Order Approving Settlement Between The United States Trustee Program and JPMorgan Chase Bank, N.A.

Order Approving Settlement Between The United States Trustee Program and JPMorgan Chase Bank, N.A.

[U.S. Trustee Program]

U.S. Trustee Program

By Daniel Edstrom
DTC Systems, Inc.

Attached is the Order from the Court in relation to settlement that stemmed from, among other things, an objection by Debtor to a payment change notice from Chase and the results of a subsequent examination under Bankruptcy Rule 2004.

US Trustee Program Settlment with JPMorgan Chase 2015 03 03

JPMorgan Chase Admits Failure to Comply with April 13, 2011 Independent Foreclosure Review Consent Order

JPMorgan Chase Admits Failure to Comply with April 13, 2011 Independent Foreclosure Review Consent Order

[U.S. Trustee Program]

U.S. Trustee Program

By Daniel Edstrom
DTC Systems, Inc.

March 3, 2015

JPMorgan ADMITS that it did not comply with previous cease and desist consent orders issued through the Independent Foreclosure Review on April 13, 2011.
The U.S. Trustee Program entered into a settlement with JPMorgan Chase Bank, NA where the bank admits the following:
In the proposed settlement, Chase acknowledges that it filed in bankruptcy courts around the country more than 50,000 payment change notices that were improperly signed, under penalty of perjury, by persons who had not reviewed the accuracy of the notices.  More than 25,000 notices were signed in the names of former employees or of employees who had nothing to do with reviewing the accuracy of the filings.  The rest of the notices were signed by individuals employed by a third party vendor on matters unrelated to checking the accuracy of the filings.
Similar to the April 13, 2011 Independent Foreclosure Review Consent Orders, Chase agreed to the following in the settlement with the U.S. Trustee Program:

Continue reading “JPMorgan Chase Admits Failure to Comply with April 13, 2011 Independent Foreclosure Review Consent Order” »

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.