General Counsel Stephen C. Porter Leaves Barrett, Daffin, Frappier, Turner & Engel, LLP

General Counsel Stephen C. Porter Leaves Barrett, Daffin, Frappier, Turner & Engel, LLP

mers-shareholdersBy Daniel Edstrom
DTC Systems, Inc.

Leaving behind a wave of (at a minimum) thousands of questionable title records, General Counsel Stephen C. Porter leaves the services of Barrett, Daffin, Frappier, Turner & Engel, LLP.  Apparently Mortgage Contracting Services like what they see in Porter and signs him on as General Counsel.  No disclosure of Porters questionable activities is likely forthcoming as it appears Mortgage Contracting Services is not a publicly traded company.

It is not known if Porter has disclosed that he is Vice President of Loan Documentation for Wells Fargo Bank or if Porter is still an officer of Wells Fargo Bank.  It is also not known if Porter has disclosed that he is an assistant secretary of Mortgage Electronic Registration Systems, Inc. (“MERS”) or if Porter is still an assistant secretary of MERS.

What remains to be seen with the many variations of Porters signature left on recorded documents in the Official Records of recorders offices across the country, only time will tell.  At least in Pennsylvania the outcome might be very clear.  Unless Montgomery County, PA Recorder of Deeds et al vs. MERSCORP, Inc., and Mortgage Electronic Registration Systems, Inc. is appealed and overturned.  The Courts ruling in that case came out on July 1, 2014.

Glaski vs Bank of America NA et al – FOR PUBLICATION

Edstrom_MortgageSecuritization_POSTER_17_x_22_v4_1Glaski vs Bank of America NA et al – FOR PUBLICATION

By Daniel Edstrom
DTC Systems, Inc.

On August 8, 2013 the Fifth Appellate District in the Court of Appeal of the State of California ordered the Thomas A. Glaski vs Bank of America, NA et al decision published, stating:

As the nonpublished opinion filed on July 31, 2013, in the above entitled matter hereby meets the standards for publication specified in the California Rules of Court, rule 8.1105(c), it is ordered that the opinion be certified for publication in the Official Reports.

Based on the importance of this case, the text of the July 31, 2013 ruling is listed verbatim:

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Glaski Decision in California Appellate Court Turns the Corner on “Getting It”

Neil_GarfieldGlaski Decision in California Appellate Court Turns the Corner on “Getting It”

By Daniel Edstrom
DTC Systems, Inc.

The following article was posted by Neil F. Garfield of livinglies.wordpress.com and comes from the following URL: http://livinglies.wordpress.com/2013/08/02/glaski-decision-in-california-appellate-court-turns-the-corner-on-getting-it/

On the other hand we should not assume that they have arrived nor that this decision will have pervasive effects throughout California or elsewhere in the United States or other countries.

J.P. Morgan did suffer a crushing defeat in this decision. And the borrower definitely receive the benefits of a judicial decision that will allow the borrower to sue for wrongful foreclosure including equitable and legal relief which in plain language means reversing the foreclosure and getting damages. Probably one of the most damaging conclusions by the appellate court is that an examination of whether the loan ever made it into the asset pool is proper in determining the proper party to initiate a foreclosure or to offer a credit bid at a foreclosure auction.  The court said that alleged transfers into the trust after the cutoff date are void under New York State law which is the law that governs the common-law trusts created by the banks as part of the fraudulent securitization scheme.

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Perils of Pooling: OneWest

Neil_GarfieldPerils of Pooling: OneWest

By Daniel Edstrom
DTC Systems, Inc.

The following article was posted by Neil F. Garfield of livinglies.wordpress.com and comes from the following URL: http://livinglies.wordpress.com/2013/07/31/perils-of-pooling-onewest/

Apparently my article yesterday hit a nerve. NO I wasn’t saying that the only problems were with BofA and Chase. OneWest is another example. Keep in mind that the sole source of information to regulators and the courts are the ONLY people who understand mergers and acquisitions. So it is a little like one of those TV shows where the only way they can get an arrest and conviction is for the perpetrator or suspect to confess. In this case, they “confess” all kinds of things to gain credibility and then lead the agencies and judicial system down a rabbit hole which is now a well trodden path. So many people have gone down that hole that most people that is the way to get to the truth. It isn’t. It is part of a carefully constructed series of complex conflicting lies designed carefully by some very smart lawyers who understand not just the law but the way the law works. The latter is how they are getting away with it.

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