Don’t Admit Anything About the Servicers Either — It’s All a Lie

Want to know why this site is called LivingLies? Read on

Homeowners often challenged the authority of the named claimant while skipping over the actual party who is supporting the claim — the alleged servicer.

You might also want to challenge or at least question their authority to be a servicer. The fact that someone appointed them to be a servicer does not make them a servicer.

Calling themselves a “servicer” does not constitute authority to administer or even meddle in your loan account. As you will see below the entire purpose of subservicers is to create the illusion of a “Business records” exception to the hearsay rule without which the loan could not be enforced. The truth here is stranger than fiction. But it opens the door to understanding how to engage the enemy in trial combat.

That “payment history” is inadmissible hearsay because it was not created by the actual owner of the record at or near the time of a transaction and the actual input of data is neither secure mor even known as to author or source. Likewise escrow and insurance payment functions are not authorized unless the party is an actual servicer. The fact that a homeowner reasonably believed and relied upon representations of servicing authority is a basis for disgorgement — not an admission that the party collecting money or imposing fees and insurance premiums was authorized to do so.

PRACTICE NOTE: However, in order to do this effectively you must be very aggressive in the discovery stage of litigation. (1) ASK QUESTIONS, (2) MOVE TO COMPEL, (3) MOVE FOR SANCTIONS, (4) RENEW MOTION FOR SANCTIONS, (5) MOTION IN LIMINE AND (6) TIMELY OBJECTION AT TRIAL.


GET FREE HELP: Just click here and submit  the confidential, free, no obligation, private REGISTRATION FORM. The key to victory lies in understanding your own case.
Let us help you plan for trial and draft your foreclosure defense strategy, discovery requests and defense narrative: 954-451-1230. Ask for a Consult or check us out on Order a PDR BASIC to have us review and comment on your notice of TILA Rescission or similar document.
I provide advice and consultation to many people and lawyers so they can spot the key required elements of a scam — in and out of court. If you have a deal you want skimmed for red flags order the Consult and fill out the REGISTRATION FORM.
Get a Consult and TERA (Title & Encumbrances Analysis and & Report) 954-451-1230. The TERA replaces and greatly enhances the former COTA (Chain of Title Analysis, including a one page summary of Title History and Gaps).
To be a “servicer” the company must received the appointment to administer the loan account from someone who is authorized to make the appointment. A power of attorney is only sufficient if the grantor is the owner of the debt — or had been given authority to make such appointment from the owner of the debt.
A person who is authorized to make the appointment is either the owner of the debt by virtue of having paid for the debt or an authorized representative of the owner of the debt by virtue of having paid for the debt. This is a key point that is frequently overlooked. By accepting the entity as a servicer, you are impliedly admitting that they have authorization and that a true creditor is in the chain upon which your opposition is placing reliance. In short, you are admitting to a false statement of facts that will undermine your defense narrative.
If the servicer is really authorized to act as such then your attempt to defeat foreclosure most likely fails because the case is about a real debt owed to a real owner of the debt.
The fact that they allege that they maintain records may be a true or false representation. But whether it is true or false, it does not mean that they had authorization to maintain those records or to take any other action in connection with the administration of the loan. Of course we know now that any such records are composed of both accurate and fabricated data.
We also know that the data is kept in a central repository much the same as MERS is used as a central repository for title.
The representations in your case about and intensive audit and boarding process most likely consist of fabricated documents and perjury. There was no audit and there was no boarding process. The data in most cases, and this probably applies to your case, was originated and maintained and manipulated at Black Knight formerly known as Lender Processing Systems.
Contrary to the requirements of law, the central repository does not ever handle any money or payments or disbursements and therefore does not create “business records” that could be used as an exception to the hearsay rule. The same thing applies MERS. These central repositories of data do not have any actual role in real life in connection with any financial transaction. Their purpose is the fabrication of data to support various purposes of their members.
All of this is very counterintuitive and difficult to wrap one’s mind around. but there is a reason for all of this subterfuge.
From a legal, accounting and finance perspective the debt was actually destroyed in the process of securitization. This was an intentional act to avoid potential risk of laws and liability. But for purposes of enforcement, the banks had to maintain the illusion of the existence of the debt. Since they had already destroyed the debt they had to fabricate evidence of its existence. This was done by the fabrication of documents, recording false utterances in title records, perjury in court and disingenuous argument in court.
The banks had to maintain the illusion of the existence of the debt because that is what is required under our current system of statutory laws. In all 50 states and U.S. territories, along with centuries of common law, it is a condition precedent to the enforcement of a foreclosure that the party claiming the remedy of foreclosure must be the owner of the debt by reason of having paid value for it.
The logic behind that is irrefutable. Foreclosure is an equitable remedy for restitution of an unpaid debt. It is the most severe remedy under civil law. Therefore, unlike a promissory note which only results in the rendition of a judgment for money damages, the Foreclosure must be for the sole purpose of paying down the debt. No exceptions.
The problem we constantly face in the courtroom is that there is an assumption that there is a party present in the courtroom who is seeking restitution for an unpaid debt, when in fact that party, along with others, is seeking revenue on its own behalf and on behalf of other participants.
The problem we face in court is that we must overcome the presumption that there was an actual legal claim on behalf of an actual legal claimant. Anything else must be viewed through the prism of skepticism about a borrower attempting to escape a debt. The nuance here is that the end result might indeed be let the borrower escapes the debt. But that is not because of anything that the borrower has done. In fact, the end result could be a remedy devised in court or by Statute in which the debt is reconstituted for purposes of enforcement, but for the benefit of the only parties who actually advance money and connection with that debt.
More importantly is that nonpayment of the debt does not directly result in any financial loss to any party. The loss is really the loss of an expectation of further profit after having generated revenue equal to 12 times the principal amount of the loan.
While there are many people who would argue to the contrary, they are arguing against faithful execution of our existing laws. There simply is no logic, common sense or legal analysis that supports using foreclosure processes as a means to obtain Revenue at the expense of both the borrower and the investor. And despite all appearances to the contrary, carefully created by the banks, that is exactly what  is happening.

The Big Hoax: Are “Sales” of “Loans” and “Servicing” Real?

References to sales of loans and servicing rights are usually merely false assertions to distract homeowners and lawyers from looking at what is really happened. By accepting the premise that the loan was sold you are accepting that the loan was (a) real and (b) owned by the party who was designated to appear as a “Seller.”

By accepting the premise that the servicing data and documents were transferred you are accepting that the transferor had the correct data and documents and that the designated servicer is actually in position to represent the accounting records of the party whose name was used to initiate the foreclosure.

GET FREE HELP: Just click here and submit  the confidential, free, no obligation, private REGISTRATION FORM.
Let us help you plan for trial and draft your foreclosure defense strategy, discovery requests and defense narrative: 202-838-6345. Ask for a Consult or check us out on Order a PDR BASIC to have us review and comment on your notice of TILA Rescission or similar document.
I provide advice and consultation to many people and lawyers so they can spot the key required elements of a scam — in and out of court. If you have a deal you want skimmed for red flags order the Consult and fill out the REGISTRATION FORM.
Get a Consult and TERA (Title & Encumbrances Analysis and & Report) 202-838-6345 or 954-451-1230. The TERA replaces and greatly enhances the former COTA (Chain of Title Analysis, including a one page summary of Title History and Gaps).

As Reynaldo Reyes of Deutsche Bank said in deposition and in recorded interviews, the entire structure and actual events are “counterintuitive.” The banks count on that for good reason. Most lawyers and almost all homeowners assume that at least some of what the banks are saying is true. In fact, nearly everything they say, write or produce as “business records” is a fabrication. But homeowners, lawyers and judges buy it as though it was solid gold.

In defending homeowners from foreclosure, lawyers who win more cases than they lose do so because of their willingness to believe that the entire thing is a hoax. Their withering cross examination and use of discovery reveals the complete absence of any corroborating evidence that would be admissible in court.

Even the most “biased” judges will concede that the case for foreclosure has not been made and they rule for the homeowner. But this only happens if the lawyer takes the opposition to task.

Chase did not acquire loans from WAMU and WAMU did not acquire loans from Long Beach etc. At the time of the claimed “acquisition” those loans were long gone, having been funded or purchased by one of the big 4 investment banks, directly or indirectly (through intermediate investment banks or simple cham conduit fictitious names or entities). In fact the ONLY time that the actual debt was clearly owned by anyone was, at best, a 30 day period during which the investment bank had the debt on its balance sheet as an asset.

So all sales from any seller other than one of the investment banks is a ruse. And there are no references to sales by the investment banks because that would be admitting and accepting potential liability for lending and servicing violations. It would also lead to revelations about how many times and in how many pieces the debt was effectively sold to how many investors who were NOT limited to those who had advanced money to the investment bank for shares in a nonexistent trust that never owned anything and never transacted any business.

Similarly the boarding process is a hoax. There is generally no actual transfer of servicing even with the largest “servicers.” They are all using a central platform on which data is kept, maintained, managed and manipulated by a third party who is kept concealed using employees who are neither bonded nor trained in maintaining accurate records nor protecting private data.

There is no transfer of servicing data. There is no “boarding” and no “audit.” In order to keep up the musical chairs game in which homeowners and lawyers are equally flummoxed, the big investment banks periodically change the designation of servicers and simply rotate the names, giving each one the login and password to enter the central system (usually at a server maintained in Jacksonville, Florida).

BOTTOM LINE: If you accept the premises advanced by the lawyers for the banks you will almost always lose. If you don’t and you aggressively pound on the legal foundation for the evidence they are attempting to use in court the chances of winning arise above 50% and with some lawyers, above 65%.

To be successful there are some attitudes of the defense lawyer that are necessary.

  • The first is that they must believe or be willing to believe that their client deserves to win. A lawyer who thinks that the client is only entitled to his/her time or a delay of the “inevitable” will never, ever win.
  • The second is that they must believe or be willing to believe that the entire scheme of lending, servicing and foreclosure is a hoax. Each word and each document that a lawyer assumes to be valid, authentic and not fabricated is a step toward defeat.
  • The third is that the lawyer must fight to reveal the gaps, consistencies and insufficiencies of the evidence and not to prove that this is the greatest economic crime in human history. All trials are won and lost based on evidence. The burden is always on the foreclosing party or the apparent successors to the foreclosing party to prove that title properly passed.
  • Fourth is arguably the most important and the one that is most overlooked. The lawyer must believe or be willing to believe that the foreclosure was not initiated on behalf of any party who could reasonably described as a creditor or owner of the debt. The existence of the trust, the presence of a real trust in any transaction in which a loan was purchased, sold or settled to a trustee, and the various permutations of strategies employed by the banks are not mere technical points. They are a coverup for the fact that no creditor and no owner of the debt ever receives any benefit from a successful foreclosure of the property.

Yes it is counterintuitive. You are meant to think otherwise and the banks are counting on that with you, your lawyer and the judge. But just because something is counterintuitive doesn’t mean that it isn’t true.

Why We Do What We Do

 “Without your blog I would not have found the right lawyer in my state.”          

                                                                                                                   – Meghan in RI

“Some of the most rewarding work of my career.”

                                                                                                                  – Chris Brown Esq.

While we understand the many reasons borrowers pursue their cause on a ProSe or ProPer basis,  it has been our position since the beginning that people need competent licensed local counsel. Also, you must understand that no matter what anyone tells you, no letter or correspondence from anyone, no “loan audit,”  no promise of modification will stop a foreclosure particularly in non-judicial states, the only thing that will stop a foreclosure is a judge or court order. Our first mission here is education and the desimination of information to the public, judges, lawyers, legislators and homeowners. Unfortunately, the executive and legislative branches of government have dropped the ball and still don’t get it(with some exceptions like Marcy Kaptur D-Ohio).

The bottomline is that the Judicial branch is the only hope, Judges need to open their eyes, ask questions they may have never had to ask because the facts and circumstances are really unlike they have ever been in the past. Lawyers who do “get it” and are actively practicing in this area and succeeding we need to hear from you. People need to know how to find you. There are simply still not enough lawyers that “get it.” We also believe that if someone has the desire and financial wherewithal to hire a lawyer, we want them to give there money to someone that will be effective and is staying up to date on this everchanging area of practice. When we get emails like the ones below or other feedback it makes us feel like we are in some small part helping folks through what is and will be one of the most difficult period for our country in our lifetime.  Lawyers who are listed here are doing good work and quite frankly in many cases have practices that are expanding and thriving. If you or your law firm is interested in being listed here email your contact info to: Also, if you are a homeowner and have a lawyer who you think knows their stuff and has been doing a stellar job for you, let us know about them.

Hi Mr. Garfield, Mr. Keiser and the Livinglies team 

   I am writing to say thank you for starting this blog. Without it, I would not have found the right lawyer in my state. I was working with another lawyer, originally, and all he did was buy me some time. Otherwise, he took a lot of money from me for nothing…and continues to pursue me for more. It is also comforting to know that there are other people out there fighting for the same cause, whether they are victims or not. I know there are some naysayers presently posting on your sight but, anyone in my shoes, fighting like all of us are, all of us know when to read between the lines. I have learned so much from your blog and referred your site to others.   I would love to see you have another seminar on the East Coast sometime. Thanks for what you’re doing and let me know how I can help at anytime

Meghan in RI

From: Christopher Brown, Esq.
To: Neil, Brad

While I am at it, let me toss on some more praise for … you    I cannot thank you enough for the seminar I attended in August 2008, in Los Angeles, CA.  It has completely redefined my practice.  While we are still the only firm in Northern Virginia doing this, we are doing it well, and making HUGE strides recently .. it has taken a year to do it, but the foreclosing law firms are FINALLY beginning to concede they have a problem.
Every trial that has come up has been continued, or the case resolved with a “good” loan mod.  They have yet to put us to the test at trial, which we are eager to see happen, but our clients continue to accept the good loan mod offers that come before trial.  The client is the boss, and I can’t make guarantees, so they more often than not go for the mod, but I feel it coming.  We are making incredibly sound constitutional arguments (non-judicial foreclosure is violation of due process, no standing / article 3 injury for purported owner of the note/deed of trust), challenging title like no one else can (former 25 year in-house counsel for title companies on my staff since January), and raising all sorts of problems that were created by the securitization process (former NY securities atty on my staff as well).
This Kansas Sup Ct opinion closes the gap and makes us that much more confident in pursuing our clients interests. I am ecstatic about where my firm is right now and the work we are doing.  My staff, which is growing every few months, is ecstatic as well, as myself, my employees, and our families, are doing well in a recession, and we are helping families protect their homes at the same time.  I could not be happier – and with this Kansas Sup Ct opinion, things are going to get better even faster.
We have gone through several different strategies, and the one we settled on, ironically, is the one you espoused in the seminar (!!), file a suit claiming they can’t enforce the note, do discovery, and put the burden on them.  It is funny the trials and tribulations my office has gone through to get to this point, but it has also been some of the most rewarding work of my career.
Keep up the good work .. and …
Thank you.
Anything I can do for you, all you have to do is ask.
Christopher E. Brown, Esq.
Brown, Brown & Brown, P.C.

Keiser’s Forensic Analysis Workshop

You must remember the judiciary moves slowly is assimilating new facts or patterns in the marketplace. In order to break through a Judge’s preconception of the mortgage origination process, you need to have something that is clear in is presentation of facts, and obvious in its impact.

The reasons for having analysis performed by an independent third party is that it transforms empty argument into a question of fact. Anything that leads to a questions of fact gives you leverage in and out of court. In court, it allows you to credibly raise the issues so that discovery and an evidentiary hearing will allow your claims to be heard on the merits. No “audit” or analysis is PROOF or EVIDENCE unto itself. What it should do is give you something to hold in your had while talking to the Court, and which clearly contests the “facts” that the pretender lender is trying to have the Court assume (which is why objections, motion practice, discovery and evidentiary hearings are so important).

Lots of mistakes are being made on both sides of the mortgage crisis. Brad, in hosting this new forensic analysis workshop, seeks to help analysts avoid the usual pitfalls, recognize the issues that an expert or lawyer or homeowner may be required to present, and work toward providing the litigation support required to achieve a successful result.

There are a number of good workshops out there that can help forensic auditors, lawyers, experts and even lay people understand how to proceed when they wish to challenge some company that claims to be your lender or servicer. Max Gardner’s boot-camps are very good venues for understanding securitized loans, applying law and procedure to the challenge and coming out with good results. April Charney, who is giving a workshop soon in California is adding non-judicial states to the scope of her workshops for the first time. And Brad Keiser, who has been doing the survey workshops with me for a year and a half is now offering an important, even essential, workshop that drills down on forensic analysis of mortgages and foreclosure proceedings.

Brad, being a former banker himself with one of the nations largest banks, has performed virtually all of the research I use in connection with TILA, RESPA etc. A long-time friend, he has worked with me to bring LivingLies from two dimensional blog postings to three dimensional live presentations.

The output is what is important in any analysis of your mortgage or foreclosure situation. It doesn’t matter what work a company says they will do, even if they completed their engagement. The question is whether it is useful in producing an actual result. That is where the intersection of what is working in court and what is not comes into play. The issue here is knowing what you have, planning your strategy, and choosing the right procedures, lawyers, experts etc. in achieving a well-defined goal. Brad and I have carefully analyzed the forensic process and found a number of things that rise to the level of prime importance:

  1. Finding out whether there are patent violations of existing federal and state lending laws that can be identified for further action by the homeowner or their attorney. This among other things involves an examination of the Annual Percentage rate disclosed on the Good faith estimate, the timing of the good faith estimate, the presence of the traditional (but illegal) yield spread premium), affordability and other factors including discrepancies between the GFE and the HUD settlement statement. A key component of this part of the analysis often overlooked by “TILA Auditors” is an examination of the settlement transaction where the alleged loan was closed revealing discrepancies between the beneficiaries of the mortgage, the note, the title insurance, the mortgage insurance etc. and the use of “nominees” instead of naming the real parties in interest, which is evidence of a table-funded loan.
  2. Revealing the latent violations of lending laws and regulations caused by securitization of loans. Here is where the second and much larger yield spread premium appears and must be estimated by your expert or analyst using tables prepared by an expert. In addition. it reveals discrepancies in signatures, dates and parties in connection with fabricated or forged assignments used to justify the foreclosure by a party not named as lender or beneficiary.
  3. Determining whether there are refunds or rebates due back to the homeowner/borrower either from the original named lender or some other party in a securitization chain.
  4. Discovering facts that show a pattern of deceptive or predatory lending.
  5. Researching the loan to determine the record title chain, the probable securitization of your loan, and providing you with the right questions to ask as tot he identity of the creditor and demanding an accounting from the creditor, as opposed to simply a servicer that serves as a buffer between the debtor (homeowner) and the creditor (Investor owning mortgage backed securities).
  6. Providing adequate information and forms to the lawyer or client on sending out a Qualified Written Request, Debt Validation Letter or Demand Letter.
  7. Highlighting the most significant issues in your loan for the expert to use in preparing a declaration or the lawyer to use in filing a lawsuit, a petition for temporary injunction, or a bankruptcy petition.

As I have repeatedly stated on these pages, a TILA Audit is a start but it usually won’t produce the result of a modified loan that is acceptable tot he homeowner or the nullification of the obligation, note or mortgage.

Before securitization of mortgage loans, the process of examining loan transactions was fairly straight forward and fairly simple. With securitization the analysis requires a much higher level of sophistication that enables the lawyer or homeowner to present or proffer evidence of wrong-doing or improper procedures accounting or disclosure on the part of the securitization chain that produced your loan from the investment in mortgage backed bonds by investors.

Credit Suisse Appraisal Fraud Cited by Investors

In the complaint, the plaintiffs’ lawyers contend that Credit Suisse and Cushman & Wakefield conspired by setting up a Cayman Islands branch to circumvent federal law on real estate appraisals.

Credit Suisse knew the resorts would most likely default under the weight of inflated values, which would allow the bank to take ownership as agent on behalf of the creditors, the suit contends.

Editor’s Note: Don’t overlook this piece. It points directly at the heart of the mortgage meltdown crisis. They knew how to inflate values for the purposes of inducing people to buy into financial instruments. That is what happened to homeowners and the investors who purchased mortgage-backed securities.
Read on. It also outlines the scheme by which the banks played “heads I win, tails you lose.” They structured the investments such that there could be no winner other than the bank. Again, exactly what happened to homeowners and investors. Create an investment you know is bad on both sides, and while the foreclosures come piling into courtrooms, quietly walk away with trillions of dollars leaving the investors and the homeowners with nothing.
January 5, 2010

Credit Suisse Is Accused of Defrauding Investors in 4 Resorts

HELENA, Mont. — Investors at four high-end resorts have filed a class-action lawsuit against Credit Suisse and the real estate services company Cushman & Wakefield, contending that they conspired to inflate the value of the properties so they could take them over.

The suit, outlined in an 84-page complaint filed Sunday in federal court in Boise, Idaho, details what it calls a sweeping loan-to-own scheme. Credit Suisse, according to the complaint, raked in huge fees on loans against the properties, which it syndicated and sold to hedge fund managers. If the resorts could not pay back the hundreds of millions of dollars in loans, based on the inflated values, Credit Suisse could either assume ownership as the agent for the creditors or sell the resorts.

The properties include the Yellowstone Club at Big Sky, Mont., which has multimillion-dollar “ski-in-ski-out” homes and private slopes. Its members include Bill Gates, the Microsoft chairman; the golfer Annika Sorenstam; former Vice President Dan Quayle; and Peter Chernin, former president and chief operating officer of the News Corporation.

In addition, developers and property owners at Lake Las Vegas in southern Nevada, the Tamarack Resort in central Idaho and Ginn sur Mer in the Bahamas are also party to the lawsuit.

The suit was brought on behalf of at least 3,000 investors by L. J. Gibson, who owns property at three of the resorts, and Beau Blixseth, the son and business partner of Timothy L. Blixseth, the developer who bought land near Yellowstone Park and developed the famous club. The involvement of 4,000 to 5,000 more litigants at 10 other resorts, including the Promontory Club in Utah, is pending.

A Credit Suisse spokesman, Duncan King, said, “We believe the suit to be without merit, and we will defend ourselves vigorously.”

Dwayne Doherty, a spokesman for Cushman & Wakefield, which provided appraisals of the property, echoed that statement. “The allegations are completely without merit, and we will defend ourselves vigorously,” he said.

The lead lawyer in the suit, Michael J. Flynn, of Rancho Santa Fe, Calif., said he could not comment until the judge allowed the class action to proceed.

The suit accuses the defendants of engaging in a sweeping conspiracy that focused on the developers of the resorts. Specifically, the complaint accuses Credit Suisse and Cushman & Wakefield of racketeering, breach of fiduciary duty, mail and wire fraud, money laundering and negligence. The suit describes Credit Suisse as an “international banking predator.”

In the complaint, the plaintiffs’ lawyers contend that Credit Suisse and Cushman & Wakefield conspired by setting up a Cayman Islands branch to circumvent federal law on real estate appraisals. The complaint also alleges that they inflated the value of the resorts and made millions of dollars in fees on loans against the properties. Credit Suisse knew the resorts would most likely default under the weight of inflated values, which would allow the bank to take ownership as agent on behalf of the creditors, the suit contends.

The Yellowstone Club borrowed $375 million from Credit Suisse in 2005. After the economy began to falter, Edra Blixseth, who won control of the property in a divorce from her husband, Timothy, was forced to declare bankruptcy in 2008. The property was sold to CrossHarbor Capital Partners in 2009 for $115 million, about a quarter of the estimated value of the club at the peak of the market, though Credit Suisse retained the right to collect the loan after it was sold.

In May, in the Blixseth bankruptcy case, Judge Ralph B. Kirscher of Federal Bankruptcy Court in Butte, Mont., wrote: “The naked greed in this case, combined with Credit Suisse’s complete disregard” for the developer and others, “shocks the conscience of this court.”

“While Credit Suisse’s new loan product resulted in enormous fees to Credit Suisse in 2005, it resulted in financial ruin for several residential resort communities,” he wrote. “Credit Suisse lined its pockets on the backs of the unsecured creditors.” The statement was written in a judge’s order that has since been vacated as part of a settlement agreement.

The complaint also contends that the money to finance loans came from a separate case in which Credit Suisse helped Iranian banks avoid United States sanctions by hiding profits. Credit Suisse paid the government $536 million in December to settle that case.

The suit seeks $8 billion in damages, which it says should be tripled as allowed under federal racketeering statutes.

The decline at many posh Western resorts has been stunning. Values have dropped precipitously, projects are unfinished and investor interest has waned. At the Tamarack Resort, 90 miles north of Boise, the tennis star Andre Agassi has abandoned plans to build a five-star hotel, unfinished buildings have been mothballed and Bank of America is asking a court to allow it to repossess the resort’s ski lifts. Homeowners who bought property and built homes are fuming.

In November, the new owners of the Yellowstone Club liquidated 13 tractor-trailer loads of antique furniture bought by the Blixseths, including a two-seat black walnut throne from a castle in Bavaria that Timothy Blixseth once planned to place in his 53,000-square-foot home. That home was never built.

Fraud Alert: Color Copies being Used to Fabricate Alleged Originals

I have received a number of reports that “outsource providers” are servicing the foreclosers by creating color copies of documents and submitting them as originals. One report is that the “original” was examined at the courthouse and found to be a printout from a very good color printer. It’s a neat trick and one that has probably worked many hundreds if not thousands of times.

This is in addition to the simple ABC’s of chain of title where these service providers create documents signed in one place, witnessed in another place and notarized in another place purporting to transfer a note, mortgage or obligation. You can usually tell that these were not created on the dates they purportedly show they were executed, if nothing else than by noticing dates or breaks in the chain of title. If Joe Smith owns the note and Mike Jones signs an assignment to Mary Simpson, there is a break in the chain of title. Get it?

The dates are important because many of the mortgage “originators” are bankrupt or out of business. The dates often conflict with their non-existence at the time of execution. Thus the person signing on behalf of that company could not possibly have had any authority to do so, the witnesses are probably faked and the notarization is obviously wrong or fraudulent. Some simple checking will probably yield the fact that someone in some unrelated company, possibly the law firm pursuing the foreclosure, signed on behalf of the mortgage originator as a “limited signing officer”.

Usually any signature on behalf of MERS is procured the same way since MERS has no procedure to verify the authority of anyone signing on behalf of MERS on any deed, assignment, or or any other document. From reports received, we believe that MERS has no more than 20 employees, virtually all of whom are IT people maintaining the database and processing or inputting data.



  • any imaginary person or thing spoken of as though existing
  • any fictitious story, or unscientific account, theory, belief, etc.
  • Kudos to investigative journalist Kevin Hall with McClatchy Newspapers for inserting himself into the so called “loan modification” process and exposing the farce that is being perpetrated on the American public in the article below. Why is this happening? Pretty simple, two reasons, first the fact is that in almost all cases where you have a mortgage that has been securitized, you the homeowner or you the lawyer representing the homeowner are not dealing with a party that has authority to modify the loan and second they NEED a default. One of the many missions of this site is exposing the truth, hence the name “Livinglies.” The reality is that they, the “pretender lender,” know the debt is unenforceable, the real party in interest is unidentifiable in most cases, and the title to the property has a cloud on it. So what do they REALLY need:

    1. They need new paperwork and they need new signatures on something they can represent as your affirmation of the debt….to THEM… not the party that actually funded your loan who may be damaged by a default or even the party still on the deed or mortgage at the county recorders office. 
    2. They need you to waive any rights and claims you could assert because the “real lender”  or “real party in interest” and/or various parties in the chain of securitization assumed liablity for those claims you could assert as the notes flowed up the chain.
    3. Here’s the biggie, they have insurance in the event of default, they can’t collect on the insurance, credit default swaps, PMI, etc.  in the event of modification.

    Insurers have a habit of including exclusions into policies of all types and credit default insurance policies are not different. Here is a little sample of a PMI exclusion:

    “Notwithstanding any other provision of this Policy, the coverage extended to any Loan by a Certificate of Insurance may be terminated at the Company’s sole discretion, immediately andwithout notice, if, with respect to such Loan, the Insured shall permit or agree to any of thefollowing without prior written consent of the Company: (1) Any material change or modification of the terms of the Loan including, but not limited to, the borrowed amount, interest rate, term or amortization schedule, excepting such modifications as may be specifically provided for in theLoan documents, and permitted without further approval or consent of the Insured.“*

    *Radian Guaranty Master Policy, Condition 4.C, at Master_Policy

    So who is the “insured”? Well, the bondholders who put up the money that was actually used to fund your loan, reality is they are the only other party other than you that has been damaged in this whole mortage meltdown. Every other party between you and them was an intermediary, who made a killing, and had no capital at risk. The truth, there is no incentive or reason to modify your loan. In order to collect on the insurance they need a default, not a modification.

    Why do you think they want you to use the “fax” to resend them your “modification” paperwork for the umpteenth time? So they can “lose” it again. If they allowed you to scan and email it to them or send it Certified Mail Return Receipt Requested you would have evidence that a) they received it b) who received it and c) when they received it. Then all of a sudden you have a timeline, then all of a sudden someone has to be accountable and explain why they received your information 3 months ago and you haven’t heard “boo” since…

    They know that 60% of these “modifications” are back in default within a year so they need to clear the deck to foreclose when that happens. Meantime, with regard to these “trial” modifications, the paperwork I have seen explictly says that the payments will NOT be credited to your loan account but will be placed in a “suspense” account until after the trial modification period is done. Now, if you fail to complete the trial period or when the “trial” period is completed and you did comply, but they tell you they cannot approve your for a modification…who do you spose keeps that money sitting in the suspense account?

    Bottomline folks, even if you are “working with your servicer on a loan modification” you need to consult a competent attorney, don’t wait until the wolf is at the door to start looking for one.

    If you are a competent attorney, practicing in this area and not on our list of “Lawyers that Get It” we want to hear from you.

    Homeowners Often Rejected Under Obama Plan

    By Kevin G. Hall G. Hall | McClatchy Newspapers

    WASHINGTON — Ten months after the Obama administration began pressing lenders to do more to prevent foreclosures, many struggling homeowners are holding up their end of the bargain but still find themselves rejected, and some are even having their homes sold out from under them without notice.

    These borrowers, rich and poor, completed trial modifications of their distressed mortgage, and made all the payments, only to learn, often indirectly, that they won’t get help after all.

    How many is hard to tell. Lenders participating in the administration’s Home Affordable Modification Program, or HAMP, still don’t provide the government with information about who’s rejected and why.

    To date, more than 759,000 trial loan modifications have been started, but just 31,382 have been converted to permanent new loans. That’s averages out to 4 percent, far below the 75 percent conversion rate President Barack Obama has said he seeks.

    In the fine print of the form homeowners fill out to apply for Obama’s program, which lowers monthly payments for three months while the lender decides whether to provide permanent relief, borrowers must waive important notification rights.

    This clause allows banks to reject borrowers without any written notification and move straight to auctioning off their homes without any warning.

    That’s what happened to Evangelina Flores, the owner of a modest 902 square-foot home in Fontana, Calif. She completed a three-month trial modification, and made the last of the agreed upon monthly payments of $1,134.60 on Nov. 1. Her lawyer said that in late November, Central Mortgage Company told her that it would void her adjustable-rate mortgage, which had risen to a monthly sum above $2,000, and replace it with a fixed-rate mortgage.

    “The information they had given us is that she had qualified and that she would be getting her notice of modification in the first week of December,” said George Bosch, the legal administrator for the Law Firm of Edward Lopez  and Rick Gaxiola, which is handling Flores’ case for free.

    Flores, 58, a self-employed child care worker, wired her December payment to Central Mortgage Company on Nov. 30, thinking that her prayers had been answered. A day later, there was a loud, aggressive knock on her door.

    Thinking a relative was playing a prank, she opened her front door to find two strangers handing her an eviction notice.

    “They arrived real demanding, saying that they were the owners,” recalled Flores. “I have high blood pressure, and I felt awful.”

    Court documents show that her house had been sold that very morning to a recently created company, Shark Investments. The men told Flores she had to be out within three days. The eviction notice had a scribbled signature, and under the signature was the name of attorney John Bouzane.

    A representative in his office denied that Bouzane’s law firm was involved in Flores’ eviction, and said the eviction notice was obtained from Bouzane’s Web site,

    Why would a lawyer provide for free a document that gives the impression that his law firm is behind an eviction?

    “We hope to get the eviction business,” said the woman, who didn’t identify herself.

    Flores bought her home in 2006 for $352,000. Records show that it has a current fair-market value of $99,000. The new owner bought it for $78,000 at an auction Flores didn’t even know about.

    “I had my dream, but now I feel awful,” said Flores, who remains in the house while her lawyers fight her eviction. “I still can’t believe it.”

    How could Flores go so quickly from getting government help to having her home owned by Shark Investment? The answer is in the fine print of standard HAMP documents.

    The Aug. 25 cover letter from Central Mortgage Company, the servicer that collects Flores’ mortgage payments, offered Flores a trial modification with this comforting language:

    “If you do not qualify for a loan modification, we will work with you to explore other options available to help you keep your home or ease your transition into a new home.”

    CMC is owned by Arkansas regional Arvest Bank, itself controlled by Jim Walton, the youngest son of Wal-Mart founder Sam Walton.

    A glance past CMC’s hopeful promise finds a different story in the fine print of HAMP document, which contains standardized language drafted by the Obama Treasury Department and is used uniformly by lenders.

    The document warns that foreclosure “may be immediately resumed from the point at which it was suspended if this plan terminates, and no new notice of default, notice of intent to accelerate, notice of acceleration, or similar notice will be necessary to continue the foreclosure action, all rights to such notices being hereby waived to the extent permitted by applicable law.”

    This means that even when a borrower makes all the trial payments, a lender can put the house up for auction if it decides that the homeowner doesn’t qualify — assuming that foreclosure proceedings had been started before the trial period — without telling the homeowner.

    Until now, lenders haven’t even had to notify borrowers in writing that they’d been rejected for permanent modifications.

    In January, 11 months after Obama’s plan was announced, homeowners will begin receiving written rejection notices, and the Treasury Department finally will begin receiving data on rejection rates and reasons for rejections.

    The controversial clause notwithstanding, the handling of Flores’ loan raises questions.

    “Foreclosure actions may not be initiated or restarted until the borrower has failed the trial period and the borrower has been considered and found ineligible for other available foreclosure prevention options,” said Meg Reilly, a Treasury spokeswoman. “Servicers who continue with foreclosure sales are considered non-compliant.”

    CMC officials declined to comment and hung up when they learned that a reporter was listening in with permission from Flores’ legal team. Arvest officials also declined comment.

    McClatchy did hear from Freddie Mac, the mortgage finance agency seized by the Bush administration in September 2008. Freddie owns Flores’ loan, and spokesman Brad German insisted that Flores was reviewed three times for loan modification.

    “In each instance, there was a lack of documentation verifying that she had the income required for a permanent modification,” German said.

    That response is ironic, said Michael Calhoun, the president of the Center for Responsible Lending, a nonpartisan group in Durham, N.C., that works on behalf of borrowers.

    “These lenders gave loans with no documentation and charged them a penalty interest rate for doing so. And now when the people ask for help, they are using extravagant demands for documentation to give them the back of their hand and continue to foreclosure,” Calhoun said.

    German said that Flores was sent a letter on Nov. 24, which would have arrived several days later, given the Thanksgiving holiday, informing her that she’d been rejected for a permanent modification. Flores and her attorney said she never got a letter, and neither Freddie Mac nor CMC provided proof of that letter.

    Exactly one week after the letter supposedly was sent, Flores’ home was sold to Shark Investments. That company was formed on Aug. 19, according to records on the California Secretary of State’s Web site. Shark Investments, apparently an unsuspecting beneficiary of Flores’ woes, has no phone listing. The Riverside, Calif., address on the company’s filing as a limited liability company traces to a five-bedroom, four-bath house with a swimming pool.

    German didn’t comment on whether Flores received sufficient notice under Freddie Mac rules, or how the home could move to sale so quickly.

    Flores’ legal team, which specializes in foreclosure prevention, thinks that lenders and servicers are gaming Obama’s housing effort.

    “It seems servicers are giving people false hopes by sending them a plan, and they are using the program as a collection method, getting people to pay them with no intention of modifying the loan,” said Bosch. “I believe they are using this as a tool to suck people dry.”

    Dashed hopes aren’t exclusive to the working poor such as Flores.

    David Smith owns a beautiful home in San Clemente, Calif., the location of the Richard Nixon Presidential Library. Smith purchased his five bedroom home four years ago for $1.3 million. Today, the real estate Web site estimates the value of Smith’s home at $981,000, slightly below the $1 million he still owes on it.

    Smith said he went from “making a lot of money to making hardly any” as the national and California economies plunged into deep recession. He’s a salesman serving the hard-hit residential and commercial construction sector. On top of his hardship, Smith’s mortgage exceeds the limits for the HAMP plan.

    In late August, Smith signed and returned paperwork in a prepaid FedEx envelope to Bank of America that said it had received the contract needed to modify the adjustable-rate mortgage he originally took out with the disgraced lender Countrywide Financial, which Bank of America bought last year.

    The modification agreement shows that Bank of America agreed to give Smith a 3.375 percent mortgage rate through September 2014, and everything Smith paid between now and through 2019 would count as paying off interest. He’d begin paying principal and interest in October 2019, with the loan maturing in 2037.

    The deal favors the lender, but Smith, 55, jumped on it because it kept him in the home.

    Armed with what he thought was “a permanent modification,” Smith returned a notarized copy of the agreement and made subsequent payments on time.

    In return, he got a surprising notice from Bank of America saying that his house would be auctioned off on Dec. 18.

    “It looks like they’re trying to sell this out from underneath me,” Smith said. “My wife cries all the time.”

    After a Dec. 16 call from McClatchy asking why Bank of America wasn’t honoring its own modification, the lender backed off.

    “The case has been returned to a workout status and a Home Retention Division associate will be contacting Mr. Smith for further discussions,” said Rick Simon, a Bank of America spokesman. “The scheduled foreclosure sale will be postponed for at least 30 days to allow for review of the account in hope of completing a home retention solution for Mr. Smith.”

    The Center for Responsible Lending says such problems are common.

    “Everyone acknowledges that the system is not working well,” Calhoun said.



    MERS and Countrywide v Agin Trustee D Ct Mass Aff’d B Ct on Avoidance Mtg 20091117

    NOTE FROM EDITOR SEEKING HELP: Rumor has it San Diego has stopped all foreclosures. I need this corroborated or debunked quickly. Can I get a little help here?

    The case in this POST comes out of Massachusetts where the cases are not quite stopped, but almost so — AND where property title insurance companies are NOT underwriting ANY policy that covers a home whose mortgage was securitized.

    Many thanks to MAX GARDNER for this case and best wishes for his speedy recovery. He’s one of the titans of this movement. we want him around!

    The primary point that needs emphasis here is that as you read this case you will see that if you give the Court something SOLID to hang its hat on, you can get the results you want.

    The mistake being made repeatedly out there is simple: either the homeowner or the lawyer goes in with a legal argument addressing the conclusions of the case instead of directing the Judge’s attention to the beginning of the case — discovery, motions to compel, TRO etc. based upon discovery requirements.

    The obvious requirement that you need to know in your mind what you are talking about it so you know the significance of the issue legally seems to  have escaped all but a few lawyers. Many lawyers are taking half baked “audits” going to court and making legal arguments about a report they have not read, do not understand and which does not contains all the elements needed anyway.

    You must educate the Judge not lecture him. You must NOT rely on securitization in your preliminary arguments because it sounds like legal maneuvering to get out of a legitimate debt.

    Unfortunately these mistakes are being made even by people who have attended our survey courses. So we are expanding our offering by adding DVDs, Boot Camps and home study.

    Our own efforts at providing forensic review and expert support to lawyers has been challenged by the growing demand vs manpower limitations. Consequently, we will embark on efforts to increase the bandwith or resources in terms of people through educational programs. We will then start to refer cases to forensic analysts and lawyers.

    We  are starting courses to train, and certify forensic analysts who pick up even the most minute flaw in a document — like a document you you know in your heart is fabricated and forged but feel intimidated by the process of proving it.

    In conjunction with specific courses on training forensic analysts we will also offer addtional courses on how to be expert witnesses, how to prepare expert declarations and affidavits and how to defend your expert declarations in deposition or in an evidentiary hearing. The course is also for lawyers who feel they could use a little support on direct and cross examination of experts.

    Audit Faults New York Fed in A.I.G. Bailout

    Editor’s Note: In this article you have the nub of the problem for the investors, for the foreclosers, for the pretender lenders. What did the taxpayer actually pay for and what did they get for it? And if the money all went to pay off credit default swaps at 100 cents on the dollar then are those obligations to be considered paid or still outstanding, due and owing. And if they are still due and owing, to whom?

    Remember that in addition to the windfall hidden yield spread premium between the aggregating pool and the SPV pool that amounted to as much as multiples of the loan amounts, these investment banks placed bets (credit default swaps) on the failure of those pools. These were pools they created (or that they had inside information on) and they “traded” with other investment houses (creating plausible deniability that they had done anything wrong). Based on the certainty that the pools would fail they purchased as many as 30 bets that the loan would fail and under the rules, they were allowed to collect 30 times the loss amount.

    So that is why I have repeatedly said that the only incentive amongst the pretender lenders and all the other sharks posing as conduits or intermediaries, was to make certain that the loans went into default. Unless a solid percentage went into default, the credit default swaps didn’t pay off. Loan modifications don’t pay off, short-sales don’t pay off, settlements don’t pay off. Only defaults brings the ridiculous profits to the doorstep of these companies who are the only ones making money off this debacle. And the NY Fed either didn’t understand it or did understand it. Either way the NY Fed needs to be brought to task about this and the question of Geitner’s continued tenure as Treasury secretary needs to be addressed.

    But this is not going to be settled in the court of public opinion. It is only going to be settled in the courts of competent jurisdiction. Somehow we have to get the message across that these people are making king’s ransoms off the defaulting loans and that they are taking the houses too as the cherry on top of their self-created gluttonous cake.
    November 17, 2009

    Audit Faults New York Fed in A.I.G. Bailout

    The Federal Reserve Bank of New York gave up much of its power in high-pressure negotiations with the American International Group’s trading partners last year, according to a government report made public on Monday.

    Just two days before the New York Fed paid A.I.G.’s partners 100 cents on the dollar to tear up their contracts with the insurance giant, one bank volunteered to take a modest haircut — but it never got the chance.

    UBS, of Switzerland, alone offered to give a break to the New York Fed in the negotiations last November over how to keep A.I.G. from toppling and taking other banks down with it. It would have accepted 98 cents on the dollar.

    But UBS’s good-faith gesture was quickly drowned out by Goldman Sachs and the top French bank regulator. They argued, with others, that it would be improper and perhaps even criminal to force A.I.G.’s trading partners to bear losses outside of bankruptcy court.

    The banks and the regulator were confident that the New York Fed was not willing to push A.I.G. into bankruptcy, because earlier in the fall the New York Fed had stepped in with $85 billion to prop up the insurer.

    The New York Fed, led then by Timothy F. Geithner, who is now the Treasury secretary, therefore had little leverage in the negotiations, according to a post-mortem of what has emerged as the most inflammatory episode in the rescue of A.I.G.

    The Fed “refused to use its considerable leverage,” Neil M. Barofsky, the special inspector general for the Troubled Asset Relief Program, wrote in a report to be officially released on Tuesday, examining the much-criticized decision to make A.I.G.’s trading partners whole when people and businesses were taking painful losses in the financial markets.

    There have been suggestions that the Fed chose to negotiate weakly, Mr. Barofsky said, to give a “backdoor bailout” to A.I.G.’s banks. He said Mr. Geithner and the Fed’s lawyers had denied this, but added that “irrespective of their stated intent,” there was no doubt about the result: “Tens of billions of dollars of government money was funneled inexorably and directly to A.I.G.’s counterparties.”

    Among its notable findings, the report challenged Goldman’s position that it should not have been forced to bear losses on its dealings with A.I.G. because it had successfully hedged away any exposure. Mr. Barofsky said that Goldman’s hedges were unlikely to have held up amid the market turbulence of late last year.

    A spokesman for Goldman took issue with that finding, saying that the bank believed it had, in fact, successfully hedged its exposure to A.I.G. up until the point in November when the Fed was seeking a way to terminate all the trading partners’ contracts with A.I.G.

    He said any additional exposure to A.I.G.’s losses was a moot point, because the Fed’s intervention had eliminated the risk.

    The report concluded that the Fed’s efforts to negotiate concessions from A.I.G.’s trading partners had no chance of success because of several crucial positions taken by the Fed.

    First, the Fed considered itself a creditor of A.I.G., rather than a regulator that could impose its will on banks. It approached A.I.G.’s trading partners with a request for “voluntary” concessions. Mr. Barofsky said this differed from the government’s role in the auto industry, where it lent the car makers money but also negotiated aggressively and won substantial concessions from other creditors.

    The Fed also decided it could not treat foreign banks differently from American banks, for fear of setting off foreign retaliation.

    While seeking concessions from the various banks, the Fed contacted the Commission Bancaire, a French regulator, to request support in its negotiations with two French institutions, Société Générale and Calyon.

    The Commission Bancaire responded “forcibly” that unless A.I.G. were in bankruptcy, the French banks were “precluded by law from making concessions and could face potential criminal liability” if they helped.

    By that time, seven of the eight banks had also refused to grant concessions. Officials at the Fed then met with Mr. Geithner. The officials recommended that the Fed stop seeking concessions.

    The report said Mr. Geithner did not recall being told one bank was willing to take a haircut, but did not challenge the account of those on his staff.

    The report also shed new light on the effect the rating agencies had on the way the Fed handled the A.I.G. emergency. The company’s run-on-the-bank disaster began with a major credit downgrade in September; the Fed quickly responded with an $85 billion loan.

    But because the Fed moved so quickly, it recycled a set of lending terms that had previously been devised for A.I.G. by lenders in the private sector. The interest rate was too high, given A.I.G.’s distress, and so the loan that was supposed to rescue the insurer ended up putting it at risk of a second credit downgrade. That, in turn, could have set off a second run-on-the-bank episode.

    The Fed got caught in a no-win situation, the report said. While it might have been able to win concessions by threatening to withdraw support from A.I.G., it also ran the risk that the credit agencies would take the threat too seriously and impose another catastrophic downgrade.

    Mr. Barofsky said the facts also undermined the Fed’s arguments that banking secrecy was an essential part of bank stability.

    “The default position, whenever government funds are deployed in a crisis to support markets or institutions, should be that the public is entitled to know what is being done with government funds,” he said.



    Dan has put together a list which frankly I would like him to expand. Following the money means determining the party to whom you MIGHT owe money. It certainly isn’t the pretender lender and if you can fill in the blanks on this list you will be able to show that. Remember the burden is NOT on you to prove it, the burden is on you to ASK for it in qualified written request, debt validation letter and/or discovery (interrogatories, request to produce, subpoena duces tecum, and requests for admission). If you ever get someone the pretender lender offers to answer your questions at deposition make sure you specify that you will want the person(s) who are able to answer questions about the following items on this list.

    Your forensic review can only estimate the some of the data. But the closer you get to answering more and more of these questions by aggressively enforcing their obligation to answer under federal law, state law and rules of civil procedure, the closer you get to proving that the wrong party is servicing the loan, the wrong party is collecting on the loan, and the wrong party is enforcing the note, while the obligation has been altered by events outside of the report that the foreclosing party is reporting to the court. Each time they fail to give you the right person or the information leading to the names of the investors/lenders, the amount still owed on the obligation (not the note), you will get the judge increasingly interested as to why they can’t come up with information they should have had when they started foreclosure. Remember this is not about getting a free house — it is about getting answers to your questions. You might end up with a free house as others have done or you might end up with a re-structured loan on terms you can afford. One thing is sure — when you DO have all the answers, the amount due is bound to be far different than the amount they are claiming.

    Laymen will be confused by my distinction between the obligation and the note. Under law, the note is only evidence of the obligation and is often confused, even in court, with the obligation itself. It is that confusion that the pretender lender are leveraging so they can keep everyone’s eye off the ball — the true amount of the obligation, not the indisputable amount written on the note. By distracting the Judge into looking only at the note, they finesse the proof requirement as to what is really owed. The fact that the real lender has been paid or settled through federal bailout, insurance, credit default swaps etc., is kept off the table as long as you fall into the trap of looking at the note (merely evidence of the obligation) instead of looking at the entire transaction through the lens of the creation and payment of the obligation from all potential sources.


    – Original face value
    – Beginning Notional / Principal balance
    – Pass-through rate
    – Principal distribution
    – Interest distribution
    – Total Distribution
    – Principal loss
    – Interest loss
    – Deferred Interest
    – Ending Notional principal balance

    – The accrual period
    – Acrrual methodology
    – Optimal Interest Amount
    – Interest loss
    – Deferred Interest
    – Interest shortfall amt
    – Other income
    – Accrued certificate interest remaining unpaid

    Other income detail:
    – Certificate class
    – Prepayment charge
    – Remaining excess cash flow and OC release amount
    – other income distribution

    Interest shortfalls, compensation and expenses (per Group)
    – Current prepayment interest shortfall amt
    – Compensating interest
    – net prepayment interest shortfall amount
    – Civil Relief act shortfall count
    – civil relief act shortfall amount
    – Compensation
    – – subservicer
    – – master servicer
    Advances by master servicer
    – Allowable expenses per governing document
    – non-recoverable advances

    Prepayment interest and Basis risk/net WAC shortfall amount (by certificate class)
    – [I will leave out this section)

    Collateral summary
    – original laon count / scheduled principal balance
    – beginning loan count / scheduled principal balance
    – scheduled principal
    – curtailment
    – payoff
    – matured loans
    – repurchases (by the way this is 0 for all months reported)
    – beginning aggregate scheduled principal balance of liquidations (and?) charge-offs
    – ending loan count scheduled principal balance

    there is more, but I will just leave it at that. None of the information is specific to any one loan as I had hoped. But, they have to keep that info somewhere (use discovery) …

    Dan Edstrom

    “The Dog Ate Your Mortgage” — Gretchen Morgenson (NY Times) Hits it Again

    If you want a summary of about 75% of what we cover at the seminar in Clearwater, Florida on November 1-2, just read this article. I’ll explain how we got to this point, the legal points to be raised and how to aim for the same result — no mortgage, no note, no obligation — and clear title. No guarantees on that result but you are NOW in a position to present a very credible threat by which you can restructure your mortgage with a substantial principal reduction and reasonable terms.
    Federal Judge Robert D. Drain wiped out a $461,263 mortgage debt on the property. That’s right: the mortgage debt disappeared, via a court order. — “I think that I have a more than 50 percent doubt that if the debtor paid this claim, it would be paying the wrong person,” he said. “That’s the problem.
    –dubious proof-of-ownership tactics may no longer be accepted practice. They may even be viewed as a fraud on the court.
    some judges are starting to scrutinize the rules-don’t-matter methods used by lenders and their lawyers in the recent foreclosure wave.

    The United States Trustee, a division of the Justice Department charged with monitoring the nation’s bankruptcy courts, has also taken an interest in the White Plains case. Its representative has attended hearings in the matter, and it has registered with the court as an interested party.

    October 25, 2009
    Fair Game

    If Lenders Say ‘The Dog Ate Your Mortgage’

    FOR decades, when troubled homeowners and banks battled over delinquent mortgages, it wasn’t a contest. Homes went into foreclosure, and lenders took control of the property.

    On top of that, courts rubber-stamped the array of foreclosure charges that lenders heaped onto borrowers and took banks at their word when the lenders said they owned the mortgage notes underlying troubled properties. (Editor’s Note: INFORMATION VS. EVIDENCE: THE REPRESENTATION IS USUALLY A FINESSE ACCOMPLISHED BY A LAWYER REPRESENTING THE BANK MAKING THE REPRESENTATION OF OWNERSHIP. The representation is not only false, it isn’t evidence unless the lawyer is a competent witness — i.e., one who has personal knowledge through personal perception of the facts being asserted, and swears to it under oath, subjecting himself or herself to cross-examination)

    In other words, with lenders in the driver’s seat, borrowers were run over, more often than not. Of course, errant borrowers hardly deserve sympathy from bankers or anyone else, and banks are well within their rights to try to protect their financial interests.

    But if our current financial crisis has taught us anything, it is that many borrowers entered into mortgage agreements without a clear understanding of the debt they were incurring. And banks often lacked a clear understanding of whether all those borrowers could really repay their loans.

    Even so, banks and borrowers still do battle over foreclosures on an unlevel playing field that exists in far too many courtrooms. But some judges are starting to scrutinize the rules-don’t-matter methods used by lenders and their lawyers in the recent foreclosure wave. On occasion, lenders are even getting slapped around a bit.

    One surprising smackdown occurred on Oct. 9 in federal bankruptcy court in the Southern District of New York. Ruling that a lender, PHH Mortgage, hadn’t proved its claim to a delinquent borrower’s home in White Plains, Judge Robert D. Drain wiped out a $461,263 mortgage debt on the property. That’s right: the mortgage debt disappeared, via a court order.

    So the ruling may put a new dynamic in play in the foreclosure mess: If the lender can’t come forward with proof of ownership, and judges don’t look kindly on that, then borrowers may have a stronger hand to play in court and, apparently, may even be able to stay in their homes mortgage-free.

    The reason that notes have gone missing is the huge mass of mortgage securitizations that occurred during the housing boom. Securitizations allowed for large pools of bank loans to be bundled and sold to legions of investors, but some of the nuts and bolts of the mortgage game — notes, for example — were never adequately tracked or recorded during the boom. In some cases, that means nobody truly knows who owns what.

    To be sure, many legal hurdles mean that the initial outcome of the White Plains case may not be repeated elsewhere. Nevertheless, the ruling — by a federal judge, no less — is bound to bring a smile to anyone who has been subjected to rough treatment by a lender. Methinks a few of those people still exist.

    More important, the case is an alert to lenders that dubious proof-of-ownership tactics may no longer be accepted practice. They may even be viewed as a fraud on the court.

    The United States Trustee, a division of the Justice Department charged with monitoring the nation’s bankruptcy courts, has also taken an interest in the White Plains case. Its representative has attended hearings in the matter, and it has registered with the court as an interested party.

    THE case involves a borrower, who declined to be named, living in a home with her daughter and son-in-law. According to court documents, the borrower bought the house in 2001 with a mortgage from Wells Fargo; four and a half years later she refinanced with Mortgage World Bankers Inc.

    She fell behind in her payments, and David B. Shaev, a consumer bankruptcy lawyer in Manhattan, filed a Chapter 13 bankruptcy plan on her behalf in late February in an effort to save her home from foreclosure.

    A proof of claim to the debt was filed in March by PHH, a company based in Mount Laurel, N.J. The $461,263 that PHH said was owed included $33,545 in arrears.

    Mr. Shaev said that when he filed the case, he had simply hoped to persuade PHH to modify his client’s loan. But after months of what he described as foot-dragging by PHH and its lawyers, he asked for proof of PHH’s standing in the case.

    “If you want to take someone’s house away, you’d better make sure you have the right to do it,” Mr. Shaev said in an interview last week.

    In answer, Mr. Shaev received a letter stating that PHH was the servicer of the loan but that the holder of the note was U.S. Bank, as trustee of a securitization pool. But U.S. Bank was not a party to the action.

    Mr. Shaev then asked for proof that U.S. Bank was indeed the holder of the note. All that was provided, however, was an affidavit from Tracy Johnson, a vice president at PHH Mortgage, saying that PHH was the servicer and U.S. Bank the holder.

    Among the filings supplied to support Ms. Johnson’s assertion was a copy of the assignment of the mortgage. But this, too, was signed by Ms. Johnson, only this time she was identified as an assistant vice president of MERS, the Mortgage Electronic Registration System. This bank-owned registry eliminates the need to record changes in property ownership in local land records. (Editor’s Note: Many foreclosure mill law firms are now establishing “one-stop shopping” where the assignments are fabricated, executed by their own employees, who then file affidavits in court. The defense lawyer or bankruptcy lawyer who takes this “information” at face value has forgotten basic rules of evidence. His client is prejudiced by his ignorance)

    Another problem was that the document showed the note was assigned on March 26, 2009, well after the bankruptcy had been filed.

    Mr. Shaev’s questions about ownership also led to an admission by PHH that, along the way, it had levied an improper $450 foreclosure fee on the borrower and had overcharged interest by an unstated amount.

    John DiCaro, a lawyer representing PHH at the hearing, was in the uncomfortable position of having to explain why there was no documentation of an assignment to U.S. Bank. He did not return a phone call seeking comment last week. Ms. Johnson, who couldn’t be reached for comment, did not attend the hearing.

    According to a transcript of the Sept. 29 hearing, Mr. DiCaro said: “In the secondary market, there are many cases where assignment of mortgages, assignment of notes, don’t happen at the time they should. It was standard operating procedure for many years.” (Editor’s Note: This is why a COMPLETE forensic review and analysis is required rather than just a TILA AUDIT).

    Judge Drain rejected that argument, concluding that what had been presented to the court just did not add up. “I think that I have a more than 50 percent doubt that if the debtor paid this claim, it would be paying the wrong person,” he said. “That’s the problem. And that’s because the claimant has not shown an assignment of a mortgage.”

    Mr. Shaev said he was shocked when the judge expunged the mortgage debt.

    “We are in uncharted territory,” he said. “Right now I am in bankruptcy court with a house that has no discernible debt on it, yet I have a client with a signed mortgage. We cannot in theory just go out and sell this house because the title company won’t give a clear title on it.”

    Among the next steps Mr. Shaev said he would take is to file an amended plan or sue to try to get clear title to the property.

    Late last week, PHH appealed the judge’s ruling. But Mr. DiCaro and PHH are in something of a bind. Either they will return to court with a clear claim on the property — including all the transfers and sales that are necessary in the securitization process — or they won’t be able to produce that documentation. If they do produce it, they will then have to explain why they didn’t produce it before.

    Oh, what a tangled web these mortgage lenders weave.

    TWO Undisclosed Yield Spread Premiums: Why Securitization Changes the Game



    So called “auditors” will miss the fact that there are two yield spread premiums that were not disclosed to either the homeowner or the investor. Failure to account for the movement of money through the securitization chain and failure to account for appraisal fraud, essentially leaves 95% of the money on the table. Those who get paid recovering undisclosed yield spread premiums and profits and treble damages should want to take note. But it is easier to offer the less intensive “audit” (we like to call these forensic analyses because there is no audit in the accounting sense). This leaves most of your bargaining chips for modification or settlement sitting in the pocket of the pretender lender.

    And this is why forensic reviewers and lawyers who understand the basics of securitization could go after the entire cruise ship but are walking away with only peanuts from the bar. SIGN UP FOR CLEARWATER, FLORIDA SEMINAR NOW

    Let’s take a look at what I’m talking about. Example: You have a $300,000 loan that was “bumped” to a higher priced loan than what you would otherwise have qualified for.

    This means the salesmen who sold you the loan product convinced you through misrepresentation of the loan and the marketplace that you will be better off with the worse loan. He knows it is worse but he gets paid for putting you in a worse loan. So he skews the facts and misdirects your attention until you come to “agree” that the worse loan is “better.”

    If you would have qualified for a 5% annual interest rate, fully amortized, fixed rate for thirty years and instead you took some alternative flexible “loan” product to reduce your payments initially, the loan originator gets a yield spread premium which is required to be disclosed at your loan closing. Usually it isn’t. The amount of this first yield spread premium would probably be around $3,000. This is what the usual TILA “Audit” reveals. What they don’t reveal is an additional $180,000 undisclosed yield spread premium, plus the profit from payment from credit default swaps. So they are claiming around $10,000 in damages for you but they should be going after $600,000. Oops!

    Same example with extra facts: The interest rate on the alternate loan that you signed calls for prepayment penalties and adjustable rates, resets of payments from interest only to fully amortized etc. In other words the risk of you defaulting on a loan that you could otherwise have easily paid, is increased immeasurably — a fact not lost on the securitization intermediaries. They, knowing the loan will probably fail, put your loan in a pool with similar loans that are likely to fail. Then they purchase credit default swaps betting that a substantial number of loans will fail thus receiving payment on the pool perhaps as much as thirty times over, because there were no limits on how many times they could insure the pool, even if they had no interest in it and even though they didn’t lend any money.

    So it turns out that your real payment and real interest rate are much higher. Let’s say that it is a modest increase to 8% over some period of time. This interest rate is applied against the loan balance, $300,000 which means that for purposes of selling your loan to an investor, they are selling an “apparent” income of $24,000 per year plus a “guaranteed” return of principal.

    What the investor doesn’t know is that you don’t qualify for an 8% loan and you can’t pay it. The investor (pension fund, hedge fund etc.) only knows that they are buying a bond which also gives them ownership in your loan and others in the pool. Since the bond is Triple AAA rated and “insured” (by AIG!), the risk is perceived by the investor as very low. So the investor is willing to accept a rate of return of only 5%, which is 1% higher than similar financial products on the market. The fund manager looks like a genius because the extra 1% translates to a 20% increase in fixed income. All the investor cares about at this point is that he just got an income of $24,000 per year virtually guaranteed, which gives him his 5% return.

    Now for the analysis and why lawyers and forensic reviewers need to take note: Just take out a piece of paper, a calculator and try this for yourself. A new yield spread premium appears as a result of this shifty tactic of changing loan terms and it is huge. It turns out that the amount of the purchase price of the bond for a 5% return that equals $24,000 is $480,000. You can do the calculation as many times as you like but it comes out the same every time. They took $480,000 from the investor and gave you $300,000 keeping $180,000 for themselves. That means there is an additional yield spread premium of $180,000 that was undisclosed.

    Under the TILA-Respa approach this means you are entitled to the first undisclosed yield yield spread premium of $3,000 (see above) PLUS the second  yield spread premium of $180,000.  And you may be entitled to treble damages. That could be $540,000 or perhaps twice the amount of your loan. That means you have a set off in an amount higher than the loan itself. That means they owe you more than you owe anyone. That means you can’t be in default. It means you are not in default. It means your foreclosure is improper, illegal, and immoral.

    The moral of the story is stop looking for the easy cheap way out. Your house and your life are worth far more. Yes you will have to fight harder and longer to resolve the issues. And yes lawyers are slow to realize that this is a gold mine for themselves as well as you. But increasingly, judges, lawyers and homeowners are coming to realize that this was not a case where their eyes were too big for their stomach. This was a simple case of fast talking salesmen getting people into trouble without the slightest twinge of conscience. This wasn’t your fault. You are the victim, not the perpetrator of some great fraud on the financial industry. They knew exactly what they were doing when they cheated you and the investor in exactly the same ways.

    Don’t Get “HAMP”ED Out Of Your Home!

    By Walter Hackett, Esq.
    The federal government has trumpeted its Home Affordable Modification Program or “HAMP” solution as THE solution to runaway foreclosures – few things could be further from the truth.  Under HAMP a homeowner will be offered a “workout” that can result in the homeowner being “worked out” of his or her home.  Here’s how it works.  A participating lender or servicer will send a distressed homeowner a HAMP workout agreement.  The agreement consists of an “offer” pursuant to which the homeowner is permitted to remit partial or half of their regular monthly payments for 3 or more months.  The required payments are NOT reduced, instead the partial payments are placed into a suspense account.  In many cases once enough is gathered to pay the oldest payment due the funds are removed from the suspense account and applied to the mortgage loan.  At the end of the trial period the homeowner will be further behind than when they started the “workout” plan.   

    In California, the agreements clearly specify the acceptance of partial payments by the lender or servicer does NOT cure any default.  Further, the fact a homeowner is in the workout program does NOT require the lender or servicer to suspend or postpone any non-judicial foreclosure activity with the possible exception of an actual trustee’s sale.  A homeowner could complete the workout plan and be faced with an imminent trustee’s sale.  Worse, if a homeowner performs EXACTLY as required by the workout agreement, they are NOT assured a loan modification.  Instead the agreement will include vague statements that the homeowner MAY receive an offer to modify his or her loan however there is NO duty on the part of the servicer or lender to modify a loan regardless of the homeowner’s compliance with the agreement. 
    A homeowner who fully performs under a HAMP workout is all but guaranteed to have given away thousands of dollars with NO assurance of keeping his or her home or ever seeing anything resembling an offer to modify a mortgage loan. 
    While it may well be the case the government was making an honest effort to help, the reality is the HAMP program is only guaranteed to help those who need help least – lenders and servicers.  If you receive ANY written offer to modify your loan meet with a REAL licensed attorney and ask them to review the agreement to determine what you are REALLY agreeing to, the home you save might be your own.




    NY TIMES: What do the market traders know that the rest of the world does not?

    NY Times second lead article is how are these “Troubled Assets” going to be valued? 97 cents on the dollar (management), 87 cents (S&P at current default rates), 53 cents under “bleaker” (undefined conditions), 38 cents where the trading markets value them, or 0 cents on the “Garfield Continuum Index.” ?

    why the disparity? What do the market traders know that the rest of the world does not? ANSWER: The paper is ALL worthless. The gamble is that the government will somehow add value to the mix. The  markets are saying there is one chance in 3 that the government will be successful.
    The Fed and US Treasury bought preferred stock so they wouldn’t be exposed to a fraudulent list of mortgages and notes, asset backed securities and pools. Assets that either don’t exist and never existed or never existed in the way they were described to investors. None of the foreclosures are being brought by people who actually own the note.
    Why would anyone value them under the current default rate? The answer is really because NONE of the investors are getting paid regardless of the outcome of the foreclosures. ALL of the foreclosing parties are people who never lost a dime and to add insult to injury they are taking the property too. ALL of them made money hand over fist and the game is still going on. Meanwhile the investors continue to get screwed which is why nobody trusts the credit markets (who would?) and the borrowers are getting screwed out of their homes because they believe the system is working properly when it isn’t.
    Note CNN piece on Marcy Kaptur, Toledo congresswoman who says stay even if you have been foreclosed. They don’t have the note. The reasons why nobody who actually has authority over the note is involved is if they step forward, under the Uniform Commercial Code, TILA and other laws they are stepping into the shoes of the originating lenders, poolers and securitizers who committed all these criminal and civil frauds.
    February 2, 2009

    Big Risks for U.S. in Trying to Value Bad Bank Assets

    As the Obama administration prepares its strategy to rescue the nation’s banks by buying or guaranteeing troubled assets on their books, it confronts one central problem: How should they be valued?

    Not just billions, but hundreds of billions of taxpayer dollars are at stake.

    The Treasury secretary, Timothy F. Geithner, is expected to announce details of the new plan within weeks. Administration and Congressional officials say it will give the government flexibility to buy some bad assets and guarantee others in an effort to have a broad impact but still tailor the aid for different institutions.

    But getting this right will not be easy. The wild variations on the value of many bad bank assets can be seen by looking at one mortgage-backed bond recently analyzed by a division of Standard & Poor’s, the credit rating agency.

    The financial institution that owns the bond calculates the value at 97 cents on the dollar, or a mere 3 percent loss. But S.& P. estimates it is worth 87 cents, based on the current loan-default rate, and could be worth 53 cents under a bleaker situation that contemplates a doubling of defaults. But even that might be optimistic, because the bond traded recently for just 38 cents on the dollar, reflecting the even gloomier outlook of investors.

    The bond analyzed by S.& P. is just one of thousands that the government might buy or guarantee should it go forward with setting up a “bad bank” that would acquire $1 trillion or more of toxic assets from banks.

    The idea is that, free from the burden of carrying these bad assets, banks would start lending again and bolster the faltering economy. The bad bank set up by the government would, over time, sell the assets and recover some or most of what it had paid.

    While the government is considering several approaches to helping the banks, including more capital injections, buying or insuring toxic assets is likely to be a centerpiece. Determining the right price for these assets is crucial to success. Placing too low a value would force institutions selling and others holding similar investments to register crushing losses that could deplete their capital and make it harder for them to increase lending.

    But inflated values would bail out the companies, their shareholders and executives at the expense of taxpayers, who would swallow the losses if the government could not recoup what it had paid.

    Some critics of the plan warn that the government should not buy the assets, because banks will try to get too high a price and leave taxpayers holding the bag.

    “To date, the banks have stuck their heads in the sand,” said Lynn E. Turner, a former chief accountant for the Securities and Exchange Commission, “and demanded that they be paid the price of good apples for bad apples.”

    But many believe that, given the depth of the problem and the fact that it keeps getting worse, the government has little choice.

    Finance experts from Wall Street and academia are advising the administration on other options. To sidestep the thorny valuation problem, some have suggested that the bad bank acquire only assets that have already been marked down significantly and guarantee other assets, but officials would have just as difficult a task in determining how much to charge for insuring risky assets.

    Economists predict that the cost of the program will most likely exceed the $350 billion remaining in the $700 billion Troubled Assets Relief Program that Congress approved in October.

    They say the Obama administration may need upwards of $1 trillion in additional aid for banks — on top of the more than $800 billion the administration is seeking in an economic stimulus measure moving through Congress.

    Many in Washington question whether the rescue has achieved its goal of stabilizing the financial markets. A report by the General Accountability Office on Friday concluded that whether the bailout program had been effective might never be known.

    “While the package helped avoid a financial collapse, many are frustrated by the results — and rightfully so,” President Obama said in his weekly address on Saturday. “Too often taxpayer dollars have been spent without transparency or accountability. Banks have been extended a hand, but homeowners, students, and small businesses that need loans have been left to fend on their own.”

    Mr. Obama and many lawmakers have expressed anger that banks that received the first batch of aid money do not appear to have increased their lending significantly, even as some firms have spent billions on bonuses, corporate jets and other perks. In two weeks the House will hold a hearing to ask chief executives of the eight largest banks about their spending controls.

    As early as this week, the Treasury Department may impose new limits on the executive pay of companies receiving financial assistance. The Oversight Panel created by Congress to monitor the program is also expected to publish a report this week looking at whether the government paid too much to the large banks that they have provided with assistance.

    A frequent refrain in Washington and on Wall Street is that there are no current market prices for toxic securities. But people who buy and sell these investments say that is a simplistic reading of the problem. They say most kinds of securities can be valued and are being traded, but trading has slowed as sellers and buyers disagree about what that the price should be.

    The value of these securities is based on the future cash flow they provide to investors. To determine that, traders have to make assumptions about the housing market and the economy: How high will the unemployment rate go in the coming years? How many borrowers will default? What will homes be worth?

    The Standard & Poor’s group, Market, Credit and Risk Strategies, which operates independently from the company’s credit ratings business, has been studying troubled securities for investors and banks. The bond that is trading at 38 cents provides a vivid illustration of the dilemma in valuing these assets.

    The bond is backed by 9,000 second mortgages used by borrowers who put down little or no money to buy homes. Nearly a quarter of the loans are delinquent, and losses on defaulted mortgages are averaging 40 percent. The security once had a top rating, triple-A.

    Michael G. Thompson, a managing director at the S.& P. group, says his computer models can easily calculate what the bond is worth under different situations. “This is not rocket science, this is straight bond math,” he said. But determining what the future holds is much harder. “We are not masters of the universe who can predict the macroeconomic environment,” he added

    Some would-be buyers of these assets fear that a deep recession could drive up default rates and push down home prices much further. They also worry that a cataclysm like the failure of a big bank could send prices tumbling again, just as the collapse of Lehman Brothers did in September. Others see no reason to bid up prices because those who need to sell are desperate.

    Big banks and other owners of mortgage investments have argued that the low market prices reflect fire sales. Many have classified such securities as level-three assets, for which accounting rules allow them to determine values using computer models rather than the marketplace. Mr. Thompson estimates that at the end of September financial firms had $600 billion in such hard-to-value assets.

    But critics like Mr. Turner say that the banks’ accounting for these assets cannot be trusted because they have an incentive to use optimistic assumptions.

    In some instances, the government has guaranteed losses on certain assets for big, systemically important companies like Citigroup and Bank of America.

    Policy makers have found such arrangements appealing because they do not require upfront payments and they can be customized for each bank, Douglas J. Elliott, a fellow at the Brookings Institution, wrote in a recent paper.

    Still, government guarantees need to be based on sound valuations, Mr. Elliott and others say. If the government underestimates the risks of default, taxpayers could eventually lose tens of billions of dollars. The cost of insuring such assets in the private market is often several times greater than the price the government is charging banks.

    Whatever approach the Obama administration takes, investors and policy makers say it should provide more and clearer information about the health of banks and the risks that the government is taking.

    Many analysts do not trust what they are told about the quality of the securities and loans held by banks and other financial firms. Most banks provide only a very general description of their holdings, because they consider the information privileged.

    But the government, using its power as a big investor, could compel the banks to divulge more specific data, without giving away the names of individual bonds or loans, analysts said. The market could then do its own analysis on what the assets are worth.

    “At least it would give the government one objective measure of the value of these assets,” said Anthony Lembke, co-head of investments at MKP Capital Management, a hedge fund firm that is a big investor in mortgages. “In the absence of transparency and clarity, investors are going to assume a value that will be conservative and then add a risk premium.”

    “System is Broken” — there is no clear title and no clear answers, which is why most foreclosure actions should fail or be reversed

    Mortgage market clouds who owns woman’s house

    Submitted by Jose Semedey — Thank You


    The Atlanta Journal-Constitution

    Sunday, January 25, 2009

    Twenty years ago, Zella Mae Green bought a modest brick ranch house in DeKalb County with an American ideal in mind. The single mother of four, who raised her children working low-wage jobs, wanted to own something someday. And she wanted to pass something on.

    “I was thinking that if anything would ever happen to me, the children would have a place they could come and stay,” said Green, a seamstress who is 68. “Their father passed away when they were young.”

    Enlarge this image

    Zella Mae Green has been in a stalemate with mortgage lenders for years trying to learn who holds the note on her Decatur home and how much she really owes.
    Recent headlines:

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    • DeKalb County news

    Green says she has done her part, making payments on the house she bought for $40,000 to the series of lenders who have managed her mortgage over two decades.

    But Citigroup and Wells Fargo say Green has failed miserably as a homeowner and is nine years behind on her payments. And they want to take the house.

    “Nine years? There ain’t no way,” Green said. “Ain’t no way you can stay someplace for nine years without paying anything.”

    Determining whether a homeowner is truly years behind on a mortgage seems like a straightforward question.

    But Green and a string of lenders have been arguing about the matter in court for years now — with no resolution in sight. Her lawyer says the lenders have not even proven who owns the mortgage, let alone established how much Green owes.

    Citigroup and Wells Fargo and the lawyers representing them declined to be interviewed for this article, citing pending litigation.

    Green’s case illustrates the complexities of the modern mortgage market and just how difficult it can be to unwind the history of a mortgage. Most mortgages are originated by one lender, then sold — often repeatedly — to other lenders or groups of investors. Other companies are often brought in to process payments and manage escrow accounts.

    For the thousands of homeowners who are behind on mortgage payments or in a dispute about how much is owed, getting accurate information about a loan can be difficult. Negotiating a resolution — especially when a series of lenders and managers has been involved — can be even harder.

    “Here is a homeowner who wants to get her mortgage worked out so she can pay it,” said Howard Rothbloom, Green’s attorney. “She can’t get it done.”

    Question of ownership

    Green picked out her house 20 years ago. It’s a two-bedroom, one-bath brick ranch with about 1,000 square feet. Green borrowed $40,250 from All Georgia Mortgage at an interest rate of 10 percent in 1988. She felt sure she could handle the $353 payments with her job at J.C. Penney.

    “I was excited about it because I knew one day it would be mine,” said Green, now a great-grandmother.

    The home’s interior today is a reflection of Green. It’s adorned with fancy curtains and pillows she made — the kind she creates in her seamstress job for an upscale decorating company. And it’s the place her family gathers to enjoy Green’s home cooking.

    Trouble with the mortgage began years ago, she said, when she mailed in money orders that she says were applied to the wrong account — something she believes went on for at least seven months.

    The mortgage companies involved with the loan at that time have since sold it.

    Green said she sought help from several housing agencies and attorneys over the years, trying to get credit for all the payments she has made. “They told me it’s the biggest mess they have ever seen,” she said.

    All Georgia Mortgage Co. originated Green’s loan, but it has been owned or managed by at least seven parties over the years. Citigroup now says it owns the loan and Wells Fargo is managing the payments.

    Green acknowledged paying her mortgage late sometimes over the years, but she said she always made up for it. She has filed for bankruptcy four times since 1989 — usually when a lender threatened foreclosure.

    Lenders in Georgia can proceed with a foreclosure without the involvement of any court. Bankruptcy automatically stops a foreclosure, and the court generally serves as the forum for resolving mortgage disputes.

    Green said the bankruptcies were the only way to try to figure out what happened to her payments and to keep her house.

    Complicated accounts

    Green’s case sounds extreme. But lawyers who represent homeowners say most mortgage lenders rely on such complicated accounting systems that experts have to be hired to even read the history of payments and charges.

    “The payment histories are designed by these servicing companies to be gobbledygook,” said William J. Brennan Jr., an attorney at Atlanta Legal Aid and national expert on mortgage lending. “Knowing what somebody owes is crucial. They will give you a number, but if you want to see if that’s right — good luck.”

    A payment history provided by lenders in Green’s case is complicated. It shows numerous credits on the same day for relatively small amounts, listed as “payment rec’d,” but shows no change in the account’s balance.

    The history also appears to show her account being within months of being current, then suddenly more than seven years behind and then current again in 2000.

    Green filed for bankruptcy protection for a fourth time in 2004 with the help of Rothbloom, an attorney with a successful record of challenging mortgage lenders.

    “I’m just trying to find out two things: What Ms. Green’s proper loan balance is and who she owes it to,” Rothbloom said.

    So far, who owns the mortgage has not been resolved.

    A lender proves ownership of a mortgage by producing the “promissory note,” the document signed at closing in which the borrower agrees to the debt. The note is valuable and can be bought and sold by lenders. But like a personal check, it is only valuable in its original form.

    Green’s lenders have admitted in court documents they can’t find her note. Legal experts say that’s a big deal.

    “There is no excuse for the inability of mortgage lenders to know where the note is,” said Frank Alexander, an Emory University law professor and a leading expert on real estate law. “Without the note, you have virtually nothing. That is the one thing that is always locked in a vault.”

    The lender says everybody knows that Citigroup owns the note. If Green thought otherwise, they say in court documents, why would she send Citigroup her payments?

    Rothbloom says that’s not good enough. “Their answer is, ‘We have a copy,’” Rothbloom said. “My answer is, ‘I have a copy, too.’ “

    Katherine Porter, a University of Iowa law professor, found in a study that lenders routinely fail to file required documents in bankruptcy cases to prove what consumers owe. And their accounting systems, she said, make it hard for them to track the history of payments over the life of a loan, especially when numerous lenders are involved.

    Porter said Green’s case illustrates how complicated these cases can become.

    “If she can’t get this information through litigation and with a skilled attorney, what happens to people facing foreclosure who sent their check in and can’t get the lender to admit it?” Porter said.

    ‘System is broken’

    In legal filings, the lenders say Green has never been able to keep up with the payments. They cite her numerous bankruptcies and the fact that Green participated in a federal program designed to help struggling homeowners between 1997 and 2000.

    Rothbloom said payment records appear to show her loan was current in 2000, when under the management of the U.S. Department of Housing and Urban Development. He said it’s possible HUD’s program transferred past-due payments to the end of the loan to allow Green to stay in the house.

    “Anything is a possibility,” Rothbloom said. “That’s why we sued. To find out what’s going on.”

    What Rothbloom knows, he said, is that Green has made every payment since 2004. Still, he has made no progress getting lenders to agree to a settlement in a case involving a house that DeKalb County values at $67,000.

    “Why do they want this house?” Rothbloom said. “The answer is the system is broken.”

    MERS MEMBERSHIP INFORMATION Reveals Index to Securitization and Investors: Allegation that MERS is authorized or even nominal beneficiary is false

    Sample Link: validatembrsearch.jsp?as_mbrsearch=1006937



    Sample Response Record:

    Corporate Name: West Coast Servicing, Inc.
    Address: 17011 Beach Blvd., #300
    City,State,Zip: Huntington Beach, CA 92647
    Toll Free Number: (866) 574-2001
    Direct Number: (714) 596-6333
    Fax Number: (714) 596-6333
    Primary Contact: Cameron Clayton
    Member Org ID: 1006937
    Lines Of Business: Originator, Servicer, Subservicer, Investor, Document Custodian
    eRegistry Participant: No
    eDelivery Participant: No

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    Advance Mortgage Source Inc dba S. Carolina Mortgage Assc
    Advanced Concepts Enterprises Inc
    Advanced Financial Services, Inc. (aka AFS Financial, Inc.)
    Advanced Lending Group dba Nationwide Lending Group
    Advanced Mortgage Marketing LLC dba Equity One Mortgage
    Advanced Mortgage Services
    Advanced Mortgage Systems, LLC
    Advantage Home Loans, LLC
    Advantage Investors Mortgage Corporation
    Advantage Loans, Inc.
    Advantage Mortgage of Michigan
    Advantage Mortgage of S. Florida
    Advantage One Mortgage, Inc.
    Advantage Residential Mortgage Company
    Advantage/Universal Mortgage Inc dba Advantage Mortgage
    Advantix Lending, Inc.
    Advent Mortgage Corp.
    Advent Mortgage LLC
    Adventas, Inc.
    Adventure Mortgage, Inc.
    Advisor Net Mortgage LLC
    Advisors Mortgage Group LLC
    Advisor’s Mortgage, LLC
    Aegis Correspondent Corporation
    Aegis Funding Corporation
    Aegis Lending Corporation
    Aegis Mortgage Corporation
    Aegis Wholesale Corporation
    AFC Mortgage
    Affiliated Funding Corporation
    Affiliated Mortgage Company
    Affiliated Mortgage LLC dba YSU Lending
    Affinity Bank
    Affinity Group Mortgage Services LLC
    Affinity Mortgage Brokers Inc
    Affinity Mortgage LLC dba Catholic Home Loan
    Agape Financial Group
    Agency Mortgage Corporation (Retail)
    Agency Mortgage Corporation (Wholesale)
    Agents & Builders Mtg. Co., LLC
    Agfirst Farm Credit Bank
    Aggresive International, Inc
    Aggressive Mortgage
    AGI Mortgage Lending of Indiana
    Agire Mortgage Corporation
    AHL, Mortgage, Inc.
    AHM Acceptance, Inc.
    AIG Federal Savings Bank
    Air Academy Federal Credit Union
    Air Academy Service Corp.
    AKT American Capital Corporation
    Alabama Housing Finance Authority
    Alabama Telco Credit Union
    Alacrity Lending Company
    Alameda Mortgage Corporation, A California Corporation
    Alarion Bank
    Alaska Eastern Partners
    Alaska Louisiana Partners
    Alaska Seaboard Partners Limited Partnership
    Alaska USA Federal Credit Union
    Albany Mortgage Group
    Alcova Mortgage
    Alera Financial LLC
    Alerus Financial, N.A.
    Alethes, LLC
    Aliant Bank
    Alkan Mortgage Corp dba Certified Mortgage Planners
    All Access Mortgage Corporation
    All American Consulting, LLC dba All American Mortgage
    All American Home Lending LLC
    All American Home Lending, Inc.
    All American Home Mortgage Corp.
    All American Home Mortgage, LLC
    All American Lending, LLC
    All American Mortgage Corporation
    All California Mortgage dba All American Mortgage
    All Finance Mortgage, Inc.
    All Home Lending, Inc
    All Nation Funding Corp.
    All Star Mortgage
    All Star Mortgage Corp
    All Star Mortgage Corporation
    All State Home Mortgage Inc.
    All Western Mortgage, Inc.
    Allegro Home Loans LLC
    Allegro-Mortgage Inc.
    Allen Mortgage LC
    Allen Tate Mortgage Services, Inc.
    Alliance Bancorp
    Alliance Bank Corporation
    Alliance Financial Resources
    Alliance Financing Mortgage Corp.
    Alliance Home Funding LLC
    Alliance Home Mortgage
    Alliance Home Mortgage Inc.
    Alliance Lending Inc.
    Alliance Mortgage Banking Corp.
    Alliance Venture Mortgage, LLC
    Allied Commercial Services Inc. dba Capital Mortgage Group
    Allied Financial, LLC dba Iron Mortgage
    Allied Home Mortgage Capital Corporation
    Allied Home Mortgage Corporation
    Allied Mortgage Group, Inc.
    Allied Mortgage Professionals, Inc.
    Allsource Mortgage Inc.
    Allstar Mortgage Services LLC
    Allstate Home Mortgage, LLC
    All-Times Mortgage, Inc.
    Alpha Mortgage Corporation
    Alpha Mortgage USA
    Alpine Bank
    Alpine Mortgage LLC
    Alpine Mortgage Services, Inc.
    ALS – Wilmington Trust Co
    ALS 2000-1
    ALS 2000-2
    ALS 2001-2
    ALS FNMA Trust 2001-T1
    ALS FNMA Trust 2001-T3
    ALS FNMA Trust 2001-T4
    ALS in Trust for SASCO
    ALS Private Investor – Washington Trust
    ALS SASCO 2001-4A
    ALS SASCO 2001-5
    ALS SASCO 2001-6
    ALS SASCO 2001-7A
    ALTA Financial Corp
    Alta Financial Inc. dba Alta Financial Mortgage
    Alterna Mortgage Co.
    Alternative Financing Corporation
    Alternative Funding Corp
    Alternative Mortgage Options, Inc.
    Alternative Mortgage Solutions, Inc.
    Alternative Resource Services Inc
    Altura Credit Union
    Amalgamated Bank
    Amalgamated Bank (NY)
    Ambeck Mortgage Associates
    Amber Financial Group, LLC
    AMC Mortgage Services Inc.
    AmCap Mortgage Ltd
    Amera Corporation dba Amera Mortgage Corporation
    Amera Mortgage Corporation
    Ameribanc Corporation
    Ameribank – Warehouse
    Ameribank Mortgage Company LLC
    America South Mortgage Corp.
    American Acceptance Mortgage, Inc
    American Acceptance Mortgage, Inc.
    American Advantage Mortgage Company, L.L.C.
    American Bancshares Mortgage Corporation
    American Bank
    American Bank & Trust
    American Bank and Trust
    American Bank of Commerce
    American Bank of Texas N.A.
    American Benefit Mortgage Inc.
    American Capital Home Loans, LLC
    American Capital Mortgage Bankers, Ltd.
    American Chartered Bank
    American Dream Funding Corporation
    American Eagle Federal Credit Union
    American Eagle Mortgage Inc
    American Enterprise Bank of Florida
    American Equity Mortgage
    American Family Funding, Inc.
    American Family Mortgage, Inc.
    American Federal Bank
    American Federal Mortgage Corporation
    American Fidelity Mortgage Bankers, Inc.
    American Fidelity Mortgage Corp.
    American Fidelity Mortgage Services, Inc.
    American Fidelity, Inc.
    American Financial Funding Corp.
    American Financial Lending, Inc.
    American Financial Mortgage Corporation
    American Financial Network, Inc DBA Realty Mortgage Alliance
    American Financial Resources Inc.
    American Financial Resources Incorporated
    American Financial Services
    American Financing Corporation
    American First Credit Union
    American First Real Estate Services, Inc.
    American Freedom Group, Inc
    American Freedom Mortgage Inc.
    American General Financial Services of Arkansas dba MorEquit
    American General Mortgage
    American Guardian Financial Group Inc.
    American Heritage Capital, LP
    American Heritage Mortgage Co, LLC
    American Home Equity Corporation
    American Home Free Mortgage, LLC
    American Home Lending Inc. DBA American Home Residential Inc
    American Home Lending USA, LLC
    American Home Loan Center, LLC dba Centric Mtg & Natl Invest
    American Home Loans LLC
    American Home Mortgage Company
    American Home Mortgage Corp dba American Home Mortgage
    American Home Mortgage Holdings, Inc.
    American Home Mortgage Investment Corp.
    American Home Mortgage Services, Inc.
    American Home Mortgage Servicing, Inc.
    American Home Mortgage, Inc.
    American Homefront Mortgage Funding
    American Homestar Mortgage, LLC
    American Homestead Mtg. LLC
    American Independent Association
    American Interbanc Mortgage
    American Internet Mortgage, Inc.
    American Investors Bank and Mortgage
    American Land Title Association
    American Lending Group
    American Lending Group, Inc.
    American Lending Network, Inc.
    American Liberty Mortgage & Loan Corporation
    American Liberty Mortgage Inc
    American Loan Centers
    American Midwest Mortgage Corp
    American Money Centers Inc.
    American Mortgage & Financial Services LLC
    American Mortgage Advisors, Inc.
    American Mortgage Associates, Inc AR
    American Mortgage Company
    American Mortgage Corp of South Alabama DBA Mid America Mort
    American Mortgage Corporation
    American Mortgage Corporation.
    American Mortgage Exchange, Inc.
    American Mortgage Express
    American Mortgage Express dba Millennium Funding Group
    American Mortgage Express Financial
    American Mortgage Funding Corporation
    American Mortgage Group, Inc. (AZ)
    American Mortgage Group, LLC
    American Mortgage Home, Inc.
    American Mortgage Investment Partners II
    American Mortgage Investment Partners LLC
    American Mortgage Network, Inc.
    American Mortgage of Montana, Inc.
    American Mortgage Service Company
    American Mortgage Services, Inc.
    American Mortgage Specialists Inc.
    American Mortgage, Inc
    American National Bank – Denver
    American National Bank dba Res Mort Services & Peoples Nat’l
    American National Mortgage Corp DBA Affordable Mortgage Solu
    American Pacific Mortgage Corp. dba American Pacific Funding
    American Partners Bank
    American Pioneer Financial Services, Inc.
    American Portfolio Mortgage Corp.
    American Prime Finance Services
    American Residential Mortgage LP
    American Savings Bank
    American Security Mortgage Corp.
    American South Lending, Inc.
    American Southwest Mortgage Corp
    American State Bank/Home Loan Center
    American Sterling Bank
    American Trust & Savings Bank
    American Trust Bank Mortgage LLC
    American Unified Mortgage, Inc.
    American Union Financial Services, Inc.
    American United Mortgage Corp
    American USA Mortgage P.A.
    American West Bank
    Americana Mortgage, Inc
    AmericanBank, NA
    Americanwest Bank
    Americap Financial, Inc
    Americapital Funding Corp
    Americare Inv Group dba Premier Capital Lending Group
    Americas First Choice Lending
    Americas First Home Mortgage Company
    America’s First Mortgage Lending Co
    America’s Home Loan Inc.
    America’s Home Mortgage, LLC
    America’s Lending Solutions LTD
    America’s Mortgage Alliance, Inc
    America’s Mortgage Banc, Inc.
    America’s Mortgage LLC
    America’s Mortgage Resource Inc.
    America’s Servicing Company
    Americasun Financial
    Americor Lending Group
    Americorp Credit Corporation
    AmeriCU Credit Union
    Amerifinancial Mortgage Corp.
    Amerifirst Financial Corp
    AmeriFirst Financial, Inc.
    Amerifund Financial Inc. dba All Fund Mortgage
    Amerifund Home Mortgage LLC
    Amerifund Lending Group dba ALG Real Estate Services Inc.
    Amerihome Loan Inc.
    Amerihome Mortgage Company, LLC
    AmeriMortgage Bankers, LLC
    Ameri-National a div of National Bank of Kansas City
    Ameripath Mortgage
    Ameriprise Financial Inc DBA Ameriprise Bank FSB
    AmeriPro Funding, Inc.
    Amerisave Mortgage Corporation
    AmeriServ Financial Bank
    AmeriSouth Mortgage Company
    AmeriStar Home Mortgage Corp of Pennsylvania
    AmeriStar Mortgage Corporation
    Ameristar Mortgage.
    Ameritrust Mortgage Bankers, Inc.
    Ameritrust Mortgage Company, LLC
    Ameritrust Mortgage Corporation
    Amherst Funding Group LP
    AMS Financial, Inc, dba Advanced Mortgage Services
    Amstar Mortgage Corporation
    AMTEC Funding Group LLC
    AmTrust Bank, A Federal Savings Bank
    Amtrust Mortgage Corporation
    Anchor Bank Farmington NA
    Anchor Bank, N.A.
    Anchor Funding Inc.
    Anchor Home Mortgage
    Anchor Mortgage Services, Inc.
    Ancient City Mortgage, Inc.
    Andes Financial Inc.
    Ann Arbor Mortgage Company LLC
    Annandale State Bank
    Answer Capital Incorporated dba Answer Capital Mortgage
    Answer One Mortgage, Inc.
    Anthem Enterprises Inc
    Apex Funding Inc.
    Apex Lending Inc.
    Apex Mortgage LLC
    Appalachian Community Bank
    Apple Valley Mortgage, Inc.
    Approved Financial Corp
    Approved Funding Corp.
    Approved Home Lending, Inc.
    Approved Home Mortgage, Inc (ME)
    Approved Home Mortgage, Inc.
    Approved Mortgage Funding LLC
    Approved Mortgage Loans, Inc.
    Approved Mortgages Inc.
    Apreva Financial Corporation dba Apreva Funding
    Arbor Homes Mortgage LLC
    Arbor Mortgage Corporation
    Arbor Realty NPAP Holdings LLC
    Arboretum Mortgage Corporation
    Arbotco Financial Corporation
    ARC 2000 BC-1
    ARC Westwood Home Saver Fund I, LP
    Arcadian Mortgage Corporation
    Arcata Investments 2, LLC
    Arce Financial, LLC
    Arch Mortgage Corporation
    Archer Mortgage
    Archway Mortgage, LLC
    Archwood Mortgage LLC
    Arden Mortgage Co
    Ardent Financial Corporation
    Arisen Mortgage Corporation
    Aristar Mortgage Company
    Arizona Federal Credit Union
    Arizona State Credit Union
    ARK LA TEX Financial Services dba Benchmark Mortgage
    Ark Mortgage, Inc.
    Arlington Capital Mortgage LLC
    ARMC – Alliance Residential Mtg Corp dba Alliance Res Mtg
    Array Financial Group Inc.
    Arrowhead Central Credit Union dba Arrowhead Credit Union
    Artisan Mortgage, LLC (OH)
    Arvest Mortgage Company
    Ascella Mortgage, LLC.
    Ascent Home Loans, Inc.
    Asheford Funding Group LLC
    Ashore Funding, Inc.
    Ashworth Funding Inc.
    Ask for a Loan, Inc.
    Aspen Leaf Mortgage, LLC
    Aspen Mortgage LLC
    Aspire Financial Inc dba
    Asset Capital Mortgage, Inc.
    Asset Direct Mortgage LLC
    Asset Management Holdings, LLC
    Asset Management West 10 LLC
    Asset Management West 6, LLC
    Asset Management West 7, LLC
    Asset Management West 8 LLC
    Asset Management West 9, LLC
    Asset Management West LLC
    Asset Mortgage Corporation
    Assets Recovery Center Investments, LLC
    Assets Recovery Center LLC
    Associated Bank NA
    Associated Mortgage Corporation
    Assurance Financial Group LLC
    Assured Lending Corp.
    Assured Mortgage Bankers Corp.
    Assured Mortgage, Inc.
    Assurity Financial Services, LLC
    Astoria Federal Savings and Loan Association
    At Home Mortgage Corp.
    Atlanta Intown Mortgage, Inc.
    Atlantic Pacific Mortgage Corporation
    Atlantic Bay Mortgage Group LLC
    Atlantic Coast Federal
    Atlantic Coast Mortgage Group, Inc.
    Atlantic Coast Mortgage Services
    Atlantic Federal Credit Union
    Atlantic Financial, Inc.
    Atlantic First Financial Corporation
    Atlantic Home Lending Inc.
    Atlantic Home Loans d/b/a Atlantic Home Loans Lcnsd Mtg Bnkr
    Atlantic Home Mortgage, Inc.
    Atlantic Mortgage Services Inc.
    Atlantic National Bank
    Atlantic States Bank – Florida
    Atlantis Financial Group, Inc. dba Atlantis Mortgage
    Atlantis Mortgage Co., Inc.
    Atlas Mortgage Company LLC
    Atlas Mortgage, Inc.
    Auburn Bank
    Augusta Mortgage Co.
    Augustine E Asinobi dba Zomek Mortgage/Realty Inc.
    Aurgroup Financial Credit Union
    Aurora Contract Services, Inc.
    Aurora Financial Group, Inc.
    Aurora Loan Services LLC
    Aurora Loan Services, Inc., Repurchase Lending Division
    Aurora Mortgage LLC
    AUS Financial Services, Inc.
    Austin Perry Financial Corporation
    Automated Finance Corporation
    Availent Mortgage
    Avalon Mortgage, Inc.
    Avanta Federal Credit Union
    Avanti Financial Network LLC
    Avaris Capital
    Avelo Mortgage, L.L.C.
    Aventus, Inc.
    Avenue Bank
    Avenue Mortgage Corporation
    Avery Financial Group Inc.
    Avex Funding Corporation
    Avista Solutions
    Avizen Lending Solutions Inc
    Avrus Financial and Mortgage Services Inc
    Axent Funding LLC
    Axia Financial LLC
    Axiom Financial, LLC
    Axiom Mortgage Bankers Corp.
    Axis Bancorp Inc.
    Axis Financial, LLC
    Axis Mortgage & Investments, a/d/o The Biltmore Bank of Ariz
    Axis Mortgage & Investments, L.L.C.
    B&A Mortgage, Inc.
    B. R. Mortgage LTD
    Back Bay Inc dba Mtg Approval Serv(MA), Approved Mtg Serv(FL
    Badger Funding Corp
    Bahl & Bahl, Inc.
    Baker Mortgage Company, Inc.
    Baker Ronan Financial dba First Nations Financial
    Baker Street Mortgage
    Baltimore County Savings Bank, FSB
    Banc Investments Group/Pacific Coast Bankers’ Bancshares
    Banc of America Securities LLC (Global ABS)
    Banc Ohio Financial
    BancCap Advisors LLC
    Banco Popular National Association
    Banco Popular North America, South Florida Region
    Bancocorp Mortgage Inc
    BancorpSouth Bank Mortgage Division
    Bangor Savings Bank
    Bank Independent (Mortgage Lending)
    Bank Mortgage Solutions LLC
    Bank of America Warehouse Lender
    Bank of America, N.A.
    Bank of America, N.A.
    Bank of America, NA – Reverse Mortgage
    Bank of America, NA (formerly Fleet National Bank)
    Bank of America, National Association
    Bank of America, Ntnl Assoc Trustee/Custodian for WAMU/WMMSC
    Bank of America.
    Bank of Ann Arbor Wholesale Lending Division
    Bank of Bartlett
    Bank of Blue Valley (Internet)
    Bank of Blue Valley (Retail)
    Bank of Charles Town
    Bank of Colorado
    Bank of Commerce
    Bank of Elmwood
    Bank of England Mortgage Company dba England Lending
    Bank of Florida
    Bank of Idaho
    Bank of Illinois in Normal
    Bank of Internet USA
    Bank of Jackson Hole
    Bank of Lake Mills
    Bank of Lee’s Summit
    Bank of Little Rock Mortgage Corporation
    Bank of New England
    Bank of New York Trust Company, N.A.
    Bank of North Carolina
    Bank of Oklahoma
    Bank of Ruston
    Bank of San Angelo, N.A., a Branch of First Natl Bk of Balli
    Bank of St. Augustine
    Bank of Tennessee
    Bank of the Cascades
    Bank of the Prairie
    Bank of the Wichitas
    Bank of Utah
    Bank of Whitman
    Bank One Trust Company, NA
    Bank One, NA (Conduit)
    Bank United FSB
    Bank VI
    Bankers Bank
    Bankers Choice Mortgage Corp.
    Bankers’ Financial, Inc
    Bankers First Mortgage Inc.
    Bankers Home Mortgage, Inc
    Bankers Mortgage Corporation
    Bankers Mortgage of Pasco County, Inc.
    Bankers Mortgage Trust Inc
    Bankers Trust Co NA
    Bankerswest Funding Corporation
    Bankline Mortgage Corporation
    Banktrust of AL
    Bankwest (MN)
    Banner Bank
    Banner County Bank
    Banyan Financial Group Inc.
    Barclays Bank PLC
    Barclays Pacific Lending Corp.
    Barkwood Mortgage Solutions, Inc.
    Barnacle Mortgage, Inc.
    Barnes Banking Company
    Barr Group, Inc.
    Barrington Capital Corporation
    Barrington Mortgage Corp
    Barrons Mortgage Corporation
    Barrons Mortgage Group LTD dba
    Bartlett Mortgage, Inc.
    BasePoint Analytics
    Bay Banc Mortgage Corporation
    Bay Capital Corp.
    Bay Equity LLC
    Bay Financial Savings Bank FSB
    Bay Lending Corp
    Bay National Bank
    Bay to Bay Lending LLC
    Bay Valley Mortgage Group d/b/a Pacific Bay Lending Group
    BayCal Financial Mortgage Corporation
    Baymont Financial, LTD
    BayPort Credit Union
    BayRock Mortgage Corporation
    Bayshore Financial Corporation
    Bayside Mortgage Services Inc.
    Baytree Lending Company
    Bayview Financial Group, LLC dba Garrow Mortgage
    Bayview Home Mortgage Corp
    Bayview Loan Servicing, LLC
    BBC Funding Corporation, DBA X Loan
    BBVA Bancomer USA
    Beach First National Bank
    Beach Mortgage Co. Inc.
    Beacon Financial Mortgage Bankers
    Bear Stearns
    Beazer Mortgage Corporation
    Bednar Inc.
    Bell America Mortgage, LLC Dba Bell Mortgage
    Bell Home Loans Inc.
    Bella Home Mortgage
    Bellevue Home Mortgage
    Belmont Savings Bank
    Beltway Capital, LLC
    Belvidere Networking Enterprises
    Benchmark Financial Services, Inc.
    Benchmark Funding Corporation
    Benchmark Home Mortgage Inc.
    Benchmark Lending Group, Inc.
    Benchmark Mortgage, Inc.
    Benchmark Mortgage, LLC DBA Grandmark Mortgage
    Beneficial Capital Management Corp.
    Benefit Equity Mortgage LLC
    Benefit Funding Corporation
    Bentwood & Bowden Mortgage Group, Inc
    Bergin Financial, Inc.
    Berkshire Bank
    Berry Hill Inc dba Blue Heron Mortgage Company
    Best Mortgage, Inc.
    Best Rate Funding Corp.
    Bi-Coastal Mortgage Inc.
    Big Sky Western Bank
    Billings Federal Credit Union
    Biltmore Financial Bancorp, Inc.
    Biltmore Mortgage & Associates
    Birmingham Bancorp Mortgage Corporation
    BJK Winston Enterprises Inc dba Financial Advantage Home Loa
    BJV Financial Services Inc dba Forum Mortgage Bancorp
    Blackhorse Mortgage Corp
    Blair Services of America Inc.
    Bloomfield State Bank
    Blount Ventures, Inc. dba Blount Mortgage
    Blue Chip Mortgage Wholesale, LLC
    Blue Ridge Investments LLC
    Blue Saphire Investments, (CA) Inc
    Blue Star Financial Services, Inc.
    Blueleaf Lending LLC
    BM Real Estate Service Inc
    BNC Mortgage, Inc.
    BNC National Bank
    Boehck Mortgage Co
    Boeing Employees’ Credit Union DBA BECU
    Bogman, Inc.
    Bondcorp Realty Services, Inc.
    Boone Bank & Trust Co
    Borel Private Bank & Trust Company
    Borrowers Choice Mortgage, Inc.
    Boston Private Bank & Trust Company
    Bottomline Mortgage, Inc.
    Boulder West Financial Services Inc.
    Boulevard Bank
    Boulevard Mortgage Corporation
    Bradford Bank
    Bradford Mortgage Company
    Bradford National Bank
    Brainerd Savings and Loan Association
    Branch Banking & Trust Company
    Brand Mortgage Group LLC
    Bravo Credit Corp.
    Bremer Bank, N.A.
    Brenner Mortgage Corp.
    Brentwood Mortgage Services, Inc.
    Brian A. Cole & Associates LTD dba First Nations Mtg of Ohio
    Bridgeport Lending LLC
    Bridgewater Capital, Inc.
    Bridgewater Savings Bank
    Brier Mortgage Corp.
    Bright Mortgage Group, Inc.
    Bright Vision Mortgage Inc.
    Brighten Lending
    Brimfield Bank
    Briner, Incorporated
    Britton & Koontz Bank National Association
    Broadview Mortgage Corporation
    BrooksAmerica Mortgage Corp.
    Brookside Mortgage Corporation
    Brownstone Mortgage & Investments LLC
    Bryco Funding Inc
    BSI Financial Services, Inc
    BSM Financial DBA Bank Source Mortgage
    Buckingham Mortgage Corporation
    Buddy’s Little Man Inc dba Harbor Financial Mortgage
    Budget Mortgage Bankers, L.T.D.
    Buffalo Federal Savings Bank
    Builder Mortgage Company, Inc.
    Builders Mortgage LLC
    Burke & Herbert Bank & Trust Company
    Busey Bank
    Bush & Hewitt Holding, Inc dba Direct Funding
    Business Bank of Skagit County
    Butler Mortgage Inc.
    Buyers Way Home, LLC
    BWM Mortgage LLC
    Byron Bank
    C & T Mortgage LLC
    C and F Mortgage Corporation
    C&G Financial Services Inc
    C.U. Financial, Inc
    C2CL, Inc.
    Cadence Bank, N.A.
    Cal Coast Mortgage Corp.
    California Bank & Trust
    California Empire Bancorp, Inc.
    California Financial Group Inc dba California Financial Serv
    California Housing Finance Agency
    California Mortgage Advisors, Inc.
    California Mutual Funding
    California Nova Financial, Inc.
    California State Teachers’ Retirement System
    Cali-Land, Inc. DBA Cali-Land Bankers Home Loan
    Calisto Group Inc dba Metro Lending Services
    Calliance Realty Fund, LLC
    CalPacific Mortgage Inc.
    CALPERS (Private)
    CalPers Retained Servicing
    Calvert Mortgage Company
    Cambridge Financial Serivces dba Cambridge Home Loans
    Cambridge Funding Group Inc
    Cambridge Home Capital, LLC
    Cambridge Mortgage Corporation
    Cambridge Mortgage Group, LLC
    Cambridge Savings Bank
    Cameron Financial Group, Inc.
    Campbell & Fetter Bank
    Campbell Financial Services, Inc.
    Canyon National Bank
    Capaha Bank
    Cape Bank
    CapFund Lending
    CapGrow Home Mortgage, LLC
    Capital Access Mortgage, Inc.
    Capital Advantage Mortgage, Inc.
    Capital Alliance Advisors Incorporated
    Capital American Mortgage Company
    Capital Assistance Corp
    Capital Bank
    Capital Center LLC
    Capital City Bank
    Capital Concepts, Inc
    Capital Credit Union
    Capital Direct Financial
    Capital Financial Associates, Inc. dba CFA Mortgage
    Capital Financial Bancorp, Inc.
    Capital Financial Ent. Inc. dba Capital Mortgage Services
    Capital Financial Group
    Capital Financial Mortgage Corp
    Capital Financial Services
    Capital Funding Mortgage Company LLC
    Capital Hill Mortgage Co., Inc.
    Capital Lending
    Capital Lending Group LLC
    Capital Lending Source, LLC
    Capital Mortgage Associates LLC
    Capital Mortgage Corporation
    Capital Mortgage Finance Corp
    Capital Mortgage Funding L.L.C.
    Capital Mortgage Inc
    Capital Mortgage Services, Inc
    Capital One Home Loans LLC
    Capital One Home Loans, LLC
    Capital One, National Association
    Capital Plus Mortgage and Underwriting Services Inc.
    Capital Quest Mortgage, Inc.
    Capital Reverse Mortgage Group
    CapitalMark Bank & Trust
    CapitalSouth Bank
    Capitol Commerce Mortgage Company
    Capitol Credit Union Service Organization, LLC
    Capitol Mortgage Services, Inc.
    Capstar Lending, LLC
    Capstar Mortgage Bankers, Inc.
    Capstone Bank
    Capstone Direct Inc.
    Capstone Lending Corp
    Capstone Mortgage Ind. dba Baker Group
    CapWest Mortgage Corporation
    Cardinal Banc and Mortgage Corp
    Cardinal Financial Company, Limited Partnership
    Cardinal Mortgage Inc.
    Cardinal Mortgage, P.L.L.C
    Carlton Mortgage Services, Inc.
    Carnegie First Lending Services
    Carolina Bank
    Carolina Commerce Bank
    Carolina Mortgage / CDJ, Inc
    Carolina Mortgage Company of Fayetteville
    Carolina Mortgage Group, Inc
    Carolina State Mortgage Corporation
    Carr and Carr Enterprises Inc. dba Carr Mortgage Funding
    Carrington Mortgage Services LLC
    Carrollton Mortgage Services, Inc.
    Carter Lending Inc.
    Carver Federal Savings Bank
    Casa Blanca Mortgage Inc. d/b/a Shearson Mortgage
    Casa Gran Real Estate Inc dba Padre Mortgage
    Casa Linda Mortgage, LTD
    Casa Mortgage Inc.
    Cascade Bank
    Cash Fast Finance, LLC dba Blue Financial
    Cash Out Mortgage Corporation
    CashCall, Inc.
    Cass County Bank
    Castle & Cooke Mortgage LLC dba Box Home Loans for Utah loan
    Castle Mortgage
    Castle Mortgage of Green Bay, Corp.
    Castle Rock Financial Corp
    Castlerock Mortgage, LTD
    Castleview Home Loans
    Castlewood Home Loans, LLC
    Catalyst Lending Inc.
    Catholic and Community Credit Union
    CB&T Mortgage, LLC
    CBC Companies
    CBC National Bank dba First National Bank of Nassau County
    CBSK Financial Group dba American Home Loans
    CDC Federal Credit Union
    CDC Financial Group Inc
    CDC Mortgage Capital Inc.
    Cedar Mortgage Company
    Cedar Rapids Bank and Trust Company
    Cedar River Mortgage L.L.C.
    CedartStone Mortgage, LLC
    Celbrity Mortgage LLC
    Celtic Bank Corporation
    Cenlar FSB
    Centennial Bank
    Centennial Bank (AR)
    Centennial Bank Inc.
    Centennial Bank.
    Centennial Mortgage and Funding, Inc.
    Center State Mortgage
    Centier Bank
    Centra Credit Union
    Central Alabama Mtg., Inc.
    Central Banc Mortgage Corporation
    Central Bancompany
    Central Bancshares
    Central Bank
    Central Bank and Trust Co
    Central Bank of Jefferson County, Inc.
    Central Bank of Kansas City
    Central Jersey Mortgage Corporation
    Central Mortgage Bancorp, Inc.
    Central Mortgage Company
    Central National Bank
    Central National Mortgage
    Central Pacific Bank
    Central Pacific Home Loans
    Central Pacific Mortgage
    Central Rockies Mortgage Corp.
    Central Texas Mortgage Corp.
    Centric Mortgage
    Centrue Bank
    Centurion Mortgage Inc.
    Century Bank
    Century Bank (New Mexico)
    Century Bank FSB
    Century Bank of Kentucky Inc
    Century Mortgage Company dba Century Lending Company
    Century Pacific Mortgage Corporation
    CEREF Partners 1 LP
    Certified Funding, LP
    Certified Home Loans of Florida
    CES Credit Union, Inc.
    CF Bank
    CFS Mortgage Corporation
    CFSC Capital Corp. VIII
    Challenge Financial Investors Corp.
    Champion Bank
    Chapel Hill Mortgage, LLC
    Chapel Mortgage Corporation
    Charlotte Home Equity LLC
    Charter Bank
    Charter Capital Corp dba First Capital Group
    Charter Mortgage Company, Inc.
    Charter One Bank N.A.
    Charter Wholesale Mortgage
    CharterWest Mortgage, LLC
    CharterWest National Bank
    Chartwell Mortgage Funding, LLC
    Chase Home Finance LLC
    Chase Manhattan Mtg. – Deerfield
    Chatham & Associates, Inc.
    Chemical Bank
    Chemtov Mortgage Group Corp.
    Cherry Creek Mortgage Company, Inc.
    Chervenic Mortgage Group LLC
    Chesapeake Bank of Maryland
    Chesapeake Unlimited, Inc. dba Chesapeake Home Mortgage
    Cheviot Savings Bank
    Chevy Chase Bank, FSB
    Cheyenne State Bank
    CHI Financial, LP
    Chicago Bancorp
    Chicago Financial Services, Inc.
    Chicago Mortgage Funding, LLC
    Chicago Mortgage House, LLC
    Chicago Mortgage Solutions Co dba Interbank Mortgage Co
    Chicago United Mortgage, Inc.
    Chicagoland Home Mortgage Corp.
    Chimera Investment Corporation
    CHL for CAMC (Distressed Assets)
    CHL for Hudson SB, N.A.
    CHL for Ohio SB
    CHL for Truman Capital Advisors
    CHL Mortgage Buyout Trust 98-A
    Choice Bank
    Choice Bank (AZ)
    Choice Capital Funding, Inc
    Choice Finance Corp.
    Choice Lending Corp. dba Choice Lending Group
    Choice Lending Group, L.L.C.
    Choice Lending Inc.
    Choice Mortgage Corp.
    Choice One Mortgage, Inc
    ChoiceAmerica Lending, LLC
    Christen E. Keller dba 1st Sheffield Mortgage
    Christopher E. Hobson, Inc. dba Franklin Fin. Integrated Mtg
    Churchill Mortgage Corporation
    Cimarron Mortgage Company
    Cincinnati Federal Savings and Loan Association
    Circle One Mortgage Company
    Cirrus Mortgage
    CIS Financial Services, Inc.
    CIT Group, Inc.
    Citadel Servicing Corporation
    Citi Residential Lending
    Citibank (West) FSB
    Citibank, FSB
    Citibank, NA
    Citifinancial Mortgage Company, Inc.
    Citigroup Global Markets Realty Corp
    Citiline Mortgage Company of Colorado Springs, Inc.
    CitiMortage, Inc. as Master Servicer for TVLB
    CitiMortgage, Inc.
    CitiMortgage, Inc. as Master Servicer for Various Investors
    Citimutual Corporation dba CIMU Wholesale
    Citizens Bank
    Citizens Bank (Delaware)
    Citizens Bank (OR).
    Citizens Bank (TN)
    Citizens Bank Mortgage Company, LLC
    Citizens Bank Mortgage Corporation, LLC
    Citizens Bank N.A.
    Citizens Bank of Ada
    Citizens Bank of Connecticut
    Citizens Bank of Massachusetts
    Citizens Bank of New Hampshire
    Citizens Bank of Pennsylvania
    Citizens Bank of Rhode Island
    Citizens Bank Tri-Cities
    Citizens Commerce National Bank
    Citizens Community Bank
    Citizens Community Bank Mortgage Division
    Citizens Fidelity Mortgage Corp.
    Citizens Financial Mortgage Inc.
    Citizens First Mortgage
    Citizens First Mortgage LLC
    Citizens First Wholesale Mortgage Company
    Citizens Home Loan, Inc.
    Citizens Mortgage Corp
    Citizens Mortgage Corporation.
    Citizens National Bank of Greater St. Louis
    Citizens Security Bank & Trust Company
    Citizens South Bank
    Citizens State Bank dba CSB Mortgage
    Citizens State Bank Norwood Young America
    Citizens State Bank of Cortez
    Citizens Trust Mtg Corp dba CTM Finance Corp.
    Citizens Union Bank
    City Bank & Trust Co.
    City Bank dba City Bank Mortgage
    City Capital Mortgage Banking Corp.
    City National Bank
    Cityfirst Mortgage Services, LLC
    Citywide Home Loans, A Utah Corporation
    Citywide Mortgage Associates, Inc.
    Citywide Mortgage Corp.
    CJ Unlimited
    Clarion Mortgage Capital, Inc.
    Clark Welsh Mortgage Group, Inc.
    Classic Bank, N.A.
    Classic Home Financial, Inc.
    Classic Home Loans
    Classic Mortgage Corp and Delaware Classic Mortgage Corp
    Clayson Mitchell Mortgage Services, LC
    Clayton Lender Solutions
    Clear 2 Close Mortgage Co. LLP
    Clear Progress, Inc.
    Clear Vue Capital Corporation
    Clearinghouse Community Development Financial Institution
    Clearwater Holdings Inc. dba Clearwater Home Mortgage
    Clearwater Mortgage, LLC DBA Clearwater Mortgage
    Cleveland Street Mortgage
    Clifton Savings Bank
    CLO Funding Corporation, Inc.
    Clybourn Financial Services, Inc.
    CMG Lending
    CMG Mortgage, Inc.
    CML Direct DBA Creative Mortgage Lending
    CMLC Funding Inc
    CMS Capital Group, Inc., dba Clear Mortgage Solutions
    CNBS Financial Group Inc
    Coast 2 Coast Funding Group
    Coast Capital Inc dba Coast Capital Mortgage
    Coast Mortgage Corporation
    Coastal Bend Mortgage Inc dba Global Mortgage Group
    Coastal Capital Corp dba Clearlight Mort. dbaThe Mort. Shop
    Coastal Federal Credit Union
    Coastal Finance LLC
    Coastal Mortgage
    Coastal Mortgage Corporation
    Coastal Mortgage Services, Inc.
    Coastal States Mortgage Corporation
    CoastalStates Bank
    Coastway Credit Union
    Cobalt Mortgage, Inc.
    Coconut Grove Bank
    Collateral Security LLC
    Colombo Bank FSB
    Colonial Bank
    Colonial Bank (AL)
    Colonial Home Mortgage Company
    Colonial Mortgage Services Co of America
    Colonial Savings, F.A.
    Colonial Virginia Mortgage LLC
    Colony Mortgage Lenders, Inc.
    Colorado Capital Bank
    Colorado Capital Funding, Inc.
    Colorado Capital Group, LLC
    Colorado Federal Savings Bank
    Colorado Home Funding Inc dba American Home Funding
    Coltate Capital LLC dba Onyx Financial Group LLC
    Columbia Mortgage & Funding Corp
    Columbia Mortgage Corp.
    Columbia River Bank dba CRB Mortgage Team
    Com Unity Lending
    Combank Mortgage Company
    ComCor Mortgage, a division of Southport Bank
    Comerica Bank (Warehouse Lending)
    Comerica Bank, A Texas State Chartered Bank
    Commander Financial Corporation
    Commerce Bank/ North
    Commerce Bank/Harrisburg NA
    Commerce Mortgage Corp.
    Commercial Bank
    Commercial Bank – TN
    Commercial Bank & Trust Co.
    Commonfund Mortgage Corp
    Commonwealth Bank
    Commonwealth Bank and Trust Company
    Commonwealth Mortgage Group LLC
    Commonwealth Mortgage of Texas LP
    Commonwealth of Massachusetts, Division of Banks
    Community Banc Mortgage Corp.
    Community Banc Mortgage LLC
    Community Bancshares Mortgage Co.
    Community Bank
    Community Bank – Wheaton/Glen Ellyn
    Community Bank & Trust
    Community Bank Missoula, Inc.
    Community Bank of Mississippi
    Community Bank of Northern Virginia
    Community Bank of Oak Park River Forest
    Community Bank of the Ozarks, Inc.
    Community Bank of the South
    Community Banks of Colorado dba Bankers Mortgage
    Community Banks of Colorado Mortgage Division AFG
    Community Central Mortgage Company, LLC
    Community Financial Corporation
    Community Financial Services Bank
    Community First Bank
    Community First Bank (AR)
    Community First Bank (IN)
    Community First Bank of Howard County
    Community First Mortgage Inc.
    Community First National Bank
    Community First National Bank of West Plains
    Community FirstBank
    Community Home Financial Services, Inc
    Community Home Loans LLC
    Community Home Mortgage LLC
    Community Lending Services
    Community Mortgage
    Community Mortgage Co. dba Community Mortgage Corp.
    Community Mortgage Corporation
    Community Mortgage Group Inc.
    Community Mortgage Services, Inc.
    Community National Bank
    Community National Bank & Trust of Texas
    Community National Bank (KS)
    Community National Mortgage Inc dba First Community Mortgage
    Community Pride Bank
    Community Pride Mortgage Company
    Community Resource Bank
    Community Resource Mortgage, inc.
    Community Shores Bank
    Community Trust Bank
    Community West Bank NA
    CommunityBank of Texas, N.A.
    Companion of Greer Mortgage Corp LLC
    Compass Bank
    Compass Bank f/k/a Texas State Bank
    Compass Mortgage, Inc.
    Competitive Capital Corporation
    Competitive Mortgage Services Corp. dba Competitive Mortgage
    Complete Mortgage, Inc.
    Complete Service Lending dba Complete Mortgage & Financial S
    Comstock Mortgage
    Conaught Enterprise Corporation dba Sterling Financial Inves
    Concord Financial Inc.
    Concord Mortgage Company.
    Concord Mortgage Corp
    Concord Mortgage, Inc
    Concordia Bank & Trust Company
    Confidence Mortgage LLC
    Conglomerated Mortgage Services, Inc.
    Connecticut Community Bank, N.A.
    Consolidated Capital Mortgage
    Consolidated Consultants Inc
    Consolidated Funding Corp. dba Consolidated Home Mortgage
    Consolidated Mortgage Services, Inc.
    Construction Capital Source, LC
    Consumer First Mortgage Inc.
    Consumer Home Mortgage Corp of America
    Consumer Research Mortgage, LLC
    Consumer Solutions, LLC
    Consumers Choice Mortgage Company
    Consumers Morgage, LLC
    Consumers Mortgage Corporation
    Consumers Mortgage Corporation of Ohio
    Contemporary Mortgage Services, Inc
    Contemporary Realty Solutions, Inc.
    Continental American Mortgage Corporation
    Continental Home Loans Inc.
    Continental Mortgage
    Continental Mortgage Bankers, Inc
    Continental Mortgage Corporation
    Contour Mortgage Corporation
    Convergent Financial LLC dba Convergent Financial
    Coppermark Bank
    Coral Mortgage Bankers Corp
    Corby Mortgage Services Inc.
    Core Mortgage Group LLC
    Core Star Financial Group
    Corinthian Capital Group, Inc.
    Corinthian Mortgage Corporation
    Cornerstone Bancor Mortgage Corp
    Cornerstone Bank
    Cornerstone Bank (ND)
    Cornerstone Bank (ND.)
    Cornerstone Bank.
    Cornerstone Community Bank
    Cornerstone Credit Union
    Cornerstone Federal Credit Union
    Cornerstone Home Mortgage Corp dba MHI Mortgage
    Cornerstone Lenders LLC
    Cornerstone Mortgage Center Inc.
    Cornerstone Mortgage Company
    Cornerstone Mortgage Group, LTD
    Cornerstone Mortgage, Inc.
    Corporate Investors Mortgage Group, Inc.
    Corridor Mortgage Group Inc.
    Corvus Funding, Inc.
    Coulombe & Evered LLC
    Country Bank
    Country Bank for Savings
    Country Club Bank NA
    Country Club Mortgage
    CountryPlace Mortgage, Ltd.
    Countrywide Bank, FSB
    Countrywide Financial Corporation
    Countrywide Warehouse Lending
    County Bank
    County Trust Mortgage Bankers Corp
    Countywide Mortgage Company
    Courtesy Mortgage Company, A California Corporation
    Courtyard Financial Inc.
    Covenant Bank
    Covenant Mortgage LLC
    Coverdale Mortgage Corp.
    Cowlitz Bank dba Bay Mortgage
    CPCA Trust, I
    Craig Kuper dba Shorecrest Mortgage
    Cream City Mortgage Company, Inc.
    Creative Mortgage Concepts, Inc.
    Creative Mortgage Solutions
    Creative Mortgage Solutions, Inc.
    Credit Financial Services, LLC dba Alliance Mortgage Group
    Credit Northeast Inc.
    Credit Suisse Financial Corporation
    Credit Suisse First Boston LLC
    Credit Union Mortgage Association
    Credit-Based Asset Servicing and Securitization LLC
    Crescent Bank
    Crescent Mortgage Company, a Delaware Corp.
    Crescent Mortgage Services, Inc.
    Crest Financial Inc
    Crestar Mortgage Corporation
    Crestline Funding Corp
    Crestwood Financial, LTD
    Crete Tomalka Mortgage, LLC
    CreveCor Mortgage Inc.
    Cromwell Mortgage, Inc
    Cronin Financial Services LLC
    Cronus Capital Group Corp.
    Cross Capital LLC
    Cross Keys Bank
    Cross River Bank
    Crosscountry Mortgage, Inc.
    Crossfire Financial Network, Inc.
    Crystal Clear Mortgage, LLC
    Crystal Mortgage Corp.
    CS Financial Inc.
    CSMC Inc. dba Direct Mortgage Funding
    CSW Financial LLC dba Titan Wholesale
    CTW Financial Services Inc.
    CTX Mortgage Company
    CU Home Mortgage Solutions, LLC
    CU Mortgage Network, LLC
    CU Mortgage Service LLC
    CU WEST MORTGAGE #1002900
    Cullman Savings Bank
    Cunningham and Company
    Curtis Mortgage Company, Inc.
    CUSO Mortgage, Inc.
    CUSO of Hawaii Inc.
    CUsource, LLC
    Custom Equity Mortgage LLC
    Custom Home Lending LLC
    Custom Home Loans
    Custom Mortgage Corp dba Custom Residential Mortgage
    Custom Mortgage Lenders
    Custom Mortgage Solutions, Inc.
    Custom Mortgage, Inc.
    CVK Enterprises, Inc. dba Affinity Mortgage Service
    CWM Partners LP dba Citywide Mortgage
    CWMBS 2000-11
    CWMBS 2001-2
    CWMBS 2001-6 Group 1
    CWMBS2000-1, Bank of New York as Trustee
    CWMBS2000-2, Bank of New York as Trustee
    Cypress Point Funding, Inc.
    CyVex Group, Inc. dba CyVex Mortgage, Inc.
    D&C Financial Corp
    D&E Realty Financing and Investment LLC
    D&L Enterprises LLC dba Arch City Lending
    D&R Financial Group LLC
    D. White & Co. LLC
    D.L. Evans Bank
    Dacotah Bank
    Dakota Blue Mortgage LTD
    Dakota Community Bank
    Dallas Home Loans, Inc.
    Darien Financial Services Inc.
    Darren Mitchell Brennan dba Brennan Mortgage Group
    DAS Acquisition Company, LLC
    Dash Funding, LP.
    Data Mortgage Inc, dba Essex Mortgage
    DataVerify, Inc.
    David M. Whitsell dba Principal Results
    David Petrie
    Davis Insurance, Inc
    Daylight Discount Mortgage Corp.
    DB Structured Products, Inc.
    DCG Home Loans Inc.
    DD Acquisition Sub LLC
    De Anza Capital Inc
    De Oro Inc dba De Oro Home Loans
    Dean S. Berrett dba Berrett Mortgage Services
    Deborah M. Gorman & Associates Home Loans, LLC
    Decade Systems Corporation
    Decision One Mortgage Company, LLC
    Deere Employees Credit Union
    Deichmann Mortgage Inc
    Del Mar Datatrac Inc. dba Del Mar Database
    Del Norte Refi, LLC
    Del Norte, Inc.
    Del Sur Corp dba Camino Real Mortgage & Star One Mortgage
    Del Webb Mortgage Corporation
    Delaware State Housing Authority
    Dell Franklin Financial
    Delta Funding Corporation
    Delta Home Loans, Inc dba Go Loan
    Delta Trust Mortgage Corporation
    Denali Alaskan Federal Credit Union
    Denny Hecker Mortgage, LLC
    Denver Mortgage Company
    Department of Housing and Urban Development
    Derek A. Jones dba Legacy Mortgage Group
    Desert Community Bank, a division of East West Bank
    Desert Hills Bank
    Design Mortgage
    Desportes & Selig LLC
    Destin First Bank
    Deutsche Bank AG New York Branch
    Deutsche Bank National Trust Company
    Deutsche Bank National Trust Company Americas
    Deutsche Bank National Trust Company Americas as Trustee
    Deutsche Bank National Trust Company as Trustee
    Deutsche Bank Trust Company Americas.
    Developer’s Mortgage Company
    Devine Lending, LLC
    DFB Mortgage, Inc.
    DFC Mortgage Services, Inc.
    DGG Financial Corporation dba Drexel Lending Group
    DHA Financial, Inc. dba Denver Home Approval
    DHI Mortgage Company
    Diablo Funding Group, Inc dba Bay Bancorp
    Diamond Bank
    Diamond Bank FSB
    Diamond Hills Investment Inc. dba Bankers Direct
    Diamond Mortgage, Inc.
    Digital Docs
    Digital Docs, Inc.
    Digital Docs.
    Digital Risk, LLC.
    Direct Access LLC
    Direct Equity Mortgage, LLC
    Direct Lending Inc
    Direct Loan America, Inc (R)
    Direct Mortgage Corp
    Direct Mortgage Inc.
    Directions Equity LLC
    Directors Financial Corp.
    Directors Mortgage, Inc.dba USA Direct Funding
    Distinctive Home Lending Inc
    Diversified Capital Corporation of Tennesee
    Diversified Home Mortgage
    Diversified Mortgage
    Diversified Mortgage Corporation
    DMH Mortgage LLC
    Doc Tech Inc
    Doc Tech, Inc. dba Document Express, Inc.
    Document Processing Systems, Inc.
    Document Processing Systems, Inc. (DPS)
    Document Systems, Inc – Doc Magic
    Document Systems, Inc. – Doc Magic
    Dollar Mortgage Corporation
    Dollarhide Mortgage & Lending
    Domestic Bank
    Dominion Mortgage Corporation
    Domond Financial Services, Inc. dba First Executive Mortgage
    Double Tree Mortgage
    Douglas County Bank
    Dovenmuehle Mortgage, Inc.
    Dover Mortgage Company
    Downeast Mortgage Corporation
    Downs Financial
    Dragas Mortgage Company
    Drake Mortgage Corp
    Draper & Kramer Mortgage Corp. DBA 1st Advantage Mortgage (1
    Draper & Kramer Mortgage Corp. DBA 1st Advantage Mortgage (2
    Dream America, LLC
    Dream Home Financial, LLC
    Dream House Mortgage Corporation
    Dreambuilder Investments Funding III
    Dreambuilder Investments, LLC
    Drew Mortgage Associates
    Dryades Savings Bank FSB
    Duke University Federal Credit Union
    Dunne & Company Mortgage Lenders Inc
    Durango Mortgage LLC
    DuTrac Community Credit Union
    Duxford Financial, Inc.
    Dwight B. Delozier dba LoanStarr Mortgage
    DYBN Financial Corporation
    Dyck-O’Neal, Inc
    Dynamax Mortgage, Inc.
    Dynamic Capital Mortgage, Inc.
    Dynamic Financial Consultants, Inc
    Dynamic Mortgage Financial Corp
    Dynamic Mortgage Solutions, LLC
    Dynasty Mortgage, Inc.
    Dyne Financial LLC
    E Mortgage Direct, Inc.
    E*Trade Bank
    E*Trade Mortgage
    E*Trade Savings Bank
    E*Trade Wholesale Lending Corp.
    Eagle Home Loans Inc.
    Eagle Home Mortgage, LLC
    Eagle National Bank
    Eagle Savings Bank
    Earth Mortgage, LP
    East West Mortgage Company
    East Bay Mortgage, Inc.
    East Coast Mortgage and Financial Services Inc.
    East Coast Mortgage Corporation
    East Coast Mortgage Group, Inc.
    East Coast Mortgage Lenders Inc
    East Penn Bank division of Harleysville National Bank
    East West Bank
    East West Home Loan Corporation
    Eastern Bank
    Eastern Financial Home Loans Corp dba Pacific Direct Lending
    Eastern Mortgage Co. Inc.
    Eastern Utah Community Federal Credit Union
    Eastland Financial Corporation
    ebanc Funding, Your Mortgage Lender, LLC
    ECC Capital Corp.
    Edgartown National Bank
    Edgewater Lending Group Inc
    Edmond Mortgage, Inc.
    Educated Mortgage Services LLC
    Effective Mortgage, Inc.
    e-Lend Mortgage, LLC
    Elite Financial Investments Inc.
    Elite Home Loans, Inc.
    Elite Mortgage & Investments, LLC
    Elite Mortgage Group, Inc.
    Elite Mortgage Network, Inc
    Elizabeth A. Smith dba The Mortgage Group
    Ellie Mae
    Elm Street Financial, LLC
    E-Loan, Inc.
    Elpis Lending Group Inc
    Embassy Mortgage Group, Inc.
    EMC Holdings LLC dba Englewood Mortgage Company
    EMC Mortgage Corporation
    Emerald Financial LTD.
    Emerald Lending, LLC
    Emery Federal Credit Union
    eMortgage Management LLC
    Empire Financial
    Empire Home Loan Corp.
    Empire Mortgage IX, Inc.
    Empire Mortgage LLC
    Empire Mortgage LLC V
    Empire Mortgage LLC VII
    Empire Mortgage VI, Inc.
    Empire Mortgage X, Inc.
    Empire Mortgage XI, Inc.
    Empire Mortgage XIII, Inc.
    Empire State Bank NA
    EmpireAmerica LLC
    Empirica Development Corporation
    Encompass Lending Corp
    Encore Credit Corporation
    Endeavor Capital LLC dba Homestead Financial Mortgage
    Enteprise Mortgage Group, LLC
    Enterprise Bank & Trust
    Enterprise Bank and Trust Company
    Enterprise Bank, N.A.
    Entrust Financial Corporation
    Entrust Mortgage, Inc
    eOption Loan, LLC
    EPI Mortgage Center, Inc.
    Equifirst Corporation
    Equifund, Inc.
    Equihome Mortgage Corp
    EquiPlus, Inc.
    Equipoint Financial Network, Inc.
    Equisource Home Mortgage Corporation
    Equitable Home Mortgage, Inc.
    Equitable Mortgage Corp.
    Equitable Mortgage Corporation
    Equitable Mortgages of Nebraska Inc
    Equitable Trust Mortgage Corporation
    Equity Achievement Group, LLC
    Equity Bank, NA
    Equity Consultants, LLC
    Equity Financial Inc
    Equity Lending, LLC
    Equity Loans LLC
    Equity Mortgage Corporation
    Equity National Funding Group, Inc.
    Equity Now Inc.
    Equity One, Inc.
    Equity Plus, Inc.
    Equity Resources, Inc.
    Equity Services, Incorporated
    ESB Financial
    Essex Mortgage dba Alliance Lending Group
    Essex Savings Bank, FSB
    Etekcapital, LLC
    Euro Mortgage Bankers Inc.
    Eustis Mortgage Corporation
    Evanston Insurance Company c/o Universal Assurors Agency Inc
    Ever Bank
    Everbank Reverse Mortgage Company, LLC
    Everest Group, Inc. dba Kapt Mortgage
    Everett Financial Inc dba Supreme Lending
    Evergreen Home Loans
    Evergreen Mortgage Corporation dba Evergreen Ohana Group
    Evergreen Mortgage Services LLC
    EverHome Mortgage Company
    Evest Mac Funding 1
    Evestmac Funding II LLC
    Evolution Funding Group, LLC.
    Evolve Mortgage Services Inc.
    Excel Bank dba Excel Mortgage Company
    Excel Financial Group, LLC
    Excel Funding
    Excel Home Loan, Inc.
    Excel Mortgage Network Inc
    Excellence Mortgage, LTD.
    Executive Financial Services Co Inc
    Executive Home Loans, Inc.
    Executive Lending Group, Inc.
    Executive Mortgage Group
    Executive Mortgage LLC
    Executive Mortgage of Michigan LLC
    Executive Mortgage Services, Inc.
    Expedia Mortgage Company
    Expedient Mortgage, Inc.
    Expedited Financial Services Inc., dba MORTGAGE EXPEDITORS
    Experience Mortgage Inc
    Experienced Mortgage Professionals, Inc.
    Expert Mortgage Company of Northeast Ohio LTD
    Express Capital Lending
    Express Financial Corp
    Express Loan America, Inc. dba Express Loan America
    Express Mortgage
    Express Mortgage Group Inc dba Express Mtg Fndg Group Inc
    Express One Mortgage Corp.
    Extraco Banks, N.A., d.b.a. Extraco Mortgage
    Eykis Financial Services, Inc.
    EZ Funding Corporation
    EZ Mortgage Lending
    ezEscrow, Inc., dba Settleware Secure Services
    F and B Acquisition Group LLC
    F&M Bank Iowa
    F&T Mortgage, Inc.
    F.T. Financial Inc
    Fairfield County Bank
    Fairfield Financial Mortgage Group, Inc.
    Fairmont Funding Ltd.
    Fairpark Mortgage Inc.
    Fairway Funding Group, Inc
    Fairway Independent Mortgage Corp.
    Fairway Mortgage Inc.
    Faith Financial Group
    Faith Mortgage, LLC
    Falcon Capital Funding LLC
    Family Choice Mortgage Corporation
    Family Finance Mortgage LLC
    Family First Mortgage
    Family First Mortgage Inc
    Family Home Finance LLC
    Family Trust Mortgage Group LLC
    Fannie Mae
    Fannie Mae (Reverse Mortgages)
    Farmers & Merchants Bank
    Farmers & Merchants Bank of St. Clair
    Farmers and Merchants Bank
    Farmers and Merchants Bank (FL)
    Farmers and Merchants Bank of Long Beach
    Farmers Bank & Trust N.A.
    Farmers State Bank
    Farmers State Bank of Alto Pass
    Farwell Lending LLC a subsidiary of Cambridge Savings Bank
    FASLO Solutions, LLC
    Fay Servicing LLC
    Fayette County National Bank
    FBC Mortgage LLC
    FCI Lender Services, Inc.
    FDB Mortgage, Inc.
    FDIC as Receiver for First National Bank of Nevada
    FDIC as receiver for Franklin Bank SSB
    FDIC As Receiver for Franklin Bank, S.S.B.
    FDIC as receiver for Miami Valley Bank
    FDIC as Receiver of Netbank
    Fearon Financial, LLC
    Fed Funding Mortgage Corporation
    Federal Deposit Insurance Corporation
    Federal Guaranty Mortgage Corporation
    Federal Home Loan Bank of Atlanta
    Federal Home Loan Bank of Boston
    Federal Home Loan Bank of Chicago, as MPF
    Federal Home Loan Bank of Cincinnati
    Federal Home Loan Bank of Dallas
    Federal Home Loan Bank of Indianapolis
    Federal Home Loan Bank of New York
    Federal Home Loan Bank of Pittsburgh
    Federal Home Loan Bank of San Francisco
    Federal Home Loan Bank of Seattle
    Federal Home Loan Bank of Topeka
    Federal Home Loan Mortgage Corporation
    Federal Mortgage Company Inc
    Federated Home Mortgage, Inc.
    Federated Lending Corporation
    Federated Mortgage Corporation
    Federation of Appalachian Housing Enterprises, Inc.
    Fidelity & Trust Mortgage, Inc.
    Fidelity Bank
    Fidelity Bank (MI)
    Fidelity Bank, Wichita Falls
    Fidelity Financial Mortgage Corp dba Fidelity Mtg Capital
    Fidelity Funding Mortgage Corp.
    Fidelity Home Mortgage Corporation
    Fidelity Information Services
    Fidelity Mortgage Corporation
    Fidelity Mortgage Group Inc.
    Fidelity Mortgage Lending, Inc.
    Fidelity Mortgage, Inc.
    Fidelity One Mortgage
    Fidelity One Mortgage, LLC
    Fidelity Savings Bank (PA)
    Fidelity State Bank & Trust Co.
    Fieldstone Mtg. dba Broad Street Mtg.
    Fifth Third Bank
    Fifth Third Bank (f/n/a Crown Bank FSB)
    Fifth Third Bank (f/n/a Crown Bank)
    Fifth Third Bank (f/n/a First Charter Bank)
    Fifth Third Mortgage Company
    FIMI dba Forum Mortgage
    Finance America, LLC
    Finance Factors,. LTD
    Financial Builders FCU
    Financial Capital Inc.
    Financial Consolidation & Mortgage Corp. dba FCMC
    Financial Mortgage Corporation
    Financial Mortgage, Inc.
    Financial One Mortgage Corporation
    Fine Mark National Bank & Trust
    First Access Mortgage Corp.
    First Alliance Mortgage Corp of Delaware
    First Allied Mortgage, dba Federal Finance
    First Alternative Mortgage Corp.
    First American Bank and Trust Company
    First American Bank Home Mortgage
    First American Bank, NA
    First American CoreLogic
    First American Default Information Services LLC
    First American Equity Corporation
    First American Fulfillment Solutions
    First American Funding Co. LLC
    First American Mortgage Trust
    First American National Bank Association
    First Arkansas Mortgage Company
    First Atlantic Bank
    First Atlantic Mortgage Services, Inc.
    First Bank (VA)
    First Bank and Trust of Mississippi
    First Bank d.b.a. First Bank Mortgage
    First Bank Mortgage, A Division of First Bank of Georgia
    First Bank NC
    First Bank of Idaho
    First Bank of the Lake
    First Banking Center
    First Brunswick Mortgage
    First California Bank
    First California Mortgage Company
    First Call Mortgage Company
    First Capital Financial Resources
    First Capital Fin’l Services Corp dba Full Compass Lending
    First Capital Mortgage Group, Inc.
    First Capital Mortgage Services Inc.
    First Capital Mortgage, LLC
    First Capstone Mortgage LLC
    First Centennial Mortgage Corp.
    First Central Savings Bank
    First Central State Bank
    First Century Bank, N.A.
    First Choice Bank
    First Choice Financial Corp.
    First Choice Funding Group Ltd.
    First Choice Funding, Inc.
    First Choice Lending Group, LP
    First Choice Mortgage
    First Choice Mortgage Services Inc.
    First Citizens Bank & Trust Co.
    First Citizens Bank and Trust Company Inc
    First Citizens National Bank
    First City Bank of Florida
    First City Mortgage, Inc.
    First Coast Lending Inc
    First Coastal Mortgage LLC dba HH Mortgage
    First Collateral Services, Inc.
    First Collinsville Bank
    First Colony Mortgage Corporation
    First Colorado Trust LLC
    First Commercial Bank
    First Commercial Bank of Florida, Inc.
    First Commonwealth Mortgage Corp
    First Community Bank
    First Community Bank (MO)
    First Community Bank of Crawford County
    First Community Credit Union
    First Community Credit Union of Houston
    First Community Mortgage
    First Community Mortgage
    First Community Mortgage a Division of First Community Bank
    First Community Mortgage Inc.
    First Consolidated Mortgage Company
    First Continental Mortgage and Investment Corp.
    First Continental Mortgage, Ltd.
    First County Bank
    First Covenent Financial Group, LLC
    First Credit Union
    First Dakota National Bank
    First Eastern Mortgage Corporation
    First Educators Credit Union
    First Equity Financial Corp. dba First Equity Home Loans
    First Equity Financial LLC dba First Equity Financial
    First Equity Lending, Inc.
    First Equity Mortgage Bankers, Inc.
    First Equity Mortgage Inc.
    First Equity Mortgage Services, Inc.
    First Equity Mortgage, Inc. (AL)
    First Family Mortgage, Inc.
    First Fed Mortgage, Inc
    First Federal Bank
    First Federal Bank of California
    First Federal Bank of the Midwest
    First Federal Bank, FSB
    First Federal of Charleston
    First Federal Savings and Loan Association of Newark
    First Federal Savings Bank
    First Federal Savings Bank (IN)
    First Federal Savings Bank of Twin Falls
    First Federal Savings Bank- TN
    First Fidelity Bank, NA
    First Fidelity Financial, Inc.
    First Financial Bank NA
    First Financial Bank, NA
    First Financial Bank.
    First Financial Company
    First Financial Equities, Inc.
    First Financial Home Mortgage Corp
    First Financial Mortgage
    First Financial Mortgage Corp
    First Financial Mortgage Corp (KY)
    First Financial Services Inc (MI)
    First Financial Services, Inc.
    First Financial Solutions LLC
    First Financial Trust Mortgage, LLC
    First FL Lending of Tampa Bay, Inc.
    First Florida Bank
    First Florida Home Loans
    First Florida Lending Corporation
    First Florida Mortgage Network, Inc.
    First Franklin Financial Corporation
    First Funding Financial Services, Inc.
    First Funding Group, LLC
    First Greensboro Home Equity, Inc.
    First Guaranty Financial Corporation
    First Guaranty Mortgage Corporation
    First Hallmark Mortgage Corp
    First Harrison Bank
    First Hawaiian Bank
    First Home Financial Services, Inc
    First Home Mortgage Corporation
    First Home Savings Bank
    First Hope Bank
    First Horizon Home Loans, a div. of FTB
    First Houston Mortgage Ltd
    First Illinois Mortgage Inc.
    First Independent National Bank
    First Integrity Mortgage Services, Inc.
    First International Bank and Trust
    First Internet Bank of Indiana
    First Interstate Bank
    First Interstate Financial
    First Jersey Mortgage Services Inc.
    First Liberty Financial Group LLC dba First Liberty Fin Mtg
    First Liberty Mortgage LLC
    First Lincoln Loan Services, LLC
    First Lincoln Mortgage Corp.
    First Madison Loan Services LLC
    First Madison Mortgage Corp
    First Magnus Financial Corporation
    First Maine Mortgage LLC
    First Mark Mortgage Company, Inc
    First Merchants Corporation
    First Michigan Bank
    First Mid-Illinois Bank & Trust N.A.
    First Minnesota Bank
    First Missouri National Bank
    First Mortgage Banc Corporation
    First Mortgage Company, L.L.C.
    First Mortgage Corp.
    First Mortgage Corporation of South Carolina
    First Mortgage Group, Inc.
    First Mortgage of Indiana, Inc.
    First Mutual Bank
    First Mutual Corp
    First Mutual Mortgage Corporation
    First Mutual Mortgage, Inc.
    First National Bank
    First National Bank Alaska
    First National Bank Crossett
    First National Bank Fox Valley
    First National Bank Garden City
    First National Bank In Alamogordo
    First National Bank of America
    First National Bank of Arizona (RAPP)
    First National Bank of Bastrop
    First National Bank of Central Florida
    First National Bank of Chester Cnty through American Home Bk
    First National Bank of Christiansburg
    First National Bank of Durango
    First National Bank of Fabens
    First National Bank of Midland
    First National Bank of Monahans dba Texas Hills Bank
    First National Bank of Montana
    First National Bank of Nassau County a/d/o CBC National Bank
    First National Bank of Northern California
    First National Bank of Omaha
    First National Bank of Pennsylvania
    First National Bank of Santa Fe
    First National Bank of the South
    First National Bank of Trenton
    First National Bank of Wyoming
    First National Bank South Dakota
    First National Bank, Sallisaw
    First National Home Mortgage Corp
    First National Mortgage Banc Inc. dba Eagle Mortgage
    First Nation’s Home Finance Corp.
    First Niagara Bank
    First NLC Financial Services, LLC
    First Northstar Inc. dba Minnesota Mortgage Connection
    First Ohio Banc & Lending
    First Old Capital Inc dba Old Capital Residential Lending
    First Omni Mortgage Lending
    First Option Mortgage
    First Pacific Mortgage Co. Inc
    First Pacific, Inc.
    First Palmetto Mortgage, Inc.
    First Peoples Bank
    First Portfolio Mortgage Corporation
    First Quality Mortgage Company
    First Rate Capital Corp.
    First Reliance Bank
    First Republic Mortgage Corporation dba
    First Residential Mortgage Network, Inc.
    First Residential Mortgage Services Corporation
    First Roosevelt, LLC
    First Savings Mortgage Corporation
    First Security Bank – AR
    First Security Bank of Bozeman
    First Security Bank of Missoula
    First Security Mortgage Company
    First Security Mortgage Services, Inc.
    First Security Trust Bank
    First Service Mortgage
    First Service Mortgage, Inc.
    First Solution Lending, Inc.
    First Source Mortgage, Inc.
    First Southwestern Financial Services
    First State Bank
    First State Bank – IL
    First State Bank (27364)
    First State Bank (IN)
    First State Bank (TX)
    First State Bank and Trust Co
    First State Bank Mortgage Company, LLC
    First State Bank of Middlebury
    First State Bank of the Florida Keys
    First State Bank of Wyoming
    First State Home Loan
    First State Mortgage
    First Suffolk Mortgage Corporation
    First Switzerland Financial
    First Tennessee Bank National Association
    First United Bank
    First United Bank and Trust Company
    First United Home Loans
    First United Mortgage Banking Corp.
    First United Mortgage Company Inc
    First United Mortgage Corporation
    First West Mortgage Bankers LTD
    First Western Bank & Trust
    First Western Funding, LLC
    First Western Mortgage Corporation
    First Western Mortgage, Inc.
    First Wholesale Mortgage Corporation
    First Wisconsin Financial, Inc.
    First World Mortgage Corporation
    FirstBank Holding Company of Colorado/FirstBank of Colorado
    Firstco Mortgage Corp.
    FirsTier Bank Mortgage Division
    Firstline Mortgage Inc.
    FirstMac Corporation
    FirsTrust Mortgage
    Fischer and Fritchel Home Mortgage Co. LLC
    Fiserv – Unifi Products Group
    Fiserv -MortgageServ
    Fiserv Solutions, Inc.
    Fisher Financial Group, Inc. dba NationsChoice Mortgage
    Fitzgerald Mortgage Corp.
    Fitzgerald Mortgage, Inc.
    Five Points Bank
    Five Points Bank of Hastings
    Five Star Financial, Inc.
    Five Star Partnership, LLC DBA Five Star Mortgage
    Flagship Financial Services, Inc.
    Flagship Mortgage Banc Inc a Wholly Owned Subsidiary of Old
    Flagship Mortgage Corporation
    Flagstar Bank
    Flaherty Funding Corporation
    Flat Branch Mortgage, Inc
    Flathead Bank
    FlexPoint Funding Corporation
    Florida Capital Bank Mortgage
    Florida Citizens Bank
    Florida Community Bank
    Florida Parishes Bank
    Floridian Financial Mortgage, LLC
    Flower Bank FSB
    FM Financial Services, Inc. dba Foundation Mortgage
    FM Lending Services, LLC
    FM Mortgage Corporation
    FMWF Trust
    FNT Mortgage Series 2000-1
    Focus Financial & Mortgage
    Forem Capital Inc.
    Foresight Mortgage Corporation
    Forest Park National Bank & Trust Co.
    Fortes Financial, Inc.
    Fortress Financial, LLC
    Fortress Mortgage, Inc
    Fortune Lending Corporation
    Fortune One Mortgage Corporation
    FORUM Credit Union dba FORUM Mortgage
    Foundation Capital Group Inc.
    Foundation Financial Group LLC
    Foundation Financial Services, Inc.
    Foundation Mortgage
    Foundation Mortgage Company Inc.
    Foundation Mortgage Corporation
    Founders Bank
    Founders Bank & Trust
    Fountain Grove Mortgage
    Fowlaw Enterprises, Inc. dba Oakridge Financial Services
    Fox Funding, Inc.
    Fox Mortgage, Inc
    Franek Home Loans dba East Coast Lending
    Frank, Weinberg & Black, P.L.
    Franklin American Mortgage
    Franklin Credit Management Corporation
    Franklin First Financial Ltd dba Franklin First Mtg Bankers
    Franklin Loan Center
    Franklin Mortgage Company
    Franklin Savings and Loan Company
    Freedom Bank
    Freedom Choice Mortgage LLC
    Freedom Financial Mortgage Corporation
    Freedom Financial Solutions, Inc.
    Freedom First Federal Credit Union
    Freedom Lending, LLC
    Freedom Mortgage Corporation
    Freedom Mortgage Corporation – NJ
    Freeland, Rogers, LLC DBA Foundation Mortgage Group
    Freeman Webb Mortgage Corporation
    Freestand Financial Holding Corp
    Freestone Enterprises, Inc. dba Freedom American Mortgage
    Frels Enterprises, Inc dba Mortgage Associates of Texas
    Fremont Bank
    Fremont Reorganizing Corp f/k/a Fremont Investment & Loan
    Friendswood Financial, LTD
    FRMC Financial Inc. dba First Republic Mortgage Corporation
    Frontier 2000 Mortgage & Loan, Inc.
    Frontier Bank FSB dba El Paseo Bank
    Frontier Bank, National Association
    Frontier Financial Inc. dba Frontier Mortgage
    Frontier Investment Co., dba Rainland Mortgage Company
    Frontier Lending Company, LLC
    Frontier National Bank
    FTN Financial Warehouse Lending
    FUCM Private Investor – 1000010455 (NON MEMBER)
    FUCM Private Investor – 1000110455 (NON MEMBER)
    FUCM Private Investor – 1000210455 (NON MEMBER)
    FUCM Private Investor – 1000310455 (NON MEMBER)
    Full House Mortgage, Inc.
    Fulton Bank dba Fulton Mortgage Company
    Funding Resources Mortgage Corp.
    Funding Solutions Inc
    Fusion Home Loans, LLC
    G Squared Financial LLC
    Gabriel Mortgage, LLC
    Garden City Bank
    Garden City State Bank
    Gardner Financial Services LTD dba Gardner Financial Service
    Gateway Bank Mortgage, Inc.
    Gateway Bank, F.S.B.
    Gateway Business Bank dba Mission Hills Mortgage Bankers
    Gateway Capital Mortgage Corp
    Gateway Financial Corporation
    Gateway Financial Services, Inc.
    Gateway Funding Diversified Mortgage Services LP
    Gateway Mortgage Group
    Gateway Residential Funding
    GB Home Equity LLC A Wisconsin Limited Liability Company
    GBC Funding
    GCM Mortgage Inc.
    GCS Federal Credit Union
    GD LLC dba GLF Funding dba Guaranty Lenders Funding
    GD Mortgage Inc
    GE HF Holdings, Inc.
    GE Money Bank
    Gecko Mortgage Incorporated
    Gemini Bancorp, Limited
    GenEquity Mortgage, Inc.
    General Mills Federal Credit Union
    General Mortgage Company
    General Mortgage Corporation of America
    General Mortgage Finance Corp
    Genesee Regional Bank
    Genesis Mortgage Corporation
    Geneva Mortgage Corp
    Geneva Mortgage Services LLC
    Geneva State Bank
    Genisys Financial Corp.
    GEO Financial, Inc dba Blue Water Mortgage Co
    GEO Mortgage Services Inc
    GEO-Corp, Inc. dba Interstate Bancorp
    George Mason Mortgage Corporation
    Georgetown Mortgage Inc dba Home Source Mortgage
    Georgetown Mortgage, Inc.
    Georgia Bank and Trust
    Georgia Banking Company dba GBC Funding
    Georgia Banking Company dba National Mortgage Alliance
    Georgia Home Mortgage Network Inc.
    Gerber Federal Credit Union
    German American Bancorp
    Gershman Investments Corp.
    Gesa Credit Union
    GF Mortgage Inc. dba Greystone Financial
    GFI Mortgage Bankers Inc
    GHS Mortgage dba Windsor Mortgage
    Gilpin Financial Services, Inc.
    GL Financial Services, LLC
    Glacier Bancorp, Inc.
    Glacier Bank
    Glendive BN FCU
    Glenn Computer Corporation
    Glenwood Financial, LLC
    Global Advisory Group dba Mortgage Lending Group
    Global Credit Union
    Global Equity Lending Inc.
    Global Financial Services
    Global Funding Solutions, LLC
    Global Home Loans and Finance
    Global Lending Inc.
    Global Lending Solutions, LLC
    Global Lending, LLC
    Globe Mortgage America LLC
    GMAC Bank
    GMAC Bank – Document Custody Services
    GMAC Bank (1)
    GMAC Mortgage, LLC
    GMC Lending Services Inc.
    GMI Home Loans, LLC dba GMI Funding
    GMS Funding L.L.C.
    GNL Inc., dba Freedom Mortgage & Loan
    Go Blue, Inc. dba The Mortgage Group
    Goal Mortgage Funding, Inc.
    Gold Bank
    Gold Mortgage Banc Inc.
    Gold Star Mortgage Financial Group Corporation
    Golden Empire Mortgage, Inc.
    Golden Equity Mortgage Corp.
    Golden First Mortgage Corp
    Golden Rule Mortgages, Inc.
    Golden West Funding, Inc.
    Goldenwest Credit Union
    Goldman Sachs Bank USA
    Goldman Sachs Mortgage Company
    Golf Savings Bank
    Gordon Lending Corporation
    Gorman & Gorman Residential Mtg. Svs., Inc.
    Gotham Mortage Corporation
    Govell Funding Group LLCdba CT Home Loans
    Government National Mortgage Association
    Grabill Bank
    Grace America Mortgage LTD
    Grace Funding Inc.
    Grand Bank, NA
    Grand Rivers Community Bank
    Grand Valley National Bank
    Grande Homes, Inc. dba GHI Mortgage
    Granite Mortgage & Construction Finance Inc
    Granite Mortgage Corp
    Graystone Funding Company LLC dba Graystone Mortgage LLC
    Graystone Mortgage LLC
    Graystone Solutions, Inc.
    Great Country Mortgage Bankers, Corp.
    Great Eastern Mortgage & Investment Inc
    Great Florida Bank
    Great Horizons, Inc. dba Great American Mortgage
    Great Lakes Bank, NA
    Great Lakes Mortgage & Inv Inc.
    Great Lakes Mortgage Brokers LLC
    Great Northern Bank
    Great Northern Financial Corporation
    Great Northern Financial Group, Inc.
    Great River Federal Credit Union
    Great Southern Bank
    Great Western #1 Inc.
    Great Western Bank
    Great Western Financial Group
    Great Western Financial Services, Inc
    Great Western Home Loans
    Greater Acceptance Mortgage Corporation
    Greater Atlanta Mortgage Co.
    Greater Atlantic Mortgage Corporation
    Greater Financial Mortgage Corp
    Greater Iowa Credit Union
    Greater Midwest Mortgage Corp
    Greater Nevada Mortgage Services
    Greater Northwest Mortgage Inc.
    Greater Potomac Mortgage Company
    Greater United Home Funding, Inc.
    GreatHouse Mortgage, Inc
    Green Bay Mortgage Headquarters, LLC DBA Green Bay Mortgage
    Green Planet Mortgage, LLC
    Green Planet Servicing LLC
    Green Tree Servicing LLC
    Greenback Funding Inc.
    Greenco Financial Mortgage Bankers
    Greenfield Co-Operative Bank
    Greenfield Mortgage Corporation
    Greenlight Financial Services
    Greenpark Mortgage Corporation
    GreenPoint Mortgage Funding Inc.
    Greentree Mortgage Company, L.P.
    Greenwich Capital Financial Products, Inc
    Greenwich Investors XXVI, LLC
    Greenwood Properties LLC
    Greg Bissmeyer dba GB Mortgage
    Gregg & Valby Mortgage Services
    Greystone Bank (R)
    Greystone Financial Group
    Griffin Lending LLC #84861
    Grimaldi Capital Funding, Inc.
    Group One Mortgage Corporation
    Group One Mortgage Inc.
    Grovebay Financial, Inc
    Groves Funding Corporation
    GSB Mortgage Inc.
    GSC Capital Corp
    GSF Mortgage Corporation
    GTKY Credit Union Inc
    Guaranteed Home Mortgage Company, Inc.
    Guaranteed Mortgage Brokers Inc
    Guaranteed Rate, Inc
    Guaranty Bank (MO)
    Guaranty Bank (Texas)
    Guaranty Bank, FSB
    Guaranty Federal Financial Corp.
    Guaranty Trust Company
    GuardHill Financial Corp.
    Guardian Financial Network Inc.
    Guardian Mortgage, Inc.
    Guardian Nationwide Mortgage Inc.
    Guidance Mortgage Group, LLC
    Guidance Mortgage LLC
    Guild Mortgage Company
    Gulf Atlantic Funding Group, Inc.
    Gulf Coast Bank & Trust Co. Non Mortgage
    Gulf Coast Bank and Trust Company
    Gulf Coast Community Bank
    Gulf Coast Mortgage Inc
    Gulf Coast Principle, LLC
    Gulf States Mortgage
    Gulfstream Business Bank
    Gum Tree Mortgage, LLC
    GVC Mortgage Inc dba Preferred Capital
    H & R Block Mortgage
    H&H Financial Group LLC dba Life Mortgage Group
    H&R Block Bank
    H.M.M. Enterprises, Inc.
    Habersham Bank
    Habitat Mortgage Company Inc
    Hallmark Home Mortgage
    Hallmark Mortgage Services, Inc.
    Hamilton Federal Bank
    Hamilton Group Funding Inc.
    Hamilton Mortgage Corporation
    Hamilton National Mortgage Company
    Hammer Mortgage, Inc.
    Hammond Securities Co., LLC
    Hancock Bank
    Hanover Mortgage Company
    Happy State Bank
    Harbor Financial Mortgage Corporation
    Harbourton Mortgage Investment Corporation
    Hargrow & Associates Inc dba MH&A Financial Service
    Harris Nesbitt Corp. (As Agent for Fairway Finance Co., LLC.
    Harry Mortgage Company
    Hart West Financial
    Hartford Financial Services Inc.
    Hartland Mortgage Centers Inc
    Harvest Financial.Net, Inc DBA Harvest Financial
    Hawthorn Bank
    Hawthorne Capital Corp
    Hawthorne Credit Union
    Hayhurst Mortgage, Inc.
    HBC Investment Group, Inc. dba All-American Mortgage
    HCI Mortgage
    HCL Finance, Inc.
    Hearthside Lending Corp.
    Heartland Bank
    Heartland Bank.
    Heartland Community Bank
    Heartland Credit Union
    Heartland Funding Corp
    Heartland Home Finance Inc
    Heartland Mortgage Company
    Heartland Mortgage Company LC
    Heartland National Bank
    Heartwell Mortgage Corporation
    Hedlund Mortgage LLC
    Hela Corporation dba Integra Pacific Mortgage
    Helpbringer Mortgage Services, Inc.
    Hemant Shah dba NJ Mortgage Services
    Hemisphere National Bank, Mortgage Division
    HengerRast Mortgage Corporation
    Heritage Financial Group, LLC
    Heritage Mortgage & Loan, Inc
    Heritage Mortgage Services, LLC
    Heritage Oaks Bank
    Heritage Plaza Mortgage, Inc.
    Heritage Savings Bank
    Herman-Morrie Enterprises Inc. dba Hawaii’s Premiere Mtg. Co
    Hernandez Services Inc.
    HF Financial Corp
    HFC – Beneficial
    HFN – Consumer Orig.
    HIgh Point Mortgage Corp
    High Tech Lending
    Highland Banc, Inc
    Highland Federal Savings & Loan
    Highland Financial Co., LLC.
    Highmark Federal Credit Union
    Hillcrest Bank
    Hills Bank and Trust Company
    Hilton Head Mortgage, LLC
    Hilton Mortgage Corporation II
    Hinds Mortgage Inc
    HL Mortgage, LLC
    HMC – Home Mortgage Consultants, Inc.
    HMC Funding Inc.
    HNB Mortgage
    Hogar Mortgage
    Home 123/New Century
    Home Bank SB
    Home Capital Funding
    Home Capital, Inc.
    Home City Federal Savings Bank of Springfield
    Home Equity Solutons LTD
    Home Express
    Home Fed Realty Corp
    Home Federal Bank ID
    Home Federal Savings and Loan
    Home Federal Savings Bank
    Home Finance of America
    Home Inc.
    Home Financial, Inc.
    Home Financing Center Inc.
    Home Financing Unlimited, Inc.
    Home Funding Corporation
    Home Funding Finders, Inc.
    Home Loan Center dba Lending Tree Loans
    Home Loan Consultants
    Home Loan Consultants Inc
    Home Loan Corporation
    Home Loan Funding Inc
    Home Loan Mortgage Company
    Home Loan Mortgage Corporation
    Home Loan Network
    Home Loan Professionals, LLC dba Home Loan Professionals
    Home Loan Services, Inc.
    Home Loan Specialists Inc.
    Home Loans USA Inc. (Orange)
    Home Mortgage Associates, Inc.
    Home Mortgage Corporation
    Home Mortgage Desk Corp.
    Home Mortgage Finance Group Corp
    Home Mortgage Inc.
    Home Mortgage Lending, LLC
    Home Mortgage Resources Inc
    Home Mortgage Solutions, Inc.
    Home Mortgage, Inc.
    Home N Mortgage, Inc.
    Home National Bank N.A.
    Home Savings & Loan Co. of Youngstown, Ohio
    Home Savings & Trust Mortgage
    Home Savings bank
    Home Savings Mortgage
    Home Service Associates, Inc.
    Home South Mortgage Corporation
    Home State Bank & Trust Co
    Home State Mortgage Group
    Home Team Equity, LLC
    Home Town Mortgage Inc
    Home USA Mortgage, Inc.
    Home Vest LLC
    HomeAmerican Mortgage Corporation
    HomeBanc N.A.
    Homebound Mortgage, Inc.
    Homebuyers Financial LLC
    Homebuyer’s Resource Group, LLC
    HomeComings Financial, LLC
    HomeComings Wholesale Funding
    Homefield Financial Inc.
    HomeFirst Mortgage LLC
    HomeFirst Mortgage Services LLC
    Homefront Mortgage Group LLC
    Homeland Capital, LLC
    Homeland Mortgage LLC
    Homeline Mortgage Corp
    Homelink Mortgage Inc
    HomeLoan USA Corporation, Inc.
    Homeowners Financial Group USA, LLC.
    Homeowners Financial Services, Inc.
    Homeowners Friend Mortgage Company, Inc.
    Homeowners Mortgage Enterprises, Inc.
    HomeOwners Mortgage of America, Inc., Inc.
    HomePoint Mortgage Group LLC
    HomePromise Corporation
    HomEq Servicing
    Homequest Capital Funding LLC
    Homeservices Financial, LLC
    Homeservices Lending, LLC Series A (CA)
    Homeservices Lending, LLC Series A DBA Mortgage South
    Homesource Funding Group
    Homesource Lending Inc.
    Homespring Financial LLC
    Homespun Mortgage Corporation
    HomeStar Financial Corporation
    Homestar Lending Corporation
    Homestar Mortgage Services (Vendor)
    Homestar Mortgage, Inc.
    HomeStart Mortgage Corporation
    Homestead Financial Services, Inc.
    Homestead Funding Corp
    Homestead Mortgage Company LLC dba Homesite Mortgage
    Homestead Mortgage Corporation
    Homestead Mortgage Inc.
    Homestead-USA, Inc.
    HomeStreet Bank
    HomeTech Mortgage Corporation
    Hometown America Incorporated
    Hometown Bank of Corbin
    Hometown Equity Mortgage of St. Louis, Inc.
    HomeTown Financial Group, Inc.
    HomeTown Lenders LLC
    Hometown Lending
    HomeTown Mortgage Services, Inc.
    Hometown Security Mortgage Inc
    Hometowne Lending L.L.C.
    HomeTrust Bank
    Hometrust Mortgage Company
    HomeTrust Mortgage Inc.
    Hometrust Mortgage Services LLC
    HomeValue Mortgage, Inc.
    Homevest Mortgage Corporation
    Homeview Lending
    Homewide Lending Corp.
    Homewise Inc.
    Honda Federal Credit Union
    Honesdale National Bank
    Honor State Bank
    Hopewell Federal Credit Union
    Horizon Bank
    Horizon Bank (MN)
    Horizon Bank, Mortgage Warehousing Division
    Horizon Bank, N.A.
    Horizon Direct, Inc. dba Commitment Lending
    Horizon Financial Group, Inc.
    Horizon Mortgage Corp. DBA Americhoice Residential Funding
    Horizon National Bank
    Horizon National Lending
    Housing & Neighborhood Development Services, Inc. dba HANDS
    Housing Opportunity Comm. – Non-Member Investor
    Housing Solutions, Inc.
    Houston Prime Mortgage, LLC
    Houstonian Mortgage Group, Inc. DBA Westin Mortgage Group
    Howard Bank
    Howard Hanna Financial Services, Inc.
    Howard Hanna Mortgage Services
    HSBC Bank USA
    HSBC Bank USA as Trustee
    HSBC Bank USA, NA – Non-Affiliate
    HSBC Bank USA, National Association
    HSBC Mortgage Corporation, USA
    HSBC Mortgage Services
    HSBC Mortgage Services Warehouse Lending Inc
    HTFC Corporation DBA HTFC Mortgage Bankers, Miracle Funding
    Hudson City Savings Bank
    Humbert Mortgage
    Humphries Mortgage Inc.
    Hunt Mortgage
    Hunter Financial Group LLC
    Huntingdon Valley Bank
    Huntington Community Mortgage Bankers
    Huron Valley Financial Inc
    Hyde Park Bank
    Hyperion Capital Group LLC
    Hyperion Capital Group, LLC
    IAA Credit Union
    iApprove Lending
    Iberia Mortgage Corp.
    IBEX Networks, Inc.
    Idaho Banking Company
    Idaho First Bank
    Idaho Independent Bank
    Ideal Home Loans, Inc
    Ideal Mortgage Specialists, Inc
    Identico Inc. dba Constantine Mortgage Services
    IDS, Inc
    IFG Mortgage Services, Inc.
    iFreedom Direct Corporation
    Ikon Mortgage Lenders, Inc.
    Illinois Mortgage Funding Corporation
    Iltis Lending Group Inc.
    Imath Inc dba 21st Century Mortgage
    IMC Funding Group, Inc. Inc.
    Impac Funding Corporation
    Impac Mortgage Acceptance Corporation dba Impac Funding Corp
    Impac Warehouse Lending Group
    Impact Mortgage Group, Inc.
    Imperial Lending LLC
    IMS Mortgage Services
    Independence Community Bank
    Independence Financial Corporation
    Independent Capital Group, Inc
    Independent Financial Mortgage, Inc
    Independent Mortgage
    Independent Realty Capital Corp.
    Indiana Members Credit Union
    Indianapolis Neighborhood Housing Partnership
    Indigo Fincancial Group, Inc
    IndyMac Federal Bank FSB
    I-Net Mortgage Corp
    Infinite Financial Corporation dba Metropolitan Home Mtg
    Infinite Mortgage Services, LLC
    Infinity Financial Corp
    Infinity Financial Network LLC
    Infinity Funding Corp.
    Infinity Group Services
    Infinity Home Mortgage Company Inc.
    Infinity Information Solutions LLC, wos of First American RE
    Infinity Mortgage Co. Inc
    Infinity Mortgage Corporation
    Infinity Mortgage Corporation.
    Information Engineering Services, Inc.
    Ingle & Associates Mortgage Services, Inc dba Ingle Mortgage
    Ingomar Limited Partnership
    Inland Northwest Bank
    Innergy Lending LLC
    Innovative Financial Services, Inc.
    Innovative Mortgage Capital, LLC
    Innovative Mortgage Concepts LLC
    Innovative Mortgage Solutions LLC
    Innovative Property Services, Inc.
    Insight Bank
    Insight Financial Corporation
    InSource Financial Services LLC
    InSouth Funding Inc
    Instant Capital Funding Group, Inc.
    Integrated Financial Group, Inc.
    Integrated Lending, Inc.
    Integrated Mortgage Corporation
    Integrated Mortgage Services Inc.
    Integrated Mortgage Strategies Ltd.
    Integrity Bancorp
    Integrity Financial LLC
    Integrity Financial Services of Tampa Bay Inc.
    Integrity Financial Services, Inc.
    Integrity First Financial, Inc.
    Integrity First Home Loans Inc
    Integrity Home Loan of Central Florida Inc
    Integrity Home Mortgage Corporation
    Integrity Lending LLC
    Integrity Mortgage & Financial Incorporated
    Integrity Mortgage LLC
    Integrus Mortgage LLC
    Intelli Mortgage Services, Inc.
    Inter Mountain Mortgage
    Inter National Bank
    Inter Savings Bank, FSB
    InterBay Funding, LLC
    InterContinental Capital Group, Inc.
    Intercontinental Mortgage Partners of Texas, LP
    Interlinc Mortgage, Inc.
    Intermountain Industries, Inc. dba Major Mortgage USA
    Intermountain Mortgage Company Inc
    International Bank of Commerce
    International Bankers Financial Group
    International Home Capital Corporation
    International Lending Solutions, Inc.
    International Mortgage Corporation
    Interra Credit Union
    Interstate Home Loan Center Ind dba
    Interthinx, Inc
    Intertrust Mortgage LLC
    Intervale Mortgage Company, Inc.
    InTouch Mortgage Inc.
    Intracoastal Mortgage Co. LLC
    Intrust Mortgage, Inc.
    Investaid Corporation
    Investors Mortgage Asset Recovery Company, LLC dba IMARC
    Investors Mortgage Company, Inc.
    Investors Trust Mortgage & Investment Co. Inc.
    Iowa Bankers Mortgage Corporation
    Iowa Mortgage Professionals, In.c
    iQ Credit Union
    Ireland Bank
    Ires Co.
    IronStone Bank
    Irwin Home Equity
    Irwin Mortgage Corporation
    Irwin Union Bank and Trust
    iServe Servicing Inc.
    Island Community Mortgage Services LLC dba Island Mortgage
    Ivanhoe Financial, Inc.
    iWayloan LP
    IZT Mortgage Inc. dba Ameritech Mortgage
    J and E Mortgage Services LLC
    J&M Mortgage Brokers, LTD dba Mortgages USA
    J&R Lending Inc.., dba First Security Lending
    J&S Holdings of Greenville Inc. dba First United Mortgage
    J. Allston Mortgage LLC
    J. Friedman Inc dba J. Friedman Mortgage & JRA Mortgage
    J. Philips Mortgage Inc.
    J. Powder Mortgage, Ltd.
    J. Virgil, Inc. dba The Lending Factory
    J.D. Martinez Investments, Inc. DBA AllBay Mortgage Services
    J.S. Shirk & Associates, Inc. dba Florida Community Mortgage
    J.S. Smith Mortgage, LLC
    Jabez Financial Services, LLC
    JAC Financial Inc. dba Plaza Loan Services
    Jam Consultants
    Jamsab Realty Corp
    Jason B. Jones dba Halo Capital
    Jayco Capital Group dba Loan Solutions
    JBJ, LLC dba Precision Mortgage
    JC Reed Mortgage LLC
    JCJ Mortgage Ventures, L.P.
    JDB Mortgage Corp.
    JDH Capital, LLC
    JDJ Financial Group Inc.
    Jefferson Bank
    Jefferson Bank & Trust co.
    Jefferson Mortgage Services, Inc
    Jennifer Farley dba South River Mortgage
    Jersey Mortgage Company
    JFK Financial Inc. dba Equity Direct Funding
    JJAM Corporation
    JJM Investments, Inc.
    JKS Mortgage, LLC
    JLB Corporation dba Golden Oak Lending
    JMAC Lending, Inc.
    JMJ Financial Group dba The Coastal Lending Group
    JMJ Mortgage Capital, LLC
    Joe Klein Enterprises LTD d/b/a The Mortgage Store
    John Adams Mortgage
    John H.D. Goemans, Inc. dba The Mountain Mortgage Centers
    Johnson Mortgage Company, LLC
    Jonah Bank of Wyoming
    Jones Mortgage Group
    Jordon Financial Group, LLC
    JP Morgan Chase Bank
    JP Morgan Chase Bank as Trustee
    JP Morgan Chase Bank NA
    JP Morgan Chase Bank, N.A. – Warehouse Lending
    JP Morgan Chase Bank, N.A. – Warehouse Lending Vendor
    JPMorgan Chase Document Custodian
    JT, Inc dba Nortex Mortgage
    JTM Financial Services, Inc.
    Judith O. Smith Mortgage Group, Inc.
    Just Mortgage, Inc.
    Just Write Funding LP dba CU JWF Associates, Inc.
    JZ Mortgage Inc. dba Equity Funding Co.
    K & G Capital Mortgage LP
    K Bank
    K Hovnanian American Mortgage LLC
    K&B Capital Corp
    K&G Financial, LLC
    K.P. Riley Mortgage Corporation
    Kaiser & Associates Mortgage Services, Inc
    Kaiser Federal Bank
    Kansas City Mortgage Group LLC
    Kastle Mortgage Corporation
    Kaw Valley Home Loans, Inc.
    Kay-Co Investments, Inc. dba Pro30 Funding
    Kaye Financial Corporation
    KCB Bank
    KE Enterprises LLC
    Kellner Mortgage Investments I, LTD
    Kelly Stephens Mortgage Inc. dba KS Mortgage Inc.
    Kelstar Financial Services LLC
    Kemp Mortgage LLC
    Kenilworth Financial Inc.
    Kennedy Mortgage Corp
    Kenney Bank and Trust dba America’s Home Loan
    Kentucky Housing Corporation
    Kentucky Neighborhood Bank, Inc.
    Kentucky Telco Federal Credit Union
    Key Financial Corporation
    Key Mortgage Company, Inc.
    Key Mortgage Lenders, L.L.C.
    Key Mortgage Link, Inc.
    Key Mortgage Services
    Key Mortgage Services Inc dba Baird & Warner Financial Serv.
    Keynote Equity Group, LLC
    KeyPoint Credit Union
    KeySource Commercial Bank
    Keystone Home Mortgage, LLC
    Keystone Mortgage
    Keystone Mortgage Company, Inc.
    KH Financial, LP
    Kiertec Inc. dba US Mortgage Source
    Kinetic Mortgage Group
    King Financial Group, Inc.
    Kings Mortgage Services, Inc.
    Kingswood Mortgage Inc.
    Kirkland Investors LLC
    Kirkwood Bank & Trust Co.
    Kirkwood Financial Corporation
    Kirsten Estes dba Mountain Home Lending
    Kitsap Credit Union
    KleinBank, dba KleinMortgage
    KLW, Inc dba Northside Mortgage
    Knightbridge Mortgage Bankers
    Kohler Credit Union
    Kondaur Capital Corporation
    Kroboth & Helm Mortgage Company, Inc.
    KSC Investment Group, LLC
    Kubrick Financial
    L & G Mortgagebanc Inc
    LA Financial Federal Credit Union
    La Rue Residential Lenders LLC
    Lafayette Bank & Trust Company
    Lafayette Community Bank
    Lake Area Mortgage, A Division of Lake Area Bank
    Lake Community Bank
    Lake Creek Financial LLC
    Lake Dillon Mortgage Services, Inc.
    Lake Michigan Credit Union
    Lake Mortgage Company, Inc.
    Lake Mortgage Group, LLC dba Lake Mortgage
    Lake State Federal Credit Union
    Lakeland Mortgage Corporation
    Lakes Area Mortgage, LLC
    Lakeshore Mortgage Group Inc.
    Lakeside Bank
    Lakeside Lending LTD
    Lakeside Mortgage Company
    Lakeview Bank
    Lakeview Mortgage, Inc.
    Lancaster Mortgage Bankers LLC
    Land Home Financial Services, Inc.
    Landmark Mortgage & Associates Inc
    Landmark Mortgage Corporation
    Landmark Mortgage Lending
    Landmark Mortgage LLC
    Landmark Mortgage of Tampa Bay, Inc.
    Landover Mortgage, LLC
    Langdon Motrgage Company, Inc.
    Laraby Financial Group Inc.
    LaSalle Bank NA Trustee for BancOne Series 2000-2
    LaSalle Bank NA, Trustee for BancOne Series 2000-1
    Lawrence Bank
    Lawrence Residential Funding Corp.
    Lawrence Winslow dba All Texas Mortgage
    Layton State Bank
    LBA Financial Group
    Leader Bank, N.A.
    Leader Financial Services, a div of American National Bank
    Leader Mortgage Company, Inc.
    Leader Mortgage Corp
    LeaderOne Financial Corporation
    Leahy & Walker Financial Services
    Leavitt Inc.
    Lee Financial Corporation
    Legacy Bank
    Legacy Financial Corporation
    Legacy Funding Corp.
    Legacy Group Lending, Inc.
    Legacy Lending, Inc.
    Legacy Mortgage Group LLC
    Legacy Mortgage Inc.
    Legacy Texas Mortgage, LP
    Legend Lending Corporation
    Legendary Home Loans, Inc.
    Lehman Brothers Bank
    Lehman Brothers Holdings Inc.
    Lehman Commercial Paper, Inc.
    Lehman/FNMA Non-Laser
    Leitchfield Deposit Bank and Trust Company
    Lend America
    Lend America, Inc.
    Lend Smart Mortgage LLC
    LendAmerica Home Loans, Inc.
    Lender Ltd.
    Lender Processing Services, Inc. (aka LPS)
    Lenders Association, Inc.
    Lenders Depot Inc.
    Lenders Direct Capital Corporation
    Lenders Rate, Corp.
    Lendia, Inc.
    Lending 1st Mortgage, LLC
    Lending Bankers Mortgage LLC
    Lending Capital Group, LLC
    Lending Solutions Inc. dba LSI Mortgage Plus
    Lending Street, L.L.C.
    LendingSpace, Inc.
    Lend-Mor Mortgage Bankers Corp
    Lendmor, LLC
    LendSource, Inc.
    LendSouth Mortgage, Inc.
    Lenox Financial Mortgage Corporation
    Level One Bank
    Lewis Hunt Enterprises dba Interactive Financial Corporation
    Lexim Mortgage
    Lexingtonton Capital Corp dba Lexington Mortgage
    LFM Group Inc. DBA LIRA Financial Mortgage
    LG & MG Corporation dba Precise Mortgage Lending
    LHI Mortgage
    LHM Financial dba CNN Mortgage Inc.
    Libertad Bank SSB
    Liberty 2000 Enterprises, Inc.
    Liberty Alliance Federal Credit Union
    Liberty Bank
    Liberty Bank and Trust Company
    Liberty Bank of Arkansas
    Liberty Federal Mortgage LLC, dba First United Inc LLC
    Liberty First Credit Union
    Liberty Home Lending, Inc.
    Liberty Home Loan Corporation
    Liberty Home Loans
    Liberty Mortgage Corp.
    Liberty Mortgage Corporation
    Liberty Mortgage Corporation dba Liberty Home Mortgage
    Liberty Mortgage Funding Inc.
    Liberty Mortgage Group, LLC
    Liberty Mortgage Services, LLC
    Liberty Mortgage, Inc.
    Liberty Savings Bank FSB
    Liberty Savings Bank, F.S.B.
    Liberty State Finance, LLC
    LibertyQuest Financial Inc dba LibertyQuest
    Lifeline Christian Mortgage Inc
    Lifestyle Mortgage Holdings, Inc.
    Lifestyle Mortgage II, LLC
    Lifetime Financial Partners Inc.
    Lifetime Financial Services LP dba Town and Country Mortgage
    Lifeway Lending Group Inc.
    Lighthouse Mortgage Company, Ltd.
    Lighthouse Mortgage Service Co Inc.
    Lighthouse Mortgage USA, Inc.
    Lime Financial Services, LTD.
    Limes Financial Funding, LTD
    Linc Capital LLC
    Linco Capital LLC dba Kirkwood Mortgage
    Lincoln Bank
    Lincoln Capital Advisors, LLC
    Lincoln County Credit Union
    Lincoln Federal Savings Bank
    Lincoln Mortgage Co.
    Lincoln Mortgage Corporation
    Lincoln Park Savings Bank
    Lincolnway Community Bank
    Lindstrom Financial Group, Inc.
    Link One Mortgage Bankers LLC
    Linn Area Credit Union
    Liquid Financial Group Inc
    Litton Loan Servicing LP
    LJL Mortgage Pool, LLC
    Lo, Inc. dba Reliance Mortgage Inc.
    Loan Across America dba Loan America, Inc.
    Loan America Home Mortgage Inc.
    Loan Center of California, Inc.
    Loan Correspondents, Inc. dba Capital Funding Group
    Loan Lines, Inc.
    Loan Link Financial Services
    Loan Management Services, Inc.
    Loan Network, LLC
    Loan Resource Center, Inc. DBA Optima Home Mortgage
    Loan Services, Inc.
    Loan Servicing Solutions, LLC
    LoanCare Servicing Center, Inc
    Loancorp Financial Inc.
    Loanfinders of SC., Inc.
    Loangistics Mortgage Solutions, LLC
    LoanPlex Mortgage
    LoanStar Mtg, LLC dba LoanStar Mortgage
    Logan Finance Corporation
    Lombard Financial Corp., LLC
    Lone Star Mortgage of DFW
    Lord and Silva, LLC
    Lovell, Hubbard & Associates, Inc. dba LHA Mortgage Services
    LownHome Financial Holdings LLC
    LP Direct LLC
    LPS Field Services, Inc.
    Lubbock Housing Finance Corporation
    Lubbock National Bank Mortgage
    Lucey Mortgage Corp.
    Lumina Mortgage Company
    Luminent Mortgage Capital Inc.
    Lundin & Associates Inc.
    Luxury Mortgage Corp.
    Lydian Data Services, LLC
    Lydian Private Bank
    Lydian Technology Group
    Lyndsey Home Mortgage Express, Inc.
    Lynx Mortgage Bank, LLC
    Lyons Enterprises dba LEI Financial
    Lyons Mortgage Services, Inc.
    M & T Bank
    M&I Bank
    M&I Bank FSB
    M&I Mortgage
    M.I.F. Services Inc.
    M.Point Mortgage Services, LLC
    M/I Financial Corp.
    Mac and Waters Mortgage Group Inc.
    Macarthur & Baker International Inc d/b/a MBI Mortgage Fndg
    Macatawa Bank
    Mac-Clair Mortgage Corporation
    Mackinac Savings Bank
    Macon Mortgage, Inc.
    Madera Financial, Inc.
    Madison Financial LLC
    Madison Home Equities, Inc.
    Madison Mortgage Corporation
    Magellan Harbor Lending, LLC
    Magellan Mortgage Corp
    Magnolia Mortgage Company LLC
    Magnolia Mortgage Inc.
    MAI Mortgage Inc.
    MAIA Mortgage Finance Statutory Trust
    Main Stream Financial, Inc.
    Main Street Financial Group, Inc.
    Main Street Financial, Inc.
    Maine Home Mortgage Corp.
    Mainland Mortgage Corp
    Mainline Mortgage Corporation
    Mainsource Bank
    Mainstreet Mortgage, Inc.
    Maitland Mortgage Lending Company
    Majestic Home Mortgage Corp.
    Majestic Mortgage Services, Inc.
    Majesty Mortgage, Inc.
    Major Mortgage
    Mak Mortgage Consultants Inc
    Malcap Mortgage LLC
    Mandalay Mortgage LLC
    Mandalay Mortgage LLC(CA) dba Capital Six Funding
    Manhattan Financial Group, Inc.
    Manhattan Mortgage Corporation
    Mann Financial, LLC
    MAR Group LLC
    Marathon Asset Investment Trust 2007-1
    Marathon Asset Investment Trust 2007-2
    Marathon Asset Management
    Marathon Mortgage
    Marathon REO Management LLC
    Marathon Structured Asset Solutions Trust
    Mardy L Dallas dba Great Western Mortgage
    Maribella Mortgage, LLC
    Marimark Mortgage, LLC
    Mariner’s Bank
    Marion State Bank
    Maritime Mortgage Corp
    Marix Servicing
    Mark James Haselhorst dba Arbor Mortgage
    Market Mortage Co., Ltd.
    Market Street Mortgage Corporation
    Marketline Mortgage
    Marketplace Home Mortgage, LLC
    Marlin Mortgage Company LLC
    Marquis Financial Group
    Marquis Money Inc.
    Marshall BankFirst Mortgage Group
    Marshland Community Federal Credit Union
    Martin Funding Corp
    Marty Cancila Mortgage LLC dba Capital Funding Group
    Maryland Residential Lending LLC dba Nationwide Mortgage Ser
    MAS Associates LLC dba Equity Mortgage Lending
    Mason Dixon Funding, Inc.
    Mason-McDuffie Mortgage Corporation
    Massachusetts Housing Finance Agency
    Massachusetts Mutual Life Insurance Company c/o Babson Cap.
    Master Financial, Inc.
    Matrix Financial Services Corporation
    Mattamy Home Funding, LLC
    Mattocks Mortgage, Inc.
    Maverick Funding Corp
    Maverick Residential Mortgage
    Maxim Capital Inc.
    Maxim Investment Group, LLC
    Maxim Mortgage Corporation
    Maxwell Funding Inc. dba Maxwell Funding Group
    Mayer Home Mortgage Co. LLC
    MBA Financial Solutions, Inc. dba Bay Wholesale Lending
    MBI Mortgage, Inc.
    MBJ Mortgage Services America, LTD. dba Merchants Home Loan
    MBS Mortgage Comapny, LLC
    MBT Credit Company, Inc.
    MC Harbor Investment Co
    McCabe Mortgage Group, Inc.
    McCaughan Mortage Co., Inc.
    McJab Inc. dba First California Funding
    McLean Mortgage Corporation
    MCM Companies LLC
    McMillin Mortgage, Inc
    MCS Mortgage Bankers, Inc.
    MDKJR Inc.
    Meadowbrook Mortgage Corporation
    Mecco Financial, Inc.
    MECE Credit Union
    Meetinghouse Cooperative Bank
    MEG Co., LLC
    Mega capital Funding, Inc.
    MegaStar Financial Corp.
    Member First Mortgage LLC dba Michigan First Mortgage LLC
    Member Options LLC
    Members Cooperative Credit Union
    Members Loan Services, Inc.
    Members Mortgage
    Members Mortgage Company, Inc.
    Members Preferred Mtg. Services Inc.
    Members1st Community Credit Union
    MembersAlliance Credit Union
    Menna Company dba Independent Mortgage Associates
    Mennonite Financial Federal Credit Union
    Mercantile Bank d/b/a Florida Wholesale Mortgage
    Mercantile Bank Mortgage Company LLC
    Merchants & Farmers Bank
    Merchants & Southern Bank
    Merchants and Manufacturers Bank
    Merck Sharp and Dohme Federal Credit Union
    Mercury Inc.
    Meridian Lending Corporation
    Meridian Lending Inc. dba All Source mortgage
    Meridian Residential Capital LLC dba First Meridian Mortgage
    Meridias Capital
    Merit Financial Inc.
    Merit Financial Services LLC
    Merit Mortgage Services
    Meritage Home Funding, LLC
    Meritas Mortgage LLC
    Meriwest Credit Union
    Meriwest Mortgage Company LLC
    Merrill Lynch (surf)
    Merrill Lynch Bank USA
    Merrill Lynch Credit Corporation
    Merrill Lynch Mortgage Lending, Inc. (Subprime)
    Merrimack Mortgage Company, Inc.
    Merrlin Mortgage Corporation
    MERS Link Subscriber
    MetAmerica Mortgage Bankers, Inc.
    Metlife Bank, N.A.
    MetLife Home Loans, a Division MetLife Bank, N.A.
    Metro Atlanta Mortgage Company, Inc.
    Metro Finance
    Metro Funding Corporation
    Metro Health Services FCU dba Metro First Mortgage
    Metro Mortgage Corporation
    Metro One Mortgage LLC
    MetroBoston Mortgage Co., Inc.
    Metrocities Mortgage LLC
    Metropolitan Bank Group
    Metropolitan Financial Services Inc
    Metropolitan Home Mortgage, Inc.
    Metropolitan Mortgage Bankers Inc.
    Metropolitan Mortgage Group, Inc. dba Metropolitan Mortgage
    Metropolitan National Bank
    Metropolitan National Bank (MO)
    Metropolitan National Bank Mortgage Company
    Metrostate Financial and Real Estate Corp
    Metuchen Savings Bank
    MFC Mortgage Inc
    MFG Funding
    MGM Funding, LLC
    MGN Funding Corp.
    MHC I, Inc.
    MHL Funding Corp
    Michael David Financial Inc dba Cornerstone Lending
    Michigan Fidelity Acceptance Corporation
    Michigan Heritage Bank
    Michigan Mutual, Inc.
    Michigan United Mortgage LLC
    Mid America Bank & Trust Company
    Mid America Mortgage Services of IL Inc. Carterville Branch
    Mid America Mortgage Services of Illinois, Inc.
    Mid America Mortgage Services of Kansas City, Inc.
    Mid Atlantic Capital, LLC
    Mid Valley Services, Inc.
    Midamerica Mortgage Corporation
    Mid-Atlantic Federal Credit Union
    Mid-Atlantic Financial Services, Inc.
    MidCarolina Bank
    Midcontinent Fin Ctr Inc d.b.a. American Mutual Mortgage Co.
    MidCountry Bank
    Middlekauff Mortgage Co.
    MidFirst Bank
    Mid-Island Mortgage Corp.
    Midland Federal Savings & Loan
    Midland Mortgage Corporation
    Midtown Bank
    Midtown Financial Services
    Midtown Mortgage Inc
    Midtowne Mortgage
    Midwest Community Bank
    Midwest Equity Mortgage LLC
    Midwest Financial Mortgage
    Midwest Funding Bancorp
    Midwest Heritage Bank, FSB
    Midwest Home Loans LLC
    Midwest Loan Services, Inc.
    Midwest Mortgage Capital
    Midwest Mortgage Investments, LTD
    Midwest Mortgage Planners, Inc.
    Midwest National Mortgage Corporation dba Midwest Natl Mort
    Midwest Residential Lending, LLC
    Mid-Wisconsin Bank
    Miguel A, Baylon, Jr. dba Baylon Mortgage Services
    Mila, Inc.
    Milestone Mortgage Inc
    Milestone Mortgage Solutions, Inc.
    Milford Federal Savings and Loan Association
    Millenium Home Mortgage LLC
    Millennia Mortgage Corporation
    Millennium Bank N.A./Millennium Capital
    Millennium Financial Group, Inc. dba MLend, Inc.
    Millennium Marketing Co. Inc.
    Millennium Mortgage Corporation
    Millennium Mortgage Services Corporation
    Miller Home Mortgage, LLC
    Miner Kennedy Chmura Associates, Inc.
    Minnesota Lending Co. LLC dba Optimum Mortgage Services
    Minnesota Lending Company, LLc
    Minnesota Valley Federal Credit Union
    Minster Bank
    Mirad Financial Group
    Mission Federal Credit Union
    Missouri Bank & Trust Company of Kansas City
    MIT Federal Credit Union
    MJ Mortgage Services Inc
    MJS Lending, Inc.
    MLD Mortgage Inc.
    MLS Mortgage Group Inc.
    MLS Mortgage Lending Solutions, LLC
    MLSG Inc.
    MMG Inc
    MMW Holdings LLC dba Trident Home Loans
    Mohave State Bank
    Molton, Allen & Williams LLC
    Monarch Bank
    Moncor, Inc.
    Money Forest Mortgage LLC
    Money Warehouse
    Moneylink Mortgage Inc
    MoneyOne Corporation
    Monster Mortgage LLC
    Montana Board of Housing
    Montana First Credit Union
    Montana Mortgage Company
    Montgomery Bank, National Association
    Montgomery Mortgage Capital Corporation
    Montgomery Mortgage, Inc
    Monticello Banking Company
    Monument Bank
    Monument Capital LLC dba Moneytree Mortgage Services LLC
    Monument Mortgage Company, Inc.
    Monument Mortgage, Inc.
    Moore Financial Enterprises, Inc. dba Lenders Diversified
    Moore Mortgage Inc.
    Moran Industries dba Pacific Financial
    More House Mortgage Inc.
    More2Lend Financial
    Moreland Financial Corporation
    MorEquity Inc.
    Morgan Stanley Credit Corp
    Morgan Stanley Mortgage Capital Holdings, Inc
    Morrison Home Funding, LLC
    Mortgage & Investment Consultants
    Mortgage 1 Incorporated
    Mortgage 2000 Inc
    Mortgage Acceptance LLC
    Mortgage America Bankers LLC
    Mortgage America Inc.
    Mortgage and Equity Funding Corp.
    Mortgage Architects Inc. dba Mortgage Architects
    Mortgage Associates Inc
    Mortgage Avenues LLC
    Mortgage Bank of California
    Mortgage Bankers Financial Group, Inc.
    Mortgage Bankers of Wisconsin Inc.
    Mortgage Banking Systems, Inc.
    Mortgage Broker Network Group, LLC
    Mortgage Brokers Service, Inc.
    Mortgage Capital Associates, Inc. A California Corporation
    Mortgage Capital Corporation of America (MCCA)
    Mortgage Capital Group
    Mortgage Center LLC
    Mortgage Central, Inc.
    Mortgage Clearing Corporation
    Mortgage Company of America, LLC
    Mortgage Consultants Group, Inc
    Mortgage Consultants Inc.
    Mortgage Consultants Incorporated
    Mortgage Contracting Services
    Mortgage Corp of Ohio
    Mortgage Corp of the East III
    Mortgage Corporation of America
    Mortgage Corporation of America, Inc.
    Mortgage Counseling Services
    Mortgage Data Management Corp. (MDMC)
    Mortgage Department Services, LLC
    Mortgage Depot, LLC
    Mortgage Direct Inc.
    Mortgage Dynamics Inc (FL)
    Mortgage Edge Corporation
    Mortgage Elite Inc.
    Mortgage Enterprise, Ltd.
    Mortgage Essentials, Inc.
    Mortgage Experts Inc.
    Mortgage Express LLC
    Mortgage Express, Inc.
    Mortgage Factory Inc dba Mortgages Direct
    Mortgage Financial Services
    Mortgage Financial, Inc.
    Mortgage First LLC
    Mortgage Funding Corp
    Mortgage Funding Direct LLC
    Mortgage Group of Wisconsin Inc.
    Mortgage Group Services LLC
    Mortgage Haus Inc.
    Mortgage Headquarters of Missouri, Inc
    Mortgage Horizons LLC dba Mortgage Horizons
    Mortgage Innovations Inc
    Mortgage Investment Services Corporation
    Mortgage Investors Corporation
    Mortgage Investors Group
    Mortgage Lenders Network USA, Inc.
    Mortgage Lenders Network USA.
    Mortgage Lenders of America, LLC
    Mortgage Lenders of Americas and Company Inc.
    Mortgage Lending Consultants, Inc.
    Mortgage Lending Group, Inc. (AZ)
    Mortgage Line Financial Corp.
    Mortgage Loan Solutions LLC
    Mortgage Management Consultants, Inc.
    Mortgage Managers, Inc.
    Mortgage Master Service Corporation
    Mortgage Master, Inc.
    Mortgage Masters of Indiana, Inc
    Mortgage Mentor Inc.
    Mortgage Mobility LLC
    Mortgage Movers, Inc.
    Mortgage Network Inc (KY)
    Mortgage Network Solutions
    Mortgage Network, Inc.
    Mortgage Now Inc.
    Mortgage Now, Inc.
    Mortgage One Group, Inc.
    Mortgage One of North Louisiana LLC
    Mortgage One of the South, Inc.
    Mortgage One Solutions, Inc.
    Mortgage Options of America, Inc.
    Mortgage Outfitters, LLC
    Mortgage Partners
    Mortgage Plan Financial Services, Inc.
    Mortgage Planners LLC
    Mortgage Planners, Inc.
    Mortgage Planners, LLC
    Mortgage Planning & Lending Specialists LTD
    Mortgage Process Center
    Mortgage Professionals, Inc.
    Mortgage Pros LTD
    Mortgage Pros, Inc.
    Mortgage Real Estate Services, Inc. dba Macro Financial Grou
    Mortgage Recovery 1
    Mortgage Research Center LLC dba VAMORTGAGECENTER.COM
    Mortgage Resource Group, Inc.
    Mortgage Resources In The Midwest, Inc.
    Mortgage Resources, Inc.
    Mortgage Revolution, Inc.
    Mortgage Sense, Inc.
    Mortgage Services III, LLC
    Mortgage Servicing Center
    Mortgage Servicing, Inc
    Mortgage Shop LL
    Mortgage Solutions Network Inc DBA Mortgage Solutions Mgmt
    Mortgage Solutions of Central Fl, Inc.
    Mortgage Solutions of Colorado LLC.
    Mortgage Solutions of St. Louis LLC
    Mortgage Solutions Services, LLC
    Mortgage Source LLC
    Mortgage Source, Inc.
    Mortgage Sources Corp
    Mortgage South Financial Services, Inc.
    Mortgage Specialists of Illinois, Inc
    Mortgage Specialists, LLC (NE)
    Mortgage Specialits, LLC
    Mortgage Strategists Incorporated
    Mortgage Superstore, Inc.
    Mortgage Systems, Inc.
    Mortgage Team 1, Inc.
    Mortgage Tree
    Mortgage Trust Group, Inc.
    Mortgage Trust, Inc.
    Mortgage Works Unlimited, Inc. DBA The Mortgage Works
    Mortgage World Bankers, Inc.
    Mortgage Xpress
    MortgageAmerica Associates, Inc.
    MortgageAmerica, Inc.
    MortgageIT, Inc.
    MortgageOne Financial Services Corp
    Mortgages & More, Inc.
    MortgageStream Financial Services, LLC
    MortgageTree Lending
    Motivity Solutions, Inc.
    Mountain 1st Bank & Trust
    Mountain America Credit Union
    Mountain America Fin. Svcs, The Mortgage Co-op & Q Mortgage
    Mountain Crest Mortgage, Inc.
    Mountain Express Mortgage
    Mountain High Federal Credit Union
    Mountain Pacific Mortgage Company
    Mountain Peaks Financial Services
    Mountain Range Funding LLC
    Mountain States Mortgage Centers, Inc.
    Mountain View Mortgage Company, Inc
    Mountain West Bank
    Mountain West Bank, NA
    Mountain West Financial, Inc.
    MountainView Capital Group
    MRG Document Technologies.
    MSA Mortgage, LLC
    MSG-The Mortgage Specialist Group LP
    MSMC Venture, LLC
    Mtg America Corpus ChristiTX dba Mtg Assoc Corpus Christi
    MTG Finance, LLC
    MTH Lending Group, LP
    Multi-State Home Lending, Inc.
    Mutual Mortgage Corporation
    Mutual Mortgage Corporation MI
    Mutual Savings Bank
    Mutual Security Mortgage Ltd
    MV Holdings, LLC dba Global Lending Group
    MVB Mortgage Corp
    My Mortgage Company
    My Mortgage Pro, LLC dba Mortgage Management Group
    My Neighborhood Mortgage Co. LLC dba Neighborhood Mortgage
    My South Lending Group, Inc.
    Myers Park Mortgage, Inc.
    Mylor Financial Group, Inc.
    MyTown Mortgage Corp
    NAD Acquisition 3, LLC
    Nation One Mortgage Co. Inc.
    National Americas Investment Inc.
    National Asset Direct Acquisition LLC
    National Asset Direct, Inc.
    National Bank
    National Bank of Arizona
    National Bank of Arkansas
    National City Bank (KY)
    National City Bank of Indiana
    National City Mortgage, a Division of National City Bank
    National City Mtg Svcs Inc. A Subsidiary of Nat’l City Bank
    National Fidelity Mortgage Corporation
    National Future Mortgage
    National Guaranty Mortgage Corporation
    National Lenders Services Inc
    National Mortgage Network, Inc.
    National Mortgage Network, Inc. DBA Interstate Mortgage Netw
    National Mortgage Options LLC
    National Penn Bank
    Nations Direct Mortgage, LLC
    Nations First Financial, LLC.
    Nations Funding Source, Inc.
    Nations Home Corporation dba First American Lending Corp
    Nations Home Funding
    Nations Home Lending Center
    Nations Home Mortgage Corporation
    Nations Lending Corp
    Nations Mortgage & Investment
    NationsFirst Lending, Inc.
    Nationstar Mortgage LLC
    Nationwide Advantage Mortgage Company
    Nationwide Bank
    Nationwide Equities Corporation
    Nationwide Home Loans Inc
    Nationwide Home Loans.
    Nationwide Home Mortgage Inc. dba Allstate Mortgage Lending
    Nationwide Lending Corporation
    Nationwide Lending Services Inc
    Nationwide Mortgage & Associates Inc
    Nationwide Mortgage Concepts
    Nationwide Mortgage, Inc.
    Nationwide Residential Capital, Inc
    Nationwide Title Clearing, Inc.
    Natixis Real Estate Capital, Inc.
    Nattymac Capital LLC
    Navy Federal Credit Union
    nBank, N.A.
    NBD Bank (Florida) – Non-Member
    NBD Bank (Michigan) NON-MEMBER
    NBD Bank N.A. – NON-MEMBER
    NBGI, Inc.
    NBRS Financial Bank
    NDFC Capital Corp
    NE Moves Mortgage Corporation
    Nebraska Mortgage Co LLC
    Nebraska National Bank
    Neighborhood Funding Inc.
    Neighborhood Housing Services of America
    Neighborhood Housing Services Silicon Valley
    Neighbor’s Financial Corporaton
    Net Rate Mortgage Inc.
    NetCap Financial LLC
    NetCentral Mortgage LLL
    NetMore America, Inc dba Hm Ln Ctr of WA, of OR, of MT, of I
    Network Capital Group, Inc.
    Network Funding, L.P.
    Network Mortgage Services
    Network Mortgage, LLC
    Nevada Federal Credit Union
    Nevada Mortgage Inc.
    Nevis Funding Corp.
    New Age Mortgage Company
    New America Capital, Inc.
    New American Funding
    New American Mortgage LLC
    New Century Financial
    New Century Mortgage Corp, Irvine
    New Day Financial LLC
    New Day Trust Mortgage dba New Day Mortgage
    New England Regional Mortgage Corporation
    New Equity Financial Corp
    New Fed Mortgage Corp
    New Granite Mortgage Corporation dba Granite Mortgage Corp
    New Home Finance LLC
    New Homes Mortgage Inc.
    New Horizon Financial, LTD
    New Horizon Mortgage
    New Horizon Mortgage, Inc
    New Horizon Real Estate Financial Services Inc.
    New Liberty Home Loans
    New Mexico Educators Federal Credit Union
    New Millennium Bank
    New Millennium Mortgage Corporation
    New Penn Financial, LLC
    New Perspective Mortgage, LLC
    New South Federal Savings Bank
    New Vision Residential Lending
    New West Lending, Inc.
    New World Mortgage Inc
    New York Mortgage Funding, LLC
    NewAlliance Bank
    Newcastle Home Loans, LLC
    NewCastle Mortgage Corp
    Newmarket Financial Mortgage Corporation
    Newport Funding Corp.
    NewPrime Home Loans, LLC
    Newwest Funding, A Nevada Corporation
    NexBank SSB
    NextHome Mortgage Corp
    Nexus Financial LLC
    NFS Loans Inc
    NHEL – Citibank as Trustee
    NHSA – JPS
    NJ Lenders Corp.
    NL, Inc. dba RPM Wholesale
    NLMC, Inc.
    Noble Bank & Trust, N.A.
    Nola Lending Group LLC dba Nola Funding Group
    Nomura Credit Capital Inc.
    Norhill Financial Corporation
    Normandy Mortgage Inc.
    Norstar Mortgage LLC
    North Alabama Mortgage Inc.
    North American Banking Company
    North American Savings Bank, fsb
    North Atlantic Mortgage Corporation
    North County Real Estate Inc. dba HMC Funding
    North Dallas Bank & Trust Co.
    North Florida Funding, Inc.
    North Fork Bank
    North Georgia Bank
    North Middlesex Savings Bank
    North Shore Bank
    North Shore Bank of Commerce
    North Shore Bank, FSB
    North Shore Community Bank and Trust
    North Shore Trust &Savings
    North Star Home Lending, LLC
    NorthCountry Federal Credit Union
    Northeast Financial Corporation
    Northeast Mortgage Corporation
    Northern Federal Credit Union
    Northern Mortgage Inc.
    Northern New Mexico Mortgage Co.
    Northern Pacific Mortgage Inc
    Northern Star Bank
    Northern States Funding Group, Inc.
    Northfield Trust Mortgage Company, LLC
    NorthPoint Financial Services, Inc.
    Northpoint Lending Group Inc.
    NorthPoint Mortgage
    Northpoint Mortgage LTD
    Northsight Mortgage Group, LLC
    NorthStar Alliance, Inc.
    Northstar Bank of Texas-Mortgage Division
    NorthStar Mortgage Corp.
    Northstar Mortgage Group LLC
    Northwest Bank
    Northwest Funding Group Inc
    Northwest Lending Group, Inc.
    Northwest Mortgage Group, Inc.
    Northwestern Financial Corporation
    Norwich Commerical Group dba Norcom Mortgage
    Nothnagle Home Securities Corp.
    Nova Home Loans
    NovaStar Certificates Financing Corporation
    Novastar Home Mortgage Inc
    Novastar Mortgage, Inc.
    Novelle Financial Services, Inc.
    Novellus Capital Funding, Inc.
    NP Inc dba US Mortgage of Florida
    NPB Mortgage LLC dba Northpointe Mortgage
    NTFN Inc. dba Premier Nationwide Lending
    Numerica Mortgage LLC
    NVR Mortgage Finance, Inc.
    NW Lending, Inc.
    Oak Bank
    Oak Creek Mortgage, Inc.
    Oak Mortgage Company, L.L.C.
    Oak Mountain Mortgage, LLC
    Oak Street Mortgage LLC
    OakStar Bank, NA
    Oaktree Funding Corporation
    Oakville Capital Inc.
    O’Brien Mortgage Services, Inc.
    Ocala Funding, LLC
    Ocean West Enterprises, Inc.
    OceanFirst Bank
    Oceans Funding Company, Inc.
    Oceanside Mortgage Company
    OCM Mortgage, Inc.
    OCM, Inc. dba
    Ocwen Loan Servicing, LLC
    O’Dowd & Associates Mortgage Co. Inc.
    Odyssey Funding LLC
    OGrady Mortgage, Inc.
    Ohio Capital Alliance Corp
    Ohio Legacy Bank, NA
    Ohio Lending Group
    Old Colonial Mortgage
    Old Oaks Mortgage Inc.
    Old Point Mortgage LLC
    Old Republic Insurance Company
    Old Republic Title Ins. Group
    Old Second National Bank
    Old Town Mortgage, LLC
    Old Towne Financial, Inc.
    Old Virginia Mortgage Inc.
    Olympia Funding Inc.
    Olympia Mortgage Corp.
    Olympia West Mortgage Group, LLC
    Omaha Police Federal Credit Union
    Omega Financial Services Inc.
    Omega Financial Services, Inc.
    Omega Mortgage Company
    Omni Bank
    Omni National Bank
    OmniAmerican Bank
    On Point Mortgage, LLC.
    On Q Financial, Inc.
    On Time Capital
    One Bank and Trust, NA
    One Choice Mortgage, LLC.
    One Community F.C.U.
    One Mortgage LLC dba One Mortgage
    One Mortgage Network, LLC
    One on One Funding
    One Source Mortgage, LLC
    Onestop Financial Services LLC
    Online Financial Group
    Onyx Capital LLC
    Open Mortgage, LLC
    Opes Advisors Inc.
    Opteum Financial Services LLC
    Opteum Financial Services, LLC (Optemac T/F Opteum Mortgage)
    Optima Mortgage Corporation
    Optimax Mortgage Co.
    Optimum Financial Services, Inc.
    Optimum Mortgage Group, LLC
    Optimum Mortgage LLC
    Option Financial LLC
    Option One Mortgage Corporation
    Oregon Coast Bank
    Originate Home Loans, Inc.
    Orion Bank
    Orion Mortgage Corporation
    Orlando Mortgage Company, Inc.
    Ouachita Independent Bank
    Outlook Mortgage, LLC
    Outsource Solutions, Inc.
    Overland Mortgage, LP
    Owen Community Bank, S.B.
    Owl Tree Mortgage Company
    Owner’s Choice Mortgage Services Inc. dba Owner’s Choice Mtg
    Ownit Mortgage Solutions Inc
    OWS I Acquisitions, LLC
    Oxford Capital, LLC
    Oxford Funding Corporation
    Oxford Lending Group, LLC
    Oxford Mortgage, Inc.
    P.T. K. Consulting, Inc. DBA Preferred Mortgage Lenders
    PA Mortgage Service, Inc.
    PA Preferred Mortgage Co.
    Pacesetter Mortgage Company
    Pacific America Group Inc. dba Pacific America Mortgage
    Pacific Coast Lending
    Pacific Coast Mortgage Inc.
    Pacific Community Mortgage, Inc.
    Pacific Continental Mortgage
    Pacific Crest Funding, LLC dba Pacific Crest Home Loans
    Pacific First Financial Services LP
    Pacific Gold Mortgage Group, LLC
    Pacific Horizon Bancorp, Inc.
    Pacific Mercantile Bank
    Pacific Mutual Funding dba Pacific Residential Financing
    Pacific Northwest Mortgage Corporation
    Pacific Northwest Mortgage LLC
    Pacific Residential Mortgage, LLC
    Pacific Reverse Mortgage, Inc.dba Financial Heritage
    Pacific Service Credit Union
    Pacific Union Financial, LLC
    Pacor Mortgage Corp
    PacWest Funding dba PacWest Funding Incorporated
    Pacwest Services, Inc.
    Palladium Mortgage Corporation
    Palm Beach Atlantic Lending LLC
    Palm Beach Mortgage Group Inc.
    Palmetto South Mortgage Corp.
    Palos Bank & Trust Company
    Panhandle State Bank
    Paradigm Mortgage Corporation
    Paradise Financial Group, Inc.
    Paragon Home Lending, LLC
    Paragon Mortgage Bankers Corp.
    Paragon Mortgage Consultants, Inc.
    Paragon Mortgage Services Inc.
    Paragon National Bank
    Paramount Bond & Mortgage Company
    Paramount Equity Mortgage, Inc.
    Paramount Home Loans, Inc
    Paramount Lending, LLC
    Paramount Mortgage Professionals on NC, Inc
    Paramount Mortgage, Inc.
    Paramount Residential Mortgage Group, Inc.
    Park National Bank
    Park Place Finance, LLC
    Park Place Mortgage, LLC
    Park Shore Mortgage Corp
    Park West Corporation
    Parkside Lending, LLC
    Parkway Bank
    Partners for Payment Relief, LLC
    Partners Mortgage dba Partners Capital Mortgage
    Partners Mortgage, Inc.
    Pathfinder Mortgage Group, Inc.
    Pathway Financial, LLC
    Patriot Bank
    Patriot Bank FL
    Patriot Bank Mortgage Inc. a Division of Patriot Bank
    Patriot Federal Credit Union
    Patriot Funding LLC
    Patriot Lending Group, Inc
    Patriot Lending Services, Inc.
    Patriot Mortgage Bankers of North America LTD
    Patriot Mortgage Company Inc
    Patriot Mortgage Services Inc.
    Patriots Bank
    Patroit One Mortgage Bankers LLC
    Patuxent Funding LLC
    Paul E Smith dba Main Street Mortgage Company
    PB Reit, Inc.
    PCFS Financial Services, Inc.
    Pellow Mortgage Company LLC
    Pemm. Tek Mortgage Services, LLC
    Penn 1st Financial Services Inc
    Penn Liberty Bank
    Pennie L. Carey dba Worldwide Home Lending
    Pennwest Home Equity Services Corp
    PennyMac Loan Services, LLC
    Pentagon Mortgage LLC
    People Bank – WA
    Peoples Bank
    Peoples Bank of Commerce
    People’s Bank of Commerce
    Peoples Bank of KY, Inc
    Peoples Bank, N.A.
    People’s Choice Funding, Inc
    Peoples Choice Home Loan Inc
    People’s Choice Mortgage Company
    Peoples Choice Mortgage LLC
    Peoples Exchange Bank
    Peoples Independent Bank
    Peoples Mortgage Company
    People’s Mortgage Corporation
    Peoples Mortgage, Inc.
    Peoples National Bank, N.A.
    Peoples Savings Bank dba Peoples Mortgage Company
    Peoples State Bank of Comm dba RHR Mortgage of America, LLC
    People’s State Bank of Wyalusing, PA
    People’s United Bank
    PeoplesBank, A Codorus Valley Company
    Performance Financial Inc dba Pacific Funding & Mort Advisor
    Performance Lending, Inc
    Perimeter Mortgage Funding Corporation
    Perl Mortgage, Inc.
    Personal Home Mortgage Services, Inc.
    PFagan Mortgage, Inc.
    PFG Mortgage Trust I
    PFG Mortgage Trust II
    PFL, Inc.
    PGNF Home Lending Corporation
    PHH Mortgage Corporation
    Philadelphia Mortgage Advisors Inc.
    Philip R. Marsh
    Phoenix Funding Corporation
    Phoenix Mortgage Corporation
    Phoenix Rising Brokers Conduit dba
    Pierce Commercial Bank
    Pike Creek Mortgage Services Inc
    Pillar Financial LLC
    Pillar Mortgage Services Corporation
    Pine River Valley Bank
    Pine State Mortgage Corp.
    Pinellas Mortgage Services, Inc.
    Pinnacle Bank
    Pinnacle Capital Mortgage Corporation
    Pinnacle Financial Corporation
    Pinnacle Financial Corporation of Michigan
    Pinnacle Financial Services, Inc.
    Pinnacle Financial Solutions
    Pinnacle Home Mortgage Co.
    Pinnacle Lending Group
    Pinnacle Mortgage Funding LLC
    Pinnacle Mortgage Group, Inc.
    Pinnacle Mortgage, Inc
    Pinnacle National Bank
    Pinta, LLC
    Pintola Inc. dba Town and Country Mortgages
    Pioneer Financial Services, Inc.
    Pioneer Mortgage, Inc. #40319
    Pirimar Industries Inc. dba Pirimar Home Loans
    Plains Commerce Bank
    Planters Bank Inc
    Planters First
    Platinum 1 Mortgage Services, LLC
    Platinum Capital Group
    Platinum Community Bank
    Platinum Community Bank dba Platinum Direct Funding
    Platinum HomeMortgage Corporation
    Platinum Mortgage Group, LLC
    Platinum Mortgage Inc.
    Platte River Mortgate and Investments Inc
    Platte Valley Bank of Missouri
    Plaza Home Mortgage, Inc.
    Plaza Mortgage Group Inc.
    PLB Lending, LLC
    PLN Associates Inc
    PMAC Lending Services Inc
    PMC BanCorp.
    PMI Mortgage Insurance Company
    PNC Bank N.A.
    PNC Consumer Services
    PNC Mortgage, LLC
    PNCMT Trust Series 2000-1, Bank One as Trustee
    PNMAC Mortgage Co., LLC
    PNMAC Mortgage Opportunity Fund Investors, LLC
    Point Independent Mortgage
    Point Mortgage Corp.
    Point Plus Credit Union
    Polaris Home Funding Corporation
    Poli Mortgage Group Inc.
    Pope Mortgage & Associates
    Popular Mortgage
    Popular Mortgage Servicing, Inc
    Positive Mortgage, Inc
    Potelco United Credit Union
    Potomac Mortgage Capital Inc.
    Poulsen Mortgage Corporation
    Powder House Mortgage Company, Inc.
    Power Financial Corporation
    PPI Equities, Inc. dba Pacific Mortgage
    Prairie Community Bank
    Prajna Group Inc. dba Liberty Mortgage Funding
    Precision Financial, Inc.
    Precision Funding
    Precision Funding Group LLC
    Preferred Financial Funding, Inc.
    Preferred Financial Grp Inc dba Preferred Mortgage Services
    Preferred Financial Services Inc.
    Preferred Home Lending LLC
    Preferred Home Loan LTD
    Preferred Home Mortgage Company
    Preferred Mortgage, Inc
    Prem Mortgage, Inc. DBA First United Mortgage
    Premier Atlanta Mortgage Company
    Premier Bank
    Premier Bank – Dubuque
    Premier Bank (MO)
    Premier Bank Minnesota
    Premier Bank Rochester
    Premier Banks
    Premier Community Bank of the Emerald Coast
    Premier Financial Correspondent Inc.
    Premier Financial Services, Inc.
    Premier Holdings LC dba Premier Mortgage
    Premier Home Lending Inc.
    Premier Home Lending, Inc. (FL)
    Premier Home Mortgage LLC dba PHM, LLC (Nebraska only)
    Premier Lending Solutions LLC
    Premier Mortgage Capital Inc.
    Premier Mortgage Funding, Inc.
    Premier Mortgage Group of South Florida
    Premier Mortgage Group, Inc.
    Premier Mortgage Inc
    Premier Mortgage Resources LLC dba Premier Mortgage Resource
    Premier Mortgage Services Inc.
    Premier Mortgage Services, Inc.
    Premier Mortgage Services, LLC
    Premiere Mortgage, Inc.
    Premium Capital Funding LLC
    Premium Mortgage
    Premium Trust Mortgage Corp
    Presidential Bank, FSB
    Prestige Funding Solutions LLC dba Distinct Funding Solution
    Prestige Mortgage, LLC
    Prestige Mtg.
    Prestonwood Mortgage L.P
    Priceline Mortgage Company LOC
    Pride Mortgage LLP
    Primary Capital Advisors LC
    Primary Funding Group, a dba of Pro-Buy Equities Corp
    Primary Mortgage Corporation
    Primary Residential Mortgage
    Primary Residential Mortgage (2)
    Prime Axia Financial, Inc.
    Prime Capital Group, LLC
    Prime Capital, Inc.
    Prime Equity Access Corporation
    Prime Financial Corporation
    Prime Max Mortage, LLC
    Prime Mortgage Financial, Inc.
    Prime Mortgage, a division of the Business Bank
    Prime Residential Funding, LLC
    Prime Shop, Inc.
    Prime Source Funding Inc.
    PrimeLending, a Plains Capital Company
    Primequity LLC
    PrimeWest Mortgage Corporation
    Primrose Mortgage Co. Inc., dba First PrimSouth Mortgage
    Primus Lending Corp.
    Princeton Financial, LLC
    Princeton Mortgage Corporation
    Principal Bank
    Principal Mortgage, LLC
    Priority Bank
    Priority Financial, Inc. dba Priority Funding
    Priority Mortgage Corp
    Private Capital Group LLC
    PRMI 011
    PRMI 018
    Pro Mortgages LLC
    Proctor Properties dba 1st Southwest Security Mortgage
    Prodigy, Inc
    Prodovis Mortgage
    Production Mortgage, Inc.
    Professional Advantage Financial Group., Inc.
    Professional Consolidated Financial Goup, Inc.
    Professional Lending, LLC
    Professional Mortgage Bankers Corp.
    Professional Mortgage Centers
    Professional Mortgage Group, Inc.
    Professional Mortgage Partners, Inc.
    Professional Mortgage Service, Inc.
    Professional Mortgage Services of WNC, Inc.
    Professional Mortgage Solutions Inc
    Professional Mortgage, Inc.
    Proficio Mortgage Ventures, LLC
    Profolio Home Mortgage Corp
    Progress Bank & Trust
    Progressive Lending LLC
    Progressive Mortgage Group, Inc
    Progressive Mortgage Inc. dba Key Mortgage
    Progressive Mortgage Services LLC dba A&M Mortgage Group Inc
    ProLender Solutions, Inc.
    ProLending Mortgage, LLC
    Properties, Etc., Inc dba Rescomm Financial
    Property Network, Inc. dba Property & Mortgage Network, Inc.
    Prospect Financial Services, LLC
    Prosperan Bank
    Prosperity Bank
    Prosperity Bank (TX)
    Prosperity Mortgage Company
    ProtoFund Mortgage Corporation
    Providence Mortgage Company
    Providence Postal Federal Credit Union
    Provident Asset Management, L.P.
    Provident Credit Union
    Provident Funding Associates, LP
    Provident Mortgage Corporation
    Provident Mortgage Corporation, A Calif. Corp.
    Provident Savings Bank, F.S.B.
    Providential Bancorp LTD dba Providential Mortgage Co.
    Province Bank, FSB
    Provincial Bank
    ProviNet Mortgage Corporation, Inc.
    PRS, LLC DBA The Mortgage Link
    Prudential Lending Inc. DBA PLI Capital
    Prudential Mortgage Services, LLC
    Prysma Lending Group, LLC
    PTF Financial Corp
    Public Savings Bank
    Public Trust Mortgage Corp.
    Pulaski Bank (Pulaski Service Corp)
    Pulaski Mortgage Company
    Pulse Funding, Inc.
    Pulte Mortgage LLC
    Q Financial Direct Inc
    QLending, Inc.
    QMC Holdings Inc.
    QR Lending, Inc.
    Quad City Bank and Trust Company
    Qualita Financial Group, Inc
    Quality Home Loans
    Quality One Mortgage, Inc.
    Quantum Leap Mortgage Corp dba Supreme Lending Services
    Quantum Servicing Corporation
    Queensborough National Bank and Trust Company
    Quick Loan Funding Inc.
    Quick Mortgage Services, LLC
    Quick Mortgage, LLC
    Quickdraw Real Estate Service dba Homestar Lending
    Quicken Loans, Inc.
    R.O.C. Financial, Inc.
    R.W. Allen Financial
    Rabobank N A
    Radian Guaranty Inc.
    Radius Financial Group Inc.
    Rancho Financial Inc.
    Randall Mortgage Services, Inc.
    Rapid Mortgage Co., Inc.
    Rasmussen Mortgage Inc. dba Rasmussen Mortgage Specialists
    Rate One Inc The Mortgage People
    Raven Financial Services LLC
    Raymond James Bank FSB
    RBC Bank (USA)
    RBC Mortgage Company
    RBS Citizens, N.A.
    Real Estate Financial Services, Inc
    Real Estate Lending Group
    Real Estate Mortgage Corp.
    Real Estate Mortgage Network LLC
    Real Estate Mortgage Network, Inc
    Real Estate Mortgage Network, Inc.
    Real Mortgage Partners, Inc.
    Real Time Resolutions, Inc.
    RealPros, LLC dba RealPros Mortgage LLC
    Realty Funding Corporation
    Realty Home Mortgage Associates, LLC
    Realty Home Mortgage Co., LLC
    Realty Mortgage – Home Office
    Realty Plus Mortgage
    Recorder of Deeds of Lancaster County
    Red Mountain Bank, N.A.
    Red River Bank
    Red Rocks Federal Credit Union
    Redmond Mortgage Company Inc
    Redwood Trust, Inc.
    Reed & Associates Mortgage Corp.
    Referral Marketing Inc. dba Referral Mortgage
    Refund Realty & Mortgage LLC
    Regency Lending Services
    Regency Mortgage Corporation
    Regent Bank
    Regent Mortgage Funding LLC
    Regions Mortgage
    Reliance Bank
    Reliance First Capital, LLC
    Reliance Plus Mortgage Co. L.P. dba Reliance Mortgage Co.
    Reliance Preferred Funding Corp
    Reliant Mortgage Company, LLC.
    Renaissance Mortgage Corporation
    Renaissance Mortgage Group, Inc.
    Renasant Bank
    Renew Investment Co dba Columbine Mortgage
    Republic Bank
    Republic Bank & Trust
    Republic Mortgage Home Loans, LLC
    Republic Northwest, LLC
    Republic State Mortgage Co.
    Rescomm Holdings No. 2 LLC
    Rescue Mortgage Inc
    Reserve Mortgage Investments, LLC
    ResFund LLC
    Residence Lending, LLC
    Residential Acceptance Corporation
    Residential Acceptance Network, Inc.
    Residential Bancorp
    Residential Capital Mortgage Corporation
    Residential Credit Solutions
    Residential Finance Corp.
    Residential Funding Company, LLC
    Residential Home Funding Corp.
    Residential Home Funding Corporation
    Residential Home Loan Center LLC
    Residential Home Mortgage Corporation
    Residential Lending Corporation
    Residential Lending Network Inc
    Residential Lending Services, Inc
    Residential Lending, LLC
    Residential Loan Centers of America, Inc.
    Residential Mortgage Advisors LLC
    Residential Mortgage Associates, Inc. dba RMA Lending
    Residential Mortgage Capital
    Residential Mortgage Center Inc.
    Residential Mortgage Corp.
    Residential Mortgage Corporation
    Residential Mortgage Funding, Inc.
    Residential Mortgage Group, a division of Inter Savings Bank
    Residential Mortgage Network, Inc
    Residential Mortgage Services Inc
    Residential Mortgage Solution LLC
    Residential Mortgage Solutions
    Residential Mortgage, LLC
    Residential Mtg. Group, Inc.
    Residential Wholesale Mortgage, Inc.
    ResMAE Mortgage Corporation
    Resolutions Capital, LP
    Resource Financial Services, Inc
    Resource Lenders, Inc.
    Resource Mortgage Corporation
    Resource One Credit Union
    Resource One, Inc.
    Response Mortgage Services Inc.
    Resurgent Capital Services
    Reunion Mortgage, Inc.
    Reverse Mortgage Solutions, Inc.
    Revolutionary Mortgage Company
    RFC Trustee 01
    RFC Trustee 02
    RFC Trustee 03
    RFC Trustee 04
    RFC Trustee 05
    RH Lending, Inc. d/b/a Residential Home Lending
    Rhodes Financial Services Mortgage LLC dba Rhodes Fin’l Mtg
    Rhome Asset Management Corporation
    Ribble Real Estate LLC
    Richland Federal Credit Union
    Richland Mortgage Company, LLC
    Ridge Mortgage Services Inc.
    Ridgeview Mortgage Associates, Inc.
    Riggs Real Estate Investment Corporation
    Right-Away Mortgage, Inc
    Rimrock Credit Union
    Risk Management Group, LLC dba RMG
    River Bank & Trust
    River City Mortgage & Financial, LLC
    River Funding Corporation dba River Home Lending
    River Mortgage, LLC
    River Region Credit Union
    Riverbend Bank dba Riverbend Mortgage
    Riverbend Mortgage Inc
    Riverside Bank of the Gulf Coast
    Riverside Mortgage Company LLC
    Riverside Mortgage Company, Inc.
    Riverside Mortgage Corp.
    Riverside National Bank of Florida
    Riverview Community Bank
    Rivoli Mortgage
    RJ Commercial Funding, Inc. dba Gateway Mortgage
    RKS Financial Services, Inc
    RMA Lending, LLC
    RMC Vanguard Mortgage Corp.
    RMK Financial Corp dba Majestic Home Loan
    RMR Financial LLC d/b/a Princeton Capital
    RMS & Associates
    RNB Inc. dba Cornerstone Mortgage Company
    Robertson & Anschultz
    Rochester Home Equity, Inc
    Rockaway Beach Financial
    Rockwood Bank
    Rocky Mountain Bank
    Rocky Mountain Bank (MT)
    Rocky Mountain Credit Union
    Rocky Mountain Mortgage Group, LLC
    Rocky Mountain Mortgage Specialist, Inc.
    Rocky Mountian Mortgage Co.
    Rogue Federal Credit Union
    Rolwes Mortgage Co. LLC
    Rose Rock Bank, a Division of Union Bank
    Ross Mortgage Company, Inc.
    Ross Mortgage Corporation
    RoundPoint Mortgage Servicing Corp.
    Royal Credit Industries, Inc.
    Royal Mortgage Company, Inc.
    Royal Pacific Funding Corp dba Pacific Banc
    RP Funding, Inc
    RPM Mortgage, Inc
    RSR Home Loan Corporation
    RTR Capital LP
    Rubiola Mortgage Company, Inc.
    Ryan Mortgage Co
    Ryland Mortgage Company
    S&L Investment Lending dba JC Mortgage
    S&T Bank
    S.M. Neider Mortgage Consultants, Inc.
    S.W.I Financial Services, Inc. dba Integrity 1st Mortgage
    S/C Financial LLC dba Quest Mortgage Consultants
    Saab Financial Corporation dba Saab Mortgage
    Sabal Palm Bank
    Sacramento Credit Union
    Sacramento Valley Mortgage Corp. dba Greater Valley Mortgage
    Saddlebred Capital Mortgage, LLC
    Safeguard Properties
    Safeguard Properties Inc.
    Sagamore Home Mortgage, LLC
    Sahara Mortgage Corporation
    Sajomi Holdings Corporation DBA Lenders Residential Mortgage
    Sallie Mae Home Loans
    Sam Houston Mortgage Co., Inc.
    San Angelo National Bank
    San Antonio Mortgage Company, LLC
    San Diego Funding
    San Jacinto Mortgage Inc dba Mtg. Spec. of Greater Houston
    San Luis Capital, Inc.
    Sanborn Mortgage Corp.
    Sandhills Bank
    Sandy Spring Bank
    Santa Cruz Home Finance
    Santa Cruz Mortgage Company
    SASCO 1999 AL2/US Bank NA
    SASCO 1999 SP1/FNB Chicago
    SASCO 2000 ARC-BC3
    SASCO 2000-3
    SASCO 2000-4
    SASCO 2000-RF1
    SASCO 2001-1
    SASCO ARC 2001-BC2
    SASCO1999ALS-1/Chase Manhattan Bank
    Saugus Federal Credit Union
    Savage Mortgage Services LLC
    Savi Ranch Financial Inc. dba Western Pacific Financial Inc.
    Savings First Mortgage LLC
    Sawgrass Funding LLC
    Saxon Equity Mortgage Bankers, Ltd.
    Saxon MortgageServices, Inc.
    SBMC Mortgage
    SBW Management, LLC dba Capital Home Loans
    SCBT, N.A.
    SCD Recovery, LLC
    Schaefer Mortgage Corp.
    Schmidt Mortgage Company
    Schmitt Mortgage, LLC
    Scholastic Mortgage LLC
    Schyndel Investments, Inc.
    SCME Mortgage Bankers, Inc.
    Scott Financial LLC dba Des Peres Mortgage LLC
    SDK Real Estate Funding LLC dba Allied Banc Mtg/Allied Mtg L
    Sea Financial Group, Inc.
    Seabreeze Financial Services, Inc.
    Seacoast National Bank
    Seattle Bank
    Seattle Pacific Mortgage, Inc.
    Sebring Capital Partners, Limited Partnership
    Sebring Capital Partners, LP (Subprime Div.)
    Secure Lending Solutions, Inc.
    Secured Funding Corp
    Security Atlantic Mortgage Co., Inc.
    Security Bank of Kansas City
    Security Federal Bank
    Security Federal Mortgage Corp.
    Security First Bank
    Security First Mortgage, Inc.
    Security Home Mortgage LLC
    Security Lending Wholesale
    Security Mortgage Corporation
    Security Mortgage Corporation (MI)
    Security Mortgage Funding Corporation
    Security Mortgage, Inc.
    Security National Life Insurance Company
    Security National Mortgage Company
    Security National Partners Limited Partnership
    Security One Mortgage
    Security Real Estate Services, Inc.
    Security Savings Bank, FSB
    Security Service Federal Credit Union
    Security State Bank
    Security State Savings Bank
    Select Fnancial Services Inc dba McColly Mortgage
    Select Mortgage
    Select Mortgage Corporation
    Select Mortgage Group Ltd.
    Select Portfolio Servicing Inc
    Selene Finance LP
    Selene RMOF BOA 063008 LLC
    Selene RMOF Loan Acquisition LLC
    Self Help Ventures Fund
    Selleck Mortgage Group, Inc.
    Sellers Financial Group, Inc. dba Sellers Mortgage Corp
    Seminole Moneytree Inc.
    Senderra Funding
    Sente Mortgage Corporation
    Sentinel Home Mortgage LLLP
    Sentinel Mortgage Co.
    Serramonte Mortgage Company, Inc. dba SMC Bancorp
    Service First Mortgage Corp.
    Service First Mortgage dba Trans-Act Mortgage
    Service Mortgage Underwriters, Inc.
    Servis First Bank
    Seven Seventeen Credit Union
    Severn Mortgage Corporation
    Severn Savings Bank, FSB
    SFF Mortgage, Inc. DBA Security First Financial
    SFG Bancorp
    SFJV 2005, LLC
    Shamrock Bank of Florida
    Shamrock Financial Corporation
    Shamrock Mortgage Inc.
    Share Plus Federal Bank
    Sharp Mortgages, Inc.
    Shasta Financial Services, Inc. dba First Capital
    Shea Mortgage – Corporate Office
    Shearson Home Loans
    Shelby State Bank
    Shelly K Hulse dba Shell Mortgage
    Shelter Mortgage Inc.
    Shelton Mortgage Group, LLC
    Sher Financial Group, Inc. dba Citizens Lending Group, Inc.
    Sherwood Mortgage Group, Inc.
    Shore Mortgage
    SI Mortgage Company
    Sibcy Cline Mortgage
    Sids Mortgage Inc dba Alliance Financial Mtg.
    Sidus Financial Corporation (NC)
    Sidus Financial Corporation (VA)
    Sidus Financial LLC (SC)
    Sidus Financial, LLC – New England Regional Office
    Sierra Financial Mortgage, LLC
    Sierra Home Loans, LLC
    Sierra Pacific Home Loans, Inc.
    Sierra Pacific Mortgage Company, Inc.
    Sierra Star Financial, LLC
    Sigmund Financial Group Inc.
    Signature Bank
    Signature Bank of Arkansas
    Signature Lending Group, Inc.
    Signature Mortgage Corporation
    Signature Mortgage, L.L.C.
    Signia Docs, Inc.
    Silver Mortgage Bancorp, Inc.
    Silver Oak Mortgage, LP
    Silver State Bank
    Silver State Financial Services, Inc. dba Silver State
    Silvergate Bank
    Silverstone Mortgage Group, LLC
    Silverton Mortgage Specialists, Inc.
    Simmons First National Bank
    Simonich Corporation dba BWC Mortgage Services, Inc.
    Sioux Falls Federal Credit Union
    SIRVA Mortgage
    Sisters Contract Mortgage Solutions Inc
    SIU Credit Union
    SK & Associates LLC dba Desert Sun Mortgage
    Skofed Mortgage Funding Corporation
    Sky Capital Mortgage, LLC
    Sky Federal Credit Union
    Sky Investments Inc. dba North Star Lending
    Skyline Funding
    Skyline Mortgage Company
    Skyline Mortgage LLC
    Slavie Federal Savings Bank
    SLM Financial Corporation
    Smart Choice Loan Center, Inc
    Smart Wholesale Lending, Inc
    SMI Lending, Inc
    SMI Residential Mortgage, Inc.
    SN Servicing Corp.
    SNMLT 2001-2
    Sno-King Mortgage Inc.
    Societe Generale dba SG Mortgage Finance Corp
    Sofin, Inc
    Solace Financial LLC
    Solstice Capital Group, Inc. dba Loanbus
    SoluBanc Funding, Inc.
    Solution One Mortgage
    Solutions Bank
    Solutions Funding, Inc.
    Solutions Lending LLC
    SolVerus Banc Incorporated
    SOMA Financial
    Somerset Investors Corp dba Somerset Mortgage Bankers
    Sonterra Mortgage Capital, LLC
    Sophia Ventures, Inc dba Elite Lending
    Sotheby’s/Lehman Mortgage Services, LLC
    Sound Mortgage, Inc.
    Source Mortgage Corporation
    Source Mortgage, LLC
    Source One Mortgage Corporation
    South Central Bank of Barren County, Inc.
    South Chase Mortgage Corporation
    South County Bank
    South Lakes Mortgage Bankers, Inc.
    South Pacific Financial d/b/a Funding Solutions Bancorp
    South Shore Financial Services, Inc.
    South Valley Bank & Trust
    South Wind Tours & Excursions
    Southcoast Community Bank
    Southeast Bankers Mortgage Corp
    Southeast Funding Alliance Inc.
    Southeast Mortgage of Georgia
    Southeast TX Equity Mgmt Inc dba Acq Funding or Home 1st Mtg
    Southeastern Mortgage Corp.
    Southern Equity Mortgage Services, LLC
    Southern Fidelity Mortgage LLC
    Southern Highlands Mortgage LLC
    Southern Home Lending Corp
    Southern Horizon Financial Group LLC
    Southern Missouri Bank of Marshfield
    Southern Mortgage Associates
    Southern Mortgage Brokers Inc.
    Southern Mortgage Co. of Central LA
    Southern Mortgage Source, Inc
    Southern Star Mortgage Corp
    Southern Trust Mortgage, LLC
    SouthFirst Bank
    SouthPoint Bank
    Southpoint Financial Services, Inc.
    Southside Bank
    SouthStar Funding, LLC
    SouthTrust Mortgage Corporation
    Southwest Funding, L.P.
    SouthWest Missouri Bank
    Southwest Mortgage Corp.
    Southwest Mortgage Partners
    Southwest Securities FSB (warehouse)
    Southwest Securities, FSB
    Southwest Stage Funding, LLC dba Cascade Financial Services
    Southwood Mortgage Co.
    Sovereign Bank
    Sovereign Bank (PA)
    Sovereign Bank (TX)
    Sovereign Bank/NATCO
    Sovereign Bank-Capital Markets (Newton)
    Special Project RFC
    Specialized Loan Servicing, LLC
    Specialty Mortgage Corporation
    Spectra Financial Inc.
    Spectra Funding, Inc.
    Spectrum Financial Group
    Spectrum Funding Corp
    Spectrum-Hale Partners, LLC dba Hale Financial Partners
    Spire Federal Credit Union
    Spirit Bank
    Spurr Mortgage Corporation
    SRI dba SRI Mortgage, SRI Wholesale, SRI Lending
    ST Fin Corp dba Star Financial
    St George Mortgage Inc
    St Louis Federal Mortgage Co.
    St. Francisville, LLC
    St. Louis Bank
    St. Louis Mortgage Connections Inc.
    Stagecoach Mortgage, LLC
    Standard Bank and Trust
    Standard Equity Funding
    Standard Mortgage Corp
    Standard Pacific Mortgage, Inc.
    Stanford Federal Credit Union
    Stanley Capital Mortgage Company, Inc.
    Star Funding, Inc
    Starwood Vacation Ownership Inc.
    Starwood Vacation Ownership Portfolio Services, Inc.
    State Bank
    State Bank of Delano
    State Bank of Southwest Missouri
    State Central Credit Union
    State Farm Bank FSB
    State Highway Patrol Federal Credit Union
    State Lending Corporation
    State Mortgage LLC
    State of New York Mortgage Agency (SONYMA)
    Statewide Bank
    Statewide Bank (Correspondent
    Statewide Financial Group, Inc.
    Statewide Lending, Inc.
    Stearns Bank N.A.
    Stearns Lending Inc., A California Corporation
    Steel Mountain Capital, Inc and Its Wholly Owned Purchasing
    Stellarone Bank
    Steller Mortgage Corporation dba Freedom Financial
    Stenton Mortgage Inc
    Stephen H. Robin dba HMC Enterprises
    Stephen W. Head dba Texas Premier Mortgage
    Stepstone Mortgage Company, Inc.
    Sterling Asset & Equity Corp
    Sterling Bank
    Sterling Bank & Trust, FSB
    Sterling Capital Mortgage
    Sterling Coast to Coast Financial Group, Inc.
    Sterling Eagle Mortgage Investment Company, LLC
    Sterling Empire Funding Association, LTD
    Sterling Home Mortgage Corporation
    Sterling Home Mortgage, LLC
    Sterling Mortgage and Financial Services, Inc.
    Sterling Mortgage Corporation
    Sterling Mortgage Services of the Treasure Coast, Inc
    Sterling National Mortgage Company, Inc.
    Sterling State Bank
    Stewart Financial Enterprises Inc dba City Fund Mort Lending
    Stewart Mortgage Information Services
    Stewart Mortgage Services, Inc.
    Stewart Title of Northern New England, Inc.
    Stifel Bank & Trust
    Stillwater Mortgage, LLC dba Turnbury Mortgage
    Stirling II Corporation dba Stirling Mortgage
    Stock Financial, LLC
    Stock Yards Bank & Trust Company
    Stockman Bank of Montana
    Stockton Mortgage Corporation
    Stockton Turner LLC
    Stoffer Mortgage Inc.
    Stone Creek Capital Mortgage
    Stone Mortgage Corporation
    Stonebrook Mortgage Corporation
    Stonebrook Mortgage Services, Inc.
    Stonecreek Funding Corporation
    Stonegate Mortgage Corporation
    StonehamBank-A Cooperative Bank
    Stonetrust MortgageLending LLC
    StoneWater Mortgage Corporation
    Straight Line Mortgage, Inc.
    Strait Financial Corporation
    Strata Bank
    Strategic Capital Mortgage, Inc.
    Strategic Lending, Inc.
    Strategic Mortgage Company
    Stratus Mortgage, LLC
    Streeter Brothers Mortgage Corp.
    Stronghold Funding LLC dba Stronghold
    Structure Mortgage Inc.
    Suburban Federal Savings Bank
    Suburban Mortgage Company of New Mexico
    Suburban Mortgage Inc.
    Success Investments, Inc.
    Success Mortgage Partners, Inc
    Sullivan Financial Services, Inc.
    Summatyme LLC
    Summit Bank
    Summit Bank, Tulsa
    Summit Credit Union
    Summit Credit Union (WI)
    Summit Financial LLC
    Summit Funding Inc
    Summit Investments Loan Corp dba Loanisland
    Summit Lending Group, Inc.
    Summit Lending Solutions Inc
    Summit Mortgage Bankers, Inc.
    Summit Mortgage Corp. IL
    Summit Mortgage Corporation
    Summit Mortgage Corporation LLC
    Summit Mortgage Corporation TX
    Summit Mortgage Inc
    Sun American Mortgage Company
    Sun Capital Inc
    Sun Home Loans, Inc.
    Sun Quest Funding LLC
    Sun Valley Mortgage Services LLC
    Sun Vista Mortgage Services Ltd Co
    Sun West Mortgage Company, Inc.
    Sunbelt Lending Services
    Sunbelt Mortgage, LLC
    Suncoast Financial, Inc.
    Suncoast Mortgage Bankers Inc
    Suncoast Mortgage Corporation
    Suncoast Mortgage Group, LLC
    SunFirst Bank
    Sunflower Bank N.A.
    Sunlending Mortgage Corporation
    Sunmark Federal Credit Union
    Sunrise Financial Services, Inc.
    Sunset Bank & Savings
    Sunset Direct Lending
    Sunset Financial Resource Inc.
    Sunset Mortgage & Investment Corp.
    Sunset Mortgage Co.
    Sunset Mortgage Company, LP
    Sunset Portfolio Servicing Company, LLC.
    Sunset West Mortgage, Inc.
    Sunshine Financial Group, Inc.
    Sunshine Mortgage
    Sunstreet Mortgage, LLC
    SunTrust Mortgage, Inc.
    Sunwest Bank
    SunWest Mortgage, LLC
    Superior Bank
    Superior Lending Corp.
    Superior Lending Mortgage Inc
    Superior Mortgage and Equity Corp.
    Superior Mortgage Corporation
    Superior Mortgage LLC
    Superior Mortgage Services LLC
    Supreme Funding Corporation
    Surecredit USA Home Loans, Inc.
    Susquehanna Bank
    Susquehanna Mortgage Corporation
    Sussex Group, Inc.
    Sutton Bank
    SVO 2008-A VOI Mortgage Corp.
    Swan Investments Intl., Inc. dba International Mortgage
    SWBC Mortgage Corporation
    Sweetwater Home Fin. of Houston, Inc. dba Sweetwater Mtg Co
    Swinford Capital Corp.
    Sycamore Funding Inc.
    Sydion Financial LLC
    Symmetry Mortgage Corp
    Synergy Capital Mortgage Corporation
    Synergy Home Loans, LLC
    Synergy Mortgage Group, Inc.
    Synergy One Financial Services, LLC
    Synovus Mortgage Corp.
    Syracuse Securities Inc
    Syringa Bank
    T.D. Service Company
    T.J. Financial, Inc.
    T.R. Hughes Home Mortgage Co. LLC
    Tahoe Executive Enterprises, Inc dba Paragon Mortgage Serv
    Tamayo Financial Services, Inc.
    Tartak Mortgage LLC
    Tarzana Capital
    Taylor Morgan Inc dba Community Lending Services
    Taylor, Bean & Whitaker Mortgage Corp.
    TBI Mortgage Company
    TBS Financial Services Inc. dba Lenders Mortgage Services
    TC Preferred Funding Inc.
    TCD Mortgage Corporation
    TD Bank, N.A. – Commerce Bank
    TD Banknorth NA
    TDA Capital Group, LLC DBA Atlas Capital Mortgage
    Team Lending Concepts, LLC
    Team Mortgage, LLC
    Team USA Mortgage, LLC
    TeamBank N.A.
    Technology Credit Union
    Telemetry Mortgage Opportunities Fund, L.P.
    Telesis Community Credit Union
    Telhio Credit Union
    Tenacity Mortgage
    Tennessee Bank and Trust, A Div. of Farmers Bank & Trust Co.
    Tennessee State Bank
    Tennessee Valley Mortgage of Florence LLC
    Terrace Mortgage Company
    Terwin Advisors, LLC dba The Winter Group
    Texas Bank and Trust Company
    Texas BRV, Inc. dba Blue Apple Mortgage
    Texas Capital Bank, N.A.
    Texas Commercial Funding Group LLC
    Texas First Family Mortgage Inc.
    Texas Heritage Mortgage, LTD.
    Texas Loan Star, Inc.
    Texas Mortgage Professionals, LLC
    Texas Mortgage Team LLC
    Texas Security Bank
    Texas Western Mortgage, LLC
    The Addison Mortgage Group, Inc.
    The Advantage Mortgage Group,Inc
    The American Eagle Mortgage Corp.
    The American National Bank of Dekalb County’s Mortgage Div.
    The Anderson Financial Group, Inc.
    The Andover State Bank
    The Arlington Bank
    The Bancorp Bank
    The Bank of Canton
    The Bank of Charlotte County
    The Bank of Commerce
    The Bank of Fayette County
    The Bank of Georgia
    The Bank of Holland
    The Bank of Missouri
    The Bank of New York
    The Bank of New York as Trustee
    The Bank of Northern Michigan
    The Bank of San Antonio
    The Bank of South Carolina
    The Bank of the Pacific
    The Bollin Mortgage Group, Inc.
    The Broadstone Mortgage Company
    The Bryn Mawr Trust Company
    The Business Bank of St. Louis
    The Carroll Mortgage Group, Inc.
    The Citizens National Bank of Meridian
    The Clinton Mortgage Network
    The Coastal Bank dba Coastal Mortgage Company of SC
    The Columbia Bank
    The CU Mortgage Center, Inc. dba The Mortgage Center, Inc
    The Delaware County Bank & Trust Company
    The El Paso Mortgage Company
    The Equity Group Financial, Inc.
    The F & M Bank and Trust Company
    The Family Credit Union
    The First Mortgage Corporation
    The First National Bank
    The First National Bank Of Chicago – Non-Member
    The First National Bank of Deerwood
    The First National Bank of Granbury
    The First National Bank of Jackboro dba The Highlands Bank
    The First National Bank of Ogden
    The First, A National Banking Association
    The Freedom Bank of Virginia
    The Funding Source LLC
    The Gordon Group, Inc.
    The Grange Bank
    The Guernsey Bank
    The H55 Group, Inc.
    The Herring National Bank
    The Hinks Company, Inc.
    The Home Equity Network, LLC
    The Home Loan Pros, Inc.
    The Huntington National Bank
    The Hurricane Mortgage Company, Inc.
    The Joshua Group Co. LLC dba U.S. Lending
    The Kent Group Ltd
    The Klein Group, LLC
    The LaPorte Savings Bank
    The Lenders Group LLC
    The Lending Company Inc
    The Lending Connection, Inc.
    The Lending Group
    The Lending Partners, LLC
    The Loan Experts Corporation dba All Amrican Finance
    The Louisville Mortgage Group
    The McCue Mortgage Company
    The Milan Group Inc dba Milan Mortgage Bankers
    The Money Source Inc.
    The Money Source, Inc.
    The Mortgage Advantage, Inc
    The Mortgage Bankers Corp.
    The Mortgage Broker, LLC
    The Mortgage Center, Inc.
    The Mortgage Center, LLC
    The Mortgage Company
    The Mortgage Company LLC
    The Mortgage Connection
    The Mortgage Depot Inc
    The Mortgage Firm, Inc
    The Mortgage Funding Group, Inc.
    The Mortgage Group, Inc.
    The Mortgage Group, LLC
    The Mortgage House, Inc.
    The Mortgage Lending Group, Inc.
    The Mortgage Makers, Inc.
    The Mortgage Network Wholesale Lender
    The Mortgage Network, Inc., dba Mortgage Network North Ameri
    The Mortgage Network, LLC
    The Mortgage Outlet, Inc.
    The Mortgage Place
    The Mortgage Shoppe Inc
    The Mortgage Source Inc
    The Mortgage Specialist LP
    The Mortgage Store Financial, Inc.
    The National Bank
    The New York Mortgage Company, LLC
    The Northwestern Mutual Life Ins. Co. dba Northwestern Mutua
    The Pappadakis Corporation dba Plaza Mortgage Group of FL
    The Park Bank
    The Peoples Bank Co.
    The Petkewich Corp dba The Mortgage Outlet
    The Ping Mortgage Company
    The Poca Valley Bank
    The Premiere Mortgage Corporation
    The Private Bank
    The PrivateBank Mortgage Company dba The PrivateBank
    The PrivateBank Mortgage Company, LLC
    The Situs Companies
    The Stone Hill Group
    The Vault Mortgage Co.
    The Warren Group
    The Washington Savings Bank
    The Washington Trust Company
    The Watermark Group Inc. dba Watermark Financial
    Thomas Louis Mortgage Inc
    Thomas Mortgage & Financial Services
    Thornburg Mortgage Home Loans, Inc.
    Thoroughbred Lending Company LLC
    Three Rivers Financial Services, Inc.
    Three Rivers Mortgage
    TIB Bank of the Keys
    TIB-The Independent Bankers Bank
    Tidewater Home Funding, LLC
    Tidewater Mortgage Services, Inc.
    TierOne Bank
    Tim Simko dba First United Lending
    Timberland Mortgage Services, Inc.
    Tippecanoe Mortgage, Inc.
    Titan Funding
    Titan Lenders Corp.
    TLP Funding Corporation
    TM Capital, Inc.
    TMBG Inc
    TNBank dba TNBank of Oak Ridge
    Token Mortgage Corporation
    Tomahawk Community Bank, SSB
    Top Mortgage Corporation
    Top Performers Financial Services, Inc.
    Total Funding Corporation
    Total Home Source, Inc
    Total Mortgage Services, L.L.C.
    Tower Mortgage and Financial Services Corp
    Tower Mortgage Capital Inc., dba National Home Lenders
    Tower Mortgage Corporation
    Town & Country Bank
    Town North Bank N.A.
    Towne Mortgage Company
    Townebank Mortgage
    Townstone Financial, Inc.
    TPI Mortgage, Inc.
    Trade Street Mortgage Inc.
    Trademark Mortgage LLC
    Tradition Mortgage LLC
    Tranex Financial, Inc.
    Transcontinental Lending Group, Inc
    TransLand Financial Services, Inc.
    Transnational Financial Network, Inc.
    Travis Mortgage, LLC
    Treeside Financial, LLC
    Tremont Credit Union
    Triad Bank, N.A.
    Tribeca Lending Corp.
    Tri-County Bank
    TriCounty Mortgage Corporation
    Trident Mortgage Company
    Triduanum Financial Inc
    Trinity Mortgage Capital, Inc.
    Trinity Mortgage Company of Central Florida, LLC dba Trinity
    Trinity Mortgage Corporation
    Tristate Capital Bank
    Tristone Community Bank
    Triton Commercial Capital Incorporated
    Triumph Funding, Inc.
    True Lending Company, LLC
    Truemark Lending, Inc
    Truliant Federal Credit Union
    Trust USA Mortgage Group
    Trustmark National Bank
    TrustMor Mortgage Company, LLC
    Tucker Mortgage, LLC
    Turner Mortgage Company
    Turtle Creek Mortgage Inc.
    TWA Corporation
    Twin Capital Mortgage
    Twin City Bank
    Twin Star Credit Union
    TXL Mortgage Corporation
    U S Capital Home Loans Inc
    U. S. Lending Group, Inc.
    U.P. Catholic Credit Union
    U.S. Bank as Trustee
    U.S. Bank N.A.
    U.S. Bank National Associaton
    U.S. Capital Funding, LLC
    U.S. Financial LTD
    U.S. Mortgage Corporation
    U.S. Recordings, Inc.
    UBS Home Finance
    UBS Real Estate Investments Inc.
    UBS Real Estate Securities Inc.
    UBS Special Servicing Group
    UBS Warburg Real Estate Securities Inc. (Warehouse)
    Ulster Savings Bank
    UM Acquisitions LLC
    UMG Mortgage LLC
    Unified Capital Group
    Unifirst Mortgage Corp
    Unifirst Mortgage Corp.
    Unilenders, Inc.
    UniMortgage LLC
    Union Bank
    Union Bank and Trust Company
    Union Capital Mortgage
    Union Capital Mortgage Business Trust
    Union Federal Bank of Indianapolis.
    Union Federal Bank of Indianapolis..
    Union Federal Mortgage Corp.
    Union Federal Mortgage Corporation
    Union Federal Savings Bank
    Union Fidelity Mortgage Inc
    Union Home Mortgage LLC
    Union Mortgage Group, Inc
    Union Mortgage Group, Inc.
    Union Mortgage Omaha Inc
    Union National Mortgage Company
    Union River Mortgage LLC
    Union Savings Bank
    Union State Bank of Everest dba Bank of Atchison
    Union Trust Mortgage Corporation
    United Bank
    United Bank & Trust – Washtenaw
    United Bank (VA)
    United Bank Inc.
    United Capital Financial of Atlanta, LLC
    United Capital Mortgage Corporation
    United Capital, Inc.
    United Commercial Bank
    United Community Bank
    United Community Mortgage Corp.
    United Community Mortgage Services Inc.
    United Equity LLC
    United Federal Credit Union
    United Federal Mortgage a div. of United Medical Bank, FSB
    United Fidelity Bank
    United Fidelity Funding Corp.
    United Financial Mortgage Corporation
    United Funding Mortgage Corp.
    United General Mtg Corp dba CLS Mtg a subsidary of UGMC
    United Group Acquisition, LLC
    United Guaranty Residential Insurance Company of N.C.
    United Heritage Credit Union
    United Home Mortgage
    United Home Mortgage Corporation
    United Lending Solutions LLC dba Home Lending Solutions
    United Liberty Mortgage Corp.
    United Mortgage Bankers, Inc.
    United Mortgage Company – Washtenaw
    United Mortgage Finance Group, Inc
    United Mortgage Funding
    United Mortgage Investors, Inc.
    United Mutual Funding Corp
    United Northern Mortgage Bankers
    United Pacific Mortgage
    United Pacific Mortgage as Vendor
    United Pacific Mortgage DBA Mandalay Mortgage
    United Prairie Bank
    United Residential Lending LLC
    United Security Financial
    United Western Bank
    UnitedOne Credit Union
    Unitrust Mortgage, Inc.
    Unity Mortgage Corp.
    Universal American Mortgage Company, LLC
    Universal Financial Group, Inc.
    Universal Lending Corporation
    Universal Lending Services, Inc.
    Universal Mortgage & Finance, Inc.
    Universal Mortgage Company, LLC
    Universal Mortgage Corporation
    University Bank
    University Mortgage Inc.
    University of Wisconsin Credit Union
    Uniwest Mortgage Corporation
    Unprime Securities Company LLC
    Unversity Federal Credit Union
    Uptown Mortgage
    Urban Financial, Inc.
    Urban Trust Bank
    US Bank as Custodian/Trustee
    US Bank National Association (Warehouse)
    US Capital Financial Services, Inc dba Primestreet Lending,
    US Employees O.C. Federal Credit Union
    US Equity Mortgage, LLC
    US Financial Funding Inc. dba US Financial
    US Lending & Finance LTD
    US Money Source, Inc. d/b/a Soluna First
    US Mortgage Bankers Inc. dba USMB Inc
    US Mortgage Capital Inc.
    US Mortgage Corp.
    US Mortgage Corporation dba Mortgage Concepts
    US Mortgage Finance Corp
    US Mortgage Group, LLC
    US Mortgage Network
    US New Mexico FCU
    USA Bank
    USA Funding Corp
    USA Home Loans, Inc.
    USA Mortgage Business Inc.
    USA Mortgage Corporation
    USAA Federal Savings Bank
    USB Home Lending
    USU Community Federal Credit Union
    Utah Community Federal Credit Union
    Utah Financial, Inc dba Federal Mortgage Funding
    Utah Housing Corporation
    Uvantage Home Lending Services, Inc.
    V.I.P. Mortgage Inc.
    Valley Bank
    Valley Bank of Helena
    Valley Mortgage Solutions LLC
    Valley National Bank
    Valley National Bank (OK)
    Valley View State Bank
    Valley Vista Mortgage Corporation
    Valley West Corporation DBA Valley West Mortgage
    Valley Wide Home Loans
    Vanderbilt Mortgage & Finance, Inc
    VanDyk Mortgage Corporation
    Vanguard Funding LLC
    Vanguard M & T, Inc.
    Vanguard Mortgage Corporation
    VantageSouth Bank
    Vantium Capital Markets, L.P.
    Vantium Capital, Inc., d/b/a Acqura Loan Services
    Vaughan Financial Mortgage Group, Inc.
    VCH – 1998-A (Wells Fargo as Trustee)
    VCH – 1999-A (Wells Fargo as Trustee)
    VCH – 2003-A (Wells Fargo Bank of Minnesota, N.A as Trustee)
    VCH – Beethoven (Dresdner as Lender)
    VCH -Alpine (Credit Suisse First Boston as Lender)
    Vectra Bank Colorado
    Venta Financial Group, Inc.
    Venture Bank
    Venture Financial Services
    Venture One Mortgage Corporation
    Veridian Credit Union
    Veritas Funding LLC
    Veritas In Commercium LLC
    Verity Credit Union
    Vertical Financial Group
    Vertical Lend dba Mortgage Warehouse
    Verus Bank, NA
    Veterans Home Mortgage Inc.
    Victoria Capital Inc dba Victoria Funding Services
    Victorian Finance LLC
    Vieux Carre Mortgage
    Viewpoint Bank
    ViewPoint Bank (Warehouse)
    Viewpoint Bankers Mortgage
    Vigilant Federal Savings Bank
    Vigio Lending Corp.
    Viking Capital
    Village Bank Mortgage Corporation
    Village Capital & Investment, LLC DBA Village Home Mortgage
    Village Mortgage Company
    Vinson Mortgage Services, Inc. dba Vinson Mortgage Group
    Vintage Hills Mortgage Corporation
    Vintage Mortgage Corporation
    Vintage Mortgage Group
    VIP Mortgage Corporation
    VIP Mortgage Inc.
    VIP Mortgage Solutions, LLC
    Virgin Money USA, Inc.
    Virginia Credit Union Inc.
    Virginia Heritage Bank
    VirtualBank Seniors Lending Group
    Visalia Community Bank
    Vision Bank
    Vision Mortgage Company, Ltd. dba Vision Mortgage Company
    Vision Mortgage LLC
    Vision Mortgage Professionals Inc.
    Vision Mortgage Resources, Inc.
    Vision One Mortgage, Inc.
    Vision, Inc.
    VIST Bank
    Vista Mortgage Corp.
    Vista Mortgage Corporation
    Vista Mortgage Services, Inc.
    Vitek Mortgage Group
    Volunteer Mortgage Lenders Inc
    Volunteer Trust Mortgage Corporation
    Voorhees Ventures, Inc.
    W J Capital Corporation
    W. R. Clouse & Associates Mortgage Company
    W.J. Bradley Mortgage Capital Corp.
    W.M. Howard Inc.
    W.R. Starkey Mortgage LLC
    W/E Mortgage Services Inc.
    Wachovia Bank National Association
    Wachovia Bank, NA as Trustee
    Wachovia Correspondent Warehouse Lending
    Wachovia Mortgage Corporation
    Wachovia Mortgage Corporation – Winston-Salem
    Wachovia Mortgage, FSB
    Wachovia Mortgage, FSB (CP)
    Wachovia Securities
    Wachusett Mortgage Corporation
    Wahlstrom Financial Group
    Walker Jackson Mortgage Corp.
    Wall Street Financial Corporation
    Wall Street Mortgage Bankers, Ltd.
    Wallick and Volk
    Walter Mortgage Company
    Walton Mortgage
    Wantland Realty Corporation DBA WRC Mortgage
    Ward Lending Group, LLC
    Warehouse Lender #1005308
    Warehouse USA Capital, Inc.
    Warren Bank Mortgage Company, LLC
    Wasatch Capital Mortgage, Inc
    Washington Financial Group, Inc.
    Washington Mutual Bank (Interim Funder)
    Washington Mutual Bank (vendor)
    Washington Mutual Bank, F.A.
    Washington Mutual Mortgage Securites Corp.
    WashingtonFirst Bank
    Washtenaw Mortgage Company
    Waterfall Victoria Master Fund 2008 – 1 Grantor Trust Servic
    Waterfall Victoria Master Fund Ltd
    Waterfall Victoria REO, LLC
    Watermark Credit Union
    Watermark Financial Partners, Inc.
    WaterStone Bank SSB
    Waterstone Mortgage Corp.
    Watson Group Financial Corporation
    Watson Mortgage Corp.
    Waukesha State Bank
    Waukesha State Bank (WI)
    Wausau Mortgage Corporation dba Broadstreet Mortgage
    WCRSI 2007-3 LLC
    WCS Funding Group Inc.
    WCS Lending LLC
    Weatherford National Bank
    Webster Bank, Inc.
    Weger Mortgage Corporation
    WEI Mortgage Corp
    Weichert Financial Services
    Welcome Home Finance, LP
    Welcome Home Loans, Inc.
    Welcome Home Mortgage Inc
    Wells Bank of Platte City
    Wells Fargo – Acquisition
    Wells Fargo as Trustee
    Wells Fargo Bank, NA dba Wells Fargo Home Equity
    Wells Fargo Foothill, LLC dba Lender Finance Division
    Wells Fargo Home Mortgage a Division of Wells Fargo Bank NA
    Wells Fargo Mortgage Document Custody
    Wendover as SubServicer for Chase
    Wendover Financial Services
    WesBanco Bank, Inc.
    West Alabama Bank & Trust
    West Coast 2007-1 LLC
    West Coast 2008-1, LLC
    West Coast 2008-3, LLC
    West Coast 2008-4, LLC
    West Coast Bank
    West Coast Realty Services, Inc.
    West Coast Servicing, Inc.
    West Community Credit Union
    West Gate Bank
    West Michigan Bank & Trust
    West Penn Financial Service Center, Inc.
    West Suburban Bank
    West Town Savings Bank
    WestAmerica Mortgage Company
    Westbridge Bank and Trust dba Westbridge Mortgage
    Westbury Bank
    Western Estates, Inc.
    Western Fidelity Mortgage Company
    Western Financial LLC dba American Guaranty Mortgge
    Western Horizon Mortgage
    Western Mortgage Brokers Inc dba Western Mtg Bankers Inc.
    Western Mortgage Corporation
    Western Ohio Mortgage Corporation
    Western Reliance Funding Group
    Western Reserve Bank
    Western Residential Mortgage Inc
    Western Security Bank
    Western State Bank
    Western States Mortgage Corporation
    Western Thrift & Loan
    Western Vista FCU
    Western World Financial
    Westfield Bank FSB
    Westlend Financing Inc dba American Capital Funding Inc
    Westminster Mortgage Co. a Division of Shapell Industries
    Westsound Bank dba Westsound Mortgage
    Weststar Mortgage Corporation
    WestStar Mortgage, Inc.
    WFS Mortgage Services Inc.
    Whidbey Island Bank
    Whitney National Bank
    Whitney National Bank (fka Access Mortgage)
    Whitney National Bank (fka Parish National Bank)
    Wholesale America Mortgage, Inc.
    Wholesale Capital Corporation
    Wiedman Mortgage, Inc.
    Wieland Financial Services, Inc.
    Wilber National Bank
    William M. Perlmotter dba Executive Mortgage Lenders
    William Raveis Mortgage, LLC
    Willow Bend Mortgage
    Willow Financial Bank
    Wilmington Finance, Inc.
    Wilmington Mortgage Services Inc
    Wilshire Credit Corp.
    Wilson & Muir Bank and Trust Company
    Wilson Mortgage Services, Inc.
    Wilson Resources, Inc.
    Windermere Mortgage Services Series LLC a DE Series LLC
    Windom Capital Inc. dba Windom Mortgage
    Windsor Capital Mortgage
    WinStar Mortgage Partners Inc. sub of Partner Loan Services
    Wisconsin Mortgage Corporation
    WM Specialty Mortgage LLC
    WMC Mortgage Corp. Minnesota
    WMC Mortgage Corporation
    WMD Realty, Inc.
    Wolfe Financial, Inc. dba Integrity Mortgage Group
    Wolters Kluwer Financial Services
    Wood & Huston Bank dba Wood & Huston Bancorporation Inc
    Woodfield Planning Corporation
    Woodforest National Bank dba Woodforest Mortgage Company
    Woodland Mortgage Partners, Inc
    Woodlands Bank
    World Alliance Financial Corp
    World Capital Mortgage, LP
    World Group Mortgage, LLC
    World Mortgage Corporation of Miami
    World Mortgage Group, Inc.
    World Wide Credit Corporation
    World Wide Financial Services, Inc.
    World Wide Mortgage Group, Inc.
    Worldwide Financial Resources, Inc.
    Worthington Federal Bank
    Worthington Mortgage Group, Inc.
    Wow Financial Inc
    Wow Financial LLC dba Advanced Mortgage Concepts
    Wright Financial Inc
    Wright-Patt Credit Union, Inc.
    Wyman Funding Group Inc.
    Wyndham Capital Mortgage, Inc.
    Wyoming Bank & Trust
    Wyoming State Bank
    Xenia Financial LLC
    Xetus Corp.
    Xtra Mile Financial Services, LLC
    Yale Financial Group, Inc.
    York Financial Inc.
    Your Best Rate Financial, LLC
    Your Community Bank
    Your Mortgage Company, LLC
    Your Mortgage Source LLC
    Your Mortgage Source, Inc.
    Yvonne K Yung Kwan Chau DBA YKC Mortgage
    Z.T.F. LLC dba At Home Mortgage Group
    Zeus Mortgage Ltd
    Zino Financial, Inc.
    Zions First National Bank
    Z-Mortgage Company, L.L.C.

    Non Judicial as Private Contract: Opening the Door to Homeowners for Self-Help

    What is good for the goose is good for the gander.

    After months of wrangling with the obvious due process issues invovled in allowing a Trustee on the Deed of Trust to send a Notice of Default, Notice of Default and to file an eviction (unlawful detainer), it has occurred to me that the reasoning behind “non-judicial” process can be turned on its head in favor of the homeowner.

    The reason why non-judicial foreclosure is NOT a denial of due process is two-fold:

    (1) public policy and judicial economy favors it because until the mortgage meltdown era, nearly all judicial foreclosures had the same pattern, to wit: Suit in Foreclosure with Summons, No Answer by the the borrower, clerk’s default entered, Motion for Entry of Default Final Judgment, Judgment entered, Sale date is set, Auction on the courthouse steps and that’s it. It was a rare case in which the borrower had any legitimate defenses and virtually impossible for the foreclosing party to be the wrong party bring the suit. The title record was clear, the bank held the note and mortgage, and but for some relatively minor TILA or RESPA issues it was highly unusual for predatory lending to be a factor in the case, and even if it was, the borrower simply didn’t raise it. Today, none of those assumption are true. Virtually all mortgages between 2001-2008 were between an undisclosed investor or group of investors and the borrower who was funded from proceeds of sales of unregulated securities. Everyone in between was merely an undisclosed conduit or middleman collecting an undisclosed fee as the money from the investor was parsed out for fees, profits, insurance premiums, rebates, kickbacks and of course funding of the alleged loan transaction. None of these middlemen have any loss, claim, or right to foreclose property and all of them have been superceded by the authority of the holders of mortgage backed securities. Even the Trustee on the Deed of Trust has been superceded by at least two other Trustees. They don’t have the note, they don’t have the full record of all the parties who collected fees or paid the principal or interest on the note and mortgage, and they don’t really have any stake in the outcome of the foreclosure — because they didn’t fund the loan or lose any money.

    (2) Under the legal theories that purport to support non-judicial foreclosure, it is said that non judicial foreclosure is a matter of private contract and not state action. Thus, the theory goes, parties are free to contract amongst themselves for authority to sell the property when the loan is reported by some party (alleging to be the beneficiary under the Deed of Trust). So anything the Trustee does that is wrong is really a matter of breach of contract, not violation of due process. If the Trustee on the deed of trust lacks authority, if the beneficiary is out of business and some other party is alleging it is now the new beneficiary, if anyone with or without knowledge alleges that the loan is in default and they are wrong or acting wrongfully, it is a matter of private contract, not subject to the rules of civil procedure governing the conduct of lawsuits in state or Federal Court. It is a contract authorizing “self-help”. Thus I conclude that the homeowner is equally entitles to utilize self-help to preserve his interest in his real property. Of course filing a notice of intent to preserve interest in real property, a notice of non-compliance with statute, or some other instrument that clouds title could force the conversion to a judicial foreclosure where the Trustee and beneficiary would be required to step forward and reveal the true holder in due course, account for the flow of the funds paid thus far, etc. But adding the force of Federal Law (TILA, RESPA and HOEPA), and applicable state laws on deceptive lending practices, and applicable common law to the permission to use self-help gives the homeowner greater power than the entities that seek to use self-help to foreclose. By filing a Qualified Written Request, Federal Law requires an answer and resolution. Barring that resolution, and using the common law doctrine of tacit procuration as a tool of enforcement at the end of the QWR, the homeowner has a legal right under color of state and federal law to file an instrument or reconveyance as attorney in fact for the “beneficiary” of record — forcing the “pretender lender” to either back off or prove their case.


    WHY WALL STREET ALWAYS BLOWS IT (and where the money went)

    Atlantic Article Submitted by multiple readers, I read this as soon as my issue was delivered. It’s true.

    And to add insult to injury, the answer to the question on everyone’s mind: Where did the money go? $350 billion disappeared down a black hole. The banks and investment banks got the money under the presumption that they would start lending again and they didn’t because neither congress nor Bush made that a condition to receipt. The money is sitting in “contingency accounts” basically off balance sheet or with a corresponding liability producing zero effect on the balance sheet and obviously off the income statement because if they ever had the temerity to declare the money as profit, they would be hanged. In some cases the money is being doled out to investors who could cause even more trouble. The interesting thing behind all this is that there is a branch of law enforcement at the Federal level that nobody ever thinks of when it comes to economic crimes like the meltdown, but the perpetrators know it. This law enforcement agency is currently investigating and will likely uncover everything we suspect, with prosecutions not only likely but successful too. I won’t say any more than that now.

    December 2008

    The magnitude of the current bust seems almost unfathomable—and it was unfathomable, to even the most sophisticated financial professionals, until the moment the bubble popped. How could this happen? And what’s to stop it from happening again? A former Wall Street insider explains how the financial industry got it so badly wrong, why it always will—and why all of us are to blame.

    by Henry Blodget


    Image credit: John Ritter

    Well, we did it again. Only eight years after the last big financial boom ended in disaster, we’re now in the migraine hangover of an even bigger one—a global housing and debt bubble whose bursting has wiped out tens of trillions of dollars of wealth and brought the world to the edge of a second Great Depression.

    Millions have lost their houses. Millions more have lost their retirement savings. Tens of millions have had their portfolios smashed. And the carnage in the “real economy” has only just begun.

    What the hell happened? After decades of increasing financial sophistication, weren’t we supposed to be done with these things? Weren’t we supposed to know better?

    Yes, of course. Every time this happens, we think it will be the last time. But it never will be.

    First things first: for better and worse, I have had more professional experience with financial bubbles than I would ever wish on anyone. During the dot-com episode, as you may unfortunately recall, I was a famous tech-stock analyst at Merrill Lynch. I was famous because I was on the right side of the boom through the late 1990s, when stocks were storming to record-high prices every year—Internet stocks, especially. By late 1998, I was cautioning clients that “what looks like a bubble probably is,” but this didn’t save me. Fifteen months later, I missed the top and drove my clients right over the cliff.

    Later, in the smoldering aftermath, as you may also unfortunately recall, I was accused by Eliot Spitzer, then New York’s attorney general, of having hung on too long in order to curry favor with the companies I was analyzing, some of which were also Merrill banking clients. This allegation led to my banishment from the industry, though it didn’t explain why I had followed my own advice and blown my own portfolio to smithereens (more on this later).

    I experienced the next bubble differently—as a journalist and homeowner. Having already learned the most obvious lesson about bubbles, which is that you don’t want to get out too late, I now discovered something nearly as obvious: you don’t want to get out too early. Figuring that the roaring housing market was just another tech-stock bubble in the making, I rushed to sell my house in 2003—only to watch its price nearly double over the next three years. I also predicted the demise of the Manhattan real-estate market on the cover of New York magazine in 2005. Prices are finally falling now, in 2008, but they’re still well above where they were then.

    Live through enough bubbles, though, and you do eventually learn something of value. For example, I’ve learned that although getting out too early hurts, it hurts less than getting out too late. More important, I’ve learned that most of the common wisdom about financial bubbles is wrong.

    Who’s to blame for the current crisis? As usually happens after a crash, the search for scapegoats has been intense, and many contenders have emerged: Wall Street swindled us; predatory lenders sold us loans we couldn’t afford; the Securities and Exchange Commission fell asleep at the switch; Alan Greenspan kept interest rates low for too long; short-sellers spread negative rumors; “experts” gave us bad advice. More-introspective folks will add other explanations: we got greedy; we went nuts; we heard what we wanted to hear.

    All of these explanations have some truth to them. Predatory lenders did bamboozle some people into loans and houses they couldn’t afford. The SEC and other regulators did miss opportunities to curb some of the more egregious behavior. Alan Greenspan did keep interest rates too low for too long (and if you’re looking for the single biggest cause of the housing bubble, this is it). Some short-sellers did spread negative rumors. And, Lord knows, many of us got greedy, checked our brains at the door, and heard what we wanted to hear.

    But most bubbles are the product of more than just bad faith, or incompetence, or rank stupidity; the interaction of human psychology with a market economy practically ensures that they will form. In this sense, bubbles are perfectly rational—or at least they’re a rational and unavoidable by-product of capitalism (which, as Winston Churchill might have said, is the worst economic system on the planet except for all the others). Technology and circumstances change, but the human animal doesn’t. And markets are ultimately about people.

    To understand why bubble participants make the decisions they do, let’s roll back the clock to 2002. The stock­-market crash has crushed our portfolios and left us feeling vulnerable, foolish, and poor. We’re not wiped out, thankfully, but we’re chastened, and we’re certainly not going to go blow our extra money on Cisco Systems again. So where should we put it? What’s safe? How about a house?

    House prices, we are told by our helpful neighborhood real-estate agent, almost never go down. This sounds right, and they certainly didn’t go down in the stock-market crash. In fact, for as long as we can remember—about 10 years, in most cases—house prices haven’t gone down. (Wait, maybe there was a slight dip, after the 1987 stock-market crash, but looming larger in our memories is what’s happened since; everyone we know who’s bought a house since the early 1990s has made gobs of money.)

    We consider following our agent’s advice, but then we decide against it. House prices have doubled since the mid-1990s; we’re not going to get burned again by buying at the top. So we decide to just stay in our rent-stabilized rabbit warren and wait for house prices to collapse.

    Unfortunately, they don’t. A year later, they’ve risen at least another 10 percent. By 2006, we’re walking past neighborhood houses that we could have bought for about half as much four years ago; we wave to happy new neighbors who are already deep in the money. One neighbor has “unlocked the value in his house” by taking out a cheap home-equity loan, and he’s using the proceeds to build a swimming pool. He is also doing well, along with two visionary friends, by buying and flipping other houses—so well, in fact, that he’s considering quitting his job and becoming a full-time real-estate developer. After four years of resistance, we finally concede—houses might be a good investment after all—and call our neighborhood real-estate agent. She’s jammed (and driving a new BMW), but she agrees to fit us in.

    We see five houses: two were on the market two years ago for 30 percent less (we just can’t handle the pain of that); two are dumps; and the fifth, which we love, is listed at a positively ridiculous price. The agent tells us to hurry—if we don’t bid now, we’ll lose the house. But we’re still hesitant: last week, we read an article in which some economist was predicting a housing crash, and that made us nervous. (Our agent counters that Greenspan says the housing market’s in good shape, and he isn’t known as “The Maestro” for nothing.)

    When we get home, we call our neighborhood mortgage broker, who gives us a surprisingly reasonable quote—with a surprisingly small down payment. It’s a new kind of loan, he says, called an adjustable-rate mortgage, which is the same kind our neighbor has. The payments will “reset” in three years, but, as the mortgage broker suggests, we’ll probably have moved up to a bigger house by then. We discuss the house during dinner and breakfast. We review our finances to make sure we can afford it. Then, the next afternoon, we call the agent to place a bid. And the house is already gone—at 10 percent above the asking price.

    By the spring of 2007, we’ve finally caught up to the market reality, and our luck finally changes: We make an instant, aggressive bid on a huge house, with almost no money down. And we get it! We’re finally members of the ownership society.

    You know the rest. Eighteen months later, our down payment has been wiped out and we owe more on the house than it’s worth. We’re still able to make the payments, but our mortgage rate is about to reset. And we’ve already heard rumors about coming layoffs at our jobs. How on Earth did we get into this mess?

    The exact answer is different in every case, of course. But let’s round up the usual suspects:

    • The predatory mortgage broker? Well, we’re certainly not happy with the bastard, given that he sold us a loan that is now a ticking time bomb. But we did ask him to show us a range of options, and he didn’t make us pick this one. We picked it because it had the lowest payment.

    • Our sleazy real-estate agent? We’re not speaking to her anymore, either (and we’re secretly stoked that her BMW just got repossessed), but again, she didn’t lie to us. She just kept saying that houses are usually a good investment. And she is, after all, a saleswoman; that was never very hard to figure out.

    • Wall Street fat cats? Boy, do we hate those guys, especially now that our tax dollars are bailing them out. But we didn’t complain when our lender asked for such a small down payment without bothering to check how much money we made. At the time, we thought that was pretty great.

    • The SEC? We’re furious that our government let this happen to us, and we’re sure someone is to blame. We’re not really sure who that someone is, though. Whoever is responsible for making sure that something like this never happens to us, we guess.

    • Alan “The Maestro” Greenspan? We’re pissed at him too. If he hadn’t been out there saying everything was fine, we might have believed that economist who said it wasn’t.

    • Bad advice? Hell, yes, we got bad advice. Our real-estate agent. That mortgage guy. Our neighbor. Greenspan. The media. They all gave us horrendous advice. We should have just waited for the market to crash. But everyone said it was different this time.

    Still, except in cases involving outright fraud—a small minority—the buck stops with us. Not knowing that the market would crash isn’t an excuse. No one knew the market would crash, even the analysts who predicted that it would. (Just as important, no one knew when prices would go down, or how fast.) And for years, most of the skeptics looked—and felt—like fools.

    Everyone else on that list above bears some responsibility too. But in the case I have described, it would be hard to say that any of them acted criminally. Or irrationally. Or even irresponsibly. In fact, almost everyone on that list acted just the way you would expect them to act under the circumstances.

    That’s especially true for the professionals on Wall Street, who’ve come in for more criticism than anyone in recent months, and understandably so. It was Wall Street, after all, that chose not only to feed the housing bubble, but ultimately to bet so heavily on it as to put the entire financial system at risk. How did the experts who are paid to obsess about the direction of the market—allegedly the most financially sophisticated among us—get it so badly wrong? The answer is that the typical financial professional is a lot more like our hypothetical home buyer than anyone on Wall Street would care to admit. Given the intersection of experience, uncertainty, and self-interest within the finance industry, it should be no surprise that Wall Street blew it—or that it will do so again.

    Take experience (or the lack thereof). Boom-and-bust cycles like the one we just went through take a long time to complete. The really big busts, in fact, the ones that affect the whole market and economy, are usually separated by more than 30 years—think 1929, 1966, and 2000. (Why did the housing bubble follow the tech bubble so closely? Because both were really just parts of a larger credit bubble, which had been building since the late 1980s. That bubble didn’t deflate after the 2000 crash, in part thanks to Greenspan’s attempts to save the economy.) By the time the next Great Bubble rolls around, a lot of us will be as dead and gone as Richard Whitney, Jesse Livermore, Charles Mitchell, and the other giants of the 1929 crash. (Never heard of them? Exactly.)

    Since Wall Street replenishes itself with a new crop of fresh faces every year—many of the professionals at the elite firms either flame out or retire by age 40—most of the industry doesn’t usually have experience with both booms and busts. In the 1990s, I and thousands of young Wall Street analysts and investors like me hadn’t seen anything but a 15-year bull market. The only market shocks that we knew much about—the 1987 crash, say, or Mexico’s 1994 financial crisis—had immediately been followed by strong recoveries (and exhortations to “buy the dip”).

    By 1996, when Greenspan made his famous “irrational exuberance” remark, the stock market’s valuation was nearing its peak from prior bull markets, making some veteran investors nervous. Over the next few years, however, despite confident predictions of doom, stocks just kept going up. And eventually, inevitably, this led to assertions that no peak was in sight, much less a crash—you see, it was “different this time.”

    Those are said to be the most expensive words in the English language, by the way: it’s different this time. You can’t have a bubble without good explanations for why it’s different this time. If everyone knew that this time wasn’t different, the market would stop going up. But the future is always uncertain—and amid uncertainty, all sorts of faith-based theories can flourish, even on Wall Street.

    In the 1920s, the “differences” were said to be the miraculous new technologies (phones, cars, planes) that would speed the economy, as well as Prohibition, which was supposed to produce an ultra-efficient, ultra-responsible workforce. (Don’t laugh: one of the most respected economists of the era, Irving Fisher of Yale University, believed that one.) In the tech bubble of the 1990s, the differences were low interest rates, low inflation, a government budget surplus, the Internet revolution, and a Federal Reserve chairman apparently so divinely talented that he had made the business cycle obsolete. In the housing bubble, they were low interest rates, population growth, new mortgage products, a new ownership society, and, of course, the fact that “they aren’t making any more land.”

    In hindsight, it’s obvious that all these differences were bogus (they’ve never made any more land—except in Dubai, which now has its own problems). At the time, however, with prices going up every day, things sure seemed different.

    In fairness to the thousands of experts who’ve snookered themselves throughout the years, a complicating factor is always at work: the ever-present possibility that it really might have been different. Everything is obvious only after the crash.

    Consider, for instance, the late 1950s, when a tried-and-true “sell signal” started flashing on Wall Street. For the first time in years, stock prices had risen so high that the dividend yield on stocks had fallen below the coupon yield on bonds. To anyone who had been around for a while, this seemed ridiculous: stocks are riskier than bonds, so a rational buyer must be paid more to own them. Wise, experienced investors sold their stocks and waited for this obvious mispricing to correct itself. They’re still waiting.

    Why? Because that time, it was different. There were increasing concerns about inflation, which erodes the value of fixed bond-interest payments. Stocks offer more protection against inflation, so their value relative to bonds had increased. By the time the prudent folks who sold their stocks figured this out, however, they’d missed out on many years of a raging bull market.

    When I was on Wall Street, the embryonic Inter­net sector was different, of course—at least to those of us who were used to buying staid, steady stocks that went up 10 percent in a good year. Most Internet companies didn’t have earnings, and some of them barely had revenue. But the performance of some of their stocks was spectacular.

    In 1997, I recommended that my clients buy stock in a company called Yahoo; the stock finished the year up more than 500 percent. The next year, I put a $400-a-share price target on a controversial “online bookseller” called Amazon, worth about $240 a share at the time; within a month, the stock blasted through $400 en route to $600. You don’t have to make too many calls like these before people start listening to you; I soon had a global audience keenly interested in whatever I said.

    One of the things I said frequently, especially after my Amazon prediction, was that the tech sector’s stock behavior sure looked like a bubble. At the end of 1998, in fact, I published a report called “Surviving (and Profiting From),” in which I listed similarities between the dot-com phenomenon and previous boom-and-bust cycles in biotech, personal computers, and other sectors. But I recommended that my clients own a few high-quality Internet stocks anyway—because of the ways in which I thought the Internet was different. I won’t spell out all those ways, but I will say that they sounded less stupid then than they do now.

    The bottom line is that resisting the siren call of a boom is much easier when you have already been obliterated by one. In the late 1990s, as stocks kept roaring higher, it got easier and easier to believe that something really was different. So, in early 2000, weeks before the bubble burst, I put a lot of money where my mouth was. Two years later, I had lost the equivalent of six high-end college educations.

    Of course, as Eliot Spitzer and others would later observe—and as was crystal clear to most Wall Street executives at the time—being bullish in a bull market is undeniably good for business. When the market is rising, no one wants to work with a bear.

    Which brings us to the last major contributor to booms and busts: self-interest.

    When people look back on bubbles, many conclude that the participants must have gone stark raving mad. In most cases, nothing could be further from the truth.

    In my example from the housing boom, for instance, each participant’s job was not to predict what the housing market would do but to accomplish a more concrete aim. The buyer wanted to buy a house; the real-estate agent wanted to earn a commission; the mortgage broker wanted to sell a loan; Wall Street wanted to buy loans so it could package and resell them as “mortgage-backed securities”; Alan Greenspan wanted to keep American prosperity alive; members of Congress wanted to get reelected. None of these participants, it is important to note, was paid to predict the likely future movements of the housing market. In every case (except, perhaps, the buyer’s), that was, at best, a minor concern.

    This does not make the participants villains or morons. It does, however, illustrate another critical component of boom-time decision-making: the difference between investment risk and career or business risk.

    Professional fund managers are paid to manage money for their clients. Most managers succeed or fail based not on how much money they make or lose but on how much they make or lose relative to the market and other fund managers.

    If the market goes up 20 percent and your Fidelity fund goes up only 10 percent, for example, you probably won’t call Fidelity and say, “Thank you.” Instead, you’ll probably call and say, “What am I paying you people for, anyway?” (Or at least that’s what a lot of investors do.) And if this performance continues for a while, you might eventually fire Fidelity and hire a new fund manager.

    On the other hand, if your Fidelity fund declines in value but the market drops even more, you’ll probably stick with the fund for a while (“Hey, at least I didn’t lose as much as all those suckers in index funds”). That is, until the market drops so much that you can’t take it anymore and you sell everything, which is what a lot of people did in October, when the Dow plunged below 9,000.

    In the money-management business, therefore, investment risk is the risk that your bets will cost your clients money. Career or business risk, meanwhile, is the risk that your bets will cost you or your firm money or clients.

    The tension between investment risk and business risk often leads fund managers to make decisions that, to outsiders, seem bizarre. From the fund managers’ perspective, however, they’re perfectly rational.

    In the late 1990s, while I was trying to figure out whether it was different this time, some of the most legendary fund managers in the industry were struggling. Since 1995, any fund managers who had been bearish had not been viewed as “wise” or “prudent”; they had been viewed as “wrong.” And because being wrong meant underperforming, many had been shown the door.

    It doesn’t take very many of these firings to wake other financial professionals up to the fact that being bearish and wrong is at least as risky as being bullish and wrong. The ultimate judge of who is “right” and “wrong” on Wall Street, moreover, is the market, which posts its verdict day after day, month after month, year after year. So over time, in a long bull market, most of the bears get weeded out, through either attrition or capitulation.

    By mid-1999, with mountains of money being made in tech stocks, fund owners were more impatient than ever: their friends were getting rich in Cisco, so their fund manager had better own Cisco—or he or she was an idiot. And if the fund manager thought Cisco was overvalued and was eventually going to crash? Well, in those years, fund managers usually approached this type of problem in of one of three ways: they refused to play; they played and tried to win; or they split the difference.

    In the first camp was an iconic hedge-fund manager named Julian Robertson. For almost two decades, Robertson’s Tiger Management had racked up annual gains of about 30 percent by, as he put it, buying the best stocks and shorting the worst. (One of the worst, in Robertson’s opinion, was Amazon, and he used to summon me to his office and demand to know why everyone else kept buying it.)

    By 1998, Robertson was short Amazon and other tech stocks, and by 2000, after the NASDAQ had jumped an astounding 86 percent the previous year, Robertson’s business and reputation had been mauled. Thanks to poor performance and investor withdrawals, Tiger’s assets under management had collapsed from about $20billion to about $6billion, and the firm’s revenues had collapsed as well. Robertson refused to change his stance, however, and in the spring of 2000, he threw in the towel: he closed Tiger’s doors and began returning what was left of his investors’ money.

    Across town, meanwhile, at Soros Fund Management, a similar struggle was taking place, with another titanic fund manager’s reputation on the line. In 1998, the firm had gotten crushed as a result of its bets against technology stocks (among other reasons). Midway through 1999, however, the manager of Soros’s Quantum Fund, Stanley Druckenmiller, reversed that position and went long on technology. Why? Because unlike Robertson, Druckenmiller viewed it as his job to make money no matter what the market was doing, not to insist that the market was wrong.

    At first, the bet worked: the reversal saved 1999 and got 2000 off to a good start. But by the end of April, Quantum was down a shocking 22 percent for the year, and Druckenmiller had resigned: “We thought it was the eighth inning, and it was the ninth.”

    Robertson and Druckenmiller stuck to their guns and played the extremes (and lost). Another fund manager, a man I’ll call the Pragmatist, split the difference.

    The Pragmatist had owned tech stocks for most of the 1990s, and their spectacular performance had made his fund famous and his firm rich. By mid-1999, however, the Pragmatist had seen a bust in the making and begun selling tech, so his fund had started to underperform. Just one quarter later, his boss, tired of watching assets flow out the door, suggested that the Pragmatist reconsider his position on tech. A quarter after that, his boss made it simpler for him: buy tech, or you’re fired.

    The Pragmatist thought about quitting. But he knew what would happen if he did: his boss would hire a 25-year-old gunslinger who would immediately load up the fund with tech stocks. The Pragmatist also thought about refusing to follow the order. But that would mean he would be fired for cause (no severance or bonus), and his boss would hire the same 25-year-old gunslinger.

    In the end, the Pragmatist compromised. He bought enough tech stocks to pacify his boss but not enough to entirely wipe out his fund holders if the tech bubble popped. A few months later, when the market crashed and the fund got hammered, he took his bonus and left the firm.

    This tension between investment risk and career or business risk comes into play in other areas of Wall Street too. It was at the center of the decisions made in the past few years by half a dozen seemingly brilliant CEOs whose firms no longer exist.

    Why did Bear Stearns, Lehman Brothers, Fannie Mae, Freddie Mac, AIG, and the rest of an ever-growing Wall Street hall of shame take so much risk that they ended up blowing their firms to kingdom come? Because in a bull market, when you borrow and bet $30 for every $1 you have in capital, as many firms did, you can do mind-bogglingly well. And when your competitors are betting the same $30 for every $1, and your shareholders are demanding that you do better, and your bonus is tied to how much money your firm makes—not over the long term, but this year, before December 31—the downside to refusing to ride the bull market comes into sharp relief. And when naysayers have been so wrong for so long, and your risk-management people assure you that you’re in good shape unless we have another Great Depression (which we won’t, of course, because it’s different this time), well, you can easily convince yourself that disaster is a possibility so remote that it’s not even worth thinking about.

    It’s easy to lay the destruction of Wall Street at the feet of the CEOs and directors, and the bulk of the responsibility does lie with them. But some of it lies with shareholders and the whole model of public ownership. Wall Street never has been—and likely never will be—paid primarily for capital preservation. However, in the days when Wall Street firms were funded primarily by capital contributed by individual partners, preserving that capital in the long run was understandably a higher priority than it is today. Now Wall Street firms are primarily owned not by partners with personal capital at risk but by demanding institutional shareholders examining short-term results. When your fiduciary duty is to manage the firm for the benefit of your shareholders, you can easily persuade yourself that you’re just balancing risk and reward—when what you’re really doing is betting the firm.

    As we work our way through the wreckage of this latest colossal bust, our government—at our urging—will go to great lengths to try to make sure such a bust never happens again. We will “fix” the “problems” that we decide caused the debacle; we will create new regulatory requirements and systems; we will throw a lot of people in jail. We will do whatever we must to assure ourselves that it will be different next time. And as long as the searing memory of this disaster is fresh in the public mind, it will be different. But as the bust recedes into the past, our priorities will slowly change, and we will begin to set ourselves up for the next great boom.

    A few decades hence, when the Great Crash of 2008 is a distant memory and the economy is humming along again, our government—at our urging—will begin to weaken many of the regulatory requirements and systems we put in place now. Why? To make our economy more competitive and to unleash the power of our free-market system. We will tell ourselves it’s different, and in many ways, it will be. But the cycle will start all over again.

    So what can we learn from all this? In the words of the great investor Jeremy Grantham, who saw this collapse coming and has seen just about everything else in his four-decade career: “We will learn an enormous amount in a very short time, quite a bit in the medium term, and absolutely nothing in the long term.” Of course, to paraphrase Keynes, in the long term, you and I will be dead. Until that time comes, here are three thoughts I hope we all can keep in mind.

    First, bubbles are to free-market capitalism as hurricanes are to weather: regular, natural, and unavoidable. They have happened since the dawn of economic history, and they’ll keep happening for as long as humans walk the Earth, no matter how we try to stop them. We can’t legislate away the business cycle, just as we can’t eliminate the self-interest that makes the whole capitalist system work. We would do ourselves a favor if we stopped pretending we can.

    Second, bubbles and their aftermaths aren’t all bad: the tech and Internet bubble, for example, helped fund the development of a global medium that will eventually be as central to society as electricity. Likewise, the latest bust will almost certainly lead to a smaller, poorer financial industry, meaning that many talented workers will go instead into other careers—that’s probably a healthy rebalancing for the economy as a whole. The current bust will also lead to at least some regulatory improvements that endure; the carnage of 1933, for example, gave rise to many of our securities laws and to the SEC, without which this bust would have been worse.

    Lastly, we who have had the misfortune of learning firsthand from this experience—and in a bust this big, that group includes just about everyone—can take pains to make sure that we, personally, never make similar mistakes again. Specifically, we can save more, spend less, diversify our investments, and avoid buying things we can’t afford. Most of all, a few decades down the road, we can raise an eyebrow when our children explain that we really should get in on the new new new thing because, yes, it’s different this time.

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    COMMENTARY: am still trying to digest the assertion Blodget makes, “all of us are to blame.” Each element did what was expected of it, yes, but how about behind-the-scenes factors to which we were not privy?

    Clearly, what happened, and what will again happen, is that those who predict “the sky is falling,” will be driven to the margin.

    With so many conflicting opinions competing for our belief, to whose warnings and predictions will we ultimately listen? Will we be ready the next time? The next new, new, new thing? Doubtful.



    Gump59 – Why buy performing mortgages? If they are producing income for their owners, why wouldn’t they be held onto?

    ANSWER: You’d buy a performing mortgage if you thought that you were buying it at a bargain, guaranteed with Triple AAA rating. If you buy a mortgage note that has a principal balance due of $500,000 and the stated interest rate is 6% you are expecting $30,000 in income. But if you think you are buying it for $250,000, and still getting $30,000 per year, then you are getting 12% plus a $250,000 bonus (when the note gets paid off). In the mortgage meltdown, this is what occurred. But what they were buying was one performing mortgage and 1,000 mortgages that already had the fuse lit to blow up (become non-performing). On paper it looked like 12%. In reality it was 1%, and that too vanished when the stuff hit the wall. As for the principal due on the note —- well that also vanished. The intermediaries (depository lending institutions and Wall Street investment bankers) got paid twice or three times (with Federal bailout) over, the borrower lost everything, the investor lost everything. Now the officials who gave the bailout understand that Wall Street pulled off the greatest triple fraud in history — the investors, the borrowers and the taxpayers — and in many cases because of pensions, annuities and other factors it was the same person getting pounded by the same transaction over and over again.

    Neil F. Garfield, Esq.

    Indymac: federal banking regulator allowed the bank to backdate a capital infusion and gloss over its deepening problems, the Treasury Department’s independent investigator said Monday

    December 23, 2008

    Irregularity Uncovered at IndyMac



    WASHINGTON — Two months before IndyMac Bancorp collapsed in July, at a cost of $8.9 billion to taxpayers, a top federal banking regulator allowed the bank to backdate a capital infusion and gloss over its deepening problems, the Treasury Department’s independent investigator said Monday.

    In what industry analysts said was an example of the excessively cozy relations between high-flying subprime lenders and federal bank regulators, the Office of Thrift Supervision’s West Coast director allowed IndyMac’s parent company to backdate an $18 million contribution to preserve its status as a “well-capitalized” institution.

    Investigators reported that similar officially approved backdating appears to have occurred at other financial institutions, though they did not name them.

    IndyMac, based in Pasadena, Calif., was one of the nation’s biggest subprime mortgage lenders at the time. But analysts said it was already in trouble when the maneuver occurred, because of rising default rates and a big stockpile of subprime loans on its books that investors abruptly refused to buy.

    The Office of Thrift Supervision’s western regional director, Darrel W. Dochow, allowed IndyMac Bank to receive $18 million from its parent company on May 9 but to book the money as having arrived on March 31, according to the Treasury Department’s inspector general, Eric M. Thorson. The backdated capital infusion allowed IndyMac to plug a hole that its auditors had belatedly found in the bank’s financial results for the first quarter. If IndyMac had not been able to plug that hole retroactively, its reserves would have slipped below the minimum level that regulators require for classifying banks as well capitalized.

    Though the $18 million transaction was minuscule in comparison to IndyMac’s $32 billion in assets, it had tremendous significance. If IndyMac had lost its well-capitalized status it would not have been allowed to accept “brokered deposits” from other financial institutions. Brokered deposits are typically high-yielding certificates of deposit arranged by brokers and sold to savings and loans. IndyMac relied heavily on brokered deposits, which amounted to $6.8 billion or 37 percent of its total deposits last spring.

    “This is very significant in terms of whether IndyMac was over or under the O.T.S.’s thresholds for capital,” said Bert Ely, a veteran banking analysts in Alexandria, Va. “But what’s really troubling is that it seems to have been going on elsewhere.”

    The episode had a link to the savings-and-loan scandals of the late 1980s, which cost the federal government more than $100 billion.

    Mr. Dochow played a central role in the savings-and-loan scandal of the 1980s, overriding a recommendation by federal bank examiners in San Francisco to seize Lincoln Savings, the giant savings and loan owned by Charles Keating. Lincoln became one of the biggest institutions to collapse. Mr. Keating served four and a half years in prison before his fraud and racketeering convictions were overturned. He later pleaded guilty to more limited charges, and was sentenced to the time already served.

    Senator Charles E. Grassley, Republican of Iowa and the ranking member of the Senate Finance Committee, said the regulator’s behavior raised new doubts about the Office of Thrift Supervision, which has long had a reputation for being the most permissive of all the federal bank regulators.

    “The role of the Office of Thrift Supervision, as the name says, is to supervise these banks, not conspire with them,” Mr. Grassley said in a statement. “If the Office of Thrift Supervision is turning a blind eye to capitalization requirements, Congress needs to know.”

    John M. Reich, director of the Office of Thrift Supervision, said the $18 million maneuver was “a relatively small factor” in the collapse of IndyMac. But he said he had removed Mr. Dochow from his job as the agency’s western director pending the results of a separate inquiry.

    Mr. Thorson, the Treasury’s inspector general, described an intricate process by which the Office of Thrift Supervision, or at least Mr. Dochow, had quietly helped IndyMac paper over its difficulties.

    In a letter to Mr. Grassley, Mr. Thorson said that IndyMac’s auditor, Ernst & Young, had discovered several issues in early May that required IndyMac to retroactively adjust its financial results for the three months that ended on March 31.

    Those adjustments would have reduced IndyMac’s capital to a level that would have deprived it of its classification as a well-capitalized institution.

    IndyMac executives did not dispute the adjustments, according to Mr. Thorson. But they did meet with Mr. Dochow on May 9 to ask if they could backdate the $18 million capital injection by retroactively listing it as a “receivable” on IndyMac’s books as of March 31, Mr. Thorson said.

    Mr. Dochow agreed, and IndyMac filed an amended report for its first quarter that showed a higher capital ratio., Mr. Thorson said. To investors, there was no sign that IndyMac’s capital had ever dipped below what was required to qualify for well-capitalized status. In fact, the amended report slightly increased the capital ratio above what the bank had originally reported.

    William K. Black, a senior bank regulator during the savings and loan crisis and the author of “The Best Way to Rob a Bank is to Own One,” said Mr. Dochow’s lenience highlighted the longstanding unwillingness of the Office of Thrift Supervision to take charge.

    “The O.T.S. did nothing effective to regulate any of the specialized large nonprime lenders,” Mr. Black said. “So what you got was what the F.B.I. accurately described as early as 2004 as an epidemic of mortgage fraud.”

    Mr. Black said that the Office of Thrift Supervision had never put IndyMac on its watch list of troubled institutions before the Federal Deposit Insurance Corporation took it over in July and booked a loss of $8.9 billion to its insurance fund.

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