THOUSANDS OF HOMEOWNERS ARE ILLEGALLY FORECLOSED ON BY DEUTSCHE BANK, IN FLORIDA LAW OFFICE OF DAVID J. STERN LEADS THE PACK, FBI IS INVESTIGATING !

West Palm Beach, FL-MFI-Miami, LLC, Florida's premier forensic mortgage fraud investigation and auditing firm is warning consumers in foreclosure that the lender initiating the action against them may not have legal standing to do so.

This also means the mortgage servicer may not be legally able to accept payments or negotiate a loan modification.

"It boils down to simple Real Estate 101," explained MFI-Miami CEO Steve Dibert, "If you don't own the note, you can't sell it, modify it or enforce it."

The problem was created by Wall Street firms who traded mortgage backed securities with each other. They would package mortgages in pools and sell them, repackage them and sell them again and again. Through this maze of trades and counter trades, the mortgage and the note are moved upstream but in no case are all of the transfers of ownership recorded in the local property records.

Cynthia King of Jamaica, New York whose lender, Deutsche Bank, began foreclosure proceedings against Ms. King and her husband in April of 2008. Deutsche Bank garnished her wages for her delinquent payments. The only problem was the mortgage Deutsche Bank was attempting to foreclose on and garnishing wages on was paid off in February of 2007.

In January 2008, the Federal Bureau of Investigation (FBI) announced an ongoing criminal probe of 14 companies for possible fraud in the subprime mortgage market.

Although the names of the companies have not been released by the FBI, fraud has been identified in all areas of the subprime mortgage market, including fraudulent underwriting, scam foreclosure rescue schemes, accounting fraud, insider trading, and trading of replicated mortgages on the secondary market.

According to the FBI, mortgage fraud has been on the rise for the past few years and is spreading across the country; the number of complaints of suspicious activities rose from 3,000 cases in 2003 to more than 48,000 in 2007

The FBI is also working with the Securities and Exchange Commission on about three dozen civil investigations into the role of mortgage brokers, investment banks, and due-diligence companies involved in the underwriting and securitization of loans.

Deutsche Bank Foreclosures Tossed Out of Ohio Federal Court - “They Own Nothing!” Judge Christopher A. Boyko of the Eastern Ohio United States District Court, dismissed 14 Deutsche Bank-filed foreclosures in a ruling based on lack of standing for not owning/holding the mortgage loan at the time the lawsuits were filed.

Judge Boyko issued an order requiring the Plaintiffs, Deutsche Bank, in a number of pending foreclosure cases to file a copy of the executed Assignment demonstrating Plaintiff (Deutsche Bank) was the holder and owner of the Note and Mortgage as of the date the Complaint was filed, or the court would enter a dismissal. This court order is what I have been saying in my cases. This is rampant fraud on every court in America or nonjudicial foreclosure fraud where the securitized trusts are filing foreclosures when they never own/hold the mortgage loan at the commencement of the foreclosure.

In Sarasota Florida, The Herald-Tribune looked at 66 of 135 foreclosure sales that Deutsche Bank has completed since January 2008 and determined that those properties sold on average for 44 percent less than Deutsche Bank was owed by the previous owners. The Herald-Tribune examined Deutsche Bank sales closely because the German powerhouse had more foreclosures filings in Sarasota than any other mortgage lender, a total of 833 since August 2007, court records show.

In Plantation Fl and elsewhere in Florida, the Law Office of David J. Stern is handling a lot of the Deutsche Bank Foreclosures, see my prior post on the dubious background of the Law Office of David J. Stern, Law Firms Cash In On Foreclosures, The Law Offices of Daniel J. Stern In Plantation Fl Leads the Pack, What is Their Deal ? Numerous Rip-Off Report complaints, lawsuits, legal malpractice suits and a Florida Bar "Public Reprimand", are Mr. Stern's pedigree.
Rip-Off Report, Deutsche Bank Trust Company Americas, David Stern Attorney David J. Stern P.A. - Deutsch Bank Trust Company Americas, as Trustee 900 South Pine Island Road Suite 400 - Plantation Florida. We need to get ahold of some of his ex-employees to reveal the Fraud of this 'Law Office' The chicanery of this attorney and his relationship with this bank is questionable to say the least.