Details in New York: Devil is in the Foreclosure

MOST POPULAR ARTICLES

COMBO Title and Securitization Search, Report, Documents, Analysis & Commentary GET COMBO TITLE AND SECURITIZATION ANALYSIS – CLICK HERE

Submitted by “One Observer”

o Why would a non-performing loan be transferred into a Trust nearly 16 months AFTER the Trust’s closing date?
o How many other mortgages were not deposited in accordance to this Trust’s Pooling & Servicing Agreement?
o And if it contained non performing loans, why weren’t the investors notified and paid a higher interest rate?

In a letter to the New York State Attorney General Hon Eric Schneiderman, a consumer who is caught in the irrationality of the NY Foreclosure Courts, pleads for an investigation into yet another example of blatant securitization fraud.
• Merrill Lynch Banker ‘sells’ the ARM refinance mortgage as a cash flow enhancement product to estranged spouse. Estranged spouse decides to be sole signor on Mortgage and Note. Mortgage closes on November 1, 2004.
• Through information later obtained, this mortgage was securitized into the MERRILL LYNCH MORTGAGE INVESTORS TRUST SERIES MLCC 2004-G Pass-Through Certificates, CIK 1312848 under SEC file number 333-112231-36.
• This Trust had a closing of December 29, 2004 pursuant to its Pooling and Servicing Agreement.
• As of April 1, 2006, estranged spouse stops sending mortgage payments.
• In October 2006 an officer of the servicer PHH, Marc J Hinkle, assigns the Mortgage from MLCC (the ‘Depositor’ in the Trust) to Wells Fargo Bank, N.A., as Trustee (Trustee of what? It didn’t say).
• This begs the questions:

o Why would a non-performing loan be transferred into a Trust nearly 16 months AFTER the Trust’s closing date?
o How many other mortgages were not deposited in accordance to this Trust’s Pooling & Servicing Agreement?
o And if it contained non performing loans, why weren’t the investors notified and paid a higher interest rate?

• Sometime in late 2006, the firm Shapiro & DiCaro filed an Order of Reference to foreclose on this mortgage. Fortunately, some NY Judges ‘get it’ and the presiding Judge dismisses the motion as Plaintiffs do not submit evidence of standing and specifically had not submitted the requested Trust Agreement. One can speculate that if the Judge saw the closing date of the Trust Agreement, the Judge too would question why the mortgage was assigned AFTER it was in default and AFTER the Trust’s closing date by which all mortgages had to be transferred.
• Plaintiffs file an Appeal in 2007
• Plaintiffs withdraw the Appeal in 2008
• Plaintiffs file another Summons and Compliant in early 2008, that’s nearly two years after the first date of default.
• Suddenly, Plaintiffs motion to dismiss their complaint and it is dismissed.
• A second mortgage assignment is filed in June 2008, that is 3.5 years after the closing date of the Trust AND essentially assigning a non performing loan into a Trust whose very Pooling & Servicing Agreement disallowed such transfers as the mortgages were pooled into 2 Senior tranches. Adherence to the PSA determines whether there was a transfer effected or not because under NY trust law (which governs most PSAs), a transfer not in compliance with a trust’s documents is void.

Again, the questions raised are:
o Why did a non performing loan get transferred into a Trust belonging to an almost bankrupt holding company, Merrill Lynch? In June 2008, Merrill Lynch’s widely publicized financial problems due to the losses from its RMBS business led to the subsequent acquisition of ML by Bank of America.
o Was this untransferred and non performing loan and its losses, and I speculate many others due to the reason in the point above, included in Merrill’s calculation of operational losses and the adequate Basel and regulatory capital reserves set aside and reported?
o This assignment is from Wells Fargo Bank, NA, as Trustee to the securitized Trust. The assignment was again done by Marc J Hinkle, an officer of PHH, not the Trustee. There was no Power of Attorney attached to the assignment. So an agent assigns the ownership interest as agent for the owner before the owner is actually established established? Cart before the horse ?
• A THIRD foreclosure complaint is filed in mid 2008. The presiding Judge agrees with Shapiro, DiCaro & Barak’s reply to one of the Defendants’ Motions which stated that the many securitization issues raised above were not relevant to the Foreclosure Court proceeding. Consumer is dumbfounded by this decision–ie Plaintiff is not a ‘Person’, therefore, the means by which Plaintiff can claim standing has to be reviewed.

Again, this is just one mortgage marred with irregularities but it begs the question of how many others may have been fraudulently transferred into this and other toxic Trusts and whose investors knew nothing about this endemic toxicity?

The consumer is in communication with the SEC, the OCC and the NY AG’s Office,

Indeed, ‘unsophisticated consumers’ in foreclosure proceedings are not the foreclosuregate principals, it is the investors who are demanding answers and visibility into the lack of transparency these transactions were performed under.

Merrill Lynch is a vertically integrated firm and has a private label agreement with PHH since about 1997. ML created the mortgages (PHH created them under the MLCC name), underwrote the securitization, sold the bonds and resold them time and time again. In 2008 AIG held several toxic MLMI bonds and was bailed out by the FRB in what was called the Maiden Lane portfolios. Interestingly enough, in the example above, one of the bonds is part of Maiden Lane II. When the FRB auctioned these non-agency RMBS in April-June 2011, guess who bought the largest chunk? It’s Merrill Lynch all over again, along with JPM Chase. Guess it’s hard to resist the bargain they themselves created.

It’s getting more challenging for firms like Shapiro, DiCaro & Barak and the rest of the Shapiro mill to cover up their and their client’s ‘unclean hands’. Investors are demanding answers and it is the recent lawsuits like to AIG vs BoA on Monday Aug 8th and the Allstate vs BoA back in March that continue to pressure regulators to uncover and publicize these fraudulent transactions.

18 Responses

  1. You need to run this one once again. Put it i Lamen terms only for the public. And what about Godaddy.com. The founder of Godaddy.com is also the organizer for several financial firms which is currently committing foreclosue fraud , pretending to own loans which are related to BOA fraud, These financial firms are creating fraudlent documentation of the Bankrupcy Courts and getting away with it. I have learned this organizer is one of the very same for United health Care Centers, Owned by a Cliff Cotton. GODAddy has a geat deal of issues and are associated with the Bankrupcy courts as well,. They can commit Bankrucoy fraud and the surpress due process. You’ll aint seen nothing yet! This is all being driven under the Universities, This is the biggest secret . Stay informed See Wikileaks

  2. It’s time for the government to outlaw foreclosure and force all banks to modify mortgages. The foreclosure is a loosing game.

  3. Dear State Attorney General Eric Schneiderman:

    RE: Money Laundering

    Non-Depository Trust Company Non-Member Nominee for Mortgage-backed note (owner) c/o Institutional Investor/Institutional Bank with intent attached ‘cash’ to Mortgage Servicer’s pass thru agency, payable to ‘bank closing agent’ in state closing of property located, c/o Mortgage Servicers’ pass thru agency – recorded in State of Maryland c/o Corporate Trust Servicers – CTS-Link and the ‘loan#’ cash ‘Remitter’ c/o ‘Collatera’ issued one mortgage at a time exempted from Patriot Act 2001 Money Laundering protections and regulations of FinCen

    Mortgage Servicers ‘GMAC MORTAGE CORPORATION OF IA, dab GMAC MORTGAGE CORPORATION OF PA, FICITIOUS NAME, GMAC MORTGAGE CORPORATION DBA MORTGAGE SERERVICER IN Agreement since 1996 with Norwest Corporation and Chase Manhattan Corp, pass thru agency nominee Wells Fargo Asset Securities Corp fka Norwest Asset Securities Corp, dba Wells Fargo Bank NA, has passed cash for institutional investors and institutional banks whose affiliates have visitorial powers granted by OCC since 2002 bypass Patriot Act 2001 FinCEN money laundering regulations attaching with intent cash deposits to Mortgage Servicers.

    In 2000, Microsoft primary owner, FREDDIE MAC, Chase Mortgage Corp, Wells Fargo, Norwest, GMAC did with intent unveil Home Technologies (MSN . com tm) controlling real estate industry.

    In 2001, Patriot Act in place to protect economy, placed money laundering regulations.

    In 2002, OCC successfuly protected Institutional investors & Institutional Banks owners of mortgage-backed notes classifying them as affiliates of Mortgage Servicers. The OCC prevented enforcment of laws including protecting economy from money laundering r were protected by OCC who EXEMPTED all Mortgage Servicer afiiliates Exempt from FinCEN reporting regulations.

    OCC 2002 forward did not investigate RETAIL consumer complaints, nor any trasactions related to RETAIL c/o Mortgage Servicers which include the actual cash transaction in which the Non-Deposit Trust Co – Non Member cash passed thru the pass thru agency treasury c/o closing agent in state property located.

    Wells Fargo Executive Specialists discuss in internal memos ‘regarding’ fraud complaints that “We Don’t have to respond ‘RETAIL’”, OCC June 11, 2010 Letter, ‘We do not have authority to adjudicate the alleged unlawful business acts.”

    If nobody checked the individual consumer complaints nor the cash to the Mortgage Servicers issued at RETAIL during Origiantion, all monies were successfully laundered each day since the Patriot Act 2001 put in place money laundering initiatives.

    OCC’s visitorial powers protect all affiliates of RETAIL Mortgage Servicers which includes ‘David Stern’.

    David Stern PA without personal knowledge of Origination did process requests for documents c/o LPS, DOCX, MERS, TDSF, that would place in public office and court Plaintiff legal documents considered to be true.

    The only beneficiaries of such alleged unlawful business acts are the ‘Mortgage Servicers’ affiliates c/o mortgage-backed note owners.

    Specifically, the Institutional Investors and Institutional Banks Non-Deposit Trust Company Non-Members and Master Servicers who collect cash deposits bypassing money laundering regulations of Patriot Act.

    Is it $29 Trillion banks got? How much is is in cash deposits when you consider all the cash deposits c/o monthly payments via Mortgage Servicers all that money laundered exempt from FinCEN Money Laundering Regulations.

    GMAC FUNDING with equity partner ‘State of Maryland’
    What exactly does that mean?

    PORTAL (FIS) Origination (1) GSE VENDOR Authorized
    Loan Syndiation & Trading integrated modules lending process deal building – servicing – foreclosing – REO Lender reselling.

    FIS has also been named the number one overall financial technology provider in the world by American Banker and Financial Insights (FinTech 100). Midtier and Large Banking – flexible channel, integration and core solutions to meet every banking need from originations to servicing

    HOPE LoanPort & GMAC to Launch Portal and GMAC Mortgage to be first SERVICER to delivery direct-to-consumer foreclosure mediation portal.

    GMAC ‘funding’ development of portal hmmmmm…..
    “GMAC” funding partnership with State of Maryland … interesting – portal ‘HOPE LoanPort’.

    Employee Manager wrote:
    GMAC Mortgage, LLC engages in originating and servicing residential mortgages.

    The company operates three primary business units:

    GMAC Mortgage,
    GMAC Home Services, and
    GMAC Bank.

    GMAC Mortgage business unit originates first and second lien residential mortgage loans through a network of retail offices;

    direct lending centers;

    and Internet sites, such as http : // www . gmacmortgage . com and

    http : // www . ditech . com.

    GMAC Home Services business unit provides real estate services directly to customers.

    GMAC Global Relocation Services business unit offers relocation services.

    GMAC Bank business unit provides online banking services, which include money market savings accounts and fixed-term certificates of deposit.

    GMAC Mortgage, LLC was formerly known as GMAC Mortgage Corporation.

    The company was founded in 1985 and is headquartered in Horsham, Pennsylvania.

    It has additional offices in the United States and Canada.

    GMAC Mortgage, LLC operates as a subsidiary of
    GMAC Mortgage Group, LLC

    100 Witmer Rd, Horsham PA 19044 USA 10,000+ employees

    ‘Mortgage Brokers’ may provide Mortgage Services. Example GMAC Mortgage Servicer employe dby both

    GMAC Mortgage Corporation of PA
    GMAC Mortgage Corporation of IA
    GMAC Mortgage Corporation Company
    GMAC Mortgage Servicer c/o GSE’s
    ‘FREDDIE MAC’S EXCLUSIONARY LIST
    SELLER’S ABILITY TO SELECT APPRAISAL MANAGEMENT COMPANY (OR OTHER PARTY) NOT ENDORSEMENT OR APPROVAL OF THE APPRAISAL MANAGEMENT COMPANY, DOES NOT RELIEVE SELLER OF ANY OBLIGATIONS PURSUANT TO SELLER’S OTHER PURCHASE DOCUMENTS INCLUDING REQUIEMENTS GUIDE SECTION 2.24 RELATED TO EXCLUSIONARY LIST

    carie, on August 25, 2011 at 1:16 pm said:
    agree—nancy drewe:

    “…could bring a lawsuit against Barack Obama and under Constitution, Article II, Section 4: The President, Vice President and all civil Officers of the United States, shall be removed from Office on Impeachment for, and Conviction of, Treason, Bribery, or other high Crimes and Misdemeanors

  4. IMPORTANT
    Nancy Drewe, on August 24, 2011 at 2:25 pm said:
    Investigate today not tomorrow all the members of the Executive Committe, coaliation, seeking civil settlement by 9/1 for President Obama.

    Megaservicers ‘money launders’ Exempt under Patriot Act, protected by OCC Visitorial Powers ‘umbrella’ protecting WFHM div Wells Fargo Bank NA, WFC, Norwest, GMAC, Chase, Freddie Mac, Fannie Mae, JPM, Citi …

    New York AG Eric Schneiderman gets booted by Attorney General Tom Miller. I’ve been wondering about Tom Miller and the ‘Executive Committe’ of the Civil Settlement. Who vested powers to group? Oh I know, OCC for any ‘affiliates’ of a national bank or national association may be protected from enforcement by NY AG Eric Schneiderman

    Executive Committee headed by AG IA Tom Miller shoul dbe investigated for ALLOWING COALITION TO ‘SETTLE’ AND ALLOW BANKS ‘GET OUT OF JAIL FREE CARD’

    Wednesday, August 24, 2011

    By Paul Muolo Iowa Attorney General Tom Miller late Tuesday removed New York AG Eric Schneiderman from the executive committee of a coalition seeking a civil settlement with the nation’s megaservicers, saying he had “actively” undermined the group’s efforts over the past few months.

    Miller, who heads the 50-state AG group negotiating with servicers over the robosigning scandal, said in a statement that Schneiderman has been “intimately involved in every aspect of this investigation and possible settlement” since last October.

    According to combined reports, the New York AG feels the negotiating panel is going too easy on the servicers regarding their release from future legal claims tied to their shoddy residential servicing practices.

    In his statement Miller adds that New York “has actively worked to undermine the very same multistate group that it had spent the previous nine months working very closely with.”

    In a statement a spokesman for Schneiderman said the AG is “committed to a comprehensive resolution” to all mortgage abuses, adding that “ongoing investigations by attorneys general cannot be shut down by efforts to settle quickly.”

    The AG coalition is seeking roughly $25 billion in financial commitments from servicers, but it’s unclear how that money will be spent. Some firms might pay outright damages to homeowners while other funds might be geared toward loan modifications and restructurings.

    If you are not a subscriber to National Mortgage News signup for free trial

  5. It occurs to me that these assignments after the closing date are not actually intended to be assignments into the trust. It seems that they intended MERS or the original mortgagee who stayed on as servicer to do the foreclosures. This way there would be no need for an assignment because the mortgagee of record would be the foreclosing entity. But then when MERS kept getting kicked out and courts started asking the real party in interest to be joined, they had to make assignments to establish the record.

    If the banking entities would tell the truth they might say “Well, we really dont care about paper assignments anymore. We do it all by computer and we pretty much do as we please in the computers. But because judges and investor attorneys need to see things are proper, we write our PSAs according to law, but we dont follow that very often. We never intended that the MBS trustee would come to court very often until the courts stared kicking MERS out and we had to file assignments after the fact but we dont want you to take the words as truth. They are just there to establish the record, we didnt really deposit a non performing loan into the trust after the startup date rendering a 100 percent tax.”

    But so the judge would obviously say to that “So you are recording records of title that you know to be untrue and incorrect? Youre gone.” So we run around and around with all of this.

    BUT, I find this argument that the PSA was breached, the assignment was after the closing date and the MBS trustee therefore lacks standing as one of the best defense avenues out there. I know it still needs to catch on more, but the NY trust law is clear, Ive seen some of it.

    Always allege tender though. You are not looking for a house for free on a technicality. You simply want to sit down with the real party in interest and you dont know if they are here because why would they be filing all these illogical documents?

    Colin

  6. Interestingly enough, PHH and Merrill have an agreement by which those/these private label mortgages are to be sold to PHH every quarter. At least that was the arrangement at that time. http://www.docstoc.com/docs/16317747/Loan-Purchase-And-Sale-Agreement—PHH-CORP—11-22-2006.

    Notice the verbiage that mortgages will be assigned to PHH or a designated third party.

    So this means, correct me if I’m wrong, that since the mortgage assignent was void under its PSA, the Trust is not the owner of the mortgage BUT MLCC is not either because according to the above referenced Agreement, MLCC should have transferred this mortgage to PHH as part of its private label business agreeent.

    PHH is then both the servicer and technically the owner of the Note but in none of the case documents does PHH appear as owner. And Shapiro, Dicaro’s attorney does certify under oath— he is familiar with the facts and that what the complaint says is correct.

    On another note, literally, also interesting is that one of the subordinate tranches was wrapped into a CDO underwritten by Deutsche Bank.

  7. As a side note, here are some other businesses Shapiro Mill is involved in —hosted by GODADDY .com, Inc.:

    lawoftheamericas.com (IP address 72.167.151.9 United States)

    shapiroattorneys.com (IP address 72.167.151.9 United States

    shapirofishmangache.com (IP address 72.167.151.9 United States)

    svpblaw.com ((IP address 72.167.151.9 United States)

    fisherandshapirolaw.com (IP address 209.255.139.14
    United States)

  8. Re: Nancy Drew’s comment above–

    Precisely. The assignment should have been, in the case of this MLCC 2004-G Trust:

    Because the Originator and the Seller are the same in this case, namely MLCC, the sequence should have been:

    MLCC –> MLMI–> WFB as Trustee for the certificates
    (Underwriter->Seller->Depositor->Trust)

    What actually happened was
    MLCC–> WFB Trustee (of something? It didn’t say) –> WFB as Trustee for the certificates

    So, the depositor MLMI never had posession of the mortgage–>. Hence, there is no True sale.

    Shapiro, DiCaro knew that. That is why when the Judge on the first motion asked to see the Trust agreement, they never produced it and the Judge dismissed that Complaint. Then Shapiro & DiCaro ‘produced’ an assignent, 16 months AFTER the Trust’s closing date (with a 90 day grace period to fix ‘stuff’). That was still NOT correct.

    So, 3.5 years later, Shapiro, Dicaro & Barak (they added a chick and with a last name to create resemblance to the president??? Sheri Barak), then tells PHH’s Marc J Hinkle (I don’t believe Marc-ie thought of this on his own 3.5 years later) and the assignment is from WFBNA to the trust.

    But wait, where’s the Depositor MLMI? Iif MLMI didn’t deposit the mortgage, there was no actual transfer.

    And to reiterate, the mortgage was non performing at the first and second assignments, this MLCC 2004-G Trust did not allow non performing loans into this Trust.

    The point is, however, that pretty impressive investors bought the 2 main tranches of this Trust. Granted this is a single example of mortgage assignment fraud but any saavy investor I would assume reads the Wall Street Journal and would most likely be aware of the recent lawsuits both AIG and Allstate filed again BoA (MLCC and Countrywide) on similar grounds and a few other claims. If the underlying mortgages display such irregularities, those market making investors should have received pretty good ROI.

    And they didn’t.

    Securitization fraud= two sides of the same coin for homeowners and investors.

    In summary, MLCC makes money from misrepresentations about all their toxic RBS, ABS and CDO deals, the investors get swindled, the homeowners get stampeded, then MLCC (Bank of America) buys back these instruments at fire sale prices –all the toxic investments –and resales them to—-foreign markets.

    It gets better though.

  9. Analysts: PHH Should Up Market Share
    Even though the management at Mount Laurel, N.J.-based PHH Corp. said its mortgage origination business lost market share during the second quarter, the analysts at FBR Capital Markets believe the company is becoming even more aggressive in bringing in new business as the larger servicers such as Bank of America and Wells Fargo are losing origination clients.

    PHH ‘Servicing’ income should be up! from Backoffice processing of ‘Brand Name’ transactions for WFC, BOA, CHASE, FREDDIE, FANNIE….

    PHH Title & Settlement Services fka Cendant Title & Settlement Services, relates all the way back to US Mortgage Services, backoffice for ‘Brand Names’ aka trade names. Prints the statements for mortgage payments for ‘servicers’ in while one will find ‘Wells Fargo Bank NA ‘TRUSTEE. BOA will take the hit on the defaults until BOA collapses. No one will recognize the name of ‘WFC’ real national association that will collapse or collapsed already.

    TD Services in 1999 issued
    RELEASE OF LIEN/CERTIFICATE OF SATISFACTION

    CENDANT MORTGAGE CORPORATION ‘IS A FICTITIOUS NAME’ ‘Tradename’ a private BRAND LABEL as RELATED TO origination and servicing transactions related to ‘NORWEST MORTGAGE’ . ‘GMAC MORTGAGE’, ‘Chase Mortgage, ‘BOA Mortgage’, ‘Norwest Financial Mortgage’, etc.

    CENDANT MORTGAGE ‘ Signatory’ for Wells Fargo Bank NA TRUSTEE (Wells Fargo Bank Co Institutional Banker and Institutional Investor) over SEC. Hmmmm.

    Cendant LOCATED IN NEW JERSEY morphed 4 IPOS one renamed PHH again.

    Looking at just one of the millions of DEEDS OF TRUST issued

    This one 8/28/1998 RECORDED 9/1/1998 in Randall County in TX

    CENDANT MORTGAGE CORPORATION
    FDA PHH MORTGAGE SERVICES CORPORATION
    FKA PHH US MORTGAGE CORPORATION
    FKA US MORTGAGE CORPORATION

    ‘STATE OF CA’
    COUNTY ‘ORANGE’
    TD SERVICE IN CALIFORNIA

    RECORDING REQUESTED BY T.D. SERVICE CO
    JOAN B. ALT NOTARY IN ORANGE COUNTY, CA

    1999 Extreme Networks and Norwest LP LLLP Ltd, technology partners.

    CENDANT MORTGAGE CORPORATION
    CENDANT MORTGAGE CORPORATIONS
    CENDANT MORTGAGE CROP
    CENDANT MORTGAGE LOAN TRUST
    CENDANT MORTGAGE SERVICES INC
    PHH MORTGAGE SERVICES CORP
    PHH MORTGAGE SERVICES CORPORATION
    PHH MORTGAGE SERVICS CORP
    PHH MORTGAGECORP
    PHH MOTGAGE SERVICES CORP

    TD Services major player over CLOUD in1999 are duly responsible along with LPS/DOCX for producing falsified documents for residential transactions including PHH and Cendant who are non-bank affiliates of Wells Fargo Bank NA TRUSTEE whose ‘loan origiantions’ are by BRAND c/o WFC, Chase, BOA, GMAC….

    CENDANT Mortgage, a NJ title & settlement processing agency (Morphed 2005-2007 into 4 IPO’s) a creative way to resell real estate to consumers without actually owing the real estate was the deceptive advertising or finally the ‘truth’ –

    accurate public statement in selling IPO’s of Realogy, Title Resource Group, PHH, Intrawest …. ‘without owning the real estate.’

    Whose SEC Member registered Cendant Mortgage as Signatory and processed Lehman, Bear Stearns and Wells Fargo moving money to the left.

    Wells Fargo Bank NA acting as TRUSTEE for INVESTORS

    Extreme Networs and Norwest LP LLLP Ltd private money manager for Cendants Title & Settlement processing plants dba ‘BRAND NAMES’ processing for Norwest Mortgage, Wells Fargo Mortgage, GMAC Mortgage, PHH Mortgage, Cendant Mortgage, etc.

    TD Services journey with Fidelity carried on Microsoft’s commercial channel licensed to FIS reveals control of real estate industry legal documents and financial clearing facilities connected with bank attorneys and nationwide title & settlements agents thorugh diversifications, acquistions, mergers 2001 between Microsoft, and Freddie Mac, Chase, Norwest, GMAC-RFC, WFC, … Fannie , the nationwide network migration taking the golden rule of recording DEED OF TITLES lawfully and MESSING UP THE 200 year old real estate ownership land records of the United States of America.

    As noted above,

    … ” assignment is from Wells Fargo Bank, NA, as Trustee to the securitized Trust. The assignment was again done by Marc J Hinkle, an officer of PHH, ”

    PHH IS NOT TRUSTEE, NO POA

    Recycling case, files new documents, ‘Defendants’ MOTION changes burden of proof to Defendants that the ‘Court’ looks at in a different light. This is going on all over the country, as a strategy’ in the playbook in which Plaintiffs are forcing defendnats to file motions in which the question of STANDING regarding the defendant’s ‘promissory note’ following DEED OF TITLE can be ignored. Isolate how.

    Merrill Lynch Depositor, Inc.

  10. Jeff

    No Virginia. You know, “abandon hope all ye who enter here….”. Something like that if you catch my drift.

    Not hospitable to debtors rights in ole virginie…..

  11. There are many formidable Judges in NY foreclosure courts such as Judge Karen Murphy in Nassau County. However, most of them are simply elected officials with little to no competency in complex matters such as securitization. But this points out something very interesting- Why are we voting for incompetents? They may get the $25,000 from lawfirms in the practice of foreclosure offense to get on the ballot, but their actions will speak volumes in private practice or re-election.

    It is attorneys like Neil who should be elected officials. He is for the people, by the people. He spends time on this website to bring this information to you and I. Of course he’;s entitled to make some income stream. But look at all the value he’s brought to a vast array of the ‘voiceless’ and I include myself.

    But back to this Trust MLCC 2004-G. Marie, the word investor is not meaningless in this matter. Investors include PIMCO and Allianz Capital, the Bill and Melinda Gates Foundation, Allstate (who already has a lawsuit against BoA, hence ML), AIG who just recently filed a lawsuit against BoA in March of 2011, and a few others. Some of these investors expected certain returns based on the asset quality that guaranteed the cash flow for their investments. Proverbially, it’s cool if a Trust had non performing loans, the underwriters just had to disclose that and pay investors a higher interest rate. From a regulator standpoint, if ML incurred on all these operational losses (such as from a non performing loans), they had to report it and set aside a certain amount of capital (Basel II requirements) to cover for those losses. The issue is that if one mortgage is so blatantly misrepresented to both investors and regulators and hidden and concealed in some obscure foreclosure process, what does that say about the rest of the 1,284 of this pool or the thousands and possibly milliions of other mortgages in other Trusts? It does raise and beg that question. Foreclosuregate will be exarcerbated by the investors.

    Homeowners ally with Investors, two sides of the same securitization fraud coin.

    Btw-Consumer has access to structured RMBS deals database. May be ‘unsophisitcated consumer’ in legal proceedings, not in everything.

  12. Hi Bob G.,

    Long time no see!!! Does not matter what bill they pass– electronic signatures or not — this is not the issue.

    Goes far beyond signatures. But, if certain entities want to stick their foot further in the rabbit hole — so be it.

    Perhaps, the source of exposure of fraud lies with parties that purchase fraudulent foreclosures with fraudulent title — this was MA focus — and it is spreading. Electronic fraud — or not.

    Homes not selling — no one wants to purchase a fraudulently foreclosed home. Can you blame them?? No “Bill” — will change their mind.

    I would not purchase — would you???

  13. From where the truth comes from. You might not like it or agree with it, but it doesn’t matter what you or I think.
    Housing isn’t about showing off how big your house is, or showing you made it because you purchased one.

    Housing is a right because it is a GOD given right that no man can take or give no government document is needed in this.

    Also no one should go to a bank and ask for a loan period. If you have a loan in any form you can not afford what you are looking at. I don’t care if you make the monthly payments or not. Affording something is paying for the whole thing from the start not in 5,10,30 yrs.

    This whole crap of socialism people talk about is double talk. Hiding your asset in a trust to a trust and nobody knows who owns it is just as bad as someone not paying on a contract they said they would pay.

    Both parties are hiding and acting like nothing is going on. Both parties file court actions saying they have a right to do what they say there doing. Judge says both have legal rights so at the end each side wins some and loses some.

    This is just a big long game of monopoly and everyone keeps playing over and over until it is there turn to have board walk and park place.

    If we have a law of default judgement when a party does not show up, we should also have a default judgement when a party will not come forward to claim but instead a fake person comes forward saying I am a agent for a person I haven’t even seen or know.

    If you are not man enough to play this game then do not play the game at all. Since the home owner is the only one man enough to play the game and say I’m show me your hand then of course they should win by default.

    If this was a poker game, someone cards can not just sit there and a empty seat, while someone stand behind the seat and say I am the agent for those deck of cards.

    The person with the cards lying on the table can not win the game because there is no one sitting in the seat willing to take the liability if he loses any money/, So how is it right for them to take the winnings even though he is not playing . That wouldn’t happen. So neither so it in this housing game.

  14. This NY bill has now passed both the Senate & Assembly. It awaits the governor’s signature. Tough break for all.

    5. 2011 Bill Tracking NY S.B. 2373, 234TH ANNUAL LEGISLATIVE SESSION, SENATE BILL 2373, DATE-INTRO: JANUARY 19, 2011, LAST-ACTION: JUNE 16, 2011; Passed ASSEMBLY., Permits recording officers to require that conveyances of real property presented for recording be presented as digitized paper documents in the form of digitized images of original paper records; removes a provision that makes the Electronic Signature and Records Act inapplicable to conveyances or other instruments recordable under the Real Property Law; relates to notaries and county clerks., NEW YORK BILL TRACKING STATENET Copyright © 2011 by State Net(R), All Rights Reserved.

  15. Marie,

    Are you in California, because that is EXACTLY what the judges say to Fabricated Assignments created years and years after a purported “trust” closes, solely for the purpose of false evidence to use in non-judicial foreclosures.

  16. no fundamental right to home ownership venu. we went down that road with Tony and Pat last week. where does this idea keep coming from?

  17. This issue seems quite stale at this point. The pretenders make these phoney assignments because THEY CAN.

    My “assignment” was 3 Yr after closing. So what. Only judge Schack cares

    Further the word “investor” seems fairly meaningless at this point.

  18. Outlaw foreclosure. This is becoming a nuisance and affecting the economy in a negative manner. Besides, right to home ownership is a fundamental right and banks could only modify mortgages in the vent of default. This is better than taking homes and selling to foreigners or bulldozing them.

Leave a Reply

%d bloggers like this: