Meet New Century Mortgage Corp, Zombie
By Abigail Caplovitz Field | July 20, 2011
New Century Mortgage Corporation, a big subprime lender that went belly up in 2007, fraudulently continues to execute mortgage and foreclosure related documents. These documents are another slice of the ongoing robosigning by all the big players in the banking industry. One place to see New Century in action is the Dallas County, Texas land records, accessible here.
Since January 1, 2008 New Century has recorded over 1500 documents in Dallas such as assignments of deeds of trust (deeds of trust are essentially mortgages) and statements that a loan has been paid off. In 2011 alone New Century has recorded 157 documents. Those documents include assignments to securitization trusts, the trustees of which include Bank of America, Deutsche Bank, HSBC, US Bank and Wells Fargo. New Century also apparently assigned deeds of trust, along with the underlying notes, Bank of America Home Loans Servicing.
Most of the assignments are deeply problematic.
6 Comments
AmyB on July 21, 2011 at 7:49 am.
So glad you are doing this blog.
Unbelievable stuff! I am amazed how our govt is looking the other way on this when the degree of banking deception is right under their nose. It’s that old “Don’t want to upset the applecart”.
Keep fighting girl!
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Rick Fernandez on August 6, 2011 at 12:30 am.
Actually, NCMC filed for Chapter 11 in 2007 but this was converted to a liquidating bankruptcy in 2008, with the final plan confirmed in Aug 2008. After that date, NCMC no longer existed, had no officers or employees, and all of its remaining assets were transferred to New Century Liquidating Trust, whose current counsel, Monica McCarthy, was formerly General Counsel for NCMC. Interesting, because she is extremely uncooperative about providing any documentation for loans that were sold to Morgan Stanley pursuant to the standing loan purchase agreement NCMC had with MS. That’s relevant because many assignments of loans during that period were never recorded and now, those same loans show up as assignments directly from NCMC to the current purported lender, exactly as described here: no trace of the intervening purchasers in the public record. Worse, these assignments are done by NCMC or MERS post-2008, when there was no way that anyone had agency power to act on behalf of NCMC. They don’t ever try to act on behalf of the Liquidating Trust, which would at least be a feeble attempt at credibility, though it is a virtual certainty that the LT has none of these loans and never did. What a twisted web of deceit these banks are spinning! Anyone with more info on NCMC please feel free to contact me.
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Filbert on September 15, 2012 at 8:18 pm.
@Rick
You failed to mention that in June of 2009 the USDC in Delaware overturned the plan confirmation. That was done by Judge Sue Robinson.
JellyBeans on April 23, 2013 at 9:48 pm.
Well it is April of 2013 and the New Century Liquidating Trust is still in bankruptcy in Delaware. There is a group of pro se homeowner-borrowers fighting up there. Some have had evidentiary hearings where they had the appointed trustee Alan Jacobs up on the stand and additionally, his lead counsel from NYC Mark Indelicato of Hahn & Hessen.
The NCLT posts its quarterly financials in PACER ( the court portal) and the trust continues to have income in the millions.
Some pro se’s also questioned Attorney Uhland and she testified that no borrowers were ever considered creditors.
As an FYI, homeowner- borrowers were never given notice of the bar date.
There were only two publications of the bankruptcy — once in small font in the Technology section of the Wall Street Journal and once in an Orange County CA local newspaper targeting the New Century employees.
One pro se has learned that New Century had its own set of employee-notaries who were California notaries BUT were apparently instructed to NOT abide by California notary laws. Most made no entries into their notary journals as proscribed by California laws.
The suggestion is to write or call the county recorder’s office where the notary was commissioned and ask to obtain a copy of the notary journal page related to your notarized document ( after you get a copy of your document from your respective county recorder’s office). In California you can pay .30 cents per page for the copy of the notary journal related to your document.
Some folks have been successful getting discovery documents from the New Century Liquidating Trust.
Several pro se have gotten cash settlements from the liquidating trust.
Anybody can go into PACER and see the legal pleadings for this case in Delaware bankruptcy court. Case 07-10416.
The docket entries are well over 11,000 now.
Some pro se’s have filed AP or Adversary Proceedings up there.
The APs would be under different case numbers.