EXAMPLE OF NEW TOOLS PROVIDED BY LIVINGLIES: OCC CEASE AND DESIST ORDER V US BANK

MOST POPULAR ARTICLES

CLICK HERE TO RESERVE SEATING AT HAWAII WORKSHOP

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

SEE US BANK OCC ORDER AND COMMENTARY

It will be up on the store soon and on the American Homeowners Cooperative at http://www.Americanhomeownerscoop.com. Based upon an in depth analysis of our title and securitization combo and our expert declaration we found that there was a gap between the report issued by the COMBO, which most people find sufficient to go to court, and the expert declaration, which has some, but not much traction. There is nothing like a live witness.

So I created a template which is still under construction, but I wanted to share it with those of you who might have a use for it. You may remember that last April all the agencies issued cease and desist orders against all the banks and servicers including MERS. I’ll be working on a template for each bank and each servicer that can be used, combining the findings of the combo into a report that adds the traction of the agency orders that apply in court as well as a request for information from the bank, servicer or agency (freedom of information act or on line inquiry).

UNITED STATES OF AMERICA DEPARTMENT OF THE TREASURY COMPTROLLER OF THE CURRENCY
) In the Matter of:    ) ) U.S. Bank National Association    ) Cincinnati, Ohio    ) and    ) U.S. Bank National Association ND    ) Fargo, North Dakota    ) )
CONSENT ORDER
AA-EC-11-18
The Comptroller of the Currency of the United States of America (“Comptroller”), through his national bank examiners and other staff of the Office of the Comptroller of the Currency (“OCC”), as part of an interagency horizontal review of major residential mortgage servicers, has conducted an examination of the residential real estate mortgage foreclosure processes of U.S. Bank National Association, Cincinnati, Ohio and U.S. Bank National Association ND, Fargo, North Dakota (collectively, “Bank”). The OCC has identified certain deficiencies and unsafe or unsound practices in residential mortgage servicing and in the Bank’s initiation and handling of foreclosure proceedings. The OCC has informed the Bank of the findings resulting from the examination.
The Bank, by and through its duly elected and acting Board of Directors (“Board”), has executed a “Stipulation and Consent to the Issuance of a Consent Order,” dated April 13, 2011 (“Stipulation and Consent”), that is accepted by the Comptroller. By this Stipulation and Consent, which is incorporated by reference, the Bank has consented to the issuance of this Consent Cease and Desist Order (“Order”) by the Comptroller. The Bank has committed to taking all necessary and appropriate steps to remedy the deficiencies and unsafe or unsound
practices identified by the OCC, and to enhance the Bank’s residential mortgage servicing and foreclosure processes. The Bank has begun implementing procedures to remediate the practices addressed in this Order.
ARTICLE I COMPTROLLER’S FINDINGS
The Comptroller finds, and the Bank neither admits nor denies, the following:
(1) The Bank is among the largest servicers of residential mortgages in the United States and services a portfolio of 1,400,000 residential mortgage loans. During the recent housing crisis, a large number of residential mortgage loans serviced by the Bank became delinquent and resulted in foreclosure actions. The Bank’s foreclosure inventory grew substantially from 2008 through 2010.
(2) In connection with certain foreclosures of loans in its residential mortgage servicing portfolio, the Bank:
(a) filed or caused to be filed in state and federal courts affidavits executed by its employees making various assertions, such as the amount of the principal and interest due or the fees and expenses chargeable to the borrower, in which the affiant represented that the assertions in the affidavit were made based on personal knowledge or based on a review by the affiant of the relevant books and records, when, in many cases, they were not based on such personal knowledge or review of the relevant books and records;
(b) filed or caused to be filed in state and federal courts, or in local land records offices, numerous affidavits that were not properly notarized, including those not signed or affirmed in the presence of a notary;
2
(c) failed to devote to its foreclosure processes adequate oversight, internal controls, policies, and procedures, compliance risk management, internal audit, third party management, and training; and
(d) failed to sufficiently oversee outside counsel and other third-party providers handling foreclosure-related services.
(3) By reason of the conduct set forth above, the Bank engaged in unsafe or unsound banking practices.
Pursuant to the authority vested in him by the Federal Deposit Insurance Act, as amended, 12 U.S.C. § 1818(b), the Comptroller hereby ORDERS that:
ARTICLE II COMPLIANCE COMMITTEE
(1) The Board shall maintain a Compliance Committee of at least three (3) Bank or Holding Company directors, of which at least two (2) may not be employees or officers of the Bank or any of its subsidiaries or affiliates. In the event of a change of the membership, the name of any new member shall be submitted to the Examiner-in-Charge for Large Bank Supervision at the Bank (“Examiner-in-Charge”). The Compliance Committee shall be responsible for monitoring and coordinating the Bank’s compliance with the provisions of this Order. The Compliance Committee shall meet at least monthly and maintain minutes of its meetings.
(2) Within ninety (90) days of this Order, and within thirty (30) days after the end of each quarter thereafter, the Compliance Committee shall submit a written progress report to the
3
Board setting forth in detail actions taken to comply with each Article of this order, and the results and status of those actions.
(3) The Board shall forward a copy of the Compliance Committee’s report, with any additional comments by the Board, to the Deputy Comptroller for Large Bank Supervision (“Deputy Comptroller”) and the Examiner-in-Charge within ten (10) days of receiving such report.
ARTICLE III COMPREHENSIVE ACTION PLAN
(1) Within sixty (60) days of this Order, the Bank shall submit to the Deputy Comptroller and the Examiner-in-Charge an acceptable plan containing a complete description of the actions that are necessary and appropriate to achieve compliance with Articles IV through XII of this Order (“Action Plan”). In the event the Deputy Comptroller asks the Bank to revise the Action Plan, the Bank shall promptly make the requested revisions and resubmit the Action Plan to the Deputy Comptroller and the Examiner-in-Charge. Following acceptance of the Action Plan by the Deputy Comptroller, the Bank shall not take any action that would constitute a significant deviation from, or material change to, the requirements of the Action Plan or this Order, unless and until the Bank has received a prior written determination of no supervisory objection from the Deputy Comptroller.
(2) The Board shall ensure that the Bank achieves and thereafter maintains compliance with this Order, including, without limitation, successful implementation of the Action Plan. The Board shall further ensure that, upon implementation of the Action Plan, the Bank achieves and maintains effective mortgage servicing, foreclosure, and loss mitigation activities (as used
4
herein, the phrase “loss mitigation” shall include, but not be limited to, activities related to special forbearances, modifications, short refinances, short sales, cash-for-keys, and deeds-in- lieu of foreclosure and be referred to as either “Loss Mitigation” or “Loss Mitigation Activities”), as well as associated risk management, compliance, quality control, audit, training, staffing, and related functions. In order to comply with these requirements, the Board shall:
(a) require the timely reporting by Bank management of such actions directed by the Board to be taken under this Order;
(b) follow-up on any non-compliance with such actions in a timely and appropriate manner; and
(c) require corrective action be taken in a timely manner for any non-compliance with such actions.
(3) The Action Plan shall address, at a minimum: (a) financial resources to develop and implement an adequate infrastructure to
support existing and/or future Loss Mitigation and foreclosure activities and ensure compliance with this Order;
(b) organizational structure, managerial resources, and staffing to support existing and/or future Loss Mitigation and foreclosure activities and ensure compliance with this Order;
(c) metrics to measure and ensure the adequacy of staffing levels relative to existing and/or future Loss Mitigation and foreclosure activities, such as limits for the number of loans assigned to a Loss Mitigation employee, including the single point of contact as hereinafter defined, and deadlines to review loan modification documentation, make loan modification decisions, and provide responses to borrowers;
5
(d) governance and controls to ensure compliance with all applicable federal and state laws (including the U.S. Bankruptcy Code and the Servicemembers Civil Relief Act (“SCRA”)), rules, regulations, and court orders and requirements, as well as the Membership Rules of MERSCORP, servicing guides of the Government Sponsored Enterprises (“GSEs”) or investors, including those with the Federal Housing Administration and those required by the Home Affordable Modification Program (“HAMP”), and loss share agreements with the Federal Deposit Insurance Corporation (collectively “Legal Requirements”), and the requirements of this Order.
(4) The Action Plan shall specify timelines for completion of each of the requirements of Articles IV through XII of this Order. The timelines in the Action Plan shall be consistent with any deadlines set forth in this Order.
ARTICLE IV COMPLIANCE PROGRAM
(1) Within sixty (60) days of this Order, the Bank shall submit to the Deputy Comptroller and the Examiner-in-Charge an acceptable compliance program to ensure that the mortgage servicing and foreclosure operations, including Loss Mitigation and loan modification, comply with all applicable Legal Requirements, OCC supervisory guidance, and the requirements of this Order and are conducted in a safe and sound manner (“Compliance Program”). The Compliance Program shall be implemented within one hundred twenty (120) days of this Order. Any corrective action timeframe in the Compliance Program that is in excess of one hundred twenty (120) days must be approved by the Examiner-in-Charge. The Compliance Program shall include, at a minimum:
6
(a) appropriate written policies and procedures to conduct, oversee, and monitor mortgage servicing, Loss Mitigation, and foreclosure operations;
(b) processes to ensure that all factual assertions made in pleadings, declarations, affidavits, or other sworn statements filed by or on behalf of the Bank are accurate, complete, and reliable; and that affidavits and declarations are based on personal knowledge or a review of the Bank’s books and records when the affidavit or declaration so states;
(c) processes to ensure that affidavits filed in foreclosure proceedings are executed and notarized in accordance with state legal requirements and applicable guidelines, including jurat requirements;
(d) processes to review and approve standardized affidavits and declarations for each jurisdiction in which the Bank files foreclosure actions to ensure compliance with applicable laws, rules and court procedures;
(e) processes to ensure that the Bank has properly documented ownership of the promissory note and mortgage (or deed of trust) under applicable state law, or is otherwise a proper party to the action (as a result of agency or other similar status) at all stages of foreclosure and bankruptcy litigation, including appropriate transfer and delivery of endorsed notes and assigned mortgages or deeds of trust at the formation of a residential mortgage-backed security, and lawful and verifiable endorsement and successive assignment of the note and mortgage or deed of trust to reflect all changes of ownership;
(f) processes to ensure that a clear and auditable trail exists for all factual information contained in each affidavit or declaration, in support of each of the charges that are listed, including whether the amount is chargeable to the borrower and/or claimable by the investor;
7
(g) processes to ensure that foreclosure sales (including the calculation of the default period, the amounts due, and compliance with notice requirements) and post-sale confirmations are in accordance with the terms of the mortgage loan and applicable state and federal law requirements;
(h) processes to ensure that all fees, expenses, and other charges imposed on the borrower are assessed in accordance with the terms of the underlying mortgage note, mortgage, or other customer authorization with respect to the imposition of fees, charges, and expenses, and in compliance with all applicable Legal Requirements and OCC supervisory guidance;
(i) processes to ensure that the Bank has the ability to locate and secure all documents, including the original promissory notes if required, necessary to perform mortgage servicing, foreclosure and Loss Mitigation, or loan modification functions;
(j) ongoing testing for compliance with applicable Legal Requirements and OCC supervisory guidance that is completed by qualified persons with requisite knowledge and ability (which may include internal audit) who are independent of the Bank’s business lines;
(k) measures to ensure that policies, procedures, and processes are updated on an ongoing basis as necessary to incorporate any changes in applicable Legal Requirements and OCC supervisory guidance;
(l) processes to ensure the qualifications of current management and supervisory personnel responsible for mortgage servicing and foreclosure processes and operations, including collections, Loss Mitigation and loan modification, are appropriate and a determination of whether any staffing changes or additions are needed;
8
(m) processes to ensure that staffing levels devoted to mortgage servicing and foreclosure processes and operations, including collections, Loss Mitigation, and loan modification, are adequate to meet current and expected workload demands;
(n) processes to ensure that workloads of mortgage servicing, foreclosure and Loss Mitigation, and loan modification personnel, including single point of contact personnel as hereinafter defined, are reviewed and managed. Such processes, at a minimum, shall assess whether the workload levels are appropriate to ensure compliance with the requirements of Article IX of this Order, and necessary adjustments to workloads shall promptly follow the completion of the reviews. An initial review shall be completed within ninety (90) days of this Order, and subsequent reviews shall be conducted semi-annually;
(o) processes to ensure that the risk management, quality control, audit, and compliance programs have the requisite authority and status within the organization so that appropriate reviews of the Bank’s mortgage servicing, Loss Mitigation, and foreclosure activities and operations may occur and deficiencies are identified and promptly remedied;
(p) appropriate training programs for personnel involved in mortgage servicing and foreclosure processes and operations, including collections, Loss Mitigation, and loan modification, to ensure compliance with applicable Legal Requirements and supervisory guidance; and
(q) appropriate procedures for customers in bankruptcy, including a prohibition on collection of fees in violation of bankruptcy’s automatic stay (11 U.S.C. § 362), the discharge injunction (11 U.S.C. § 524), or any applicable court order.
9
ARTICLE V THIRD PARTY MANAGEMENT
(1) Within sixty (60) days of this Order, the Bank shall submit to the Deputy Comptroller and the Examiner-in-Charge acceptable policies and procedures for outsourcing foreclosure or related functions, including Loss Mitigation and loan modification, and property management functions for residential real estate acquired through or in lieu of foreclosure, to any agent, independent contractor, consulting firm, law firm (including local counsel in foreclosure or bankruptcy proceedings retained to represent the interests of the owners of mortgages), property management firm, or other third-party (including any affiliate of the Bank) (“Third- Party Providers”). Third-party management policies and procedures shall be implemented within one hundred twenty (120) days of this Order. Any corrective action timetable that is in excess of one hundred twenty (120) days must be approved by the Examiner-in-Charge. The policies and procedures shall include, at a minimum:
(a) appropriate oversight to ensure that Third-Party Providers comply with all applicable Legal Requirements, OCC supervisory guidance (including applicable portions of OCC Bulletin 2001-47), and the Bank’s policies and procedures;
(b) measures to ensure that all original records transferred from the Bank to Third-Party Providers (including the originals of promissory notes and mortgage documents) remain within the custody and control of the Third-Party Provider (unless filed with the appropriate court or the loan is otherwise transferred to another party), and are returned to the Bank or designated custodians at the conclusion of the performed service, along with all other documents necessary for the Bank’s files, and that the Bank retains imaged copies of significant documents sent to Third-Party Providers;
10
(c) measures to ensure the accuracy of all documents filed or otherwise utilized on behalf of the Bank or the owners of mortgages in any judicial or non-judicial foreclosure proceeding, related bankruptcy proceeding, or in other foreclosure-related litigation, including, but not limited to, documentation sufficient to establish ownership of the promissory note and/or right to foreclose at the time the foreclosure action is commenced;
(d) processes to perform appropriate due diligence on potential and current Third- Party Provider qualifications, expertise, capacity, reputation, complaints, information security, document custody practices, business continuity, and financial viability, and to ensure adequacy of Third-Party Provider staffing levels, training, work quality, and workload balance;
(e) processes to ensure that contracts provide for adequate oversight, including requiring Third-Party Provider adherence to Bank foreclosure processing standards, measures to enforce Third-Party Provider contractual obligations, and processes to ensure timely action with respect to Third-Party Provider performance failures;
(f) processes to ensure periodic reviews of Third-Party Provider work for timeliness, competence, completeness, and compliance with all applicable Legal Requirements and supervisory guidance, and to ensure that foreclosures are conducted in a safe and sound manner;
(g) processes to review customer complaints about Third-Party Provider services;
(h) processes to prepare contingency and business continuity plans that ensure the continuing availability of critical third-party services and business continuity of the Bank, consistent with federal banking agency guidance, both to address short-term and long-term service disruptions and to ensure an orderly transition to new service providers should that become necessary;
11
(i) a review of fee structures for Third-Party Providers to ensure that the method of compensation considers the accuracy, completeness, and legal compliance of foreclosure filings and is not based solely on increased foreclosure volume and/or meeting processing timelines; and
(j) a certification process for law firms (and recertification of existing law firm providers) that provide residential mortgage foreclosure and bankruptcy services for the Bank, on a periodic basis, as qualified to serve as Third-Party Providers to the Bank including that attorneys are licensed to practice in the relevant jurisdiction and have the experience and competence necessary to perform the services requested.
ARTICLE VI MORTGAGE ELECTRONIC REGISTRATION SYSTEM
(1) Within sixty (60) days of this Order, the Bank shall submit to the Deputy Comptroller and the Examiner-in-Charge an acceptable plan to ensure appropriate controls and oversight of the Bank’s activities with respect to the Mortgage Electronic Registration System (“MERS”) and compliance with MERSCORP’s membership rules, terms, and conditions (“MERS Requirements”) (“MERS Plan”). The MERS Plan shall be implemented within one hundred twenty (120) days of this Order. Any corrective action timetable that is in excess of one hundred twenty (120) days must be approved by the Examiner-in-Charge. The MERS Plan shall include, at a minimum:
(a) processes to ensure that all mortgage assignments and endorsements with respect to mortgage loans serviced or owned by the Bank out of MERS’ name are executed only by a certifying officer authorized by MERS and approved by the Bank;
12
(b) processes to ensure that all other actions that may be taken by MERS certifying officers (with respect to mortgage loans serviced or owned by the Bank) are executed by a certifying officer authorized by MERS and approved by the Bank;
(c) processes to ensure that the Bank maintains up-to-date corporate resolutions from MERS for all Bank employees and third-parties who are certifying officers authorized by MERS, and up-to-date lists of MERS certifying officers;
(d) processes to ensure compliance with all MERS Requirements and with the requirements of the MERS Corporate Resolution Management System (“CRMS”);
(e) processes to ensure the accuracy and reliability of data reported to MERSCORP and MERS, including monthly system-to-system reconciliations for all MERS mandatory reporting fields, and daily capture of all rejects/warnings reports associated with registrations, transfers, and status updates on open-item aging reports. Unresolved items must be maintained on open-item aging reports and tracked until resolution. The Bank shall determine and report whether the foreclosures for loans serviced by the Bank that are currently pending in MERS’ name are accurate and how many are listed in error, and describe how and by when the data on the MERSCORP system will be corrected; and
(f) an appropriate MERS quality assurance workplan, which clearly describes all tests, test frequency, sampling methods, responsible parties, and the expected process for open- item follow-up, and includes an annual independent test of the control structure of the system-to- system reconciliation process, the reject/warning error correction process, and adherence to the Bank’s MERS Plan.
13
(2) The Bank shall include MERS and MERSCORP in its third-party vendor management process, which shall include a detailed analysis of potential vulnerabilities, including information security, business continuity, and vendor viability assessments.
ARTICLE VII FORECLOSURE REVIEW (1) Within forty-five (45) days of this Order, the Bank shall retain an independent
consultant acceptable to the Deputy Comptroller and the Examiner-in-Charge to conduct an independent review of certain residential foreclosure actions regarding individual borrowers with respect to the Bank’s mortgage servicing portfolio. The review shall include residential foreclosure actions or proceedings (including foreclosures that were in process or completed) for loans serviced by the Bank, whether brought in the name of the Bank, the investor, the mortgage note holder, or any agent for the mortgage note holder (including MERS), that have been pending at any time from January 1, 2009 to December 31, 2010, as well as residential foreclosure sales that occurred during this time period (“Foreclosure Review”).
(2) Within fifteen (15) days of the engagement of the independent consultant described in this Article, but prior to the commencement of the Foreclosure Review, the Bank shall submit to the Deputy Comptroller and the Examiner-in-Charge for approval an engagement letter that sets forth:
(a) the methodology for conducting the Foreclosure Review, including: (i) a description of the information systems and documents to be reviewed, including the selection of criteria for cases to be reviewed; (ii) the criteria for evaluating the reasonableness of fees and penalties; (iii) other procedures necessary to make the required determinations (such as through
14
interviews of employees and third parties and a process for submission and review of borrower claims and complaints); and (iv) any proposed sampling techniques. In setting the scope and review methodology under clause (i) of this sub-paragraph, the independent consultant may consider any work already done by the Bank or other third-parties on behalf of the Bank. The engagement letter shall contain a full description of the statistical basis for the sampling methods chosen, as well as procedures to increase the size of the sample depending on results of the initial sampling;
(b) expertise and resources to be dedicated to the Foreclosure Review;
(c) completion of the Foreclosure Review within one hundred twenty (120) days from approval of the engagement letter; and
(d) a written commitment that any workpapers associated with the Foreclosure Review shall be made available to the OCC immediately upon request.
(3) The purpose of the Foreclosure Review shall be to determine, at a minimum: (a) whether at the time the foreclosure action was initiated or the pleading or
affidavit filed (including in bankruptcy proceedings and in defending suits brought by borrowers), the foreclosing party or agent of the party had properly documented ownership of the promissory note and mortgage (or deed of trust) under relevant state law, or was otherwise a proper party to the action as a result of agency or similar status;
(b) whether the foreclosure was in accordance with applicable state and federal law, including but not limited to the SCRA and the U.S. Bankruptcy Code;
(c) whether a foreclosure sale occurred when an application for a loan modification or other Loss Mitigation was under consideration; when the loan was performing in accordance with a trial or permanent loan modification; or when the loan had not been in default
15
for a sufficient period of time to authorize foreclosure pursuant to the terms of the mortgage loan documents and related agreements;
(d) whether, with respect to non-judicial foreclosures, the procedures followed with respect to the foreclosure sale (including the calculation of the default period, the amounts due, and compliance with notice periods) and post-sale confirmations were in accordance with the terms of the mortgage loan and state law requirements;
(e) whether a delinquent borrower’s account was only charged fees and/or penalties that were permissible under the terms of the borrower’s loan documents, applicable state and federal law, and were reasonable and customary;
(f) whether the frequency that fees were assessed to any delinquent borrower’s account (including broker price opinions) was excessive under the terms of the borrower’s loan documents, and applicable state and federal law;
(g) whether Loss Mitigation Activities with respect to foreclosed loans were handled in accordance with the requirements of the HAMP, and consistent with the policies and procedures applicable to the Bank’s proprietary loan modifications or other loss mitigation programs, such that each borrower had an adequate opportunity to apply for a Loss Mitigation option or program, any such application was handled properly, a final decision was made on a reasonable basis, and was communicated to the borrower before the foreclosure sale; and
(h) whether any errors, misrepresentations, or other deficiencies identified in the Foreclosure Review resulted in financial injury to the borrower or the mortgagee.
(4) The independent consultant shall prepare a written report detailing the findings of the Foreclosure Review (“Foreclosure Report”), which shall be completed within thirty (30) days of
16
completion of the Foreclosure Review. Immediately upon completion, the Foreclosure Report shall be submitted to the Deputy Comptroller, Examiner-in-Charge, and the Board.
(5) Within forty-five (45) days of submission of the Foreclosure Report to the Deputy Comptroller, Examiner-in-Charge, and the Board, the Bank shall submit to the Deputy Comptroller and the Examiner-in-Charge a plan, acceptable to the OCC, to remediate all financial injury to borrowers caused by any errors, misrepresentations, or other deficiencies identified in the Foreclosure Report, by:
(a) reimbursing or otherwise appropriately remediating borrowers for impermissible or excessive penalties, fees, or expenses, or for other financial injury identified in accordance with this Article; and
(b) taking appropriate steps to remediate any foreclosure sale where the foreclosure was not authorized as described in this Article.
(6) Within sixty (60) days after the OCC provides supervisory non-objection to the plan set forth in paragraph (5) above, the Bank shall make all reimbursement and remediation payments and provide all credits required by such plan, and provide the OCC with a report detailing such payments and credits.
ARTICLE VIII MANAGEMENT INFORMATION SYSTEMS
(1) Within sixty (60) days of this Order, the Bank shall submit to the Deputy Comptroller and the Examiner-in-Charge an acceptable plan for operation of its management information systems (“MIS”) for foreclosure and Loss Mitigation or loan modification activities to ensure the timely delivery of complete and accurate information to permit effective decision-
17
making. The MIS plan shall be implemented within one hundred twenty (120) days of this Order. Any corrective action timeframe that is in excess of one hundred twenty (120) days must be approved by the Examiner-in-Charge. The plan shall include, at a minimum:
(a) a description of the various components of MIS used by the Bank for foreclosure and Loss Mitigation or loan modification activities;
(b) a description of and timetable for any needed changes or upgrades to: (i) monitor compliance with all applicable Legal Requirements and
supervisory guidance, and the requirements of this Order; (ii) ensure the ongoing accuracy of records for all serviced mortgages,
including, but not limited to, records necessary to establish ownership and the right to foreclose by the appropriate party for all serviced mortgages, outstanding balances, and fees assessed to the borrower; and
(iii) measures to ensure that Loss Mitigation, loan foreclosure, and modification staffs have sufficient and timely access to information provided by the borrower regarding loan foreclosure and modification activities;
(c) testing the integrity and accuracy of the new or enhanced MIS to ensure that reports generated by the system provide necessary information for adequate monitoring and quality controls.
ARTICLE IX MORTGAGE SERVICING
(1) Within sixty (60) days of this Order, the Bank shall submit to the Deputy Comptroller and the Examiner-in-Charge an acceptable plan, along with a timeline for ensuring
18
effective coordination of communications with borrowers, both oral and written, related to Loss Mitigation or loan modification and foreclosure activities: (i) to ensure that communications are timely and effective and are designed to avoid confusion to borrowers; (ii) to ensure continuity in the handling of borrowers’ loan files during the Loss Mitigation, loan modification, and foreclosure process by personnel knowledgeable about a specific borrower’s situation; (iii) to ensure reasonable and good faith efforts, consistent with applicable Legal Requirements, are engaged in Loss Mitigation and foreclosure prevention for delinquent loans, where appropriate; and (iv) to ensure that decisions concerning Loss Mitigation or loan modifications continue to be made and communicated in a timely fashion. Prior to submitting the plan, the Bank shall conduct a review to determine whether processes involving past due mortgage loans or foreclosures overlap in such a way that they may impair or impede a borrower’s efforts to effectively pursue a loan modification, and whether Bank employee compensation practices discourage Loss Mitigation or loan modifications. The plan shall be implemented within one hundred twenty (120) days of this Order. Any corrective action timeframe that is in excess of one hundred twenty (120) days must be approved by the Examiner-in-Charge. The plan shall include, at a minimum:
(a) measures to ensure that staff handling Loss Mitigation and loan modification requests routinely communicate and coordinate with staff processing the foreclosure on the borrower’s property;
(b) appropriate deadlines for responses to borrower communications and requests for consideration of Loss Mitigation, including deadlines for decision-making on Loss Mitigation Activities, with the metrics established not being less responsive than the timelines in the HAMP program;
19
(c) establishment of an easily accessible and reliable single point of contact for each borrower so that the borrower has access to an employee of the Bank to obtain information throughout the Loss Mitigation, loan modification, and foreclosure processes;
(d) a requirement that written communications with the borrower identify such single point of contact along with one or more direct means of communication with the contact;
(e) measures to ensure that the single point of contact has access to current information and personnel (in-house or third-party) sufficient to timely, accurately, and adequately inform the borrower of the current status of the Loss Mitigation, loan modification, and foreclosure activities;
(f) measures to ensure that staff are trained specifically in handling mortgage delinquencies, Loss Mitigation, and loan modifications;
(g) procedures and controls to ensure that a final decision regarding a borrower’s loan modification request (whether on a trial or permanent basis) is made and communicated to the borrower in writing, including the reason(s) why the borrower did not qualify for the trial or permanent modification (including the net present value calculations utilized by the Bank, if applicable) by the single point of contact within a reasonable period of time before any foreclosure sale occurs;
(h) procedures and controls to ensure that when the borrower’s loan has been approved for modification on a trial or permanent basis that: (i) no foreclosure or further legal action predicate to foreclosure occurs, unless the borrower is deemed in default on the terms of the trial or permanent modification; and (ii) the single point of contact remains available to the borrower and continues to be referenced on all written communications with the borrower;
20
(i) policies and procedures to enable borrowers to make complaints regarding the Loss Mitigation or modification process, denial of modification requests, the foreclosure process, or foreclosure activities which prevent a borrower from pursuing Loss Mitigation or modification options, and a process for making borrowers aware of the complaint procedures;
(j) procedures for the prompt review, escalation, and resolution of borrower complaints, including a process to communicate the results of the review to the borrower on a timely basis;
(k) policies and procedures to ensure that payments are credited in a prompt and timely manner; that payments, including partial payments to the extent permissible under the terms of applicable legal instruments, are applied to scheduled principal, interest, and/or escrow before fees, and that any misapplication of borrower funds is corrected in a prompt and timely manner;
(l) policies and procedures to ensure that timely information about Loss Mitigation options is sent to the borrower in the event of a delinquency or default, including plain language notices about loan modification and the pendency of foreclosure proceedings;
(m) policies and procedures to ensure that foreclosure, Loss Mitigation, and loan modification documents provided to borrowers and third parties are appropriately maintained and tracked, and that borrowers generally will not be required to resubmit the same documented information that has already been provided, and that borrowers are notified promptly of the need for additional information; and
(n) policies and procedures to consider loan modifications or other Loss Mitigation Activities with respect to junior lien loans owned by the Bank, and to factor the risks associated with such junior lien loans into loan loss reserving practices, where the Bank services
21
the associated first lien mortgage and becomes aware that such first lien mortgage is delinquent or has been modified. Such policies and procedures shall require the ongoing maintenance of appropriate loss reserves for junior lien mortgages owned by the Bank and the charge-off of such junior lien loans in accordance with FFIEC retail credit classification guidelines.
ARTICLE X RISK ASSESSMENT AND RISK MANAGEMENT PLAN
(1) Within ninety (90) days of this Order, the Bank shall conduct a written, comprehensive assessment of the Bank’s risks in mortgage servicing operations, particularly in the areas of Loss Mitigation, foreclosure, and the administration and disposition of other real estate owned, including, but not limited to, operational, compliance, transaction, legal, and reputational risks.
(2) The Bank shall develop an acceptable plan to effectively manage or mitigate identified risks on an ongoing basis, with oversight by the Bank’s senior risk managers, senior management, and the Board. The assessment and plan shall be provided to the Deputy Comptroller and the Examiner-in-Charge within one hundred twenty (120) days of this Order.
ARTICLE XI APPROVAL, IMPLEMENTATION AND REPORTS
(1) The Bank shall submit the written plans, programs, policies, and procedures required by this Order for review and determination of no supervisory objection to the Deputy Comptroller and the Examiner-in-Charge within the applicable time periods set forth in Articles II through X. The Bank shall adopt the plans, programs, policies, and procedures required by
22
this Order upon submission to the OCC, and shall immediately make any revisions requested by the Deputy Comptroller or the Examiner-in-Charge. Upon adoption, the Bank shall immediately implement the plans, programs, policies, and procedures required by this Order and thereafter fully comply with them.
(2) During the term of this Order, the required plans, programs, policies, and procedures shall not be amended or rescinded in any material respect without the prior written approval of the Deputy Comptroller or the Examiner-in-Charge (except as otherwise provided in this Order).
(3) During the term of this Order, the Bank shall revise the required plans, programs, policies, and procedures as necessary to incorporate new or changes to applicable Legal Requirements and supervisory guidelines.
(4) The Board shall ensure that the Bank has processes, personnel, and control systems to ensure implementation of and adherence to the plans, programs, policies, and procedures required by this Order.
(5) Within thirty (30) days after the end of each calendar quarter following the date of this Order, the Bank shall submit to the OCC a written progress report detailing the form and manner of all actions taken to secure compliance with the provisions of this Order and the results thereof. The progress report shall include information sufficient to validate compliance with this Order, based on a testing program acceptable to the OCC that includes, if required by the OCC, validation by third-party independent consultants acceptable to the OCC. The OCC may, in writing, discontinue the requirement for progress reports or modify the reporting schedule.
23
(6) All communication regarding this Order shall be sent to:
(a) Sally G. Belshaw Deputy Comptroller for Large Bank Supervision Office of the Comptroller of the Currency 250 E Street SW Washington, DC 20219
(b) Grace E. Dailey Examiner-in-Charge National Bank Examiners 800 Nicollet Mall, BC-MN-H17O Minneapolis, MN 55402
ARTICLE XII COMPLIANCE AND EXTENSIONS OF TIME
(1) IftheBankcontendsthatcompliancewithanyprovisionofthisOrderwouldnotbe feasible or legally permissible for the Bank, or requires an extension of any timeframe within this Order, the Board shall submit a written request to the Deputy Comptroller asking for relief. Any written requests submitted pursuant to this Article shall include a statement setting forth in detail the special circumstances that prevent the Bank from complying with a provision, that require the Deputy Comptroller to exempt the Bank from a provision, or that require an extension of a timeframe within this Order.
(2) Allsuchrequestsshallbeaccompaniedbyrelevantsupportingdocumentation,andto the extent requested by the Deputy Comptroller, a sworn affidavit or affidavits setting forth any other facts upon which the Bank relies. The Deputy Comptroller’s decision concerning a request is final and not subject to further review.
24
ARTICLE XIII OTHER PROVISIONS
(1) Although this Order requires the Bank to submit certain actions, plans, programs, policies, and procedures for the review or prior written determination of no supervisory objection by the Deputy Comptroller or the Examiner-in-Charge, the Board has the ultimate responsibility for proper and sound management of the Bank.
(2) In each instance in this Order in which the Board is required to ensure adherence to, and undertake to perform certain obligations of the Bank, it is intended to mean that the Board shall:
(a) authorize and adopt such actions on behalf of the Bank as may be necessary for the Bank to perform its obligations and undertakings under the terms of this Order;
(b) require the timely reporting by Bank management of such actions directed by the Board to be taken under the terms of this Order;
(c) follow-up on any material non-compliance with such actions in a timely and appropriate manner; and
(d) require corrective action be taken in a timely manner of any material non- compliance with such actions.
(3) If, at any time, the Comptroller deems it appropriate in fulfilling the responsibilities placed upon him by the several laws of the United States to undertake any action affecting the Bank, nothing in this Order shall in any way inhibit, estop, bar, or otherwise prevent the Comptroller from so doing.
(4) This Order constitutes a settlement of the cease and desist proceeding against the Bank contemplated by the Comptroller, based on the unsafe or unsound practices described in
25
the Comptroller’s Findings set forth in Article I of this Order. Provided, however, that nothing in this Order shall prevent the Comptroller from instituting other enforcement actions against the Bank or any of its institution-affiliated parties, including, without limitation, assessment of civil money penalties, based on the findings set forth in this Order, or any other findings.
(5) This Order is and shall become effective upon its execution by the Comptroller, through his authorized representative whose hand appears below. The Order shall remain effective and enforceable, except to the extent that, and until such time as, any provision of this Order shall be amended, suspended, waived, or terminated in writing by the Comptroller.
(6) Any time limitations imposed by this Order shall begin to run from the effective date of this Order, as shown below, unless the Order specifies otherwise.
(7) The terms and provisions of this Order apply to the Bank and its subsidiaries, even though those subsidiaries are not named as parties to this Order. The Bank shall integrate any foreclosure or mortgage servicing activities done by a subsidiary into its plans, policies, programs, and processes required by this Order. The Bank shall ensure that its subsidiaries comply with all terms and provisions of this Order.
(8) This Order is intended to be, and shall be construed to be, a final order issued pursuant to 12 U.S.C. § 1818(b), and expressly does not form, and may not be construed to form, a contract binding the Comptroller or the United States. Nothing in this Order shall affect any action against the Bank or its institution-affiliated parties by a bank regulatory agency, the United States Department of Justice, or any other law enforcement agency, to the extent permitted under applicable law.
26
(9) The terms of this Order, including this paragraph, are not subject to amendment or modification by any extraneous expression, prior agreements, or prior arrangements between the parties, whether oral or written.
(10) Nothing in the Stipulation and Consent or this Order, express or implied, shall give to any person or entity, other than the parties hereto, and their successors hereunder, any benefit or any legal or equitable right, remedy or claim under the Stipulation and Consent or this Order.
(11) The Bank consents to the issuance of this Order before the filing of any notices, or taking of any testimony or adjudication, and solely for the purpose of settling this matter without a formal proceeding being filed.
IT IS SO ORDERED, this 13th day of April, 2011.
__/s/________________ Sally G. Belshaw Deputy Comptroller Large Bank Supervision
27
UNITED STATES OF AMERICA DEPARTMENT OF THE TREASURY COMPTROLLER OF THE CURRENCY
) In the Matter of:    ) U.S. Bank National Association    )
Cincinnati, Ohio and    ) U.S. Bank National Association ND    ) Fargo, North Dakota    )
)    AA-EC-11-18
)
STIPULATION AND CONSENT TO THE ISSUANCE OF A CONSENT ORDER
The Comptroller of the Currency of the United States of America (“Comptroller”) intends to impose a cease and desist order on U.S. Bank National Association, Cincinnati, Ohio and U.S. Bank National Association ND, Fargo, North Dakota (collectively, “Bank”) pursuant to 12 U.S.C. § § 1818(b), for unsafe or unsound banking practices relating to mortgage servicing and the initiation and handling of foreclosure proceedings.
The Bank, in the interest of compliance and cooperation, enters into this Stipulation and Consent to the Issuance of a Consent Order (“Stipulation”) and consents to the issuance of a Consent Order, dated April 13, 2011 (“Consent Order”);
In consideration of the above premises, the Comptroller, through his authorized representative, and the Bank, through its duly elected and acting Board of Directors, stipulate and agree to the following:
ARTICLE I JURISDICTION
(1)    The Bank is a national banking association chartered and examined by the Comptroller pursuant to the National Bank Act of 1864, as amended, 12 U.S.C. § 1 et seq.
(2)    The Comptroller is “the appropriate Federal banking agency” regarding the Bank pursuant to 12 U.S.C. §§ 1813(q) and 1818(b).
(3)    The Bank is an “insured depository institution” within the meaning of 12 U.S.C. § 1818(b)(1).
(4)    For the purposes of, and within the meaning of 12 C.F.R. §§ 5.3(g)(4), 5.51(c)(6), and 24.2(e)(4), this Consent Order shall not be construed to be a “cease and desist order” or “consent order”, unless the OCC informs the Bank otherwise.
ARTICLE II AGREEMENT
(1)    The Bank, without admitting or denying any wrongdoing, consents and agrees to issuance of the Consent Order by the Comptroller.
(2)    The Bank consents and agrees that the Consent Order shall (a) be deemed an “order issued with the consent of the depository institution” pursuant to 12 U.S.C. § 1818(h)(2), (b) become effective upon its execution by the Comptroller through his authorized representative, and (c) be fully enforceable by the Comptroller pursuant to 12 U.S.C. § 1818(i).
(3)    Notwithstanding the absence of mutuality of obligation, or of consideration, or of a contract, the Comptroller may enforce any of the commitments or
2
obligations herein undertaken by the Bank under his supervisory powers, including 12 U.S.C. § 1818(i), and not as a matter of contract law. The Bank expressly acknowledges that neither the Bank nor the Comptroller has any intention to enter into a contract.
(4)    The Bank declares that no separate promise or inducement of any kind has been made by the Comptroller, or by his agents or employees, to cause or induce the Bank to consent to the issuance of the Consent Order and/or execute the Consent Order.
(5)    The Bank expressly acknowledges that no officer or employee of the Comptroller has statutory or other authority to bind the United States, the United States Treasury Department, the Comptroller, or any other federal bank regulatory agency or entity, or any officer or employee of any of those entities to a contract affecting the Comptroller’s exercise of his supervisory responsibilities.
(6)    The OCC releases and discharges the Bank from all potential liability for a cease and desist order that has been or might have been asserted by the OCC based on the banking practices described in the Comptroller’s Findings set forth in Article I of the Consent Order, to the extent known to the OCC as of the effective date of the Consent Order. However, the banking practices alleged in Article I of the Consent Order may be utilized by the OCC in other future enforcement actions against the Bank or its institution-affiliated parties, including, without limitation, to assess civil money penalties or to establish a pattern or practice of violations or the continuation of a pattern or practice of violations. This release shall not preclude or affect any right of the OCC to determine and ensure compliance with the terms and provisions of this Stipulation or the Consent Order.
3
(7)    The terms and provisions of the Stipulation and the Consent Order shall be binding upon, and inure to the benefit of, the parties hereto and their successors in interest. Nothing in this Stipulation or the Consent Order, express or implied, shall give to any person or entity, other than the parties hereto, and their successors hereunder, any benefit or any legal or equitable right, remedy or claim under this Stipulation or the Consent Order.
ARTICLE III WAIVERS
(1)    The Bank, by consenting to this Stipulation, waives: (a)    the issuance of a Notice of Charges pursuant to
12 U.S.C. § 1818(b); (b)    any and all procedural rights available in connection with the
issuance of the Consent Order; (c)    all rights to a hearing and a final agency decision pursuant to
12 U.S.C. §§ 1818(b) and (h), 12 C.F.R. Part 19; (d)    all rights to seek any type of administrative or judicial review of
the Consent Order; (e)    any and all claims for fees, costs, or expenses against the
Comptroller, or any of his agents or employees, related in any way to this enforcement matter or this Consent Order, whether arising under common law or under the terms of any statute, including, but not limited to, the Equal Access to Justice Act, 5 U.S.C. § 504 and 28 U.S.C. § 2412; and
(f)    any and all rights to challenge or contest the validity of the Consent Order.
4
ARTICLE IV OTHER PROVISIONS
(1)    The provisions of this Stipulation shall not inhibit, estop, bar, or otherwise prevent the Comptroller from taking any other action affecting the Bank if, at any time, it deems it appropriate to do so to fulfill the responsibilities placed upon it by the several laws of the United States of America.
(2)    Nothing in this Stipulation shall preclude any proceedings brought by the Comptroller to enforce the terms of this Consent Order, and nothing in this Stipulation constitutes, nor shall the Bank contend that it constitutes, a waiver of any right, power, or authority of any other representative of the United States or an agency thereof, including, without limitation, the United States Department of Justice, to bring other actions deemed appropriate.
(3)    The terms of the Stipulation and the Consent Order are not subject to amendment or modification by any extraneous expression, prior agreements or prior arrangements between the parties, whether oral or written.
IN TESTIMONY WHEREOF, the undersigned, authorized by the Comptroller as his representative, has hereunto set her hand on behalf of the Comptroller.
/s/
Sally G. Belshaw Deputy Comptroller Large Bank Supervision
April 13, 2011
Date
5
IN TESTIMONY Board of Directors of the
__/s/________________ Richard K. Davis
__/s/________________ Andrew Cecere
__/s/________________ Terrance R. Dolan
__/s/________________ Richard C. Hartnack
__/s/________________ Joseph C. Hoesley
__/s/________________ Pamela A. Joseph
__/s/________________ Richard B. Payne, Jr.
__/s/________________ Jeffry H. von Gillern
WHEREOF, the undersigned, as the duly elected and acting Bank, have hereunto set their hands on behalf of the Bank.
__3/31/11____________ Date
__3/30/11____________ Date
__3/30/11____________ Date
__3/31/2011__________ Date
__3/31/11____________ Date
__March 30, 2011_____ Date
__3/30/11____________ Date
__3/30/11____________ Date
6

12 Responses

  1. Consumer’s researching “How did private wealth mangers c/o FEDERAL RESERVE harm the nation” can reveal the truth from accurate business statements filed ffiec . gov and SEC.

    Example CMO, Inc (Countrywide servicing in 1985), and Nationsbanc private wealth management of the merger, acquistion, divestirue 1992/1993 IndyMac/Countrywide…

    Example GMAC Mortgage Corp of IA acquiring Norwest Mortgage, Inc. 1985.

    Chase Manhattan Corporation parent of Mortgage Electronic Registration Systems, Inc as far as the currency flows c/o FREDDIE MAC – Federal Reserve System.

    1996 Norwest Corporation, venture with FREDDIE MAC c/o Federal Reserve approval of Norwest Asset Securities Corporation inwhich (Chase Manattan Mortgage formerly Chemical Bank, and GMAC-RFC collaborate and become the largest producer of non-conforming alternative investments and Alt-A Loans, owning the Alt-A Land Title ‘lobby group’, all affiliatesof Mortgage Servicers who don’t operate in a typical Organization Box Chart but spring maps.

    1996 Norwest Corporation Parent as far as currency flows as approved by Federal Reserve & OCC who blessed Norwest Asset Securities Corp. and blessed the ‘marraige’ of Wells Fargo Bank Company and partner Norwest Corporation 11/2/1998.

    DO WE NEED A FEDERAL RESERVE, A PRIVATE BANK WHO DOES BUSINESS FOR THE BENEFITS OF ITS OWNERS (PRIVATE WEALTH TRILLIONAIRES) OR DO WE NEED A ‘CENTRAL BANK’ OF THE PEOPLE OF THE USA? DO WE NEED THE ‘FEDERAL RESERVE’ TO CONTROL THE DEBT AND PRINT DOLLARS? OR DO WE NEED A CENTRAL BANK WHO WILL DISCLOSE THE REAL CREDITOR IN THE EVENT THE CENTRAL BANK WOULD ENGAGE IN THE SERVICES OF USING ‘CONSUMER’S COLLATERAL PROPERTY’ THE PEOPLE OF THE UNITED STATES ‘CENTRAL BANK’ WOULD BE INDEPENDENT FOR THE SOVEREIGN UNITED STATES. DUAL BANKING SYSTEM SURE LET THE FEDERAL RESERVE BE A PRIVATE BANK C/O FINANCE UNIVERSE. TAKE AWAY THEIR POWERS VESTED BY CONGRESS BOTH HOUSES C/O OCC VISITORIAL POWERS TO HARM CONSUMERS, RESIDENTS, CITIZENS, THE NATION.

    FEDERAL RESERVE BLESSED all transactions which harmed economy for the benefactors private wealth c/o general purpose business entities c/o warrants, divestitures, mergers, acquisitions, bunch of hanging charters left overs.

    Has anyone else studied
    Star Bank National Assocaition 3 year diversification, mergers, acquistions, Star Bank NA inside of Wells Fargo Bank Company. Is this — could this be Substitute Trustee US Bank, National Assocation c/o trust company be therefore worthy of examination?

    “(c) authorize, recommend, propose, or announce an intention to
    authorize, so recommend or propose, or enter into an agreement in principle with respect to, any merger, consolidation or business combination, any acquisition or disposition of a material amount of assets, including mortgage servicing rights, loans or securities as well as any release or relinquishment of any material contract rights (except in the usual course of business consistent with past practices), PROVIDED, HOWEVER, that the foregoing shall not prohibit internal reorganizations or consolidations involving existing Subsidiaries;”

    INFORMATION ABOUT FIRSTAR, FIRSTAR (WI) AND MERGER SUB

    Firstar also provides trust services in its five-state banking locations and in Florida at one location.

    Firstar is a registered bank holding company (as defined by the BHCA) incorporated in Wisconsin in 1929 and registered with the Federal Reserve Board. Firstar provides banking services throughout Wisconsin and Iowa and in the Chicago, Minneapolis-St. Paul and Phoenix metropolitan areas

    Firstar’s bank Subsidiaries provide a broad range of financial
    services for companies based in Wisconsin, Iowa, Illinois and Minnesota, national business organizations, governmental entities and individuals.

    Firststar’s bank subsidiaries also engage in correspondent banking and provide trust and investment management services to
    individual and corporate customers. Firstar Bank Milwaukee, N.A, also conducts international banking services consisting of foreign trade financing, issuance and confirmation of letters of credit, funds collection, foreign exchange transactions and corporate computer and operational services. Nonbank subsidiaries provide retail brokerage services, trust and investment management services, residential mortgage banking activities, title insurance, business insurance, and consumer and credit related insurance. Firstar and its Subsidiaries had a total of 8,048 full time equivalent employees on June 30, 1998.

    “MORTGAGE SERVICING RIGHTS – The excess of fair value over carrying value is amortized on an accelerated basis over estimated maturity of the underlying mortgages.”

    Star is a bank holding company as defined by the BHCA, and is registered with the Federal Reserve Board.

    Through Star Bank, N.A., its banking subsidiary, Star is engaged in the retail banking, commercial banking and trust businesses,
    providing a full range of consumer, commercial and trust financial products and investment services in parts of Ohio, Kentucky, Indiana and Tennessee.

    As of June 30, 1998, Star had assets of $14.9 billion and deposits of $11.5 billion.

    Star was organized as a Delaware corporation in 1973 under the name “First National Cincinnati Corporation.” In 1988, it was reincorporated under the laws of the State of Ohio and, in 1989, changed its name to “Star Banc Corporation.”

    The executive offices of Star are maintained in Cincinnati, Ohio.

    Types of loans offered through its banking subsidiary include commercial loans, commercial leasing, commercial and residential mortgages, real estate construction and a variety of consumer loan products, including installment loans, credit cards and retail leasing. Star’s loan portfolio is well diversified between wholesale and consumer loans, with none of the above-mentioned loan types exceeding 30% of the total portfolio. Star invests in United States Treasury and a variety of mortgage-backed securities in order to

    (i) facilitate the management of interest rate risk, (ii) provide liquidity,

    (iii) provide a degree of credit diversification and flexibility in the balance sheet, and

    (iv) provide collateral as necessary for public deposits.

    In the past five years, Star has continued to expand through strategic business combinations and the acquisition of branch offices or other smaller banking institutions throughout its primary market areas of Ohio, Kentucky and Indiana. Most recently, Star also closed the purchase of 49 branches in Ohio from Bank One, N.A. and Bank One Wheeling-Steubenville, N.A. on June 19, 1998.
    Star also completed its acquisition by merger of Trans Financial (including eight branches in Kentucky acquired by Trans Financial Bank, N.A. from Bank One,Kentucky, N.A.) on August 21, 1998. Star completed its acquisition by merger of Great Financial on February 7, 1998. Star also purchased seven branch offices in
    southwestern Ohio from AmeriFirst Bank, N.A. and five offices in Indiana from National City Bank in 1996 and 1997. This followed the 1995 purchase of 24 Columbus, Ohio area branch offices from Household Bank, Federal Savings Bank, and prior purchases of branch offices in the Cleveland and Akron, Ohio areas.
    Star continues to explore other complementary acquisition opportunities.

    In 1996, Star merged its Kentucky and Indiana banks into Star Bank, N.A.,resulting in Star wholly owning one subsidiary bank with over 260 offices in Ohio, Kentucky and Indiana. This followed a comprehensive restructuring program in 1993 in which Star merged its six Ohio banks in Columbus, Eaton, Hillsboro, Ironton, Sidney and Troy with Star Bank, N.A. In addition, Star merged its two
    Indiana banks in Lawrenceburg and Richmond to form Star Bank, N.A., Indiana.

    Star Bank, N.A. is a national bank. See “Supervision and Regulation of Star and Firstar.”

    The Miami Valley Insurance Company, a wholly-owned Subsidiary
    of Star, is incorporated under the laws of the State of Arizona and is engaged solely in the business of issuing credit life and accident and health insurance in connection with the lending activities of Star’s Ohio and Indiana bank offices. In 1996,

    First National Cincinnati Corporation purchased the 24.5% ownership of Star’s headquarters building that was held directly by Star. Also in 1996, First National Cincinnati Corporation merged into Star Banc Center Company and became a wholly-owned Subsidiary of Star Bank, N.A. In 1995, Star formed a wholly-owned
    consumer finance company, Star Banc Finance, Inc. Star Banc Finance, Inc. offers consumers a broad mix of credit products and services, such as indirect and direct auto loans, second mortgages and personal loans. In 1996, Star with David J. Joseph Company as its joint venture partner, created DJJ Leasing Ltd., an
    Ohio limited liability company engaged in the business of purchasing rail cars for long term lease purposes.

    Star and its Subsidiaries had a total of 5,359 full-time permanent employees at June 30, 1998. Star Bank, N.A. operated a total of 385 full service offices at June 30, 1998.

    SECINFO.COM
    Firstar Bank N A/OH [ formerly Star Bank NA ] Registrant
    Formerly
    Star Bank NA 10/8/93
    425 Walnut Street
    Cincinnati, Ohio 45202
    1-513-632-4451 Ohio, U.S.A. irs:310841368 12/31
    SECCIK: 837810

    CERTAIN TRANSACTIONS WITH AFFILIATES

    There are various legal restrictions on the extent to which a bank holding company, such as Star, Firstar and certain of their nonbank Subsidiaries, can borrow or otherwise obtain credit from their bank Subsidiaries. In general, these restrictions require that any such extensions of credit must be on non-preferential terms and secured by designated amounts of specified collateral and be limited, as to any one of the holding company or such nonbank

    Subsidiaries, to 10% of the lending bank’s capital stock and surplus, and as to the holding company and all such nonbank Subsidiaries in the aggregate, to 20% of such capital stock and surplus.

    PAYMENT OF DIVIDENDS

    Star and Firstar are legal entities separate and distinct from their
    respective Subsidiaries. The principal source of Star’s and Firstar’s revenues are dividends from their banking Subsidiaries. Various U.S. federal and state statutory provisions limit the amount of dividends that their banking Subsidiaries can pay to Star or Firstar without regulatory approval. The approval of applicable U.S. federal bank regulatory agencies is required for the payment of any dividend if the total of all dividends declared in any calendar
    year would exceed the total of the institution’s net profits, as defined by such regulatory agencies, for such year combined with its retained net profits for the preceding two years. In addition, a national bank may not pay a dividend in an amount greater than its net profits then on hand. The payment of dividends by
    Star Bank, N.A. and Firstar’s banking Subsidiaries may also be affected by other factors, such as the maintenance of adequate capital.

    In addition, if, in the opinion of the applicable U.S. federal bank
    regulatory agency, a depository institution under its jurisdiction is engaged in or is about to engage in an unsafe and unsound practice (which, depending on the financial condition of the institution, could include the payment of dividends),
    such agency may require, after notice and hearing, that the institution in question cease and desist from such practice. The Comptroller has indicated that paying dividends that would deplete a depository institution’s capital base to an inadequate level would be an unsafe and unsound practice. Moreover, an
    insured depository institution may not pay any dividends if such payment would cause it to become undercapitalized or once it is undercapitalized. See “–Capital Adequacy.” Also, the U.S.

    S-4 73rd Page of 195 TOC 1st Previous Next Bottom Just 73rd

    federal bank regulatory agencies have issued policy statements which provide that depository institutions and their holding companies should generally pay dividends only out of current operating earnings.
    2001 Firstar Bank N A/OH 13F-NT 6/30/01 1:1
    5/14/01 Firstar Bank N A/OH 13F-NT 3/31/01 1:1
    2/14/01 Firstar Bank N A/OH 13F-NT
    12/31/00 Firstar Corp/New
    11/14/00 Firstar Bank N A/OH 13F-NT
    9/30/00 Firstar Corp/New
    8/28/00 Firstar Bank N A/OH 13F-NT
    6/30/00 Firstar Corp/New
    5/16/00 Firstar Bank N A/OH 13F-NT
    3/31/00 Firstar Corp/New
    2/14/00 Firstar Bank N A/OH 13F-NT
    12/31/99 Firstar Corp/New
    11/15/99 Firstar Bank N A/OH 13F-NT
    9/30/99

    Filing Type:
    13F-NT Quarterly Notice by an Institutional Money Manager – Form 13F.

    SUBSIDIARIES OF FIRSTAR CORPORATION
    EXHIBIT 21
    Firstar Corporation has no parents.
    The following list shows the name of each
    subsidiary of Firstar and the percentage of ownership as of January 1, 2000.

    1 Firstar Bank, National Association 100% United States
    1 Mercantile Bank, National Association 100% United States
    1 Mercantile Bank of Kansas City 100% Missouri
    1 Mercantile Trust Company, National Association 100% United States
    1 Mercantile Bank of Illinois 100% Illinois
    1 Mercantile Bank of Arkansas, National Association 100% United States
    1 Mercantile Bank of Kentucky 100% Kentucky
    1 Firstar Bank U.S.A., National Association 100% United States
    1 Mercantile Bank Midwest 100% Kansas
    3 Tennessee Capital Corporation 100% Nevada
    1 Firstar Mutual Funds LLC 100% Wisconsin
    1 Lanadrac 100% Kentucky
    1 Firstar Investment Research & Management Company, LLC 100% Wisconsin
    1 Firstar Insurance Services, LLC 100% Wisconsin
    3 Firstar Investment Services, Inc. 100% Wisconsin
    1 Elan Life Insurance Company 79.00% Arizona
    1 Firstar Title Corp. 100% Wisconsin
    3 Firstar Community Investment Corporation 100% Wisconsin
    3 Firstar Lease Receivables LLC 100% Wisconsin
    3 Firstar Lease Receivables Corporation 100% Wisconsin
    3 Firstar Home Mortgage Corporation 100% Wisconsin
    3 First National Cincinnati Corporation 100% Ohio
    1 Firstar Finance, Inc 100% Ohio
    1 Star Capital Corporation 100% Ohio
    1 Miami Valley Insurance Company 100% Arizona
    3 Minnesota Capital Corporation 100% Nevada
    4 Firstar RE Corp 100% Nevada
    3 Firstar Trade Services Corporation 100% Wisconsin
    5 Firstar Trade Services Limited 100% Hong Kong
    3 Wisconsin Capital Corporation 100% Nevada
    1 Firstar Capital Trust I 100% Delaware
    1 Star Capital Trust I 100% Delaware
    1 Mercantile Capital Trust I 100% Delaware
    1 F&H Realty Corp 100% Missouri
    1 D.D. Development of Sterling L.P. 100% Illinois
    1 Mark Twain Properties 100% Missouri
    1 GCT Realty Company 100% Illinois
    1 Mississippi Valley Life Insurance Company 100% Arizona
    1 Tarquad Corporation 100% Missouri
    1 FFG Trust Inc 100% Illinois
    1 Mercantile Consumer Loan Company Inc. 100% Illinois
    6 Mercantile Leasing Corporation 100% Iowa
    6 Midwest Realty Company 100% Iowa
    7 Mercantile Financial of Little Rock, LLC 100% Illinois
    8 Home Federal Service Corporation 100% Illinois
    9 Eastern Missouri Investments LLC 100% Illinois
    10 Fidelity Credit Corp. 100% Missouri
    2 Mercantile Business Credit Inc. 100% Missouri
    2 Mercantile Community Development Corporation 100% Missouri
    2 Mississippi Valley Advisors Inc. 100% Missouri
    2 Infinet Securities, Inc. 100% Missouri
    2 Mercantile Properties, Inc. 100% Missouri
    2 Mercantile Mortgage Financial Company 100% Missouri
    2 Caltrop Corporation 100% Missouri
    2 Sangamon Investment Company 100% Missouri
    2 Mercantile Insurance Services, Inc. 100% Missouri
    2 Mark Twain St Louis Investment Co. 100% Missouri
    2 Mercantile Investment Services, Inc. 100% Missouri
    2 United Financial Services 100% Missouri
    2 Metropolitan Savings Services Corporation 100% Missouri
    2 SoMo Investment Company Inc. 100% Missouri
    2 Mercantile Center Associates 100% Missouri
    2 Roosevelt Texas Holdings, Inc. 100% Missouri
    2 Mercantile Bank International 100% Missouri
    2 Anexsys Holdings of Missouri, Inc. 100% Missouri
    11 Mercantile Mortgage Realty LLC 100% Illinois
    12 Lakewood Oaks Golf, Ltd 100% Missouri
    12 Fortune Homes, Inc. 100% Missouri
    13 Bruno Stolz LLC 100% Missouri
    14 Lending Express, LP 100% Missouri
    15 Mercantile Center Redevelopment Corp. 100% Missouri
    16 Mercantile Trade Services Ltd. 100% Missouri

    Notes
    —–
    1 Subsidiary of Firstar Corporation
    2 Subsidiary of Mercantile Bank National Association
    3 Subsidiary of Firstar Bank, National Association
    4 Subsidiary of Minnesota Capital Corporation
    5 Subsidiary of Firstar Trade Services Corporation
    6 Subsidiary of Mercantile Bank Midwest
    7 Subsidiary of Mercantile Bank of Arkansas N.A.
    8 Subsidiary of Mercantile Bank of Illinois
    9 Subsidiary of Mercantile Bank
    10 Subsidiary of Mercantile Bank of Kentucky
    11 Subsidiary of Mercantile Mortgage Financial Company
    12 Subsidiary of Caltrop Corporation
    13 Subsidiary of Mercantile Investment Services, Inc.
    14 Subsidiary of Metropolitan Services Corporation
    15 Subsidiary of Mercantile Center Associates
    16 Subsidiary of Mercantile Bank International

    Firstar Corporation has no parents. The following list shows the name of each subsidiary of Firstar and the percentage of ownership as of December 31, 1998.
    1 Firstar Bank, National
    Association 100% United States

    1 Firstar Bank Milwaukee, National
    Association 100% United States

    1 Firstar Bank Wisconsin 100% Wisconsin

    1 Firstar Bank Iowa, National
    Association 100% United States

    1 Firstar Bank Burlington, National
    Association 100% United States

    1 Firstar Bank of Minnesota, National
    Association 100% United States

    1 Firstar Bank Illinois 100% Illinois

    1 Firstar Bank U.S.A., National
    Association 100% United States

    2 Firstar Metropolitan Bank & Trust 100% Arizona

    1 Firstar BankWausau, National
    Association 100% United States

    6 Firstar Corporation(WI) 100% Wisconsin

    1 Firstar Corporation of Arizona 100% Arizona

    1 Firstar Mutual Funds LLC 100% Wisconsin

    1 Firstar Trust Company of Florida,
    National Association 100% United States

    1 Firstar Investment Research &
    Management Company, LLC 100% Wisconsin

    1 Firstar Insurance Services, LLC 100% Wisconsin

    3 Firstar Investment Services, Inc. 100% Wisconsin

    1 Elan Life Insurance Company 79.00% Arizona

    1 Firstar Title Corp. 100% Wisconsin

    3 Firstar Community Investment
    Corporation 100% Wisconsin

    3 Firstar Equipment Finance
    Corporation 100% Wisconsin

    3 Firstar Lease Receivables
    Corporation 100% Wisconsin

    3 Firstar Home Mortgage Corporation 100% Wisconsin

    3 Firstar Equipment Corporation 100% Wisconsin

    1 Firstar Finance, Inc 100% Ohio

    1 Star Capital Corporation 100% Ohio

    1 Miami Valley Insurance Company 100% Arizona

    3 Firstar Trade Services
    Corporation 100% Wisconsin

    5 Firstar Trade Services Limited 100% Hong Kong

    3 Milwaukee Capital Corporation 100% Nevada

    4 Wisconsin Capital Corporation 100% Nevada

    1 Firstar Capital Trust I 100% Delaware

    1 Star Capital I 100% Delaware

    1 Subsidiary of Firstar Corporation(WI)
    2 Subsidiary of Firstar Corporation of Arizona
    3 Subsidiary of Firstar Bank Milwaukee, National Association
    4 Subsidiary of Firstar Bank Wisconsin
    5 Subsidiary of Firstar Trade Services Corporation
    6 Subsidiary of Firstar Corporation

    Firstar Corp/New
    General

    Firstar Corporation (“Firstar”) is the organization created by the
    merger of Firstar Corporation (“old Firstar Corporation”) and Mercantile Bancorporation Inc. on September 20, 1999.
    Firstar is a regional, multi-state bank holding company headquartered in Milwaukee, Wisconsin. Firstar owns 100
    percent of the capital stock of eight bank subsidiaries having over 1200 banking offices in Wisconsin, Ohio, Missouri, Iowa, Minnesota, Illinois, Indiana, Kentucky, Tennessee, Kansas, Arkansas and Arizona. Firstar also owns various nonbank and limited purpose bank subsidiaries engaged in related financial
    services.

    Firstar provides banking services throughout the midwestern United
    States. Firstar’s bank subsidiaries provide a broad range of financial services for companies based in its market region, national business organizations, governmental entities and individuals. These commercial and consumer banking
    activities include accepting demand, time and savings deposits; making both secured and unsecured business and personal loans; and issuing and servicing credit cards. The bank subsidiaries also engage in correspondent banking and
    provide a full range of trust and investment management services to individual and corporate customers. International banking services consisting of foreign trade financing, issuance and confirmation of letters of credit, funds collection and foreign exchange transactions are conducted. Nonbank subsidiaries
    provide retail brokerage services, trust and investment management services, residential mortgage banking activities, consumer financing, title insurance, business insurance, consumer and credit related insurance, and corporate operational services.

    Firstar’s operations include three primary business segments: consumer banking, wholesale banking, and trust and private banking. Information on these lines of business are included in Note 25 of the Notes to Consolidated Financial
    Statements included in Firstar’s 1999 Annual Report to Shareholders which is incorporated herein by reference.

    Competition
    Banking and bank-related services are highly competitive. Firstar’s
    subsidiaries compete primarily in the Midwestern United States with numerous competitors, some of which are larger and have greater financial resources. Firstar competes with other commercial banks and financial intermediaries, such as savings banks, savings and loan associations, credit unions, mortgage companies, leasing companies and a variety of financial services and advisory companies located throughout the country.

    Supervision
    Firstar’s business activities as a bank holding company are regulated by the Federal Reserve Board under the Bank Holding Company Act of 1956, as amended. The activities of Firstar and those of its banking and nonbanking subsidiaries are limited to the business of banking and activities closely
    related or incidental to banking.

    Registrant
    Possibly Inactive per 2/27/01 Form 15
    777 East Wisconsin Avenue
    Milwaukee, Wisconsin 53202
    1-414-765-4321 Wisconsin, U.S.A. IRS 39-1940778 12/31 SEC CIK: 1074023

    Symbol FSR CUSIP/CINS/PPN Issuer #
    33763V

    SIC Code Industry Source As Of
    6770 Blank Checks, a.k.a. Special Purpose Acquisition Companies (SPACs), et al. SEC 7/12/01

    Star Banc Corporation, an Ohio corporation (the “Company”), I am familiar with the registration statement on Form S-4(the “Registration Statement”) filed
    under the Securities Act of 1933, as amended (the “Act”), by the Company, and Star Capital I, a Delaware statutory business trust (the “Trust”), which Registration Statement relates to (i) $150,000,000 aggregate liquidation amount
    of the Trust’s Floating Rate Capital Securities due June 15, 2027

    Pursuant to the requirements of the Trust Indenture Act of 1939, as
    amended, the trustee, The First National Bank of Chicago, a national banking association organized and existing under the laws of the United States of America, has duly caused this Statement of Eligibility to be signed on its behalf by the undersigned, thereunto duly authorized, all in the City of Chicago and the State of Illinois, on this 6th day of August,1997.

    THE FIRST NATIONAL BANK OF CHICAGO,
    TRUSTEE

    By /s/ John R. Prendiville
    John R. Prendiville
    Vice President

    * EXHIBIT 1, 2, 3 AND 4 ARE HEREIN INCORPORATED BY REFERENCE TO EXHIBITS BEARING
    IDENTICAL NUMBERS IN ITEM 16 OF THE FORM T-1 OF THE FIRST NATIONAL BANK OF CHICAGO, FILED AS EXHIBIT 25.1 TO THE REGISTRATION STATEMENT ON FORM S-3 OF
    SUNAMERICA, INC., FILED WITH THE SECURITIES AND EXCHANGE COMMISSION ON OCTOBER
    25, 1996 (REGISTRATION NO. 333-14201).

    The Guarantee Trustee shall have no duty
    to see to any recording, filing or registration or any
    instrument (or any rerecording, refiling or registration
    thereof);

    The First National Bank of Chicago will act as guarantee
    trustee (“Guarantee Trustee”) under the New Guarantee.
    The Junior Subordinated Debentures are not redeemable prior to June 15,
    2007 unless a Special Event has occurred. The Junior Subordinated Debentures are
    redeemable prior to maturity at the option of the Company, subject to the
    receipt of any necessary prior approval of the Federal Reserve, on or after June
    15,

    The Trust may not borrow money nor issue debt nor mortgage or pledge any of its assets
    MERGER OR CONSOLIDATION OF TRUSTEES

    Any corporation into which the Property Trustee, the Delaware Trustee or any Regular Trustee that is not a natural person may be merged or converted or with which it may be consolidated, or any corporation resulting from any merger, conversion or consolidation to which such Trustee shall be a party, or any corporation succeeding to all or substantially all the corporate trust business
    of such Trustee, shall be the successor of such Trustee under the Declaration, provided such corporation shall be otherwise qualified and eligible.

    MISCELLANEOUS
    The Regular Trustees are authorized and directed to conduct the affairs of and to operate the Trust in such a way that the Trust will not be deemed to be an “investment company” required to be registered under the Investment Company Act or classified as other than a grantor trust for United States federal income tax purposes and so that the Junior Subordinated Debentures will be treated as indebtedness of the Company for United States federal income tax purposes. In this connection, the Company and the Regular Trustees are authorized to take any action, not inconsistent with applicable law, the Certificate of Trust or the Declaration, that the Company and the Regular Trustees determine in their discretion to be necessary or desirable for such purposes, as long as such action does not materially adversely affect the interests of the holders of the Capital Securities.

    The Trust may not borrow money nor issue debt nor mortgage or pledge any of its assets.

    I’VE COME BACK TO ‘STAR BANK’ – WELLS FARGO – RELATIONSHIP WITH TRUST ‘US BANK NA’

    I CAN SEE RESLATIONS OF CHASE, GMAC AND NORWEST WITH WELLS FARGO AND STAR BANK – HMMMM

    STAR BANK CORP /OH (S-4) 8/8/1997 – START CAPITAL I
    GUARANTY AGREEMENT

    As: Signatory (Director, Officer, Attorney, Accountant, Banker, Agent, etc.)

    /S/ JENNIE P. CARLSON ‘SIGNATORY FOR 8 REGISTRANTS

    /S/ Jennie P. Carlson” has been a Signatory for/with the following 8 Registrants:
    Firstar Bank N A/OH [ formerly Star Bank NA ]
    Firstar Corp/New
    Firstar Corp/WI
    Mercantile Bancorporation Inc
    Mercantile Trust Co National Association
    Star Banc Corp/OH
    Star Capital I
    US Bancorp/DE [ formerly First Bank System Inc ]

    “Jennie P. Carlson” has/had a Signatory interest in the following 31 …

    16 Closely Related
    FBS Capital I SEC#1038952 5/12/97
    Registrant
    Formerly Assigned On
    First Bank System Inc 7/3/92
    First Bank Stock Corp 3/17/72

    Office Address
    U.S.Bancorp
    800 Nicollet Mall
    Minneapolis, Minnesota 55402
    U.S.A.

    1-651-466-3000 Delaware, U.S.A. 41-0255900 12/31 36104

    Symbols
    USB, US Bcp CUSIP/CINS/PPN Issuer #
    902973

    SIC Code Industry Source As Of
    6021 National Commercial Banks SEC 8/17/11
    6712 Offices of Bank Holding Companies Filing 6/21/01

  2. What actions should someone take based on this information that has a loan/investment that originated with Wells Fargo, is currently being serviced (I am being kind) by US Bank and loan documents were prepared by the now defunct DOCX forgery mill? The infamous Linda Green’s signature is on some of the loan documents.

    I reside in non-judicial Georgia. I have submitted several QWRs to US Bank which they have stonewalled on when they did choose to respond. I also have a formal complaint on file with the OCC.

    I am current with my mortgage and have been for 8 years. Please advise as to what logical next steps should be? Trying to find qualified legal talent that represents homeowners has been a tough road to hoe.

    Thanks!

  3. […] EXAMPLE OF NEW TOOLS PROVIDED BY LIVINGLIES: OCC CEASE AND DESIST ORDER V US BANK MOST POPULAR ARTICLES CLICK HERE TO RESERVE SEATING AT HAWAII WORKSHOP GET COMBO TITLE AND SECURITIZATION ANALYSIS – CLICK HERE SEE US BANK OCC ORDER AND COMMENTARY It will be up on the store soon and on the American Homeowners Cooperative at http://www.Americanhomeownerscoop.com. Based upon an in depth analysis of our title and securitization combo […] […]

  4. I can’t (write) right. So what. I’m a researcher, and one who is spatially gifted acting as a Patriot, willing to share important information how the crimes were committed. Why do I cut/paste valuable information? Maybe nationwide other spatially gifted researchers will contribute valuable research and collectively protect the nation.

    Sorry the comments are with spelling, grammatical errors. While researching cutting pasting valuable information revealing work flow.

    October 2008, I knew nothing about mortgages, nor financial exchanges. I learned the loans sold in New Jersey by WFHM storefront employees of Wells Fargo Bank NA are defective at the time of sale. I learned c/o federal and state government and my authority that the OCC is useless to consumers and WFHM Office of President employees coverup all ‘retail’ transactions omitting facts in their responses back to the OCC.

    Wells Fargo Home Mortgage division fo Wells Fargo Bank NA employees, Office of the co-President Heid and Heiden, are with authority, responsiblity and accountability, the one employee will be contacted who is responsible for the loan in the investors portfolio will withhold facts from OCC, and OCC in collusion by ignoring RETAIL, and preventing all enforcement of Consumer Protection Laws.

    Wells Fargo Home Mortgage division of Wells Fargo Bank NA, Des Moines Iowa employees do act in collusion and omit substantive information c/o Wells Fargo & Co, 420 Montgomery Street,San Francisco, CA. The Legal Services employees like Michael Carter, lie excuse me misrepresent facts and are accountable c/o John Sumpt for the false, incomplete, incorrect ‘answers’ for each complaint, Intent of substantive omissions of material facts to protect their commercial clients and themselves.

    Consumer complaints sent to OCC regarding WFHM div Wells Fargo Bank NA (any affiliate of the Mortgage Servicer) RETAIL transactions exempt all cash attached exempt from money laundering regulations of FinCEN, and all ‘RETAIL’ acts which violate consumer protection laws TILA, RESPA, HOPA, FDCPA….

    I’m not a blogger, I’m a consumer, a professional information technologist researcher who understands workflow of data ‘transactions’ manually and how they are automated, able to isolate loopholes, think out of the box, such knowledge used to facilitate change.The change I wish to facilitate is nationwide and connect with the other information technologists who can bring into the light of day the facts how nation harmed for all of the collateral damage each family harmed for the past decade by these bastards now protect themselves and continue harming our nation, families, friends, co-workders, and our childrens children. Why are you all trying to find the ‘golden’ nugget the one ‘legal arugument’ making some lawyer famous when you collectively could contribue and make a difference sharing facts which reveal intent of the 11 Bank Credit Facility ‘gang’ who funded the ‘merger’ of Land America and Lawyers TItle Corp and Commonwealth…. Microsoft Open System Platform over WWW with IBM mainframe and data portals, etc.

    In order to find a defect, loophole, one must replicate the current workflow – isolate defects, find loopholes. Discover what is lawful or unlawful. We each may contribute and reveal the laundering of cash one mortgage at a time in a mechanized process of collaboration, collusion, and participation by both private sector and federal regulators c/o FEDERAL RESERVE – OCC.

    Ask yourself why the ‘escalation’ in 2003 of the MERS COMMERCIAL ‘CMBS’ transactions? Is it important how the Loan Cartel Kings c/o NASCOR sold individual Alt-A loans, are in agreement with the institutional investors/banks c/o Sales and Service Agreements, which allowed each ‘secret’ unnamed ‘CREDITOR’ to take possession of consumer’s property (DEED OF TRUST says so) and take possession of ‘DEED OF TRUST in unlawful seizures but only through deceptive acts of Mortgage Service’s affiliates processing modified loan data made available to ‘members only’ who controlled the real estate industry of the USA.

    Only members of the integrated network the ‘loan’ your proprerty was taken possesion of. Are you not boiling mad yet? Is it because your not homeless yet or you benefit ? What is it? For indeed the collective acts of national banks employees harmed you, your neighbor, your town, state and nation. Each individual loan, c/o Institutional Brand Name Bank advertised on TV together we’ll go far accountable for its partner Norwest Corproations takings of loans into pipeline, consumers given no disclosures, all Alt-A loans intended for benefit of Alternative Investors, private wealth,

    FHMA, Freddie & Fannie purchased products manufactured by WFC, and Freddie, Fannie, FHMA are professional private investors know the truth and sliced and diced the ‘mortgage backed notes’ and invested and sold other Synthetic Alternative Investments with other private wealth members of the finance universe c/o FEDERAL RESERVE while the OCC watched and allowed the economy of the nation to be harmed.

    The jibberish that all of this is complicated hogwash. Nothing complicated about a mathmatecial calcultion executed by a computer that a human created. The complications they refere to is the ability to reveal ‘intent’ of the deceptive acts.

    No debate here whether chicken or egg came first.
    WFC ‘opportunity’ in 1996 first US Trade Bank, c/o OCC. OCC approved merger of WFC and Norwest 1998. WFC and Norwest partners includes NASCOR, Norwest Asset Secrities Corp’s partners also called ‘affiliates’ GMAC-RFC, Chase Manhattan Mortgage Cor, BONY, HongKong Shanghai Bank Corp, Bankers Trust dba Deutsche Bank since 2002, Wells FArgo Bank NA c/o Wilmington Trust, to create ‘loans’ Alt-A Loans in which their employees could control refinancing loans, loans, loans, loans, which collectively the transactions did harm the economy and which did allow third partys to take possession of consumer property, in deceptive and larcenous manner, Wells Fargo Home Mortgage employees Office of the PRESIDENT are responsible with accountability for eachloan in a portfolio, are with authority and accoutability and responsiblity and in fact c/o Wells FArgo & Co, 420 Montgomery St, San Francisco, CA, and Legal c/o Colorado act with intent and facilitate withholding substantive omissions of material facts, participate in furtherance of concealing deceptive acts in order that their subservicers profit from taking possession of property through forced defaults, and covering up the acts of WFHM employees affilaites who are the manufacturerof the pipelien nationwide providing the integrated network, Microsoft Open System Platform, portals, integrators, vendors under agreement with subservicers who c/o Mortgage Servicers affilaites file falsified documents, and once again as Seller benefit from resale of each REO Proeprty. Important? The intent of each act, allows purchaser to launder cash attached to ‘loan’s of a national bank ‘Mortgage Servicer’ harmed the economy, the collective transactions of all national bank’s mortgage servicers ‘exempted’ from FinCEN?

    AMENDMENT NUMBER ONE TO THE SALE AND SERVICING AGREEMENT …

  5. Anyone have subscription to RealDealDocs, can’t afford right now. Valuable documents including:

    Exhibit 10.21
    Wells Fargo Bank, NA c/o Wilmington Trust Company
    AMENDMENT NUMBER ONE
    to the
    SALE AND SERVICING AGREEMENT
    Dated as of December 31, 2005
    by and among
    OPTION ONE OWNER TRUST 2005-9
    OPTION ONE LOAN WAREHOUSE CORPORATION
    OPTION ONE MORTGAGE CORPORATION
    and
    WELLS FARGO BANK, N.A.

    January 2007, Amendment to Sale and Servicing Agreement’ 3/14/2007, Governing Law, New York, Industry Personal Services, Sector Services. The Servicing Agreement involves: ASPEN FUNDING CORP, DB STRUCTURED PRODUCTS INC (DEUTSCHE BANK), NEWPORT FUNDING, OPTION ONE LOAN WAREHOUSE CORPORATION, OPTION ONE MORTGAGE CORPORATION,

    ‘THE DEPOSITOR’ AND ‘LOAN ORIGINATOR’ REQUESTED ‘NOTEHOLDERS’ …modify definition of CLTV

    Each Depositor and Loan Originator represents to Indenture Trustee and Noteholders compliance with all representations and warranties, all of affirmative and negative covenants set for in Basic Documents no default has occurred and is continuing under an Basic Documents to which it is a party…The Issuer, the Depositor, the Loan Originator and the Indenture Trustee hereby acknowledge and agree that this Amendment Number One is being entered into pursuant to Section 11.02(b) of the Sale and Servicing Agreement,
    .
    Getting ready for bubble document dated January 2007. Knowking how long it takes a corporation to put together a ‘public’ legal document begining 2006.

    The largest originator of consumer loans c/o Wells Fargo Home Mortgage Servicer’s bank affiliates and non-bank affiliates’ not listed?

    Wells Fargo Bank, NA Affiliates, Mortgage Services, Wells Fargo Home Mortgage (trade name) (service mark) (copyright) a division of Wells Fargo Bank NA affiliates comprise the

    NATION’S #1 RETAIL LOAN ORIGINATOR OF Alt-A loans, largest affiliates of non-conforming products, NATION’S #1 SERVICER… of loans of alternative investments and debt collector of consumer’s payments for loans, ….

    Will the FHMA only go after ‘purchasers’ of themortgage backed notes?

    Wait a minute. The cartel, the ‘Originators’ Seller took cash, lots of cash, lots and lots of cash daily, as Depositor. Cash purposefully attached to WFHM ‘Mortgage Servicers’ affiliates, cash attached to Wells Fargo Commercial Client’s, who are the Temporay Lenders c/o Wells Fargo Asset Securities Corp formerly doing business as Norwest asset Secfurities Corp (“NASCOR”), a venture with GMAC-RFC and Chase Manhattan Corp who all methodically benefitted from the mechanized transactions of alternative investments and Alt-A loans.

    QUESTION: WHY is not Wells Fargo & Company, RSSD-ID 1120754, Financial Holding Company, since 3/13/2000, listed as one of the major institutional banks to be sued?

    When will the ‘loan cartel king’ be accountable as manufactuer placing into public domain defective products for sale to consumers, taking of possession of consumer property by deceptive acts of its employees ‘WFHM’ employees, affilaites?

    Will FHMA sue only those ‘CREDITORS who purchased the mortgage backed notes? c/o the Institutional Investors’ Non-Deposit Trust Company Non-Member c/o Financial Company who attached and passed cash bypassing FinCEN protected under OCC 2002 visitorial powers and and allowed all that cash to be laundered out of the USA? THE FIRST US TRADE BANK, HSBC the benefactor c/o BONY of the Alternate Investments. The ‘mortgage backed note cartel’ not passible without the ‘originator’ loan cartel king who clearly took all credit due (Pete Weissinger, Howard Atkins, Richard Kovaciack, Mark Oman, Mary Coffin, co-Presidents Heid and Heiden, David Hoyt, John Stumpf, Stanley Stoup, ….

    Wells Fargo Asset Securities Corp Frederick financial parent? Duetsche Bank Trust Americas Co or will they sue Taunus & Deutscfhe Bank AG? Did Lehamn Securities purchase of mortgage backed notes from Wells Fargo get swiped clean now owned by Freddie/Fannie?

    The largest originator of loans in the US, why are they so ‘squeaky’ clean in the press? For each ‘loan’ originated and sold c/o affiliates of Wells Fargo Bank NA, over 25,837 transactions are recorded on SEC alone, those loans were purchased. You can’t purchase what is not for sale – clearly you can put out a purchase order and claim gee I saw an opportunity to fill the purchase order and quickly filled for 5 years orders for loans …. hmmmm and deposited all of the cash they laundered attached to each loan through Wells Fargo Asset Securities Corp c/o Wells Fargo Securities LLC 3/13/2000-9/2008…..by 6/2009 WFC changed Wells Fargo Securities LLC the pass thru agency documented by KPMG – hmmm…. nobody looking at the ‘manufacturer’ of the loan cartel.

    U.S. Is Set to Sue a Dozen Big Banks Over MortgagesBy NELSON D. SCHWARTZ – Published: September 1, 2011
    New Yok Times Article. Article Important please pull up the New york Times Article.

    The federal agency that oversees the mortgage giants Fannie Mae and Freddie Mac is set to file suits against more than a dozen big banks, accusing them of misrepresenting the quality of mortgage securities they assembled and sold at the height of the housing bubble, and seeking billions of dollars in compensation

    The Federal Housing Finance Agency suits, which are expected to be filed in the coming days in federal court, are aimed at Bank of America, JPMorgan Chase, Goldman Sachs and Deutsche Bank, among others, according to three individuals briefed on the matter.

    The suits stem from subpoenas the finance agency issued to banks a year ago. If the case is not filed Friday, they said, it will come Tuesday, shortly before a deadline expires for the housing agency to file claims.

    The suits will argue the banks, which assembled the mortgages and marketed them as securities to investors, failed to perform the due diligence required under securities law and missed evidence that borrowers’ incomes were inflated or falsified. When many borrowers were unable to pay their mortgages, the securities backed by the mortgages quickly lost value.

    Fannie and Freddie lost more than $30 billion, in part as a result of the deals, losses that were borne mostly by taxpayers.

    In July, the agency filed suit against UBS, another major mortgage securitizer, seeking to recover at least $900 million, and the individuals with knowledge of the case said the new litigation would be similar in scope.

    Private holders of mortgage securities are already trying to force the big banks to buy back tens of billions in soured mortgage-backed bonds, but this federal effort is a new chapter in a huge legal fight that has alarmed investors in bank shares. In this case, rather than demanding that the banks buy back the original loans, the finance agency is seeking reimbursement for losses on the securities held by Fannie and Freddie.

    The impending litigation underscores how almost exactly three years after the collapse of Lehman Brothers and the beginning of a financial crisis caused in large part by subprime lending, the legal fallout is mounting.

    Besides the angry investors, 50 state attorneys general are in the final stages of negotiating a settlement to address abuses by the largest mortgage servicers, including Bank of America, JPMorgan and Citigroup. The attorneys general, as well as federal officials, are pressing the banks to pay at least $20 billion in that case, with much of the money earmarked to reduce mortgages of homeowners facing foreclosure.

    And last month, the insurance giant American International Group filed a $10 billion suit against Bank of America, accusing the bank and its Countrywide Financial and Merrill Lynch units of misrepresenting the quality of mortgages that backed the securities A.I.G. bought.

    Bank of America, Goldman Sachs and JPMorgan all declined to comment. Frank Kelly, a spokesman for Deutsche Bank, said, “We can’t comment on a suit that we haven’t seen and hasn’t been filed yet.”

    But privately, financial service industry executives argue that the losses on the mortgage-backed securities were caused by a broader downturn in the economy and the housing market, not by how the mortgages were originated or packaged into securities. In addition, they contend that investors like A.I.G. as well as Fannie and Freddie were sophisticated and knew the securities were not without risk.

    Investors fear that if banks are forced to pay out billions of dollars for mortgages that later defaulted, it could sap earnings for years and contribute to further losses across the financial services industry, which has only recently regained its footing.

    Bank officials also counter that further legal attacks on them will only delay the recovery in the housing market, which remains moribund, hurting the broader economy. Other experts warned that a series of adverse settlements costing the banks billions raises other risks, even if suits have legal merit.

    The housing finance agency was created in 2008 and assigned to oversee the hemorrhaging government-backed mortgage companies, a process known as conservatorship.

    “While I believe that F.H.F.A. is acting responsibly in its role as conservator, I am afraid that we risk pushing these guys off of a cliff and we’re going to have to bail out the banks again,” said Tim Rood, who worked at Fannie Mae until 2006 and is now a partner at the Collingwood Group, which advises banks and servicers on housing-related issues.

    .The suits are being filed now because regulators are concerned that it will be much harder to make claims after a three-year statute of limitations expires on Wednesday, the third anniversary of the federal takeover of Fannie Mae and Freddie Mac.

    While the banks put together tens of billions of dollars in mortgage securities backed by risky loans, the Federal Housing Finance Agency is not seeking the total amount in compensation because some of the mortgages are still good and the investments still carry some value. In the UBS suit, the agency said it owned $4.5 billion worth of mortgages, with losses totaling $900 million. Negotiations between the agency and UBS have yielded little progress.

    The two mortgage giants acquired the securities in the years before the housing market collapsed as they expanded rapidly and looked for new investments that were seemingly safe. At issue in this case are so-called private-label securities that were backed by subprime and other risky loans but were rated as safe AAA investments by the ratings agencies.

    In the years before 2007, “the market was so frothy then it was hard to find good quality loans to securitize and hold in your portfolio,” said David Felt, a lawyer who served as deputy general counsel of the finance agency until January 2010. “Fannie and Freddie thought they were taking AAA tranches, and like so many investors, they were surprised when they didn’t turn out to be such quality investments.”

    Fannie and Freddie had other reasons to buy the securities, Mr. Rood added. For starters, they carried higher yields at a time when the two mortgage giants could buy them using money borrowed at rock-bottom rates, thanks to the implicit federal guarantee they enjoyed.

    In addition, by law Fannie and Freddie were required to back loans to low-to-moderate income and minority borrowers, and the private-label securities were counted toward those goals.

    “Competitive pressures and onerous housing goals compelled them to operate more like hedge funds than government-sponsored guarantors, ” Mr. Rood said.

    In fact, Freddie was warned by regulators in 2006 that its purchases of subprime securities had outpaced its risk management abilities, but the company continued to load up on debt that ultimately soured.

    As of June 30, Freddie Mac holds more than $80 billion in mortgage securities backed by more shaky home loans like subprime mortgages, Option ARM and Alt-A loans. Freddie estimates its total gross losses stand at roughly $19 billion. Fannie Mae holds $38 billion of securities backed by Alt-A and subprime loans, with losses standing at nearly $14 billion.

  6. Hi
    I need an Attorney in NJ Atlantic County that Gets It.
    Us Bank and AHMSI are trying to steal my home.
    Please respond. I need to answer there complaint in less then 3 weeks.
    Please help.

    Joe Moon

  7. Awesome to Neil?

    I developed the OCC Consent Decree in April, right after the Decree was published on Apr 15. Mine was ready to go on Apr 19.

    I even posted here that I had one ready.

    Why am I always the first one to develop something and then others take my ideas and copy?

  8. GOD BLESS YOU!!! This likely saved me hours! I have the orders but you chopped them up for me and this is my “pretender lender”. They seem to be sneaky and stay under the radar so it is a rare treat to get a gift like this. They are among the worst and need more exposure.
    Thank you so much!

  9. “…Security investors fund the BANK — not the borrowers — there is no direct relationship between security investors and borrowers. If banks are able to sell their income stream, that is an accounting transaction — it is not a “loan” to borrowers. This is why security investors are NEVER the creditor.
    Collection rights transfers are not funded by borrower transactions (ie fabricated refinance). Collection rights are transferred by assignment — not NOTES (which is why NOTES are fake).”

  10. THE ‘INTENT’ OF THE SHAREOWNERS TO ‘UTILIZE’ ‘MORTGAGE SERVICERS’ TO ATTACH ‘CASH’ TO LAUNDER MONEY VIA ‘MORTGAGE SERVICERS’ AFFILIATES IS WHAT LED TO THE COLLAPSE OF THE ECONOMY.

    PATRIOT ACT 2001
    OCC VISITORIAL POWERS 2002
    ‘MORTGAGE SERVICERS’ AFFILIATES EXEMPTED FROM HAVING TO RECORD ‘MONEY LAUNDERING FINCEN DOCUMENTATION REGARDING MOVEMENT OF MONEY.

  11. DEED OF TRUSTS

    The recording acts have two primary objectives.

    “First and foremost, [they] are designed to protect purchasers who acquire interests in real property for a valuable consideration and without notice of prior interests from the enforcement of those claims.”

    acts have been enacted in response to a need to provide protection for purchasers of real property against the risk of prior secret conveyances by the seller.” Brown v. Faatz, 197 P.3d 245, 252
    (Colo. App. 2008) (quoting Page v. Fees-Krey, Inc., 617 P.2d 1188, 1192-93 (Colo. 1980)).

    Second, “the recording acts create a public record from which prospective purchasers of interests in real property may ascertain the existence of prior claims that might affect their interests.”

    Devine, 870 N.E.2d at 597 (internal quotation marks omitted).

    It is important for the assignee to promptly record, since his failure to record makes itpossible for the original mortgagee to release the mortgage of record and for the mortgagor then to convey the property free and clear of the lien to a bona fide purchaser or encumbrancer. This is a necessary result of the policy behind the
    recording laws i.e., that persons who rely on the record are entitled to be protected.

    Borrower understands and agrees that MERS holds only legal title to the interests granted by Borrower in this Mortgage; but, if necessary to comply with law or custom MERS, (as nominee for Lender and Lender’s successors and assigns), has the right: to
    exercise any and all of those interests, including, but not limited to, the right to foreclose and sell the Property . . . .Id. (emphasis added).

    IF MERS WAS THE ‘GRANTEE’ THEY WOULD HAVE RIGHTS HAVING PAID FOR THE MORTGAGE-BACKED NOTE BUT THEY ARE NOT THE GRANTOR, THEY WERE LISTED C/O TEMPOARY LENDER ALREADY REOLD THE ‘MORTGAGE PROMISSORY NOTE’ IN WHICH ANOTHER ‘TEMPOARY LENDER’ ALSO HOLDS A SUPERIOR LIEN TO COLLECT MONEY FROM BORROWER.

  12. AWESOME NEIL, THANKS.

Leave a Reply

%d bloggers like this: