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Foreclosure in California – A Crisis of Compliance

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Foreclosure in California – A Crisis of Compliance, February 2012

  • “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 2011. Over this period, there were 2,405 foreclosure sales. The subject loans thus represent approximately 16% of the total. 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”
    • Overall, we identified one or more irregularities in 99% of the subject loans. In 84% of the loans, we identified what appear to be one or more clear violations of law.”
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