Proper Use of Securitization and Title Research Displayed in Action

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

submitted by Tony

Editor’s Note: One of the things that struck me about this submission was that only a year ago it would have been unlikely for any but the bravest to try this analysis and now it is getting commonplace. The fundamental facts and black letter law can only be finessed if you let them. Once you get the idea behind the ABCDE chain analysis and apply it to recorded title, and securitization of receivables, the defects become obvious. The more obvious they are, the easier it is to explain it in Court. The easier it is to explain it in Court, the more credible it sounds to a Judge. The more credible it sounds to a Judge, the more likely the pretender lender is going to be ordered by the Judge to come up with proof — real evidence — that simply does not exist. The failure of the pretender lender to come up with the evidence ends the case in your favor.

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I have the original NOTE endorsed in Blank,” Pay To The Order of __________.”with out recourse, signed by the Senior VP of RBMG.

I have a sworn affidavit that states a written assignment of the note was never prepared and the SELLER into the securities stated that they WARRANT AND REPRESENT IT HAS NEVER BEEN SOLD TO ANY OTHER ENTITY.EMC(seller) was to sell the note to Bear Stearns which was the depositor into the Bear Stearns Asset Backed Securities,inc. Asset Backed certificate series 2003-2.

Bear Stearns was to sell/ assign the Note to JP MORGAN CHASE as trustee of the Trust.

There has been a foreclosure started on the mortgage on March, 3 2009 by The Bank OF New York Mellon as successor trustee for JP MORGAN CHASE who claims to be the owner and holder of the note, by way Of an assignment which was recorded at the ROD on March 19, 2009, 16 days after the LIS-PENDENS , and the summons and complaint .

I have a letter dated July 13 2002 from Mers that states the loan has been removed from the MERS system and the MIN# deactivated.

Mers had no authority to do an assignment and the assignment was done by a known “robo-signor” and in the Corporate name of RBMG that not only deactivated the MIN # but also removed the loan from MERS.

RBMG was also defunct and has been since 2005 when it was aquired by NETBANK and subsequently shut down by the FDIC in 2007.

The BANK OF NEW YORK MELLON produced in discovery two allonges the first was from RBMG to EMC and the second was an allonge directly to JP MORGAN CHASE from EMC.

First thing is the PSA ( pooling and service agreement) the governing document of the securities describes in detail the percise chain of title it also describes who is the seller ,the depositor ,the master servicer and the trust. Even though the sworn affidavit produced by the successor trustee stated no written assignment was ever prepared, so the allonges was a direct attempt to decieve the investors and knowingly a misrepresentation which is fraud.

BEAR STEARNS was the depositor into the securities.

First let start with the allonges both are undated and one is not even signed: according to the UCC an allonge is only used when there is NO ROOM ON THE ORIGINAL NOTE FOR ENDORSEMENT and must be firmly attached as to become a part of the note. AN ALLONGE cannot be used to transfer interest and is invalid if there is room on the note for endorsements and is invalid it not attached. A lost note was produced from EMC but not anywhere in the document is there a conveyance, it is not a valid assignment.

Here is an excerpt from the PSA;BEAR STEARNS ASSET BACKED SECURITIES, INC., Depositor EMC MORTGAGE CORPORATION, Seller and Servicer WELLS FARGO BANK MINNESOTA, NATIONAL ASSOCIATION, Master Servicer and Securities Administrator and JPMORGAN CHASE BANK Trustee
POOLING AND SERVICING AGREEMENT Dated as of June 1, 2003
BEAR STEARNS ASSET BACKED SECURITIES TRUST 2003-2 ASSET-BACKED CERTIFICATES, SERIES 2003-2
(DD) The assignment of Mortgage with respect to a Mortgage Loan is in recordable form and is acceptable for recording under the laws of the jurisdiction in which the Mortgaged Property is located.

Proper perfected chain of title:
Originator to seller:RBMG to EMC
seller to depositor: EMC to Bear STEARNS
depositor to the trust:Bear Stearns to JP Morgan
trust to successor trustee: Jp Morgan to The Bank of New York Mellon

Posted in bubble, Corruption, Eviction, securities fraud |