Several people are issuing statements about servicer advances, now that they are known. They fall into the category of payments made to the creditor-investors, which means that the creditor on the original loan, or its successor is getting paid regardless of whether the borrower has paid or not. The Steinberger decision in Arizona and other …
The answer to that question is that probably nobody has the right to execute a satisfaction of mortgage. That is why the mortgage deed needs to be nullified. In the typical situation the money was taken from investors and instead of using it to fund the REMIC trust, the broker-dealer used it as their own …
Who Has the Power to Execute a Satisfaction and Release of Mortgage? Read More »
Corroborating what I have been saying for years on this blog, the Supreme Court of the state of California is reasserting its position that if entity ABC wants to collect on a debt in California, then that particular entity must own the debt. This is basic common sense and simply follows article 9 of the …
Glaski Court refuses to "depublish" decision, two judges recuse themselves. Read More »
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Being Aggressive: Attacking the ability to submit a credit bid Read More »
I have not followed Prommis Holdings closely but I can recall that some people have sent in reports that Prommis was the named creditor in some foreclosure proceedings. The reason I am posting this is because the bankruptcy filings including the statement of affairs will probably give some important clues to the real money story …
Prommis Holdings LLC Files for Bankruptcy Protection Read More »
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MOST POPULAR ARTICLES CLICK HERE TO GET COMBO TITLE AND SECURITIZATION REPORT CUSTOMER SERVICE 520-405-1688 Tax Preparer Slammed with $24 Million in Fines on Toxic Mortgages Editor’s Comment: You really have to think about some of these stories and what they mean. 1. Where is the synergy in a merger between Option One and H&R …
How Did H & R Block Get into the Subprime Mortgage Business? Read More »
I HAD A QUESTION FROM ONE OF OUR BLOG READER-CUSTOMERS AND I REALIZED EVERYONE SHOULD SEE THE ANSWER. Chris: Your question is a smart one. Here is the deal. We provide the search capacity and if you want a complete analysis and accounting you’ll need to retain someone for that. we have that available if …
EDITOR’s comment: Everyone seems to agree that nobody really knows the identity of the creditor in the millions of mortgage transactions that were created from 2001 to 2008. Yet the general consensus from the administration and the media is that these transactions should be enforced anyway. The idea of enforcing a transaction in which only …
SUBMITTED BY M SOLIMAN EDITOR’S NOTE: Soliman brings out some interesting and important issues in his dialogue with Raja. The gist of what he is saying about sales accounting runs to the core of how you disprove the allegations of your opposition. In a nutshell and somewhat oversimplified: If they were the lender then their …
MERS, POOLING AND SERVICING AGREEMENT, ACCOUNTING….GREAT , NOW WHAT? Read More »
submitted by Raja 2010/06/15 at 7:30 am Investor /Trustee on MERS Record Please use this small sentence for these thieves who have multi roles, “”You cannot be a Trustee or investor or own the note, lest it become a partnership with the certificate holders” FOR ALL THOSE WHO HAVE DEUTSCHE BANK. a). Investor and Trustee …
Editor’s Note: Besides the obvious, there are a number of not-so-obvious things to keep in mind. The reason why they made the “mistake” is probably related to errors in procedure because they receive information from multiple sources. It is possible but unlikely that this was a normal error in posting. In Motion Practice and Discovery …
Specialized Loan Services: "MISTAKE" Costs Elderly Couple Their Home Read More »
see Magnetar%20Mortage%20Recovery%20Backstop%20Whitepaper%20Jun09.pdf Magnetar Mortage Recovery Backstop Whitepaper Jun09 Two things jump out at me with this paper from June, 2009. First it is obvious that the “real money” investors are defined as those seeking low risk and willing to take lower yield. The fact that they are called “Real Money Investors” underscores my point about …
Magnetar Echoes Livinglies call for Alignment of Investors, Servicers and Borrowers Read More »
Editor’s Note: This article might help you understand the workings of a yield spread premium. For every 1% difference in interest rate the “cost” of the loan to you goes up 19%. Now if you look at it from the point of view of the “lender” that means the “value” goes up by 19%. That …
Yield Spread Premiums Revealed as Interest Rates Rise Read More »
From Eric Mesi MERs has a manual and I included some of it below regarding foreclosures. But who would know if their manual is correct? Of course they will write it to protect their selves. Section 2: (a) If a Member chooses to conduct foreclosures in the name of Mortgage Electronic Registration Systems, Inc., the …
SEE The Economics and Incentives of Yield Spread Premiums and Credit Default Swaps March 23, 2010: Editor’s Note: The YSP/CDS paper is intentionally oversimplified in order to demonstrate the underlying economics of securitization as it was employed in the last decade. To be clear, there are several things I was required to do in order …
BTW, I ask about verifying that the ‘Substitute Trustee’ is indeed a TRUST since I saw a post that made a point that any named ‘TRUSTEE’ must really be a TRUST. Quality Loan Servicing was nominated by Litton Loan Service’s employee (via MERS) as the Substitute Trustee in place of ReconTrust. I may have a …
Verifying that the ‘Substitute Trustee’ is indeed a TRUST Read More »
From “Anonymous” Editor’s Post: It’s always a pleasure to read something where someone actually knows what they are talking about. The following post was picked up from the comments. The key points that are relevant to the Qualified Written Request and Discovery are 1. In the shuffling of paperwork, where was a “true sale” of …
NOW AVAILABLE ON AMAZON KINDLE!! Pursuit vs. UBS Drills Down to Real Benefits to Intermediaries While Real PARTIES — Investors and Homeowners — get the shaft UBS090909 This is a case of an investor suing the underwriter of the mortgage backed bonds purchased as “investment grade securities.” As we have pointed out on these pages …
Pursuit v UBS: Investor Case Proves Homeowners' Cases Read More »
AVAILABLE ON KINDLE/AMAZON You can use this information by establishing “probable cause” in the mind of the Judge or jury right off the bat — we know they lied to investors, are we now supposed to believe they told the truth to the homeowners? This is the kind of news article buried deep into a …
Wells Fargo to Repurchase $1.4 Billion of Securities: WHAT THAT MEANS TO YOU Read More »
