Georgia Foreclosure Fraud Story Emblematic of Lack of Accountability, Crushing Consequences

Here is the moral to the never ending foreclosure stories: Don’t believe the same repeated abusive major banks when they say that they “are sorry and they will not do it again. They promise to make it right” when the banks have their fingers cross in the back of them. Here is Georgia foreclosure story from Firedoglake:

It makes mafia’s organized crime look like fifth-grade math,” said Patrick Powell of Cumming.

Powell said he became a victim of massive foreclosure fraud when he attempted to modify the loan on his Forsyth County home. He said the bank told him not to make his mortgage payments while it worked out the loan modification, then lost his 60-page modification application six times […]

Powell was about to lose his home when he saw a 60 Minutes report in 2011 that blew the lid off the industry’s big secret.

The report revealed banks used phony documents to push people out of their homes. The documents were apparently created because banks lost the original documents when Wall Street bundled mortgages into trusts and sold them to investors.

Bank attorneys and foreclosure firms forged the documents, called assignment of mortgage, which sometimes contained incorrect information about the true owner of the mortgage. The signers that provided signatures of bank vice presidents and notaries were called robosigners.

60 Minutes exposed one prolific robosigner named Linda Green.

“I saw that and I said ‘Linda Green!’ I pulled out my assignment and it’s Linda Green,” said Powell, who thought courts would quickly toss out the case since the bank was trying to foreclose using fraudulent documents.

The rest is familiar. The judge refused to allow Powell to consider the fraudulent assignments in his foreclosure case, and in fact reacted with anger when Powell tried to explain it in court. The response of the judges in Georgia resemble reactions around the country. And really only a handful of anti-foreclosure activists and some registers of deeds have clued into this massive fraud. The woman responsible for mortgage transfers in this area of Fulton County, Georgia, said she’s basically not responsible for authenticating the documents she receives into her office.

And what was the response of the Georgia Attorney General Sam Olens? 

Here was Olens’ response:

“Look. It’s more complicated than that,” Olens said. “When you’re dealing with the foreclosure process most of the time the documents weren’t being changed in the state.”

But Powell’s assignment was signed in Georgia along with untold thousands of others inside an office in Alpharetta.

The only clear message to send to the same repeated abusive banks is not simply having them open up their purses to settle but simply criminal charges. Anyone that signs a document under perjury is held responsible under the court of law and that includes the robo-signers!!!

2 responses to “Georgia Foreclosure Fraud Story Emblematic of Lack of Accountability, Crushing Consequences

  1. The cat saw that episode of “60 Minutes.”

    • justiceleague00

      Just don’t buy s house in Georgia. Georgia law is a total mess and State AG is not releasing the foreclosure settlement money to the homeowners that were victimized.

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