Joanne ONeill 0

Petition for Foreclosure Moratorium, Fraud Investigation and Prosecution

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Other States investigations:
Last summer, John O’Brien, register in Southern Essex County, Massachusetts conducted an audit of mortgage documents filed with his office. He found 75% of mortgage assignments were invalid, in 40% of cases the bank currently owning mortgage could not be identified and at last 20% of the documents were fraudulent. O’Brien called his registry a “crime scene as evidenced by this forensic examination.” He went on to say, “I am stunned and appalled by the fact that America’s biggest banks have played fast and loose with people’s biggest asset – their homes. This is disgusting, and this is criminal.”

This February, Phil Ting, the San Francisco, California assessor-recorder announced the results of a similar audit finding that “about 84 percent of the files contained what appear to be clear violations of law and fully two-thirds had at least four violations or irregularities.”

State action:
California Attorney General has created a Mortgage Fraud Task force to prosecute abusive lending practices at all levels of the process. Criminal investigations also launched in Nevada, Illinois and Michigan. Impact of settlement on these efforts is unclear.

Scope of problem in NJ:
New Jersey has backlog of up to 100,000 foreclosed properties, second highest percentage of mortgages in foreclosure in the nation.

Due to the findings of investigations by County Recorder's in other States :

We, the undersigned demand that the county sheriff’s office enact a moratorium on housing foreclosure auctions and evictions until such time as the county clerk conducts a forensic audit for fraud and improper filings in mortgage documents held by the county.

We demand that the Attorney General of New Jersey, Jeffrey Chiesa, prosecute banks for the harm they did homeowners. Principals must be written down to market value, and persons foreclosed on made whole for their losses.


Coalition to Save Our Homes


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