Tag Archives: fraud

Foreclosure Fraud

Banks are still getting away with it:

EVERY DAY IN AMERICA, people continue to be kicked out of their homes based on false documents. The settlements over allegations of robosigning, faulty paperwork, and illegal mortgage servicing didn’t end the misconduct. And law enforcement, along with most judges and politicians, have looked away in the mistaken belief that they wrapped up a scandal that just goes on and on.

My new book, Chain of Title: How Three Ordinary Americans Uncovered Wall Street’s Great Foreclosure Fraud, is about three foreclosure victims who ended up doing more investigation of the corrupt U.S. mortgage industry than any state or federal law enforcement or regulatory official.

They exposed the mass production of false mortgage documents in courthouses and county records offices across the country.

It’s a work of history, depicting events that occurred from 2009 to 2012. But it’s a living history, and that’s one of the reasons I wrote the book.

Here at The Intercept, in the past 10 months, I’ve written about the New Jersey man who had precious family heirlooms robbed by Wells Fargo subcontractors when they illegally “trashed out” his foreclosed home. I’ve written about the use of false documents in Seattle and the unregistered business trusts operating in Montana. I’ve written about the Texas jury that awarded $5 million in one wrongful foreclosure case with fabricated and robosigned documents. I’ve written about the California Supreme Court enabling foreclosure victims to challenge phony documents in their cases.

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Kay Jewelers

Ugh:

Some customers are claiming that after they took their diamond jewelry to Kay Jewelers, the rare stones were mysteriously replaced with cheap imitations. Kay said that it is “actively reviewing this issue.” Shares of Signet Jewelers (SIG), Kay’s parent company, fell as much as 11 percent on Thursday, although the share plunge came after the company’s earnings fell short of analysts’ estimates.

Chrissy Clarius told BuzzFeed that she would bring her $4,300 engagement ring, which was bought at Kay Jewelers, to Kay every six months to get it inspected, as this was part of the company’s gemstone guarantee that insures the stone will “last forever.” After taking the ring in February for its six-month checkup, she said the Kay employee couldn’t find the diamond’s certification number. Suspicious, she took the ring to another jeweler, who tested the stone and declared that it was moissanite, a cheaper stone.

Apparently this and other kinds of fraud are rife at Kay Jewelers, which is exactly the reason why people like state Attorneys General exist. Hopefully one or more of them investigate this nastiness soon.

Incidentally, a more comprehensive expose is on Buzzfeed.

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