From usedkarguy
To: M. Soliman,
I wrote to Neils’ blog over 10 months ago stating the exact facts that you are promulgating here in this recent post. I have been in litigation for over a year now and have been removed to US Dist. Court recently, at the behest of Deutsche Bank. They have brought in a securities attorney from the Bay Area to fight me on the discovery of such documentation as: FR 2046 balance sheets, Statement 95, 133, 140 FASB statements, 424 B-5 prospectus., etc… They claim that I have no statutory right to see any of these “work product” doc’s. Thus far, the judges have not been able to determine the necessity or veracity of my demands for discovery of these doc’s, however, I am now in US Dist. in Northern Calif., Eastern Dist. and have just defeated a MTD 12(b)(6).
I think that the new judge actually wants to see this info because we illustrated a time line of underlying securitization mandates and we have the mortgage loan trust package in it’s entirety, i.e.; trust indenture, master sales and servicing agreements, asset trust account, master pay accounts, sub-trust accounts, loan loss insurance providers, credit default swap providers, Note insurer, etc. The thing we found very interesting is the fact that the Indenture Trustee (Deutsche), the Swap provider and the Note insurer (AMBAC) are listed in the trust indenture as “Beneficiaries” with priority over the investors and are first in line for payment from the sub-trust accounts, as well as the master pay account.
This is absolute evidence of the scheme. Moreover, the spill of money that came pouring into these accounts never went to the general master pay account, rather, directly to the sub-trust accounts, which we believe are located in the Caymen Islands.
The usual suspects are the recipients of this windfall. These are obvious defaults pursuant to the original Deed language wherein the flow of allocable payments are defined as to the priority of payment to the “obligation”, yet, the pillagers are directing these payments to other accounts which benefit themselves rather than being responsive to the mandates of the trust.
Jim
Filed under: bubble, CDO, CORRUPTION, evidence, expert witness, Fannie MAe, foreclosure, foreclosure mill, GTC | Honor, HERS, investment banking, Investor, MODIFICATION, Mortgage, Servicer | Tagged: accounting, Caymen Islands, DEUTSCHE BANK, general master pay account, HERS, payments, sub-trust accounts |
good stuff
Kickboxer, thanks. I think they will do something for us as the tide is indeed turning. If I take this back to court with an attorney in tow, they will get burned.
Abby, how are you? that post was errantly attributed to me. My case has not been removed. I’m in a “loan mod” conversation with Wells Fargo (after they got the foreclosure judgment). I will let you all know what happens.
Linda, just keeping up the fight makes me feel supported. Really. My anger over this is what keeps me going.
Usedkarguy,
I hope the bank finally gives you the loan modification you deserve. They would be fools not to.
George,
You are so right on the money–pun definitely intended. This fiat currency scam has got to be stopped! It is not just the main issue affecting our country and dragging us all to the poorhouse or to jail (see the story about Minnesotans going to jail for debt) or both–it is the ONLY ISSUE. Fiat money created by private institutions, i.e., the Federal Reserve and its member banks, is the root cause of just about every problem this country faces, with the housing issue being foremost.
Godspeed, Mr. Babcock–please keep us posted as to how these cases turn out. There’s been a lot of talk about the viability of the “vapor money” argument on this site, with most people concluding that such an argument would never pass muster in court and never has, despite the fact that the argument is 100% correct and is not only not disputed by the Federal Reserve, it is actually openly admitted by them!
As Neil says, the tide IS turning for the better in many ways–let’s hope that this is one of them.
DItto! What Abby in CA wants…. I want too !!!!!!!!!!!!
Jim, usedkarguy, Maher — what is the case number in the Eastern District of California Federal Court?
I have searched and searched and DO NOT find it.
And Jim, usedkarguy, Maher, do tell us, from where was your case ‘removed’ from?
I think we’d all like to read the pleadings and they should be publicaly available in PACER.
Please provide the case number to make it easy to find.
Thank you.
Maher Soliman: You know I think highly of you and your expertise. However, after charging me $XXXX for the crap you sent me, I am going to make this statement for the followers on this blog:
Dear Friends,
If you are considering using Mr. Solimans’ “expert testimony”, you should contract for his services by and through YOUR attorney. Period. End of story.
Maher, just got confirmation that you will be in Providence on Wednesday. Vapor Money is going to be the basis of my new complaint. The Amercian Revolution was won by Patriots who loved their country and who refused to be ruled by a wicked King. We are the new Patriots refusing to be ruled by something far more wicked and pervasive. Keep on Rockin in the Free World. “Neil Young”.
Ian, I was waiting for them to step on their (don’t say it) by botching the loan mod. They accommodated me. I will give them an opportunity to provide a generous write down. If that doesn’t happen, I will re-open the case in state court with the assistance of counsel. No more pro-se for me! That being said, my attitude has been renewed with the stories of victory from across the country. What really got me fired up yesterday was when the servicer’s agent admitted that Wells Fargo was indeed the beneficiary/investor/man behind the curtain directing the foreclosure. This admission alone is enough to get the case back in front of the judge and possibly seek sanctions against plaintiff’s counsel for fraud.
usedkarguy- sounds like you have them on the run- have you requested a jury trial? I HOPE SO! Can you please keep us all posted as to your progress? Sometimes facts which you think are not that important may be the lifeline which other readers need as the last link in their struggle. Thanks for the effort! Ian Sopko
Guys. guys GUYS! Thanks for the kudo’s but I think Neil meant to reference me in the post for “Investigation Highlights Challenge to Foreclosure Docs”. (Maybe one too many martinis?) I think Jim is the guy who gets the kudo’s. Anyway, I am still in the fight as a pro-se but am looking at a (possible) loan mod. Here’s how I got there after 10 months of litigation and $32,000 in legal bills to plaintiff:
Ms. HXXXXXX, I am writing seeking disposition of the HAMP modification solicited to me repeatedly after your law firm Litchfield/Cavo successfully obtained a judgment of foreclosure in case#09CV0353, HSBC as Trustee for Wells Fargo Home Equity Asset-Backed Securities 2005-2, in Kenosha County Court. As we both know, the aforementioned trust certificates are subject to Sarbannes-Oxley jurisdiction (misrepresenting ownership of those certificates held by Wells Fargo Asset Securities Corp. 1999) and credit default swaps are included in the TARP (Maiden Lane I) bailout. As put before the court, and as yet not adjudicated, the issues of FASB140-3 (Extinguishment of Liabilities), AB1122 (faulty reporting of servicing), and the fact that the Plaintiff foreclosed upon us with a pooling and servicing agreement that is superceded by the S/3 filing dated 04/02/2008 (SEC File 333-150038), and Wells Fargo’s “lack of good faith” in the handling of this loan modification, opens the case for reconsideration.
It is our intention to find an amicable resolution to the predatory loan foisted upon us by your employee Christina Ewing (now in the employ of BofA). Documents obtained via discovery show the false asset on our 1003 (Citibank account $15,630) utilized in the underwriting, and the subsequent reworking and forgery of the asset statement submitted with the final loan package. For your information, copies of this loan origination and documentation supporting the fraud claims have been tendered to the FBI, Comptroller of the Currency, FDIC, Office of Thrift Supervision, Wisconsin Department of Financial Institutions, Wisconsin Attorney General, and my contact at the Department of Justice. You may or may not be aware of the article in the Financial Time Monday about the FBI preparing to arrest “hundreds of people” involved in the mortgage fraud leading up to collapse of the Mortgage-Backed Securities markets. But I digress.
Depending on your future handling of this account, my options are as follows:
1) Since the Sheriff’s sale date is scheduled for July 28, 2010, I can file a bankruptcy, objecting to your “proof of claim”, and eventually seeking redress through the U.S. Bankruptcy Court to extinguish your claim against the property through further litigation;
2) I can have my counsel (upon retainer) file a motion to reopen the case in the State Court citing your lack of “good faith” in the handling of the at-hand modification under the HAMP/HAFA legislation;
3) Wait until documentation arrives at the courthouse and expose the lack of timely assignments and chain of title (and the UCC/SEC/State Law violations) regarding the note you are seeking to foreclose upon;
or
4) Accept a loan modification from your company that substantially reduces the amount owed as a set-off for the bad behavior of your company in the origination and subsequent securitization of the note and collection of the mortgage insurance/credit enhancements/swaps associated with this loan account.
Should this loan become the subject of a forensic investigation relating to Gain on Sale/Secured Borrowings/True Sale/or GAAP/FASB scrutinization, WE WILL PREVAIL!
My loan mod application traveled 1500 miles in one day–from Fort Mill, SC, to San Diego, to San Francisco(?) and finally to Phoenix, AZ. (“Uh, Miss, are you down the hall from the legal department? They have a similar phone number — no, just asking”).
I owe some of my education to Maher Soliman (yeah, he got some money out of me, too). The rest to Neil and fellow participants here on the site (Where’s Dan Edstrom???).
I can only say that, even when you think you are done, YOU’RE NOT! (See “USEDKARGUY GOES DOWN IN FLAMES!)
Karen, try usedkarguy@yahoo.com.
WOW! You my hero! Hats off to you if your still fighting these guys Pro Se! Is it me or does it seem like most all court cases are settled when there is a lawyer on both sides? Seems like the only ones that stay the course and battle it out are Pro Se ! Amazing!
Usedkarguy,
Somehow, your email is kicking me out…..something to do with ? Anyway, we have talked before….call me again! 206-396-4486. You were the first to tell me to hire Jeff Barnes….I heard that believe it or not FOUR other times. He’s the best. We have not yet filed our TRO as they have just postponed the sale. But he already sent me the docs that will be filed. He is brilliant. I cannot believe you are still fighting pro se. Says a lot for you! Keep up the fight! Keep us encouraged that we, too, can all fight these criminals.
Karen
ukg
nice… very nice!
email me–b.daviesmd@gmail.com.
The supplemental interest account is the other set of books and get any counterparty payments. I have my master swap agreements and found the actual account with wiring numbers for the DBNTC supplemental interest account.
http://www.scribd.com/doc/31414362/ISDA-MASTER-SWAP-AGREEMENT-FOR-RAST-2007-A5-SEC-Residential-Asset-Securitization-Trust-2007-A5-8-K-For-3-29-07-EX-99
http://www.scribd.com/doc/31414694/SEC-DOCUMENT-WITH-SUPPLEMENTAL-TRUSTEE-ACCOUNT-SWAP-PAYMENTS-Residential-Asset-Securitization-Trust-2007-A5-8-K-For-3-29-07-Address-of-Trustee-Account-99
http://www.scribd.com/doc/32466720/DEUTSCHE-BANK-NATIONAL-TRUST-COMPANY-TRUSTEE-MAPPED-SECURITIZATION-CASE-FULL-MORTGAGE-BACKED-SECURITY-LOAN-CHART-OF-ASSIGNMENTS-AND-PAYMENTS-ORIGINATION-OF-LOAN-gt-WAREHOUSE-LENDER-INVESTORS-SELLERS-DEPOSITORS-SWAPS-MONEY-FLOWS
This has the wiring accounts–duetsche bank national trust co-americas is where it goes.
8-k with the account in my occ complaint
http://www.scribd.com/doc/31421574/Occ-Complaint-Additional-Information-5-16-10-DEUTSCHE-BANK-NATIONAL-TRUST-COMPANY-AS-TRUTEE-DEUTSCHE-BANK-TRUST-CO-AMERICAS-AS-ACCOUNT-FOR-INDENTURE-TRUSTEE-ACCOUNT-FOR-RAST-2007-A5-DEUTSCHE-BANK-TRUST-CO-AMERICAS-DEUTSCHE-BANK-PRIVATE-WEALTH-MORTGAGE-INC-OFFICE-OF-COMPTROLLER-OF-CURRENCY-APPLICATE-TO-PURCHASE-ASSET
Who is your attorney? We are just begining.
All I have to say is wow….. This just boggles my mind.
The securities attorney from the Bay Area is full of s**t!
The statutory right to see these documents is found under every civil rules of evidence coe. If it helps get to the truth, it’s your right to see it. They just don’t want you to see these documents because it will set a path for others to follow … I think your federal judge is going to indulge you because you’ve probably gotten closer to the securitization mess than most litigants and this judge wants his name on a landmark ruling that won’t be appealed. If it gets appealed, more people will know about your procedure, because the other side will have to explain themselves while attemting to defeat your procedure.
All of this sounds very logical. I think the question everyone wants to know however is how you ended up with the entire mortgage loan trust package. Please provide that. That is key to developing discovery. If there are any of us out there that can help ofer admissions and interrogatories, which could lead to other production, I’m sure we’d jump right in there to help you.
We all want to expose this fraud more than the SEC does because we all have a personal interest at stake.
Thanks for your hard work Jim!
Jim
How can the Indenture Trustee be a beneficiary?
Sounds like these trusts may have been specifically set up with the intent of default.
POST OF THE YEAR !!
Jim,
This is wonderful news, the accounting information is incredible, how did you get them to give you this information? wow, I have been fighting this plaintiff for some considerable time, I find this particular bank very interesting.
Used car guy. Bravo. Remember you from 10 months ago. I just got foreclosed on and I’m in court still avbit shaky not to discovery yet. Blessu for sharing all this time I shall be doing the same. I’ll keep fighting because we must.
Usedkarguy, how can we support you?–sounds like you’ve got “the smoking gun”?
thanks for helpig those of us just starting discovery to ask for the correct information from the defendants and giving the courts some background on what is going on–good luck