Deconsolidation Nation for Mortgages?

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EDITOR’S NOTE: IT ALL COMES DOWN TO THIS: DO YOU WANT TO SAVE THE BANKS OR DO YOU WANT TO SAVE THE COUNTRY?

by Nancy Drewe

National Mortgage News sign up for your own subscription first 2 week trial for free excellent resource. I hope all the experts will call Paul who is willing to write the truth. Example:

Deconsolidation Nation for Mortgages?
By Paul Muolo Let’s put Bank of America on the couch. If anyone can figure out its absolutely schizophrenic approach to mortgages over the past two decades drop me a line.

Remember when it owned a subprime lender back in the 1990s and actually liquidated the thing even though it was making money? And before buying Countrywide it tried to make a huge splash in wholesale lending and failed miserably only to get out with its tail between its legs. And then it bought Countrywide thinking it was buying a premier lender/servicer at a bargain-basement price. I would guess that by the time the CFC Trojan Horse has run its course at B of A that disastrous purchase—the worst in history for mortgage banking—will cost the bank upwards of $40 billion. But enough Monday morning quarterbacking. All eyes in the industry are on the Charlotte-based bank because of this simple reason: the general belief is that within three years its presence in the market will be half of what it was a year ago and that means all that “market share” is up for grabs. We’ve hinted on the concept of “deconsolidation” before but you may want to read our expanded analysis in the Monday edition of National Mortgage News. Don’t subscribe? Call 800-221-1809…

Meanwhile, mum is still the word on who bought B of A’s $73 billion servicing portfolio—you know, the one that Fannie Mae controls because it has the right to yank servicing at a moment’s notice. As we noted in a previous column, Green Tree Servicing was said to be the winning bidder but that company may not have actually bought MSRs. We’re told that Green Tree recently received a “large assignment”—the B of A’s MSRs. (How much we don’t know.) GT isn’t talking, neither is its parent company, that publicly traded Walter Investment Management. You would figure that this is a “material event” and that WIM would say something. But we’re also told that maybe the deal has not actually closed, which means no filing is necessary, at least not yet. Of course, B of A and Fannie are saying nothing. So maybe I should call my Senator who is on the Banking Committee…

By now, you all know that refinance applications are piling up. Second-quarter originations figures were not great but the third quarter could turn out to be a barn-burner. However, second-quarter commercial fundings were quite strong, according to figures compiled by NMN and the Quarterly Data Report. In the next issue of the QDR, NMN will start publishing the nation’s top ranked commercial lenders as well. To order the QDR drop a line to Deartra.Todd@SourceMedia.com

What’s going on with Kislak Mortgage these days? Good question. Tom Wind left several weeks ago and the company’s PR lady has not returned multiple telephone calls and emails lately. Any insight? Drop me a note at Paul.Muolo@SourceMedia.com

The Federal Housing Finance Agency has yet to release its draft proposal on restructuring Fannie/Freddie servicing fees. We’re told that there is now “radio silence” in Washington on the issue. However, something might shake loose by the end of September…

MORTGAGE HURRICANE STUFF: Yes, a big storm is on the way to the East Coast. I want all you mortgage surfing dudes who are contemplating a trip East to catch the wave to stay at home, unless of course you happen to be Dan Perl or Jeff Freud. Meanwhile, servicers should be checking the flood insurance policies on their portfolio…

Just how low are mortgage rates? Warehouse consultant Larry Charbonneau says he’s refinancing into a 3.25% 10-year loan. The grizzled industry veteran lives in Texas…

WASHINGTON NEWS: It’s been nearly two years since the Department of Housing and Urban Development implemented new policies for the Real Estate Settlement Procedures Act, including new versions of the good-faith estimate and HUD-1 disclosure documents. While the technology and automation exists to help mortgage lenders avoid GFE/HUD-1-related RESPA violations, industry participants say that even now, many lenders are still relying on manual processes—or no process at all—and end up having to pay the difference between underestimated and actual closing costs. For the full story see NMN and our website. (Reporting by NMN’s own Austin Kilgore.)

MORTGAGE PEOPLE: 3Point Asset Management, Irvine, Calif., has hired Ron Millar as AVP in charge of sales and training. Millar joins the residential specialist from Arch Bay Capital.

MUST ATTEND MORTGAGE CONFERENCES: On Sept. 19-20 NMN and SourceMedia will hold its Mortgage Regulatory Forum show at the Washington Marriott in the nation’s capital. Speakers include OCC chief John Walsh, Rep. Shelley Moore Capito, R-W.Va., and some congressman from Massachusetts whose last name is Frank. More info visit http://www.nationalmortgagenews.com/conferences/mr/

IMPORTANT DATA STUFF: MortgageStats.com is alive and well. This exclusive only data website has been updated to include not only full-year 2010 figures but first and second quarter information as well. MortgageStats boasts the nation’s top 400 lenders and servicers, including hard volume numbers and contact information. It also includes exclusive monthly analysis from me. (You can’t get this information anywhere else.) For more information drop an email to: Deartra.Todd@SourceMedia.com

I’m on Twitter, discussing mortgage matters, fishing, vestibular disorders and more

19 Responses

  1. […] Deconsolidation Nation for Mortgages? MOST POPULAR ARTICLES GET COMBO TITLE AND SECURITIZATION ANALYSIS – CLICK HERE EDITOR’S NOTE: IT ALL COMES DOWN TO THIS: DO YOU WANT TO SAVE THE BANKS OR DO YOU WANT TO SAVE THE COUNTRY? Submitted on 2011/08/27 at 9:20 am by Nancy Drewe National Mortgage News sign up for your own subscription first 2 […] […]

  2. No NOTES — gone — collection rights survived.

  3. Carrie – yes but … there is always a but

    Seller of Mortgage Backed Note in exchange for loan.
    Purchaser buys Mortgage Backed Note pays cash
    Purchaser sells rights to collect monthly payments of loan.
    Servicing rights sold c/o “Tempoary Lender’s Mortgage Servicer” collects payment tracking performing loan.
    The “Cash” transaction consumated the deal.
    The Cash comes from Non-Deposit Trust Company Non-Member of the Institutional Investor/Bank c/o bank closing agent in the state the property located.
    The rights to collect debt resold to Servicer Nominee assigns and successors.

    The real lender is the cash transactions that take place during the 90 days when more cash will convert cash of pensions funds, CALPERS into new form of assets ‘Certificates’ the cash for the loans came from pension funds, …

  4. I hear Wall street is under water today., What does this do for the stock market? I guess well find out. The news says eight days to dry out or get electricity.

  5. @The A Man, they have the wrong person the bank is the terrorist!

  6. People are getting creative with their feelings about the bank. On mortgage servicing fraud the video above of the man that was put in jail whom is just over a few blocks from my salon here in Auburn, WA is another video pretty gross video, but gets the point out, he is #2 ing in the bank. He should have mailed a sack of pig you know what to the bank, since they like pig and crap deals for the investors. And think pig and crap loans are so hilarious, duping the investors and the borrowers and duping America, with preplanned pig and crap defaults..
    Sorry just had to vent.

  7. […] Livinglies’s Weblog Filed Under: Foreclosure Law News, Foreclosure News Tagged With: crisis, foreclosure, […]

  8. You mean “collection rights” were pre-sold…not loans…

  9. Example of frauds.
    All loans pre-sold during origination the ‘Seller’ c/o Wells Fargo Bank NA – Wells Fargo Asset Securities Corp fka Norwest Asset Securities Corp is ‘GMAC Mortgage Corp Company’ and ‘Chase Manhattan Corp’ in joint venture as ‘Sellers’ and ‘Purchasers’ of non-conforming financial products and servicers 1996 forward in which ‘Mortgage Servicers’ like Norwest Mortgage, Inc. dba Americas Servicing Company a fictitious name in 2000 became Wells FArgo Home Mortgage, Inc, which was a general purpose business entity until 2004 in which all ‘cash’ that passed between ‘Norwest Corporation’ and ‘Wells Fargo & Co’ c/o Wells Fargo Bank NA ‘commercial clients’ was attached to ‘Mortgage Servicers’ dba ‘BRAND LABELS’ affiliates c/o Wells FArgo Bank NA. Transactions in which Wells FArgo Bank NA is ‘SELLER’ of loans cash accepted into Seller’s Depository c/o Wells FArgo ASset Securities Corp, as Mortgage Servicers’ affiliate does not have to report cash taken into depository daily as payments of performing loans and are able to convert currency into other assets and all that for 90 days not recoreded in accordance wtih Patriot Act 2001 forward to protect wlefare of nation from money laundering.

    The ‘loan’ presold and resold to Wells FArgo bank NA Mortgage Servicers’ subservicers tracked as a performing loan placed into Wells FARgo Asset Securities Corp as Seller’s depository, the performing loan recorded inside of the ‘FWP’ free writing prospectus, in which MOODYS – S&P – FITCH gave the loan trust a bond the valuable ratings in whcih the Owners of the mortgage backed notes already converted cash into securitiers held in owners name outside of USA prior to reselling any – if any – certificates. The only certificates resold were junk in order to take cash of CALPERS pension funds attach to Mortgage Servicers loans and claim that cash funded those loans and CALPERS and the other pension funds and municipal pension funds across the nation including New Jersey raped, pillaged and plundered as Alternative Investmenets and Alt-A Loans c/o Norwest Corp, Federal Reserve System 3/1996 – my inform regarding status of ‘Norwest Corp’ subsidiareis whose money flowed to/from Bank Holding Company in 1996 include owners as benefactors GMAC and Chase! And Nationwide Life INsurance, and Alt-A Land & Title, and Commonwealth Leasing – receives receivables from integrated networks subscribers like TD Services, Lawyers TItle COrporation, LandAmerica, Fidelity, who over CLOUD continued operating for benefactor Norwest Corp and NASCOR and all of the former registration statements S-3 and S-3/A ‘prefunding’ cash to purcahse loans and all of the purchasers Non-Deposit Trust Company Non Members who purchased loan 0123456789 and prefunded the ‘loan trust’ as owners may resell certificates to owners of pension funds who use cash of pension funds to lend cash for loans so all transactions moving the cash since Patriot Act 2001 all monies laundered were untraceable back to Mortgage Servicers affilaites.

    NOMURA HOME EQUITY LOAN, INC., Depositer

    NOMURA CREDIT & CAPITAL, INC.,
    Sponsor

    WELLS FARGO BANK, NATIONAL ASSOCIATION,
    Master Servicer and Securities Administrator

    and

    HSBC BANK USA, NATIONAL ASSOCIATION
    Trustee

    POOLING AND SERVICING AGREEMENT

    Dated as of June 1, 2006

    NOMURA HOME EQUITY LOAN, INC.

    ASSET-BACKED CERTIFICATES, SERIES 2006-WF1

    How did the loan sold to consumer in Maryland, c/o Wells FArgo Bank NA Mortgage Servicers get resold to REO Lender c/o Wells FArgo Bank NA and because the DEED OF TRUST purchased as a mortgage backed note, purchaser prefunded cash, did not have to record their name they used the name of the Temporary Lender as Nominee c/o Assigns and Successors other Nominees who will be the Servicer of the mortgage all exept from enforcment of law did in front of the face of the court of appeals steal property c/o Wells FArgo Bnak NA ‘broker’ of Premier Asset SErvices a subsidiary attached as Mortgage Servicer sold reo property taken in 2010 as Wells FArgo Bank NA to consumer as borrower a new mortgage that is right a new mortgage for $10K and the real estate agency glover did handle c/o bank closing agent the seller of the loan c/o Wells FArgo Bank NA an affiliate Loan 0123456789 for $10K did allow an affiliate hard money lenbder to front the $12K needed to do the deal $10K plus $2K for insurance the $10K represents the $1,500 reo broker fee, the $8,500 represents the actual CTS-Link default debt, and Wells FArgo Bank NA resells the ‘reo property’ now with full disclaimer that as seller will not reattach deficiencey. Consumer does not know the ‘buyer of the debt’ will reattach the deficidence and now they can’t go back to Wells FArgo Bank NA and that will be the Tempoary Lender related to the $73 Billion of debt deficiencies being resold.

    c/o origination of loan c/o Wells FArgo Bnak nA

  10. No, that $73 Billion in servicer portfolios being disbursed to multiple servicers, subservicers as bad debt c/o Mortgage servicers temporary lenders that cash is huge daily, weekly, monthly, annually in which short term investments c/o Sellers and Purchasers of the loans attach cash to Mortgage Servicers who are all EXEMPT from FinCEN money laundeing reporting regulations.

  11. That $73 Billion c/o Mortgage SErvicers moving eveyday ‘cash’ not exempt from money laundering reguations.

  12. leapfrog sorry Congress codified laws in 2010 making is propriertary and private and you don’t have right to know to bypass win in Cuomo v Clearinghhouse in which State Attorney Generals were vested some powers to enforce Consumer Protection Laws.

    Remember 2006 OCC moved under Federal Reserve under US Codified Law, Executive Branch? Article II, itself prevents enforcement of laws – hello

  13. Here’s a better one
    Man jailed for cashing Chase check at Chase Bank

    http://www.youtube.com/watch?v=OnHi9FBK0e8&feature=player_embedded

    This one is from Anonymous to Wall Street

    http://www.youtube.com/watch?v=NcgRO0jYbs8&feature=player_embedded

    The banksters are gonna take us (The American People) down with them

  14. I see now BofA is going to accuse others of faking land title records? That’s really interesting. Another step towards eating each other.

  15. “Meanwhile, mum is still the word on who bought B of A’s $73 billion servicing portfolio—you know, the one that Fannie Mae controls because it has the right to yank servicing at a moment’s notice. As we noted in a previous column, Green Tree Servicing was said to be the winning bidder but that company may not have actually bought MSRs. We’re told that Green Tree recently received a “large assignment”—the B of A’s MSRs. (How much we don’t know.) GT isn’t talking, neither is its parent company, that publicly traded Walter Investment Management. You would figure that this is a “material event” and that WIM would say something. But we’re also told that maybe the deal has not actually closed, which means no filing is necessary, at least not yet. Of course, B of A and Fannie are saying nothing. So maybe I should call my Senator who is on the Banking Committee…”

    This is very disturbing. If taxpayer funds are involved (Fannie Mae) why the opacity? We the people have a RIGHT to know.

  16. A Man: Thank you for the link and welcome to jack-booted totalitarianism. The police and politicians are only loyal to defense of their corporate masters, even though we the people pay their salaries.

    “Although police elsewhere have occasionally challenged photographers taking pictures of things like refineries and governmental buildings in the wake of the 9/11 attacks, questioning an artist slowly creating an oil painting “is a horribly Orwellian act,” said Andrew McGregor, a photographer who sometimes displays his work alongside Schaefer’s.”

  17. http://www.scribd.com/doc/63242966/Allegedly-Fruadulent-filings-on-the-land-title-records-Denis-Honc-Dan-Shabtai-alleged-by-bank-of-america-coutry-wide-bank-n-a-Boyan-Panajotov-f

    Here is one way to fight the system, but I would not recommend it as you see what BOA will do when they are not the ones faking the land title records.

  18. Here’s a good one. Los Angeles Police asking if artist is a terrorist?

    http://www.latimes.com/news/local/la-me-bank-painting-20110828,0,4395501.story

  19. […] View article: Deconsolidation Nation for Mortgages? […]

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