Foreclosure Defense: SEC Rules on Lost Documents

Based upon the following, and assuming that the the entire single transaction from sale of the ABS to “sale” of the loan to the borrower consists of a basket of securities, some of which should have been registered, had a prospectus, right to rescind, etc., and based upon the disclosure requirements of public companies who have interests in SPVs and SIVs that supposedly have documents that now appear to be lost, destroyed or otherwise unavailable, this would be another persuasive argument to any judge that something is fishy and that the party seeking to foreclose, or who is seeking relief from automatic stay in bankruptcy, might not have the standing or authority to represent anyone with standing.

I REMAIN CONVINCED THAT MORTGAGES AND NOTES THAT WERE EXECUTED BETWEEN 2001 AND 2008 SHOULD NOT BE LISTED AS SECURED CREDITORS WITH LIQUIDATED AMOUNTS OWED AND THAT “JOHN DOE” SHOULD BE NAMED AS THE PARTY OR GROUP THAT HAS AN INTEREST IN THE NOTE AND MORTGAGE, SUBJECT TO THE RESCISSION BY THE BORROWER WHICH ELIMINATES THE SECURITY IF RESPA RULES ARE FOLLOWED.

(2) Missing or lost securities. Every reporting institution shall report to the 
Commission or its designee, and to a registered transfer agent for the issue, the 
discovery of the loss of any securities certificate where criminal actions are not 
suspected when the securities certificate has been missing or lost for a period of 
two business days. Such report shall be made within one business day of the end of 
such period except that:
(i) Securities certificates lost in transit to customers, transfer agents, banks, 
brokers or dealers shall be reported by the delivering institution by the later of 
two business days after notice of non-receipt or as soon after such notice as the 
certificate numbers of the securities can be ascertained. 

Tags: bankruptcy, foreclosure defense, lost note, SEC, SECURED CREDITOR
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