Sunday, October 17, 2010

"Foreclosure Warranties" May Be Required When Banks Unload Potentially "Crappy-Titled" REOs Onto Unwitting Public

Bloomberg News reports:

  • Title insurers, banks and regulators are in talks to create warranties under which lenders assure they followed proper procedures before selling foreclosed homes, said Kurt Pfotenhauer, head of the insurers’ trade group. “Everyone sort of sees the same risks, and that’s the good part,” Pfotenhauer, chief executive officer of the American Land Title Association, said [] in a telephone interview. “You just have to craft a solution that’s acceptable to all the parties, and we’re making progress.”

For more, see Title Insurers in Talks With Lenders on Foreclosure Warranties.

Thanks to Bill Collins at Frontier Abstract, Rochester, NY for the heads-up on the story.

1 comment:

leslie said...

SUBJECT: GOLDMAN SACHS EMBEZZLEMENT SCHEME - SECRET SECONDS

THE LATEST SCAM ? ALERT!!! DO NOT WAIT FOR THE FORECLOUSRE MILLS, SERVICERS OR LENDERS TO GIVE YOU FORECLOSURE DOCUMENTS OR ASSIGNMENTS - THEY ARE NOT GIVING YOU EVERYTHING - ORDER A TITLE SEARCH OR GO TO YOUR COUNTY RECORDER TO SEE WHATS BEEN RECORDED ON YOUR PROPERTY ? WE DID AND THIS IS WHAT WE FOUND:
In May 2005 we deposited and invested $200,000 in Real Property, where we recently found out that $118,800 was embezzled out of our property from Mortgage Lenders and Trust Brokerage Companies, namely Goldman Sachs through an escrow Transaction. The $118,800 in funds was paid to these embezzlers from the Investors unbeknownst that the securitization happened by encumbering our property and making up a fraudulent fake Promissory Note and Deed of Trust.

See the link for further information: https://fdaaccount.box.net/shared/a1pjz9sz5c