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Press Conference May 4, 2011 Fraudulent Documents from Doc X- contracted by major banking institutions.

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Presentation on theme: "Press Conference May 4, 2011 Fraudulent Documents from Doc X- contracted by major banking institutions."— Presentation transcript:

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2 Press Conference May 4, 2011 Fraudulent Documents from Doc X- contracted by major banking institutions

3  Foundational integrity to land ownership Who owns what? Are people who they say they are when they transfer land and property Essential for Transparency and Fair Dealing for buyers, sellers, and lending institutions 8/25/2014Jeff L Thigpen - Register of Deeds Investigation 2

4 8/25/ Jeff L Thigpen - Register of Deeds Investigation

5 8/25/ Jeff L Thigpen - Register of Deeds Investigation

6  1920 loan documents; $255 million  15 variations of Linda Green signature  Covering all of Guilford County  65% Wells Fargo; 24% MERS; 8/25/ Jeff L Thigpen - Register of Deeds Investigation

7 Linda Green is everywhere! 6

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11 Jeff L Thigpen - Register of Deeds Investigation8/25/

12  If a fraudulent loan document is filed indicating you’ve paid off your loan, how do you know it’s really paid off?  Are title companies going to insure new loans if they are aware of fraud?  Are banks going to make a loan to you if they know your paperwork is fraudulent? 8/25/ Jeff L Thigpen - Register of Deeds Investigation

13  Homeowners Do you know your chain of title could have problems?  Potential Homeowners If this is not caught, you could be buying property with these issues or problems.  Recording Offices- This is a fundamental violation of the covenant we have with the public  Lending institutions Giving good bankers a bad name.  State and Local governments Consumer Fraud Pension Funds 8/25/ Jeff L Thigpen - Register of Deeds Investigation

14 Immediate actions by Register of Deeds: 1) Send the data and documents to Federal Regulatory Agencies that recently issued a consent order involving DocX and major lending institutions, 2) Send the fraudulent docs to Iowa Attorney General Tom Miller, head of the 50 State Foreclosure Fraud Investigation and NC Attorney General Roy Cooper. 3) Communicate directly to Wells Fargo, Bank of America, MERS and others submit appropriate legal documentation to correct this. (Release Deed or Non-Warranty Deed for each certificate of satisfaction as just examples) 4) All data will be placed on the Guilford County Register of Deeds website: 8/25/ Jeff L Thigpen - Register of Deeds Investigation

15  Immediately Suspend all foreclosures involving documents created by DOCX  Within the next 30 days Acknowledge each defective document by filing a Notice of Defective Document  Within the next 90 days Agree to file Mortgage Assignments for all properties held by trusts  Within the next 120 days File "Corrective" Documents for Each Defective Document 8/25/2014Jeff L Thigpen - Register of Deeds Investigation 14

16  50 State Attorney General’s Investigation  Consent Agreement issued by Federal Reserve, FDIC, OCC, and OTS on allegations of fraud including 14 major mortgage servicing companies  60 Minutes (Lynn Szymoniak) following Linda Green Robo-Signer in company called Doc X. 8/25/ Jeff L Thigpen - Register of Deeds Investigation

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18 Jeff L Thigpen - Register of Deeds Investigation8/25/

19  People need to know who owns what  People who sign legal documents should be who they say they are  Transparency and fair dealing is the only way to regain public trust 8/25/ Jeff L Thigpen - Register of Deeds Investigation

20 Questions ??????


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