tailieunhanh - FORECLOSURE IN CALIFORNIA: A CRISIS OF COMPLIANCE

The first important question is “What is a Web application”? Although most people have an intuitive notion of what comprises a Web-enabled application, rarely do we think about its scope and complexity. Web applications are typically multi-layered entities that include code and data residing in many places within the enterprise (see Figure 1) that can be accessed directly or indirectly from the Internet. Some parts of the application are typically developed in house are unique to the enterprise while others are purchased from an external vendor (. web servers, databases, etc.) and are common for multiple enterprises. Vulnerabilities in. | Office of the Assessor-Recorder SAN FRANCISCO Phil Ting ASSESSOR-RECORDER FORECLOSURE IN CALIFORNIA A CRISIS OF COMPLIANCE SAN FRANCISCO FEBRUARY 2012 Prepared By AEQUITAS Aequitas Compliance Solutions Inc. 422 31st Street Newport Beach CA 92663 Phone CONTENTS 1. 2. A California Understanding Residential Lending in Understanding Foreclosure in 3. Why This Is 4. How This Relates to the Foreclosure 5. Presentation of Notice of Substitution of Notice of Trustee Suspicious Activity and Other MERS Conflicts and 6. Appendix A - Understanding Appendix B - NOTICE The information contained herein is for informational purposes only and is not legal advice or a substitute for legal counsel. As legal advice must be tailored to the specific circumstances of each case nothing provided herein should be used as a substitute for the advice of competent counsel. FORECLOSURE IN CALIFORNIA I A CRISIS OF COMPLIANCE 1. Introduction The City and County of San Francisco s Office of the Assessor-Recorder retained Aequitas Compliance Solutions Inc. to review 382 residential mortgage loan transactions the subject loans that resulted in foreclosure sales that occurred from January 2009 through October Over this period there were 2 405 foreclosure sales. The subject loans thus represent approximately 16 of the total. See Appendix B - Methodology. We analyzed the subject loans to determine the mortgage industry s compliance with applicable laws. Specifically we focused our analysis on important topics relating to six Subject Areas Assignments Notice of Default Substitution of Trustee Notice of Trustee Sale Suspicious Activities Indicative of Potential Fraud Conflicts Relating to MERS Our Subject Areas and the topics we explore .