Another Strategy to Own Your Loan: Allocation of Third Party Payments to Your Loan Account

I’m told by some industry insiders that you can buy a piece of our loan for pennies on the dollar, much the same as NPR did when they wanted to track the money and documents through the securitization structure. That’s a good goal because it will give you “inside information” on what the pretender lenders SAY happened to your loan.

But it doesn’t give you the real facts and events because the paperwork was prepared, executed and delivered long before the loans were originated. If a Judge thinks that you are nit-picking and that the issues you raise are issues between creditors, it is because he mistakenly presumes that the transaction started with the origination of the loan. In fact, the transaction commenced BEFORE the origination of the loan with the execution of the securitization documents, without which nobody would have any loans and nobody would have made any money.

By re-orienting the Judge to the point that the documentation for the origination of the loan was WITHIN THE CONTEXT, CONDITIONS AND PROVISIONS OF THE SECURITIZATION DOCUMENTS, you will (a) be telling the truth and (b) bringing the case closer to a result that are seeking — that without the pretender lender PROVING its case in a judicial proceeding, the election of non-judicial sale is unavailable.

One way to have the goods before your opposition has them is to buy, through a broker, a mortgage backed security that is based on a pool of assets and tranches, one of which is your own loan.

As an MBS owner you have every right to demand information about the rest of the owners and the status of the pool. One of the dirty little secrets is that a lot of pools have been closed out and dissolved which means that the party claiming to be the “trustee” for the SPV pool is claiming powers to represent an entity that no longer exists with investors who no longer are holders of MBS.

You can even ask whether any of the parties in the securitization chain or their agents, servants, employees, underwriters, affiliates ever received third party payments on “toxic” mortgages or mortgage backed securities or pools of assets in which a high percentage consists of loans that are non-performing, or on the representation that the receiver (usually the investment banking house or some subsidiary or affiliate).

As a holder of the mortgage backed securities you ask why the distribution reports did not include an allocation third party insurance, counterpart y or Federal money to your pool of assets and why the there was no allocation to individual loans in that pool. You can ask why they did not allocate those third party payments to the loans that were non-performing, which might include yours.

You can also ask whether such allocation to the pool and then to the individual loans in the pool and then to the nonperforming loans, has been applied to the obligation owed to the you as an investor. You should ask whether these third party payments are applied to the balance owed to you as an MBS owner, or whether it should be applied to payments that have been reduced or missed. And finally you should ask whether the third party payments would, if properly applied, make your payments, as an MBS owner, current or if they would still be behind. If behind, then how much behind and where did the rest of the money go? If ahead, then there is no longer any default to you as MBS owner.

Remember that the answer you are going to get (after stone-walling) is going to be a total of all such payments, since they never made any allocation. So your central question is how much did they get in third party payments and when. It is then up to you to decide on the proper with the help of an accountant familiar with generally accepted accounting principles.

You the  take the report of your accountant, your expert, and your forensic analyst and attach it to a pleading in which you “intervene” as the “real creditor” and state that the loan (a) was never in default because the MBS holders got their money that was due including a profit and/or (b) that the default was not in the amount as represented and that you, as creditor, would like to work out an arrangements with the debtor (you) in which you will (a) disclose the identity of the other creditors (b) disclose the true balance of the obligation after the above allocation (c) remove the predatory aspects of the loan, including the loss from appraisal fraud and (d) arrive at a thirty year fixed payment starting thirty days after the second closing at market rates for top tier debtors on the newly disclosed principal balance reduced by all relevant factors.

It’s all about transparency, truth ,justice and the American way.

37 Responses

  1. If you are interested in selling WFMBS 2007-10
    please contact me at
    I will email back more details and my phone #

    Wells Fargo refuses to consider principal reductions or short payoffs on my mortgage as standard procedure. They do not care if the investors lose more money.

    Thank you.

  2. I found Laura Bursey on my Assignment of Deed of Trust and Patricia Olvera as Vice President of Ameriquest Mortgage Company on February/4/ 2009.Does anyone have any additional information on these two individuals and any other assignements in Florida or California on the same date.
    Satish Shetty (818)340-7600

  3. angry & NOT TAKING IT!,

    – “me smells a rat.” Only way to find out is through discovery – have to ask the parent corporation to the security underwriter (lead) of the stated trust. Can also try to go the government agency that regulates the parent to security underwriter. But they are often protective of the parent (bank) because the bank pays the fees to fund (some) government agencies. You can also file complaint with your state Department of Justice – depends on the state as to responsiveness.

    Waiting for new Consumer Protection Agency – once established – no one should lose time to contact them. But, try to keep litigation alive. Also, contact your senators and congressmen. They know what is going on – need for them to take action.

    I am not an attorney and this is not meant to be construed as legal advise and only for educational purposes.


    any suggestions as to how i [we] might research an individual or group of
    loans that may have been sold off as un-collectable or impaired or just bottom feeder debt?.. re- sales of this [bad debt ] nature – would this impair claims to collateral as secured or? .. me smells a rat …millions or billions of em!
    Any direction as to where to start and or what to look for? .
    yes-a long shot i know!
    tia for all your help here@ll it has been invaluable to many!

  5. My husband and I had a wonderful gift handed to us on May 3, 2010. Our house which was getting ready to go into foreclosure. Got notice on 4-26-10. Paid off in full, the amount that Citimortgage’s attorney. Castle, Meinhold and Stawarski of Denver Co stated. On May 21, we were told that Citimtge had the money and that everything was in the process of being completeed so that we would get the deed. On May 24, we recieved letters from Attorneys, stating that we needed to make arrangements to move out, House up for sale on Aug 18. We contacted Citi collections..they have no record of money. Loss mitigation has the money, and is now stating that there is a title issue to contact the attorney.

    We contacted the attorny on May 25, and the Attorney says that money is there, our foreclosure is on hold, and that they will not contact collections to stop the calls and they will NOT release the title. Now where do we go. I am now getting ready to send out demand letters to all parties involved demanding they release our title. This title dispute is NOT our fault, our house is paid off. Any help or ideas in regards to this would be helpuful. Please feel free to eamil me at…serious responses only. NO spam. Thanks

  6. Ian

    Thank you. Do not think my “grammar (is) impeccable” – but thanks for that too! Just trying to share..

  7. Anonymous- I meant to say “….air of authority” rather “than authoritarian air. God knows we have enough of that already, most of it intentionally misleading, at odds with common sense and decency, and a horror show for out fellow citizens. Use your air of authority to expose and rid us of the authoritarian air which pervades this crime against humanity right here in the USA. Thanks for your tremendous time and effort.

  8. Storm- can you please repond to the post regarding your email address and your office suite proximity to MERS? Is this true,and if so, why? If it isn’t true, please correct. Also, if you could post for all to see, a curriculum vitae, so to speak, of your professional accomplishments? I, for one, would like to find out if your continual attacks on everyone and everything are due to your superior knowledge and accomplishments,by which you are justifiably frustrated by entry-level questions from desparate homeowners or persons willing to share what they’ve done, or- you are just trying to block this evovling debate. Thank you.

  9. Anonymous- your MBS explanation is easily understood, and your grammar impeccable. You lend an authoritarian air to the dialog. Please keep it coming. Also, for the first time (ever) reading this site, I find that I need to go back to find a certain post, and as a computer illiterate, don’t know how to retrieve prior days’ posts. How do I do this? Thanks.

  10. Daniela mars

    Good post – and the opening sentence says a lot – “Mortgage-backed securities are fixed-income investments that generate interest revenue through pools of home loan mortgages.”

    Interest Revenue is the key. Mortgage backed securities are for receivable – (interest revenue) ONLY. They never transfer ownership of individual mortgage loans. They are simply a removable of “pooled” asset receivables from a bank’s on-balance sheet to an off-balance sheet conduit. (likely not even a true sale removable of receivables).

    Further, subprime mortgage securitization never qualified as mortgage backed securities – that is the crux of the crisis.. There was a manipulation of “tranches” from subprime mortgage loans – that were made to APPEAR as if they qualified as “receivable pools” for mortgage backed securities WHICH required TRIPLE A ratings from the rating agencies. But all was false – these “mortgages” never qualified as asset-backed collateral for receivable we are ALL now suffering the consequence..

    We were duped – as were “MBS” security investors. Who owns the loan?? – -that is the party that duped us and the MBS security investors. The cause is the parent WALL STREET Corporation (who purchased the loan originations) and it’s subsidiary security underwriter who fraudulently designated the TRUST as TRIPLE A rated to support the fraudulently derived asset receivables for fraudulent MBS securities. These mortgages loans never qualified as collateral receivable pass-through for triple A MBS securities.

    But we are still being held responsible – as if all was valid – and as if we have a duty to pay receivable payments for a fraudulent mortgage that backed a fraudulent mortgage-backed trust – that never QUALIFIED for triple A valid mortgage-backed security pass-through.

    If there is investor fraud, there was fraud against the borrower.

    Time for borrowers to know they were not at fault – and that they are victims.

    And, yes – the tide is turning.

  11. Negotiable instrument. We are effectively blocked from negotiating because that was never what the banks had in mind

  12. Still can’t get ahold of Brad keiser and have no idea what the status is of my QWR that he did for me!!!!

  13. Sorry for the long post but i think this may help also

    Make More with Mortgage-backed Securities
    By Gene Walden
    (Excerpt from If Not Stocks What?)

    Good income, low risk

    Mortgage-backed securities are fixed-income investments that generate interest revenue through pools of home loan mortgages. Sometimes referred to as MBS or “pools” or “mortgage pass-through certificates,” mortgage securities are an excellent source of current income. Although they don’t have quite the safety of government-backed Treasury issues, mortgage-backed securities are very safe, and they pay interest rates slightly higher than Treasury issues and many investment grade corporate bonds.

    MBS investors own an interest in a pool of mortgages that serve as the underlying asset for the MBS. When homeowners make their monthly payment of interest and a small share of the principal, that money is passed through to the MBS investors or “certificateholders.”

    Most mortgage-backed securities are issued by three primary agencies, the Government National Mortgage Association (Ginnie Mae), the Federal Home Loan Mortgage Association (Freddie Mac), and the Federal National Mortgage Association (Fannie Mae). A small number of MBS issues are sold by other lending agencies.

    Unlike Treasury issues and municipal bonds, mortgage-backed securities offer no tax benefits. They are fully taxable by state, local, and federal governments. And while Treasury security investors receive interest payments twice a year, MBS investors receive checks every month.

    Although home loan mortgage pools are the most common type of MBS, there are other classes of securities similar to mortgage-backed securities but tied to other types of loans. For instance, you might find securities tied to pools of credit card loans, car loans, mobile home loans, college loans, or other types of loans.

    In addition to the standard type of MBS, there are several offshoot investments derived from mortgage-backed securities, including:

    CMOs. Collateralized mortgage obligations (CMOs) break up mortgage pools into separate maturity categories called “tranches.” Each CMO is a set of two or more tranches, each with average lives and cash-flow patterns designed to meet specific investment objectives. One CMO might have four tranches with average life expectancies of two, five, seven, and 20 years. That gives investors a wider array of options. Some CMOs have several dozen tranches. The system helps cut back on the early prepayment of mortgages, which is one of the biggest drawbacks of the MBS market. With CMOs, all prepayments from underlying mortgages are applied to the first tranche until it is paid off. Then prepayments are applied to the next tranche until it is paid off, and the process continues until all the tranches are eventually retired. The concept gives investors the ability to choose a tranche that fits their maturity time frame.
    REMICs. Real estate mortgage investments conduits (REMICs) are similar to CMOs with a twist. While CMOs separate mortgage securities into maturity classes, REMICs also separate them into risk classes. A REMIC may have a pool of higher risk or even distressed mortgages, so the risk is higher, but the yield is higher as well. REMICs are the junk bonds of the mortgage-backed securities category.
    STRIPs. Mortgage-backed securities may be stripped of their interest coupons and sold as zero coupon bonds. Rather than make regular monthly interest and principal payments, STRIPs pay all the principal and compounded interest in one lump sum at maturity.
    For investors looking for a steady stream of income at a higher interest rate than most government bonds pay, mortgage-backed securities provide an appealing option.

    Who should buy Mortgage-backed Securities?

    Mortgage-backed Securities are ideal for investors interested in safety and income. More aggressive investors might also want an MBS for the portfolio to provide diversification. MBS’s offer no tax benefits, so they would be appropriate for tax-sheltered retirement plans.

    Who should not buy MBS’s?

    Mortgage-backed securities would not be appropriate for investors interested in capital appreciation—unless you buy zero coupon securities. Aggressive investors looking for a high level of income might also shy away from MBS’s, although they are among the higher-yielding types of fixed income investments.


    Mortgage-backed securities are considered very safe. They are guaranteed by the issuer, and since they are made up of pools of mortgages, their return is not based on a single mortgage holder.

    Ginnie Mae securities are technically the safest of all MBS options because they are guaranteed by Ginnie Mae, which is a wholly owned government corporation backed by the full faith and credit of the United States.

    Securities issued by Fannie Mae and Freddie Mac are also guaranteed, but not by the full faith and credit of the U.S. government. Fannie Mae and Freddie Mac are publicly traded corporations (you can buy stock in either company on the New York Stock Exchange) originally set up by the U.S. Congress. They guarantee the timely payment of all principal and interest of the mortgage-backed securities they issue. Although their guarantee doesn’t carry the weight of the U.S. government, Freddie Mac and Fannie Mae are two of the most fiscally sound corporations in America. Their mortgage-backed securities are considered to be the equivalent of AAA-rated corporate bonds. They have never defaulted on a mortgage-backed security.


    There are several important benefits of owning mortgage-backed securities. Safety and a steady stream of income are the most obvious, but there are some other benefits, as well, such as:

    Excellent interest rates. The interest they pay is higher than the rate offered by other government bonds and most investment grade corporate bonds.
    Liquidity. There is a huge secondary market for mortgage-backed securities, so you can buy and sell them whenever you wish. If you don’t want to hold them through maturity, it’s easy to find a buyer on the secondary market.
    Easy to buy. They are easy to buy and can be purchased through your bank or your broker.
    Safety. Because of the guarantees that come with mortgage-backed securities, they are considered very safe investments.

    Perhaps the biggest drawback to mortgage-backed securities is the uncertainty over how long they will continue to pay off. If you buy an MBS when interest rates are high, you might hope to enjoy a great return for the full 30-year term of the security. Unfortunately, if interest rates start to drop, you may be disappointed. Homeowners are very likely to pay off their mortgages when interest rates start falling in order to refinance at a lower rate. So before long, all of the mortgage-buyers in the pool will have refinanced and returned the principal. As a MBS owner, you would receive your principal back, and therefore, would no longer receive interest payments at that high interest rate level. You would need to reinvest your money at a lower rate.

    The flip side can be just as frustrating for investors. If you buy an MBS when interest rates are low, if rates start to climb, homeowners are going to hold onto their old mortgages for dear life. Why refinance if you would have to pay a higher rate. As a result, MBS investors would be tied to those low rates for the full term of the security—unable to reinvest their money in the newer, higher-yielding investments.

    Mortgage-backed securities have some other minor drawbacks, as well:

    Lower return than stocks. Although mortgage-backed securities typically pay higher rates than other government bonds and AAA corporate bonds, they still fall well below average annual return offered by stocks and high yield corporate bonds. But they are much safer than stocks or junk bonds.
    Long terms. Many mortgage-backed securities are issued with terms of up to 30 years, so you could be stuck with them for a long time. However, you can buy an MBS with a shorter term on the secondary market, and you can unload your MBS on the secondary market whenever you wish.
    High cost of admission. If you want to buy a MBS from Ginnie Mae, the lowest-priced security you can purchase is $25,000. However, Freddie Mac and Fannie Mae securities are available in $1,000 increments.
    Fully taxable. Unlike government bonds, mortgage-backed securities are fully taxable by federal, state, and local governments.
    How to Buy Mortgage-backed Securities

    You can buy mortgage-backed securities through your bank or broker with roughly the same fee schedule as any other bonds. You would pay between 0.5 and 3 percent, depending on the size of the bond and some other factors.

    Ginnie Mae securities come in denominations of $25,000 and higher. For those on a lower budge, you can buy Freddie Mac and Fannie Mae securities for $1,000 or more. You can buy MBS’s with 30-year terms or 15-year terms. In fact, by buying an MBS on the secondary market, you can pick one with nearly any duration you want.

    As an MBS owner, you will receive payments every month representing both interest and a small portion of the principal.

    Fannie Mae provides a help line for investors at 1-800-237-8627, or (202) 752-6547. The help line is staffed from 9 a.m. to 5:30 p.m., Eastern Time, Monday through Friday.

    Biggest Concerns

    Mortgage-backed securities are very close to a worry-free investment. They pay relatively high rates and are considered very safe. They are readily available, and are easy to buy and sell on the secondary market.

    No question, the biggest concern for MBS owners is the prepayment risk and the extension risk. When rates are dropping, mortgage-backed securities typically get paid off early, so the investor’s high rate of return is cut short early—during a period when it is more difficult to find high-yielding investments. During periods of low rates, you face an extension risk—the very high likelihood that if rates rise, homeowners will stick with their lower-interest mortgages through the full term, leaving you with a low return for years to come. Fortunately you do receive some compensation for that risk in the form of interest rates that average 1 to 2 percent higher than most government bonds.


    Timing is tough to judge with mortgage-backed securities because of the extension and prepayment risks. Do you buy when rates are high when you face the risk of having your mortgages paid off early if rates drop? Do you buy when rates are fairly low, and face the risk of holding low-yielding securities later in a high interest environment? There’s no perfect answer.

    The perfect pick for mortgage-backed securities would be to an MBS that represents a pool of older, lower-interest mortgages which the mortgage holders would be unlikely to pay off early. An MBS trades like any other bond—as interest rates rise, the price of older, lower-yielding mortgage-backed securities drops to compensate for the lower yields. So because of the discount, in times of rising interest rates you still get an MBS with a yield that is competitive with the rest of the fixed-income market. But because your MBS represents a pool of earlier mortgages with lower interest rates, your risk of prepayment is sharply reduced.

    Otherwise, buying mortgage-backed securities is similar to buying other types of traditional bonds. During periods of low interest rates, you might want to buy a shorter term MBS on the secondary market so that you are not stuck with a low yield for too long. During periods of high interest rates, you can buy an MBS and enjoy the high rates for as long as possible—particularly if you buy one that represents earlier, lower rates with a lower risk of prepayment. Either way, you’re buying into an investment that should provide a better current yield than government bonds and many corporate bonds (which also carry a risk of early redemption).

    In times of low interest, if you are choosing between Treasury issues (such as T-bonds and T-notes) and mortgage-backed securities, both could have very long terms, and mortgage securities pay a higher return, so that may be your best bet. During periods of high interest, you might want to invest a little more in Treasury issues because of their non-callable guarantee.

    Monitoring Your Mortgage-backed Securities

    With billions of dollars in mortgage-backed securities on the market, there is no single source that provides price information on every issue.

    However, you should receive periodic statements from the broker who sold you the MBS, giving the current status of the security, including the amount of principal that has been paid and the amount that remains to be paid.

    You can find additional information on mortgage-backed securities at,,,, or

    Asset Allocation

    The amount of money you allocate toward mortgage-backed securities would depend on your tax situation, your financial situation, your investment goals and your threshold for risk.

    Conservative investors concerned with preservation of capital might want to invest 20 to 60 percent of their assets in various fixed-income investments including mortgage-backed securities, T-bonds and corporate bonds under normal economic conditions. You might want to lighten the weighting of fixed income securities in the portfolio during periods of low interest rates, and increase the weighting during periods of high interest.

    Aggressive investors looking for long-term growth would probably want to limit their investment in MBS’s, although they are more attractive than many other types of bonds because of their higher returns. An allocation of 5 to 20 percent of assets in fixed income investments such as MBS’s and government and corporate bonds even for aggressive investors would help provide balance and diversification for a portfolio that is heavily weighted in stocks.

    Special Considerations

    Mortgage-backed securities are commonly assessed based on “average life” rather than a stated maturity date. The average life is the average time that each principal dollar in the pool is expected to be outstanding, based upon preconceived assumptions about prepayment speeds. The average life is always a best estimate, and could fluctuate based on how closely the prepayment speeds of the underlying mortgage loans compare with the initial assumptions.

  14. here is a link for a lot of MBS that Citibank holds, but some of them when you click on SEC filings they say – no SEC fillings .

  15. If we call this number, and request under FOIA our CUSIP number, don´t they have to give ?

  16. Jose
    for tips on how to attempt to find your loan in any securities, type in ABBY in the search field on this blog and up will come some topics, one of which are some instructions from me.

  17. Someone who knows. What is the difference between an Endorsement Allonge to Note and Allonge to Note? And can someone explain the following? On top of the Endorsement Allonge to Note lists the lender name, borrower, property and loan number. Then says Endorsement Allonge to Note. The Allonge to Note is to that certain Note dated March 22, 2206, executed by XXXXX and XXXXXX in the amount of $XXXX, in favor of Arboretum Mortgage Corp as payee. This Allonge is affixed and becomes a permanent part of said Note.
    Pay to the Order of
    Ohio Savings Bank

    Without recourse

    Lender: Arboretum Mortgage Corp.

    Then it is signed, printed name, title. ( No notary)

    Then I have Allonge to Note
    Loan No.
    Allonge to Note dated: March 22, 2006
    In favor of: Arboretum Mortgage Corp
    And executed by : left blank
    Pay to the order of, without recourse: left blank
    Dated: 5/15/2009
    Ohio Savings Bank

    signed with a scribble
    Name: Herman John Kennerty
    Title: VP of Loan Documentation (No notary)

    I know that Ohio Savings Bank in 2007 was renamed AmTrust Bank. In Dec 2009 The FDIC closed Amtrust and assets transferred to NY City Bank. April 2010 NYCB changed the name of Amtrust Bank to its former name of Ohio Savings Bank.

    I know that Herman John Kennerty signs for Wells Fargo who was the servicer of our loan.

    As for them being affixed to the Note, the Note and the Endorsement Allonge to Note have two black dots on the top which tells me that were attached with the top clasps or something to that effect. The Allonge to the Note has nothing to show that it was affixed to anything.

    Can someone explain? Wish I had found this site earlier. Thanks

  18. dny

    The law (TILA Amendment) is new law. It is not revisions to the law – it is an Amendment to the law. After it passed, certain parties felt the new (amendment) law was not clarified and asked for a Federal Reserve Opinion. In November 2009, the FR provided the Opinion. The Opinion also states that it becomes Rule after a certain amount of time – and even without “Rule” hold great weight in court.- as to interpretation of law.

    I have posted sections from the FR Opinion that state who is NOT a creditor. Clearly, beneficiary security investors in pass through security Trusts (REMICs) are not “covered persons/Creditors”. Further, the FR emphasizes the importance of legal title and balance sheet accounting to for legal title.

    One of the problems I see with the law is that it is not retroactive – however, the FR Opinion clearly states who is NOT a creditor – and this too, would have influence in court as to definition of “creditor.” While some state and federal courts try to escape the identify of the creditor by relying on antiquated law, bankruptcy courts enforce identity of the creditor. Thus, state and federal courts must eventually address the issue. This is not a “stall” tactic as some here
    would like to promote – but rather enforcement of identity of the real creditor and exposure of any fraud that was utilized in the foreclosure process.

    Also, discussed here is the issue of a “free house”. Judges are not sympathetic to this goal. However, judges can be sympathetic to resolution of outstanding claims and that homeowners be able to restructure mortgage loans in order to stay in their homes. If someone other than the real creditor is making this decision, it deprives the homeowner of direct negotiation with the true creditor – and exposure gives the homeowner credibility before the judge.

    Finally, for anyone who is astute to securitization, from the onset Mr. Bernanke emphasized that securitization is only for the pass-through of current receivables – not mortgage loan title. PSAs are lacking in chain of title and, when read carefully, do not pass on “title” to security investors. Further, the only certificate holders to the Trusts are – the security underwriters themselves (parent purchased the mortgage loans from originator).

    We care about how the Federal Reserve interprets law because their interpretation is heavily weighted in courts. The Congressional intent of the TILA Amendment was to provide borrowers with the identity of the “creditor” to whom they owe the debt. The purpose was to allow borrowers to directly negotiate with their true creditor – not an “agent”, trustee, servicer, security investor – or other “non”-creditor.

    The May 2009 TILA Amendment Law stands as is. If a judge wants to dispute this – they have a tough argument..

    And, we are never too old!!!

  19. Hope this is not off topic.. but this WSJ article regarding Fannie & Freddie seems to be where some of the problems lie for some homeowners… since F&F are not obligated… can at will provide certain information on their MBS pools at random…

    In any case have had that NPR take on my mind for some time… but how to find the “pool” when it is in the black hole abyss of the F & F …. back to the GSE servicer… good luck with that, they are equally protected by association!

  20. Dear Mr. Garfield or any one who has any relevant info as to how to find your loan in one of those shark infested MBS pools and how one goes about to purchase the stuff.

    This approach as you describe it Mr Garfield is in all aspects an eye opening and an almost religious experience. I am sure the many reluctant and why not say it lazy judges out there would be very intrigued as to why the other party has been lying to them for so long and why the non-judicial foreclosure and by the way unconstitutional process has become so popular for the pretender lenders sake.

  21. So ANONYMOUS, to be Devil’s advocate here, why should a Federal Reserve “Interim Opinion” be worth the paper it is printed on? I know you have referenced this “clarification” of the law before. Not sure from your post what exactly the FED is said to be stating with regards to the revised TILA sections.

    I also know you disagree with Neil regarding the identity of “the Creditor.” But when the PSA and recorded offering documents that I have seen all seem to clearly support Neil’s position about from where the money was coming, why should we give a crap about what the Federal Reserve states happened, years after the securitization dirty deeds have been done by Federal Reserve cronies?

    As I recall my elementary school government lessons, Congress creates bills, signed into law and enforced by the executive branch, and the laws are subject to interpretation by the judicial branch. Did Congress assign the Federal Reserve the role of interpreting or shaping the enforcement of a US law (the subject TILA revision)? What gives the Federal Reserve – a private corporation (whose regional Boards currently include officers of many banks and bank holding companies), NOT a branch of the US Government, certainly NOT part of the judiciary – the authority to interpret US law, or to modify a US law it in any way?

    Thanks for your insight. I’m not too old to still get educated.

  22. Angelo

    The mortgage crisis has produced one new law for consumers. The May 2009 TILA Amendment states that the creditor must be identified when mortgage loans are sold/assigned. The Congressional intent of the Amendment is to provide homeowners with the identify of their real creditor – among many reasons, so that they can negotiate with the true creditor. The Amendment does not appear to be retroactive as to non-compliance. However, the Federal Reserve, in November 2009, issued an Interim Opinion regarding clarification of the new law (Amendment). The Amendment clearly states who is NOT a “covered person/creditor.” I have posted these sections here before- that beneficial pass-through security investors (in REMIICs) are not the creditor – thus, REMIC trust/trustee is not the creditor. if you need again, let me know. And, even if assignments are pre- May 2009 – we may use the Federal Reserve new definition of “creditor/covered person” to support argument.

    As I recall, your assignments are post 5/2009 – thus, unless they identify the actual creditor – they are in violation of the May 2009 TILA Amendment.

    The mortgage crisis causes numerous challenges to antiquated laws. We have to use what we have to challenge old out-dated law.


  23. I also got my CUSIP today, thanks to pre-discovery disclosures. I would also like to know how to buy a piece of my (former?) pool.

  24. I have the CUSIP for the CMO my loan was originally in (I say that because the security blew up almost immediately and went to CCC … it has almost certainly been restructured into a new security) … How do I determine who I might buy a $2k slice of that from? It seems like they get sold and traded like baseball cards… I like this approach ,, you get to show stonewalling to the judge from both ends and paint the supposed lender as no lender at all but as a middleman with no real dog in the fight.

  25. Anon
    Question, I know you said before on another thread that Trusts/Trustee’s cannot be assigned mortgages and cannot account for foreclosure recovery, but Ny real property law section 120 states

    Ҥ 120. Operation and sale by mortgage trustee. Such banking
    corporation, upon acquiring such property, shall hold, lease, rent,
    operate and manage the same for the pro rata benefit of all parties
    interested in said mortgage, deed of trust or indenture and may, but
    shall not be required to, issue certificates of participation in said
    property and the rents, issues and profits thereof to those parties
    interested in said mortgage or indenture according to their respective
    interests. At any time thereafter with the consent of the holders of
    eighty-five per centum of the principal amount of the bonds or
    certificates outstanding, or with the approval of the court after such
    notice to the bondholders or certificate holders as the court by order
    may direct, the court may make an order authorizing the trustee to sell
    such property for such price and upon such terms as to credit or
    otherwise or for such stocks, bonds or other securities as it deems best
    for those beneficially interested in said mortgage, deed of trust or
    indenture. The order directing the giving of notice to bondholders and
    certificate holders of the application of the trustee to sell such
    property shall provide for personal service of such notice not less than
    thirty days before the return date thereof, upon not less than ten
    specified bondholders or certificate holders and notice by mail to all
    other bond or certificate holders whose addresses are known to the
    trustee and publication of such notice once a week on a week day for
    three successive weeks preceding the return date thereof in one
    newspaper of general circulation published in the city or county where
    said real property is located.”

    what do i make of that?

  26. Lucy,

    Always confer with your attorney, but it seems to me that the documents they have provided are enough of a basis to allege fraud.

    Allonges are NOT to be on a “separate” sheet of paper. It is to be “firmly affixed so as to become a part of” the note. They are alos to be used when there is not enough room on the back of the note. I’m unsure if there is a requirement for notarization. Although common sense would tell you that a direct endorsement (instead of one in blank) would require a notary.

    Here’s a link to Matt Weidner’s blog, with an excellent discussion on Allonges.

  27. MBS (beneficial) mortgage loan security investors are only entitled to pass through of receivable payments. For those that do not know what a receivable is – in accounting it s a “current asset.” MBS security investors have right to receive current mortgage payments on your loan – that is all. They are not the creditor – according to the Federal Reserve.

  28. Hi,
    I also notied, on th eAlonge top left corner it’s typed: prepared by Maria Alvarez, OCWEN LOAN ERVICING, LLC…… West Palm Beach, FL.
    Then, on the California All-Purpose Acknowledgement states on Feburary 18, 009-, before me, Laura Bursey, Notary Public, personally appeared Patricia Olvera

    I looked up Laura Bursey, and she is a Warehouse/ Collateral Manager at Ameriquest Mortgage as well as a Funding Supervisor at Ameriquest Mortgage Company.

    Does this mean Patricia Olvera traveled from FL to California? on the same date?
    How convenient that Laura Bursey from Ameriquest, can notarize it.

    I believe Argent mortgage is a subsidiary of Ameriquest

    Any suggestions are welcomed and appreciated!!!

  29. thank you, Forensic Mortgage Examiner.

    I have another question. I was looking at the Allonge , a copy that was provided by the Plaintiff’s and I see that there is no Nortorized Stamp on it and shouldn’t Allonge be affixed to the promissory Note not done a single separate piece of paper?

    Shouldn’t there be a loan number In the Allonge?

    Also, can Allonge be done after the Foreclosure is served?

    and is signed by Patricia Olvera, claiming to be the vice president of Argent Mortgage Company,llc pay to the US BANK NA, AS THE TRUSTEE FOR THE REGISTERED HOLDERS OF ASSET BACKED…….EFFECTIVE DATE OF THE ALLONGE IS 2-18-09. I THOUGHT ARGENT MORTGAGE WAS BOUGHT OUT BY CITIGROUP IN 2007?


  30. Motion to compel

  31. Anyone who’s loan is in ACE Securities Corp. Home Equity Loan Trust, Series 2005-HE5

    PLEASE contact me.

    I’m looking to pool resources and buy certificates/bonds from this trust.

  32. Does anybody know of any good websites to find Cusip numbers for MBS?
    Because this is a great idea for info.

  33. Monday 24 May 2010


    You may have already waived your opportunity to deny that it is your signature on the copy of the note, which would force the plaintiff in having to come up with the original.

    Alleging fraud is not the same as pleading fraud. To merely accuse potential fraud, without pleading all of the elements, will get your allegations ignored. You can always assert lack of proper party standing, which denies the court jurisdiction, an issue that can be raised at anytime.

  34. Lucy, they are messing with you. In all likelihood they do NOT have the originals. They may have given you an avenue out by their statement that you did not allege fraud…you’ll need to run this by your attorney first…. but you may need to go ahead and allege “fraud”. An allegation of fraud does not mean you have to prove they committed fraud. Most judge do not like to hear anything about fraud, but it won’t harm you to allege it and it may very well help you.

    You can also take your own copies of your documents and do a side by side comparison on what they provide(d). Check the signatures. Check the notary stamp… is it within valid? is the notary registered with the state… see if you can check online… Check the copy of YOUR signature closely…. does it look like it may have been photoshopped into the copy they are presenting? You just might find that there actually HAS been fraud commtted!

    Best of luck with this. If you have questions, feel free to contact me using my name at gmail.

  35. Hi,

    Can anyone answer me on this point?

    Our plaintiff law firm sent out a letter tating that the Plaintiff objects to defendant’s Demand to Inpect the Original Promissory Note, Mortgage, Allonge and any/all Assignment. Defendant has not raised the issues of either fraud or forgery and therefore will not be appearing to tomorrow’ schedule inspection.

    This was for Case Management meeting with the judge that was to be held on 5/5.
    Plaintiff send a copy of the Original Promissory Note, Mortgage, Allonge and Assignment of Mortgage attached hereto a Exhibit A.

    Does this mean we will not get to see any originals from the Plaintiffs? We have to just take their word for it that everything they provide is in fact a copy of the original? If they have the original why can ‘t they just just show it to us?

    I know that the us bank NA, trustees of ABPTCS 2007-amc2
    is a pretender lender and not the true holder of note and that these are jutst hungry, greedy, intermediaries that are parasites. ANY SUGGESTIONS ON HOW TO PUSH THESE IMPOSTERS TO THE CORNER?


  36. Any referrals to a broker that help find / buy my shares of the MBO trust my loan is in…I could not find the Cusip number last time for my trust, therefore the broker could not help me.

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