Arrestan a dueños de Best Value Homes por fraude en modificación de hipotecas

Attorney General Pam Bondi News Release

August 17, 2011
Media Contact: Jennifer Krell Davis
Phone: (850) 245-0150

Arresto de propietarios de compañía de servicios falsos de modificación del préstamo del sur de Florida

TALLAHASSEE (Fla) –La procuradora general Pam Bondi anunció hoy el arresto de los propietarios de Best Value Homes, Inc. por asociación ilícita para cometer violaciones a la ley RICO (la ley de Organizaciones corruptas y extorsionadoras) y fraude organizado. Best Value Homes, Inc., presentaba servicios falsos al prometer modificar las hipotecas de sus clientes y tomar su dinero sin cumplir con los servicios prometidos. La Oficina del Fiscal Estatal de la Procuradora General de Florida, la Fiscalía Estatal del 11.º Circuito Judicial y la Fuerza Especial contra el Fraude Hipotecario del Departamento de Policía de Miami-Dade colaboraron en el arresto y acusación de los acusados. La pérdida total se estima en $750,000 para 500 víctimas. Si se los declara culpables de todos los cargos, los acusados podrían recibir condenas a prisión de hasta sesenta años.

PR Newswire: USDV anuncia nuevas compras de préstamos "morosos"

US Debt Ventures Announces New Distressed Loan Portfolio Purchases FORT LAUDERDALE, Fla., Aug. 15, 2011/PRNewswire-iReach/ -- US Debt Ventures, a Fort Lauderdale, Florida- based private equity firm, today announced two portfolio purchases over the past 30 days totaling approximately $12MM, acquiring 171 distressed loans.  The first acquisition is comprised of first lien non-performing loans and REO's and was bought from a national banking institution with Florida-based underlying collateral. The average unpaid principal balance in this portfolio is $266,000.  The second, more recent investment was in a second lien performing loan portfolio from a national banking institution with collateral assets located throughout the United States. Kwame Jackson, President of US Debt Ventures stated, "Our purpose is clear- we intend to maximize returns by pursuing the best risk-adjusted work-out strategy on a loan by loan basis on behalf of our investors.  We have a growing number of sophisticated tools, third party data sources, and internal feedback loops that aid in our strategy optimization and execution efforts."

La FTC reintegra $108 millones a propietarios sobrecargados por Countrywide

Para Su Difusión: 07/20/2011

La FTC reintegra aproximadamente $108 millones de dólares a 450,000 propietarios de vivienda que fueron sujetos de sobrecargos por servicios de administración de préstamo de parte de Countrywide

La Comisión Federal de Comercio (Federal Trade Commission, FTC) está enviando por correo 450,177 cheques de reintegro por un valor total aproximado de $108 millones de dólares a los propietarios de vivienda que fueron sujetos de sobrecargos aplicados por la compañía Countrywide Home Loans, Inc. Como parte de los esfuerzos de la FTC para proteger a los propietarios de vivienda que atraviesan dificultades financieras, el año pasado la FTC estableció un acuerdo resolutorio con Countrywide para resolver las alegaciones que le imputaban cargos excesivos a los prestatarios que estaban luchando por conservar sus casas.

The Allonge- Billions of Dollars in Commerce Hangs on A Single Scrap of Paper

July 2nd, 2011 |  Author: Matthew D. Weidner, Esq.

Forget about The Constitution, forget about The Bill of Rights, a far more important document exists in this country and it’s called….The Allonge!

Those other old and forgotten documents are just, well, old and forgotten.  Relics. Memories.  Pesky annoyances that get in the way of the real thing of today and that is…The Efficient Flow of Commerce.  The allonge is actually an old, old thing…older in fact than those other two old things that we should all stop talking so much about....

The one widely circulated bit of scholarship on the subject is Getting Attached. Do your legal search and research high and low, all across the country and the above document is about all you’re gonna find.  Not many opinions and those that do exist all head back to the same place…Black’s Law Dictionary…and the definition of allonge.

The key part, the essential element of the magical power of the allonge is that it was only ‘sposed to be used when there was no space on the note to make an endorsement….but that has not stopped the Sorcerers of Securitization from just totally ignoring this essential element of the Allonge and conjuring up one page hanging allonges and just dropping them in court files all over this country.

AMO de JPMorgan a USDV-RVC WH 4, LLC

Este es el mas reciente "Assignment of Mortgage" (AMO) registrado en los records públicos de Miami-Dade.
El "Assignor" es JP Morgan Mortgage Acquisition Corp. y el "Assignee" es USDV-RVC WH 4, LLC (US Debt Ventures) cuya dirección aparece como 4644 Coral Ridge Drive, Coral Springs, FL 33076.
Buscando por la dirección, encontre que Veriloquent Wealth Advisors, teléfono (954) 755-9319 y (888) 684-2199,  sitio web www.vwallc.com esta localizado en la misma dirección, Todd Billins es el CEO. Pero esta es toda la información que he podido encontrar hasta el momento.
El AMO fue firmado y notarizado el 30 de Junio del 2011 y registrado el 18 de Julio del mismo año.
Los testigos fueron Seth Fenton y Jonathan Davis.
La ejecutiva de JPMorgan que firma es Helaine Hebble como Director Ejecutivo.
El documento fué notarizado por Migdalia Dereyayla, notaria del estado de New York.

La ACLU reclama reforma inmediata a las cortes que procesan ejecuciones hipotecarias "rapidas"

ACLU Calls for Immediate Reform of High-Speed Florida Foreclosure Courts

June 27, 2011

State Appellate Court Denies ACLU Request for Lee County Resident’s Foreclosure Case to be Heard by General Civil Division

FOR IMMEDIATE RELEASE
CONTACT: (212) 549-2666; media@aclu.org
CAPE CORAL, Fla. – The American Civil Liberties Union today called on trial courts across the state of Florida to reform their systems for deciding foreclosure cases after a state appellate court denied an ACLU request to have the foreclosure case of a Lee County resident re-assigned from a special “mass foreclosure docket” that threatened to violate her due process rights under the U.S. and Florida constitutions.

PR Newswire: USDV anuncia compra de $28MM en préstamos "morosos"

US Debt Ventures Announces $28MM Non-Performing Loan Portfolio Purchase FORT LAUDERDALE, Fla., June 23, 2011/PRNewswire-iReach/ -- US Debt Ventures, a Fort Lauderdale, Florida- based private equity firm, today announced the purchase of a $28MM residential first lien loan portfolio from a regional financial institution.  The portfolio purchase, which includes 87 loans with collateral property located throughout the state of Florida , represents the inception of US Debt Ventures Fund, L.P.  The average unpaid mortgage balance is approximately $325,000. Todd Billings, CEO of US Debt Ventures stated, "With our in-house analytics and sophisticated management tools, US Debt Ventures fuels its growth through disciplined, quality portfolio acquisitions and creative workout arrangements.  We have focused our investments on debt portfolios which we believe are priced well below par and are perhaps being managed inefficiently, so that the purchase provides a unique opportunity for returns to our investors." US Debt Ventures purchases bulk mortgage portfolios from most the major U.S. financial institutions, as well as many loan servicers and various other owners of distressed loan and REO portfolios.  So far in 2011, the US Debt Ventures group has purchased more than 7,000 distressed loans through multiple acquisitions. About US Debt Ventures: US Debt Ventures is a private-equity firm based out of Fort Lauderdale, Florida led by Todd Billings and sponsored by a group of high net worth investors.  The company focuses on acquisitions of distressed whole loan and REO acquisitions and is an active player in the distressed debt market. For more information please contact 800.716.2370 or visit www.usdebtventures.com Media Contact: Joanne Polin Profile Marketing & Public Relations, 561-350-8784, jpolin@profilemarkpr.com SOURCE US Debt Ventures

Find this article at:  http://www.prnewswire.com/news-releases/us-debt-ventures-announces-28mm-non-performing-loan-portfolio-purchase-124422188.html

Demandan a tres compañias por cobrar anticipos en modificación de préstamos

Attorney General Pam Bondi News Release

May 2, 2011
Media Contact: Jennifer Krell Davis
Phone: (850) 245-0150

Bondi inicia demanda contra tres compañías de Florida del Sur por fraude en rescate de ejecuciones hipotecarias

TALLAHASSEE (Fla)- La procuradora general, Pam Bondi, anunció hoy que su oficina inició una demanda contra tres compañías del Sur de la Florida que, supuestamente, cobran anticipos por servicios de modificación del préstamo a los propietarios que enfrentan ejecuciones hipotecarias. Conforme a la F.S. 501.1377, cobrar sumas anticipadas por estos servicios es ilegal. Home Owner Protection Economics, Inc., DC Financial Group, Deleverage America, Inc. y los propietarios Dennis Fischer y Christopher S. Godfrey cobraron miles de dólares mensuales, a sabiendas, anticipos por servicios de modificación de préstamos que nunca proveyeron. Como consecuencia de la demanda iniciada por la Oficina de la Procuradora General, el Tribunal de Circuito del condado de Palm Beach ordenó que se congelen los activos de los acusados y que se les prohíba operar hasta un nuevo fallo del tribunal.

Demandan compañia de modificación de prestamos por cobrar anticipo

Attorney General Pam Bondi News Release

April 11, 2011
Media Contact: Jennifer Krell Davis
Phone: (850) 245-0150

Procuradora general Bondi advierte a los consumidores sobre estafas en la modificación de préstamos hipotecarios

Tallahassee (Fla) – Hoy la procuradora general, Pam Bondi, presentó una demanda contra una compañía de modificación de préstamos hipotecarios porque, al parecer, solicitaban a los consumidores que paguen una suma como anticipo por sus servicios. Según reveló una investigación de la Oficina de la Procuradora General, supuestamente, U.S. Mitigators, LLC, compañía que provee servicios de modificación de préstamos para la vivienda, les solicitaba a los consumidores que pagaran un anticipo de $2,100 antes de prestar sus servicios. Muchos consumidores denunciaron haber pagado la suma de $2,100 además de un arancel por solicitud de $399 por servicios que nunca recibieron. La demanda de la Procuradora General contra la compañía busca obtener más de $48,000 de restitución para los consumidores.

SFL Biz Journals: USDV atrapa préstamos problemáticos

U.S. Debt Ventures snaps up problem loans

Premium content from South Florida Business Journal by Brian Bandell

Date: Friday, April 29, 2011, 6:00am EDT

Todd Billings and Jamie Zambrana have gone from being wealth advisers to controlling delinquent mortgages for thousands of homeowners.


Billings and Zambrana, who met 15 years ago when they were Nasdaq traders on Wall Street, now run Veriloquent Wealth Advisors and U.S. Debt Ventures in Coral Springs. The latter company recently purchased $500 million in nonperforming residential mortgages from a major bank at a significant discount. Billings said he plans to work with borrowers, even discounting principal, to keep them in their homes when it makes sense.

“If I know it would make more sense to keep you in the house, paying a mortgage you can afford, versus going in foreclosure and having you rip out the electronics and appliances, I would work out the loan,” Billings said.

So, how did a new company with 11 employees acquire such a large portfolio? Billings said it started at the Fort Lauderdale office of U.S. Trust, where he was a wealth adviser working with many high-net-worth families. In November 2008, he and Zambrana formed Veriloquent – and took many of his clients with him.

DS News: USDV adquiere $500 millones en prestamos "morosos"

US Debt Ventures Acquires $500M Non-Performing Loan Pool

By: Heather Hill Cernoch 04/20/2011

US Debt Ventures, a Florida-based private equity firm, recently purchased a pool of non-performing mortgages valued at $500 million from a large financial institution.


Consisting of approximately 7,000 first, second, and third liens from across the nation, the purchase is part of the company’s strategy to acquire and work out large portfolios of distressed mortgages.

“US Debt Ventures’ primary focus is to optimize returns for investors while helping borrowers to clean up their negative credit situation through realistic yet creative solutions,” said Todd Billings, the company’s CEO.

He continued, “We have taken on the role of a dedicated and stable mortgage solutions provider in today’s volatile real estate market. As a private equity firm with strong financial backing, we can fill the capital void needed in today’s distressed marketplace.”

According to Jamie Zambrana, US Debt Ventures’ director of acquisitions and analytics, the purchase is a precursor for more bulk buys in 2011 and 2012.

“Our in-house analyses and underwriting capabilities as an experienced distressed debt buyer will lead us to successfully deploying several hundred million dollars in the next few years,” Zambrana said.

©2012 DS News. All Rights Reserved.

Corte de apelaciones de la Florida ordena responder a demanda de la ACLU

ACLU: Florida Appellate Court Orders Lee County Officials To Respond To Lawsuit

April 19, 2011

Lawsuit Charges That “Mass Foreclosure Docket” Ignores Procedural Safeguards In Rush To Clear Cases

FOR IMMEDIATE RELEASE
CONTACT: (212) 549-2666; media@aclu.org
LAKELAND, FL – Florida’s Second District Court of Appeal today ordered the state’s 20th Judicial Circuit to respond within 20 days to claims in an American Civil Liberties Union lawsuit that a special foreclosure court system systematically denies homeowners a fair chance at defending their homes against foreclosure.

Acuerdo con abogado Marshall C. Watson por ejecuciones hipotecarias indebidas

Attorney General Pam Bondi News Release

March 25, 2011
Media Contact: Jennifer Krell Davis
Phone: (850) 245-0150

La procuradora general de Florida, Pam Bondi, llega a un arreglo en investigación contra una de las mayores firmas de ejecuciones hipotecarias del estado

TALLAHASSEE (FL) – La procuradora general de Florida, Pam Bondi, anunció hoy un arreglo histórico en una demanda contra el abogado Marshall C. Watson y su bufete, una de las mayores firmas de Florida dedicada a las ejecuciones hipotecarias, por supuestas acciones indebidas en el procesamiento de causas por ejecuciones hipotecarias en toda Florida. Este acuerdo, que exige el pago de $2 millones y la imposición de determinados requisitos para ejercer la profesión, es el primero que surge de numerosas investigaciones de bufetes dedicados a ejecuciones hipotecarias en Florida.

Federal Trade Commission
Facts for Consumers


High-Rate, High-Fee Loans (HOEPA/Section 32 Mortgages)

If you’re refinancing your mortgage or applying for a home equity installment loan, you should know about the Home Ownership and Equity Protection Act of 1994 (HOEPA). The law addresses certain deceptive and unfair practices in home equity lending. It amends the Truth in Lending Act (TILA) and establishes requirements for certain loans with high rates and/or high fees. The rules for these loans are contained in Section 32 of Regulation Z, which implements the TILA, so the loans also are called “Section 32 Mortgages.” Here’s what loans are covered, the law’s disclosure requirements, prohibited features, and actions you can take against a lender who is violating the law.

What Loans Are Covered?

Bloomberg: Denuncian a EMC de JPMorgan sobre documentos de prestamos hipotecarios

JPMorgan’s EMC Mortgage Sued Over Home Loan Documents

By Sophia Pearson - Jan 18, 2011

JPMorgan Chase & Co.’s EMC Mortgage, facing homeowner lawsuits over foreclosures, was sued by the trustee of a mortgage portfolio for refusing to turn over documents detailing the quality of loans bought by the trust.

Wells Fargo & Co., the trustee, is seeking access to files for more than 2,000 underlying mortgages in the Bear Stearns Mortgage Funding Trust 2007-AR2, according to the complaint filed today in Delaware Chancery Court in Wilmington.


“The trustee has repeatedly requested that EMC provide access to the subject documents,” Wells Fargo said in the complaint. “EMC has played proverbial ‘rope a dope’ and otherwise continued to drag its feet, and has produced nothing.”

Claims of wrongdoing by banks and loan servicers triggered a 50-state investigation last year into whether hundreds of thousands of foreclosures were properly documented as the housing market collapsed. Lending practices have also pitted mortgage-bond investors against banks over misrepresentations such as overstatements of borrowers’ income and inflated appraisals.

Christine Holevas, a spokeswoman for New York-based JPMorgan, declined to comment.

Wells Fargo said it needs access to the documents to answer “serious” questions raised by investors in the trust about whether EMC breached representations and warranties regarding the quality of option-adjustable rate mortgage loans the trust bought.

Families Exchange Homes to Stop Foreclosure

SAN JOSE, Calif., Dec. 14, 2010 /PRNewswire/ -- Home Lease Exchange, LLC, through ForceYourLenderToModify.com, is launching a unique free service today that will aid hundreds of thousands of families, who are in jeopardy of losing their homes, by forcing lenders to decide between becoming landlords or modifying mortgages.

New Jersey Court Decision May Be Unique, but Still Bad for BofA and RMBS



Written by
David Fanger
Senior Vice President
David.Fanger@moodys.com
and

Yehudah Forster
Vice President - Senior Analyst
Yehudah.Forster@moodys.com
For:
MOODY ’S  RESI   LANDSCAPE, Dec. 9, 2010 Issue

On 16 November, a bankruptcy court in New Jersey dismissed Bank of America’s (BofA, Aa3 negative, C-/Baa2 stable) claim for standing to enforce a mortgage originated and securitized by Countrywide in 2006. The judge concluded Countrywide had failed to properly endorse and transfer possession of the mortgage note to the securitization’s trustee, leaving it unenforceable under New Jersey law. Last week BofA was reported in the press as saying that the facts upon which the judge based her conclusion may not have been correct.

We believe the case will lead to increased litigation, higher servicing costs, and more foreclosure delays. This will pressure BofA’s earnings. Increased foreclosure timelines and costs associated with potentially defective loans will also increase losses for Countrywide-sponsored RMBS. This is negative for both BofA and Countrywide-sponsored RMBS.

La ACLU envia cartas reclamando acceso abierto a los casos de ejecuciones hipotecarias

ACLU: Letters Regarding Open Access To Florida State Foreclosure Court Proceedings

The American Civil liberties Union, the ACLU of Florida and a coalition of journalistic and First Amendment organizations delivered letters to two top judicial officials in Florida urging them to ensure that foreclosure court proceedings in the state are open to the public. Public access to foreclosure court proceedings is especially important given recent media reports in Florida and around the country revealing rampant error and fraud in the foreclosure process.

La ACLU pide a los jueces de la Florida acceso abierto a los casos de ejecuciones hipotecarias

ACLU Calls On Florida Judges To Ensure State Foreclosure Court Proceedings Are Open To Public

November 15, 2010

Transparency Essential To Upholding Due Process Protections In Foreclosure Cases

FOR IMMEDIATE RELEASE
CONTACT: (212) 549-2666; media@aclu.org

TALLAHASSEE, FL – The American Civil Liberties Union, the ACLU of Florida and a coalition of journalistic and First Amendment organizations today delivered letters to two top judicial officials in Florida urging them to ensure that foreclosure court proceedings in the state are open to the public.

Miles de demandas de ejecuciones hipotecarias resueltas en 3 meses

65,830 foreclosure cases in Florida cleared in three months

11/02/2010 © Palm Beach Post
By Kimberly Miller

Florida's courts cleared 65,830 foreclosure cases in a three-month period beginning July 1, with 71 percent being decided in quickie hearings before the judge sometimes called "rocket dockets."
According to a report released today by the Office of State Courts Administration, only 23 foreclosure cases went to trial statewide during the same time period.

Oficial del gobierno cuestiona derecho a ejecuciones hipotecarias

Lawmaker Questions Power to Foreclose

By ROBBIE WHELAN
Wall Street Journal
Nov. 1, 2010

A Virginia lawmaker asked the state's attorney general to launch an investigation of Mortgage Electronic Registration Systems, the middleman firm in millions of court filings that helps keep the mortgage-securitization machine moving.

Robert G. Marshall, a Republican member of the Virginia House of Delegates, requested that Virginia Attorney General Ken Cuccinelli determine whether the Reston, Va., company violates state law because it doesn't pay a fee every time a loan changes hands.

Juez desestima cientos de demandas de ejecuciones hipotecarias en cuestión de horas

Judge: 357 idle foreclosure suits gone in 2 1/2 hours

10/30/2010 © Bradenton Herald

MANATEE — The foreclosure case was filed in March 2007. Within a month, all of the parties were served with copies of the suit.
Then, nothing.
No reply from the homeowner. No filings nor hearings set by the bank’s attorney.
The court case sat idle for the next 3 1/2 years, seemingly forgotten among the thousands of foreclosures clogging the legal system.
That was until Thursday, when Manatee County Circuit Court Judge Paul E. Logan dismissed it for inactivity.

Propietarios en el condado Lee presentan demanda contra suba de costos de las ejecuciones hipotecarias

Lee suit to fight foreclosure fees

10/28/2010 © Ft. Myers News-Press

Three Lee County property owners who say they are being priced out of the court system will file a lawsuit today against top Florida officials, arguing a 2009 law that raised the cost of foreclosure lawsuit filings is unconstitutional.
The lawsuit will be filed in federal court in Fort Myers on behalf of Kevin Camm, Enneis Haney and Yuyuan Lucy Lu, all of whom are involved in foreclosure lawsuits in Lee County.
The three are attempting to file a class-action lawsuit to stop enforcement of the law.
The defendants are Gov. Charlie Crist, Attorney General Bill McCollum, Chief Financial Officer Alex Sink, Agriculture Commissioner Charles Bronson, the Florida Cabinet and the Florida Department of Revenue.

Abogado de "rescate" de ejecuciones hipotecarias acusado de falsificar documentos

Foreclosure lawyer accused of forgery

10/28/2010 © Miami Herald

A Coral Springs lawyer who worked for a troubled foreclosure rescue company is facing a criminal probe for allegedly forging court documents.

BY DAVID OVALLE

State authorities are investigating allegations that a Coral Springs lawyer forged the signatures of Broward County judges while working with a disgraced foreclosure assistance company, court documents show.
The lawyer, Frank J. Ingrassia, worked with Outreach Housing, which is accused of siphoning more than $2 million from desperate homeowners, according to a search warrant filed in Miami-Dade court this month.

Dúo de WPB crea firma de datos sobre ejecuciones hipotecarias

West Palm Beach duo builds foreclosure data-filtering firm

10/27/2010 © The Palm Beach Post

WEST PALM BEACH — They say they’re just two guys with laptops and a water cooler.
But the electronic system of collecting and organizing judicial records that Jay Hollenkamp, 28, and Michael Olenick, 44, have created streams data gold to court-hungry customers.
Their West Palm Beach-based company, Legalprise Inc., snatches information from state foreclosure court records and filters it into searchable spreadsheets. For example, they can tally how many times a law firm has requested a summary judgment in a foreclosure case, or how often attorneys file paperwork saying a home’s note is lost.