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Audit Reveals 75% of Assignments of Mortgage are Invalid South Essex MA

McDonnell’s Report includes the following key findings:

■ Only 16% of assignments of mortgage are valid
■ 75% of assignments of mortgage are invalid.
■ 9% of assignments of mortgage are questionable
■ 27% of the invalid assignments are fraudulent, 35% are ”robo-signed” and 10% violate the Massachusetts Mortgage Fraud Statute.
■ The identity of financial institutions that are current owners of the mortgages could only be determined for 287 out of 473(60%)
■ There are 683 missing assignments for the 287 traced mortgages, representing approximately $180,000 in lost recording fees
■ per 1,000 mortgages whose current ownership can be traced.

http://4closurefraud.org/2011/06/30/southern-essex-registry-...