SUMMARY OF LINDA DIMARTINI TESTIMONY for Countrywide

COMBO Title and Securitization Search, Report, Documents, Analysis & Commentary SEE LIVINGLIES LITIGATION SUPPORT AT LUMINAQ.COM

INDUSTRY PRACTICES DO NOT OVERRIDE THE REQUIREMENTS OF LAW

Submitted by Ron Ryan, Esq. , Tucson, Az

SUMMARY OF LINDA DIMARTINI TESTIMONY
Linda DeMartini worked for 10 years for Countrywide Home Loans Servicing, LP (“CHLS”) and BAC after it took over all CHLS’s servicing and other business. She worked as: Customer Service Representative; Supervisor; Trainer; Training Developer; Manager of Policies and Procedures Writers; Communications leader; Senior Team Leader; and at the time of the testimony she was the number 3 Officer in Charge of the Litigation Unit.
She testified that she had personally seen the “original note” in the “original loan file” of BAC in Simi Valley. Pursuant to standard procedures there was no endorsement on the original note although there was room at the end of the note for it to be placed thereon.
She also testified that pursuant to standard customary procedures, the allonge that allegedly transferred the note to the Trust was prepared several weeks before the hearing specifically for the hearing at the request of CHLS’s attorneys. This was the only document she could provide that purported to be a negotiation and physical transfer of any documents to the Trust. The allonge was not attached to the Note. She also said that the original Allonge, after the court hearing, would have been placed back in the Countrywide loan file. At the hearing the Judge said that this inandof itself established that CHLS could not be a holder in due course, and would have to prove its case without the benefits of negotiable instruments law.
Ms. DeMartini also testified based upon PERSONAL KNOWLEDGE that it was standard operating procedure that everytime Countrywide originated a loan intended for securitization with servicing rights retained by Countywide, the ORIGINAL NOTE WAS ALWAYS kept in the loan origination file in Countrywide’s Simi Valley office. On the other hand, in cases where Countrywide sold the note with servicing rights released then and only then would Countrywide transfer and deliver the note to the new servicer.
On direct examination, DeMartini testified that it was “not the custom for the notes to go the investors but for the original notes to stay with us [Countrywide].” She also testified that Countrywide “had possession of the original documents [in Kemp} from the outset” and up to an including the day of the hearing. She also clearly testified that Countrywide transferred the “rights” to the Trust, but not “the physical documents,” without any testimony or knowledge as to how said transferred occurred, She also testified that this “was standard operating procedure in the mortgage business.” Immediately, the Judge stated that regardless of whether it was standard operating procedure, such practices are invalid under the law pursuant to the UCC.
The judge gave CHLS more time to try to establish ownership of the Trust by the transfer without negotiation exception or pursuant to the Pooling and Servicing Agreement, pursuant to some hypothetical special provision in the PSA the existence of which neither Demartini, CHLS’s attorney, nor the Judge had any idea could be found. But because the Note had never left possession of CHLS, as was standard operating procedure in all cases, the transfer without negotiation exception would obviously not
work.1 Additionally, as was made firmly clear by Kemp’s attorney at the hearing, the PSA would be of no help, because it states what everyone knowledgeable in the field knows to be the case, it is impossible for the originator to transfer a note directly to the Trust. They all require that the note be physically transferred from the originator to the sponsor, from the sponsor to the depositor, and from the depositor to the trust, with all intervening endorsements, after which the the Trustee delivers the note and other documents to the custodian for the Trust. Moreover, the loan related to a Trust that was formed and closed out in 2006. Evidence in the form of a fabricated allonge or any other form of transfer documentation created in 2009 cannot under any circumstances transfer to loan to such a trust in 2009, nor be backdated.

11 Responses

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  3. […] View the original article here Tags:Countrywide, DIMARTINI, LINDA, SUMMARY, TESTIMONY. This entry was posted on Monday, May 9th, 2011 at 2:21 pm and is filed under Uncategorized. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a comment, or trackback from your own site. You can . « Fort Lauderdale Foreclosure help – almost 3 million homeowners received notices of exclusion in 2009 Leave a comment Name (required) […]

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  5. Let the randomness begin…..lol

  6. Imagine that. Real Names!

    Madoff Trial Will Use Real Names Of Bank Employees, Judge SaysApr 13, 2011 … The judge overseeing the liquidation of Bernard Madoff’s investment firm on Tuesday rejected requests by banks to keep secret the names of …
    http://www.huffingtonpost.com/…/madoff-lawsuit-names-banks_n_848517.html

  7. http://www.scribd.com/doc/52926802/CA-Bk-Mers-Decision-in-Re-Salazar

    California Bankruptcy Judge denounces MERS and states the laws requires assignment despite the roles of MERS.

  8. Fixing Tickets is a no no for Judge in California. but Fixing Mortgages for Banksters is a good thing

    http://latimesblogs.latimes.com/lanow/2011/04/oc-judge-accused-of-fixing-friends-traffic-tickets.html

  9. This was a NJ bankruptcy court decision entitled Kemp v Countrywide

  10. so basically what i am reading is that none of the finacial institutions followed the law. robo signing comming to state near you. someone just posted it is now in west virginia. there are no cases yet the person who found hos papers were robo signed loooked up ther assignments in his county records
    and found “lind greens” signiturre on alot of them. he called the court house to find out what was going on and they lied to him and stated there have been no cases of robosigning in west virginia. good luck to us all we need it. this is ponzi scam worse the amway (sorry amway people but only the top guns get the big money)

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