DEUTSCHE CALLS TO DELAY A HEARING THAT THEY ARE NOT A PARTY TO. WONDER WHY?

NOW THEY ARE CHANGING THE STORY AND ASKING FOR FORGIVENESS.

ABA WHITE PAPER: THE ROLE OF A TRUSTEE IN ASSET-BACKED SECURITIES
WASHINGTON — Due to a number of recent, incorrect media accounts, the American Bankers Association today issued a white paper explaining the role of trustees in asset-backed securities (ABS) and, in particular, residential mortgage-backed securities. The paper specifically addresses the incorrect assertion that trustees are responsible for overseeing mortgage servicers and mediating between them and investors in securitization deals.
The responsibilities of the ABS trustee are set forth in the contracts governing the transaction, whether a pooling and servicing agreement or an indenture. The duties are ministerial in nature and typically include administrative functions such as maintaining securitization accounts, receiving payments, performing calculations and making distributions of information and payments. They are carefully detailed in the contracts to avoid misunderstanding and are limited to those duties expressly accepted by the trustee.
By contrast, the servicer typically collects all the income from the assets underlying the ABS, and provides information to investors on collections and other summary information about how the assets are performing. This information is used to determine the payment of principal and/or interest to investors. Additionally, where the underlying assets are residential mortgages, as required by recent federal legislation, servicers evaluate and approve mortgage loan modifications, short sales and other default resolution strategies to mitigate losses in connection with defaulted assets. If a default on a mortgage results in a foreclosure action, the servicer undertakes these actions in the trustee’s name as the secured party but is fully responsible for all associated activities including the engagement of counsel, eviction proceedings, property maintenance, and sale or disposition of properties following foreclosure.
This means that in most ABS transactions, the servicer has more information about and control over the assets, asset performance and the transaction generally than any other transaction participant.
In many asset-backed securities transactions, the documents may not contemplate any direct check on the performance of the seller or the servicer. Transaction documents virtually never give the trustee any substantive oversight of the servicer and its activities other than to confirm the timely receipt by the trustee of certain remittances and reports from the servicer, including reports of independent accountants and certifications in the forms required by the transaction documents.
Importantly, the trustee typically has no duty under the transaction documents to make investigations on its own for the purpose of detecting defaults, fraud or other breaches.
The entire white paper, “The Trustee’s Role in Asset-Backed Securities,” is available by clicking here.
The American Bankers Association represents banks of all sizes and charters and is the voice for the nation’s $13 trillion banking industry and its two million employees. Learn more at aba.com.
# # #http://www.scribd.com/doc/42217962/SECURITIZATION-Role-of-the-Trustee-in-Asset-BackedSecuritiesJuly2010

DUETSHCE BANKS 3RD PARTY SUPONEA

submitted by Brian Davies

http://www.scribd.com/doc/34498939/DEUTSCHE-BANK-SUPONEA-Discovery-Forced-on-the-Banks-suponeas-PLAINTIFF-DAVIES-WANTS-THE-SAME-LOAN-LEVEL-FILES-Just-Want-My-Loan-File-Produced-by-Deutsche-Bank-National-Trust-Company-Nytimes

DEUTSCHE RESPONSE TO 3RD PARTY SUPONEA. THE TRUSTEE OF THE TRUST IS DEUTSCHE BANK NATIONAL TRUST COMPANY AS TRUSTEE. THE ADDRESS IS SANTA ANA, CALIFORNIA.

http://www.scribd.com/doc/42076306/Deutsche-Banks-Objection-to-Third-Party-Suponea-on-Deutsche-Bank-National-Trust-Company-as-Trustee-letter-From-Megan-11-11-2010

DEUTSCHE CALLS TO DELAY A HEARING THAT THEY ARE NOT A PARTY TO. WONDER WHY?

6 Responses

  1. DEUTSCHE STEPPED IN ON MY FORECLOSURE AFTER WE FILED FOR BANKRUPTCY. THE ASSIGNMENT OF TITLE WAS DONE AFTER WE STARTED THE BANKRUPTCY.

  2. The best part is: collecting money from people who legally did not owe them anything. How are we going to fix that? Let’s hope they all go on the rocks, and we can get rid of them for good.
    http://www.challengingforeclosure.com Sirak@challengingforeclosure.com

  3. once these docs are out tge whole pyramid will finally hnravel.

    they will show they own nothing, that they illegally collected from people who owed them zero.

  4. How do i get in on this My loan servicer was Saxon/Ocwen and the backer was Deutsche Bank

  5. Brian go get em

  6. db.ir@db.com

    Might as well forward the article to the zombies at Deutsche Bank Corporate Mausoleum….LOL NOT

    Tags: International thieves, bank swindlers global, blood money, bank corruption, german predatory banks, suicide fomentors, international organized crime a la deutsche bank, boa clone, bank clowns

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