Idaho SC sides with mortgage registry in wrongful foreclosure case
25.05.13
, Plaintiff Leslie Jensen-Edwards sued to stop nonjudicial foreclosure proceedings based on the contention that MERS, which was the named beneficiary as nominee for the lender, cannot legally act as the beneficiary.
The defendants — Mortgage Electronic Registration Systems Inc., Quality Loan Services Corp. of Washington and Pioneer Lender Trustee Services LLC — moved to dismiss the action on the ground that the complaint did not state a claim upon which relief could be granted.
An Idaho district court agreed, entering judgment in favor of the defendants.
Justice Daniel Eismann, writing for the state’s high court, agreed with the trial judge’s ruling.
The defendants, the court concluded, complied with the state’s Deed of Trust Act when foreclosing non-judicially and MERS was the beneficiary of the deed of trust with the authority to appoint the successor trustee who initiated the non-judicial foreclosure proceedings.
Source: http://legalnewsline.com/issues/sub-prime-mortgages/241145-idaho-sc-sides-with-mortgage-registry-in-wrongful-foreclosure-case
American Fork Resident Sentenced for Defrauding Financial Institution and ...
25.05.13
The case is part of the investigation of mortgage fraud activity related to Crestwood Homes, which involved multiple defendants who bought and sold real estate in order to “flip” it, or gain profits from the sales. Crestwood Homes was a residential builder in the Treasure Valley that filed for bankruptcy in July 2008. After doing so, it was discovered that individuals associated with Crestwood were involved in submitting fraudulent residential loan applications to lenders. The financial institutions and mortgage lenders incurred substantial losses on the loan transactions.
The case was investigated by the Federal Bureau of Investigation and Internal Revenue Service-Criminal Investigation, with assistance provided by the Office of the United States Trustee and the Idaho Department of Insurance. The case is being prosecuted by the U.S. Attorney’s Office for the District of Idaho and the state of Idaho, Office of the Attorney General.
Today’s announcement is part of efforts underway by President Obama’s Financial Fraud Enforcement Task Force (FFETF), which was created in November 2009 to wage an aggressive, coordinated, and proactive effort to investigate and prosecute financial crimes. With more than 20 federal agencies, 94 U.S. attorneys’ offices, and state and local partners, it is the broadest coalition of law enforcement, investigatory, and regulatory agencies ever assembled to combat fraud. Since its formation, the task force has made great strides in facilitating increased investigation and prosecution of financial crimes; enhancing coordination and cooperation among federal, state, and local authorities; addressing discrimination in the lending and financial markets; and conducting outreach to the public, victims, financial institutions, and other organizations. Over the past three fiscal years, the Justice Department has filed more than 10,000 financial fraud cases against nearly 15,000 defendants, including more than 2,700 mortgage fraud defendants. For more information on the task force, visit www.stopfraud.gov .
Source: http://www.loansafe.org/american-fork-resident-sentenced-for-defrauding-financial-institution-and-mortgage-fraud-scheme
Short sales are when a lender agrees to accept less for a home sale than the amount still owed on its mortgage. About 1100 short sales are pending in Ada County, Spencer said. Ada County home sales in December declined 11 percent to 467 from the same
