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Apr
05

MERS Discovery Items

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From Eric Mesi

MERs has a manual and I included some of it below regarding foreclosures. But who would know if their manual is correct? Of course they will write it to protect their selves.
Section 2: (a) If a Member chooses to conduct foreclosures in the name of Mortgage Electronic Registration Systems, Inc., the note must be endorsed in blank and in possession of one of the Member’s MERS certifying officers. If the investor so allows, then MERS can be designated as the note-holder.
—————————————————————————–
Section 1. MERS shall within two (2) business days forward to the appropriate
Member or Members, in the form prescribed by and otherwise in accordance with the
Procedures, all properly identified notices, payments, and other correspondence received by MERS with respect to mortgage loans registered on the MERS® System for which Mortgage Electronic Registration Systems, Inc. serves as mortgagee of record.
—————————————————————————–
Section 2. MERS shall provide to Members certain standard reports concerning
information contained on the MERS® System, as specified in the Procedures, and such other reports as MERS may determine from time to time.
—————————————————————————–
(b) In non-judicial foreclosure states, if the Member chooses to foreclose in MERS name under the power of sale provision in the security instrument and is not seeking a deficiency judgment, then the note does not need to be in the possession of the Member’s MERS Certifying Officer when commencing the foreclosure action; provided, however, that under no circumstances may the Member allege that the note is in their possession unless it so possesses.


Filed under: bubble, CDO, CORRUPTION, currency, Eviction, expert witness, foreclosure, GTC | Honor, HERS, Investor, Mortgage, securities fraud, Servicer Tagged: endorsed in blank, foreclosure, HERS, Inc., Investor, Member’s MERS Certifying Officer, MERS, MERS certifying officers, MERS Manual, MERS Members, MERS standard reports, MERS® System, Mortgage Electronic registration Systems, note, possession, security instrument
Apr
05

NY Fed disclosure of the TARP payments

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In the NY Fed disclosure of the TARP payments, they show various certificates that were tendered for cash. In Maiden Lane I, it shows the CDS’s for 11 certificates from the WFHET_05-2, mostly M8 but also an M9 and M7 certificate. Some of the values show a positive amount (8,200,000, i.e) and some show negative balances (-10,000,000 i.e.). This was a Bear-Stearns counterparty deal. What are these values representative of? The amount of the loss on the swap? Amounts vary among the M8’s. They show 9 M8’s, 1 M7, one M9.


Filed under: bubble, CDO, CORRUPTION, currency, Eviction, foreclosure, GTC | Honor, HERS, Investor, Mortgage, securities fraud Tagged: Bear-Stearns counterparty, disclosure, HERS, M7, M8, M9, Maiden Lane I, NY Fed, TARP payments, WFHET_05-2
Apr
02

Credit Card Companies geting tougher? FIGHT BACK with securitization defenses!

By | Foreclosure Blog News, Homeowner Resources

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See the thing about the arrogance of these non-bank and bank financial institutions is they are rushing to get under the wire before the truth is revealed: they are not the creditor and they never were. Send your debt validation letters and don’t let them sue without filing a motion to dismiss the same as the foreclosure actions. They have nothing. They are just pretender lenders just like the mortgage companies.


Filed under: bubble, CDO, CORRUPTION, currency, foreclosure, GTC | Honor, Investor, Mortgage, securities fraud Tagged: bailout, credit cards, disclosure, Federal reserve, fraud, Lender Liability, mortgage meltdown, pretender lender, securitization
Mar
29

John Kennerty, Caryn A. Graham – MERS Assistant Secretary, VP of Documentation, VP of Communications, BofA, Countrywide, Wells Fargo

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Editor’s Note: Another example of attorney as MERS Assistant Secretary through access to password and user ID. She is an attorney with Marshall Watson and has appeared on numerous documents signing also as having limited power of attorney for Bank of America, Countrywide, Wells Fargo and probably others. Check your documents in Florida. If you see an assignment or any other document signed by her other than a pleading it is suspect, to say the least. You have the right to see the original, the basis for the “authorization,” and to conduct discovery — interrogatories, request to produce, request for admissions, depositions upon written questions and live deposition.

Caryn A. Graham – MERS Assistant Secretary

Caryn A. Graham – Attorney at Law at foreclosure mill Marshall Watson Fort Lauderdale, FL

Also listed on “Limited Power of Attorney” at Broward county records for BoA, Countrywide, and Wells Fargo.

JOHN KENNERTY-Signed for MERS as VP of Documentation on MERS assignments

JOHN KENNERTY-Signed as VP of Communications for America Servicing Company [owned by Wells Fargo] on other docs

JOHN KENNERTY-Signed as VP for Wells Fargo on other docs


Filed under: bubble, CDO, CORRUPTION, currency, Eviction, foreclosure, GTC | Honor, HERS, Investor, Mortgage, securities fraud Tagged: America Servicing Company, Assistant Secretary, authorized signatures, Bank of America, BOA, BofA, Caryn A. Graham, Caryn A. Graham – Attorney at Law, Caryn A. Graham – MERS Assistant Secretary, countrywide, fabricated documents, FL, foreclosure mill, forged documents, Fort Lauderdale, HERS, JOHN KENNERTY, Marshall Watson, MERS, VP of Communications for America Servicing Company, VP of Documentation, Wells Fargo
Mar
27

Juan Pardo MERS/Ocwen cross employment

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Confirming Juan Pardo MERS/Ocwen cross employment. Have a dozen docs confirming this from NH/MA registries of deeds.

Also, have confirmation of one Carla Tinoco, witnessing and notarizing Pardo’s MERS docs. Ms. Tinoco is also a confirmed Ocwen employee as she has appeared as Doc prep for Ocwen. Ms. Tinoco’s FL Notary registration also confirms business address of Ocwen:

http://notaries.dos.state.fl.us/notidsearch.asp?id=1264522

Commission Detail
Notary ID:1264522
Last Name:Tinoco
First Name:Carla
Middle Name:
Birth Date:07/30/75
Transaction Type:NEW
Certificate:DD 912557
Status:ACT
Issue Date:07/31/09
Expire Date:07/30/13
Bonding Agency:Atlantic Bonding Company
Mailing Address:1661 Worthington Rd.
Ste. #100
WEST PALM BEACH, FL 33409-0000


Filed under: bubble, CDO, CORRUPTION, currency, Eviction, foreclosure, GTC | Honor, HERS, Investor, Mortgage, securities fraud Tagged: 1661 Worthington Rd., 33409-0000, Atlantic Bonding Company, Carla Tinoco, Certificate:DD 912557, cross employment, FL, HERS, Juan Pardo, Juan Pardo MERS/Ocwen cross employment, MERS, Ocwen, Ste. #100, WEST PALM BEACH
Mar
18

Judge Buford Slams Mers for Its Own Confusion

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Vargas_MTD_Tentative1

Judge Buford in Bankruptcy Court has no problem seeing the real issues. Here he is again stating that MERS has no standing and that MERS is confused as to whether it is acting in is own behalf or as agent for the note holder. He further makes it clear that the loan is not secured by the real property where MERS is the “nominee.” Since MERS admits, indeed advertises it will never make a claim to ownership of the note (otherwise nobody would use their service) there is absolutely no basis under law or equity in any court where it should be allowed to foreclose.

But they have done exactly that. So now that we know all those foreclosures were done illegally not for some procedural reason, but because MERS is not a creditor, what does that do to the hundreds of thousands of foreclosure sales that took place using MERS as “nominee” as the base of the chain. The answer, as anyone with knowledge of property law will tell you, is that the foreclosure sale is void, not voidable.

That in turn means that whoever owned it before the “sale” still owns it. Which of course means in most cases that there are hundreds of thousands of people who were homeowners that still own the property that was “foreclosed.” It also means, if the house is empty that they have the right to re-enter it. So you see, it is on this simple fact and basic black letter law that the entire foreclosure mess is proved to be an illusion. There is no mess. There is just a lot of paper that doesn’t mean anything.

If a Judge signed an order setting the sale date (as opposed to lifting the stay) THEN it is highly probable that in order to regain possession of the house you would need to file a quiet title action and quite possibly an action for damages.


Filed under: bubble, CDO, CORRUPTION, currency, Eviction, foreclosure, GTC | Honor, Investor, Mortgage, securities fraud Tagged: bankruptcy petition, foreclosure, foreclosure sale, Judge Buford, MERS, mortgage note, nominee, note holder, sale, standing
Mar
15

Intricate Cloaks for Securitized Transaction – Wells Fargo and Thornburg

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Editor’s Note: Here is where the foreclosure or mortgage analysts get separated — the ones who understand the process of securitization and the ones who don’t. I received this from a pro se litigant in a case where Wells Fargo identified itself as the creditor/lender (as usual, not true). In fact Wells denied that the loan was securitized. In some corner of a document the homeowner noticed a reference that looked like it had something to do with securitization. It did. And after some research on the internet came up with a little known entity (Thornburg) that served in multiple capacities, possibly even as unregistered and unlicensed underwriter of securities, although it is impossible to know for sure.

The recitals in this document, the date of it, and the order in which it was signed relative to other events and other documents is what makes this document important. It is doubtful that any of the parties were properly identified or even had any authroity to execute the document and even if it was executed with the proper “formalities” it the document actually changed anything.

What it reveals is another desperate attempt to cover tracks in the sand.

RECONSTITUTED SERVICING AGREEMENT see Thornburg-Wells fargo Reconstituted Service Agreement

THIS RECONSTITUTED SERVICING AGREEMENT (this “Agreement”), entered
into as of the 1st day of August, 2006, by and among THORNBURG MORTGAGE HOME LOANS, INC., a Delaware corporation (“Thornburg” or the “Seller”), WELLS FARGO BANK, N.A., as servicer (the “Servicer”) and THORNBURG MORTGAGE SECURITIES TRUST 2006-5 (the “Trust”), and acknowledged by WELLS FARGO BANK, N.A., as master servicer (the “Master Servicer”), recites and provides as follows:


Filed under: bubble, CDO, CORRUPTION, currency, Eviction, foreclosure, GTC | Honor, Investor, Mortgage, securities fraud Tagged: creditor, forensic analysis, Master Servicer, mortgages, Reconstituted Service Agreement, Service Agreement, servicer, Thornburg Mortgage Securities Trust 2006-5, Thornburgh, Thornburgh Mortgage Home Loans, Underwriter, Wells Fargo
Mar
15

MERS ARTICLE REVEALS INHERENT FLAWS

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see FORECLOSURE_SUBPRIME_MORTGAGE_LENDING_AND_MERS1

Editor’s Note: This appears to be public domain. The article is excellent in its analysis of MERS. Here is the Table of Contents:

FORECLOSURE, SUBPRIME MORTGAGE LENDING, AND THE MORTGAGE ELECTRONIC REGISTRATION SYSTEM
Christopher L. Peterson*
TABLE OF CONTENTS
I.
THE AMERICAN REAL PROPERTY RECORDING SYSTEM
II.
THE ORIGIN AND OPERATION OF MERS
III.
THE QUESTIONABLE LEGAL FOUNDATION OF MERS
A.
MERS Does Not Own Legal Title to Mortgages Registered On Its Database
B.
MERS Lacks Standing to Bring Mortgage Foreclosures
C.
MERS’ Foreclosure Efforts Implicate the Federal Fair Debt Collection Practices Act
i.
MERS is a Third Party Debt Collector
ii.
Mortgage Servicers that Cloak Themselves in MERS’ Name Should be Construed as Debt Collectors
D.
Loans Recorded in MERS’ Name May Lack Priority Against Subsequent Purchasers for Value and Bankruptcy Trustees
IV.
ANALYZING MERS’ ROLE IN THE RESIDENTIAL MORTGAGE MARKET
A.
MERS and the Mortgage Foreclosure Crisis
B.
MERS and Atrophy of the Land Title Information Infrastructure
C.
Title Recording Law and Democratic Governance


Filed under: bubble, CDO, CORRUPTION, currency, Eviction, foreclosure, GTC | Honor, Investor, Mortgage, securities fraud Tagged: Debt Collection, FDCPA, Federal fair Debt Collection Practices Act, MERS, mortgage market, recording, standing, title
Mar
14

White Paper Declares Securitization Illegal

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Title: SECURITIZATION IS ILLEGAL. see Securitization is Illegal
AUTHOR: MICHAEL NWOGUGU, Certified Public Accountant (Maryland, USA); B.Arch. (City College Of New York). MBA (Columbia University). Attended Suffolk Law School (Boston, USA). Address: P. O. Box 170002, Brooklyn, NY 11217, USA. Phone/Fax: 1-718-638- 6270.

Email: datagh@peoplepc.com; mcn111@juno.com.

Editor’s Note: I find this compelling. On the other hand there seems to be no political appetite, even in the judiciary to accept it as a whole. So it is up to each and every litigant to make their mark on this scheme so that in the end, the full truth is known.


Filed under: bubble, CDO, CORRUPTION, currency, Eviction, foreclosure, GTC | Honor, Investor, Mortgage, securities fraud Tagged: deceptive lending, Mortgage, note, Obligation, RICO, securitization, TILA, usury
Mar
14

Signing New Docs Creates New Loan and Waives Prior Defenses

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Question from blogger:

In an awkward position and can’t seem to get a straight answer.  We refinanced our property in 2006 and in 2009 received a letter from the title insurers requesting we re-sign all docs.  The note is lost and was never recorded with the county.  I can’t find precedent in such a case and am unsure if quiet title action is the course to pursue.

Any thoughts?

Sounds to me that there are obvious title defects, that the title agent is worried about liability and that the ability of ANY mortgagee to enforce the note and mortgage is in doubt or maybe impossible. Don’t give up your superior position until you speak to a lawyer who understands securitization and mortgages.

It is possible that you don’t have a note or mortgage but that doesn’t mean you have no obligation. If they want to re-establish the formal documentation the burden should be on them, not you. Press the point aggressively since you appear to be in position to demand a very favorable settlement.


Filed under: bubble, CDO, CORRUPTION, currency, Eviction, foreclosure, GTC | Honor, Investor, Mortgage, securities fraud Tagged: county recorder, lost note, recordation, title agent, title insurance
Mar
13

Obama Considering Expansion of Cash for Keys With Taxpayer Money

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Editor’s Note: It seems to me that this concedes the battle to Wall Street. It encourages homeowners to take the loss that at the very least should be shared with ALL the players in the securitization scheme and creates more problems in housing and social services.

Excerpt from NYT – do not buy into this -

Program Will Pay Homeowners to Sell at a Loss
By DAVID STREITFELD
Published: March 7, 2010

“In an effort to end the foreclosure crisis, the Obama administration has been trying to keep defaulting owners in their homes. Now it will take a new approach: paying some of them to leave.

This latest program, which will allow owners to sell for less than they owe and will give them a little cash to speed them on their way, is one of the administration’s most aggressive attempts to grapple with a problem that has defied solutions.

More than five million households are behind on their mortgages and risk foreclosure. The government’s $75 billion mortgage modification plan has helped only a small slice of them. Consumer advocates, economists and even some banking industry representatives say much more needs to be done.

For the administration, there is also the concern that millions of foreclosures could delay or even reverse the economy’s tentative recovery — the last thing it wants in an election year.

Taking effect on April 5, the program could encourage hundreds of thousands of delinquent borrowers who have not been rescued by the loan modification program to shed their houses through a process known as a short sale, in which property is sold for less than the balance of the mortgage. Lenders will be compelled to accept that arrangement, forgiving the difference between the market price of the property and what they are owed.


Filed under: bubble, CDO, CORRUPTION, currency, Eviction, foreclosure, GTC | Honor, Investor, Mortgage, securities fraud Tagged: borrowers, cash for keys, David Streitfeld, lenders, New York Times, Obama
Mar
09

How to Find “Who Owns The Note” – Who has an “Insurable Interest” !!!!

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How to Find “Who Owns The Note” – Who has an “Insurable Interest” !!!!

It is basic insurance law that in order to become named as a loss payee – that is, to get an insurance policy issued to you to indemnify you against loss – you have to have an “insurable interest.” MERS doesn’t ( as far as I know). It is not a “loss payee”. Every assignment of a mortgage (when the mortgage is sold in the securitization process is insured:

http://www.eagle9.com/policies/Lender_Policy.pdf

(I think I posted this here before, because Eagle9 warns of a loss of assignment if the assignment or hypothecation (sale of chattel paper/mtg) is not recorded under state law AND there is an intervening BANKRUPTCY that supersedes UCC automatic perfection under UCC 9-301 – 304

(yes, I did:

http://livinglies.wordpress.com/2008/05/23/foreclosure-defense-strategic-bankruptcy-options/ )

Follow the insured interest.

Then you will know who does or does not have an interest in your mortgage.

And thanks to Brad Keiser for reminding me of this again in our telephone conversation yesterday.

Steven K. Kop
Attorney at Law
bluejaylaw@gmail.com
(310) 721-8557


Filed under: bubble, CDO, CORRUPTION, currency, Eviction, foreclosure, GTC | Honor, Investor, Mortgage, securities fraud Tagged: assignments, brad keiser, creditor, hypothecation, insurable interest, lender policy, loss payee, MERS, Steven Kop, UCC 9-301-304, Who Owns the Note
Aug
08

Mortgage Bonds Rise Rates Could Follow

By | Housing & Economic Research

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“Fannie and Freddie are on soaring. For five days in a row Fannie Mae and Freddie Mac mortgage securities have rose. Interesting the rise in mortgage bonds is not due to an increase in the mortgage refinancing and modifying but in a reduction in refinancing, well below the forecasted levels.”

Aug
04

Taylor Bean Suspended From FHA Lending

By | Corporate Greed & Corruption, Featured, Housing & Economic Research

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This is no surprise. These guys were horrible to deal with and they’ve treated customers terribly. TBW is going down… Colonial Bank looks to be next along with Guaranty Bank. We’ll be on top of it for you… Check back frequently for automatic updates.

From the Wall Street Journal

By JAMES R. HAGERTY and LINGLING WEI

The Federal Housing Administration Tuesday suspended Taylor, Bean & Whitaker Mortgage Corp. from making loans insured by the federal agency, knocking out one of the biggest FHA lenders at least temporarily.

The FHA said the Ocala, Fla.-based lender failed to submit a required annual financial report and to disclose to the FHA “certain irregular transactions that raised concerns of fraud.” Taylor Bean has 30 days to appeal the suspension.

Taylor Bean was the 12th largest U.S. mortgage lender in the first six months of this year, according to Inside Mortgage Finance, a trade publication. Among originators of FHA loans, Taylor Bean was the third largest in May, with a market share of 4%, according to the publication. Only Bank of America Corp. and Wells Fargo & Co. were larger.

Taylor Bean’s woes are a major blow for hundreds of brokers and smaller mortgage banks that sell the loans they originate to the privately owned company. Those small mortgage companies will have to scramble to find new partners if they are to remain in the booming FHA lending business.

FHA loans have surged in popularity over the past two years as other sources of mortgage funding have dried up.

Lee B. Farkas, chairman of Taylor Bean, said in response to questions that he was unaware of the FHA action.

Ginnie Mae, a government agency that guarantees payments to holders of securities backed by FHA loans, said Taylor Bean is also barred from issuing securities backed by Ginnie. Ginnie said it will take control of nearly $25 billion of mortgage securities issued by Taylor Bean.

The moves came a day after federal agents raided the Florida offices of Colonial BancGroup Inc. and Taylor Bean. Taylor had been leading a group of investors that proposed to shore up Colonial by taking a stake in the Alabama-based bank but that transaction fell through last week amid heavy losses at Colonial.

Write to James R. Hagerty at bob.hagerty@wsj.com and Lingling Wei at lingling.wei@dowjones.com

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