press conference may 4, 2011 fraudulent documents from doc x- contracted by major banking...
TRANSCRIPT
Press Conference May 4, 2011
Fraudulent Documents from Doc X- contracted by major banking
institutions
Foundational integrity to land ownership • Who owns what?• Are people who they say they are when
they transfer land and property• Essential for Transparency and Fair Dealing
for buyers, sellers, and lending institutions
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1920 loan documents; $255 million 15 variations of Linda Green
signature Covering all of Guilford County 65% Wells Fargo; 24% MERS;
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Linda Green is everywhere!
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If a fraudulent loan document is filed indicating you’ve paid off your loan, how do you know it’s really paid off?
Are title companies going to insure new loans if they are aware of fraud?
Are banks going to make a loan to you if they know your paperwork is fraudulent?
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Homeowners• Do you know your chain of title could have problems?
Potential Homeowners• If this is not caught, you could be buying property with
these issues or problems.
Recording Offices- This is a fundamental violation of the covenant we have with the public
Lending institutions• Giving good bankers a bad name.
State and Local governments• Consumer Fraud• Pension Funds
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Immediate actions by Register of Deeds:
1) Send the data and documents to Federal Regulatory Agencies that recently issued a consent order involving DocX and major lending institutions,
2) Send the fraudulent docs to Iowa Attorney General Tom Miller, head of the 50 State Foreclosure Fraud Investigation and NC Attorney General Roy Cooper.
3) Communicate directly to Wells Fargo, Bank of America, MERS and others submit appropriate legal documentation to correct this. (Release Deed or Non-Warranty Deed for each certificate of satisfaction as just examples)
4) All data will be placed on the Guilford County Register of Deeds website: www.guilforddeeds.com
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Immediately• Suspend all foreclosures involving documents
created by DOCX Within the next 30 days
• Acknowledge each defective document by filing a Notice of Defective Document
Within the next 90 days• Agree to file Mortgage Assignments for all
properties held by trusts Within the next 120 days
• File "Corrective" Documents for Each Defective Document
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People need to know who owns what People who sign legal documents
should be who they say they are Transparency and fair dealing is the
only way to regain public trust
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