Countrywide Admits Never Delivering Deeds and Notes to Pools

COMBO Title and Securitization Search, Report, Documents, Analysis & Commentary COMBO Title and Securitization Search, Report, Documents, Analysis & Commentary

material submitted by Charles Cox

BANKS DEAD IN THE WATER

EDITOR’S ANALYSIS: The consensus of opinion amongst experts in the academic and legal world is that upon inspection three thing are true: (1) the cash transaction that actually occurred with homeowners was never documented, (2) the paper transactions that were created, executed and recorded refer to transactions that never occurred (3) no transfer of any loan ever occurred in compliance with the securitization documents, and applicable federal (REMIC) law.

According to title experts this is usually corrected by getting the participants to sign new documents acknowledging the correction, but that would mean getting signatures from the borrowers who obviously are not going to accept mortgage balances far above the TRUE market value of the their houses, and the “approval” of such mortgages would violate the charter of any bank entering into such a transaction. THUS THE DEFECT IS FATAL.

While some transactions might be salvaged by equitable actions by courts, sorting out the true owners is going to be a nightmare for the banks who themselves relied upon handwritten notes and manually produced spreadsheets in dividing up expected receivables resulting from mortgage transactions, plus the payments on those transactions in addition to the profits from the foreclosures on “non-performing loans,” which is the subject of on-going inquiries from bank regulators. Unless the banks pull a rabbit out of the hat, with virtually the entire population of the country against them, millions of “completed” foreclosures are going to be subsject to quiet title actions and damages for wrongful foreclosure and trespass.

The largest mortgage aggregator in the history of the United States, currently owned by Bank of America, and whose mortgages are serviced by BAC of bank of America, is admitting that it never received nor delivered the the mortgage deeds, deeds of trust, notes, assignments, indorsements, or formal delivery from anyone and that they in turn thus delivered nothing to the so-called asset-backed pools. This on top of highly placed sources that bank regulators are about to submit letters of interest and enforcement to all the mega banks regarding the mortgages and the foreclosures, threatening sanctions including revocation of charters, spells the beginning of the end for the mortgage and foreclosure nightmare.

But don’t expect this end anytime soon. The banks are parked in every hotel room in every state capital and the nations capital fighting tooth and nail against laws and regulations that would put the foreclosure business into extinction and trying to pass laws that would breathe new life into the mortgages that are now largely perceived as dead on arrival.

http://www.dailyfinance.com/story/credit/bank-of-america-mortgage-document-errors-trouble-countrywide/19728402/
http://www.mybklawyers.com/?p=141
http://www.mybklawyers.com/?p=64

Charles
Charles Wayne Cox
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20 Responses

  1. I see Patrick Poulatie made a comment here. He is a self proclaimed ‘forensic loan auditor’. I paid him $$$ for an audit which was ‘erroneous’ when delivered. Also, he has NO CREDENTIALS that will defeat the bank experts in court.

    Same with MAHER SOLIMAN who is a TOTAL FRAUD. I paid him $$$ and he was DISQUALIFIED by a FEDERAL JUDGE for his phony credentials and his NON RESPONSE to a demand for a written narrative. He is a scammer & spammer….

  2. […] countrywide-admits-never-delivering-deeds-and-notes-to-pools […]

  3. M.Soliman,

    You have a good insight — but you are missing important points. Believe you will figure it out.

  4. DISCOVERY

    1) Chain of physical possession of the note and chain of endorsements of the note since you signed the note at closing, GENERAL LEDGER

    as well as consideration given/received, etc. G/L LOOK FOR GAIN ON SALE OF LOSS

    This includes all alleged endorsers and their employment history; custody and access to any signature stamps, etc.NOTHING HERE

    2. Chain of assignments for the deed of trust (mortgage), including all consideration given and received. MERS G/L
    3. Who advanced the funds at closing and who carried the loan as an assets on its books since the inception of the loan, etc. ABA FED WIRE NUMBER
    4. The flow of money, including how each mortgage payment is collected and distributed to each party and non-party, what portion of each such payment is retained by each entity, and what payments are triggered and made as a result of non-payment by the borrower, etc..MASTER SERVCING RECORDS – NOT REALLY RELEVANT – BUT , YOU CANNOT SERVICE A MORTGAGE HELD FOR A SECURITY CANNOT !
    5. All communications, verbal and written, by each party with other parties and non-parties regarding the events referenced in the complaint.INTERNAL DEPARTMENTAL “E- LOG” IT’S AN IT FUNCTION

  5. Patrick –

    It’s his site and he’s trying to rally people. He does mean well . Hope for the future and etc …

    Personally, I’m hearing you, believe me brother . . .and that’s all you can really expect.

    Write me if they bring this down . . . .

  6. BofA was the largest aggregator of mortgages – accordnig to the article. Yet BofA was never out there making a loan HELLO! Is anyone listening

    (Don’t attack the messanger – eat the pain and just think it through). MERS + Derecognition= Off Balance Sheet $ $ $

    ….How’s this “INSTANT EQUITY & NETWORTH USING BAD, REAL BAD PAPER”.

  7. The security was NOT secured by a mortgage We know that ….This type of security is commonly used to redirect the interest and principal payments from the pool of mortgages held in a bank towards shareholders. These payments can be further broken down into different classes of securities, depending on the riskiness of different mortgages as they are classified under the MBS.

    Its the cahs flow these REITs were offering – CASH FLOW

    expert.witness@live .com
    M.Soliman

    “don’t bring this down; please don’t”. People have to know!

  8. And,— since buck is passed for loan origination fraud — who is responsible for foreclosure fraud???

  9. leapfrog,

    Oh – this is great. But, that is what I have heard from grapevine since the beginning — too many players for criminal charges.

    More likely, it is because Countrywide did NOT retain the loans – or fund – the loans they originated. The criminals are at the Wall Street entities that purchased the loans from Countrywide. Again, Countrywide did NOT retain the loans. Someone — big time — was behind Mr. Angelo. Mozilo. Someone funded Mr. Angelo Mozilo. Hmmmm — who purchased Countrywide??

    No one will go after Wall Street. Wall Street is government’s baby.

  10. Agent Orange off the hook on criminal charges.

    http://www.ritholtz.com/blog/2011/02/angelo-agent-orange-mozilo-off-the-hook-for-now/

  11. knowledge and faith don’t mix, as they contradict until they are proven to be in concert. They fight like enemies to be brought together to show the cause of their fight. Neil has always said the legal requirements were not adhered to. Your favorite pretender will do anything to prevent you or anyone else from knowing.
    Why does anyone expect Neil to answer questions that we have to deal with on an independent basis? If what he has said is true, and it has been admitted to by the people that know, in court, Extrapolate from there as to the reasons you still don’t have the answers. (hint, it is being hidden from you for reasons that become obvious, they need to conceal)
    Like life, no answers, just possibilities.

  12. Hey Dying Truth why do you have a star of David with a Swastika in the middle. Are you related to Charles Manson? He had a Swastika on his forehead?

    http://en.gravatar.com/dyingtruth

    Hate is a disease. You are a proven and outspoken hate monger. Please go to a Doctor before it is too late.

  13. Garfield,

    You are recycling old stories again. This is b.s.

    Why don’t you mention that this was one person only, who did not have full and complete knowledge of the practices. Nor have you mentioned that B of A/CW has refuted her.

    As well, if documents were not “delivered”, it can also be because CW was either the custodian by the PSA, or was “appointed” by the trustee to retain the documents.

    Neil, you post all cases that “support” your viewpoint, like the recent MERS case in New York. Then you proclaim that it is a “great victory”, and that will be the end of MERS.

    Yet, you ignore the greater number of cases that go in favor of MERS, and which claim that there is an Agency relationship, and that MERS can assign deeds.

    This is intellectually “dishonest” what you do by only posting one side of the story. You lead people to believe that they are going to get results that are generally not going to happen.

    Why don’t you start posting the other side of the story, and be objective for a change?

  14. Gwen,
    I am yet to do a post on discovery in securitization cases at http://www.bryllaw.blogspot.com, but in a nutshell, I would ask for the following:

    1. Chain of physical possession of the note and chain of endorsements of the note since you signed the note at closing, as well as consideration given/received, etc. This includes all alleged endorsers and their employment history; custody and access to any signature stamps, etc.
    2. Chain of assignments for the deed of trust (mortgage), including all consideration given and received.
    3. Who advanced the funds at closing and who carried the loan as an assets on its books since the inception of the loan, etc.
    4. The flow of money, including how each mortgage payment is collected and distributed to each party and non-party, what portion of each such payment is retained by each entity, and what payments are triggered and made as a result of non-payment by the borrower, etc..
    5. All communications, verbal and written, by each party with other parties and non-parties regarding the events referenced in the complaint.

  15. Levitin:

    “Duh. Of course it isn’t. These issues have never been litigated. The whole point I’ve been making is that there are a bunch of unresolved legal issues. I’m not the one who decides what the outcome is. I can only offer my semi-learned opinion. But just as my argument lacks caselaw support, so too does that of the ASF. At least I’m not the one who built a $1.2 trillion dollar private label residential mortgage securitization industry hinging on uncertain law.”

  16. “the cash transaction that actually occurred with homeowners”

    What cash transactions are you talking about? Homeowners don’t receive actual cash “loans”.

    Did you know that the State Bar of California has an inactive and expired registration with the California Secretary of State?

  17. Great caption–but what is the basis for this statement–I have a countrywide loan serviced by wilshire then to boa/bac in feb 2010. Its securitized mlmi2006-he-5. What is the basis for this statement so that i can use it. My PSA says the poolclosed sept 28 2006 two monthsafter I allegedly signed the doc–which docs I might add they have yet to produce. The docs on file are not what I signd as they have repeatedy crossouts notinitialed by me–i always initial changes in docs as a former trial lawyer. The recorded doc on the allegedly original note is two weeks after he coes of the pool. so tell me what discovery request do I make to show this.

    don’t post captions that have n backup please

  18. […] This post was mentioned on Twitter by Teri Sherwood, Financial Wellness. Financial Wellness said: COMBO Title and Securitization Search, Report, Documents, Analysis & Commentary material submitted by Charles C… http://bit.ly/g5ZSie […]

  19. Oh, that’s the Kemp vs. Countrywide matter. I thought it was another one. I think that was already posted here once.

    It seems like it doesn’t matter what the bank’s officers admit, foreclosures are still going forward regardless.

  20. I hope this really is the beginning of the end. And may the end come soon.

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