Countrywide Admits Never Delivering Deeds and Notes to Pools

Feb 20, 2011

COMBO Title and Securitization Search, Report, Documents, Analysis & Commentary

material submitted by Charles Cox

BANKS DEAD IN THE WATER

EDITOR’S ANALYSIS: The consensus of opinion amongst experts in the academic and legal world is that upon inspection three thing are true: (1) the cash transaction that actually occurred with homeowners was never documented, (2) the paper transactions that were created, executed and recorded refer to transactions that never occurred (3) no transfer of any loan ever occurred in compliance with the securitization documents, and applicable federal (REMIC) law.

According to title experts this is usually corrected by getting the participants to sign new documents acknowledging the correction, but that would mean getting signatures from the borrowers who obviously are not going to accept mortgage balances far above the TRUE market value of the their houses, and the “approval” of such mortgages would violate the charter of any bank entering into such a transaction. THUS THE DEFECT IS FATAL.

While some transactions might be salvaged by equitable actions by courts, sorting out the true owners is going to be a nightmare for the banks who themselves relied upon handwritten notes and manually produced spreadsheets in dividing up expected receivables resulting from mortgage transactions, plus the payments on those transactions in addition to the profits from the foreclosures on “non-performing loans,” which is the subject of on-going inquiries from bank regulators. Unless the banks pull a rabbit out of the hat, with virtually the entire population of the country against them, millions of “completed” foreclosures are going to be subsject to quiet title actions and damages for wrongful foreclosure and trespass.

The largest mortgage aggregator in the history of the United States, currently owned by Bank of America, and whose mortgages are serviced by BAC of bank of America, is admitting that it never received nor delivered the the mortgage deeds, deeds of trust, notes, assignments, indorsements, or formal delivery from anyone and that they in turn thus delivered nothing to the so-called asset-backed pools. This on top of highly placed sources that bank regulators are about to submit letters of interest and enforcement to all the mega banks regarding the mortgages and the foreclosures, threatening sanctions including revocation of charters, spells the beginning of the end for the mortgage and foreclosure nightmare.

But don’t expect this end anytime soon. The banks are parked in every hotel room in every state capital and the nations capital fighting tooth and nail against laws and regulations that would put the foreclosure business into extinction and trying to pass laws that would breathe new life into the mortgages that are now largely perceived as dead on arrival.

http://www.dailyfinance.com/story/credit/bank-of-america-mortgage-document-errors-trouble-countrywide/19728402/
http://www.mybklawyers.com/?p=141
http://www.mybklawyers.com/?p=64

Charles
Charles Wayne Cox
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