Prommis Holdings LLC Files for Bankruptcy Protection

I have not followed Prommis Holdings closely but I can recall that some people have sent in reports that Prommis was the named creditor in some foreclosure proceedings. The reason I am posting this is because the bankruptcy filings including the statement of affairs will probably give some important clues to the real money story on those mortgages where Prommis was involved. I’m sure you will not find the loan receivables account that are mysteriously absent from virtually all such filings and FDIC resolutions.

And remember that when the petition for bankruptcy is filed it must include a look-back period during which any assignments or transfers must be disclosed. So there is a very narrow window in which the petitioner could even claim ownership of the loan with or without any fabricated evidence.

US Trustees in bankruptcy are making a mistake when they do not pay attention to alleged assignments executed AFTER the petition was filed and sometimes AFTER the plan is confirmed or the company is liquidated. Such an assignment would indicate that either the petitioner lied about its assets or was committing fraud in executing the assignment — particularly without the US Trustee’s consent and joinder.

The Courts are making the same mistake if they accept such an assignment that does not have US Trustees consent and joinder, besides the usual mistake of not recognizing that the petitioner never had a stake in the loan to begin with. The same logic applies to receivership created by court order, the FDIC or any other “estate” created.

That would indicate, as I have been saying all along, that the origination and transfer paperwork is nothing more than paper and tells the story of fictitious transactions, to wit: that someone “bought” the loan. Upon examination of the money trail and demanding wire transfer receipts or canceled checks it is doubtful that you find any consideration paid for any transfer and in most cases you won’t find any consideration for even the origination of the loan.

Think of it this way: if you were the investor who advanced money to the underwriter (investment bank) who then sent the investor’s funds down to a closing agent to pay for the loan, whose name would you want to be on the note and mortgage? Who is the creditor? YOU! But that isn’t what happened and there is nothing the banks can do and no amount of paperwork can cover up the fact that there was consideration transferred exactly once in the origination and transfer of the loans — when the investors put up the money which the investment bank acting as intermediary sent to the closing agent.

The fact that the closing documents and transfer documents do not show the investors as the creditors is incompatible with the realities of the money trail. Thus the documents were fabricated and any signature procured by the parties from the alleged borrower was procured by fraud and deceit — causing an immediate cloud on title.

At the end of the day, the intermediaries must answer one simple question: why didn’t you put the investors’ name or the trust name on the note and mortgage or a “valid” assignment when the loan was made and within the 90 day window prescribed by the REMIC statutes of the Internal Revenue Code and the Pooling and Servicing Agreement? Nobody would want or allow someone else’s name on the note or mortgage that they funded. So why did it happen? The answer must be that the intermediaries were all breaching every conceivable duty to the investors and the borrowers in their quest for higher profits by claiming the loans to be owned by the intermediaries, most of whom were not even handling the money as a conduit.

By creating the illusion of ownership, these intermediaries diverted insurance mitigation payments from investors and diverted credit default swap mitigation payments from the investors. These intermediaries owe the investors AND the borrowers the money they took as undisclosed compensation that was unjustly diverted, with the risk of loss being left solely on the investors and the borrowers.

That is an account payable to the investor which means that the accounts receivables they have are off-set and should be off-set by actual payment of those fees. If they fail to get that money it is not any fault of the borrower. The off-set to the receivables from the borrowers caused by the receivables from the intermediaries for loss mitigation payments reduces the balance due from the borrower by simple arithmetic. No “forgiveness” is necessary. And THAT is why it is so important to focus almost exclusively on the actual trail of money — who paid what to whom and when and how much.

And all of that means that the notice of default, notice of sale, foreclosure lawsuit, and demand for payments are all wrong. This is not just a technical issue — it runs to the heart of the false securitization scheme that covered over the PONZI scheme cooked up on Wall Street. The consensus on this has been skewed by the failure of the Justice department to act; but Holder explained that saying that it was a conscious decision not to prosecute because of the damaging effects on the economy if the country’s main banks were all found guilty of criminal fraud.

You can’t do anything about the Holder’s decision to prosecute but that doesn’t mean that the facts, strategy and logic presented here cannot be used to gain traction. Just keep your eye on the ball and start with the money trail and show what documents SHOULD have been produced and what they SHOULD have said and then compare it with what WAS produced and you’ll have defeated the foreclosure. This is done through discovery and the presumptions that arise when a party refuses to comply. They are not going to admit anytime soon that what I have said in this article is true. But the Judges are not stupid. If you show a clear path to the Judge that supports your discovery demands, coupled with your denial of all essential elements of the foreclosure, and you persist relentlessly, you are going to get traction.

70 Responses

  1. You can go crawl back under your rock Christine.

  2. Imbecile.

  3. Correct error….CITIZEN BLOGGING IS BOTH NECESSARY & IMPORTANT.

  4. I am firm in my belief bogging the truth is both necessary and important. We who know the truth have a duty to do our part to alert the people about this totalitarian scam to steal our Constitutional Republic. Our nation is in peril because of what these traitors, imposters & crooks have done. This is war on We The People, our Constitutional Republic, by the Politicians and their Foreign and Domestic criminal friends……AKA The International scammers …The GOLD-OIL-DRUG CARTEL of shareholders/bondholders/directors and investors in this massive Securities Fraud to steal our Constititutional Republic. Nothing they do is either Constitutional or Legal.

    To those who do not care, that will be to their own peril. To those who do not know what is at stake because of this massive Securities Fraud scam and robbery, I will tell you what is at stake, your Life, Liberty and Property and all of your peace and security….your personal freedom and independence has been hijacked by imposters claiming to be your Government. They are not our Government. They are the mafia both foreign and domestic and they are terrorists.

    Time for We The People to stop cooperating with these imposters and crooks and hold the title companies, the U.S. TREASURY to account. Demand clear title, all payments and stolen properties be returned to us, along with the QUADRILLION in stolen wealth, and our own currency be issued as the U.S. CONSTITUTION, THE RULE OF LAW REQUIRES.

  5. Christine has nothing relevant to say so she attacks the messengers of the truth. She works for the beast.

  6. Wow.

  7. Grow up. That’s all there is to it.

  8. Christine, you were the one that posted that thing from Abby…why did you do it? You love to stir things up…very childish…but very typical of you…queen of the comment section. If I want to post something from ANONYMOUS fifty times I will. I was answering something that @iwantmynvp asked…it had nothing to do with you, but you can’t resist with your little digs. Pathetic. If someone wants to confuse me with someone else, there’s nothing I can do about that…but obviously, this site is your whole life, so carry on…and by the way, all those people you mentioned know who I am, and have no problem with me…your little fantasy world is on overdrive.

  9. 99.9% of the bloggers here are crooks and imposters. Trust or believe them at your peril. The truth is, they are commie trolls who are the third party debt collectors for our enemies both foreign and domestic. They have no legal rights in our Constitutional Republic. That is what they are hiding. The title companies are the trustees and are the only party who could have the Security Agreement and bring a legal foreclosure complaint. They don’t have it because of the Origination Fraud by the Issuer of the Original Bill of Credit…the FEDERAL RESERVE BANK.

  10. Two of a kind. The hyena mentality… Funny. DCB, UKG, Abby and a few more read right through it. If you want to be left alone, ignore me. Or don’t cry foul all the time.

    Grow up. You lost and you have nothing to contribute other than what a third party wrote at some time in the past. I see why so many people confuse you with the imbecile.

  11. Uh, no, stripes—I accidently typed my name in all caps…I’m the same “carie” I’ve always been…the one that Christine/Enraged loves to attack whenever she can. It’s funny, though—when she attacks me she is merely attacking her “good friend” ANONYMOUS—because I only post HER information regarding the subprime GSE false default…go figure.

  12. CARIE in all caps is most certainly an imposters & friend of Willard. Have fun in the Vatican catacombs….you should love it there….lots of spooks just like you’s…Chicago slang..

  13. You are an imposter Christine to our Constitutional Republic and you have no Legal Rights. I hope the Feds come for your complete commie ass and lock you up in the Vatican catacombs.

  14. Guest,

    I don’t want anyone to put stripper out of HER misery. She created it. She owns it. i want someone to put her out of OUR misery. we never signed up for that imbecile. Sheesh!

    If I want to deal with imbeciles, I know plenty who have, at least, the courage to show their face. And once told to leave me alone, they don’t stick around like syphilis on lower clergy!

  15. Hman,

    If you had an opportunity to read the justia site i posted, you’ll see that your players have been sued left, right and across, pretty much as co-defendants in quite a few cases. I know Justia is a costly pain but sometimes, just by googling the cases, you can find the actual filing and read the briefs without having to pay, either because the law firm posted it on its site or someone else took a hold of it.

    Might be worth looking into as well. I bet most of it refers to a breach of trust somewhere…

  16. hman,

    Glad to help. We’re all in it together (except the shill, of course but that’s another story…)

  17. No response from the trolls….The truth is a commie killer. All imposters, traitors & crooks are being revealed. These liars don’t own or control anything. Massive Securities Fraud kills their title. They have no Legal Authority to touch us. Don’t cooperate, comply or conform with these imposters America…..!

  18. They don’t own anything hman. Investment is not ownership in the our Constitutional Republic. These entities are crooks and imposters….There has been massive Securities Fraud committed in our names by the Banks & the Politicians without our knowledge or consent. Do not believe them unless they are the trustee from the title company and have the Security …the Legal Assignment in their hands.

  19. Hello Christine,

    Thanks for the info. Just read the complaint. It list 6 trusts that the investors are suing over. My trust is not mentioned. The investors own 25% or more of the 6 mentioned trusts. I will right them a letter and see if they own part a large portion of my trust as well. I will make sure to let them know of all the wrong doings.

  20. Do not trust Verify, if you can not Verify do not trust. Trust no one.

  21. Prommis is tied to Big oil & energy. Not only are they imposters, they are our enemies both foreign & domestic.

  22. If you want to talk the truth about “foreclosure defense” bring it on.

  23. The truth is Christine, you crooks have pissed off the wrong people WHO ARE, We The People….we are the people who own this place.

  24. I have stated a lot about fraudclosure defense on this site. I stand by all of my statements as being true to the best of my knowledge.

    Be careful buying used mirrors. They can be haunted by ghosts of the past.

  25. Oh Good Heavens! I thought someone put the Stripper out of her misery. I guess not. Oh well … Fortunatly for Me, I am going to another auction tonight. I am having the toughest time finding the perfect mirror for a wall in my dining room. I need all the help I can get keeping an eye on 5 grandbabies all at one time. Cheeri -O

  26. Notice that the shill can’t stand people talking about specifics of foreclosure defense. Every time people get into the crux of it, the moron has to double her efforts and become her obnoxious idiot.

    Why? Because her job is to screw up this site and make it as unpleasant as she can for anyone to have an intelligent exchange of information. If it’s not conclusive of her role here, I don’t know what is… In the end, she’ll croak all the same. But she will make it very, very unpleasant for herself first: one day, she’ll piss off the wrong person.

  27. WE NEED TO ISSUE U.S. BANK NOTES……NOT FEDERAL RESERVE NOTES…..OR ANY FOREIGN CURRENCY SUCH AS THE AMERO OR ANY FOREIGN TRUST SUCH AS THE ONE PEOPLES TRUST. WE ALREADY HAVE A TREASURY THAT MUST ISSUE ITS OWN CURRENCY….ANYTHING ELSE IS TREASON & IT IS CRIMINAL….IF CONGRESS DOES NOT MANDATE THIS, THEY ARE TRAITORS AND MUST RESIGN.

  28. We need to coin and issue our own currency as the U.S. CONSTITUTION requires issued via State banks.

  29. The truth doesn’t lie Christine…..you are an imposter. The truth is, the Russian/Chinese mob have hijacked the U.S. Treasury Department and the Rothschild/Illuminati banksters want it back. It is an open secret. They are having war on U.S. soil. It is the communists v the complete communists and it is perilous.

  30. The Legal Trust Agreement has the Delivery & Confirmation dates on the Document. It must be done BEFORE any other transfers are done and dated no more than 90 days from the closing, and recorded on the public record within 30 days from that date. That is the Legal Lien, the Security Agreement. Only the trustee of that trust, the title company can bring a foreclosure action in the U.S.A.

  31. Can somebody put that imbecile out of our misery?

  32. @Christine: All the liability for the borrower, and no liability for the pretender/lender. You are right. I can see it now. All the title companies, banks, mortgage companies are tied to each other through complicated business entities legally on file with the Secty of State’s office. Ever wonder: I had an account at Wachovia and SOMEHOW BofA wound up with my personal information?? Wachovia was a subsidiary of BofA. All you have to add in for the witches brew is the phoney appraiser/appraisal and connected attorney. Atty on the other side of my case thought the fact that one of the entities on my case was now a different entity but not by name, only function, was really funny. Ha! Look for FEIN numbers to confirm function of entity.

  33. Louise,

    About that… Funny. When i first started digging, on my own, I contacted my lender to get the entire copy of the file. I got it. I compared it with the copies (2 sets) I got after closing and that’s how I saw that my signature had been “lifted” from the originals docs I had signed onto to what I received a few years later and which, at times, were different pages (added paragraphs, different entities, etc.)

    Within a couple of weeks, I retained an attorney who, immediately, sent a request to that same lender. I was flabbergasted to hear that the lender had “disposed” of the file. Within a few weeks of my request? What i think is the lender realized that trouble might be coming his way but, since I wasn’t represented when i asked for the copy, he probably figured i wasn’t smart enough or, better yet, I wouldn’t find an attorney. Right now, I’m not going after him but it is on the back burner if things don’t pan out as hoped.

  34. The title companies are the trustees for the peoples property and are agents of the U.S. TREASURY..WHO ARE..WE THE PEOPLE…. If the entity foreclosing on you is not the title company and that agent does not have a valid Legal Trust agreement in hand, they are imposters.

  35. BEWARE…..Christine is a Rothschild agent working black ops for our foreign enemies….look up the BLACK EAGLE TRUST…and don’t trust NESARA-ONE PEOPLES PUBLIC TRUST- they are trying to fraudulently induce the AMERO…..these people are our enemies both foreign & domestic who robbed US of a quadrillion dollars.

  36. @Christine: I also was “steered” away from suing title company, but I think they need to be sued, too. It is also quite difficult to get dox from title company. They do not want to give it up. Also, on the subject of documents to be obtained, where are the so-called faxes that request funding of loan and return fax allegedly of same? Would those faxes be located on the phone company server? It is absolutely amazing how many documents are required for the loan origination, most of which nobody knows about, least of all the clueless borrower. BTW, mortgage broker told me no docs are kept more than 3 to 5 years.

  37. These imposters are working black ops for our foreign enemies. If you don’t know who this entity is foreclosing on your property meaning, they are not the trustee with a Legal Trust agreement in hand, they are imposters.

    For example, when I was denied a loan mod, I knew something was fishy. I started doing my own investigating and found things weren’t adding up. I called the FBI about the fraud and asked the agent if I should call FINCEN….? The agent said FINCEN, what’s that? I said I don’t know. The agent asked me if there was a website for that and was it a .gov…? I gave the agent the link and the agent told me call FINCEN and let me know what they tell you. I called them and they said, you need to call the FBI about mortgage fraud. I called back the agent and told the agent what they told me. The agent told me to call the cops. I later found out FINCEN is working bankster black ops on U.S. SOIL and got a mandate from CONgress to do so. That’s right those traitors have the foreign mafia operating on U.S. soil. Never, ever give up your guns.

  38. And that is why I am so adamant about OPPT!

    Start checking JDBs v. your original creditors. Same individuals. Different LLCs. So, some banker creates a JDB outfit. Bank gets tax break. LLC buys the debt (for pennies). Same fingers, no liability anywhere. Then, JDB sues you for the entire amount. And guess what? They’re all MERS members.

    Pretty cute indeed…

  39. @Abby
    —I am most cetainly NOT this “stripes” character…pretty silly.
    Abby, you know me—we have emailed—and you know I know ANONYMOUS and I communicate with her regularly…(and I AM doing my art…) so—no worries—@stripes is not me…pretty laughable, actually, that you guys would think that and try to perpetuate it—sheesh!

  40. @Louise,

    There you go! To be perfectly honest with you, when i first discovered it, I didn’t quite know what to make of it. I mentioned it to my attorney who kinda poo-pooed it as… a distraction. I did mention it here a few times too but no one seems to find that crucial to our defense(s).

    I am more than ever convinced that it is exactly what happened: a multitude of small LLCs all involved in mortgages allowed a small number of people to rack up mucho dough by playing every angle. And keep in mind that, with the Inc. and LLC formats (very, very limited liability) it is nearly impossible to go after the individuals. I am absolutely convinced that, but for those small entities, big banks could never have grown to the extent they have.

  41. @Christine: Just checking on your premise that the banksters own multiple companies both large and small and that’s how they cornered the market on home loans. I checked out my title company, which is Commonwealth. My, my, my the tentacles go all over the place to all kinds of title companies and other types of companies including but not limited to LOAN SERVICING COMPANIES, which means they have a massive conflict of interest. The title search done at the acquisition of my home was all f%^&ed up, because when I went to refi, there were unfiled satisfactions of mortgage (2) which screwed up refi.

  42. I would have to agree with you Christine … We can do without the kind of jobs the LLCs, LPs and such that they create to hide their liabilities and stolen wealth. When you say your lender”” who are you refering to? The lender on the note? or the Sponser Bank?

  43. Abby in CA, on March 21, 2013 at 12:23 am said:

    stripes
    Making threats to me is not good.

    Besides stripes, I thought you were going
    back to your art once you got evicted and moved to a rental by the beach! Yeah Carie!

    You need a mental health tune up!

    We all know you are Beryl too!

  44. Guest,

    Think about it… How would you funnel 90% of the world wealth to 1% of the population?

    Simple: that 1% is involved in many corporations at once, many of them small LLCs racking up the majority of the money from every end. Big players like Chase or B of A count on those hundreds of thousands of LLCs to thrive and survive as TBTF.

  45. guest,

    When you start digging, between Forbes, Bloomberg, American Bankers and other such sites, you find out quite fast that the human players have a vested interest into two, three or more of those entities.

    How do you think I found out my lender was also my title insurer? I googled the individuals involved. And I discovered that they all were officers of both companies plus MERS something or other. Different Inc., sames players. They convert homeowners’ money from both ends. Now think about it: everyone involved has the ability to show the same loan as an asset on a spread sheet.

    That’s how, from a few trillions, they grew that virtual worth into hundreds of trillions if not more. Of course they can’t jail anyone. If they did, they’d have to jail… everyone! Where would we put the drug abusers?

  46. @iwantmynvp—also, I don’t know if you ever saw this answer directed to you on a previous post from ANON:

    “…First, borrowers did not buy junk bonds. The bonds are junk because they were derived from JUNK “loans”.

    That is, loans already charged-off by the GSEs. (there is concrete proof of this). Subprime refinances (and some purchases) were not valid mortgages – they were mods of classified default/non-compliant debt, which is why the subprime “bonds” were junk.

    Borrowers are only considered as in default with GSEs, not the servicer and/or “investor,” because the servicer advanced payment to GSE and refinanced the GSE default loan (the JUNK).

    Agree that hedge funds were not duped. Anyone who actually read the prospectus to the subprime REMICs would understand that the “loans” being securitized were high risk with highly questionable compliance.

    Hedge funds are considered sophisticated investors – it is not good enough to say you “did not read the prospectus”.

    Further, the mezzanine tranches to the subprime trusts were sold FIRST to the hedge funds. These mezzanine tranches provided the credit enhancement to the higher tranches, which the banks retained themselves.

    By the nature of the structure of the REMIC itself, the mezzanine tranches were considered high risk. It is through these tranches that the collection rights are swapped out of the trusts.

    Thus, since the mezzanine tranches required little capital for investment, these tranches provided the hedge funds, and other distressed debt buyers, to make a nice profit by acquiring collection rights, dirt cheap, for a property they counted on eventually acquiring.

    Hedge funds are not stupid, they know a bargain when they see one. ..”

  47. I agree with you Christine … I was just impressed with your knowledge (piercing) of the multiple corporate veils ….

  48. @hman

    You’re right…it’s all a big fat LIE..millions and millions of lies…and apparently, the IRS doesn’t care.

  49. @Rhonda Mills—I’m sorry to say the whole system is completely corrupt, and these banks don’t care if you live or die fighting them…they just want to foreclose to cover their fraudulent tracks as fast as they can…

    @iwantmynvp

    ANONYMOUS responded to your comment re. derivatives (on Neil’s “young guns” article) with this:

    “Repeal of Glass Steagal meant deregulation. Deregulation meant subprime frauds could be hidden — along with everything else. Yes, I agree — along with derivatives. Subprime is nothing more than derivative collection. But, yes, deregulation extended beyond subprime. Subprime was simply the start.”

    @iwantmynvp—you had responded to this from ANON:

    “…The subprime fraud began when the banks started to “securitize” Fannie/Freddie CHARGE OFFS (anon has proof of this) ,which started to occur about the year 1999/2000.
    As this happened, “mortgage” market share shifted from Fannie/Freddie to the banks.
    Anything that has a cash flow can be securitized. Securitization is the pass-through of cash flows.
    But, the key difference as to SUBPRIME fraud is in the ACCOUNTING (just like Enron).
    Valid securitization MUST involve the removal of RECEIVABLES.
    You have to understand an accounting balance sheet for this. Receivables are the current assets that are owed to a corporation (the only one who files accounting financial statements.) Charge-offs are, well, CHARGE OFFS…NOTE IS GONE.
    So when GSE’s charge-off the NOTE—only COLLECTION RIGHTS REMAIN…NO NOTE.
    Collection rights (because there no longer is a NOTE)—can only be reported as “INCOME” by the aquirer.

    Therefore, all these REMIC’s that claimed to be removing RECEIVABLES from on-balance sheet to off-balance sheet—for “security” pass-through—were FRAUDULENT.

    This is what the securities fraud is really about.

    As to the borrower, big difference—because for one thing—THE NOTE IS GONE (and only collection rights survive)—AND the “debt” IS NO LONGER SECURED. It is UNSECURED. Big issue in bankruptcy. And, of course, the subprime refinances were falsely and fraudulently presented as a MORTGAGE REFINANCE—when, in fact, they were nothing but COLLECTION RIGHTS MODIFICATION.
    Also, big IRS tax fraud issues involved.
    THIS is why the financial crises hit so hard when it did.”

    @NEIL
    SECURITIES INVESTORS ARE NEVER THE CREDITOR…NEVER.
    You KNOW the subprime “loans” (you know almost everyone was put into “subprime” whether they agreed to or not) were never “funded” no real “notes” because of the GSE false default put into effect after the repeal of Glass Steagall….(per explanation above.)

  50. I don’t. It’s red beet v. beet red. You look into one and you know that they’re all alike, all tied, all affiliates of each others, all MERS crap, all the same. And it’s musical chairs: one of them goes down, they all split the loot.

  51. Nice Christine! I had no idea you had your claws in Nationstar. 🙂

  52. Hman,

    And so would this…
    http://dockets.justia.com/search?q=Nationstar+Mortgage

  53. Hman,

    That might concern you more than you know…

    Investor Files Suit Against Nationstar Over Mortgage Auctions
    3/13/2013
    by
    Orrick – Structured Finance Group Contact

    http://www.jdsupra.com/legalnews/investor-files-suit-against-nationstar-o-61426/

  54. Christine

    Idk? I guess that would depened on what loans were purchased. Nationstar is the current servicer. They purchased a group of loans from Aurora/Lehmans. My previous servicer was Aurora.

    Honestly, I’m confused because when I read the GMAC bankruptcy documents it has my trust listed as an asset? I think it’s all a big fat lie.

    According to my copy of the note. It went from Originator(broker) to Resdential Funding to Deutsche bank (trustee) on behalf of investors than allonge to Aurora. I don’t have a current copy after Aurora. However, I’m sure Nationstar could get me one real quick showing that they are an agent of the valid beneficiary Deutsche bank.

  55. @Christine, Rhonda: There is fraud on the bankruptcy court going on as well just for your info. You can also check out WellsofJustice–it is about bankruptcy court fraud. Most of the so-called originators are no longer in business, and/or went bankrupt. You can see some of the bankruptcy dox on Pacer and/or Westlaw. I have some for AHMSI which are very interesting. Another trick is to resurrect the same name of the originator that went belly up and try to confuse the issue. AHMSI related to American Home Mortgage Holdings, etc. and the company American Brokers Conduit now resurrected but not an originator that I can tell. Remember that FEIN numbers will take you down the path to the fact that they are different, separate companies.

    They (banksters) also like to “merge” with other entities and “subsume” the assets which can then look like the assets disappeared or are really some place else. Confusion is the name of the game. Can’t be in two places at the same time or, in the alternative, cannot be liquid and active in one state and illiquid and “does not exist” in another state at the same time.

  56. hman,

    So, if Quicken’s buys some of Ally’s MSRs, does that affect you?

  57. Christine,

    Yes, Ally was formerly GMAC. They also had certain other subsidiaries such as Rescap and Residential Funding. I have very limited info but you can google Rescap RMBS bankruptcy or something to that effect and get more info.

    I only care because in the bankruptcy they list the alleged trust my loan was pooled into. The investors, gmac and trustee are reaching a settlement on these bad loans. What about the homeowner?

    I had 3 loans pooled into 1 trust. According to documentation I have obtained from my collateral file I believe GMAC to have funded my loan (with of course $ they received from the investors). They are the depositor. The paperwork shows the GMAC underwriter directing my brooker to close as GMAC,sfr etc… however this is never made known to me.

    Would make sense because my first servicer was homecomings financial, again a gmac servicer at the time. Another reason I believe it to be a gmac loan is that the underwriting paperwork also shows it submitted through Assestwise which is a propritary gmac software used to underwrite their loans.

    That’s about all the info I got.

  58. Nationwide Trustee Services, Inc. filed Ch. 11 as well. District of Delaware Case #1:13-bk-10558 also on 3/18/13.

  59. Charles,

    Sorry to be off topic but want to comment on your comment from previous post. Loan I had was taken out in 2006. It was cashout refinance. It was a negative amorization with a 3.35% interest rate above the annual federal reserve yearly average. I do not believe it was based on the Libor. The loan also had a prepayment penalty rider.

    That being said I have questions about HOEPA. Being as hoepa violations are not time barred if this loan was determined to be a “HOEPA” loan would it be an unenforceable contract? I have already made allegations that the underwriting and income to debt was miscalculated.

    Does anybody know what the HOEPA requirements were as of 2006? I don’t think the 2009 revisions would apply to those written previously. I’m wondering if the fact that the loan was a negam with a prepayment rider was enough to qualify as hoepa, and therefore make the loan non compliant and unenforceable?

  60. Thanks Mike.

    Just came across this.

    http://www.americanbanker.com/issues/178_55/bernanke-we-will-do-what-it-takes-to-end-too-big-to-fail-1057723-1.html

    Bernanke: We Will Do What It Takes to End ‘Too Big to Fail’
    by Donna Borak
    MAR 20, 2013 5:07pm ET

    WASHINGTON — Federal Reserve Board Chairman Ben Bernanke on Wednesday said regulators would take additional steps to eliminate the problem of “too big to fail” if current efforts fall short.

    Although he noted progress that regulators have made, including new capital and liquidity rules targeting the largest institutions, the central banker was clear that “too big to fail” has not yet been solved.

    “We need to keep assessing,” said Bernanke at a press conference following a two-day Federal Open Market Committee meeting. “If we don’t achieve the goal, I think, we’ll have to do additional steps. It’s not something we can just forget about.”

    Bernanke said the issue remains a top priority for regulators.

    “It may take some time, but ‘too big to fail’ was a major part of the source of the crisis and we will not have successfully responded to the crisis if we don’t address that problem successfully,” said Bernanke.

  61. PROMMIS SOLUTIONS HOLDING CORP on sec.gov lists Cal-Western Reconveyance Corporation as a subsidiary along with about 9 others including PROMMIS SOLUTIONS LLC and Nationwide Trustee Services, Inc.

    Click on S-1 Filing of 4-23-10 then click on EX 21.1.

  62. RE: At the end of the day, the intermediaries must answer one simple question: why didn’t you put the investors’ name or the trust name on the note and mortgage or a “valid” assignment when the loan was made and within the 90 day window prescribed by the REMIC statutes of the Internal Revenue Code and the Pooling and Servicing Agreement?

    ———————————————————————————————–

    Answer: GREED!

  63. LET’S MAKE CALIFORNIA A “JUDICIAL FORECLOSURE” STATE!

    http://signon.org/sign/lets-make-california?source=c.em.mt&r_by=7281900

    THIS IS A MUST AND PASS IT ON TO AS MANY CALIFORNIANS AS POSSIBLE.

    NEVER AGAIN.

  64. What is really comforting is the fact that more and more career military officers are blowing the whistle. I really believe Disclosure is now in full mode.

  65. I’m done investigating that Prommis thing. The CFO, Weinblatt, comes right from DVDPlay, where Charlie T. Piper was CEO until 2010. Strange world we live in. Definitely fishy outfit.

    Daniel Weinblatt
    Chief Financial Officer, Prommis Solutions, LLC

    Age Total Calculated Compensation This person is connected to 0 Board Members in 0 different organizations across 1 different industries.

    — —
    Background
    Mr. Daniel Weinblatt has been Chief Financial Officer of Prommis Solutions, LLC since August 2011 and is responsible for its Accounting, Financial Planning and Analysis, and Treasury functions. Mr. Weinblatt served as Vice President of DVDPlay, Inc. since joined it in June 2008 and served as its Chief Financial Officer where he was instrumental in the restructuring efforts and in its eventual sale. Mr. Weinblatt has more than twenty years of financial management experience. …
    Read Full Background

  66. Can’t find that Prommis Holdings LLC thing on Edgar SEC either…

  67. Going back to Prommis Holdings, LLC. Anyone has any idea why they’re virtually unknown anywhere? No info in Wikipedia (usually, you can, at least, find a little something). No info about much of anything.

    Also, based on Bloomberg’s info, the CEO is Charlie T. Piper. Google that guy and… well, last we heard, he was with Euronet. When did that “Prommis” thing ever get incorporated? Is that some kind of a front for something else?

    I kinda feel sick to my stomach every time i start digging a little deeper…

    Mortgage Processor Prommis Seeks Sale in Ch. 11

    Share us on: Twitter Facebook LinkedIn By Jamie Santo
    Law360, Wilmington (March 18, 2013, 9:35 PM ET) — Hit with declining receipts and a severe cash crunch, Prommis Holdings LLC, a provider of processing services for the residential mortgage industry, filed for Chapter 11 in Delaware bankruptcy court Monday in the hope of attracting a going-concern buyer.

    Georgia-based Prommis entered court protection along with 10 affiliates listing approximately $80 million in debt, almost $74 million of which is secured by the bulk of its assets, according to a first-day declaration by President and CEO Charlie T. Piper.

    Prommis looks to pursue a going-concern sale…
    ******************************************
    How come
    Charles T. (Charlie) Piper
    Follow (0)
    At a Glance

    Managing Director, Divisional, Euronet Worldwide, Inc.

    Profile

    Euronet Worldwide, Inc. announced that, on March 12, 2010, Charles Charlie T. Piper, formerly President and CEO of DVDPlay, Inc. and Senior Vice President of Blackhawk Network has appointed as Managing Director of the Company’s Prepaid Division. In January, 2011, Charles T. Piper, formerly Managing Director — epay Segment, left the Company.

  68. Very hard to make heads from tails. Isn’t Ally what was previously known as GMAC? And didn’t GMAC mortgage file some kind of BK in 2012?

    Are we looking at a slow and painful unraveling of that mess or simply the elimination of bad outfits in order to consolidate big guns like Chase or B of A?

    What gives? So many questions and so few answers…

    http://www.housingwire.com/news/2013/03/21/quicken-loans-scoops-34-billion-ally-msrs?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+housingwire%2FuOVI+%28HousingWire%29

    Quicken Loans scoops up $34 billion of Ally MSRs

    By Christina Mlynski
    • March 21, 2013 • 9:05am

    Quicken Loans purchased $34 billion in mortgage servicing rights from Ally Bank ($25.40 0%), the company announced Thursday.

    The servicing pool is comprised of non-delinquent Freddie Mac and Fannie Mae-backed mortgages, currently holding higher-than-market interest rates.

    The acquisition is expected to close in the second quarter of 2013, following approvals from both government-sponsored enterprises.

    In the last year, Quicken Loans built a $90 billion MSRs portfolio, increasing the company’s servicing footprint.

    “We have not been bashful in making the market aware of our interest in acquiring servicing rights,” said Bill Emerson, chief executive officer of Quicken Loans.

    He added, “This transaction with Ally Bank allows us to purchase a well performing pool of loans, and will help grow our servicing footprint. This servicing pool will also create a large opportunity for Quicken Loans to refinance a substantial amount of these clients into significantly lower monthly payments.”

    With the addition of the $34 billion in servicing from Ally Bank, the company is expected to grow to a top-10 servicer by mid-year, Quicken Loans explained.

  69. Hi

    My name is Rhonda Mills, you can google my name and add Mashpee and come up with a little bit of my story. My question is this, not quite sure how to ask it….here goes….I had an original predatory loan from MortgageIt…(sued by the US Justice Department) it was sold to Mers then to OneWest who foreclosed on me with a pending Mortification that I signed, notarized and returned but, by the way a first and a second. According to their records the first was denied and the second accepted. I found that out later and of course all that got lost in the shuffle. I have been doing my own research and they sold the first to a trust, the other one was part of my chapter 13 and then chapter 7. I read somewhere that is illegal to do if you have a 2nd mortgage. I kept all my paperwork just dont know how to sort threw it and where to start…Help any leads for information Thanks

    ________________________________

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