks and lenders could dodge recording fees, but not only that, for each property that was fraudulently conveyed there is a statutory penalty. What would recouping millions of dollars in lost revenue do for many of our cash-strapped municipalities?
While I doubt there’s any money to be recouped from MERS itself, since it has now been exposed for the shell of a company that it is, I believe it would be possible to recoup money from the lenders behind MERS, since they knew full well the fraud that was being committed. The problem is, once everyone figures this out, only the first few municipalities are going to get much before all of the banks collapse in a big, smoking crater.
This, my friends, is the big steaming pile of crap that our federal government doesn’t want you to know about, lest the precious big banks be exposed for the criminal enterprises that they are. Well, it’s either the municipalities and the states allow this fraud to continue and keep allowing the fraudulent foreclosures, the destruction of property law and the loss of tax revenues to continue, or they stand up and say, ‘It’s us or them.’ So, the ball appears to be in Attorney General Bill Schuette’s hands. I certainly hope that now that at least part of the scope of the fraud perpetrated on the citizens of Michigan has been revealed, Mr. Schuette will be far less inclined to enter into any multi-state ‘settlement’ with the banks.
Meanwhile, the taxpayers will continue to prop up these very same banks and lenders that devised and executed this massive fraud. Could we actually see some of these?