Securitization Searches: Devil and Details

Aug 21, 2010

I had occasion to respond to an inquiry and after reading it i thought this might help a few people on a number of levels. So here it is:

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August 20, 2010 by Neil F Garfield

HI there!. I received an inquiry that was forwarded to me about your “title review.” Since this has gone through several different people, I wanted to contact you directly. You placed your $149 deposit for a securitization search, review, report, copies of relevant documents and strategic commentary. You were one of the first people to help us get started in launching a search tool for homeowners and their lawyers and we thank you for your support.

My guess is that somewhere in your junk mail folder you received further introductions and since we don’t sell things here to people who are not interested we didn’t follow-up. The $149 you paid was the down payment on the securitization search. We presumed that we could do that without a title search but we were wrong. So we gave our customers two options: Either fill out the GTC Registration form which is a lot of work, or order the loan specific title search, review, report, copies of relevant documents and strategic commentary.

Despite the money we advanced for some very expensive subscriptions that only banks have (normally) costing thousands of dollars per month, and despite our own developing database, we discovered that the pretender lenders had been playing with the loan descriptions. What that means is that there we found that there were “alleged: pools that might or might not have been actually formed, but which were referred to in securitization documents as though they had been created. Close examination frequently reveals that the “Trust” or whatever was often never actually created even though investors received evidence of the issuance of a bond that they had “purchased” that entitled them to the receivables from the loans in one particular pool. It was a shell game/ponzi scheme.

THAT was only part of the problem. The rest was that there were multiple pools in which loans answering the same general description were claimed to be in one or more tranches of the pool. And in most cases NONE of the descriptions precisely matches the actual loan description we were looking for. So we ended up scratching various parts of our anatomy, realizing that the game was on and that we were not dealing with a series of individual events, but rather, on on-going process in which the parts were always moving and the pretender lenders kept their options open at all times because they were constantly “repackaging” loans into new “pools”, CDOs, special purpose vehicles, synthetic CDOs, cred it default swaps sales (the equivalent of buying the loan) etc..

And THAT was only part of the problem: we then discovered that there was literally NO PAPER trail on virtually ANY loan. That means you have a “Trustee” claiming to represent investors who own asset backed bonds which in turn supposedly own the loans, but the loans were never transferred in the first place. So legally, in the public records, the only lender was the one who appeared at your loan closing as the lender, and who also appeared as the Payee on your promissory note. Most of those companies are out of business. None of them, including MERS claim to have any interest in the obligation, note or mortgage. But that has not stopped the pretender lender from fabricating with low-tech solutions the “original”documents. So we are left with an empty security document, a note payable to nobody because the original lender was being funded by a third party, and an obligation hanging like a dangling modifier, if you remember your high school English. It’s an obligation with no where to go because the real party on the other end keeps changing. The only party entitled to enforce anything against you is someone who can honestly say that they advanced money that was used or accepted by you as a benefit and that they have not received the money back.

The services we subscribed to and which told us we can find anything in a snap if we pay all this money over-stated their capability, in part because they were not actually automated and in part because they depended upon the voluntary reporting of the underwriters. So we had the issue of getting all the precise details of each transaction.

That means that without charge you can fill out this form: —> GTC Registration Form For Seach Services
Or purchase this service — > CLICK THIS LINK TO DO LOAN SPECIFIC TITLE RECORDS SEARCH, ANALYSIS AND COMMENTARY

THEN AFTER YOU HAVE DONE THAT YOU CAN COMPLETE THE SECURITIZATION SEARCH BY PURCHASING THIS SERVICE WHICH IS EXCLUSIVE TO EARLY PEOPLE WHO SUPPORTED THIS EFFORT: —>COMPLETION OF SPECIAL OFFER SUBSCRIPTION FOR SECURITIZATION SEARCH (YOUR $149) IS TREATED AS A THREE MONTH SUBSCRIPTION MEMBERSHIP.

Hopefully this clears things up for you. I know it is complicated, but we didn’t make it that way — Wall Street did.

Regards,
Neil

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