MFI-Miami Investigates Illegal Foreclosures By Deutsche Bank
MIAMI–MFI-Miami, LLC announced today that it’s narrowing its multistate investigation into illegal foreclosures and is focusing exclusively on Deutsche Bank.
“Deutsche Bank is named as the trustee on nearly 50 percent of the fraud investigations we have done in the past six months,” says Stephen Dibert, President of MFI-Miami.
In the majority of these cases, Deutsche Bank or its servicer almost never produces or refuses to produce the original note and mortgage, or proof that the transfer of the note has been validated. They freely admit this in the actions filed in court. However, some minority homeowners don’t have the legal expertise to understand how important these documents are to their case. They assume they have no defense and don’t show up for the hearing.
In most of the cases MFI-Miami examines, Deutsche Bank has purchased these mortgages and notes on the secondary market as part of a pool with other mortgages. These mortgages have been traded by fund managers like baseball cards.
“The practices of Deutsche Bank underscore the disorganized process financial firms used in buying and selling mortgages on the secondary market, which is done secretly behind closed doors,” says Massachusetts Bankruptcy Attorney Glenn F. Russell Jr. “They are turning the foreclosure process into the Wild West, and many of these foreclosures are plainly illegal.”
Stephen Dibert says, “In many of these cases, it appears that Deutsche Bank management gave their approval to buy a lot of worthless paper on the secondary market.”
“Deutsche Bank retains law firms that aren’t interested in defending the legitimacy of their claim,” said Dibert. “Their purpose is to intimidate, obtain default judgments, and foreclose as fast as possible against homeowners who are uneducated about the legal foreclosure process. Joseph DeYounks of West Palm Beach, Florida, is a perfect example. Deutsche Bank purchased his note on the secondary market and is now attempting to foreclose on his home. The bank hasn’t provided proof that it’s the legal owner, and the originating lender violated Florida law by funding this loan without the proper lending license.”
“Deutsche Bank is displacing minority homeowners at a methodical rate,” says Stephen Dibert, President of MFI-Miami.
Banks in South Florida are bringing foreclosure actions at an unprecedented rate. Miami-Dade County averaged about 10,000 to 11,000 foreclosures in 2006. In 2008, according to the Miami-Dade County Clerk of Courts, foreclosures were in excess of 56,000.
Miami Foreclosure Defense Attorney Shaun Rice, of De Armas, Millich, & Rice, PL, says: “I strongly believe that minorities have suffered disproportionately as a result precisely from banks like Deutsche Bank who often never had a legitimate claim to bring a foreclosure action in the first place.”
Headquartered in Boynton Beach, Florida, MFI-Miami, LLC and its sister companies conduct forensic mortgage audits and mortgage fraud investigations. MFI-Miami, LLC is one of a few firms that investigate the transfer of the securitization instruments of mortgages. For more information, visit www.mfi-miami.com, contact 561-317-9978, or email email@example.com.
About Glenn F. Russell, Jr.
Glenn F. Russell, Jr. is located in Fall River, Massachusetts. He’s a member of the Massachusetts and Connecticut Bar Associations, where he specializes in foreclosure defense, bankruptcy, personal injury, and divorce law. For more information, visit www.foreclosuresinmass.com, call 508-324-4545, or email firstname.lastname@example.org.