Shadowtraders

Full story here from Naked Capitalism. Oooh, I see a large, stinking whale corpse of mortgage issues finally rising to the surface.

my sneaky preface here:

Isn’t Fidelity National Title affiliated LPS? So you have basically the same entity falsifying documents of title on properties whose titles it has insured?

==> Mr. Foley has been the Chairman of FNT, a majority-owned subsidiary of FNF since September 2005. He has been the Chairman of Fidelity National Financial, Inc., at Fidelity National Title Group, Inc. since October 2006. He served as an Executive Chairman of Lender Processing Services, Inc. from July 2008 to March 15, 2009. He served as the Chairman of Lender Processing Services, Inc. from May 2008 to July 2008 and Executive Chairman from July 2008 to March 15, 2009.

==>On Friday, Old Republic National Title Company announced it will no longer write policies on foreclosed GMAC or Chase properties.

Conversely, Fidelity National Title issued a statement on Friday that it did not believe the problems with the foreclosure process would have “a material adverse impact.”

Could it be that Fidelity knows that their company–LPS–has infiltrated and controls many of the county recorders’ offices? It will not be a problem because, not only can LPS create the forged affidavits and assignments, it can also retroactively insert them into the county records?

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A bombshell has dropped in mortgage land.

We’ve said for some time that document fabrication is widespread in foreclosures. The reason is that the note, which is the borrower IOU, is the critical instrument to establishing the right to foreclose in 45 states (in those states, the mortgage, which is the lien on the property, is a mere “accessory” to the note). (more…)