Banks Struggle to “FIND” Nonexistent Documents

So for the people who are unemployed due to a recession that won’t really quit until the money stolen from the system is somehow replaced or clawed back, you have a job waiting for you if you can sleep at night knowing that if your activities are exposed, the bank will disavow your “irresponsible” actions, leaving you exposed to jail or prison.




Every Bubble Bursts. The banks are now struggling to find people who will “find” nonexistent documents without expressly telling their superiors at the bank that the “found” documents were fabricated. The evidence is all over the internet as banks troll for prospective employees who will get their hands dirty and be prepared to get thrown under the bus should the malfeasance be discovered.

The documents are not merely missing. They do not exist. And without the critical documents required in every foreclosure, there can be no foreclosure. The documents must be fabricated because they don’t exist. The documents don’t exist because they were actually intentionally destroyed and because the banks have no interest in the property, the alleged loan, the “original” note (“missing” in most cases), the mortgage or the debt itself. Many documents existed but were destroyed by the banks.

If pushed to open their books we would find a complete absence of any financial transaction in which the banks or their pet trusts were involved. Up until recently the banks were able to get their employees to execute documents that were fabricated for the purposes of presentation in court. But the number of people who are willing to do that is diminishing. Bank employees sense the impending disaster for the banks and they don’t want to take the blame even if it costs them their job.

The entire bank scheme, as I previously reported, is based upon the ability to use legal presumptions. These presumptions create an opportunity for epic fraud and theft. If a document is facially valid, the burden shifts to the homeowner to rebut the presumption that it is indeed a valid, authentic document. But now homeowners are hiring forensic document examiners who are showing that the document presented is not the original even if it looks that way. More and more homeowners, when presented with a “blue ink” document will say they don’t know if that particular signature is their own signature because they know that the documents and signatures are being fabricated. The bank’s witness in court is treading the fine line between ignorance and perjury when they say that the note is the original. The same holds true to bogus assignments, indorsements (“endorsements”), powers of attorney and other documents the banks use to avoid being required to prove their case without the presumptions.

So the banks, without using their own names, are posting job openings for what calls “time travelers.” People get hired for their willingness to create documents that appear to have been prepared and executed years ago. This is required because if there was no transaction years ago, then the sham is exposed — the “loan contract” between the homeowner and the originator never existed. And so when the originator endorses or assigns the note or mortgage to an undisclosed third party, the assignment is completely and irrevocably void as coming from an entity that never owned the loan but was merely named as the Payee or Mortgagee.

BUT if the original loan documents look valid, and the alleged transfers of the loan look valid, then the burden shifts to the homeowner to rebut the presumption that a real transaction took place between the homeowner and the originator and between the originator and the next party in the false chain of possession and ownership of the loan. This is why I have been relentless in insisting that discovery take place and be pursued aggressively. I have already seen many cases in which an order was entered requiring the banks to respond to discovery requests; in virtually all cases someone steps forward and settles with the homeowner. The only exceptions are where it is clear that the judge is going to rule for the banks anyway and will deny subsequent motions to compel the discovery that was previously ordered.

Of course the problem with the settlement is that the homeowner is being coerced into accepting a settlement that acknowledges some bank, servicer or trustee as actually having rights to collect or enforce the loan; since these parties are merely intermediaries who issue self-serving paper designating themselves as real parties in interest, such settlements could result in the homeowner being presented with claims later from the real source of funding in their loan. This is unlikely, but nonetheless possible. The only reason it is unlikely is that the real parties in interest are investors whose money was commingled with thousands of other investors in hundreds of trusts that never received any proceeds from their offering of mortgage backed securities that were neither mortgage backed or securities. The investors need a way to trace their money into the loans or, if they elect not to do so, to settle with the bank that cheated them in the first place with bogus mortgage bonds. There have been many such settlements, most of them unreported.

The fact remains that the “lender” is never part of any documented transaction. Hence the “lender” (the investors) enjoy none of the protections of a holder of a note nor the security of a mortgage. Fabricating documents and forging them is the only way of breathing life into the false loan contract that was documented, even if it never happened. And borrowers and their attorneys should take note that the entire loan infrastructure is an illusion that has been awarded judgments that pretend the illusion is real. we are either a nation of laws or a nation of men. Our Constitution makes us a nation of laws. This is our challenge. Do we allow bankers and politicians to turn back time on paper and treat them as though they are doing something right because NOW it is right because they declared it right, or do we reject that and apply rules of law that have existed for centuries for this very reason.

So for the people who are unemployed due to a recession that won’t really quit until the money stolen from the system is somehow replaced or clawed back, you have a job waiting for you if you can sleep at night knowing that if your activities are exposed, the bank will disavow your “irresponsible” actions, leaving you exposed to jail or prison.

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30 Responses

  1. Holy Crap, look at all o these comments. So many of us damaged, left broke, many comments seem to be from very intelligent folks. All the stuff re REMAC, Park Place…so “think” I ban’t cut through it. I may be very niave but lets take Ocwen for example, not all of us but yet an enormus number of lives destroyed by Ocwen and their acquisitions like in my case (I can’t be the Lone Ranger). We all had our hopes and prayes seemeingly answered when Cordreys CFPB penalized Ocwen 2 billion $ of which only a pittance seemed earmarked for actuall homeowners. I jumped on the CFPB bandwagon before the ink dried on the penalty psapers were signed. Ocwen is/was a multibillion $ public traded corp. Its fat kat founder pig faced William Embry now trying to run from the law before he escaped to Malta with my money, Ocwen now under heavy SEC investigation…I tend to drift, sorry. But here I am, old, disabled and very broke thanks to Ocwen and the crony Judge that supported my ruination, un lawfully giving my life to Hsbc/Ocwen/AHMSIso fat kats like Embrey (he really is obnoxiously fat and William Ross (not quite so fat except in his wallet)

    Well I think I mentiooned in an earler blabbering commet of mine that I have made a good faith offer to Ocwen Ombudsman analyst, Dan Britton to invite me to Clearwate, his office with Ocwem General Counsel present and me, Ocwens suckerbait, Bruce Nelson along with a document inspector, to show me the lawful (TILA Original Not and the lawful (TILA) original mortgage and if they posses those mandatory documents which they did not have in 12/09 nor again at Federal Ct 2010, now having over 6 years to find and produce those vital instruments/, well tyhen I loose. I will shake hands, apologize for any inconvenience and walk out sans any compensation. HOWEVER if 5they do no produce thos originals then Ocwen, in good faith will settle our financial diferences and they will agreem at that time to issue my settleman cashiers check.

    Now I know all about snowballs and their chances in hell. Crap I am the poster boy for that. But whats an old man to do, not a lot of time on my clock.Britton mailed me a short letter saying he will gt back to me by mid August.

    I doubr that Ocwen will submitt to providing those documents. I doubt I will ever see a nickle or a dime from the firestorm damage caused to me ruining my old age. I already know that they do not give a ratz ass about me. All they will do is delay me and continuing covering their ass. I have given up all hope that CFPB will provide any help for me. Effectively Cordrey has had over 2 years to bring the hammer down on Ocwen. CFPB has long since noted my problem and has had 2 yrs to assisst me with potency (that I am aware of). It would seem CFPB would consider joining me a). Ocwen Ombudsman vindicating themselves from my claim and having the very agency that authorized Ocwen as ombudsman and make that known to Dan Brittton ( wow is that ever a pregnant ideaI

    enuf, just blabbring as a form of psychotherapy

    God Bless all of you, the walking wounded losers of he American Dream

  2. all i was saying and showing was a link, for all to go. and get help.

    real proof, real evidence, as they said this.

    this is what i have said. and as even they have said. only a few can see through the fog, fraud,and the truth. that is me..included.

    The Depositor is the key player in the REMIC trust and the one in our view

    best suited to put a stop to the fraudulent mortgage transfers. Few have

    recognized the significance and power of the Depositor and nobody has argued it

    in a meaningful way to a foreclosure court. The role of the Depositor after the

    trust is formed has been completely ignored by everyone. Other than Park Place,

    no other Depositor has appeared in court or assisted in a foreclosure case. This

    is the key to our new and exclusive strategy.

    This report is general advice and an explanation of how things work and what you might be able

    to do to affect a REMIC foreclosure.

    We do offer evidence to use in court in the form of

    affidavits, depositions, and direct trial testimony. We may also offer amicus curie briefs to the court, totally

    independent of your legal representation or pro se status,

  3. Unfortunately, the link is live but the first link was only10 pages long and the second link is 19 pages long, which is much shorter than the actual document wherever that is.

  4. @ Maher Soliman ,

    OK , all good stuff but how is it found and introduced?

  5. @ Dave B.

    I am reposting that link hoping that this time it comes out as a “hot link” ,, I don’t know why it didn’t in your posts … there is a lot of good info in that excerpt.

  6. here you go. neil, and others


    HOME OWNERS CAN WIN FORECLOSURES … NOTE: This book:, Home Owners Can Win Foreclosures is copyright 2014 and 2015 by Dan F. Schramm and Park Place

  7. [PDF]

    … Home Owners Can Win Foreclosures … securitized over the years. REMIC trusts normally contain single … label REMIC trusts, most created by big mortgage …

  8. I must be stupid because I do not comprehend the assertions in the following comment, as quoted in

    “Maher Soliman, on July 10, 2016 at 9:39 am said:

    FL SAID these are coerced defaults these are not foreclosures of yesteryear these foreclosures are by design. —-


    I was involved in a recent case in Florida where I submitted my testimony. Borrower filed for Chapter 7 protection from creditors specifically the mortgage lender alleged Bank of America N.A.

    My research into the file showed a number of improprieties out of the gate

    1. HUD I date 12/27/2007 Tracking date
    2. Payoff of Sellers Loans $ 167,500.00 to AM Trust Bank
    3. Payoff to Sellers Loans $. 10.00 to Bank of America

    4. Combined Lender Paid $ 585,500.00

    Why is Bank of America receiving a payoff of $10.00 and why is Am Trust paid three years at time of sale where AM Trust was a Fannie Mae “Seller” The amount paid to lender at settlement showed a combined $585,000 amount paid on installments of $58,500.00 over the next 10 years.

    Calculation: $585,000.00 / 10.0 = 58,441.56

    Next we determined a cost to carry $585,000.00 at 25 clip = t$146,250
    I then took the estimated COF using a Wtd. average 2.00% meaning add them together at time of disposition and it equaled $731,250.00
    over a term of 12.5

    So next we consider the registrant’s methods and devises using Contra accounts that run 10.01 years north and 12.5 South with an added 187 days for 1031 exchange. The three years’ difference in accounts satisfies the Obama amended Sec 108 (i)

    The 187 days was for a 1031 exchange to convert out of securities back to mortgages in what are known as like kind exchanges for properties held by lender in inventory or for business uses. See 26 US Code Section 108 (i) and 1.1031 Like Kind exchanges

    The following are alleged embedded code picked up from review of the file contents:

    7/8/2015 **** Note the date the Markets NYSE closed
    12/26/2015 -171 See US Code Sec 171

    12/28/2005 3650 10 Yr Bond
    12/25/2007 -727 See US BK Code 727
    1/1/2008 -7 See Dept of Treasury Adjustment s
    12/27/2007 Back dated to HUD Settlement

    What you have here is a controlled “Seller Carry back meaning Bof A owned the home from a prior foreclosure and wrapped the AM Trust loan payoff into an AITD or $ 585,000 mortgage for 731,250 future value as of 12/27/2007 (Reverse Purchase and Sale) .

    The mortgage is believed was sold to the holders as investors by way of pledged financing for face value in the property or a basis of $731,250.00 discounted by the cash paid by borrower to closing agent = $167,500

    Trustee in this case did not object to creditor motion for relief . At the hearing he was questioned by the debtors attorney as to the experts analysis and findings further citing a concealed section 453 qualified sale and alleged lack of basis in asset that other wise is sufficient to grant relief.

    The Judge at hearing denied the creditor relief.

    Creditor has since brought an offer to cut the mortgage by 50 % and forgive delinquent payment status totaling six years to date. Borrower has to date rejected the offer

    General Ledger Accountant
    Secondary and Capital Market’s

  9. @ Maher Soliman

    Respectfully, I assume you were domiciled in Kalifornia, or are still here, so this a state specific issue that is on the table — for now.

    I am seeking a response to your last comment which infers:
    “Mr Editor It is so very late in the game to be still contemplating these issues. Assignments , endorsements and fictitious Payees …all legal”; contraverted in the Kalifornia Supreme Court’s RECENT Yvanova decision that as a matter of law there are assignments (of a Deed of Trust) that are void ab initio. Although the Kalifornia Supreme Court’s opinion did not provide the needed guidance to the lower courts as to what assignment(s) is/are void, that RECENT decision does not square with stated assertion that “[a]ssignments, endorsements and fictitious Payees…all legal”.

    Requesting foundation for your conclusion(s), how do you believe that Yvanova was a wrong decision?

    Assuming that the reference to “§ 3-404. IMPOSTORS; FICTITIOUS PAYEES” is UCC based, in Kalifornia the lower courts have been ruling the the UCC, and Kalifornia’s reflective Commercial Code, does not apply to home mortgage transactions. Although I strongly disagree in that the UCC does apply for a variety of reasons, especially because of the undisclosed conduit securitization at the inception of the transaction, thereby converting the MAKER’s COLLATERAL, intended in the EXECUTION of the PROMISSORY NOTE to be a traditional mortgage, converted to an undisclosed SECURITY BOND.

    Or, as you suggest, was the MAKER’s COLLATERAL used in an undisclosed 1031 exchange?

    Please reply and thank you.

  10. That is a good piece posted by David B. Full-O-Facts. Thanks David.

    I just have one beef with it, and it may seem like a small one, but it’s one that’s pissed me off for years now, especially having read it over and over again in the comment sections of mainstream articles on bank malfeasance.

    Property values got inflated, people took out second loans and refinanced thinking property values would continue to increase.

    In my experience it’s not that people were so stupid as to believe that property values would forever increase. Historically speaking, this is how the middle and even the upper echelon of the lower class managed to achieve things that would otherwise be unattainable. For three generations of my family, the concept of solid home equity was viewed as a much safer nest egg than the stock market. That nest egg matured and was converted into higher education for offspring and a multitude of other endeavors which would be out of reach for folks on average salaries.

    Downsizing at the same time as retiring would pretty much guarantee that at the end of a long life of toil and trouble, a couple could enjoy their golden years without stressful financial calamities, albeit in a smaller house, but that smaller house was considered a boon in that it was easier for older folks to get around in and maintain.

    That all changed when Wall Street figured out how to financialize the air we breathe. As Lambert Strether puts it, we’ve all found ourselves going up the down escalator, while the owners of that escalator continually turn up the speed.

    Chalk it up as a huge win for the financiers as well as the assholes that we elect that end up working for the elite, and most decidedly not for us. It’s a vicious cycle, not unlike the never ending escalator ride.

    It’s way past time to hit the reset button shutting down all the escalators, no matter what that all entails. If not for us, for our children and their children. And if not us, who?

  11. E. Tolle, you gave me a chuckle putting CFPB complaint under my pillow. Wish you had advised me of that over 2 years ago. CFPB has a think file on my situ. For a brief while I truely believed that Richard Cordrey had a grip on Ocwen. I may as well have just phartted in the wind. Their apperant incompetence is one thing but CFPD total and complete impotence is the gestalt of it all. When someones hands another say a 2 billion dollar bag of penalties as CFPB did when in some jackasses there thought, “gee wiillakers ” Ocwen know the folks better than CFPB and after all they scalped and rapen me and gazillion other Americans of their dream…so lets let Willie the bank robber take care of returning folks the money we stole. Heck good ole Willie Sutton means well, right?I know the snowball chance in my Ocwen hell has melted. nether CFPB nor Ocwen Ombusman bother to communicatioe with me anymore. . So Mr. Tolle, you are correct. And you are very intelligent, something I apparently never had.

  12. I’ve never dealt with the CFPB, but from what I’m reading of the experiences from folks on this board, it’s obvious that they’ve simply stepped into the same position that the OCC used to occupy, that of a faux consumer-enabling department within the same old corrupt system. Obviously they’re all about enabling the banks and their crime spree, not the citizenry.

    When I sent the OCC exact details on how BAC had screwed me in my case, I was totally blown away when they wrote me back saying that they had simply forwarded my file to BAC. Period. That file contained everything I had on them, including clandestine findings against some of their personnel as it relates to forgery, assignment fraud, etc. To relay all of what I thought should be considered and handled in a manner similar to a client/lawyer relationship is beyond my understanding, save for how I now fully understand that their sole focus is enabling the financial system to thrive, even over a persons basic constitutional and civil rights.

    From a previous post, the question is asked, “Which federal agency could we approach to file a complaint that there is clear fraud……”

    The only response I have is that you’d be better served by writing your complaint down and placing it under your pillow with the hope that a bunny, fairy, or leprechaun will steal off with it and take care of the bad guys and right all of the wrongs. After so many years fighting these crimes, it’s painfully obvious that the cavalry is not only not coming, they’ve been disbanded and given jobs catering to the FIRE sector.

  13. @DB: excellent post for someone who really wants to tell everybody how the giant scam worked. Time for pitchforks and torches. Worse yet, the scam is still ongoing, and the banksters are trying to entice the uninformed into more loans for houses. Nobody went to jail.

  14. @David B

    David, just what exactly is that document you posted?

    That’s a very good description of the situation. Is there more of this you could link?

  15. We filed a complaint with CFPB clearly showing outright fraud in the assignment of mortgage done by B of A. The current servicer, SLS, replied that it was resolved and it seems the complaint is now closed ! What non-sense? We are very disappointed to see that a federal agency is acting like an email exchange server and that’s all. Which federal agency could we approach to file a complaint that there is clear fraud involved in the assignment of mortgage and thereby creating bogus mortgage backed security. How can they ignore a federal crime when they went after a presidential candidate? There is something very wrong in this country.

  16. just maybe it sounds like someone want to get something off there chest!
    and put a end to the fraud. i would contact them to see if they are willing to help the fraud?

    the biggest question is what i also have stated, the depositor, is the keyto everything!!!!!

    as they said, as a trustee,


    Park Place Securities, Inc.


    The Home Office
    Investor & Trust Relations

    Pursuant to the Park Place Pooling and Servicing Agreements, Park Place Securities, Inc. must maintain a Home Office and the trustee must notify the investor representative of each tranche in every trust when the Home Office changes. The Home Office existed in Orange, CA for only a short period. For Park Place and the trustee to be in compliance with the PSA, a new Home Office was required and has now been established. See the bottom of the page for address, contact information and the compliance officer. Please scroll down for registration forms.
    In the case of Park Place Securities, it created 14 trusts. They include: 2004-MCW1, 2004-MHQ1, 2004-WCW1, 2004-WCW2, 2004-WHQ1, 2004-WHQ2, 2004-WCH1, 2005-WCW1, 2005-WECW2, 2005-WCW3, 2005-WHQ1, 2005-WHQ2, 2005-WHQ3, and 2005-WHQ4.

    The approximate amount of prinicpal in each trust was: 2004-MCW1 $1,800,000,081, 2004-MHQ1 $2,800,600,000, 2004-WCW1 $1,565,329,270, 2004-WCW2 $2,999,932,852, 2004-WHQ1 $2,000,000279, 2004-WHQ2 $4,300,000,000, 2004-WCH1 $1,900,000,241, 2005-WCW1 $2,600,000,080, 2005-WCW2 $2,400,001,992, 2005-WCW3 $1,500,000,730, 2005-WHQ1 $1,952,000,000, 2005-WHQ2 $3,500,003,307, 2005-WHQ3 $2,000,001,800, and 2005-WHQ4 $2,275,008,970.

    Park Place CUSIPs in PDF Format: Page 1&2, (CUSIP stands for Committee on Uniform Securities Identification Procedures. Formed in 1962, this committee developed a system (implemented in 1967) that identifies securities, specifically U.S. and Canadian registered stocks, and U.S. government and municipal bonds. How do you find out CUSIP numbers for securities? Unfortunately, this can be a little difficult as CUSIP numbers are owned and created by the American Bankers Association and operated by Standard & Poor’s. To get access to the whole database of CUSIP numbers, which mainly cover U.S. and Canadian equities along with U.S. government and corporate debt, you will need to pay a fee to Standard & Poor’s or a similar service that has access to the database. We provide the Park Place Securities CUSIP numbers here for free.)

    These trusts mainly used loans originated by Argent Mortgage Co., Orange, CA. Argent was the wholesale arm and Ameriquest was the retail part of ACC Holdings which was the sponsor/aggregator of most of these trusts. J.P. Morgan & Co. was the underwriter. Olympia Mortgage provided about 10 percent of the loans to select trusts.

    Ameriquest, the seller of the loans to Park Place, was the first to originate the “stated income loan” which allowed borrowers to simply state what their income was without any verification. These stated income loans, i.e. subprime loans, became the cataylst for the failure of Ameriquest and a key factor in the 2007 subprime mortgage financial crisis. The REMIC certificates from tens of thousands of Trusts were sold around the world. Later the increasing default rates caused a worldwide financial crisis from which we still have not recovered. Unknown to most American taxpayers is that the vast majority of TARP and other funds that were used to bail out the insurances companies and other players in REMIC trusts went overseas. The U.S. substantially bailed out the world.

    REMICs, which were authorized by Congress, are the only investment that allowed “forward selling”, the sales of investor certificates before the promised property (promissory notes, mortgages, title insurance certificates) was ever transferred to the trust. In any other security, such a scheme would be a federal crime. Having sold the investment certificates, lots of parties to the REMIC didn’t worry about their duties under the PSA which has caused countless problems when it comes to foreclosures.

    Are you an investor/certificate holder or a investor representative, or a trustee supervisor in any of the Park Place Securities REMIC offerings? We want to hear from you. Please register and provide your contact information. Please complete the online form or email us any questions at the address below.


    Investor Registration

    Investor Representative Registration

    Trust Supervisor Registration
    Wells Fargo Representatives Only
    See Name & Password in Compliance Letter

    Legal Rights Assignment or
    Sell Your Certificates


    Concerns About Foreclosures and the Trusts
    We have realized that many foreclosures are being done improperly, in violation of the PSAs and this has a negative impact on the trustee, Wells Fargo, the Trust and especially the investors.
    The central problem is sub-servicers and the other servicers foreclosing in the name of Wells Fargo as trustee. Under the Pooling and Servicing Agreements it is the duty of the servicer to foreclose. For example, in the 2005 WCW1 trust the original servicing agent was Countrywide Home Loans Servicing, which was taken over by Bank of America. Other trusts named BAC Servicing, etc. It is the duty of Bank of America to foreclose. Bank of America is supposed to foreclose in its own name. It is responsible for the legal costs and purchasing the property at auction if third-party bid price is not high enough. It is responsible for the carrying costs of the property and for selling the property. It also must pay the foreclosure amount to the trustee shortly after foreclosure. Countrywide and Bank of America don’t get to make money on all the servicing without also taking on fiduciary duties. So, they have created themselves a nice deal collecting the money but ignoring their duties under the PSA.

    The trust vehicle can’t own real property or do anything else an actual business corporation can. If a property is foreclosed, the terms of the PSA puts all the problems into the hands of BofA and BofA pays the trust (via the trustee) for the property. The trust procedures thus converts the bad property loan into cash for payment to the investors. By BofA orchestrating foreclosure in the name of the trust the property does not leave the trust as it should and the trust is saddled with it and all the attendant costs and liabilities.

    This can have other very bad conseqences. Let us say that the property is foreclosed, bought back and is in the name of the trust. What if a legal visitor to the property is injured due to its bad condition. What if a city sues under code enforcement? Can the trust be sued? What if the property was not transferred properly and actually isn’t in the trust, who would be responsible? Personally I don’t think the trust can be sued but have never read case law on it. The point is, it should never have been put in this position in the first place. I would guess that if these things happen, Wells Fargo itself quietly settles and takes money from the trust to pay itself back. This should never have happened and it is fraud on the investors.

    Another fraud is created as well which rips off the investors. The investors invested in the income stream. The investors are not responsible for bad debt. The investors don’t own the properties. The BofA method drops it all into the lap of the investors by making the trust a property owner and reducing the income stream. It also forces the trustee and the trust to pay all the carrying costs (propety taxes, maintenance, insurance?) of the property and the expenses of selling it along with any actual shortfall created by the sale. Rather than the investors pretty much immediately getting the value for the property in cash, they are in effect forced to buy the property and all of its liabilities instead. Thus the bank saves itself a ton of money and passes the buck to the investors. This should never happen and is a total violation of the PSA and their fiduciary duties.

    The final problem with BofA foreclosing in the name of the trust, is the property stays in the trust after foreclosure and Wells Fargo trust officials do not know anything about it and the local Wells Fargo banks know nothing about the property. People inquire about buying it and nobody can tell them anything about it. Due to the fact that nobody in trust management is tracking mortgage payments on individual properties (and isn’t responsible for that as BofA is) much less tracking foreclosure cases and under what name they are filed, property gets foreclosed and just sits there. It can sit there for years getting run down and falling apart, while squatters call it home, trash the place, build risky fires, and so forth. Thus, the certificate holders investment is going downhill and if it couldn’t be sold at the foreclosure sale for enough money, it certainly isn’t going to be sold now for anything approaching that earlier amount. This is all lost income for the investors and the trust is taking on expensives and liabilities that it should never of had too. So, once again, the banks make money. They make money they are not supposed to be making and the investors are once again screwed without even realizing it.

    This I think is really the underlying reason that the lawyers doing these foreclosure are prohibited by contract from contacting the servicer and/or the trustee. It is equally obvious that this is intentional to try to keep the hands of the servicer and the trustee clean. What nobody seems to realize is that, at least in Florida, fiduciary duties can not be contracted away. Such a contract is a violation of public policy and is void. It is also obvious that all of this illegal conduct is ongoing and has no statute of limitations problem for a potential plaintiff or class of plaintiffs.

    Bank of America Rips Off Everyone

    Bank of America does not want to do it right, it costs them money. To insulate themselves, they have a sub-servicer such as Select Portfolio Servicing, in the case of 2005 WCW1, It is SPS that is actually doing the foreclosure in the name of Wells Fargo and the trust. It has no standing to do so. The lawyer appearing does not represent the Wells Fargo trust and can’t bind the trust, but in point of fact, he does bind the trust without permission, and without ANY authority to do so. He needs to have a Power of Attorney from Wells Fargo and they never do. Usually the lawyer can’t even directly talk to Wells Fargo. One of these days the right people are going to figure this out and these crooked lawyers are going to find themselves so sued for fraud and malpractice, they are going to end up living in their cars, assuming the car (in Florida) is worth less than $3,000. They do it this way to try to insulate themselves. We have not yet had the opportunity to find out or do discovery on Bank of America to find out if the sub-servicer actually has a contract to do this. The sub-servicer has no authority under the trust agreements. A further problem is that Bank of America has specific duties under the PSA, fiduciary duties. In Florida, for example, fiduciary duties can not be contracted away. Such a contract is in violation of public policy and is void.

    The Trust is a passive pass-through vehicle. It can only own paper. It can not own physical property. (There is a trust provision that it can for 90 days, but that is for emergency situations and not as a routine matter.) It has no power to engage in business transactions. The reason for the transfer from the originator to the aggregator and then to Park Place Securities, Inc. before transfer to the trust vehicle is to make the trust bankruptcy remote. It can not be sued or sue. If the trust property is not transferred to it properly, it violates REMIC federal law and the trust agreement. It also exposes investors to 100% taxation.

    There is some published case law that confuses a REMIC and a REIT. A REIT is a Real Estate Investment Trust which is an actual business corporation with all the powers of any ordinary corporation. A REMIC is a passive vehicle that has no corporate powers and can not do any type of business. In addition a REIT trust can accept a mortgage/note endorsed in blank. All Park Place trust agreements are under New York law, and although the PSA seems to allow endorsements in blank, New York law for REMICs does not permit endoresements in blank and it is controlling. Of course, most courts prohibit the borrower from raising the trust agreement saying they are not a party to it and most don’t care about that and the differences of capacity and standing.

    The IRS is never going to go after the parties or investors involved in the 25,000+ trusts done through Fannie Mae or Freddie Mac. Never going to happen. However, the 2,500+ private label trusts such as Park Place is another question entirely. Due to the fact that trustees including Wells Fargo are already being sued by investors for the fraud involved in the credit worthiness of a large percentage of loans, the trustee(s) should not be exposing themselves further.

    The REMIC trusts are also a convenient cover for notes/mortgages that are held off-books by Bank of America and other banks. The property (appears ) to be in a trust so it doesn’t affect the banks reserve requirements for underperforming or bad debt. Because it is not really in the trust, none of the mortgage payments are going to the trust. BofA just pockets them all. Plus then it manages to foreclose in the name of the trust, which lets them off the hook again. The trust is stuck with the property which it isn’t supposed to have, and all the costs associated with it.

    On top of all that, nobody seems to understand or care that the trustee can NOT FORECLOSE. The trustee has no power to foreclose under the PSA. Forclosure is not their job or duty. That is a breach of the PSA and a violation of their fudiciary duties. It is also a conflict of interest.

    Do You Know Where Our Notes Are?

    Park Place gets called by someone at one Bank of America branch or another on a regular basis. They ask: “Do you know where their notes are?” They should be held by the Master Custodian of the Trust. That seldom is the case. They should all have physically gone through the hands of Park Place Securities, Inc. before going to the trust and then being held by the Master Custodian. The trustee is NOT the master custodian, as that too would be a conflict of interest and a violation of their fiduciary duties.

    The fact the Master Custodian does not have them is a good indication they never legally made it into the trust. This is doubly true when the imposter plaintiff has to rely upon a forged mortgage assignment.

    Step back a bit. There are reports that the mortgage originators never gave up the original notes and mortgages. However, in the case of Argent, I believe that Argent simply turned them over to the Servicer, Countrywide Home Loans Servicing. They were purchased by Bank of America. What paperwork BofA actually got is anyone’s guess. Undoubtedly they have lots of paperwork because they have been collecting mortgage payments. At the same time, I don’t believe that BofA has any idea at all which mortgages/notes are in a trust or not in a trust. I also seriously doubt they are making the payments to the trustee they are supposed to be making. I would bet that most of this paper is keep off books, so it does not affect their reserve requirements, and then the fake mortgage assignments are created as need for foreclosures.

    The Foreclosure Scam & Money From Nothing

    Then when it becomes time to foreclosure, the bank has a law firm (which uses paralegals or contract employees) to prepare a mortgage assignment to the trust. These are done usually years after the trust has closed. They are signed by people claiming vice president status of this or that bank but there is never any paperwork to support that.

    The biggest failings of these fake assignments is that they transfer the property directly from the loan originator which in the case of the various Park Place trusts is usually Argent Mortgage Company LLC, to the trust vehicle itself. It never goes through the sponsor, and worse of all, it never goes through the depositor, Park Place Securities, Inc. If Park Place did not own that note and mortgage it is a legal impossibility for it to be in the trust. Nobody from Wells Fargo would ever admit that assignment was real, for it would be a violation of their fiduciary duties under the PSA and would open them to civil class actions and tax liability into the hundreds of millions of dollars.

    The paper trail, i.e. endorsements on the notes and mortgages must show the transfer AND THE ACCEPTANCE by each party on the document. Creating fake allonges after the fact is also one of their favorite tricks, but they almost always leave out the acceptance parts.

    There are a vast number of these fake assignments in circulation. Here in Florida the law firm of David J. Stern had a backoffice operation (a forgery business) that he sold to investors, separate from his law firm, for $60 million dollars. When the law firm shut down, the back office operation had no more business. The investors sued, claiming they didn’t know they had purchased a forgery operation. Stern settled the case, reportly giving up $30 million. Not a bad payday.

    One of my favorite cons is the scammers giving the assignment an effective date months or even years before it was created/signed. Judges do not know or seem to care that this is absurd. Yes, a contract can be backdated but not like this. If two companies have been working together and then later work out a contract they can backdate the document to the time they started working together. Note that is a decision agreed to by two different companies. The mortgage assignment backdating is unilateral, only one party agrees. There are no acceptances or endorsements from anyone else in the chain. There is no such thing as one party backdating. Such an event is the hallmark of fraud and forgery.

    And the Clowns March In

    I would love to see these criminal clowns do it right and include a transfer to Park Place and try to claim that there is any acceptance of the backdating. As if that would fly or be binding when the depositor Park Place deposited the documents into the trust. The Document Custodian named in the PSA would never agree to such a thing, and if he did, that company could be sued into the ground. The trustee, Wells Fargo, could never accept such a thing either, as that would violate the PSA and be a breach of their fiduciary duties.

    Finally, nobody has really cared about any of this except the borrower in limited cases facing the lose of their home. This stuff was not designed to be easy to understand. If the borrower is very intelligent and does lots of research they will figure out some of this. They say to the court”: “Wait a minute. This was done all wrong.” The judge then says that the borrower is not a party to the PSA and can’t argue any of this stuff. The courts ignore the difference between enforcing the PSA and the basic concepts of standing and capacity. It the property is NOT in the trust, then neither Wells Fargo, Bank of America or their hired guns have any standing to foreclose. Either the property is in the trust, or it is not.

    Judges will often say that only the investors have standing to enforce the trust. Certainly certificate holders/investors have standing because they are entitled to cash flow from the trust as per the PSA. However, there seems to be one fact that is not apparent to the judges. The investors do NOT own the contents of the trust. The trustee has no ownership claim and such a thing would be a massive conflict of interest. The trust vehicle is the owner of its contents, and in a sense, the depositor Park Place is the owner of the trust.

    An investor certificate is like a share of stock in a business corporation. Each tranche is like a different class of stock which gets a payout from different assets based upon a schedule and does not get payouts from the assets in any other tranche. There can be many classes of stock in a corporation with different rights, benefits and costs. The tranches have property with different credit ratings and payout schedules. The tranches get paid one at a time, not all at once. The tranches with the best property were also the most expensive. In the 2005 WCW1 trust, only the top six tranches were insured. I bet you can guess who owned those certificates? The tranches that had the lowest credit rating and the longest payout schedule were the cheapest to purchase and had the best interest rate of return. These lower tranches are also the ones that have voting rights. each tranche has a representative for all the owners therein.

    And What About the Insured Tranches?
    When the default rate reached a certain level, say 20%, the insurance kicked in and the certificate holders in those six tranches got paid off. The insurance companies were broke so Uncle Sam kicked in billions of taxpayer dollars to pay off the Wall Street crooks who created this disaster. Unlike what would happen in an auto insurance case, the insurance company did not take the investment certificates. They considered them worthless. They should have been cancelled and destroyed. The property in those tranches, a valid argument goes, is paid off by the insurance. There actually is nobody to collect on the property (payments on the note or foreclosure sale) in those tranches as income streams are limited the specific property in that tranche and there no longer are any investors.

    Some borrowers have tried to argue this, but usually not well. They seldom understand the tranche system and think the entire lot of investors have been paid off. In truth, only a select handful of investors and tranches got the insurance. All 11 Park Place trusts became non-reporting to the SEC in 2006 by certifying there were fewer than 300 investors in each Park Place Trust. Thus there are only about ten investors in each tranche. How many of those actually remain with certificates in any paying tranche or one yet to pay off; is anyone’s guess.

    Of course the banks and courts could not possibly allow them any success. The people with the facts know this entire thing is a house of cards. Most people probably understand it was a ponzi scheme but they don’t have any standing or capacity to do anything about it. Luckily for the system, most borrowers are broke by this point and are appearing pro se – representing themselves. They put up a fight but they don’t really know what they are doing — fact, law or procedure wise. They appeal and appeal’s courts are only too happy to issue written opinions in favor of the banks because the pro se didn’t really know procedure and screwed up, creating bad case law that will affect other foreclosures and home owners.

    Even in cases where the borrowers have counsel, counsel does not want to rock the boat and will never bring any of this stuff before the court. They will only defend you on the basis of lame issues like claiming a lack of foreclosure or acceleration notice. I have pesonally seen this happen to other people. Of course, they too believe the borrower has no standing to raise any of this and they don’t understand standing and capacity or much care.

    As far as most judges are concerned, the homeowner borrowed the money and didn’t pay it back, so they deserve to lose their home. The courts don’t really care who is foreclosing. They just want to get rid of the case because there are thousands more to hear and kick out the other end.

    We are not going to reveal our business plans further, as they are trade secrets. Our goal is to increase the cash flow to investors and return some market value to the trust certificates. We intend to force the parties to live up to the terms of the PSA. We also intend to make some money on the scammers and beat them at their own game.

    Fraud Was Intentional to Redistribute Wealth

    Originally, the greatest source of American wealth was heavy manufacturing and natural resources. Most heavy manufacturing was (ultimately) lost to China and then technology manufacturing. That is creating new wealth for the Chinese. The opportunities for the rich and those on Wall Street were dwindling along with natural resources. The rich people on Wall Street were not happy with making money on only war which takes money from the average taxpayer and puts it into the pockets of the few while killing off the best and brightest possible competition. What most do not realize is that war generally dumbs down the home population, or helps to get rid of the underclass, such as in Vietnam.

    Wall Street realized two things. The last great concentration of wealth was in the American home and its equity. The second greatest concentration of wealth, especially the little guy’s wealth, was in pension funds and other aggregations of wealth which were mostly invested in Wall Street, plus things like municipal bonds.

    Banks had to wait typically 15 to 30 years to get back the money they had loaned out. Wall Street promised them they could get all their money out of the loan in no time at all by letting Wall Street convert the loans into marketable securities.

    Then Wall Street sold the investment certificates to state pension funds and private pension funds, foreign funds and banks and vaccumed in the rest of the wealth that way. REMICs were too good to last. Property values got inflated, people took out second loans and refinanced thinking property values would continue to increase. The appetite for mortgages and notes to convert to marketable securities was voracious. It is estimated some 333 TRILLION DOLLARS of these things were sold.

    Then after the American home owner and lots of people and institutions overseas lost their shirts, the bogus insurance companies and Wall Street got themselves bailed out by the U.S. government using what was left of the little people’s wealth. Of course there isn’t that much money in the pockets of the little people anymore, which is why the U.S. government put itself and the little people on the hook for some $16 TRILLION DOLLARS in debt, much of it borrowed from the Chinese who got rich by undercutting us with slave labor and substandard wages and working conditions to first take our heavy manufacturing and then technology manufacturing.

    It is a vicious circle. We now have to import millions of tons of stuff we used to make because American’s want the best deal they can find and have the shortest memory and attention span. Due to the import deficits, billions of dollars are flowing out of our economy every month. In a way Wall Street helped to get some of it back, but that was nothing compard to the ultimate cost to the U.S. taxpayer.

    And Wall Street, the rich, the banks and the judges say it was the borrower’s fault. You were a sucker and now you deserve to get ripped off again, because you are still a sucker and the deck is stacked against you. Plus it was the REMIC investors fault. Those pension funds, including the Florida Public Employees Retirement Fund, which lost over $1 BILLION DOLLARS on REMIC Trusts, should have known better.

    It is time those really at fault begin to pay, starting with servicing banks and their lawyers.

    Right Hand Not Know What Left Hand Do

    An even larger problem for us (and the investors) is that Bank of America and Select Portfolio Servicing foreclose in the name of Wells Fargo. Wells Fargo is not notified and has little idea this happens until after the fact when they are forced to use the foreclosure judgement in their name to take the property back. The contracts the attorneys work under prohibit them from contacting Wells Fargo or Bank of America. However, for all we know, the attorney for the sub-servicer shows up, takes the property and it is sold by a party other than the trust. We believe a large amount of property has been stolen from the trusts in this manner. We have also seen foreclosure complaints (eg: here in Florida) that are verified by an alleged officer of Bank of America who do not exist. They are complete fictions. We wonder if the SPS attorney is actually prohibited from contacting Bank of America and how many of the verifications on Florida foreclosure complaints are forgeries and fake.

    We get calls and email regularly from individuals that see a property that has been foreclosed in the name of Wells Fargo as trustee for a Park Place Securities, Inc. Trust, and Wells Fargo allegedly got the property back, so they contact Wells Fargo. WF representatives know NOTHING about the property and actually tell people to contact us.

    Further, Bank of America representatives call us up and ask if we know where their promissory notes are.

    We regularly get contacted by City Code Enforcement departments wanting us to board up houses, put up fences around pools or fill the pool in. Individuals contact us about the poor condition of foreclosed trust property and want us to take action. In all of these situations Park Place has no power and is not responsible. The trustee is responsible and they have done it to themselves. These properties should be in the name of Bank of America which should be handling all of these carrying costs and responsibilities. In a nutshell, Bank of America is cheating everybody.

  17. @ Maher Soliman ,

    I hear you talking but I don’t see the PROOF ,, these would have to be revealed somewhere ,, quarterly or annual reports perhaps.. shown in merger docs listing assets perhaps? Where do we see proof of this? Can you point us to even one example of this? I am not doubting you as this could be an effective masking ploy “after the fact” ,, but I haven’t seen it exposed in any lawsuit yet…

    P.S. “Boot” is the real estate term for additional (non real estate) assets thrown into a 1031 exchange to make up for a deficiency and make the exchange balance out.

  18. @ Maher Soliman

    Do you have any evidence of these 1031 exchanges? I don’t see how they are possible in lien theory states like Florida.

  19. This seems to be the kind of email I really don’t need. I’d join my fellow vets under abridge before I wouls participate in such a nauseating enterprise. I rather stay broke.

  20. Kalifornia – well said ..I can talk now ! EVERYTHING I SAID WAS BASED ON FACT


    … with the inclusion [of] detailed foundation.

  22. @ Maher Soliman

    In my own opinion, your return to making comments is welcome.

    Respectfully, it is likely that you have something important to contribute in your comments. However, as in the past the comments lack a cogent foundation and are probably perceived by others (myself included) as a riddle with gaps in logic that are impossible to decipher without further explanation/foundational-information.

    That is all.

    Please continue to comment, but with the inclusion detailed foundation.

  23. We filed a complaint with the CFPB against probable fraud in the assignment of mortgage and several proof thereto.The servicer replied that the matter was resoled.

    What do we handle the matter effectively as the assignment of mortgage is void.

  24. Not that those of us who have been so badly burned did not believe these tactics, criminal tavtics have taken place the PROBLEM for those of us (me for example) is we have no resources to take advantage of 4closure fraud legal revies…we (I in particular) is/are unable to pay for thos consultations. I have believed for several years that this conspiracu ran (and still does) rampant within the ranks of a) AHMSI, b)HSBC c) DEFINATELY OCWEN FINANCIAL. I have recently made an “offer” to OCWENs Mr Dan Britton, analyst Ocwen Ombudsman…simple shoe me lawful proof according to federal Law under TILA that the possess the wet ink lawful proof of standing, i.e. the ORIGINAL NOTE and the ORIGINAL MORTGAGE (I will drive to Clearwater and/or West Palm Beach from where I live in North Carolina to witness possesion) and if, in fact Ocwen is able to produce thos 2 legal documents THEN I will drom, forever my $340,000. claim. But Mr Britton choses, so far with sending me a packet of a collection of documents which they previously declared they “lost” for over 2 years. There was absolutely no evidence of TILE Law proof of standing in that packet. Had Britton been able to produce said poof they will have “saved” the $340K and been rid of me forever (instead of waiting for me to die) Its been over a week since I sent the offe for which they would be obliged to pay me my coney. My offer was made in good faith. I understand that Mr. Britton has not had time to finish vomiting over my offer. Maybe he is trying to understand what good faith bargaining is. Maybe he needs more time to”find” the misssng proof or maybe he is reading the want ads for a new job in FL to support his family and pay for his home. I do not know. I have waited over 2 yrs now so a few more days/weeks I can toletate. Meanwhile I am researching the Florida Attorney Generals consideration of prosecuting Ocwen and its employees for wrongul deth at the least or manslaughter at best for causing the death of my when he was scammed by AHMSI, a liability I beiieve Ocwen inherited when they bought AHMSI (so they could continue sucking the marrow from my bones. I understand the “snowballs chabce in hell” nition but someone has tyo figure a way to HURT Ocwen, sonehow, someway. In my opinion many of Ocwens EEs are complicit in some or all of this.

    Signing Off for now.

  25. Reblogged this on UZA – people's courts, forums, & tribunals and commented:
    Brilliantly explained thank you; in peace

  26. There are 3 alleged notes in my case, 1 forged with an autopen in a law firm’s office, a blank note which I was given at closing and a copy being used by opposing counsel as the original in the present lawsuit.

  27. Everyone is talking about “The Trust”, “That the loans never made into the Trust” exactly what does that mean? As far as I know after all the research there is no Trust. The banks report on paper to the SEC that their trust is registered in a certain state. Check in the State that they say their Trust is registered in to see if in fact they registered with their SOS. ( Declaration of Trust ). Also since these Trust are claiming REMIC status, check IRS publications which are online to see if they are listed as a REMIC IRC 938. I could find none.
    So when someone says the loans never made into the Trust, one should answer ” What Trust are you talking about and show me the proof that these so called Trust are even registered in the State these banks are claiming ” to do business in, including IRS publications 938.

  28. Chase bank initiated foreclosure proceedings. a note and mtg was signed as chase as the originator. also they pd off a WAMU loan that is reported on my credit report now as a Chase paid off loan. down the line in the 6 years of fighting foreclosure, fannie mae became the note holder. was given a loan mod reading jp morgan chase as successor to WAMU, no wonder they reneged. at the end chase assigned all rights to fannie mae for bidding. 8 years of their stalling and no, psa or anything ever produced and thats because the loan probably never left the bank and if it did, whoever they were trying to push the predatory loan off on, kicked it back at them. Loan was predatory from the start. a rate 3% above prime when i had a 725 credit score. COMPLETELY PREDATORY. NEVER AGAIN !

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