Predictions of Price Increases Versus Predictions of Values

“Just because the market looks better to you on the money doesn’t mean it has recovered from the corruption of title. You still need a lawyer and you absolutely need to do a title and securitization search or at least a consult with someone who can review the past history of the property. The risk here is that you can start off as a “buyer” and end up as a “loser” when title fails and the title policy doesn’t cover it.” —Neil F Garfield,

Morgan Stanley predicts 9 % growth in prices this year alone and another strong year next year. The projection is preposterous. But the idea is out there and it will have its effect as the housing market scrapes the bottom of the barrel. The more confidence people have that the worst of the housing crisis is over the more they will tend to take another look at buying and that will have its own effect.

Schiller takes this psychological game to a new level in the New York times, suggesting that a crowd mentality was the reason for the boom, the reason for the bust and the reason we will come back out of it. But at least he understands the difference between values which are the fundamentals of housing transactions and prices which are the product of psychological factors. The fact remains that median income, while rising slightly lately, showing the incredible strength of the American economy despite all odds against it, is still largely flat when you take a couple of steps back to look at the whole picture.

Median income is the obvious indicator upon which economists agree to set values for housing and other things consumers buy. The reason is the same as any three year old can understand. If people don’t have the money or the credit, they won’t get it because they can’t.

Is another boom and bust bubble coming our way? Probably. That is because despite the various “restrictions” and regulations, the securitization claims against mortgages are on the rise which means that nobody has the risk that a normal bank would have doing a straight out one on one loan of the bank to a consumer. The loopholes abound where the participants can make pornographic fees on a relatively simple mortgage even if it is conventional with someone who has a high credit rating.

As the credit rating declines and as the rules loosen up a bit, the big money is in higher interest rate loans where the loan interest is higher than the amount sought by investors who are still buying mortgage backed bonds and exotic variations of those instruments and still buying the concept of REMIC trust, despite the fact there is no trust, nobody to trust, and nobody in charge, giving plausible deniability to everyone in the chain of “securitization.”


103 Responses

  1. YES! Las Vegas! More to come …

  2. Halah Touryalai
    Oct. 9 2012 — 4:09 pm | 851 views | 0 comments

    Wells Fargo Committed Mortgage Fraud To Maximize Profits, U.S. Suit Says

    “The U.S. is accusing Wells Fargo of massive fraud on government-backed mortgages it approved as far back as 2001.”

  3. Correct typo….THESE ARE FELONIES….

  4. Who is pretending to know the TRUTH IS…..they never lent a dime…..never paid off their original loan to the Treasury….therefore they never securitized a legal lien…never sold the “loans” …..POCKETED ALL PAYMENTS AS USURY…..swapped & traded credit slips……COMMITTED SECURITIES FRAUD when they oversold investors investments in ZERO…..overinsured their investments in ZERO….Uttered forged securities….fraudulently transferred their debt to a black pool…..are using third party debt collectors to steal property they have no legal right to take…..THEREFORE THEY ARE COMMITTING ACTS OF RICO..THESE ARE FELONUES….NO judge in his right mind would want to be a party to that now would they…?

  5. OOOO YEAH the US version of Roger Cook (cook report, retired now ) LIVES, Christopher King- kickass son of a gun

  6. Trust me Sweetie, … I didnt say that. What you have is known as a Carcus. eweeeee . You missed a spot on your Nose there. I see there is a Buttwipe handy …. I’m sure you two will make Good Butt Buddies … I dont have enough as’s to go around. God only gave me two biskets … How many did you get?

  7. “The “loans” were GSE charge-offs from the onset. And, therefore, never valid NOTES, never valid Mortgages, and never valid refinances.”

  8. O Ohhh … looky there Mommy, yeah, over there ___> …… he’s a Crook! I wanna be one to! Whaaaaaa!!!!


    YOU’RE the one who brought up the “ass” thing days ago—FIRST…when you told me to “get off my ass”—I’m just giving it back to you—’cause you’re such a complete jerk.

  10. I hear ribs cracking my lil Buddy, … Stop Laughing,.. it hurts to much. You know, knowing what we know, that they know and still deny. But knowing what I know and what you know is leading people to believe they know everything. But the Judge knows, what we know and what they believe they think they know. I’m not sure you know everything I know but knowing is not what it appears. And its all Good for the Judge! He gets rid of both idiots who pretend to know what is known. But who knows? I dont know nuttin!

  11. This is WHY AIG holds $600 trillion in CREDIT DEFAULT SWAP INSURANCE IOUS…..! AHA…CROOKS…!

  12. For Heavens Sake Carie, your Stalking of my size 10 Ass is scaring me. What about my ass is it that facinates you ….. its smaller than yours? Sure it is … I work, I exercise, I pay income tax. I save for my future.. Carie, I’m a Woman. I dont carry my wallet near my Ass! So get your Brown Nose out of it.

  13. carie ….there is value in what the riddler is saying…it’s just not obvious.

  14. They never sold the “loans”….they swapped them, passed them around & oversold investments in them.

  15. Oh joy—yet ANOTHER day of @shadowcat sitting on her fat ass in front of the computer all frickin’ day long posting her rude, insane, ridiculous, misspelled ramblings.., offering no help or insight to anyone in any way.

    People, this site is DONE.

  16. I agree Louise. MERS was a front to hide their crimes and no more than a strawman operation. @shadowcat…is that the riddle of the day….?……just say it would you…..??? The suspense is just too much …

  17. Well shadowcat, they are obviously not hung yet….Between QE 3 & the stacks of fraudclosures I saw in court a couple of weeks ago, and no criminal investigations in sight…..they are not only still at it….it’s full steam ahead. It’s good to be a criminal huh…? Well in the end it never is, and their will be an end some day & I would not want to be them.

  18. I been yankin all these chains and the light still hasnt turned on.

  19. @ivent: I agree with you, but I did not know about the warehouse lenders being investors as well. That makes it even more of a scam. I have been thinking lately about MERS. I think MERS was actually created so that the bank/fin. institutions could sell the notes multiple times, which they obviously did. You can tell by the fact that the aggregate debt amount in trillions exceeds the entire planet’s net worth.

  20. You know the Ole’ Saying. Give them enough rope and they will hang themselves. Or is it give them another bottle of Rum? Anyhows … Tehehehe and Another Cup of Coffee works for me.

  21. Believe me …the warehouse lender did not get screwed…they made gazillions from this scam & they were instrumental in creating the $800 trillion in mortgage fraud sitting on the banks balance sheets backed by $8 trillion in real estate…..which really means backed by big fat ZERO..



  24. @ Louise, How has having that information helped you in resolving your debt? your mortgage/dot? Please if you have something valuable to add … please do. So.. we All Agree. Everybody got screwed … the TBTF must be dismantled and never be allowed to operate above the law again. Are you lobbing Congress? If your looking for the Answer … Hire an Attorney! If your looking to take advantage of the situation … take a Hike. Just Sayin.. Its Healthier for You!

  25. @shadowcat; WTF, you do not know what you are talking about and are taking up valuable space and time from those of us who do. This foreclosure scam was created BEFORE you even sat down at the closing table. Who the hell do you think you are kidding.

    The biggest Ponzi scheme ever created. A mortgage and note that does not represent the actual contract because a warehouse lender was used as well as the fact that the so-called funds were just on computer accounting records and no “real” money exchanged hands. Appraisal fraud, accounting fraud, perjury, notary fraud, forgery, loss of money for recording fees to county governments, clouded titles, legal malpractice, fraud on the court and lies and more lies.

    Worst of all, the scam is still going on.

  26. … are you suggesting that the taxpayer who was also defrauded by the banks pick up the tab for you?

  27. shadowcat ……If you are Honest & Moral as you say than, that question you asked carie should be redirected at the originating bank……”You still owe somebody what you borrowed.”…. That somebody is the U.S. TREASURY DEPT….You know ….The U.S. TAXPAYERS who funded all of the mortgages…..? WHAT YOU BORROWED…..AKA….THE ORIGINATION FRAUD….!

  28. Las Vegas…if you are asking shadowcat to answer a serious question with a real answer you will be waiting a long time.

  29. My recap of another glorious slam by Judge Schack:

    09 OCTOBER 2012

    KingCast and Judge Arthur Schack put a stake through Indy Mac and Fein, Such & Kahn’s hearts in IndyMac v. Meisels, 2012 NY Slip Op 51902.

  30. @ Las Vegas …. I’m Sorry! I was not trying to Offend you. I know Nevada Laws are differant. I was not tryng to give legal advise. That would get me into trouble. I’ll just stick to Moral Values & Honesty. I know more about that than Law.

  31. @shadowcat

    what risk? risk losing my home?

    I try to post serious question and then have to watch you and ivent rant. thanks for nothing.

  32. Professionalism went out the door when the Investment Banks came in. You have to Play at their Level …. I was perfect, Fresh Out of Circle Time. Do you want me to Grow-Up or See if I can take another Bite out of Crime?

  33. Off topic: Has anyone noticed that Jeff Barnes/Foreclosuredefensenationwide, has been attacked and people cannot get any further information. His site was very helpful and reported much for borrowers. Go figure. He must have pissed someone off.

  34. I am sorry I missed you 1ofthemany…I did try to contact you & it would not go through. I appreciate any & all advice. I am sure you know this isn’t really about contract law or any law or morality. It is about hidden agendas & deceit…disguised by IMPOSTERS. Thank You again though…this is a scurrilous mess.

  35. You aren’t fooling me. How many aspects of this fraud did they insure…? If they couldn’t make their investors whole & pay themselves back handsomely out of that then my crumbs aren’t going to mean a hill of beans to anyone.

  36. @ ivent it appears you had rather banter with the contracted law minded people so nvm as I will move on and this email will not be available for others to scavenge and I will not share with people that do not seems to understand the plight or a regular person..and I will remove ASAP
    sorry we missed each other I wish you well as I do everyone

  37. Let me tell you …I have a witness who will testify that there are no notes & failed loans were swapped.

  38. i think the narcissist crew took over. narcissts…to know them is to love them : ) im sorry… enraged made me say that

  39. Insolvent….? What have they done with all of the insurance & bailout money…..? The Judge has the legal authority to clear title or dismiss the case & allow us to sue to quiet title.

  40. But what you dont seem to understand Ivent… is the Bank is insolvent … what do you want from them? Money .. Stand In line behind the Investers. The Title? But I thought we already established that … they cant give you something they dont have ….

  41. ivent pls contact me, think I have something for you, at least I hope I do.

  42. Now shadowcat you should know that once you tell the judge that you have discovered that fraud has been committed in your name you can’t negotiate or agree to anything with that party or you become complicate and a party to that crime……That is why honest attorneys don’t want to touch this….and judges don’t want to bear witness to it…

  43. Sorry shadowcat….I don’t see it that way. The way I see it is…..they orchestrated a situation that set me up to fail. They caused irreparable harm to me. That is why I want to know how much debt they created with my electronic signature & how much insurance money they collected on my manufactured failure. I am sure the theft of my property will result in more ill gotten gains for these crooks & the result of that will be permanent damage to me. That is deceptive fraud & that is felonious…

  44. But Ivent … they only want you to pay it once (at a fair market value). You seem to think that is asking to much. Doesnt that put you back where you were before the fraud? That is what the law allows. Listen to your Attorney! The rest will work itself out!

  45. Seriously Enraged. What did this Attorney think he was going to find here in the stream? I’m not Heartless … I know there are real people in real need. You’d be surprised the Charity Work I do … But I dont need to brag. I just dont like Half-Truths! I’m sure this attorney friend of yours can see at least one Good Apple who deserves an Attorney Right? Its a Good Thing its Not Me!

  46. Enraged…you are being very manipulative & it is frankly obvious & disgusting….. You are trying to use promises of a business deal to buy Neil & get rid of the truth from this site. Thankfully, unlike many other sites…Neil hasn’t sold out to the likes of you. When I began my quest for truth, I factored in any info I could find. Citizen journalism is very necessary & important & I know Neil understands that. So, if you don’t agree, go be a troll somewhere else…

  47. $800 trillion in mortgage fraud debt certainly can’t be backed by $8 trillion in collateral. Its all fraud. A quadrillion in total credit derivatives fraud created by Wall Street is felonious… Homestead Waivers don’t mean a thing when the debt created is so astronomical it can never be repaid in many lifetimes… No…what they did is absolutely, positively heinous.

  48. Neil,

    You may (or may not) get a phone call from a friend of mine doing almost exclusively contract work in a very much buttoned-up law firm in the Columbus, OH area. You have my e-mail and screen name: you’ll know when he calls you if he does. Hi name is Josh. He’s been following the evolution of foreclosure case law and he truly believes now is the time to seriously consider jumping into the battle and attacking under every angle: judges and juries are ripe and tax money must be given back to victims. Seasoned trial attorney with years of experience.

    I talked him into volunteering to do foreclosure defense work on a pro bono basis (I do a lot of volunteer work and that’s how we met) and, quite frankly, he is interested. Unfortunately, he read the last month of your blog and he has very serious reservations. In his own words: “If those are the kind of people I’ll end up representing, I’m dead in water!”

    Mandelman, Jeff Barnes, Stopa, Gardner, McCandless and most others with serious sites don’t post the rampant insanity you allow here. Most of the sites I have been linking readers to here are sites he called my attention to.

    You may wish to consider separating the blog from your articles. In his words: “As long as this insanity is made public, I won’t associate my name to it.”

    Neil, in my line of work, I am a court officer whenever I am called there for my work. True to form, I would be very reluctant to deal with anyone approaching the level of strangeness displayed here. I blog and, sometimes, I get caught up in that insanity. To me, it’s fun! But I can see why no one with an ounce of professionalism would want to be associated with it.

  49. Didnt you sign that Homestead Exemption Waiver …. giving them collateral of your home? You didnt expect the US taxpayers to refi the debts with credit without collateral did you?

  50. Yes Carie, But you already know the refis were Credit backed by the US taxpayers. Get over it already! The Point is …. you still owe somebody what you borrowed right?

  51. @Hman

    continuing from earlier…

    …and look for additional part as to “balance sheet.” This is not about “holding” title — (which many foreclosure attorneys try to claim in court). It is about acquiring title. REMICs are about a transfer of a “pool” of loans. Security investors only have a fractional interest in a pool of loans. No one in the securitization process acquires full and legal title to the WHOLE loan. Trustees only “hold” — but do not acquire title. However, if you want to state that anyone in the securitization process must identify itself to borrowers under the law (and I have discussed this with the Federal Reserve – they agree), it is the tranche owners with the largest proportional interest in your loan.

    Look for the part that also states that if there are multiple owners, than the entity that holds the largest proportional interest in your loan, must identify itself to the borrower. At most, a REMIC consists of about 15 to 20 tranches. The security underwriters purchase the tranches from the Depositor. The security underwriters are stated on the Prospectus. While they may sell some tranches to other banks (for CDOs etc), the security underwriters will always hold the largest proportional interest in any individual loan. Thus, the security underwriters will, at most, under securization, be the creditor responsible under the TILA amendment. Two problems with this — 1) security underwriters do not have their own balance sheet (as the Fed Res Opinion also refers to), Therefore, it is the security underwriter’s parent corporation that actually owns the loans/certificates. 2) the parent corporation has likely long disposed of any tranches certificates to the subprime REMICs, and the loans themselves, that were once underwritten by their subsidiary security underwriter — and removed from the parent corporation’s balance sheet to off-balance sheet (which, by FASB rules must have been placed BACK on the parent balance sheet).

    At no time, does the REMIC itself (who cannot own assets), or the trustee (who can only hold assets), or the security investors (who only purchase a fractional interest in a pool of loans cash pass through), ever ACQUIRE legal title. The question is — on WHOSE balance sheet do the collection rights lie??? As to subprime — most likely on a distressed debt buyers financial statements — but, they will report as income — not balance sheet receivables (as the debt has been charged-off). None of this is disclosed in courts.

    And, of course, how much did the distressed debt buyer pay for the collection rights??? Who really denied a modification??? And, of course, this whole process does not inform that the “loans” were GSE charge-offs from the onset. And, therefore, never valid NOTES, never valid Mortgages, and never valid refinances.

  52. It didn’t have to be this way but some got too greedy…..then we tried to negotiate but they chose instead, to terrorize US so, this is what they deserve.

  53. Pandora’s box is wide open now Ian & you can’t shut that box. You all had your chance & blew it.

  54. Neil, do you have someone on staff who can dispense with the gibberish on your site? For cryin out loud, it’s enough to bring tears to a man’s eyes. Get rid of the extraneous rantings, please.

  55. It is the secret oaths carie…..JFK spoke about this in his speech SECRET SOCIETIES…

  56. It sure is a strange trip carie that just gets stranger. Fighting foreclosure is like opening up Pandoras box. The truth is clear, there are no morals here. No laws. These people have taken some kind of a secret oath that is immoral & illegal. That is what they are hiding.

  57. Carie… you mention my Grandkids again and your gonna find out what a Real Bitch Slap feels like! Don’t Mess With My Crayons! Or My Cookie Jar!

  58. You Promised you wouldnt let that Perverted Buttwipe Poke at my Ass Again! Grosssss ……..

  59. hey, shadowcat—your fat ass is getting bigger and fatter by the second—why don’t get off of it once in a while and do something constructive instead of figuring out new and wonderful ways of being a COMPLETE BITCH.

  60. @shadowcat

    You are one completely WACKO BITCH!

    Man, I feel soooooooo sorry for your grandkids.

  61. Oh Please Carie, Do Tell! Please! How I Lost my House! Your the Expert on the Subject. Right?

  62. Why would I hire a crook…?

  63. This comment section has degenerated into a scene from that old movie “The Snake Pit” with Olivia de Havilland…or the Twilight Zone…or both…very, very strange.
    Sad that some people have absolutely nothing constructive or purposeful or helpful to do with their time or their lives except sit at the computer all day and amuse themselves with posting over and over their own bizarre internal thoughts in a comment section.

  64. Did the Attorney ever tell ya .. You needed an Attorney? Sure they Did! But you were already drinking up, smokin and poppin. up your Mortgage Money were’nt ya? Sure you were! Porn is Expensive or didnt ya Hear? Maybe the problems started long before the bank… Sure they Did! Be Honest! You can not afford a Attorney? And why is that again?

  65. And your not in Misery Now? How are the Drugs and Alcohal Helping? Have you ever heard of coffee and diet coke?

  66. I won’t be made into their buttwipe…they have enough attorneys to do that for them.

  67. Theg would love it if I filed BK…that would end their misery & the judges misery. I never once said any attorney told me to file Bk…I was advised against that by more than one attorney…and I choose to go with the majority rule…..

  68. Buttwipes are Disposible…You can flush them down the Stool. The Bottom of a Bottle, throw in a lil porn and the Party Never Ends. Or Does It?

  69. @Ivent… Could It be that your not being Level Headed. You want it All or Nothing … sound familier? God Have Mercy on Your Judge! Why dont ya save the Judge some Grief and do what the lawyer told you to do. You know .. file BK! Or dont you listen to Attorneys either. Butthead my Ass .. If it smell like a Buttwipe It Is a Buttwipe!

  70. Those are the only kind of attorney’s around this neck of the woods….the honest ones will tell you they can’t Rep you.

  71. I wouldn’t trust the appraisers or anyone at this point. I would stay put.

  72. Watch Out for failed Attorneys who Reap Rewards by participating in the Fraud! i.e. Make sure your Attorney dont work for the enemy or themself …. Check References! Alot of them seem to be debt collocters, or corp law attorneys … ut ummmm

  73. Morgan Stanley should be shut down by now along with the FED & the whole TBTF crew of scammers….These so called investment banks just won’t quit scamming. Their illegitamite business practices & outright lawlessness is not hidden nor is the ongoing attempt to cover up this charade by the media, “law enforcement “, the “judiciary” & the politicians. They are all slowly being fully exposed as the traitors they truly are.

  74. Avoid Cash Sales, REO sales and Contract Sales … Even then GET A Lawyer to Close with You! Ask Questions…Read! If you dont understand it..dont feel pressured to sign it!

  75. In my area, they are still utilizing appraisal fraud to keep the prices artificially high. I did come across one house where the owner could not get title insurance, but I am sure there are plenty more. The housing market is not going to come back until the “dirty secrets” are out. BTW, the title insurance policies really don’t insure you anymore–that speaks volumes. Another interesting item is the fact that people who have money and want to invest actually think a foreclosed house is a good deal. They haven’t got a clue.

  76. I meant that to Los Vegas.. not Hman. Sorry ..

  77. @hman…. Its not worth the risk to find out. My opinion of course.

  78. i’ve watched my neighborhood “prices” go up , (2001 thru 2007) and then way down (2007 till now), i’ve watched a few house get pick up for 60,000 and sell for 120,000 within 6 months, the last 6 months. So what is that, a value or a price? is a free and clear title worth more? is there a dollar value to my title? i’ve seen a realtor magazine here in town announcing owner financing, all inclusive trust deeds.

    But the thing that i must ask is what are the appraisers thinking?

    8,000 joined together and complained at one point, what are they saying now? what do those in house appraisers say now about their professional valuation of a property. If the monetary transaction is always what’s best for the bank, what do they say now? what is the value of a residential loan to a bank now? are they already figuring out a new way to screw us?

    what is my signature worth these days?

  79. Carrie,

    The response I got from my servicer was the same only they pushed it 1 step further. Servicer maintains they told me who the “owner” of the debt was all along and they are in compliance. I too have Douche bag, I mean Deutsche Bank as the “Trustee”.

    Servicer also states that the information I request is readily available on the MERS system.

    The federal opinion you post is interesting I will research them and see what I can find. The servicer will never answer who the “creditor” is. They only play with words. I have asked them many ways and it is a question they avoid.

  80. I only work from Home. They didnt have a name for it back when … but something about High Functioning, Asbergers/Autism what nots anyhows … poor social skills ect …. Just thought I should be Honest! But I have Great Babysitting Referances!

  81. You Live by the Choices you Make. Listen Up Neil …. I’m Retired “Again” …. If you want me to Babysit … I want a Paycheck! I do like Spending Money … I’m a Grandparent to after all. I gave your moderator duct tape … never saw it again after that. Anyhows … Honest Work for an Honest Pay?

  82. <……No Guilt … No Debt

  83. Almost forgot …. No Gambling… No Lottery … No Get Rich Schemes

  84. <— No Booze…No Porn … No Reality TV…. No Painkillers.. No Passing Out….. No Theft!

  85. Give them lottery, reality Tv & booze with some porn mixed in & you can take anything you want….just keep them distracted with trivial things & pain killers…and if they start to revive & say …I need to find out why my life stinks there’s always Zoloft, Lunesta and the warnings that to much Internet use is bad for your health…!

  86. This is why there are so many victims and there will be many more before this is over. Because the American people have the attention span of a hamster.

  87. Of course they didn’t own squat because of the ORIGINATION FRAUD…and they still don’t own squat and they never willl unless you let them…… However, it is nearly impossible to complete the puzzle without collecting all of the pieces along the way.

  88. I Love Reading to the Kids! Sorry Neil … If I spoiled the Ending, I mean. Now that I am Officially Retired .. My husband is not going to know what to do with me. I knew what I was going to do with him … I planned in advance. All we have to do now is finish the plumbing in the new garage in the back yard. Portable plumbing might not work so well for him this winter. LOL!

  89. If there is Anything at All any of you have Learned from me.. I Hope that Lesson Would Be…. “”Live, Laugh, Love & LEARN. Dont Repeat the same Mistake Twice and Teach your Children what you Have Learned. Stand True To Yourself! Honesty is Always the Best Policy … you must be honest to yourself, if you are to be Honest with Others. Blessings to All…. And to All a Good Evening!

  90. Can you tell that my Babysitters have given me a lil leash to breath now. I Love the Smell of Fresh Air!

  91. Butt it will all work out. You’ll pay fair market value and get title. And I’ll have a few more dimes put back into my pension. Its All Good Sweetie!

  92. Enraged … Are you thinking you just got screwed by Bank of Bogus again? Yep! And Uncle Sam is not Finshed with you yet either.

  93. You know the Ole Saying … Keep your Friends Close, Keep your Enemies Closer. Yeah … That works for me to!

  94. Yeah… but my mentality kept me out of debt and out of court. What did your mentality do for you?

  95. “…a crowd mentality was the reason for the boom…”

    Pack mentality is more accurate.

  96. Yeah .. If I was Bank of Bogus … I’d be pushing for signatures and settlements to. Wouldnt You?

  97. If Bank of DooDoo didnt own it … Then Bank of Bogus owns Squat!

  98. You know .. Fix It Docs for the Bankster. We will leave the Homeowner to fend for themselves.

  99. Bank of Bogus … needed Fix It Docs.

  100. Yes Carie … Good Question? What if they didnt own the loan before they tried fc? Ut Oh …

  101. I had asked the servicer about telling me who is owner with regards to my loan and with regards to TILA…this is what he said:

    “We fulfilled our obligations under the Truth In Lending Act to identify the investor who owns the loan by identifying the name of the trustee and the name of the securitization trust: The mortgage-backed security (MBS) is identified as (INDX XXXX-ARXX) and Deutsche Bank National Trust Company is the trustee…”

    But, of course—that is not correct.
    That does NOT comply with the TILA Amendment and Federal Reserve Opinion —-specifically — Federal Reserve Rule, 74 Fed. Reg. 60143 (November 20, 2009) – Final Rule at 75 Fed Reg. 58489 (September 24, 2010), definition as to creditor under the TILA, 15 U.S.C. sec. 1641, et seq.,

    REMICs are not the creditor, and neither is the trustee or security investors.

    from site:

    …Consistent with the legislative

    purpose, to become a

    ‘‘covered person’’

    subject to § 226.39, a person must

    become the owner of an existing

    mortgage loan by acquiring legal title to

    the debt obligation. Consequently,

    § 226.39 does not apply to persons who

    acquire only a beneficial interest or a

    security interest in the loan, such as

    when the owner of the debt obligation

    uses the loan as security to obtain

    financing and the party providing the

    financing obtains a security interest in

    the loan. Section 226.39 also does not

    apply to a party that assumes the credit

    risk without acquiring legal title to the

    loans. Accordingly, an investor who

    purchases an interest in a pool of loans

    (such as mortgage-backed securities,

    pass-through certificates, participation

    interests, or real estate mortgage

    investment conduits) but does not

    acquire legal title in the underlying

    mortgage loan, is not covered by

    § 226.39. See 155 Cong. Rec. S5098–99

    (daily ed. May 5, 2009).

  102. Yes Neil … Exactly! Why do you get paid for what I do Free? Oh yeah…. ok.. then. Lets Just say Neil is Right! You Need An Attorney! See my Eyes …. You Need an Attorney! Dang gone it … I hate it when people ask me legal questions… I’M NOT AN ATTORNEY!

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