The Nevada attorney general Catherine Cortez Masto has just filed a 606 count indictment against two title officers in a single county, Clark County, for supervising the filing of tens of thousands of fraudulent documents in a robo-signing scheme.
On the one hand, this indictment is not as gratifying, say, as busting Angelo Mozilo. On the other hand, if low level supervisors in bank frauds face the risk of serving time, you are going to find a ton fewer people willing to take that job. Those higher up on the food chain might also have to be a lot more careful and pay the people involved more money, which in turn undermines the basic logic of these abuses, which is cost savings.
In addition, as mob prosecutions have shown again and again, you start by going after the foot soldiers in the hope that they roll people higher up on the food chain.
And at a minimum, this action says that the law and due process matter, and violations, particularly large scale, systematic violations, can and will be punished.
From the press release:
According to the indictment, defendant Gary Trafford, a California resident, is charged with 102 counts of offering false instruments for recording (category C felony); false certification on certain instruments (category D felony); and notarization of the signature of a person not in the presence of a notary public (a gross misdemeanor). The indictment charges defendant Gerri Sheppard, also a California resident, with 100 counts of offering false instruments for recording (category C felony); false certification on certain instruments (category D felony); and notarization of the signature of a person not in the presence of a notary public (a gross misdemeanor)…
The indictment alleges that both defendants directed the fraudulent notarization and filing of documents which were used to initiate foreclosure on local homeowners.
The State alleges that these documents, referred to as Notices of Default, or “NODs”, were prepared locally. The State alleges that the defendants directed employees under their supervision, to forge their names on foreclosure documents, then notarize the signatures they just forged, thereby fraudulently attesting that the defendants actually signed the documents, which was untrue and in violation of State law. The defendants then allegedly directed the employees under their supervision to file the fraudulent documents with the Clark County Recorder’s office, to be used to start foreclosures on homes throughout the County.
The indictment alleges that these crimes were done in secret in order to avoid detection.
The full indictment is here as well as below:
Nevada Robosigning Indicment 11-16-11
Update: Two sources close to the investigation have told me the targets of the lawsuit are employees of Lender Processing Services. That strongly suggests that Masto is, as we indicated earlier, using these indictments as a wedge to go after much broader abuses in the servicing industry. LPS’s biggest business is its Default Services Group, which both managed the operations of foreclosure mills (people with knowledge of LPS charge that the firm even kicks out certain standard form documents for foreclosure mill attorneys to file) and also often acted as the arms and legs of servicers in other arenas (for instance, managing, or more accurately, mismanaging property seized in foreclosure).
LPS has always taken the position that anything it did was at the direction of and with the full knowledge of the servicers. If Masto is shrewd, her objective will be to audit LPS’s software, since that will demonstrate pattern and practice, and it will be impossible for servicers to deny that processes embodied in ongoing, routinized activities were unknown to them.
Update 12:30 AM: April Charney provided documents that showed that the targets of the suits worked for LPS, but rather than upload them and embed them to convince you, the Wall Street Journal got confirmation from LPS that both are employees
The CNN Washington Bureau’s morning speed read of the top stories making news from around the country and the world. Click on the headlines for more.
WASHINGTON/POLITICAL
For the latest political news:http://www.CNNPolitics.com
CNN: Cain 'flip-flops,' Bachmann says
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CNN: Sununu set to back Romney
[Former New Hampshire Gov. John H. Sununu’s] endorsement is highly prized and provides another sign the GOP establishment is backing Romney, a former Massachusetts governor, in the race for the presidential nomination.
Washington Post: Obama’s efforts to aid homeowners, boost housing market fall far short of goals
President Obama pledged at the beginning of his term to boost the nation’s crippled housing market and help as many as 9 million homeowners avoid losing their homes to foreclosure. …Nearly three years later, it hasn’t worked out.
New York Times: Jobs Plan Stalled, Obama to Try New Economic Drive
With his jobs plan stymied in Congress by Republican opposition, President Obama on Monday will begin a series of executive-branch actions to confront housing, education and other economic problems over the coming months, heralded by a new mantra: “We can’t wait” for lawmakers to act.
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For the latest national news: http://www.CNN.com
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U.S. Rep. Gabrielle Giffords arrived in North Carolina on Sunday to undergo "intensive" rehabilitation as she continues her recovery from being shot in the head in a mass shooting in January, her office said.
USA Today: Economic woes take toll on U.S. police departments
By year's end, nearly 12,000 police officers will have lost their jobs, and 30,000 positions in county and municipal departments will go unfilled, both direct consequences of a faltering economy that has forced deep cuts in local government budgets.
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Manssor Arbabsiar, one of two men implicated in an alleged Iranian plot to assassinate Saudi Arabia's ambassador to the United States, will be arraigned Monday in New York. The second man indicted in the alleged plot, Gholam Shakuri, remains at large.
The Hill: Civil rights groups charge Obama with hypocrisy over Alabama immigration law
The Obama administration is facing charges of hypocrisy for fighting a controversial Alabama immigration law while using the measure to arrest and deport illegal immigrants in the state.
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For the latest international news:http://edition.cnn.com
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http://www.cnn.com/video/#/video/bestoftv/2011/10/23/rivers-gadhafi-killer-celebrated.cnn
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Animating New York City's <b>News</b> - NYTimes.com
A Hong Kong-based company, Next Media, that has turned major news events into popular animated videos has now set up an office in New York City.
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The 2011 World Poker Tour Jacksonville kicked off on Friday and attracted 188 players for Day 1a. Matthew Jarvis looks to be the early chip leader.
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openSUSE 12.1 was launched on Wednesday and it's time to look back at the successful launch of a great distribution. We've seen a lot of positive feedback regarding openSUSE 12.1 via press, social networks, blogs etc. ...
openSUSE 12.1 Launch Feedback - openSUSE <b>News</b>The Nevada attorney general Catherine Cortez Masto has just filed a 606 count indictment against two title officers in a single county, Clark County, for supervising the filing of tens of thousands of fraudulent documents in a robo-signing scheme.
On the one hand, this indictment is not as gratifying, say, as busting Angelo Mozilo. On the other hand, if low level supervisors in bank frauds face the risk of serving time, you are going to find a ton fewer people willing to take that job. Those higher up on the food chain might also have to be a lot more careful and pay the people involved more money, which in turn undermines the basic logic of these abuses, which is cost savings.
In addition, as mob prosecutions have shown again and again, you start by going after the foot soldiers in the hope that they roll people higher up on the food chain.
And at a minimum, this action says that the law and due process matter, and violations, particularly large scale, systematic violations, can and will be punished.
From the press release:
According to the indictment, defendant Gary Trafford, a California resident, is charged with 102 counts of offering false instruments for recording (category C felony); false certification on certain instruments (category D felony); and notarization of the signature of a person not in the presence of a notary public (a gross misdemeanor). The indictment charges defendant Gerri Sheppard, also a California resident, with 100 counts of offering false instruments for recording (category C felony); false certification on certain instruments (category D felony); and notarization of the signature of a person not in the presence of a notary public (a gross misdemeanor)…
The indictment alleges that both defendants directed the fraudulent notarization and filing of documents which were used to initiate foreclosure on local homeowners.
The State alleges that these documents, referred to as Notices of Default, or “NODs”, were prepared locally. The State alleges that the defendants directed employees under their supervision, to forge their names on foreclosure documents, then notarize the signatures they just forged, thereby fraudulently attesting that the defendants actually signed the documents, which was untrue and in violation of State law. The defendants then allegedly directed the employees under their supervision to file the fraudulent documents with the Clark County Recorder’s office, to be used to start foreclosures on homes throughout the County.
The indictment alleges that these crimes were done in secret in order to avoid detection.
The full indictment is here as well as below:
Nevada Robosigning Indicment 11-16-11
Update: Two sources close to the investigation have told me the targets of the lawsuit are employees of Lender Processing Services. That strongly suggests that Masto is, as we indicated earlier, using these indictments as a wedge to go after much broader abuses in the servicing industry. LPS’s biggest business is its Default Services Group, which both managed the operations of foreclosure mills (people with knowledge of LPS charge that the firm even kicks out certain standard form documents for foreclosure mill attorneys to file) and also often acted as the arms and legs of servicers in other arenas (for instance, managing, or more accurately, mismanaging property seized in foreclosure).
LPS has always taken the position that anything it did was at the direction of and with the full knowledge of the servicers. If Masto is shrewd, her objective will be to audit LPS’s software, since that will demonstrate pattern and practice, and it will be impossible for servicers to deny that processes embodied in ongoing, routinized activities were unknown to them.
Update 12:30 AM: April Charney provided documents that showed that the targets of the suits worked for LPS, but rather than upload them and embed them to convince you, the Wall Street Journal got confirmation from LPS that both are employees
The CNN Washington Bureau’s morning speed read of the top stories making news from around the country and the world. Click on the headlines for more.
WASHINGTON/POLITICAL
For the latest political news:http://www.CNNPolitics.com
CNN: Cain 'flip-flops,' Bachmann says
Republican presidential candidate Michele Bachmann continued to hit rival Herman Cain's conservative credentials Sunday amid a recent dust up over comments he made about abortion. Bachmann said the remarks made earlier this week were further evidence of the businessman's "troubling" policy shifts.
CNN: Sununu set to back Romney
[Former New Hampshire Gov. John H. Sununu’s] endorsement is highly prized and provides another sign the GOP establishment is backing Romney, a former Massachusetts governor, in the race for the presidential nomination.
Washington Post: Obama’s efforts to aid homeowners, boost housing market fall far short of goals
President Obama pledged at the beginning of his term to boost the nation’s crippled housing market and help as many as 9 million homeowners avoid losing their homes to foreclosure. …Nearly three years later, it hasn’t worked out.
New York Times: Jobs Plan Stalled, Obama to Try New Economic Drive
With his jobs plan stymied in Congress by Republican opposition, President Obama on Monday will begin a series of executive-branch actions to confront housing, education and other economic problems over the coming months, heralded by a new mantra: “We can’t wait” for lawmakers to act.
NATIONAL
For the latest national news: http://www.CNN.com
CNN: Gabrielle Giffords to undergo 'intensive' therapy in North Carolina
U.S. Rep. Gabrielle Giffords arrived in North Carolina on Sunday to undergo "intensive" rehabilitation as she continues her recovery from being shot in the head in a mass shooting in January, her office said.
USA Today: Economic woes take toll on U.S. police departments
By year's end, nearly 12,000 police officers will have lost their jobs, and 30,000 positions in county and municipal departments will go unfilled, both direct consequences of a faltering economy that has forced deep cuts in local government budgets.
CNN: Arraignment set for man accused of plotting to kill Saudi ambassador
Manssor Arbabsiar, one of two men implicated in an alleged Iranian plot to assassinate Saudi Arabia's ambassador to the United States, will be arraigned Monday in New York. The second man indicted in the alleged plot, Gholam Shakuri, remains at large.
The Hill: Civil rights groups charge Obama with hypocrisy over Alabama immigration law
The Obama administration is facing charges of hypocrisy for fighting a controversial Alabama immigration law while using the measure to arrest and deport illegal immigrants in the state.
INTERNATIONAL
For the latest international news:http://edition.cnn.com
CNN: Rescuers rush to save survivors after deadly Turkish quake
The sun rose on a devastated scene in eastern Turkey early Monday as rescue workers scoured rubble from a massive earthquake hoping to find survivors. Search crews used flashlights, shovels, heavy machinery and clawed with their bare hands to lift debris.
CNN: Libya's new leaders declare liberation
Libya's interim leaders declared the nation's freedom Sunday, ushering in a new era after the death of longtime ruler Moammar Gadhafi. “Libyan lands have now been completely liberated," said Abdul Hafiz Ghoga, vice chairman of Libya's National Transitional Council.
CNN: Tunisia puts election turnout at 90%
More than 90% of registered voters cast ballots in Tunisia's first national elections since independence, officials said. Workers have begun manually counting the votes, with final results expected Tuesday afternoon.
CNN: Clinton warns Iran against moving into Iraq
"No one, most particularly Iran, should miscalculate about our continuing commitment to and with the Iraqis going forward," she told CNN's "State of the Union" when asked whether Iran's relationship with Iraq is a concern.
BUSINESS
For the latest business news:http://www.CNNMoney.com
CNNMoney: Europe's leaders nearing debt solution
Europe's top leaders said Sunday that they were getting closer to finalizing a plan to solve Europe's debt crisis. But with a final agreement not expected before Wednesday, the actual details remained under wraps.
Los Angeles Times: U.S. credit rating facing another cut soon, Bank of America warns
America’s credit rating is likely to take another hit before the end of 2011, threatening renewed market turmoil, Bank of America Merrill Lynch economists warn. In a report on Friday, BofA Merrill said it sees little hope of a breakthrough by the congressional “super committee” on deficit reduction.
Wall Street Journal: Yahoo Attracts More Potential Suitors
The swirl of potential deal activity around Yahoo Inc. is growing. Google Inc. has talked to at least two private-equity firms about potentially helping them finance a deal to buy Yahoo's core business, according to a person familiar with the matter.
In Case You Missed It…
New video shows the man who purportedly shot Moammar Gadhafi receiving praise. CNN's Dan Rivers reports.
http://www.cnn.com/video/#/video/bestoftv/2011/10/23/rivers-gadhafi-killer-celebrated.cnn
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Animating New York City's <b>News</b> - NYTimes.com
A Hong Kong-based company, Next Media, that has turned major news events into popular animated videos has now set up an office in New York City.
Animating New York City's <b>News</b> - NYTimes.com2011 World Poker Tour Jacksonville Day 1a: Jarvis Bags Bunches <b>...</b>
The 2011 World Poker Tour Jacksonville kicked off on Friday and attracted 188 players for Day 1a. Matthew Jarvis looks to be the early chip leader.
2011 World Poker Tour Jacksonville Day 1a: Jarvis Bags Bunches <b>...</b>openSUSE 12.1 Launch Feedback - openSUSE <b>News</b>
openSUSE 12.1 was launched on Wednesday and it's time to look back at the successful launch of a great distribution. We've seen a lot of positive feedback regarding openSUSE 12.1 via press, social networks, blogs etc. ...
openSUSE 12.1 Launch Feedback - openSUSE <b>News</b>
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