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One-Time Clinton Extortionist Kathleen Willey Claims She’s A Victim Of Robo-Signing

January 28, 2012 By Leave a Comment

Matt Drudge Bitch Andrew Breitbart’s Website Trumpets Her As A Whistle Blower Of A Global Conspiracy Masterminded By George Soros

Jeffery Scott Shapiro, BigGovernment.com

One-time Extortionist Kathleen WilleyKathleen Willey, the former White House volunteer who accused President Clinton in 1998 of sexually harassing her in 1993, is trying to expose potential robo-signing foreclosure fraud from her home state of Virginia–and she’s already gone on national television to get the word out to her fellow Americans.

Foreclosure proceedings were commenced against Willey in 2010, but Willey was able to stop the expedited 14-day foreclosure process by filing a fraud suit against her lender, One West Bank. In an exclusive telephone interview with Big Government from her Richmond based home, Willey told me the following:

I applied for a modification back in 2009. My bank was IndyMac, which was the very first bank the feds seized in 2008. Then they turned it around and sold it to George Soros and Larry Dell for a song. So, the two of them–big Obama contributors–they bought that bank.

That got a lot of play in California. There were lots and lots of stories, but it just kind of died. Out of sheer desperation I finally said look, I’ve had it, I need to know something about what’s happening to my home, and I was reading all the horror stories of what they were doing to people and so I told them if you don’t do something to help me and all these other people I’m going to go on television and they laughed at me.

I went on Fox & Friends on October 21, 2010 and someone from One West Bank called into the show and suspended the foreclosure. All of a sudden they were my new best friend. I had my very own modification officer at the bank, but then it just started dragging on again. Finally, I called last February. They were supposed to give me a decision within 30 days to tell me whether or not I even qualify, but they didn’t.

Finally, I called again and I got someone on the phone who said it was looking good and that I shouldn’t have any problem and then I called again and then they turned me down. Then they turned around and they sent me a 2-page self-explanatory letter signed by a person telling me the reasons I’d been turned down, a number of reasons I could have shot bullets through. So, I waited, waited and waited and then it got to December 29 when I got my first letter of fair debt collection, that they were moving in and they put it on fast track and now my home is scheduled to be sold next Thursday, February 2nd.

But there’s more—Willey may have stumbled upon a new form of “robo-signing,” the illegal practice of bank employees signing thousands of documents and affidavits without verifying the information. Right now, the U.S. is in talks with five major banks including Ally Financial Inc., Bank of America Corp., Citigroup, J.P. Morgan Chase & Co., and Wells Fargo & Co. about a $19 billion settlement for their participation in robo-signing fraud.

 

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Is Rick Santorum A Mortgage Fraudster?

January 28, 2012 By 2 Comments

Sweetheart Mortgage Deals and Mortgage Assignments Don’t Add Up.

Bobbi Bowman and Zandy Dudiak, Patch.com

Santorum embarassed

GOP Presidential Wannabe Rick Santorum

A search of land records for the $2 million Great Falls, VA, home of Republican presidential candidate and former Pennsylvania Senator Richard Santorum turns up a series of mortgages that at times equaled and exceeded the sales price of the property.

The industry guideline is usually mortgages should not exceed 75 percent of the appraised value of a property, according to mortgage experts. The assessed value of the Great Falls home, which is set by Fairfax County, has fallen since Santorum bought it in 2007.

Property values have fallen throughout the county—even in the wealthiest communities of McLean and Great Falls—because of the recession.

It’s a fascinating story to follow the real estate transactions of this presidential aspirant who is also a neighbor. All the transactions are found in the Fairfax County land records. We’re going to walk you through Santorum’s life as a Fairfax County homeowner.

In September 1995, as a newly elected senator from Pennsylvania, Santorum and his wife bought a house in Herndon, VA, for $292,000, according to the Fairfax County deed.

As a Congressman, Santorum had lived in Mt. Lebanon, but sold that house in 1995, the same year he bought the one in Herndon. He then bought a house in Penn Hills in 1997.

In November 1998, the couple took out a mortgage of $244,000 on the Herndon home, according to the mortgage filed in the Fairfax County courthouse.

In November 2001, the Santorums sold the home for $429,900. They moved to Leesburg in Loudoun County.

Usually mortgages are paid off when homes are sold. Not in this case. The Santorums paid off the mortgage in October 2003, according to county documents.

In 2006, Santorum ran for a third term in the U.S. Senate and lost, due in part to the controversy over whether he actually lived in Pennsylvania, and after he enrolled five of his children in an online cyber school paid for by the Penn Hills (PA) School District, despite the fact that all the children lived in Virginia.

The family returned to Fairfax County in August 2007. They bought a house with five acres in Great Falls with a high-ranking official of a major development and mortgage company.

Santorum formed the Creamcup Trust with James Sack, the secretary and general counsel of NVR, a major single-family developer and mortgage finance company in northern Virginia and 15 states. Creamcup Trust bought a house  and five acres of land on Creamcup Lane in Great Falls for $2 milllion in August 2007, according to the deed.

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Hurricane Irene Could Mean Foreclosure Windfall For Banks

August 26, 2011 By Leave a Comment
As if the underwater U.S. housing market needed another curve ball, the prospect of billions of dollars in insurance claims on underwater homes could mean a financial and litigation windfall for the banks.
Although mortgage documents and individual state laws vary, common language in mortgage documents requires that any insurance check be made out to both the bank and the homeowner.  The homeowner is then contractually required to sign the insurance check over to the bank which is then held in escrow by the bank.
Banks can make many legal and equitable arguments as to why the property should not be rebuilt, but rather deemed a total loss.  If deemed a total loss, the banks could then be able to claim that the insurance proceeds cover the outstanding mortgage balance.
But before a bank can make such claims, it still has to prove that it owns the right to foreclose on the subject property in the first place.
However, if the destroyed property is in foreclosure, the now homeless homeowner would be less likely to fight the foreclosure proceeding in order to stay in an dilapidated structure because such legal arguments become more academic rather than personally tangible.
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Filed Under: Connecticut, Maryland, Massachusetts, Mortgage News, New Jersey, New York, Virginia Tagged With: , , ,

Trump Beautifully Outmaneuvers BofA To Help Socialite

July 5, 2011 By Leave a Comment

Robert Frank, Wall Street Journal

In the history of rapid wealth loss, Patricia Kluge stands apart. Once married to one of America’s richest men, she won a divorce settlement in 1990 worth more than $100 million and proceeded to spend it on her lifestyle and business ventures. She was forced to sell off her Cartier diamonds, Givenchy gowns and silk drapes before declaring personal bankruptcy in June.

Yet the Fall of the House of Kluge has been a windfall for one man: Donald Trump.

As Ms. Kluge’s empire collapsed, Mr. Trump bought. Over the past six months, he swooped in and picked up many of the pieces of her palatial Virginia estate and winery. He bought the 1,000-acre vineyard and winery for a fraction of their original value. He bought 200 acres nearby for less than $500,000, with help from Ms. Kluge and her son.

Now, the pompadoured billionaire and reality-TV star may have outplayed a much bigger rival in a bid for Ms. Kluge’s crown jewel: her mansion. Bank of America owns the house after foreclosing and is trying to sell it for $16 million. The 24,000-square-foot neo-Georgian palace has 45 rooms, a spa, home theater, 3,500-bottle wine cellar and 2,000-square-foot sitting room.

One thing the house doesn’t have, however, is a front yard. Mr. Trump owns that, having purchased it with his 200 acres. He also owns most of the driveway and the backyard, making a sale to any other buyer difficult. Mr. Trump said he would buy it from Bank of America for $3.6 million.

To make his point, he has erected signs on the front lawn of the mansion that read, “No Trespassing. This Land is Owned by Trump Virginia Acquisitions LLC,” aimed at warding off possible buyers. He has also let the lawn go to seed.

“Maybe someone is stupid enough to buy the house,” Mr. Trump said. “I wish them luck.”

The broker for the house, Joseph Marchetti III, responded: “We believe the house is a salable asset as it is.”

The mansion spat is just the latest drama to emerge from the outsize life of Patricia Kluge. Ms. Kluge, who was born in Baghdad and once posed nude for a London magazine, married John Kluge in 1981. Mr. Kluge, 34 years her senior, was named the second-richest man in America in 1986 by Forbes magazine after making billions from his Metromedia broadcasting empire. Ms. Kluge became a prominent socialite in New York, Palm Beach and Virginia.

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