Nancy Drew Digs Into Wells Fargo -Maiden Lane, FDIC, FHLA

1995 FOOTHILL MERGER DBA NORWEST CORP (SIGNIFICANT)
Subsidiary Norwest Corp Pinnacle relations with Government …
Norwest

Foothill Capital Corp (1558478) Los Angeles CA-Finance Company
Rels Title Services, LLC 2724038 Des Moines Iowa flows to Foothill.

Directors Asset Conduit Corporation acquired
Norwest Asset Acceptance Corp
206 8th St
Des Moines IA 50309
RSSD ID 2608857
Currencies flowed as of 2/23/2004 to and from Wells Fargo Home Mortgage, Inc. while a general purpose business entity.

Norwest Asset Acceptance Corp 2608857
Des Moines Iowa feed directly to
Wells Fargo Home Mortgage, Inc. 1632332 which feeds to from Wells Fargo Bank, National Association (451965) Sioux Falls SD to parent Wells Fargo & Co. 1120754
Wells Fargo Home Mortgage, Inc. merged out of existence May 2004. All employees assumed to be part of a national bank upon merger.

OCC stated that all ‘Mortgage Corporation’ business had to be done inside of Wells Fargo Bank, National Association in letter to John Stumpf May 2003.

07/29/1997 -Established Domestic Entity other:
Directors Asset Conduit Corp
7485 New Horizon Way
Frederick MD
02/25/1998 Renamed
Norwest Asset Acceptance see address above

02/24/2004 acquired by Wells Fargo Securities Corp. (On FFIEC only) Norwest Asset Securities Corp was renamed to Wells Fargo Securities Corp.

KPMG DEFINED ‘WELLS FARGO SECURITIES LLC’ TO BE A PASS-THRU MEANING FEDEAL INCOME TAXES REPORTED ELSEWHERE HELD BILLIONS OF DOLLARS OF ‘WHAT’ CREDIT SWAPS?

Wells Fargo Securities LLC (2983367)
San Francisco CA – Securities Broker/Dealer (a pass through agency) to Wells Fargo Private Client Funding INc. 2971083 San Francisco CA to Violet Asset Management Inc 3051946 Las Vegas NV to Wells Fargo Bank, National Association, Sioux Falls SD 451965 (National Bank) to WFC Holdings Corp 2741679 San Francisco CA – Bank Holding Co to Parent a Financial Holding Company – Wells Fargo & Co. 1120754

REGISTRANT:
IRS# 41-0449260
JURISDICTION DELAWARE
PRIVATE ENTITY AND MEMBER OF SECURITIES & STOCK EXCHANGE ‘SIGNFICANT’ MEMBER ACTUALLY THE LARGEST PRODUCER OF CDO’S IN 2004/2005
Norwest Asset Sec Corp Mort Ps Thr Cert Ser 1998-1 Trust
C/O Norwest Bank Minnesota N A
1100 Broken Land Parkway
Columbai, Maryland 21703

WITH (OVER 25,837 FILINGS STARTING 3/10/1998)

AS INDENTURE TRUSTEE FOR ‘WILMINTON TRUST CO’ …
AS OWNER TRUSTEE FOR WFC HOLDINGS CORP

SIMPLE QUESTION TO ROBERT:
WHAT IS THE ‘REAL NAME’ OF THE SERVICER WHO HANDLES THE STRUCTURED INVESTMENT VEHICLE SETTLEMENT FUNDING AND IS THE SEC PUBLIC SECURITIES ADMINISTRATOR FOR ALL TRANSACTIONS WHERE CASH PASSES TO/FROM THE STRUCTURED INVESTMENT SETTLEMENT FUNDS.

A Structured Investment Vehicle
PUBLIC ‘Entity’ PASSES TO/FROM Private Exchanges with private REIT LLC’s recording distributions of cash exchanges to/from Trustees/Investors.

ROBERT J. KAUKOL SR. COUNSEL & EXPERT 1995 FORWARD
FOOTHILL GROUP DBA NORWEST CORP ‘MERGER’ 1995
robert.j.kaukol@wellsfargo.com (303) 863-2731 Fax (303)863-2750

I spoke to Robert April 2011

SR COUNSEL FOR
Wells Fargo & Co/MN
420 Montgomery St
San Francisco CA 94163

-MAC C7300-126
1740 Broadway
Denver CO 80274

-Robert J. Kaukol
Wells Fargo & Company
1700 Lincoln, Suite 1200
Denver, Colorado 80203
303-863-2731

-James M. Strother
Executive Vice President and General Counsel
Wells Fargo & Company
420 Montgomery Street
San Francisco, California 94163
415-396-1793

2 OWNER RELATIONSHIPS:
Cadwalader Wickersham & Taft LLP ’11,824 SEC Filings 5/3/96 to 12/7/11 Last filing for Norwest Asset Securities Corp
Cadwalader Wickersham & Taft (10/26/93)
100 MAIDEN LANE
New York NY 10038
NO IRS#
SEC CIK 914121

Filings in SEC File 333-21263 —
Wells Fargo Asset Securities Corp
[ formerly Norwest Asset Securities Corp ]
Formerly Assigned On
Norwest Asset Securities Corp 7/17/96
Norwest Asset Securties Corp 6/11/96
7485 New Horizon Way
Frederick, Maryland 21703
JURISDICTION: DELAWARE IRS 52-1972128
2/6/97 2/23/98 333-21263 ’33 S-3, 424B5, S-3/A
1/28/98 10/28/98 333-45021 ’33 S-3, 424B5, S-3/A
10/9/98 12/26/00 333-65481 ’33 S-3, 424B5, S-3/A, 424B3 [ * ] * There were multiple parties involved in these filings.

MAYBE THE ‘ATTORNEY GENERALS’ AND/OR LEGISLATURE WANT TO CALL IN REAL ESTATE LAWYERS – THE SPECIAL KIND – WHO CREATED THE 1% CLASS OF CONSUMER INTO TESTIFY BEFORE THE BANKING, FINANCE, INSURANCE, REAL ESTATE COMMITTES – WHO NEVER SEEM TO BE ‘TOGETHER’ WHEN DEPOSITIONING ‘GUEST SPEAKERS’.

THESE PARTIES KNOW THE ANSWERS TO THE ‘LOOPHOLES’ THEY HELPED DESIGN. LIKE CADWALADER WICHERSHAL & TAFT LLP ABLE TO ‘SELECT’ THE ANNUNITY COMPANY FOR …

NATIONWIDE SALES FORCE SELLS ‘I MEAN’ RESELLS LOANS PURCHASED BY ‘MERCHANT BANKS’ AND INDEPENDENT MORTGAGE BROKERS WHO ARE REAL ESTATE LAWYERS DBA SERVICER ANYBANK NA ‘WELLS FARGO BANK NA’ DBA NORWEST ASSET SECURITIES CORP, OR WELLS FARGO BANK NA DBA NORWEST MORTGAGE, INC.
OR WELLS FARGO BANK NA DBA AMERICA’S SERVICING COMPANY THE FICTITIOUS NAME FOR NORWEST MORTGAGE, INC.

THE ‘SALES FORCE OF EMPLOYEES’ WHO ARE WITHOUT ACCOUNTABILITY TO THE 99% CLASS OF CONSUMER, CONCEAL THAT PROPERTIES ARE SOLD WITH ENCUMBRANCES & RESTRICTIONS TO CLASS OF CONSUMER 99% AND TRANSACTIONS AND LOOPHOLES BENEFIT THE 1% CLASS OF CONSUMERS WHO OWN THE PREFERRED STOCK OF THE PRIVATE REITS LLC & STRUCTURED INVESTMENT SETTLEMENT VEHICLES ‘REMICS’

THE NETWORK OF REAL ESTATE LAWYERS & INDEPENDENT MORTGAGE BROKERS & MERCHANT BANKS DO BUSINESS WITH THE ‘SERVICE’R LARGEST PRODUCER OF NON-CONFORMING PRODUCTS:
‘NASCOR’ NORWEST MORTGAGE, INC. & MORSERV INC. CONDUITS REALLY DO AS ‘SERVICER’ OF SECURITIES INVESTMENTS BOOKED.

ROBERT, AS SR. COUNSEL, DOES UNDERSTAND HOW IMPORTANT A VERBAL AGREEMENT WITH ME PROMISING TO CALL ME WHEN HE GOT THE ANSWER.

Robert has not replied as he promised.
Does Robert really not know the answer to the question?
While Robert and Apollo regroup ….

WHO & What SHOULD THE LEGAL ENTITY NAME ACTUALLY BE FOR THE FILING AGENT WHO PASSES CASH OVER PUBLIC EXCHANNE TO PRIVATE EXCHANGES TRUSTEES’ AND INVESTORS’ FOR EACH PUBLIC ‘REMIC’ RECORDING CASH PASSED TO/FROM EXCHANGE RELATED TO ‘TITLE’ TRANSACTIONS NOT RECORDED IN THE PUBLIC DOMAIN.

SIV – STRUCTURED INVESTMENT SETTLEMENT VEHICLE – PASS-THRU AGENCY FUNDS

‘MORSERV INC’ DBA CHASE MANHATTAN RESIDENTIAL CONDUIT ORGANIZED AS A EXCHANGE (MERS) WHERE HOLDING COMPANY ‘CHASE MANHATTAN MORTGAGE’ AND ‘MORTGAGE ELECTRONIC REGISTRATION SYSTEMS, INC. 1997-1998 RSSD ID:

BUT THEY WORD IN TANDEM WITH
NORWEST MORTGAGE INC. CONDUIT THE ‘SERVICER’ AS AN ENTIY

STEPHEN MORRISON ESQ. SOLE INCORPORATOR
NORWEST ASSET SECURITIES CORP ‘NASCOR’

NORWEST CORP
‘HOLDING COMPANY’
INTRODUCED IN 1996 *as a new corporation*
NEW STRATEGIC PARTERNSHIP OF ‘CHASE MANHATTAN MORTGAGE RESIDENTIAL CONDUIT DBA MORSERV INC. ‘PRIVATE EXCHANGE MERS’ & NORWEST MORTGAGE, INC CONDUIT ‘ENTITY’ AS THE LARGEST PRODUCER OF NON-CONFORMING PRODUCTS…OPERATIONS OUT OF 343 THORNALL ST. EDISON NJ.
EXISTING CORPORATION:
DIRECTORS MORTGAGE ACCEPTANCE CORP.

1997 S-4
MERGER MYER & WOODHAVEN INTO ‘NORWEST CORP’
SAM is a successful broker of sale and purchase of banks pursued Norwest’s interest
Norwest Center
Sixth and Marquette
Minneapolis, Minnesota 55479-1000
612-667-123
Rober J. Kaukol Esq.

Norwest is a legal entity separate and distinct from its banking and other subsidiaries. Its principal source of funds to pay dividends on its common and preferred stock and debt service on its debt is dividends from its subsidiaries.

Interest payments received on non-accrual loans are recorded as reductions of principal. Interest that would have been accrued on non-accrual loans.

Management regularly reviews and monitors the loan portfolio
in order to identify borrowers experiencing financial difficulties.
Management believes that as of December 31, 1996, all such loans had been identified and included in the non-accrual or 90 days past due loan totals reflected in the above table.
Management continues to emphasize maintaining a low level of nonperforming assets
and returning nonperforming assets to an earning status as performance and conditions permit.
The Bank had no other real estate at December 31, 1996.
In the past five years other real estate has not constituted a significant balance sheet item for the Bank
as no large foreclosures have occurred nor has any property been held for any extended period of time during the past five years.

Holding Company Structure

FDIC as a receiver will have priority over other general unsecured claims against the institution. If an insured depository institution fails, insured and uninsured depositors, along with the FDIC, will have priority in payment ahead of unsecured, nondeposit creditors, including the institution’s parent holding company.

An insured depository institution is generally liable for any loss incurred, or reasonably expected to be incurred, by the FDIC in connection with (a) the default of a commonly controlled insured depository institution or (b) any assistance provided by the FDIC to a commonly controlled insured depository institution in danger of default. “Default” is defined generally as the appointment of a conservator or receiver and “in danger of default” is defined generally as the existence of certain conditions indicating that a default is likely to occur in the absence of regulatory assistance.

Norwest’s banking subsidiaries are subject to restrictions under federal law that limit the transfer of funds or other items of value from such subsidiaries to Norwest and its nonbanking subsidiaries (including Norwest, “affiliates”) in so-called “covered transactions.”

In general, covered transactions include loans and other extensions of credit, investments and asset purchases, as well as other transactions involving the transfer of value from a banking subsidiary to an affiliate or for the benefit of an affiliate. Unless an exemption applies, covered transactions by a banking subsidiary with a single affiliate are limited to 10% of the banking subsidiary’s capital and surplus and, with respect to covered transactions with all affiliates in the aggregate, to 20% of the banking subsidiary’s capital and surplus. Also, loans and extensions of credit to affiliates generally are required to be secured in specified amounts

Source of Strength Doctrine. The Federal Reserve Board has a policy that a bank holding company is expected to act as a source of financial and managerial strength to each of its subsidiary banks and, under appropriate circumstances, to commit resources to support each such subsidiary bank. This support may be required at times when the bank holding company may not have the resources to provide it. Capital loans by a bank holding company to any of its subsidiary banks are subordinate in right of payment to deposits and certain other indebtedness of the subsidiary bank. In addition, in the event of a bank holding company’s bankruptcy, any commitment by the bank holding company to a federal bank regulatory agency to maintain the capital of a subsidiary bank will be assumed by the bankruptcy trustee and entitled to a priority of payment.

PLAINTIFF: BENEFICIARY ‘ANYBANK NA’ REMIC NAME

BENEFICIARY without standing during foreclosure complaint.

Why: Beneficiary did not record in public records the owners of the mortgage loan beneficiaries.

WHY DOES THE COURT ALLOW THE BENEFICIARY TO USE NAME OF ‘ANYBANK NA’ INSTEAD OF THEIR REAL NAMES?

Only Real Estate Lawyers as Trustees have authority to represent Owner Trustee. Owner Trustee is Servicer c/o CONDUIT operating as an ENTITY e.g. Norwest Mortgage Inc. dba Americas Servicing Company.

WHEN WILL THE FACTS BE REVEALED ? TODAY HERE IN THIS DISCLOSURE OF RESEARCH…

FACT: ENCUMBRANCES AND RESTRICTIONS ATTACHED TO A PROPERTY INCLUDE ‘RIGHT’ FOR ‘BORROWER’ TO RESELL MORTGAGE LOANS TO THIRD PARTY’S – YOU!

CONCEALED FROM THE 99% CLASS OF CONSUMERS – YOU! THE FACT YOUR RIGHTS REMOVED. YOU ARE SOLD A LOAN THAT IS OWNED BY A UNKNOWN THIRD PARTY.

THE ‘SALES PEOPLE’ IN THE STOREFRONTS NATIONWIDE, WORK IN TANDEM WITH ‘REAL ESTATE LAWYERS’ THE SPECIAL KIND WHO DBA SERVICER ANYBANK NA AND CLOSE RESALES OF ‘MORTGAGE LOANS’.

IN FACT, THE LENDER AGREED SO THERE IS NO HARM NO FOUL BETWEEN THE ‘LENDER’ AND THE REAL BORROWER’ AND AS LONG AS THE REAL BORROWER KEEPS PAYING P&I, THE LENDER DOES NOT CARE WHO THEY RESELL AND GET TO PAY THE REAL BORROWERS’ OBLIGATION.

STEPHEN MORRISON ESQ, SOLE INCORPORATOR
NORWEST ASSET SECURITIES CORP COULD EXPLAIN.
OR ROBERT
NORWEST MORTGAGE, INC. & MORSERV, INC.
CONDUITS FOR:
NORWEST ASSET SECURITIES CORP AKA
DIRECTORS MORTGAGE ACCEPTANCE CORP
ARE THE ‘SERVICER’ FOR THE INSTITUTIONAL INVESTMENT COMPANIES & MERCHANT BANKS STRUCTURED INVESTMENT SETTLEMENT FUNDS, AND PASS-THRU AGENCY
ALL OF THIS MESS ORGANIZED BY ‘CHASE/NORWEST/GENERAL MOTORS ACCEPTANCE CORP – RESIDENTIAL FUNDING CORP CONDUITS

CHASE MANHATTAN MORTGAGE RESIDENTIAL CONDUIT
DIRECTORS MORTGAGE ACCEPTANCE CONDUIT
C/O
NORWEST MORTGAGE, INC & MORSERV, INC.
343 THORNALL ST, EDISON NJ

CONDUITS LIKE ‘NORWEST MORTGAGE, INC. DBA
AMERICAS SERVICING COMPANY
is a bankruptcy remote special purpose vehicle (or entity) related to Commercial Paper

REMIC’S MERELY PUBLIC ‘STRUCTURED INVESTMENT SETTLEMENT FUND’ FOR PRIVATE REIT LLC’S

SERVICER OF REMICS – First American Real Estate Solutions LLC (FARES LLC) dba CORE Logic since 1997 – for example, Master Servicer for REMICS where GUARANTOR’s setup new ‘Corporation’ which is not recognized to be an ‘Affiliate’ under SEC ‘regulations’ and pass cash distributions, liquidations, investments, settlements, etc.

WHO OWNS THE Mortgage Loans? PRIVATE EXCHANGES OF PRIVATE REIT’S

You can’t purchase shares of REMIC’s on Open Exchange per multiple Foreclousre Defense Attorneys’s – who have tried. WHY? PUBLIC REMIC’s are Structured Investment Vehicles setup to be Settlement Funding and pass-thru distribution of dividends, payables, receivables to private REIT LLC’s!

PUBLIC REMICS MERELY ‘SUPER $1 BILLION DOLLAR AT A TIME’ INSURANCE COMPANY STRUCTURED INVESTMENT VEHICLES FOR STRUCTURED SETTLEMENTS

JP WENTWORTH ANYONE?

REAL ESTATE INVESTMENT TRUSTS “REIT’S”

HOW DOES A REAL BORROWER WITH A MORTGAGE LOAN GET SOMEONE ELSE TO PAY THEIR OBLIGATION?
Independnet Mortgage/Banker-Brokers pay ‘Sales employees’ of Americas Servicing Company dba Norwest Mortgage, Inc., a CONDUIT added service of finding consumers and reselling mortgage loans with encumbrances, restrictions. Mortgage Banker/Brokers mortgage loans — the LENDER allows resale of ‘mortgage loans’ and places ‘restrictions’ preventing disclosure of the beneficial interests. All consumer mortgage loans resold in Norwest Asset Securities Corp aka Directors Asset Acceptance Corp c/o Americas Servicing Corp dba Norwest Mortgage, Inc.
do business as ‘Servicer Wells Fargo Bank NA’.

1995 – FAS 1122 – Accounting all about ‘SERVICERS’ and 1989-1995 Fannie/Freddie/RECONTRUST already booked servicers investments, forced real estate industry, and insurance industry and banking industry to work together creating the 1% Consumer Class that exists today – the new billionaires not smarter – just greedier, Dylan Ratigan book sums up ‘GREEDY BASTARDS’.

THE PIPELINE PURPORTED TO BE THE GREEDIEST HARMING THE ECONOMY, YOU AND ME DBA:

AMERICA’S SERVICING INVESTMENT I, LIMITED PARTNERSHIP
Taxpayer Services Division
Entity Name: AMERICA’S SERVICING COMPANY
Dept ID #: T00136715
Ack #: 1000131774000000
Locations
AMERICA’S SERVICING COMPANY
7485 NEW HORIZON WAY
FREDERICK, MD 21703

Owners
NORWEST MORTGAGE, INC. (A CONDUIT)
1 HOME CAMPUS
MAC X2406 011
DES MOINES, IA 50328 0001
Maryland Department of Assessments and Taxation 1

Maryland Department of Assessments and Taxation 1
Taxpayer Services Division
301 West Preston Street Baltimore, Maryland 21201

NORWEST MORTGAGE, INC. A CONDUIT

CONDUIT
POOLS MORTGAGES OF LOANS

A governmental (e.g. Pinnacle) or private entity ‘Americas Servicing Company’ that pools mortgages and other loans.

Americas Servicing Company dba Norwest Mortgage, Inc. will then issue pass- or pay-through securities in its own name, as a private conduit to investors.

Many private conduits are not backed by mortgages, credit card receivables and other loans.

These conduits e.g. Americas Servicing Company dba Norwest Mortgage, Inc. emab;e Trustees/Investors who utilize names of merchant banks and thrifts to more easily sell their loans to investors in secondary market. Smaller Lenders are not restricted on size of pool or limiations on eligibility. GNMA and FHLMC offered the first private conduits. Trustees dba SERVICER ANYBANK NA allow credit enhancement through FDIC backs the insolvency of ANYBANK NA allowing private conduits to ‘dump’ structured investment settlements into institution forcing insurance protection over irresponsible fiduciary lending and investing by investment/merchant bankers at the expense of the 99%.

-Conduit Theory on Investopedia – A theory stating that an investment firm that passes all capital gains, interest and dividends on to …

DEFAULT LOANS SERVICED FOR:

FEDERAL HOME LOAN MORTGAGE CORP – FHLMC
C/O ANYBANK NA
3476 STATEVIEW BLVD
FORT MILLS SC

FHLMC: A stockholder-owned, government-sponsored enterprise (GSE) chartered by Congress in 1970 to keep money flowing to mortgage lenders in support of homeownership and rental housing for middle income Americans. The FHLMC purchases, guarantees and securitizes mortgages to form mortgage-backed securities. The mortgage-backed securities that it issues tend to be very liquid and carry a credit rating close to that of U.S. Treasuries.

US TREASURY, FHA, HUD TIES to the U.S. government allows FHLMC to borrow money at interest rates lower than those available to other financial institutions. With this funding advantage, it issues large amounts of debt (known in the market place as agency debt or agencies), and in turn purchases and holds a huge portfolio of mortgages known as its retained portfolio. Many people believe that the size of the retained portfolio poses a great deal of systematic risk to the entire U.S.

PRIVATE CONDUIT
GINNIE MAE – GOVERNMENT NATIONAL MORTGAGE ASSOCIATION, A GOVERNMENT CORPORATION ‘CONDUIT’

A U.S. government corporation within the U.S. Department of Housing and Urban Development (HUD). Ginnie May aims to:

1. Ensure liquidity for government-insured mortgages, including those insured by the Federal Housing Administration (FHA), the Veterans Administration (VA) and the Rural Housing Administration (RHA).
2. Bring investors’ capital into the market for these types of loans, so that the issuers have the means to issue more.

Most of the mortgages securitized as Ginnie Mae mortgage-backed securities (MBSs) are those guaranteed by FHA, which are typically mortgages for first-time home buyers and low-income borrowers. Investopedia explains ‘Ginnie Mae – Government National Mortgage Association – GNMA’

Ginnie Mae neither issues, sells or buys pass-through mortgage-backed securities, nor does it purchase mortgage loans. It simply guarantees (insures) the timely payment of principal and interest from approved issuers (such as mortgage bankers, savings and loans, and commercial banks) of qualifying loans, such as those issued by the FHA and RHA.

Unlike its cousins Freddie Mac, Fannie Mae and Sallie Mae, Ginnie Mae is not a publicly-traded company. An investor in a GNMA security will not know who the underlying issuer of the mortgages is, but merely that the security is guaranteed by GNMA, which is backed by the full faith and credit of the U.S government, just like U.S. Treasuries.

STOCKOWNERS KEEP ASSETS INSIDE OF PRIVATE REAL ESTATE INVESTMENT TRUSTS “REIT”
A security that sells like a stock on the major exchanges
and invests in real estate directly, either through properties or mortgages. REIT’s receive ‘special tax considerations’ offer investors high yields, as well as a highly liquid method of investing in real estates. REIT’s invest in and own properties and revenues come principally from their properties rent.
MORTGAGE REIT’s deal in investment and ownership of property
mortgages. These REITS LOAN MONEY FOR MORTGAGES to owners of real estate or PURCHASE EXISTING MORTGAGES or mortgagge-backed securities. Mortgage REIT’s revenues are generated primarily by the interest that they earn on the mortgage loans.

INDIVIDUALS can invest in a REIT either by purchasing their shares directly on OPEN EXCHANGE
OR
by investing in mutual fund that specializes in public real estates.

ADDITIONAL BENEFIT OF REIT’S IS THE FACT MANY ARE ACCOMPANIED BY ‘DIVIDEND REINVESTMENT’ PLANS
(DRIPS).

REIT’S INCORPORATE
ARTICLES OF CORPORATION WILL REVEAL PURPOSE.
SOME INVEST IN COMMERCIAL REAL ESTATE

INVESTING IN REIT IS A LIQUID, DIVIDEND-PAYING MEANS OF PARTICIPATING IN THE REAL ESTATE MARKET AND WE HAVE BEEN PAYING THE MAINTENANCE, TAXES AND UPKEEP ON THEIR PROPERTIES. WHY? HOW?
STUPID PEOPLE SIGN STUPID CONTRACTS EVERY DAY — K.PETRIDES

Equity REITs invest in and own properties (thus responsible for the equity or value of their real estate assets). Revenues come principally from their properties’ rents. You should find out how your STATE and COUNTY and Municipality do business.

HYBRID REITS combine investment strategies of equity REITs and mortgage REITs by investing in both properties and mortgages.

UPDATE FROM PHONE CALL THAT BEGAN WITH ‘SHELLY’ DIRECTOR OF OPERATIONS
WELLS FARGO BANK NA MINNEAPOLIS
651-450-4064
4/27/2011 DOCUMENTED ON LIVING LIES:
Shelly Director of Operations Wells Fargo Bank NA Minneapolis called back 651-450-4064 on speaker with author of Tranfer Agent letter from SEC regarding enforcements and complinace by providing source code of third party’s software.
Had me on speaker. Whispering in the background. K. stated not related to SEC and I said but oh you complied with the SEC and gave them the source code for transfer agents so the SEC would not sanction Wells Fargo.
Silence and then again on speaker one can hear the whispering.
Shelly – Director of Operations does not know. They were not smooth. Wanted then to know who I am. I said I need to get a letter out to the SEC today

ROBERT J. KAUKOL DENVER, CO 11/14/01
REPORT SUMMARY:
NUMBER OF OTHER INCLUDED MANAGERS: 16
LIST OF OTHER MANAGERS
NO. 13F FILE NUMBER NAME
1
2
3 WELLS FARGO BANK ARIZONA, NA
4 WELLS FARGO BANK INDIANA, NA
5 WELLS FARGO BANK IOWA, NA
6 WELLS FARGO BANK MINNESOTA, NA
7 WELLS FARGO BANK MONTANA, NA
8 WELLS FARGO BANK NEBRASKA, NA
9 WELLS FARGO BANK NEVADA, NA
10 WELLS FARGO BANK NEW MEXICO, NA
11 WELLS FARGO BANK NORTHWEST, NA
12 WELLS FARGO BANK SOUTH DAKOTA, NA
13 WELLS FARGO BANK TEXAS, NA
14 WELLS FARGO BANK WEST, NA
15 WELLS FARGO BANK WISCONSIN, NA
16 WELLS FARGO BANK WYOMING, NA
17 WELLS FARGO BANK, NA
18 SCI CAPITAL MANAGEMENT, INC.
19 PEREGRINE CAPITAL MANAGEMENT, INC.
20 NORWEST LIMITED LP, LLLP
21 WELLS FARGO INVESTMENTS, LLC
22 WELLS CAPITAL MANAGEMENT INCORPORATED
23 WELLS FARGO BANK MICHIGAN, NA
FORM 13F INFORMATION TABLE ENTRY TOTAL: 15978

Ms. Katie J. Sevcik
Vice President, Manager of Operations
Law Department
Wells Fargo & Company
MAC N9305-172
Sixth and Marquette
Minneapolis, MN 55479
Re: No-Action Request With Respect to SEC Rule 17Ad-7(f)(5)(ii) under the Securities Exchange Act of 1934
Dear Ms. Sevcik:
This letter is in response to your letter dated March 23, 2004, where you request that the Division of Market Regulation (“Division”) of the U.S. Securities and Exchange Commission (“Commission”) not recommend enforcement action to the Commission against Wells Fargo Bank, N.A. (“Wells Fargo”) for violating Rule 17Ad-7(f)(5)(ii) under the Securities Exchange Act of 1934 (“Act”)1 if Wells Fargo were to escrow a copy of its vendor’s software and related materials under the terms outlined in your letter.2
Background
As you know, Rules 17Ad-6 and 17Ad-7 under the Act3 specify the records that registered transfer agents must make and the amount of time and manner in which they must preserve these records. Under Rule 17Ad-7(f)(5)(ii), transfer agents that choose to use electronic storage media to store such records must:
Place in escrow with an independent third party and keep current a copy of the physical and logical format of the electronic storage or micrographic media, the field format of all different information types written on the electronic storage media and source code, and the appropriate documentation and information necessary to access records and indexes.
As explained in the Commission’s release adopting the electronic storage provisions of Rule 17Ad-7, this requirement is designed to assist the Commission or the transfer agent’s appropriate regulatory agency’s (“ARA”) in accessing a transfer agent’s records and indexes during, for example, some type of emergency such as a transfer agent’s insolvency or refusal to cooperate. The rule also requires the escrow agent to file an undertaking with the Commission or ARA that it will make such records management information available to the Commission or ARA promptly upon request.
Your Representations and Proposal
You state that Wells Fargo is a transfer agent registered with the Commission and that Wells Fargo has purchased records management software to archive its records and indexes.4 However, because the software vendor has not agreed to include the software source code and object code as part of the escrow materials, Wells Fargo believes that it is unable to comply with Rule 17Ad-7(f)(5)(ii).
You propose that Wells Fargo satisfy Rule 17Ad-7(f)(5)(ii) by placing into escrow “Escrow Materials.” “Escrow Materials” are defined in your escrow agreement as the following:
“Escrow Materials” shall mean the “as built” programs, physical and logical format of the electronic storage or micrographics media, the field format and all different application executables and appropriate documentation and information necessary, and the appropriate documentation and information necessary to access the records and indexes of Wells Fargo’s electronic records management system as required and set forth in Security (sic) Exchange Commission (SEC) rule 17Ad-7. The actual application software for accessing archived electronic records is described as FileNet Panagon Image Service 3.6 SP2 for Windows, as described in Exhibit A hereto. A copy of source code and object code is not to be a part of the Escrow Material or a part of this agreement.
Our Response
In the Adopting Release, we summarized Rule 17Ad-7(f)(5)(ii) as requiring transfer agents to “[k]eep in escrow an updated copy of the software or other information that is necessary to access and download electronically stored records.” Also in the Adopting Release, we used the words “records management software” to broadly describe the materials that are required to be placed in escrow with an independent third party.
Based on the representations contained in your March 23, 2004, letter, as well as related telephone and e-mail communications with Division staff, the Division will not recommend that the Commission take enforcement action against Wells Fargo for violating Rule 17Ad-7(f)(5)(ii) if it places into escrow with an independent third party the “Escrow Materials,” as that term is defined in your escrow agreement, as set out above in place of the items set forth in Rule 17Ad-7(f)(5)(ii).
This position is based on the facts and representations described above; any different facts or representations may require a different response. In addition, this position address enforcement action only and should not be understood to express any legal conclusions regarding the applicability of statutory or regulatory provisions of the federal securities laws. This position is subject to changes in current law and regulations governing Wells Fargo; any such changes in the law or regulations may supersede these positions or require the Division to reevaluate these positions. The Division may revoke or modify this position in the future as a result of such reevaluation. Finally, this position is subject to modification or revocation at any time the Commission or the Division determines that such modification or revocation is consistent with the public interest or the protection of investors.
Sincerely,
Jerry W. Carpenter
Assistant Director
Office of Trading Practices and Processing
Endnotes
________________________________________
1 17 CFR 240.17Ad-7(f)(5)(ii).
2 We have attached a copy of your letter to this response to avoid reciting all of the facts and circumstances.
3 17 CFR 240.17Ad-6 and 17 CFR 240.17Ad-7.
4 Wells Fargo’s March 23, 2004, letter states that Wells Fargo has contracted with FileNet Corporation to “access” Wells Fargo’s electronic records management system’s records and indexes. Subsequent discussions between Wells Fargo staff and Division staff clarified that Wells Fargo had purchased FileNet document imaging and records management software that Wells Fargo will use itself to maintain its records and indexes.
________________________________________
Incoming Letter:
March 23, 2004
Mr. Jerry Carpenter
Assistant Director
Division of Market Regulation
Securities and Exchange Commission
450 Fifth Street, N.W.
Washington, D.C. 20549
Re: No-Action Request by Wells Fargo Bank, N.A. regarding records retention and software escrow requirements under SEC Rule 17Ad-7
Dear Mr. Carpenter:
This letter is submitted to the Commission by the Law Department of Wells Fargo & Company, the parent corporation of Wells Fargo Bank, N.A. (“Wells Fargo”), which is a national banking association and a registered transfer agent. Wells Fargo has contracted with FileNet Corporation (“Vendor”), the provider of document imaging software to access the records and indexes of Wells Fargo’s electronic records management system. Wells Fargo is aware that provisions of SEC Rule 17Ad-7, as amended, require certain types of software to be placed into escrow with an independent escrow agent, and that the rule requires a transfer agent to place third party licensed software with an independent escrow agent if access to the source code is not available.
Wells Fargo has discussed the requirements of Rule 17Ad-7 with Vendor, including these specific requirements:
“[T]ransfer agents that use electronic storage media or micrographic media to store their records must: maintain, keep current, and provide promptly upon request by the Commission and their ARA all information necessary to access the records and indexes stored on electronic storage media or micrographic media and place in escrow and keep current a copy of the physical and logical format of the electronic or micrographic storage media, the field format of all different information types written on the electronic storage media and source code, and the appropriate documentation and information necessary to access records and indexes. The escrow agent must file a statement with the Commission that it will make this information available promptly upon request to the Commission’s representatives or the ARA.” [Excerpt from Rule 17Ad-7]
Vendor has agreed to permit Wells Fargo to enter into an escrow agreement under which an independent escrow agent will hold a copy of the Vendor software materials required for the Commission or an ARA, if necessary, to obtain, load, and access Wells Fargo’s database of records required that are to be maintained under Rule 17Ad-6. We are enclosing a copy of the escrow agreement, dated as of March 15, 2004 (the “Escrow Agreement”), by and between Wells Fargo and U.S. Escrow Services, Inc., as escrow agent. (See attached Escrow Agreement.)
The escrowed software and related materials which are to be held by the third party escrow agent are described as follows in the Escrow Agreement, which also refers to a software description attached hereto as Exhibit A.
“Escrow Materials” shall mean the “as built” programs, physical and logical format of the electronic storage or micrographics media, the field format and all different application executables and appropriate documentation and information necessary, and the appropriate documentation and information necessary to access the records and indexes of Wells Fargo’s electronic records management system as required and set forth in Security Exchange Commission (SEC) rule 17Ad-7. The actual application software for accessing archived electronic records is described as FileNet Panagon Image Service 3.6 SP2 for Windows, as described in Exhibit A hereto. The copy of source code and object code is not to be a part of the Escrow Material or a part of this agreement. [Excerpt from Escrow Agreement]
Despite requests by Wells Fargo to do so, Vendor has not agreed to include the software source code and object code as part of the Escrow Agreement. Vendor has noted that software developers have been traditionally reluctant to provide their source code to a customer or an unrelated third party, because they consider the source code the essence of their product.
Since the source code is unavailable from Vendor for escrow, Wells Fargo has executed the Escrow Agreement with an independent escrow agent, which provides for the escrow agent to hold the Escrow Materials as defined above. Accordingly, Wells Fargo is requesting the Commission staff to review the software escrow arrangements as described herein, and that the Commission staff will not recommend that the Commission take enforcement action regarding Wells Fargo’s method of compliance with the escrow requirements of Rule 17Ad-7.
Please contact me at 651-450-4190 or our counsel, Gordon Glaza at 612-667-0628 if you need any additional information, or have questions or comments regarding this request. Thank you very much for your consideration of this request.
Sincerely,
/s/ Katie J. Sevcik
Vice President, Manager of Operations
cc: Lennie Kaufman
Angela Ponte
Jeffrey Elmquist
Gordon Glaza
David Karasik, SEC
________________________________________
Exhibit A
Software required for retrieving archived data
FileNet Panagon Image Services 3.6 SP2 for Windows
Actual application required for restoring and accessing archived data
Microsoft Windows 2000 with Service Pack 3 or 4
Standard Operating System software – Default installation
Microsoft SQL Server 2000 with Service Pack 3
Backend database software used by Panagon Image Services – Default installation
Hardware required for retrieving archived data
PC or Server with at least 1GB of RAM, 80GB of Hard Drive space and processor speed of 1GHz or higher
Magneto Optical disc drive capable of reading 9.1GB 5.25-inch media
Interface adapter (SCSI) for connecting MO disc drive to computer
________________________________________
ESCROW AGREEMENT
* * *
SECTION I
DEFINITIONS
The defined terms utilized throughout this Agreement shall have the following meanings which shall govern and control the interpretation of this Agreement. Capitalized terms not otherwise defined herein shall have the same meaning as set forth in the Agreement:
* * *
B. “Escrow Materials” shall mean a copy of the “as built” programs, physical and logical format of the electronic storage or micrographic media, the field format and all different application executables and appropriate documentation and information necessary, and the appropriate documentation and information necessary to access the records and indexes of WFSS’s electronic records management system as required and set forth in Securities Exchange Commission (SEC) rule 17Ad-7. The actual application software for accessing archived electronic records is the FileNet Panagon Image Services 3.6 SP2 for Windows, as described in Exhibit A hereto. A copy of the source code and object code is not part of the Escrow Materials or part of this Agreement.
* * *

http://www.sec.gov/divisions/marketreg/mr-noaction/wells072904.htm

Phone# 612-667-0628
INCORPORATOR STEPHEN D. MORRISON
Norwest Integrated Structured Assets, Inc. RSSD ID 2536035
12/10/1996 – Norwest Structured Assets, Inc.
7485 New Horizon Way
Frederick MD – Domestic Entity Other
03/05/1997 – Renamed Norwest Integrated Structured Assets,Inc.
04/07/2000 – Acquired by Norwest Asset Securities Corp
Wells Fargo Asset Securities Corp – 2495208
03/28/1996 – Norwest Asset Securities Corp
405 Southwest 5th St
Des Moines Iowa – Domestic Entity Other
04/17/2000 Norwest Asset Securities Corp Renamed to
Wells Fargo Asset Securities Corp
Active 05/21/2011
Norwest Corp 1985
Parent of Foothill Capital Corp
(a subsidiary of Foothill Group).
Norwest Mortgage Inc., BANCO Mortgage, acquired by NATIONSBANK?
10/19/95 FCC Holdings Ltd established
Foothill Capital Corp 2468015
7/31/2001 FCC Holdings moved
6/2/2003 Renamed Foothill Capital Corp
(RSSD ID 1558478 Wells Fargo Foothill Inc. renamed Wells Fargo Capital Finance Inc.
2450 Colorado Ave, Suite 3000 West,
Santa Monica CA 90404
05/01/1979 – Foothill Capital Corp Los Angeles CA
Finance Co.
10/19/1995 – FCC moved
07/31/2001 – FCC moved to current address above
06/02/2003 – FCC renamed Wells Fargo Foothill Inc
01/15/2010 – Renamed Wells Fargo Capital Finance Inc.
1985: Norwest Corp Parent (1120754) of FCC
Significant Interest: EMC Corp;
The Money Center;
BANCO Mortgage Co of Wisconsin,
Norwest Mortgage Inc.;
Centurion Life Insurance Co.
Peregrine Capital Management, Inc./MN on SEC
800 Lasalle Ave, Ste 1850,
Minneapolis MN 55402
41-6257136 IRS; SEC CIK 764529
FFIEC1121087 Minneapolis MN
On the SEC as both (Filer) (Owner)
29 Closely Related including:
Prudential – First International Advisors – Galliard – Lowry Hill – Golden Capital – Jennison – Kaplan – Metro West – Nelson Capital – Pruco – Wells Capital Management Inc formerly Foothill Capital subsidiary of Foothill Group; Wells Fargo Advisors, Wells Fargo Funds, Wells Fargo Alternative Investments …
See Bottom for 40-APP Filing (Insurance)
Peregrine Capital 2/17/09