Lynn Syzmoniak- The Fraudclosure Machine Roars Back To Life!

Amerikans have developed terrifyingly short attention spans.   Amerikans, and especially the press, have grown tired of the fraudclosure story..it’s like some kind of pathetic defense mechanism where we avert our attention from the victim of spouse abuse being beaten in public, or a child who is the victim of violent abuse and we’ve all just decided to look the other direction, diverting our gaze from an uncomfortable scene.
But we will all still suffer the consequences…
This increased push to foreclose, especially by trustees of
residential mortgage-backed trusts, may be the single most
important development in the American economy in 2012.
There was a dramatic increase in the number of new foreclosures in
Florida in June, 2012. In some cases, new filings reached an all time
high. Bank of New York Mellon filed more new foreclosures in
Hillsborough County (the Tampa area) in June 2012 than in June of
any of the preceding four years. In almost every county and for each
of the banks studied, there was an increase in new filings in June,
2012 not just when compared with June, 2011. In some cases, the
new filings were the highest in five years.
The dramatic increase was not consistent in all counties and with all
banks. Bank of New York Mellon and Bank of America were more
heavily engaged in filing new foreclosures than Citi, Deutsche and
Wells Fargo.
The number of new Lis Pendens filed in the official county records of
five Florida counties by five banks are reported below. The banks are
Bank of New York Mellon, Bank of America, Citi, Deutsche and Wells
Fargo.
Bank of New York Mellon is the trustee for most of the CWABS and
CWALT trusts, the Countrywide Trusts. Deutsche Bank is the trustee
for most of the American Home Mortgage Asset and Investment trusts,
as well as many of the Soundview and Long Beach trusts. Wells Fargo
is the trustee for many of the Option One Trusts.
The failures of these three sub-prime lenders, Countrywide, American
Home Mortgage and Option One, proved disastrous for the American
economy. Even after five years, most bankers and their reporters
refuse to admit that mass foreclosures drive down home prices and
result in more foreclosures, creating a death spiral for borrowers,
communities and investors. The counties chosen each have a
population of at least one million people. This increased push to
foreclose especially by trustees of residential mortgage-backed trusts
may be the single most important development in the American
economy in 2012.
2
Bank of NY Mellon
Broward County
2012: 169
2011: 21
2010: 94
2009: 302
2008: 278
Hillsborough County
2012: 156
2011: 31
2010: 97
2009: 134
2008: 138
Miami-Dade County
2012: 264
2011: 48
2010: 108
2009: 305
2008: 377
Orange County
2012: 107
2011: 22
2010: 72
2009: 148
2008: 184
Palm Beach County
2012: 242
2011: 68
2010: 121
2009: 167
2008: 261
Bank of America
Broward County
2012: 160
2011: 39
2010: 290
2009: 399
2008: 187
3
Hillsborough County
2012: 215
2011: 88
2010: 219
2009: 201
2008: 92
Miami-Dade County
2012: 378
2011: 135
2010: 308
2009: 547
2008: 244
Orange County
2012: 164
2011: 53
2010: 183
2009: 221
2008: 94
Palm Beach County
2012: 227
2011: 112
2010: 193
2009: 260
2008: 223
Wells Fargo
Broward County
2012: 185
2011: 106
2010: 577
2009: 331
2008: 209
Hillsborough County
2012: 256
2011: 117
2010: 369
2009: 253
2008: 195
4
Miami-Dade County
2012: 280
2011: 198
2010: 709
2009: 536
2008: 316
Orange County
2012: 172
2011: 149
2010: 346
2009: 264
2008: 157
Palm Beach County
2012: 221
2011: 207
2010: 384
2009: 261
2008: 288
DEUTSCHE BANK
Broward County
2012: 82
2011: 77
2010: 155
2009: 408
2008: 386
Hillsborough County
2012: 256
2011: 44
2010: 82
2009: 195
2008: 178
Miami-Dade County
2012: 172
2011: 111
2010: 192
2009: 621
2008: 600
5
Orange County
2012: 31
2011: 41
2010: 149
2009: 196
2008: 206
Palm Beach County
2012: 58
2011: 89
2010: 83
2009: 262
2008: 394
Citi Bank
Broward County
2012: 66
2011: 54
2010: 148
2009: 212
2008: 176
Hillsborough County
2012: 74
2011: 55
2010: 75
2009: 122
2008: 166
Miami-Dade County
2012: 131
2011: 123
2010: 213
2009: 349
2008: 283
Orange County
2012: 70
2011: 57
2010: 108
2009: 160
2008: 120
6
Palm Beach County
2012: 84
2011: 96
2010: 112
2009: 178
2008: 241
Note: Bank of America also filed thousands of foreclosures under the name BAC
Home Loans Servicing. Those foreclosures are not included in this report. Wachovia
Bank foreclosures are not included in the Wells Fargo numbers. No adjustment was
made for duplicate reports in the official records when more than one person is listed
as the owner.
Microsoft Word – JUNETOTALS.docx