Banking, & Insurance & Real Estate Frauds: HOW TO USE INFO FROM SECURITIZATION RESEARCH

SUBMITTED BY MARY COCHRANE

Banking, & Insurance & Real Estate Frauds

Substantive omissions of material facts during origiantion mask deceptive acts.

Largest producer of non-conforming mortgage products (Originations & Servicing) sells discounted loans.

Real Estate Industruy of the United States controlled by ‘private brand label’ Wells Fargo, who allows their valuable trade name to mask the real entities who take residential property into the pipeline.

One mortgage at a time the ‘SELLER’ Wells Fargo sells discounted loan#’s wholesale. ‘BUYER’ purchases the ‘loan#s’ and in agreement sells back right to service ‘Loan#’s”.

SELLER collecing moniies from consumers.

Skip to default event, consumer late 90 days.

The SELLER, is the Origination LENDER on the Mortgage, and document custodian for BUYER, and SERVICER. I asked myself why the SERVICER did not process the ‘Loan#’ against the real ‘loan trust’. The only reason they create a new Loan using the same Loan#, and clearly with intent planned in the event of a default, they would reference a loan trust that the loan# did not appear inside of the PSA. Could Foreclouse Gate really be Banking & Insurance Frauds? Claims paid through ERRORS AND OMISSIONS POLICIES.

Does the BUYER get notified of the DEFAULT event? I would say yes. Does the BUYER process insurance claims against the sameLoan# for a different loan trust the loan# actually is placed within, YES.

MASTER SERVICER BUYER & MASTER SERVICER SELLER each have a loan trust that each other can play off of the ‘Errors and Omissions Policies.

Each Master Servicer able to ‘keep the property’ and keep the insurance claims and note of the currency gets to the investors. That is what the RECONSTITUTUED SERVICING AGREEMENTS and SUBSTITUTE TRUSTEES benefit from.
Its huge. 95% of the foreclouses uncontested.

Wells Fargo Home Mortgage Institutional Lender is responsible for SERVICING (Des Moines Iowa). The Executive Specialist of ’708′ Lehman Brothers ‘loan#’ pulls the RECONSTITUTED SERVICING AGREEMENT and creates the ‘robo’documents’ to process the complaint of foreclouse.

The Credit Risk Manager tracks the ‘forecasted foreclosures’ for the new ‘loan#’ (which may just be an A/R account not a real financial product.

The private members of the Financial Exchance collaborated and figured out a way to profit from the valuable ‘ERRORS & OMISSIONS POLICIES’.

The SERVICER is the Credit Risk Manager , DOCUMENT CUSTODIAN, Lender. The only meaty unlawful act is the intent of the reconstituted agreement to place an insurance claim for a loan# that was never in the PSA.

The same loan# used in Origination so the BUYER is setup in a different loan trust using the same loan# and processes insurance claims for credit enhancements.

Tags: bankruptcy, disclosure, foreclosure defense, foreclosure offense, fraud, Lender Liability, predatory lending, rescission, securitization
Posted in bubble, Corruption, Eviction, securities fraud |