The Fallacy of Legitimacy: SEC Documents are not Evidence

Documents filed with the SEC are not evidence of the legitimacy of a PSA.  The PSA was not filed with the SEC although the banks would like you to think so. The document, such as it is, was loaded onto the SEC website without any review or acceptance process. Anyone can load documents onto the SEC website. In fact, you can upload them yourself if you have an account.

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In most cases the PSA loaded onto the SEC website is incomplete or unsigned. As an example, in nearly all cases there is no Mortgage Loan Schedule attached as an exhibit and other exhibits referenced in the PSA are also not attached.

As an incomplete trust document, the trust is not created by a settlor since until the trust document is complete, there is no trust. No trust can be implied either since there is no indication that anything was ever entrusted to the trustee nor that the Trustee acquired assets on behalf of the trust and thence the trust beneficiaries. Without property or money entrusted to an active managing trustee of a Trust borne from a completed trust instrument, the claims of servicers, trustees, etc., mean nothing because there is no active trust and thus there is no active management of business activity for a trust. A document uploaded to the SEC does not make the Trust so.

Hence there is no trust, trustee or servicer since all of them claim rights derived from a nonexistent trust arising from an incomplete or unsigned instrument (or both).

The banks know all of that. They load documents onto the SEC website or even other sites where the same access is granted. Then they print the version loaded from the SEC website without any certificate of authenticity and ask for judicial notice. This is not a government document e.g., where the time, date and signature of an authorized party is noted. This is not a commonly known fact or group of facts in the public domain. This is a self-serving document created out of thin air presented without the original as a document offered as “Evidence” of the existence of the trust and as evidence of the loans owned by the Trust, neither of which assertions is even remotely true.

Hence a motion for judicial notice, while often allowed by foreclosure defense counsel, is completely inappropriate and should be disallowed every time — if the foreclosure defense attorney presents his objection or motion in limine well enough. Even the argument for letting it in to show the document exists would be disingenuous (i.e., wrong) because the fact that an image was loaded onto the SEC website by the party proffering the evidence does not mean that the original document exists. Therefore, challenge the document as disingenuous when presented, and don’t rely on the document as proof in your own litigation. Demand the full PSA in discovery, signed by an actual corporate officer with ALL schedules and attachments, and especially mortgage loan schedules.

Tags: Mortgage Loan Schedule, SEC, trust documents
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