Busy Lately

I have been doing a terrible job keeping this Blog going lately -  I thought of this little YouTube video (on the right) to describe how we've been doing at Cugno & Associates, busy but unlike Lucy & Ethel not overwhelmed, just lots of struggling homeowners to try and help their Lawyers beat back those that are trying wrongful foreclosures.

Contact us with questions, comments, and/or concerns.

Restarting our Newsletters

As many of you are aware, after I semi-retired from the Mortgage Banking business, I got a State teaching credential and stated up the on-line Secret! University Educational and Training facility, we published a popular monthly newsletter for a short 100 months in a row. During that period, I frankly enjoyed writing it;  I intend to begin an e-mail campaign sending them out again monthly, beginning this next week. The topic will be whatever engages me here in the Foreclosure/Fraud Investigator while providing Foreclosure Defense Mortgage Securitization Audits. I have found his niche a fascinating one, with startling activity we see on an almost daily basis. If you had a 40+ year career, as a Senior Executive and Owner of a Nationwide Mortgage Banking firm like I have, then you too would be shocked at what we uncover Major Lenders & Investors doing to Homeowners still.

Please be sure you get your e-mail addess in to us, so we can be sure to include you in our publication's distribution list.

Mortgage Securitizers! I Got Your Number !!

This is the latst version of the ending portion of our final Securitization Forensic Mortgage Loan Audit Reports lately (it seem to universially it them):

"Our Borrower and their Lawyer should be considering filing a Complaint against this wrongful foreclosing party, as their Mortgage Foreclosure lawsuit had no merit and has been rendered moot by the factual information we have uncovered. Plus of course, the Trust should be demanding a ‘buy-back’ from the Original Lender and/or its successor, since they apparently purchased this transaction with considerably faulty documentation.

It should be noted, during this period in the residential real estate mortgage lending industry, it looks like nearly everybody was playing 'fast and loose' with Borrower loans. What I think we have been able to piece together, is it appears the servicer ‘rings the bell’ when they notice they have a (securitized) Borrower loan that is delinquent and needs to get into the Foreclosure process. Next, somebody says “oops we need to get these Notes endorsed/sold and these Mortgage/DOT’s assigned to these various trusts immediately (which if course is far too late to be lawful), yet none of them seem to know, or care, what they’re doing is unethical, immoral and unlawful. Translated: 100% of these type audits we have done which were allegedly securitized, have significantly flawed documentation, just like this one."

Kinda amazing those 197 words seem to fit everyone of these kinds of audits!

Judicial Foreclosure States Have Worst Foreclosure Rates

An interesting news piece this afternoon:

"Foreclosures were completed on fewer properties in July than during the month-earlier and year-earlier periods. Even the biggest foreclosure state slowed its activity. Non-judicial foreclosure states were dominant among states with the greatest number of filings, but the worst rates of foreclosure were in judicial foreclosure states.
The volume of U.S. foreclosures completed last month by mortgage servicers fell 6 percent from June. Improvement was a more significant 16 percent compared to July of last year.
During the 12 months ended July 31, completed foreclosures totaled 794,744, inching up from the previous month's 12-month total of 793,663."

Foreclosure Defense Marketing

Sent out the Press Release with those positive success numbers I have shown you below, to a marketing list of Bankruptcy & Foreclosure Defense Lawyers across the Country. Like the last four monthly e-mails I have sent out (trying to get their attention), my 45% 'read rate' has continued to please me - however - converting those readers into looking deeper into our website, has pretty much escaped me so far; got OK numbers there but want better.

What I think I am learning is this simple fact: My target audience knows very little about my emerging industry (or may have had a bad experience or two themselves with other 'mortgage forensic auditors') and the real value our product can be for them, and by extension, their Client base of struggling homeowners.

Of course I recognize it's my job to explain what they can do with our report, and naturally, how we're different/better than Tom, Dick or Harry. When I explain to my college-aged Grand-daughter what Grandpa does, I tell her 'Grandpa is a Foreclosure Fraud Investigator Honey', her face then says HUH? - so I understand I need to explain this better.

FL Winding Down Foreclosure Law Firm Investigations

Even though no names were used in this industry news piece I saw this past Mondauy, I'm certain I have done Audits with clowns like these!

"Florida is winding down investigations into several law firms that were suspected of using forged and fraudulent documents in the foreclosure process. The lack of actions against these firms has raised the ire of some.

Florida Attorney General Bill McCollum announced in August 2010 that an investigation had been launched against three law firms that handled foreclosures for mortgage servicers. The firms were suspected of illegally speeding cases through the courts with botched foreclosure documents.
The number of investigated firms expanded, and only one of those firms has since agreed to a settlement with the state. In addition, the state is winding down investigations into the remaining firms."

PressRelease issued today - a 94% Success Rate !!

Wow, we're all excited here! My gut told me the math would look pretty good after the completion of the examination of our books and records.  But, after a review of more than 100 Audits we performed (it was actually 123 which were reviewed), only a small handful of them were not successful in getting Borrower foreclosures suspended. And that's our Goal; we battle for the consumer in their up-hill fight against certain foreclosure practices.

Obviously, not a perfect score - but that's damn close!

Behind the Numbers

My Company is in the midst of an independent audit of its internal records to determine the overall usefulness of our Audit reports. In other words, to what degree do they help suspend consumer residential foreclosures. After their review of just over 100 individual consumer/Borrower Audits so far, I have seen some preliminary figures; I’m pleased and I trust the final math will end up in the range of where the numbers are right now – to finish up maybe another 30 or so files to review.

However, I am mildly concerned because I see our Mortgage Securitization Forensic Audits as a ‘tool’ to help the struggling homeowner gain solid footing in their battle against sometimes unlawful and deceptive foreclosure tactics by Lenders and others. But a lot might not go as anticipated once we receive a submission request, (1). Maybe our examination will reveal the overall handling of the consumer/borrowers loan, it’s origination, servicing, transfers, assignments and foreclosure paperwork is all inline (therefore our works is thorough and concise but can’t help them in their battle today (not all examinations turn up defective or inaccurate actionable evidence – although almost all of them have to date), (2). It could be our report ends up with the Consumer’s lawyer, who is not aggressive enough to use its findings to defend this client’s foreclosure, or maybe, (3). Like so many of our reports, the evidence is a slam-dunk open and shut case where the Borrower/consumer should be victorious in stopping foreclosure and bring in the Loan’s owner to the negotiating table to work out a friendly settlement (MOD etc.), when all the while they’re exhausted from fighting, or have no more money to pay their attorney to pursue the foreclosing parties, so could a fair analysis suggest our Audit was less than valuable?

Tough to read in between the lines, a Press Release is being developed to announce the final numbers.

More Adventures of a Mortgage Fraud/Foreclosure Investigator

Having these conversations the last couple of days on the topic of Franchising my business, I have marveled at the sort of questions potenial distributors have asked me!  Some really bright, but most of them were clueless - on balance a good idea. Here's a couple of good ones:

On the positive side, it got me to add my resume to the http://www.cugno.net/ website, I guess that makes sense. I also plugged in a recent Sample Audit Report I did last week, so site visitors can see the end product, also another smart idea, so I guess I have benefited so far with these conversations :-)

I tell them with my unique knowledge and expericnce in the industry, in most cases I can easily examine 200 to 300 pages, or more, of a Customer's File and come up with a Game Plan to Avoid or Stop Home Foreclosures all together! It's really rather startling how sloppy most big lender & servicers are, and especially the mortgage securitization folks (they're clearly the worst) - I catch them trying something unlawful usually three or 4 times a week!

Franchise My Business?

The other day I sent out a blast e-mail solicitation piece to just over 10,000 Foreclosure & Bankruptcy Attorneys across the Nation; the response has been strong.

I was telling an old friend of mine who lives in Florida now (he has been a Business Opportunity & Franchise Promoter for most of his career) about what I'm up to these days and the results of my mailing. For about 10 years he was also a Hard Money private investor, then he evolved into being a small private mortgage lender (that's when we met). So, my friend John  says to me, "Peter I think we can Franchise your business, all you would need is about 20 outlets in the Nation ... so let me ask you some questions ..." (I mentioned to him that I can bring two senior-type business associates and some support staff in, if the business volume increase overwhelms me.) Here's what he asked and what I said:

Q: How many Securitization Forensic Mortgage audits have you personally done this past year?
A: I told him, John I think somewhere around 100.
Q: How many of them do you think resulted in you uncovering significant defects?
A: I said, probably 95%.
Q: He next asked me, what % of those do you believe your report assisted in either (1) further delay and/or (2) prevent outright the foreclosure of the property ?
A:  I explained that's something I haven't kept track of, I know I can find out (since I have copies of all my work) and whether or not a Foreclosure was effected would be public record, so I'm sure I can find out the actual statistics ... my guess is likely all of them.

John asked me to find out that percentage and told me once I know the number, he feels like he can expand my operation into having multiple distributorships. I've made an inquiry to the title company people I work with, and they're going to figure out an easy way (I already know a hard-way to get the data) to pull that info from their computers (since they know which borrowers I have gotten Property Reports on from them) to date.

Whether or not this notion comes to pass, a success percentage posted on my website http://www.cugno.net/ is going to be a good idea, probably take me about a week or so to do it :-) You have any thoughts?

Gains in Asking Prices Threatened by Foreclosures, Rent Up Again: Trulia

"After falling flat in May, asking prices went up in June, and rent prices continued to see significant increases, according to Trulia reports released Tuesday. Asking prices on listed homes made a 0.3 percent month-over-month and year-over-year increase in June, according to Trulia's price monitor. Phoenix and two Florida metros posted double digit gains, but Trulia warned that some of the top performing metros are facing another wave of foreclosures" in todays Industry News.

Securitization Audit and Foreclosure Analysis

Alright, so yesterdsay I'm talking with my college age Grand-Daughter Ashley about a conversation I had with her Dad (my 45 year old Son) last Friday where he asked me to explain to him what it is I 'do' these days. After we finished that talk, I decided it would be a good idea to create a new page on my website ... took me half the day Saturday: http://cugno.net/whatwedo.htm ... I asked her to show it to him :-)

Happy Father's Day !

To all you Dads out there, have a delightful day today with your Family today!

Drop in Non-Current Loans About 7Xs Higher in Non-Judicial States

"The percentage of loans not current, which includes 30-plus delinquencies and foreclosures, declined almost 7 times more in non-judicial states compared to judicial states, according to the LPS Mortgage Monitor report for April. Year-over-year, non-judicial states saw an 8.2 percent drop in non-current loans while in judicial states, the yearly decrease was only 1.2 percent. Foreclosure starts numbered 181,584 in April, down 2.6 percent from the previous of March and a 3.1 percent drop from a year ago. On the other hand, FHA foreclosure starts saw a 73 percent increase."

How about this news piece from early today, interesting huh? Tells me we better 'pump-up' our Marketing  efforts toward attorney's in Florida, and slow down in California!

Forensic Mortgage Securitization Audit Adventures

Since I have been sorta keeping you up to date throughout my travels as a Mortgage Fraud Investigator lately, I just gotta tell you this one.

The very last two Securitization Audits I did - (in both case they were in the Judicial Foreclosure State of Florida were the Plaintiff has to submit the Original live 'wet-ink' Note and the originally recorded Mortgage documents to the Court as part of the Foreclosure process)  - the Attorney for the Plaintiff's (the Lenders and/or the Securitizer) actually were clueless enough that when they showed these documents to the Judge, they were also tipping their hands to us! Ya know why that matters? I'll tell you why: Neither Lawyer apparently understands the rules about Bifurcation* - translated it means, they now have already demonstrated for the benefit of the Borrowers, that they cannot lawfully complete their foreclosure process.When they do my work or me, I just get kick out of it :-)

BTW, there's been some rather good news lately in industry press - take a peek here: http://cugno.net/latestnews.htm
 

*Bifurcated

In Carpenter v. Longan 16 Walls. 271, 83 U.S. 271, 274, 21 Led. 313 (1872), the United States Supreme Court stated, “The note and mortgage are inseparable; the former as essential, the latter as an incident. An assignment of the note carries the mortgage with it, while assignment of the latter alone is a nullity.”  The obligation can exist with or without security but a security interest cannot without the underlying existing obligation ... so if all you get is the mortgage and not the note, that's pretty much worthless, or you have a Note without collateral.

 

Forensic Mortgage Securitization Audits - Sloppy! ??

SERIOUSLY, can they All be this Sloppy? I’m now at 100% of every single Residential Mortgage Loan Securitization Forensic Audit I have done has missed the securitizations cut-off and closing date to lawfully PLOP the Note & Trust Seed/Mortgage in to it. Not by a day oer so, but many months! And in most cases YEARS Late!

Here’s why this confuses me: even though 100% of the borrower files we Audit are consumers who are upset with their Lender and/or Servicer and have told their Lawyer “… they’ve done me wrong … I need one of those Audits ….”

You see, that sort of negative selection could never explain to me, how it is that they ALL have behind the scenes negligent /sloppy paperwork, hell they couldn’t know that!

My question is this: Can They All Be That Sloppy?

4 Months of Improvement in Serious Delinquency

Spotted this deceptive short news piece in industry news yesterday:

"First-mortgage delinquency improved for the fourth month in a row and stands at its lowest level since before the financial crisis. It's a similar story for second liens.

The 90-day delinquency rate on first mortgages finished April 12 basis points lower than in March. It was the fourth consecutive month that 90-day delinquency improved and the lowest rate since July 2007.Compared to April 2011, the rate of late payments on first mortgages was down 28 BPS."

The Trick here? The math utilized does not include the most serious delinquency category ever, Those in Foreclosure! Hell, if you remove that growing gagging number, it's no wonder things don't all that bad - this sort of BS reporting has always troubled me over the years, who do these guys really think they are kidding?  Not me.

Expert Mortgage Securitization Forensic Audits - Part DUEX

I have spotted a trend with the securitization folks. The last four (4) files in a row contained these same characteristics. Here's what I see while performing Audits on Borrower files I examine.
1. They're all in foreclosure and say their Lender and/or the Servicer is a SOB.
2. Selling//Assigning the Note and Deed of Trust/Mortgage away from the Original Lender downstream to the securitization, seems to be a major hurdle for everybody in the chain.
3. The Loan's Note and other paperwork in the Borrowers file, is sold, sometimes to two or 3 Investor/Buyers before it makes it way to be PLOPED into a Securitization. Most of the time, the Sale/Assignment endorsements are missing - this means the Note is still owned by the Original Lender. Anyone that subsequently bought the loan, may very well have taken custody of the Note BUT its ownership is still with the Original Lender! This ends up being a "Smoking Gun" when later another party attempts a Foreclosure, and most likely causes a 'Bifurcation' situation as well.
4. Next, sometimes 4 or five years after the Securitization's Cut off and Close dates, the last party to hold the Security instrument (Deed of Trust/Mortgage) files/records an Assignment of Deed of Trust/Mortgage into the securitization (but it's too late). They've missed the last date to do that, their recording is Invalid.
5. 'Too Late' means both the Note & Security instrument (Deed of Trust/Mortgage) the Trustee of the particular security can't use to Foreclose, because they have No Standing! They cannot lawfully Foreclose. Yet they plow ahead and try - our Audits help stop that Unlawful process.

In these scenarios the last minute attempts to get the paperwork straight provides the Borrower with a sure-fire way to STOP the Foreclosure.

Children Who Lost Homes to Foreclosure: 2.3M, Report Reveals

"While the term foreclosure victim generally brings to mind images of struggling homeowners, one report released by First Focus addressed the impact of foreclosures on an overlooked segment: children. Julia B. Isaacs of the Brookings Institution authored the report, which revealed five years into the housing crises, 2.3 million children have lost their homes to foreclosure, and 3 million more are at serious risk of losing their homes in the future. In addition, approximately 3 million children were evicted, or may face eviction, from rental properties." ...Wow!!

Get Smart - Read about Important Stuff!

Dave Olson's been a friend of mine for more than 40 years. Monthly he issues this Newsletter from his Columbia Maryland offices. The one I got in my e-mail today is typical of his fine work: http://www.accessmrc.com/2012/04/economic-news-for-the-week-ending-4-13-12/

I'm quite sure you can contact his offices and opt-in to begin receiving your own e-mailed issue, he's been 'right on' target when it comes to our industry, check his site out!

Expert Mortgage Securitization Forensic Audits

That's the title of my new website which was formally launched  this past Monday, check it out @ cugno.net

If you like it, please tell me, however if you find errors we've missed I would appreciate you letting me know that also.

Thanks!

New Website Launch Next Week

Although my previous firm had an award winning website, that had several dozen keywords and phrases on the first page of Google, some of you may recall I shut it down at the end of last year (it's still inside the Internet 'wayback machine' thought). I have purchased another domain name - thought I would get a little clever this time: it's www.cugno.net and I plan on completing it's website construction hopefully tomorrow. Later next week, I will reload WordPress software and plug in my Blog to the site (like I used to have for several years). It's sorta like reinventing the wheel.

Happy Easter everybody!

Still Time to Have Forgiven Mortgage Debt Excluded as Taxable Income

I trust you'll find this short news item from yesterday, as compelling as I have: "Homeowners who have had mortgage debt forgiven after a foreclosure, modification, or short sale may be able to exclude the canceled debt from their taxable income if they meet specific criteria. According to Gil Charney, principal analyst at The Tax Institute at H&R Block, the specific criteria to have forgiven debt excluded are the debt must have been incurred to buy, build or substantially improve the residence, called "acquisition debt, and the property must be the taxpayer's primary residence."

Preventing 'Moral Hazard' Issue for Principal Reduction

I found this news piece yesterday, it's quite telling about where we all are: "With numbers from a CoreLogic report revealing 22.8 percent of borrowers are underwater, principal reduction has been eyed as a key solution to keeping borrowers in their homes. The Center for American Progress has released a report detailing solutions to the "moral hazard" issue. One is to make principal reduction a one-time program open to borrowers already delinquent; another is to open the program only to current borrowers who are at-risk of default; and the third is "shared appreciation" modifications."

My Securitization Audits - What's Happening

Tell me if you can imagine this, frankly I cannot (the names have been withheld to protect the innocent). Big Bank makes mortgage loan, subsequently sells it to another (sale/assignment endorsement stamp in Blank [means no name of Buyer on the endorsement] and Bank Exec signature appears, on this copy of the face/front of Borrower executed Note's copy which I saw). Later, Big Bank records 'Mortgage Assignment' to a different party (to another, Bank #2). This Bank #2 institutes Foreclosure process and schedules Public Sale (let's remember they do not have the Original 'wet-ink' Note). Then I get the file to Audit and see these things.

Did Big Bank actually sell that Note/Loan (without an Assignment/Endorsement) and forgot to also assign/record the Mortgage to that same Buyer? Did they sell it without a 'Mortgage Assignment' and that Note/Loan Buyer went out of business before they could discover they didn't get the Mortgage along with their purchase? We could ask Big Bank, but they have also gone out of business as well.

Today, Bank #2 is moving on what they think/hope is their asset - here's my situation. WHERE is the Original Note because it is unlawful to foreclose without one (BIFORCATION: In Carpenter v. Longman 16 Walls. 271, 83 U.S. 271, 274, 21 Led. 313 (1872), the United States Supreme Court stated, “The note and mortgage are inseparable; the former as essential, the latter as an incident. An assignment of the note carries the mortgage with it, while assignment of the latter alone is a nullity.”), if all you have is a Mortgage (or Trust Deed).

When was that endorsement stamp added to Original Note, or is it merely on a "copy" of the Note, because the foreclosing party (Bank #2) realized they didn't have an 'endorsed' Note, so they added it to a copy when nobody was looking? Far fetched? Nope, not from all I have seen lately.

WhatDoYouThink? After my Audit get's into the hands of the Borrower's attorney, he'll now know what sort of loaded questions he needs to ask the Foreclosing Bank (#2) like - do you really have standing to foreclose in the first place - in advance of his client losing their home.

My Situation With Bankruptcy Lawyers

I have mentioned previously that I am marketing to Bankruptcy Lawyers all across the Country - what I do will be very valuable to them and their clients once they work with me instead of it being a lop-sided pursuit on my part, to get their attention!  THIS IS WHAT I SEND THEM (and do I follow up, of course I do):

"ILLEGAL FORECLOSURES WIDESPREAD ACROSS U.S., EXPERTS SAY - Forensic Loan Securitization Auditor Seeks Additional Contract Work

“Up to 84% of foreclosures appear to be illegal”(*) rampant foreclosure abuse is on the rise, especially since more than Six (6) Million mortgages are overdue today.

Presently I have accepted an assignment as a Forensic Mortgage & Securitization Loan Auditor. Covering Securitizations, Foreclosures as well as Lis Pendens, TRO’s, Robo-Signing, Predatory Lending, Civil Complaints, Demand Letters, Origination analysis, Loan Closing docs, Borrower’s Servicing Handling, etc. - I'm looking for more client files to Audit. Even with all the Robo-Signing Press lately, the foremost firm I work with at this time has hit a slow spot and hasn't been able to keep up with me. This work seems to come easy to me - given I have over four decades in the residential real estate mortgage industry, as senior executive, certified & licensed mortgage trainer/teacher, an owner/operator mortgage banking, FHA approved and a Freddie Mac Seller/Servicer. I can handle up to a dozen audits a week myself, plus if necessary, I have an associate with similar credentials who could help me with another half dozen a week as well.

I dig for the 'smoking-gun' and uncover fabricated, fictitious, forged documents including Assignments and inaccurate claims that are used to gain 'standing to foreclose.' I investigate and identify bogus, questionable foreclosure transactions using false and misleading documents as lenders, mortgage servicers and local trustees are using questionable, wrongful or unlawful practices to foreclose ... all too typical these days.

Please contact me if you think there could be a fit with your organization and your possible need to pump up your profits with a strong addition to your Audit/investigation force.

Best Wishes,

Cugno & Associates
Peter Samuel Cugno
San Pedro, CA
310/548-3631
cell: 310-365-2049
http://petersamuelcugno.blogspot.com/

PS: I have a detailed 4 decade long resume if that may be something you would want to review, just ask for it or a Sample of my latest Audit. I get $250 for my Audits. Several of my clients charge their clients more than $1,000 for the audit and their legal evaluation of its findings.

* http://www.reuters.com/article/2012/02/17/us-usa-housing-defaults-idUSTRE81G04M20120217"

OCC Getting Involved with Mortgage Forclosure Mess

Morris Morgan is a Large Bank Deputy Comptroller at the Office of the Comptroller of the Currency (OCC). He was before a Congressional Government Oversight Committee yesterday (here's his verbal testimony: http://www.occ.gov/news-issuances/congressional-testimony/2012/pub-test-2012-47-oral.pdf - and here's the written portion: http://www.occ.gov/news-issuances/congressional-testimony/2012/pub-test-2012-47-written.pdf) all about the mess I see daily, and the Government's comprehensive enforcement orders regarding mortgage servicing and foreclosure deficiencies.

Based upon what I have been an eye witness to lately, my view on this issue is a rather simple one ... it's about time some of these folks start to get punished !

The latest in My Securitization Audits

I have spotted a trend, I announced to one of my friends this morning!

My 'Findings' in the last half dozen files I audited is so glaring, nobody could miss it (if they had their eyes open). How this pattern got past the folks that check this sort of stuff for securitizers beats me, EXCEPT to say they must have felt nobody would check their homework ... ever!  Wrong, I AM.

Although it takes some digging and an understand of what you're looking at; here it is in a nutshell:
Mortgage securitizations have a "Closing Date" and normally the Trust's 'Pooling and'Servicing Agreement' or elsewhere in the (500+ page) Prospectus, it spells out individual loans must be included in the Trust by Closing.

Therefore when I review a file that shows the Mortgage has been securitized, the number one thing I look to determine, is to find evidence both the Note and the Deed of Trust (Mortgage) have been properly assigned to the Trust before its "Closing Date."

Time and time again, I discover Lenders (like the Big Four Banks), Trustees, and others trying to assign the Mortgage Loan's Note & Deed of Trust (Mortgage) months, and frequently years after this final date! Then the Trustee of the Securitization proceeds with a faulty Foreclosure and Sale of the borrowers property! Yet, they have no standing to lawfully proceed!

With my Audit in hand, Borrower Lawyers are getting the guilty/sloppy parties to come to the table and workout a solution to the defective foreclosure process along, with the payment arrangement to settle the default status of the loans.

This has happened in my opinion, because these players hoped nobody would ever check!

FHFA's GSE Salary Requirements

"The top 70 executives at Fannie and Freddie were told by the FHFA that their salaries would be limited to $500,000, and bonuses would be eliminated. The change came after Congressional leaders ridiculed the high million-dollar salaries of many executives at the two firms. No date has been set for when the pay changes will go into effect. This compensation cap will inhibit their capacity to retain talent."  This according one news source I trust. Ya know what I think is funny, it is that 'they' feel anybody who would work for that small amount of salary MUST naturally be an untalented hack.

I can tell you I would put my knowledge, experience, industry knowhow, and Resume up against any of the last several CEO'S and Presidents of those GSE dudes anyday.

I 'm sure YOU too may also have an impressive background - neither you nor I are untalented hacks!

Securitization Audits - Been Busy

Haven't posted on my blog lately, I apologize but I have been swamped with this Forensic Securitization Audit activity. I continue to send our Marketing materials to various attorneys all across the Country. Of course some of them tell me ... but how else would YOU get the attention of a stranger attorney in Miami, Chicago, New Jersey, etc. who specializes in Foreclosures and Bankruptcy? Having one of these done for their clients who feel their lender has "done them wrong" is worth its weight in gold. Not only is it great ammunition (if the Lender is at fault) for a lawsuit, but more frequently it brings the parties to the table so they can talk and work something reasonable and friendly out.

I am fairly happy with the response I have received to date, but the more the merrier!

Cugno & Associates

Cugno & Associates - Expert Mortgage Securitization Forensic Audits is open for business. I spent these last two weeks marketing our services to Foreclosure and Bankruptcy Attorneys nationwide. Considering I saw an article in industry news week before last that there are 6 Million mortgages that are overdue right now! Plus that Reuters article from last week titled "Illegal Foreclosures Widespread Across U.S., Experts Say" revealing up to 84% of all forcclosures are defective & inaccurate ... there seems to be a strong calling for people who intimately understand the entire mortgage process to help this ugly situation.

Therefore if you have a deep understanding of the entire mortgage process (not just loan officer/origination knowledge) from closing through servicing and on to the end investor - Fannie, Freddie and /or securitization, there's a lot of moving parts so you must understrand them all!  Please contact me for part-time employment consideration. If on the other hand you can refer a lawyer to me, please do so as well!

Forensic Securitization Mortgage Loan Auditor

I've modified my new job title (above), it more accurately reflects what I am doing these days. What I've observed so far, is that Lenders & Servicers and their transfer/assignments are frequently faulty. A lot of them, are knee-deep with Robo-Signing activities. In most cases they and not the Borrowers are the result of a negative determination by me. Frequently I see them going all the way thru Foreclosure and right down to scheduling a Trustee Sale date - next step is taking the property in as an REO - when they didn't even 'have standing to foreclose' in the first place! You might ask, who would be so stupid? Think about the names of the handful of top Lenders in America. Now with their names fresh in your brain, I'll give you a clue! --> ALL OF THEM (that's who).

Now., please don't get me wrong, I see plenty of Borrower actions that I deeply question as well. Both at origination and later throughout the process. And, in some cases ... I simply tell them 'mail in your house keys'

What's a Forensic Auditor?

I have accepted a new fascinating assignment for xxxxxxx Associates - Mortgage Experts, as a Forensic Auditor. They give me a Borrower's file as it was compiled by their marketing division and/or the Borrower's attorney, and it's my job to review it from GFE/origination onward to the Secondary Market and into a Securitization if appropriate and through the Servicing activity an any subsequent Foreclosure, REO action.

With the info they provide me, plus independent research I do, along with my long experience in most phases of the industry, I am to analyze if everything was handled properly and lawfully: ie origination fraud and other potential mistakes (RESPA, TIL violations etc by the Lender or Broker) violations of the Fair Debt Collections Act and other servicing mishandling activities, ROBO signing, unlawful assignments from one loan owner to the next, forged notary signatures ... each file so far has taken me approximately 10 hours to complete.

I have completed eight files to date and am absolutely stunned beyond words (or what I like to say that describes that feeling - 'shit-shocked') at what I have seen! It is 100 times worse than we read in industry publications and/or the evening news on television! It goes far beyond merely being sloppy, in just these handful of files I have seen activities by quite a few of the major players in the industry that seem to me to boarder on criminal liability. I am embarrassed for how these industry giants treat borrowers.

Welcome to 2012

Just got finished watching the Rose Parade, while sitting there my thoughts wondered to what I should say today. All things considered I think the theme for this year should be GIRD YOUR LOINS.

Have a Happy and Prosperous New Year.