Fannie and Freddie are the equivalent of black holes in physics. Representations abound that they own a loan, or note, or mortgage or debt. What this testimony shows is that there are specific discovery items to request and compel wherein the the truth of the matter and the truth about the parties will be revealed.
We can draft your discovery!
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THIS ARTICLE IS NOT A LEGAL OPINION UPON WHICH YOU CAN RELY IN ANY INDIVIDUAL CASE. HIRE A LAWYER.
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see: Statement of Donald Bisenius US Senate FM_statement_SBC_foreclosure_hearing_12_1_10
see: Statement of Terry Edwards/Fannie Mae US Senate Banking testimony 12/2o10
If anyone made a representation that Fannie or Freddie is the “investor” or that one of them owns the loan, then there are specific documents that should be produced that will show the nature of the transaction.
Each one of them should be noticed for production or subpoenaed. First you may need to propound discovery to the foreclosing party to identify the custodian.
Or, you can directly subpoena the Government Sponsored Entity (now in conservatorship) to produce the documentation.
In addition to agreements, you probably should ask for any record of financial transactions in which the GSE was involved with respect to the subject loan.
Statement of Donald Bisenius, Freddie Mac Senate Banking Committee December 1, 2010
Document custody
Concerns have been raised about the custody of mortgage notes and other documents. When a mortgage is sold to Freddie Mac, the seller must deliver the original note for each mortgage loan, together with any power of attorney or modifying instrument (such as a modification agreement, conversion agreement, assumption of liability or release of liability agreement), to a document custodian, which holds the documents in trust for Freddie Mac. Currently, Freddie Mac uses approximately 125 document custodians, with much of the volume concentrated in a relatively small number of large companies.
Our Guide sets forth eligibility standards and various other requirements for document custodians. Each document custodian enters into a tri-party custodial agreement with Freddie Mac and the servicer that is servicing a mortgage for which the custodian holds note files. Each document custodian files an annual certification report to Freddie Mac, and is required to notify Freddie Mac between reports of any significant personnel, operational or financial changes. Freddie Mac also conducts periodic on-site reviews of document custodial operations.
Filed under: foreclosure |
Thanks, Ian – “where oh where is our real owner . . . ”
Just discovered by a slip at Wells, now MERS ( gotta luv ’em )
has ” removed as Beneficiary ” on our Tenn. Deed of Trust.
If there is no Bene., how can there even be a valid Deed at
all ? S -o-o-o now we have a Deed w/o a Beneficiary, two
original lenders, no Title — when does the boat leave ?
“BONYM, acting as Trustee for the Certificate holders of xyz Series 123 Trust” is the “catch all” phrase that needs to be analysed. Think about it. “Certificate holders BOUGHT STOCK CERTIFICATES – not mortgages” and their remedy is to go back to the entity that sold them the bogus stock certificates – not to foreclose on the mortgages that they never held any interest in. Lawyers miss this sublime point during the initial pleading stage and thereby waive that affirmitive defense in the pleadings stage.
Ronald J O’Donnell
John, WAMU is a can of
Worms, there are articles here in the livinglies site corriborating this. When JPM “bought” “certain of the assets” of WAMU, it has been shown in court proceedings to have purchased practically no loans whatsoever. Furthermore, it they actually bought anything at all, it was no doubt just the servicing rights (MSRs) to those loans. After all, from memory, WAMU had $445 billion in loans, and was “purchased ” by JPM for 1.2 billion? This was of course through the FDIC. There is a deposition somewhere, I believe the mans name is Nardi, don’t remember his first name, who stated, in his position as head of securitization or somesuch, that no loans were ever transferred to JPM nor did they ever purchase any in their deal w the FDIC to take over WAMU. Also WAMU had a subsidiary, Long Beach Mortgage Co, another criminal lender.
[…] via Discovery Where Freddie or Fannie Is Alleged to be Owner of Loan — Livinglies’s Weblog […]
Yes — Ian — all these assignments are bogus for many reasons.
Richard Corday resigned from CFPB. Not that much has been done there, but where else can the people go? Courts don’t care. And, can’t get to AGs.
ANON- (L) the wording ” together with the note and mortgage” in documents, does t hold true for assignments via MERS. MERS has nothing to do with the notes, so stated in various recorded complaints and depositions. You of course know this, I figured it was a slip up in a length post. Which I
Liked
I am beginning to have severe ” eye glaze ” from this whole quagmire.
We are tethered loosely to Wells as our “servicer ” , Freddie as putative owner, MERS as beneficiary ?, our originator closed in 2008 taking who knows what with them to WAMU, ditto to Chase, ditto to Wells as servicer leaving us with no perfected title, a lenders’ title paid for at closing and a non existent title policy . . . just who the —- are we paying and why ??? Oh, almost forgot MERS now says they aren’t the Beneficiary as printed on our Deed of Trust.
First, there are two ANONs posting here. ALL CAPS IS ME — ANON, and Anon (lower case except first letter) is someone else. So, Ian — not the same ANON.
Reading the statements here — Statement of Donald Bisenius, Freddie Mac — Mr. Bisenius states:
“From the beginning of 2009 through October 2010, Freddie Mac purchased or guaranteed $864 billion in mortgage loans and mortgage-backed securities.”
Thus, all the (MBS) trusts claimed to be formed during the financial fraud heyday are NOT included.in this time period.
Freddie Mac and Fannie Mae owned/guaranteed loans in two ways, — direct whole loan purchase — or by investment in the BANK MBS trusts one may see in foreclosure. Usually, Freddie/Fannie were top tranche investor in those BANK trusts.
So, even if Freddie/Fannie claim to not own the loan, or if they claim to own the loan, one must first determine HOW they owned the loan. That is, directly or by indirect investment by investment in the bogus bank trusts. If there was a refinance, it is particularly important to discover this information and what was reported not only to the servicer and/or trustee to the bank trust, but also to Freddie/Fannie.
Ian — you are correct. But, in many cases the assignment includes not only an assignment of the mortgage but also an assignment of the note.
Anon —BofNYM — is a banker’s bank, a trustee, securities/certificates are also held in their street name. Freddie/Fannie were always their own trustee — until more recently when BofNYM became their trustee. But,if you have Countrywide — Countrywide never sold loans directly to Freddie/Fannie. They sold securities to Freddie/Fannie. Likely BofNYM was the trustee to the trusts that held those securities — that were sold to Freddie/Fannie.
This is all very complex. And, unless the right questions are demanded of Freddie/Fannie. – they will not respond. More importantly, need a judge who will allow discovery. Most don’t.
Anon- the mortgage may be assigned, but the note has to be negotiated, for value. Don’t confuse the two.
Our mortgage was with Countrywide Homeloans Inc and it was allegedly bought by Bank of America. Bank of America Allegedly assigned mortgage to Bank of New York Mellon. Does Fannie or Freddie come into play in the mortgage? How do we find out?