We’re all like scientists cracking a very complex code. Now, too many people get involved with loan audits or securitization reviews THAT HAVE ZERO VALUE. ZERO VALUE. ZERO VALUE.
One thing everyone must keep in mind is that if whomever does an “audit” (whatever the heck that means) cannot be qualified as an expert in a court of law, THE AUDIT HAS ZERO VALUE. The court will not consider one single word on the page. So for everyone out there selling audits and for everyone out there thinking about using any of this garbage, you must ask whether the report can be qualified as an expert.
The one person I am aware of who has been qualified as an expert is Lynn Syzmoniak..and she has had to fight like heck….
AHMSI and Sand Canyon continue to use the name of long dead Option One Mortgage Corporation even to this day.
AHMSI even uses “Option One” on it’s telephone caller I.D.
Sand Canyon claims to be the “successor” to Option One and yet it holds ZERO assets of the long dead Option One.
It must be a lot of fun to masquerade as a dead corporation.
Securitization Audits are the Key to Stopping Foreclosure
Richard F. Kessler, Esq.
A securitization audit, properly performed, can discover the ” smoking gun” that can save a home from foreclosure. Very few people have the training and expertise to identify and document the legal defects and deficiencies which serve to bar foreclosure. The widespread misuse of a securitization audit by homeowners has led to a misconception of what a security audit is and what it does. That is why BPIA urges every homeowner to only obtain the audit for the use of counsel who either has been retained or will be retained.
What is a securitization audit? A securitization audit inspects the organization and operation of a mortgage backed securities trust (” MBST”) to obtain evidence for mortgage foreclosure defense. The investigation report which results is a tool for an attorney. It will not replace an expert witness and will not, by itself, stop a foreclosure.
Why perform a securitization audit?
More than 80% of mortgages were securitized. A mortgage is securitized when it has been sold to a mortgage backed securities trust (” MBST”). MBSTs became so popular that the volume and velocity of mortgage transfers led to errors and omissions evidence of which can be productively used by attorneys engaged in foreclosure defense. The securitization produces an investigation report intended to include information and evidence to be used by an attorney to defend against foreclosure.
What does a securitization audit provide?
A securitization audit uses the best efforts of a trained and qualified auditor to find evidence and documentation to support the legal arguments of counsel that:
The mortgage is unenforceable;
The party attempting to foreclose does not have the right to foreclose; and
Undisclosed mortgage payments, wrongfully alleged to have been unpaid to trigger foreclosure, were paid by a third party to the mortgage creditor fully satisfying the installment payment obligation of the mortgage debtor to the mortgage creditor.
What does a securitization audit not address?
The securitization audit does not perform:
A forensic audit for consumer defenses such as TILA, RESPA and FDCPA.
A document authentication audit usually used to detect robosigning.
An audit to ascertain compliance with local rules of civil procedure.
An audit to obtain evidence of lender misconduct with respect to loan modifications.
Each of these audits may also be productive of useful legal defenses to foreclosure. Nevertheless, what BPIA is selling and the client is buying is a securitization audit-nothing more.
How has the securitization audit been misused?
A securitization audit produces a report intended for the use of an attorney to defend against mortgage foreclosure. It is part of an attorney’s work product. It provides evidence and information. By itself, it is neither admissible into evidence at trial nor discoverable by the other side. Unfortunately, securitization audits have been sold to unwary homeowners in foreclosure to serve as expert testimony without the expert. BPIA condemns such misrepresentation. Put plainly, a homeowner may not hand the audit report to the judge at a hearing and expect the judge to stop the foreclosure.
Can a securitization audit be used by an expert witness?
A securitization audit can be recast to serve as the report of an expert witness but only if the expert witness has been retained and is available for discovery and will appear at trial. By itself, the audit report cannot be introduced into court as evidence or testimony but is excludable as hearsay. When a securitization report is used as a pre-trial investigative instrument, great care must be taken not to enable the opponent to characterize the report as an expert report because that would open the doors to discovery. An attorney knows how to use the information contained in the securitization audit report and the different techniques for introducing damaging information into evidence ( such as through an expert witness, direct testimony of a witness, cross examination of an opponent’s witness and discovery, etc.).
To repeat what was said above: BPIA urges every homeowner to only obtain a securitization audit for the use of counsel who either has been retained or will be retained.
Securitization Audits are the Key to Stopping Foreclosure= absolute, utter, non sense.
Matt, not all “securitization audit” firms are the same in lack of disclosure, faulty work product/design, expense, etc… This is a work in progress – just like foreclosure defense attorneys doing foreclosure defense law. We at BPIA highly support qualified attorneys because we have seen devasation to our legal system by horrible attorneys on both sides of the case. You have written about this before. You are right.
You statements above have some merit, and I respect those with merit. Your are 1000% correct about the need for admissible evidence and unimpeachable expert witness testimony. Read our in-house counsel Richard Kessler’s statement above for more on this crucial subject. But saying that a securitization audit has “zero value, zero value, zero value,” is like saying ALL attorneys are lazy, too expensive, arrogant, and incompetant? We know this to be an over-generalized and false statement. There are some really excellent attorneys out there…
All of our auditors have passed a criminal back-ground check and undergo training. We have have lots of disclosure, verbally, and in writing. We are very affordable at the detriment of our incomes. We are clean. Others may not be. We are also a licensed private investigative agency and our license is publically available on our website. We are not in this to get rich. We are in this to provide a tool the qualified attorneys can use to prove STANDING and CAPACITY. I learned that from you.
I still believe, and will always believe, that competant, affordable attorneys who “walk the walk and talk the talk” are a homeowners best defense. Pro Se is NOT the way. I fully support you, Mark, Chip, etc… Even Max G. has an expert securitization guy working with him at some level, doesn’t he? Correct me if I am wrong.
I hope you will still talk to me as we have known each other since the original Rally in Tally days. You KNOW who I am. My ethics are beyond reproach.
We are also going to be offering Legal Aid with some pro-bono work to assist those attorneys. Glenn Augenstein is offering to pay for these at cost, out of his own pocket. WE will be happy to demonstrate our work product to you at anytime you wish. We will be providing testimonials and references from qualified attorneys at anyone’s request.
Still your biggest fan,
Rob Harrington
VP/BPIA
Again, if you can make it work, good for you….but this is not the state of the law today.
sorry about the typo’s, as always… 😉
I disagree that securitization audits are useless. Ask Neil Garfield, or Dan Edstrom of DTC. I think it is an extremely useful tool at the hands of an attorney who can then use the information that could be used in litigating the case. Whether the use of the word audit or alternatively the use of the word investigate is irrelevant when it comes to its usefulness. I am aware of some scam audit mills and courses and certifications in auditing and I have seen their products. But that’s besides the point. A legitimate investigation and finding of facts could certainly assist an legal professional to actually seek admissible evidence in a proper forum or establish a stratgey prior to launching the suit and trap the adversaries in their own dragnet. i have done it. I enjoy it. I will continue to fight and do so effectively. End result. Success. That’s all that matters.
i say to anyone who disagrees with my posts on this matter….show me a single case where any of these reports have been submitted or accepted by any court……show me…convince me….sell me on facts….examples….
Matt, the “auditing” industry is emerging just as the “law” and cases are emerging. What we need to examine more fully is the historical timeline of the two emerging fields as “auditing” and “foreclosure defense” by qualified attorneys are running on a near similar pattern regarding the hsitorical time-line. Allow me to make two points on this.
In California, who seems to be about two years behind Florida in the development of foreclosure defense and case law, this may be attributed to when a particular State demonstrated its own unique market cycle of boom and bust. In other words, Florida “busted” earlier with massive foreclosures, (and immeasurable fraudulent underwriting and appraisals as allowed by our Florida government) so our Florida case law, and the subsequent “maturation process” with foreclosure defense and knowledge base of its foreclosure defense attorneys, has “matured” at an earlier rate. So has the “auditing” process which correlates to the historical timelines of development per market. In essence, the “good and the bad” attorneys – and auditors – are also developing at most likley a similar rate and pattern.
The second point which also relates closely to the first point, is that we have NOT seen in Florida, or many other States, where the emerging maturation of the auditing industry, much like the maturation of the foreclosure defense attorney practice, has yet come to full development in the legal cycle of our very SLOW, yet inexorable, justice system. Yet I could cite that Marie McDonnell made a HUGE impact in the Ibanez case as a very highly respected “auditor.” Yet, Marie can’t handle 6 million(?) cases all by herself, can she? Additionally, Massachusetts seems to be one of those States whose players seem to believe that 100’s of years of property laws, fact and law, and due process DOES matter. Florida is merely ham-strung due to our political forces in our “sunshine State” with the AG’s office, the Florida Bar, and our legislature. I only cite this eveidence from the excellent blogging I have followed for years on your websites.
The reason there are so few cases , not only in Florida, but across the country, where “auditing” has NOT produced the “magic pill with the magic outcome,” so desired by the homeowners facing foreclosure, is that it is merely too soon from a historical timeline perspective of industry player development and legal cycles.
Yes MATT, we will all agree that the “audit” needs to be handled in a particular manner that will enable the carefully investigated and properly laid out analysis to perform its intended function.
Yes MATT, you are absolutely correct in stating that the audit (just described) should only be utilized under proper attorney/client work product and held confidential to use as the road-map to drafting proper affirmative defenses and formulatng PROPER DISCOVERY! (Let the games begin…)
Yes Matt, there needs to be professional audits, performed by professionals, who can be vetted by a reasonable, honest Judge. This is painfully obviously so, that the admission of the “audit” into eventual evidence, could be properly so entered, and the expert opinion affidavit, and later if necessary, the expert witness testimony could survive opposing counsel’s objections and cross-examination.
Matt, it’s still too early in the historical legal timeline context to disprove your desire of concrete proof today, that the cases are being won on the basis of the power of a well performed “audit.”
Matt, perhaps the best attorneys in Florida should have a conference (in Tallahassee?) and allow the best auditors in Florida (or anywhere from across the country, to all get together, and tear down the audits, from within this emerging industry, and find the best auditors and promote their work (much like the activists have promoted the best attorneys – despite some very sad rulings in certain cases here in Florida.)
Or, the arrogance and short-sightedness of our esteemed legal profession can blow yet another opportunity to take forcosure defense to the next level.
In summary, the biggest challange in the emerging foreclosure defense field lies at the very heart of a lack of communication, lack of respect, lack of cooperation by ALL the players on our side of the aisle. Our opponents don’t seem to have this problem even though they are on the wrong side of history, fact and law, and due process. Ego, turf-wars, and greed, have done a greater disservice to the US (and Florida) homeowners, than the general opposition’s efforts through their (alleged – lol’s) fraud, bumbling and stumbling in the foreclosure process. The nature of modern day foreclosure has created such a target-rich environment for PROFESSIONALS such as you (and I.)
I stated to you the other day, on the phone, get the 6 (or 100) best attorneys in Florida together, and I will be happy (to drive 8 hours to St. Pete) to show you evidence of what we at (licensed) Bill Paaatalo Investigative Agency – BPIA – believe is the best securitization/chain of title audit work for Florida Attorneys who wish to give their homeowners a better chance of a more favorable outcome in their case. This stands unless the attorneys see that this would create less billable hours by utilizing our work. But, even in a nasty divorce case, a great attorney would always hire a qualified private investigator to spy on the wayward spouse (as opposed to the respected attorney hiding in garbage cans or in the bushes to accomplish the same work, wouldn’t you agree?)
I think the best foreclosure defense attorneys in Florida CAN all handle the truth, proof and evidence. This is the appropriate process for ALL of us to improve our professional mastery.
Name the time and place, and we will be there with the (privacy related redacted) audits. You can be our Judge and jury. We just want our “day in court.” Seems very appropriate in Florida today, doesn’t it?
Rob Harrington
VP/BPIA
850 259-6422
Rob, the issue is admissibility. If the “expert” cannot be qualified as an “expert” by a hostile judge and plaintiff bar, it has no value. Lynn is the closest to an expert, having been qualified in many states in both federal and state court. But she has been refused repeatedly in Florida….I am not going to engage in an argument….if your area develops, good…I’m all for anything that helps consumers….but the law and the facts largely do not support it right now.
Matthew D. Weidner, Esq.:
January 5, 2012 at 10:31 PM
“i say to anyone who disagrees with my posts on this matter”¦.show me a single case where any of these reports have been submitted or accepted by any court”¦”¦show me”¦convince me”¦.sell me on facts”¦.examples”¦.”
https://www.scribd.com/doc/46493418/Amicus-Brief-Submitted-by-Marie-McDonnell
As a lawyer you know the importance of finding evidence to back up a legal argument based upon fact. Accordingly, where is your evidence to back-up the claim that all securitzation audits are worthless? It is not my responsibility to provide you gratuitously with evidence to contradict your claim if you have failed to substantiate it with evidence.
An investigative report cannot and should not be submitted to court as evidence without the appearance of the investigator. It is wrong to sell an investigative report to someone who does not understand this.
The purpose of the investigative report is to make information available to assist counsel in the preparation of a case for litigation. It’s value is a function of its usefulness to the attorney who ordered and paid for it. Cases are often won or lost based upon the adequacy of pretrial preparation.
BP Investigative Agency LLC. prepares securitization reports for attorneys. You have never seen nor read any of our securitization audit reports. Please order a report from us, use it and then sound off. In the meanwhile, stop making empty noise which damage BPIA’s business operations.
I have left you alone and not spoken publicly, and was content to do so, but you’re provoking a confrontation with me and arguing the law with me, so you leave me no choice but to respond. I am a lawyer, licensed and authorized to practice in Florida state and federal courts. I have duties, obligations and face liability to clients that I represent in court. I checked the Florida Bar website and noted that you are not listed as an attorney authorized to practice law in Florida. I believe that your Document Clearing House and your Rocket Docket Annihilator operations violate Florida’s Foreclosure Rescue Fraud Prevention Act. I found it equally concerning that I believe you were marketing a system to Plaintiff mills to defeat foreclosure defendants. You will recall I purchased your “Rocket Docket Annihilator” to review, then promptly returned it because, in my professional opinion, it was not only completely worthless, but misleading and harmful to consumers. I respect that Rob Harrington came to me in a very professional manner and I advised him that he should carefully examine whatever business model he is getting involved in and left it at that. I will now write even more, and provide a great deal of specifics about my opinions on the value and issues relating to audits and consultants and other enterprises that may be preying upon unwitting consumers.
HSBC just like BCCI
same cast of characters
AIG Goldman Sachs BOA all a bunch of crooks!
barney Frank Chris Dodd and those sorts
accept bribe monies and do absolutely nothing to
protect us