Fed Orders Ally, BOA, Citi, JPM, Wells Fargo to Pay $766.5 Million in Sanctions

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SERVICE 520-405-1688

Unsound and Unsafe Processes and Practices in Residential Loans

Editor’s note: Once again we have an administrative finding and an admission by the BIG 5 that their servicing and practices are both unsafe and unsound. These are fines, not restitution. The Banks regard this as the price of doing business and the Federal Reserve System, led by the NY Fed, on which the likes of Jamie Dimon are Board members,  makes it look like they are doing something. But it is a long way to stretch these findings into conclusive proof that these unsafe and unsound practices apply to any particular loan.

On the other hand, it lends considerable support to the argument that the accounting is not complete, the documentation is neither complete nor does it conform to the full story — the reconciliation of money and practice with the requirements of the closing documents with the lender (investors), the requirements of the closing documents with the borrower (homeowner), the truth of the representations made in court by those seeking to foreclose, and the truth of how the money was funded and distributed, contrary to the chain of documents and the proffers made in Court by entities seeking to foreclose.

From the information we have at hand, if properly presented, the would-be forecloser should be forced in discovery to prove up the transactions that are described in assignments, substitutions of trustees and other documents. And in failing to prove the boiler plate recital “for value received” their case should collapse. The reference to transactions in which the loan was allegedly bought and sold are false in most cases, which means that there was no sale because nobody paid anything. It is the same with the auction wherein a credit bid is submitted by a non-creditor who cannot prove that they bear a risk of loss for non-payment of the loan.

Further, it probably is true that the forged, fabricated false documentation referred to in the Missouri indictment, are a cover-up for a more essential defect — that the loan origination documents lack full disclosure of the the identity of the real creditor, the fees and other compensation earned, and the actual terms of repayment to the creditor which are contained in the securitization documents, not the documents at the closing of escrow with the borrower.

The biggest cover-up is the amount due on the debt and the very existence of the declared default. With the servicer paying the creditor, the creditor is not in any position to declare a default regardless of whether the borrower made payments or not. The servicer, not being party to the mortgage has no rights to foreclose although they could allege that they have some right of restitution from the borrower, but since the servicer has no contract with the borrower, there is no basis for foreclosure.

Other payments to the creditor, or the agents of the creditor in the securitization chain by insurers, counterparties in credit default swap contracts and intermingling receipts and liabilities by cross collateralization within the pool are made with the express waiver of subrogation, which means they are making the payments but they waive any right to collect from the homeowner. Crediting these payments to the investors and the corresponding loan accounts would greatly reduce the debt due without any resort to “principal reduction” or “principal correction.” The legal principles are that the creditor is only entitled to be paid once and it is only the creditor who has the right to foreclose and submit a credit bid at auction.

A creditor who has already received a payment cannot demand the same payment again from the borrower. The strategy of the Banks is to claim ownership of the loan, auction the property and submit their own credit bid which is false. The strategy of the homeowners is to penetrate the veils of secrecy and obfuscation of the banks and show through the records or absence of records that the transactions claimed by the conduits in the securitization chain never were completed because no value was exchanged and to show that they are entitled to a full accounting of all money received by or on behalf of the creditor.

This information is especially important in exercising rights under HAMP and other debt relief and modification programs. Without a starting point in which the borrower knows the true balance of the debt, the borrower is left to guess or estimate or waive the amount of payments received by or on behalf of the creditor.

Unless and until the Court, or any of the regulatory authorities forces the creditors and the bank conduits to show all money received and all money paid out, with dates, payees and the purpose of the transaction, there is no right to pursue foreclosure. Trustees are breaching their statutory and common law duties by failing to exercise due diligence on this point especially since the information, like these sanctions and the prior Cease and Desist orders are already in the public domain.

Once the Court orders the bank or servicer to comply with the ordinary requirement to provide a FULL accounting, experience indicates that the cases will inevitably settle on favorable terms to the borrower. Failure of the Judge to grant such an order is an appealable order, that probably entitles the homeowner to obtain a review through interlocutory appeal.

Federal Reserve Board releases orders related to the previously announced monetary sanctions against five banking organizations

Release Date: February 13, 2012

For immediate release

The Federal Reserve Board on Monday released the orders related to the previously announced monetary sanctions against five banking organizations for unsafe and unsound processes and practices in residential mortgage loan servicing and processing. The Board reached an agreement in principle with these organizations for monetary sanctions totaling $766.5 million on February 9, 2012.

Attachments:

Ally Financial Inc. (PDF)
Bank of America Corporation (PDF)
Citigroup Inc. (PDF)
JPMorgan Chase & Co. (PDF)
Wells Fargo & Company (PDF)

For media inquiries, call 202-452-2955

SOURCE: http://www.federalreserve.gov

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26 Responses

  1. Fine way of explaining, and fastidious paragraph to get facts regarding my presentation focus,
    which i am going to present in school.

  2. Lets start with Wells Fargo HSBC Trade Bank NA the first United States Trade Bank APPROVED BY THE OFFICE OF THE COMPTROLLER OF THE CURRENCY 1995, ALLOWED ‘TREASURY’ TO BE ON DESKTOP OF EQUITY PARTNERS AND HEDGE FUND MANAGERS.

    Strategic partnership involving ‘stock’ ownership in which proceeds of both companies are invested into the merchant bank.

    60% ‘Wells Fargo & Co/MN and 40% HSBC as approved by Office of Comptroller of Currency, the FFIEC Wells Fargo HSBC Trade Bank NA a child in the reporting relationship to Parent Norwest Corp RSSD ID 1120754.

    SECINFO.COM http://www.secinfo.com

    Federal Financial Examinations Council: FFIEC.GOV.

    http://www.ffiec.gov/nicpubweb/nicweb/SearchForm.aspx

    Search for ‘parts’ of name of financial institution

    WELLS FARGO & COMPANY/MN
    FORMERLY ‘NORWEST CORP’
    420 MONTGOMERY STREET
    SAN FRANCISCO, CA, UNITED STATES 94104
    RSSD ID: 1120754

    Financial Holding Company
    A financial entity engaged in a broad range of banking-related activities, created by the Gramm-Leach-Bliley Act of 1999. These activities include: insurance underwriting, securities dealing and underwriting, financial and investment advisory services, merchant banking, issuing or selling securitized interests in bank-eligible assets, and generally engaging in any non-banking activity authorized by the Bank Holding Company Act. The Federal Reserve Board is responsible for supervising the financial condition and activities of financial holding companies. Similarly, any non-bank commercial company that is predominantly engaged in financial activities, earning 85% or more of its gross revenues from financial services, may choose to become a financial holding company. These companies are required to sell any non-financial (commercial) businesses within ten years.

    THIS REPORT IS EASY TO TRAIN YOUR EYES TO UNDERSTAND HOW MONEY FLOWS. SEQUENCE # IN LEFT HAND COLUMN A SEQUENTIAL NUMBER. THE HIGHER THE # THE NEWER THE ‘ENTITY’ IN THE ORGANIZATION. THE SEQUENCE # THAT FOLLOWS THE NAME (RSSD ID) REVEALS WHICH ENTITY CURRENCY FLOWS TO/FROM.

    IN ADDITION, YOU CAN CREATE A REPORT BY DATE OF THE FUNDING, FORECLOSURE, ETC. IMPORTANT RELATIVE TO REOGANIZATIONS, DIVESTITURES, ACQUISITONS.

    SIGNIFICANT THAT ‘WELLS FARGO HSBC TRADE BANK NA’ FLOWS TO WFC HOLDINGS A BANK HOLDINGS COMPANY. THEN WELLS FARGO & CO/MN PARENT A FINANCIAL HOLDING COMPANY WHERE MANY ‘ENTITIES’ FLOW INTO AND OUT OF.

    1 * WELLS FARGO & COMPANY (1120754) SAN
    FRANCISCO CA Financial Holding Company – Domestic
    1841 -* ALTERNATIVE STRATEGIES GROUP, INC. (2372028) 1 CHARLOTTE NC Domestic Entity Other
    1861 –* LANDMARK EQUITY PARTNERS XIV ASP FUND, LLC
    (3828933) 1841 WILMINGTON DE Domestic Entity Other

    1885 -* WFC HOLDINGS CORPORATION (2741679) 1 SAN
    FRANCISCO CA Bank Holding Company
    4742 –* WELLS FARGO HSBC TRADE BANK, NATIONAL ASSOCIATION (2332808) 1885 SAN FRANCISCO CA
    4743 –* CHARTER HOLDINGS INC (2399164) 1885 LAS VEGAS NV DOMESTIC ENTITY OTHER
    4744 —*+ WELLS FARGO BANK, NA (451965) 4743 SIOUX FALLS, SD NATINAL BANK
    4745 –* WELLS FARGO CAPITAL A (2545402) 1885 SAN FRANCISCO CA
    4746 –* WELLS FARGO CAPITAL B (2545420) 1885 SAN FRANCISCO CA
    4747 –* WELLS FARGO CAPITAL C (2545439) 1885 SAN FRANCISCO CA
    4748 –* WELLS FARGO CAPITAL I 2545448) 1885 SAN FRANCISCO CA
    4750 –* WELLS FARGO INDIA SOLUTIONS PRIVATE LIMITED (3486472) 1885 HYDERBAD INDIA (OTHER)
    4751 –* WELLS FARGO CAPITAL HOLDINGS, INC. 93605817) 1885 IRVINE CA
    4752 –* WELLS FARGO CENTRAL PACIFIC HOLDINGS, INC. (3605826) 1885 SAN FRANCISCO CA
    4753 —* RELS TITLE SERVICES, LLC (2724038) 4752 DES MOINES IA
    4754 —-* ATI TITLE AGENCY OF OHIO, INC. (2253275) 4753 CLEVELAND OH
    4755 —-* ATI TITLE COMPANY, LLC (2734046) 4753 DES MOINES IA
    4756 —-* ATI TITLE COMPANY OF ALABAMA, LLC (3094242) 4753 MOBILE AL
    4757 —-* RELS MANAGEMENT COMPANY, LLC (3094251) 4753 MINNETONKA MN
    4758 —–* RES DIRECT, LLC (3094260) 4757 BLOOMINGTON MN
    4759 —–* ACCOUNTING SERVICES, LLC (3348525) 4757 MINNETONKA MN
    4760 —* WELLS FARGO REAL ESTATE CAPITAL INVESTMENTS, LLC (3377619) 4752 LOS ANGELES CA
    4761 —* WELLS FAROGO WIND HOLDINGS LLC (3631218) 4752 SAN FRANCISCO CA
    4762 —-* WELLS FARGO CEDAR CREDK LLC (3671063) 4761 SAN FRANCISCO CA
    4766-* WELLS FARGO EXCHANGE SERVICES, INC (2855848 1 WINSTON-SALEM NC
    4767 –* NCT EXCHANGE, LLC (3365166) 4766 CHARLOTTE NC
    4768 –*( RYACCOM, LLC (3411223) 4766 CHARLOTTE NC
    4769 –* RIGGS RENTAL EXCHANGE, LLC (4031918) 4766 WINSTON-SALEM NC
    4770 -* INTERWEST CAPITAL TRUST I (2860374) 1 OAK HARBOR WA
    4771 -* BRYAN, PENDLETON, SWATS & MCALLISTER, LLC (2905677) 1 BRENTWOOD TN
    4773 -* WELLS FARGO INVESTMENT GROUPO, INC. (2920858) 1 MINNEAPOLIS MN
    4774 –* WELLS FARGO INVESTMENTS LLC (2949233) 4773 SAN FRANCISCO CA SECURITIES BROKER/DEALER
    4775 —* WFI INSURANCE AGENCY MONTANA, INC. (2603955) 4774 MINNEAPOLIS MN
    4777 —* STAGECOACH INSURANCE SERVICES LLC 93443653) 4774 SAN FRANCISCO CA
    4778 –* WELLS FARGO FUNDS MANAGEMENT LLC (3016002) 4773 SAN FRANCISCO CA
    4779 –* WELLS FARGO ALTERNATIVE ASSET MANAGEMENT LLC (3079856) 4773 SAN FRANCISCO CA
    4780 –* NVP ASSOCIATES LLC z93084672) 4773 PALO ALTO CA
    4781 —* NORWEST VENTURE PARTNERS ADVISORY – MAURITIUS (3603747) 4789 EBENE MAURITIUS
    4782 —-* ^ NVP VENTURE CAPITAL INDIA PRIVATE LTD (3628674) 4781 MUMBAI INDIAN FOREIGN ENTITY
    4783 —* NVP ISRAEL LTD (3927050) 4780 HERZELIA ISRAEL
    4784 –* NELSON CAPITAL MANAGEMENT LLC 4773 SAN FRANCISCO CA
    4785 –* WACHOVIA SECURITIES FINANCIAL HOLDINGS, LLC
    (3204395) 4773 SAINT LOUIS MO
    4786 —* A.G. EDWARDS & SONS LLC (2375355) 4785 SAINT LOUIS MO
    4787 —*WELLS FARGO ADVISORS INSURANCE AGENCY LLC 92680004) 4785 RICHMOND VA
    4788 —* WELLS FARGO ADVISORS LLC (2752189) 4785 SAINT LOUIS MO SECURITIES BROKER/DEALER

    4795 —* FIRST CLEARING, LLC (3200155) 4785 SAINT LOUIS MO SECURITIES BROKER/DEALER
    4798 —* FA RECRUITING SERVICES, LLC (3296916) 4785 RICHMOND VA
    4799 –* WELLS FARGO FUNDS DISTRIBUTOR LLC (3349483) 4773 SAN FRANCISCO CA SECURITIES BROKER/DEALER
    4800 -* FUNC HOLDINGS INC. (2924155) 1 JACKSONVILLE FL
    4801 –* WACHOVIA SETTLEMENT SERVICES LLC (2924164) 4800 JACKSONVILLE FL
    4802 —* OMNISERVE OF ALABAMA LLC (3115192) 4801 BIRMINIGHAM AL
    4803 –* WACHOVIA SETTLEMETN SERVICES OF AL, LLC (3212550) 4800 JACKSONVILLE FL
    4804 -* NERO LIMITED LLC 92940986) 1 MINNEAPLIS MN
    4805 –* TIBERIUS VENTURE SLLC (2898434) 4804 MINNEAPLIS MN
    4806 —* NORWEST LIMITED LP, LLLP (2784881) 4805 MINNEAPOLIS MN
    4807 —–* NORWEST EQUITY PARTNERS V, A MINNESOTA LIMITED PARTNERS (2306966) 4806 MINNEAPOLIS MN
    ….

    Event Date Historical Event
    1995-10-05 WELLS FARGO HSBC TRADE BANK, NATIONAL ASSOCIATION located at 525 MARKET STREET, SAN FRANCISCO, CA was established as a National Bank.
    2003-07-28 WELLS FARGO HSBC TRADE BANK, NATIONAL ASSOCIATION moved to ONE FRONT STREET, 20TH FLOOR SAN FRANCISCO, CA.
    2010-05-10 WELLS FARGO HSBC TRADE BANK, NATIONAL ASSOCIATION was acquired by WELLS FARGO BANK, NATIONAL ASSOCIATION

  3. “. Are the Big Five banks truly beyond the law? “
    YES, THROUGH EXEMPTIONS, ITS NOT UNLAWFUL TO ‘TRANSFER’ TITLE FOR CIVIL REMEDY EXISTS ALLOWS REAL LENDER TO ACCELEARATE TITLE. ST. GERMAINS…

    THERE ARE NO ‘’LAWS’ FOR THE SECONDARY MORTGAGE MARKET! PURCHASE MONEY LOANS IN THE SECONDARY MARKET ARE UNREGULATED WAKE UP!
    Little Suzy … Wake Up… boom, boom, boom, boom, boom, boom…
    Your President’s denied your rights,
    He’s inherited the guaranteed plight,
    Foreign Beneficiary Trustee’s tell us to roll over in fright,
    We watch as our President denies us entitlement’s and right’s…
    Wake up little Suzy, Wake up!
    Clearly, we are discriminated against as a ‘class’ of consumer purely based upon type of investment – attribute ‘guaranteed by Full Faith and Credit of These Unites States of America’ or not!
    Only consumer’s who are with insurance and secured credit line, may be granted the ‘special low cost loans’ which are ‘guaranteed’ by the Full Faith And Credit Of These United States of America, in which the Federal Republic secures 1st-Lien Mortgage Loans between a ‘GRANTOR and GRANTEE’, in private RECORD OF DEFECTS, which include existing ENCUMBRANCES, and EXISTING LIENS, AND RESTRICTIONS, recorded in ‘private exchanges’ in addition to any public recordation in land records in which ‘secondary’ financing statements called ‘Mortgages’ are recorded protecting the secondary junior liens of SERVICERS who are allowed to transfer, convey, repurchase, exchange, mortgage loan participation certificates’ and collateral for new loans guaranteed by GOOD FAITH AND CREDIT OF THESE UNITED STATES.
    Why? The United States of America sits with the EXISTING ‘credit debt obligations’ of the prior Savings & Loan disaster AND must exempt all consumers of the protected class of TRUSTEE’s who are OWNERS of the COLLATERAL and live GUARANTEE – FULL FAITH AND CREDIT OF THESE UNITED STATES OF AMERICAN.
    THE ONLY ANSWER TO THIS DIABOLICAL DILEMINA OF “GOOD FAITH AND CREDIT OF THESE UNITED STATES OF AMERICA” IN WHICH THE CLASS OF CONSUMER FORCED TO BE A ‘LEASEE’ RATHER THAN OWNER, MUST TRANSFER AND CONVEY THEIR PROPERTIES TO A CONSUMER TRUST! WHERE WE MAY BE PROTECTED AND CAPTURE THE FULL FAITH AND CREDIT OF THESE UNITED STATES TOO!
    FOR each dollar of ‘debt’ printed IN GOD WE TRUST can become ‘coin’ gold coins known as beneficial interests dividends and servicing fees paid monthly.

    We can become the joined class of consumer who are no longer deceived in the Secondary Market, who take their properties back through conveyance to TRUSTEE of each Municipality, for example, who will use the dividends, benefits to provide low-cost loans and programs to the people!
    No longer may we ignore we have been deceived.
    The unfair seizure of assets must stop.
    All predatory lending and deceptive acts exempted which are attached to any transaction, or program, of THESE UNITED STATES OF AMERICAN FULL FAITH AND CREDIT.

    WE CAN CONTROL OUR DESTINY TO NOT BE A CLASS OF CONSUMER DISCRIMINATED AGAINST.
    WE CAN’T CHANGE WHAT HAPPENED, THE FIRST EXCEPTION, THE FIRST PUBLIC BAILOUT OF THE SAVINGS AND LOAN DISASTER WILL BE ENCUMBRANCES, LIENS, RESTRICTIONS ATTACHED TO PROPERTY NATIONWIDE.

    WE CAN CONTOL WHAT HAPPENS THIS DAY FORWARDE! BY BECOMING ATTACHED TO A ‘CONSUMER TRUST FUND’ WERE WE JOIN TOGETHER OUR ASSETS, COLLATERAL, RESOURCES, AND ACT AS ‘TRUSTEE’ FOR OURSELVES CRATING PRIVATE REIT LLC’S NATIONWIDE!
    WE NEED TO GET RID OF THE AGENCIES WHO WORK FOR THE TRUSTEE’S AND PUT INTO THE PUBLIC DOMAIN REAL COMMERCIAL ENTITIES WHO MUST DO GOOD AND COMPETE FO RBUSINESS AND NO LONGER MAY PILLAGE, PLUNDER, MARUDER GLOBALLY!
    WE CAN TAKE BACK CONTROL OF OUR DESTINY, AND OUR RIGHT TO BE SAFE IN LIFE AND PROPERTY, AND PROTECT THE INHERITANCE OF OUR CHILDREN’S CHILDREN!
    WE ARE TO BECOME THE FUTURE EMPLOYEES AND FUTURE INVESTORS of these United States works for AND JOINT THE GLOBAL CLASS OF COMMERCIAL CONSUMERS WHO ARE PROTECTED – LIKE VARIABLE INVESTORS TRUST FUND! THE MODEL IS THERE – COPY IT’ !
    NO LONGER DO WE HAVE TO ‘STAND ALONE’ MEMBERS OF THE ‘SECONDARY MARKET’.
    TODAY We are an ‘unprotected’ class of consumer who live without the Full Faith and Guarantee of These United States of America, our ‘savings bonds’ of birth, attached collateral to each ‘Bailor’ and ‘Bailee’ Mortgage Loan Schedule and SALE of NOTE/Rider Insurance Beneficial Interests converted delivery to unknown third parties.

    Today we are denied due process of law, in fact the Sheriff Sale DEED signed by Judges who are Real Estate Lawyers, and who are required by Oath to each State and Federal Government to protect the TRUSTEE’s and Landlords who are the ‘guaranteed’ injured party, who all are with civil remedy no matter what the harm to consumers in Secondary Market!
    Today we are subject to doublespeak, loopholes, and exceptions.
    Tomorrow we join the protected class of consumer who lives in the world of beneficial interests, where we are with rights to be protected by law, and live with the exceptions and FULL FAITH AND CREDIT OF THESE UNITED STATES OF AMERICA.
    THE PRESIDENT PARDON’S EACH EGREGIOUS ACT LOOKING FORWARD UNDER SECRECY AGREEMENTS.
    WE MAY JOIN THE CLASS OF CONSUMER WHO IS NOT DISCRIMINATED AGAINST!
    WE MAY BECOME INVESTORS, WHO DON’T ENGAGE IN PREDATORY LENDING, LAUNDERING OF CASH OUT OF PENSION/MUNICIPAL/PRIVATE TRUST FUNDS. WE MAY BECOME INVESTORS WHO RECEIVE BENEFICIAL INTERESTS. WE MAY THEN BE ON EQUAL FOOTING ONCE AGAIN. THEN AND ONLY THEN MAY WE TAKE TO THE MAT, THOSE TRUSTEES, AND UNKNOWN THIRD PARTIES AND BRING INTO THE LIGHT OF DAY ANYONE WHO DARES TO CHEAT, STEAL, DECEIVE EACH ‘RESIDENTS’ IN THE PRIVATE TRUST FUND AND PRIVATE REIG LLC!

    PROMISES MADE AND UPHELD NOW ARE BY CLASS OF CONSUMER.
    EACH PRESIDENT MUST LOOK FORWARD NOT BACK.
    EACH US TREASURY WITH OBLIGATION OF FULL FAITH AND CREDIT OF THESE UNITED STATES, AND EACH DOLLAR OF DEBT, IN GOD WE TRUST, ATTACHED TO ‘COLLATERAL’ AND SECURED PARTY: Federal Reserve Bank of New York, BAILOR OF COLLATERAL, SECURES of 1st-lien collateral, AND EACH BAILEE MANAGER ‘SERVICER’ OF SECURITIES HOLDS RELATED ‘BENEFICIAL INTERESTS’ FROM SALE OF ‘NOTE’ SERVICER LOANID IN SEONDARY MARKET ATTACHED TO A ‘REAL ESTATE MORTGAGE INVESTMENT CONDUIT’ THAT CAN BECOME THE PEOPLE’S NOT ‘FREDDIE’FANNIE’ JUNK IN THE TRUNK!
    LETS TAKE PRIVATE THIS DISASTER. AFTERALL WE ARE THE ‘FULL FAITH AND CREDIT OF THESE UNITED STATES’
    READ THE ‘VARIABLE INVESTORS TRUST FUND DOCUMENTS.
    STUDY DLJ MORTGAGE CAPITAL, AND BAIN CAPITAL, AND CONSOLIDATION OF LARGE PRIVATE INVESTORS, INDEPENDENT BROKERS, DEALERS, DISTRIBUTORS, AGENTS WHO CONSOLIDATED FOR THE BENEFITS OF THE SAVINGS AND LOAN BAILOUT-FIRST TIME USE OF PUBLIC FUNDS, FOREVERMORE THE COLLATERALIZED DEBT OBLIGATIONS SECONDARY MORTGAGE LOANS WILL CONTINUE TO PRODUCE INCOME FOR THE TRUSTEE’S AND INVESTORS.
    UBS WARBURG, MERGED INTO CREDIT SUISSE, WHOSE PRIVATE INVESTORS ‘DLJ MORTGAGE CAPITAL’ WELL YOU KNOW THE REST.

    Consumers as ‘reasonable people’ are discriminated against.
    There are two classes of consumer:
    Consumers’ guaranteed investments by the Good Faith and Credit of the United States of America.
    Consumers’ ripped off AND are without protection and the investors control these United States of America who sit with the guarantee and Good Faith and Credit of the United States of America.
    VARIABLE INVESTORS’ PRIVATE TRUST FUNDS and each consumer who is a payee who benefits from the investments related to operating the continued debt obligations of the Savings & Loan first publically funded bailout. The process to incorporate the failed institutions and the federal government’s debt obligations from its Good Faith and Credit Guarantee are the bad reasons consumer’s as reasonable people deceived.
    I am broken hearted that the government di d not reveal THE TRUST!
    THAT all ‘mortgage loans’ to ‘properties’ WHO ARE WITH PRIVATE ENCUMBRANCES FORM THE FORMER SAVINGS & LOAN INSTITUTIONS WILL FOREVER MORE BE SADDLED WITH AN UNKNOWN THIRD PARTY ‘SERVICE’R OF SECURITIES’ WHO ENSURE AND INSURE private encumbrances, liens, restrictions, are ‘attached’ to REAL PROPERTY, AND ‘SERVICERS’ of both ‘collateral’ and ‘mortgage loan participation certificates’ do RESELL 1ST LIEN Mortgage Loans & CO-JOIN SPECIAL INSURANCE PRODUCTS AT RETAIL, DURING SECRET ESCROW CLOSINGS IN WHICH ‘MORTGAGE LOAN RESALE’ AND INDIVIDUAL VARIABLE ANNUNITY’ ARE attached to the Secondary Market ‘mortgage loans’ AND WITHHOLD FROM CONSUMER THE ‘BENEFICIAL INTERSTS’ DIVIDENCES, PRINCIPAL PAYMENTS BACK TO ‘REMIC’ STRUCTURED SETTLEMENTS OF ‘SERVICERS’.
    Institutional Investors 1st Lien Mortgages ARE guaranteed by the President, Treasury, Secured Party: Federal Bank of New York, Debtors (private Federal Home Loan Banks) whose SERVICERS c/o HUD & Freddie-Fannie and approved Direct-Servicers, Servicers, Sub-Servicers, Attorney-in-Fact, Trustees do take from the class of ‘consumer’ who are denied due process of laws, who are subjected to egregious acts of predatory lending, who are used as MULES to launder cash out of pension/municipal/private trust funds, who are without protections from any criminal laws where transactions are related to the TRUSTEE/Investor of the Secondary Market transactions! Enforcement of laws allowed only against individuals who harm the protected class of consumer the one who lives with GUARATNEE AND FULL FAITH AND CREDIT OF THESE UNITED STATES OF AMERICA.
    SO IN ‘GOD WE TRUST’ I DO! I PRAYED TO UNDERSTAND WHAT THEY DID TO HARM US! I UNDERSTAND NOW DO YOU?
    FREDDIE/FANNIE AND RESOLUTION TRUST COMPANY, HUD, FDIC, TREASURY, ALL AGREED TO ABIDE BY THE SAVINGS AND LOAN BAILOUT! WE HAVE A CHOICE TO REMAIN CLASS OF CONSUMER WHO ARE FORCED TO LIVE WITHOUT DUE PROCESS IN ALL MATTERS RELATED TO ANY TRANSACTION – AND I MEAN ANY ATTACHED TO COLLATERAL ATTACHED TO CURRENT DEBT OBLIGATIONS!
    ‘SERVICERS OF SECURITIES’ ARE RESELLERS of Mortgage Loans IN SECONDARY MARKET WHICH ARE guaranteed by the FULL FAITH AND CREDIT OF THESE UNITED STATES.

    SO DO YOU LIE DOWN LIKE A DOG, WORK HARD, AND LEASE? OR DO YOU WANT TO BECOME A MEMBER OF THE PROTECTED CLASS?
    THE CHOICE IS YOURS ON WHAT TO DO NEXT!
    PRIVATE COMMERCE CAN BE NORMALIZED! BY THE GOOD CITIZENS WHO ARE PATRIOTS AND REALIZE THAT WE ARE UNDER ATTACK, AND THE OWNER AND BENEFACTORS, WARREN BUFFET – BILL GATES – WITH FULL FAITH AND CREDIT OF THESE UNITED STATES – SLEEPS FINE AT NIGHT – WHILE YOU, YOUR FAMILY, YOUR NEIGHBOR, ARE TOSSED TO THE STREETS AND WILL REMAIN AN INDENTURED SERVANT TO THE CURRENT OBLIATIONS!

    UNLESS….

    The Secondary Market Lenders FIRST-LIEN HOLDERS of the real mortgage loans guaranteed by the GOVERNMENT

    PRESIDENT of these United States you are wrong when you stated publically we were unable to understand! We work together to reveal what is concealed.
    We can understand the truth – that CURRENT OBLIGATONS, THE PENDING ‘BAILOUT INTEREST PAYMENT COMING DUE’ IS THE BURDEN OF THESE PEOPOLE OF THESE UNITED STATES!
    WE CAN UNDERSTAND WHO TO CREATE OUR OWN ‘TRUST FUND’ AND OUR OWN ‘REMIC’ AND OUR OWN FAIR TREATMENT OF CONSUMER WHO ELECT TO JOIN THE PROTECTED CLASS OF CONSUMER.
    ALL WE NEED IS TO HAVE EXEMPTION TO PURCHASE RECORD OF DEFECTS,
    AND DEAL WITH THE CURRENT ENCUMBRANCES, LIENS, RESTRICTIONS HELD BY THE PRIVATE EXCHANGES AND PUBLIC EXCHANGES, AND WILL TOO CAN MOVE FORWARD!
    WAKE UP! LITTLE SUZY,
    THERE WILL BE NO ENFORCEMENT OF LAWS, ONLY EXEMPTIONS.
    SUZY CAN JOIN THE SPECIAL CLASS OF CONSUMER, ATTACHED TO ‘REIT LLC’
    WHO LEASES BACK 1st liens of mortgage loans that government guarantees AND RECEIVE THE BENEFITS AND LOW COST LOANS AND REINVEST THE DIVIDENDS, AND MANAGE LAWFULLY FOR THE INTEREST OF THE PEOPLE THE BENEFICIAL INTERESTS.
    WE WON’T NEED TO PILLAGE, PLUNDER, MARUDER TO REMAIN SAFE IN LIFE AND PROPERTY, AND WE WON’T NEED NEW LAWS OR A NEW ‘CONSUMER FINANCE PROTECTION AGENCY’ INSTEAD WE CAN NOW BREAK DOWN THE NEED FOR THE GOVERNMENT AGENCIES WHO MANAGE THE OBLIGATIONS AND CONCEALMENT OF THE BURDENS OF THE DEBT OBLIGATIONS!
    THE MAJORITY MAY live in pursuit of happiness due to promises the President and Treasury made to a protected class of consumer INVESTORS in Savings & Loan Institutions.
    ALL WE NEED TO DO IS FIND A PRIVATE REIT LLC WE CAN BE AN INVESTOR OF AND CONVEY OUR TITLE. THE REST WILL TAKE CARE OF ITSELF! ALL OF THE UNEMPLOYED WHO KNOW WHAT TO DO ! CAN BEGIN TO CREATE LAWFUL ‘REIT LLC’S, AND LAWFUL ‘TRUST FUNDS’ AND LET FANNIE/FREDDIE PRIVATE ORGANIZATIONS GO BUST!
    THE Federal Reserve Bank of New York SECURED PARTY holder in due course of the ‘collateral’ of the United States, global beneficiaries will have competition and not hold all entitlements, …

    Dues process of law through exemptions – baloney – DOUBLESPEAK and Loopholes denied, denied, denied.
    Unfair seizure of assets during Origination, properties encumbrances, liens, restrictions related to private exchanges and collateral held as current obligations from each bailout staring with the failed Savings & Loans, failed Financial Holding Companies, soon to be failed United States unless you wake up and smell the ROSES! And Become one of the consumers who convey your title to a private REIT a PATRIOT FUND! More coming…
    As reasonable people our rights will continue to be violated,
    Our entitlements will continue to be unfairly seized,
    As Consumers we need to learn and ‘understand’
    That the past & current ‘Presidents of these United States’ must approve the US TREASURY’s process and continued bailout of the Savings & Loan disaster’s credit obligations, and continue to use Public Funds.
    The concealment of the rules of engagement and acceptable collateral damages (us!) are unacceptable.
    We can’t fix what is broken. We can understand to move forward and get rid of the incumbents ! and begin to educate the student’s to learn what they did and how to be a good ‘consumer’ the kind who are protected by the Full Faith and Credit of These United States.
    ‘TRUST FUNDS’ of private investors are with GUARNATEE.
    We don’t need to become additional ‘Mortgage Loan Participation Certificates’ …
    We don’t need to be victim of the 1995 Privatization Securities Act! As the future bailouts will continue, and the escalation of debt will eventually lead to you giving birth to indentured servants the time is now to consider the options in the light of day!
    President & Treasury approve how to get your money into the hands of the private consumers with guarantee!
    Example HAMP. Wake up if you ignore what is in the Supplemental Directives, if you ignore you have property with private encumbrances, private liens, private restrictions attached to beneficial interests directly related to FULL FAITH AND CREDIT OF THESE UNITED STATES OF AMERICAN NOMINEE ASSIGNEE AND/OR SUCCESSOR! WAKE UP ‘THAT IS WHAT THE FINANCING STATEMENTS’ AND RELATED ‘MORTGAGES’ ARE REALLYA BOUT!
    LOAN MODIFICATIONS are with SERVICER OF SECONDARY MARKET ‘SECURITIES’ COLLATERAL AND LOANS.
    YOU AS A CONSUMER WITHOUT DISCLOSURE SUBJECT TO EGREGIOUS ACTS AND ENVELOPING OF ADDITIONAL DEBT INTO A ‘BALLOON PAYMENT’ WHICH IS INSURED, THROUGH INDIVIDUAL VARIABLE ANNUNITES / LOAN PRODUCTS YOU PAY FOR AT RETAIL THAT PAY THE MONTHLY P&I, THROUGH DIVIDENDS AND BENEFICIAL INTERESTS. YOU WILL NEVER BE ABLE TO AFFORD TO FIRST PAY THE ENTIRE MORTGAGE BALLOON PAYMENT OFF FIRST, THEN PAY THE EXISTING MORTGAGE OFF USING ‘REFINANCE’ – MEANS YOU MUST HAVE THAT ‘VALUE’ IN THE PROPERTY PLUS 20% TO PUT DOWN TO SECURE AN 80% LOAN.
    ALL LOAN MODIFICATIONS IN THE Secondary Market are ‘balloon loans’ WHICH ARE JUNIOR LIENS THAT WILL BE SATISFIED PRIOR TO 1ST-MORTGAGE LOAN HELD BY UNKNOWN THIRD PARTY. IF THE SERVICER CAN’T SATISFY THEIR OBLIGATOIN THEY LIE, CHEAT, STEAL, AND TAKE TITLE DURING SHERIFF SALES IN WHICH THEIR INSURANCE/ESCROW COMPANY WILL CONTROL ‘TITLE’ AND RESALE OF ‘REAL ESTATE OWNED PROPERTY.’

    READ THE SUPPLEMENTAL DIRECTIVE 10-06 JUNE 29, 2010, FOR EXAMPLE.
    YOU TOO CAN UNDERSTAND, LIKE I DO, THAT THE US TREASURY Mandates as the compliance agent (MHA- C) for HAMP, ARE RELATED TO THE FULL-FAITH AND GUARANTEE OF THESE UNITED STATES ‘NOMINEE’ ASSIGNORS AND/OR SUCCESSORS! TAKE HEAD AND WARING WHAT THIS REALLY MEANS!!!! GOBALLY!!!!
    IF YOU ARE A PATRIOT – THE WEAPON OF MASS DESTRIBUTION USED BY ‘WARREN BUFFETT’ TO HIS OWN PERSONAL ADVANTAGE AND UNDERSTANDING AND HIS BUDDY BILL GATES VEST THE BILLIONS OF DOLLARS OF DIRTY MONEY FOR GOOD WILL NOT GET THEM INTO HEAVEN!
    LOAN MODIFICATIONS’ Treasury’s compliance agent (MHA- C) for HAMP,

    Annual Servicer Certification Required by the Servicer Participation Agreement

    Supplemental Directive 09-01, the Treasury Department (Treasury) announced the eligibility, underwriting and servicing requirements

    Servicers of SECURITIES Structured Products to apply a uniform loan modification process to provide ‘eligible borrowers’ with sustainable monthly payments for their first lien mortgage loans.

    WAKE UP FOLKS – THE ‘LOAN MODIFICATION’ UNDER HAMP IS FOR THE REAL BORROWER!

    IT’S ALL HERE IN BLACK AND WHITE!

    YOU ARE UNSAFE FROM PREDATORY LENDING OF THE SECONDARY MORTGAGE MARKET IN WHICH ‘MORTGAGE’ HAS NOT BEEN UPDATED TO RELFECT IT’S A ‘SERVICERS SECURITIES MORTGAGE’.

    IN FACT, In order for a servicer to participate in HAMP with respect to mortgage loans not owned or guaranteed by Fannie Mae or Freddie Mac (Non-GSE Mortgages), the servicer must execute a Commitment to Purchase Financial Instrument and Servicer Participation Agreement (SPA) with Fannie Mae in its capacity as financial agent for the United States (as designated by Treasury).

    (Original Certification) as to its continuing compliance with, and the truth and accuracy of, the representations and warranties set forth in the SPA on June 1, 2012,
    Servicers participating
    Non-GSE Mortgages
    amends and restates the current form of Original Certification and the related delivery requirements and requires servicers to sign and deliver the initial and subsequent certifications to Freddie Mac, as Treasury’s compliance agent (MHA-C) for HAMP, within 90 calendar days of the effective date of the applicable certification.
    90 days ‘default’ servicer turns over to Freddie/Fannie the mortgage loans to be placed into junk bonds for which there is no market! Not by any consumer with understanding of FULL FAITH AND CREDIT OF THESE UNITED STATES OF AMERICA Nominee Assignee And/or Successors.
    Article written by Insider with Insight:
    “Plunging deeper into the farce-hole, the FT reports tonight that Obama’s foreclosure settlement with the banks over their improper seizure of tax-paying US citizens’ homes will in fact be subsidized by those very same US taxpayers. It is a hidden clause (that has not been made public yet) that allows the banks to count future loan modifications under the $30bn (taxpayer funded) HAMP initiative towards their $35bn agreement to restructure obligations under the new settlement. As the FT goes on to note, BofA will be able to use future mods made under HAMP towards the $7.6bn in borrower assistance it is committed to provide – which means, in a (as TARP inspector general Neil Barofsky describes) ‘scandalous’ turn of events the bank will receive payments for averting a borrower default and be reimbursed by the taxpayer for the principal write-down. We have much stronger words for how we are feeling about this but Barofsky sums it up calmly “It turns the notion that this is about justice and accountability on its head”. Are the Big Five banks truly beyond the law? “
    YES, THROUGH EXEMPTIONS, ITS NOT UNLAWFUL TO ‘TRANSFER’ TITLE FOR CIVIL REMEDY EXISTS ALLOWS REAL LENDER TO ACCELEARATE TITLE.

    THERE ARE NO ‘’LAWS’ FOR THE SECONDARY MORTGAGE MARKET! PURCHASE MONEY LOANS IN THE SECONDARY MARKET ARE UNREGULATED!

    Annual Servicer Certification Required by the Servicer Participation Agreement

    Supplemental Directive 09-01, the Treasury Department (Treasury) announced the eligibility, underwriting and servicing requirements

    Servicers of SECURITIES Structured Products to apply a uniform loan modification process to provide ‘eligible borrowers’ with sustainable monthly payments for their first lien mortgage loans.

    WAKE UP FOLKS – THE ‘LOAN MODIFICATION’ UNDER HAMP IS FOR THE REAL BORROWER!

    In order for a servicer to participate in HAMP with respect to mortgage loans not owned or guaranteed by Fannie Mae or Freddie Mac (Non-GSE Mortgages), the servicer must execute a Commitment to Purchase Financial Instrument and Servicer Participation Agreement (SPA) with Fannie Mae in its capacity as financial agent for the United States (as designated by Treasury).

    (Original Certification) as to its continuing compliance with, and the truth and accuracy of, the representations and warranties set forth in the SPA on June 1, 2012,

    Serviers participating

    Non-GSE Mortgages

    amends and restates the current form of Original Certification and the related delivery requirements and requires servicers to sign and deliver the initial and subsequent certifications to Freddie Mac, as Treasury’s compliance agent (MHA-C) for HAMP, within 90 calendar days of the effective date of the applicable certification.

    Plunging deeper into the farce-hole, the FT reports tonight that Obama’s foreclosure settlement with the banks over their improper seizure of tax-paying US citizens’ homes will in fact be subsidized by those very same US taxpayers. It is a hidden clause (that has not been made public yet) that allows the banks to count future loan modifications under the $30bn (taxpayer funded) HAMP initiative towards their $35bn agreement to restructure obligations under the new settlement. As the FT goes on to note, BofA will be able to use future mods made under HAMP towards the $7.6bn in borrower assistance it is committed to provide – which means, in a (as TARP inspector general Neil Barofsky describes) ‘scandalous’ turn of events the bank will receive payments for averting a borrower default and be reimbursed by the taxpayer for the principal write-down. We have much stronger words for how we are feeling about this but Barofsky sums it up calmly “It turns the notion that this is about justice and accountability on its head”. Are the Big Five banks truly beyond the law?

  4. Donna,

    http://en.wikipedia.org/wiki/HSBC

    I was right. And most of its USA operations are ran from offshore. I suspect that they have a particular status protectng them from US laws and regulations, tax code, etc.

    Welcome to globalization.

  5. @Donna,

    Stop me if I am wrong but… isn’t HSBC a strictly British corp? I haven’t verified it but I seem to remember something about HSBC not registered in the US the same way that banks are. Need to research it further, though…

  6. Who is HSBC paying off that they are NOT included in this??????????

  7. Need to challenge the settlement as unconstitutional, violation of the law (TILA). Need to object.

    Assignments after default, and with knowledge of default, then no valid legal transfer. Liability reverts back.

    Settlement does not distinguish roles of the banks, that is — as servicer for themselves, for others, or as a fiduciary trustee. In fact, settlement does not refer to actual corporate name.

    Neil, get your head out of the premise that security investors “funded” and are the creditor/lender. It fed the fake settlement. And, fake it is.

  8. Sorry for repost on subprime…didn’t realize it had already been posted…I’m nor here to waste anyones time. God knows we’ve all had our share of that…

  9. And the whole not enough rentals for people…well the government is going to take care of that for us now aren’t they…..They have the monopoly thru their best pals THE BANKSTERS!

  10. “The audit also raises serious questions about the accuracy of information recorded in the Mortgage Electronic Registry System, or MERS, which was set up in 1995 by Fannie Mae and Freddie Mac and major lenders. ”

    Is that an inside joke, or something? Was there a legitimate expectation it would be otherwise? Yes, it must be an inside joke. Any entry was made on a voluntary basis by members with NO way in the world to determine it’s accuracy or the ‘omission’ of an entry. Even MERS has a disclaimer of the accuracy of the database. Hope they don’t think that is going to be effective one day as a legitimate cya. The database is a joke; even if not, it doesn’t stand in the stead of the UCC and the statute of frauds, which is how members used it.

  11. Not surpised at all about this story…I mean why not? They didn’t get in any trouble for doing it the first time…

    http://www.huffingtonpost.com/mobileweb/2012/02/16/subprime-mortgage-_n_1282157.html

  12. @Carie,

    I think I predicted something like that last May or June. And I even predicted that the increased demand for rentals is going to cause them to skyrocket, forcing many renters to move out and join the ranks of the homeless.

    It was to be expected…

    Next big problem we’ll run into is an influx of population toward the midwest, as soon as Ocean level rise by a few inches and contaminate fresh water mains. Of course, if we have a few earthquakes on the West and a few serious Hurricanes on the East, it will lead to a massive exodus inland.

    If you thought we had problems, we haven’t even seen anything yet…

  13. THIS IS THE TIP OF THE ICEBERG THAT IS COMING:

    America’s Poorest People Running Out Of Places To Live: Study

    http://www.huffingtonpost.com/2012/02/16/affordable-rentals_n_1282519.html?ref=business

    The Huffington Post Alexander Eichler
    First Posted: 02/16/2012 4:01 pm

    The poorest people in America are running out of places to live.

    In every state in the country, there are people looking for cheap rental housing — and in every state, there aren’t enough units available, according to a report released Wednesday by the National Low Income Housing Coalition, a nonprofit organization.

    “The existence of the gap is not a matter of debate,” the report notes.

    The findings highlight the increasingly desperate situation of people who work but don’t earn much, and who are finding themselves priced out of the rental market as more and more Americans look for alternatives to traditional homeownership.

    For every 100 households that earn less than one-third of the median income for their region, according to the report, there are only 30 affordable and available rental units — meaning, places to live that aren’t dilapidated, prohibitively expensive, too far from public transportation, or already occupied by someone earning a higher salary.

    There might be more affordable housing options available for the poor if the housing market and the economy overall weren’t so weak. Since the recession took hold, though, many people have found themselves lacking the money or the credit to make a major purchase like a house.

    Meanwhile, nearly five years of slumping prices has led many financially stable people to rent temporary accommodations instead of buying a home that might only keep declining in value. In a sign of the swelling demand for rental property, apartment vacancies had fallen to their lowest level in a decade by late 2011.

    That’s bad news for cash-strapped Americans who have traditionally depended on the rental market to keep a roof over their heads. In the absence of affordable rental units, a growing number of people are doubling up with friends and family, and analysts say the national homelessness rate is poised to begin climbing soon as federal funding for housing programs dries up.

    In general, a wide swath of the population is living in financially precarious circumstances, with one in every five households saying they sometimes struggle to afford food, and nearly half of all households just one emergency away from falling below the poverty line.

  14. “…the lender (investors),”

    WHY does Neil keep saying this?
    The investors are NOT the lender, Neil…what is your problem? Are they paying you to say that? IT’S A LIE. THE INVESTORS ARE NEVER THE LENDERS…NEVER THE CREDITORS…It only further confuses the issue of “real creditor/owner”…just STOP saying that…please.

  15. So where do I sign up to get my share of the Wells Fargo $87 million fine? I only need about $300,000.

    They are not following the OCC consent order which I referenced in my QWR.

    Can’t even provide one single contact person with a single department and contact info.

    Nothing to see here. Move along.

  16. $766.5 million??? This is a slap in the face to everyone trying to do the right thing. What percentage of $14 trillion does $766.5 million represent? Plus stolen identities, forgeries, insurance claims, FDIC payments etc., etc.. These banksters should be in prison!

  17. @Carie,

    If banks and investors are willing to play that game again, so be it. If they haven’t learned, that’s because we haven’t forced their break up by removing all our money at once. Our fault.

    I would be very harsh on any borrower going along with it. With the quantity of info out there on the causes of this mandmade economic crisis, borrowers have no excuse.

    Fool me once: shame on you. Fool me twice: shame on me.

  18. THE CRIMINALS ARE STILL NOT BEING PUNISHED SO THE CRIMES CONTINUE TO BE COMMITTED:

    http://www.huffingtonpost.com/2012/02/16/subprime-mortgage-_n_1282157.html?ref=business

    Subprime Mortgage Bonds Back In Fashion

    The Huffington Post Jillian Berman
    First Posted: 02/16/2012 3:02 pm

    The home loans responsible for blowing up the housing market are regaining popularity.

    Prices are climbing for some bonds backed by subprime mortgage loans given to higher risk borrowers, with one index rising 14 percent, according to the Wall Street Journal.

    These home loans, given to anyone essentially with a pulse during the housing boom, saw massive defaults and helped cause the foreclosure crisis. Subprime bond investors suffered enormous losses in the crash–financial institutions collapsed because of subprime exposure.

    Investors’ belief that the housing market has finally hit bottom could be fueling their return to these riskier mortgages. Despite the mess that took place in 2008, investors are eager to try again. Investors who made hundreds of millions betting against subprime mortgage loans in 2007 jumping into the market for risky mortgage securities, say that today’s subprime mortgage bonds are priced to withstand an economic slowdown, according to Bloomberg.

    If demands for these kinds of bonds rise, banks may loosen up and do more lending to higher-risk borrowers. Already, some mortgage lenders may be starting to loosen standards, according to Time.

    In addition, as the economy has started to recover, Americans are becoming less gun shy about taking on more debt. After de-leveraging in the years immediately following the recession, credit card use climbed last year, even as Americans contended with falling incomes, according to statistics from First Data.

    But if history is any indication, a boost in investor appetite for these types of bonds may spell disaster. Indeed, the fallout from subprime is ongoing. The Securities and Exchange Commission sued six former Fannie Mae and Freddie Mac executives at the end of last year, alleging they misled the public about the mortgage giants’ exposure to subprime mortgages during the crisis. In addition, the SEC may be preparing a lawsuit against some of the country’s biggest banks over their subprime mortgage loan practices.

    Still, the parties responsible for pushing the loans on borrowers and inflating their value to investors have largely avoided the government’s wrath.

  19. Service Marks where Collateral in name of owner.

    WHOLESALE LENDER FORE (sm)
    OUTSOURCING IN FIELD OF SALE 7/1/2007 LIVE
    COLLATERAL FORCE CORP
    DELAWARE COR
    133 EUCLID AVE
    LOS GATOS CA 95030
    Outsourcing Lender sales

    Linkedin Profile provides accurate information:
    Sales Director Wholesale Lender Force
    March 2007 – January 2008 (11 months)
    -Recruit, hire and train Account Executives and Regional Sales Managers.
    -Grew sales force from 2-50 Account Executives nationwide.
    -Negotiated strategic relationships with multiple national lenders and banks.
    -Conduct regular broker assessments to ensure quality of service and product.
    -Wholesale Area Manager

    Wells Fargo Home Mortgage Public Company; 10,001+ employees; WFC; Banking industry
    -February 2005 – March 2007 (2 years 2 months)
    Increased sales from an average of 5 million per month to 20 million (#1 in the division)
    Recruit, hire, coach and train wholesale Account Executives.
    Managed AE’s to WFHM standards and compliance.
    Performed regular ride alongs and joint sales calls to mortgage brokers.
    Designed and implemented a training manual for all new Account Executives focusing on customer service, sales techniques and WFHM compliance standards.

    Regional Sales Manager Encore Credit Corporation
    March 2003 – February 2005 (2 years)
    Increased sales from 14 million to 75 million with a record month of 90 million (#1 in the division).
    Recruit, hire, coach and train Account Executives; manage inside operations team as well as inside sales Account Executives making outbound calls from call center (50+ employees).
    Perform regular ride alongs and joint sales calls.

    Designed an AE training manual; prepared several gap analysis used for competitor product enhancements.
    Area Sales Manager Countrywide Home Loans Public Company; 10,001+ employees; BAC; Banking industry
    March 2001 – March 2003 (2 years 1 month)
    Developed new territory and increased overall production from 0 to an average of 6 million per month.
    Responsible for managing 30-35 accounts and pre-underwriting of files.
    Made cold calls to perspective brokers.
    Performed market research to develop and implement business plan and sales strategy.

    NOTICE AND CONSIDER THE ‘SIGNIFICANCE’ OF ‘PRE-UNDERWRITING’ OF FILES ABOVE WHILE WORKING
    ‘COUNTRYWIDE HOME LOANS’ and ‘GAP ANALYSIS’ AND
    COMPETITOR PRODUCT ENHANCEMENTS ENCORE CREDIT CORP.

    OTHER SERVICE MARKS CUT/PASTED WHERE ‘COLLATERAL’ WAS IN NAME OF ‘OWNER’ THAT MAY BE VALUABLE TO SOMEONE AND MAKING YOU AWARE OF VALUABLE RESOURCE ASSIGNMENTS USPTO TRADEMARKS.

    COLLATERAL SCORE (sm)
    Computer application software for assigning numerical value to mortgage collateral, its risks and the risks present in use of different valuation methods, which a mortgage lender can rely upon to create financial policies.
    APPLICANT: COLLATERAL SCORE
    MISSISSIPPI CORP
    606 VAN BUREN AVE
    OXFORD MISSISSIPPI 38655
    Attorney of Record, Stephan Land McDavid
    SM Dead 7/9/2004

    ISX (sm)
    CO-LOCATION SERVICES, namely, leasing of facilities for computers; computer system monitoring, and computer security system monitoring services; management of information rounting on a global computer network.
    First Use Commerce: 6/30/1998
    Owner (REGISTRANT) AboveNet Communications, Inc. CORPORATION CALIFORNIA 50 W. San Fernando Street, Suite 1010 San Jose CALIFORNIA 95113
    (LAST LISTED OWNER)
    DEUTSCHE BANK TRUST COMPANY AMERICAS,
    AS COLLATERAL AGENT TRUSTEE NEW YORK
    60 WALL STREET,
    27TH FLOOR
    NEW YORK NEW YORK 10005
    Assignment Recorded ASSIGNMENT RECORDED
    Attorney of Record BARBARA R SHUFRO
    6/30/1998-6/9/2007 CANCELLATION

    WEBCONDO (sm)
    PROVIDING MULTIPLE USER ACCESS TO A GLOBAL COMPUTER INFO NETWORK 4/1/1996
    Owner (REGISTRANT) Abovenet Communications, Inc. CORPORATION CALIFORNIA 50 West San Fernando Street, 10th Fl. San Jose CALIFORNIA 95113
    (LAST LISTED OWNER) DEUTSCHE BANK TRUST COMPANY AMERICAS, AS COLLATERAL AGENT TRUSTEE NEW YORK 60 WALL STREET, 27TH FLOOR NEW YORK NEW YORK 10005
    Assignment Recorded ASSIGNMENT RECORDED
    Attorney of Record Julia Spoor Gard
    4/1/1996-4/21/2007 abandonment

    COLLATERAL MORTGAGE, LTD (SM)
    First Use in Commerce: 4/9/1986
    Mortgage Banking Services
    Collateral Mortgage LTD
    Composed of William T. Ratliff III
    a US Citizen and
    Collat, Inc.
    Alabama Corp Partnership
    1900 Crestwood Boulevard
    Birmingham AL 35210
    Attorney of Record Robjert J. Veal
    Abandoned 9/28/1995

    A FINANCIAL FAMILY SINCE 1933 (sm)
    MORTGAGE BANKING SERVICES
    COLLATERAL MORTGAGE LTD,
    composed of William T. Ratliff III
    a U .S. Citizen and Collat, Inc.
    an Alabama Corp Partnership Alabama
    1900 Crestwood Boulevard
    Birmingham AL 35210
    Abandoned 8/27/1996

    COLLATERAL (sm) LIVE
    FIRST USE 10/20/1933
    Registration Date March 25, 2003
    Owner (REGISTRANT) COLLATERAL MORTGAGE CAPITAL, LLC LIMITED LIABILITY COMPANY ALABAMA 524 LORNA SQUARE BIRMINGHAM ALABAMA 35216
    (LAST LISTED OWNER) COLLATERAL HOLDINGS, LTD LIMITED PARTNERSHIP ALABAMA 1900 CRESTWOOD BLVD, STE 202 BIRMINGHAM ALABAMA 35210
    Assignment Recorded ASSIGNMENT RECORDED
    Attorney of Record Pamela Payne Smith

    THINK DEALS DONE (sm)
    First Use 2/1/1998
    Collateral Mortgage Ltd
    Collat, Inc. GNEERAL PARTNER
    Incorporated under laws State of Alabama
    Limited Partnership Alabama
    524 Loma Square
    Birmingham AL 35216
    (Last Listed Owner)
    BB&T Corp
    Corp North Carolina
    P.O. Box 1255
    Winston-Salem North Carolina 27102-1255
    Attorney of Record:
    Brian M. Davis

    YOU’LL FEEL AT HOME WITH US. FCSHOMEMORTGAGE (sm)
    Mortgage banking services, namely, origination, acquistion, servicing, securitization and brokerage of mortgage loans.
    First use in commerce: 1/28/2003
    Owner (REGISTRANT)
    Farm Credit Services of Western Arkansas, ACA Glen Manchester, President & CEO, US Citizen;
    Tom Peebles, Exec. VP, US Citizen;
    Tom Cox, Sr. VP, Sales & Marketing, US Citizen;
    Lori Schumacher, CFO, US Citizen;
    Terry Vest, Sr. VP Collateral Services, US Citizen;
    Bob Williams, Sr. VP, Chief Credit Officer, US Citizen.
    COOPERATIVE ASSOCIATION ARKANSAS
    3115 W. 2nd Court
    Russellville ARKANSAS 72801
    Attorney of Record Mark W. Nichols

    CSI (sm) LIVE 9/25/1995
    COLLATERAL SPECIALISTS (sm)
    COLLATERAL SPECIALISTS INC. (sm) 9/25/1995 – 7/28/2006
    DELAWARE Corp
    250 Bel Marin Keys Blvd, Suite G2
    Novato CA 94949
    Brandon D. Smith Esq. Attorney of Record
    Business consulting services in the field of inspections of collateral for commercial lending and wholesale financing.
    9/25/1995 First Use Commerce

    JP MORGAN CHSE BANK N.A.
    AS COLLATERAL AGENT
    NEW YORK CORP
    270 PARK AVE
    NEW YORK NY 10017
    Cynthia L. Steward (TM) and (SM)
    MANAGING FOR TOMORROW:
    FIRST USE 7/1/1998 (PENSION FUNDS) AND OTHER STUFF

    SPANNING BOUNDARIES (SM) LIVE
    First Use 5/1/2007
    Collateral Real Estate Capital LLC
    Jurisdictoin Alabama
    3000 Riverchase Galleria, Suite 1020
    Birmingham Alabama 35244

    THINK PARTNERSHIP (sm) 6/1998-11/12/2010
    THINK CONNECTIONS (sm) 6/1998 – 11/12/2010
    THINK COLLATERAL(sm) 6/1998-1/4/2011
    THINK FLEXIBILITY (sm) 6/1998 – 11/19/2010
    Commercial, multi-family and real estate loan financing services.
    First Use Commerce 6/1998
    Owner (REGISTRANT) Collateral Mortgage Capital, LLC LIMITED LIABILITY COMPANY ALABAMA Birmingham ALABAMA 35216
    (LAST LISTED OWNER) BB&T CORPORATION CORPORATION NORTH CAROLINA P.O. BOX 1255 WINSTON-SALEM NORTH CAROLINA 271021255
    Assignment Recorded ASSIGNMENT RECORDED
    Attorney of Record Brian M. Davis

    BIZCAP (sm) LIVE First Use Commerce 2/1/2007
    Owner (REGISTRANT)
    Collateral Real Estate Capital, LLC
    LIMITED LIABILITY COMPANY ALABAMA
    3000 Riverchase Galleria, Suite 1020 Birmingham ALABAMA 35244
    (LAST LISTED OWNER)
    BB&T CORPORATION
    CORPORATION NORTH CAROLINA
    P.O. BOX 1255
    WINSTON-SALEM NORTH CAROLINA 271021255
    Assignment Recorded ASSIGNMENT RECORDED
    Attorney of Record Brian M. Davis

    PORTAL INVESTMENT ADVISORS, LTD. (SM) LIVE
    9/26/2006 First Use in Commerce
    Investment Management
    Collateral Investment Management LTD
    Limited Liability Co OHIO
    1300 600 Superior Ave
    Cleveland OH 441114

    COLLATERAL INVESTMENT MANAGEMENT, LTD. (sm) LIVE
    First Use Commerce 4/28/2006
    Investment Management
    Collateral Investment Management LTD
    Limited Liability Company Ohio
    Sutie 1300 600 Superior Ave
    Cleveland OH 44114

    YOUR SOURCE OF CAPITAL FOR MULTIFAMILY AND COMMERCIAL DEALS NATIONOWIDE (sm)
    FIRST USE COMMERCE 5/27/2003
    Collateral Mortgage Capital, LLC
    Limited Liability Co Alabama
    524 Loma Square
    Birmington Alabama 35216
    Last Listed Owner BB&T Corp
    Corp North Carolina
    PO Box 1255
    Winston-Salem North Carolina 27102-1255

    COLLATERALINTERNATIONAL INVESTMENTS IN LIVING. (sm) LIVE
    Commercial, multi-family and residential real estate loan financing services. First Use in Commerce 11/1/2004
    Owner (REGISTRANT)
    Collateral International, LLC LIMITED LIABILITY COMPANY DELAWARE 1900 Crestwood Blvd, Suite 300 Birmingham ALABAMA 35210
    (LAST LISTED OWNER)
    NEW SOUTH FEDERAL SAVINGS BANK FEDERALLY CHARTERED SAVINGS BANK UNITED STATES 1900 CRESTWOOD BOULEVARD, SUITE 300
    BIRMINGHAM ALABAMA 35210
    Assignment Recorded ASSIGNMENT RECORDED
    Attorney of Record Kenneth M. Bush

    THINK RESULTS (sm) LIVE
    THINK SMART (sm) LIVE
    4/2000 FIRST USE COMMERCE
    COMMERCIAL, MULTI-FAMILY AND REAL ESTATE LOAN FINANCING SERVICES
    Owner (REGISTRANT) Collateral Mortgage Capital, LLC LIMITED LIABILITY COMPANY ALABAMA 524 Lorna Square Birmingham ALABAMA 35216
    (LAST LISTED OWNER) BB&T CORPORATION CORPORATION NORTH CAROLINA P.O. BOX 1255 WINSTON-SALEM NORTH CAROLINA 271021255
    Assignment Recorded ASSIGNMENT RECORDED
    Attorney of Record Brian M. Davis

  20. Service Marks where Collateral in name of owner.

    WHOLESALE LENDER FORE (sm)
    OUTSOURCING IN FIELD OF SALE 7/1/2007 LIVE
    COLLATERAL FORCE CORP
    DELAWARE COR
    133 EUCLID AVE
    LOS GATOS CA 95030
    Outsourcing Lender sales

    Linkedin Profile provides accurate information:
    Sales Director Wholesale Lender Force
    March 2007 – January 2008 (11 months)
    -Recruit, hire and train Account Executives and Regional Sales Managers.
    -Grew sales force from 2-50 Account Executives nationwide.
    -Negotiated strategic relationships with multiple national lenders and banks.
    -Conduct regular broker assessments to ensure quality of service and product.
    -Wholesale Area Manager

    Wells Fargo Home Mortgage Public Company; 10,001+ employees; WFC; Banking industry
    -February 2005 – March 2007 (2 years 2 months)
    Increased sales from an average of 5 million per month to 20 million (#1 in the division)
    Recruit, hire, coach and train wholesale Account Executives.
    Managed AE’s to WFHM standards and compliance.
    Performed regular ride alongs and joint sales calls to mortgage brokers.
    Designed and implemented a training manual for all new Account Executives focusing on customer service, sales techniques and WFHM compliance standards.

    Regional Sales Manager Encore Credit Corporation
    March 2003 – February 2005 (2 years)
    Increased sales from 14 million to 75 million with a record month of 90 million (#1 in the division).
    Recruit, hire, coach and train Account Executives; manage inside operations team as well as inside sales Account Executives making outbound calls from call center (50+ employees).
    Perform regular ride alongs and joint sales calls.

    Designed an AE training manual; prepared several gap analysis used for competitor product enhancements.
    Area Sales Manager Countrywide Home Loans Public Company; 10,001+ employees; BAC; Banking industry
    March 2001 – March 2003 (2 years 1 month)
    Developed new territory and increased overall production from 0 to an average of 6 million per month.
    Responsible for managing 30-35 accounts and pre-underwriting of files.
    Made cold calls to perspective brokers.
    Performed market research to develop and implement business plan and sales strategy.

    NOTICE AND CONSIDER THE ‘SIGNIFICANCE’ OF ‘PRE-UNDERWRITING’ OF FILES ABOVE WHILE WORKING
    ‘COUNTRYWIDE HOME LOANS’ and ‘GAP ANALYSIS’ AND
    COMPETITOR PRODUCT ENHANCEMENTS ENCORE CREDIT CORP.

    OTHER SERVICE MARKS CUT/PASTED WHERE ‘COLLATERAL’ WAS IN NAME OF ‘OWNER’ THAT MAY BE VALUABLE TO SOMEONE AND MAKING YOU AWARE OF VALUABLE RESOURCE ASSIGNMENTS USPTO TRADEMARKS.

    COLLATERAL SCORE (sm)
    Computer application software for assigning numerical value to mortgage collateral, its risks and the risks present in use of different valuation methods, which a mortgage lender can rely upon to create financial policies.
    APPLICANT: COLLATERAL SCORE
    MISSISSIPPI CORP
    606 VAN BUREN AVE
    OXFORD MISSISSIPPI 38655
    Attorney of Record, Stephan Land McDavid
    SM Dead 7/9/2004

    ISX (sm)
    CO-LOCATION SERVICES, namely, leasing of facilities for computers; computer system monitoring, and computer security system monitoring services; management of information rounting on a global computer network.
    First Use Commerce: 6/30/1998
    Owner (REGISTRANT) AboveNet Communications, Inc. CORPORATION CALIFORNIA 50 W. San Fernando Street, Suite 1010 San Jose CALIFORNIA 95113
    (LAST LISTED OWNER)
    DEUTSCHE BANK TRUST COMPANY AMERICAS,
    AS COLLATERAL AGENT TRUSTEE NEW YORK
    60 WALL STREET,
    27TH FLOOR
    NEW YORK NEW YORK 10005
    Assignment Recorded ASSIGNMENT RECORDED
    Attorney of Record BARBARA R SHUFRO
    6/30/1998-6/9/2007 CANCELLATION

    WEBCONDO (sm)
    PROVIDING MULTIPLE USER ACCESS TO A GLOBAL COMPUTER INFO NETWORK 4/1/1996
    Owner (REGISTRANT) Abovenet Communications, Inc. CORPORATION CALIFORNIA 50 West San Fernando Street, 10th Fl. San Jose CALIFORNIA 95113
    (LAST LISTED OWNER) DEUTSCHE BANK TRUST COMPANY AMERICAS, AS COLLATERAL AGENT TRUSTEE NEW YORK 60 WALL STREET, 27TH FLOOR NEW YORK NEW YORK 10005
    Assignment Recorded ASSIGNMENT RECORDED
    Attorney of Record Julia Spoor Gard
    4/1/1996-4/21/2007 abandonment

    COLLATERAL MORTGAGE, LTD (SM)
    First Use in Commerce: 4/9/1986
    Mortgage Banking Services
    Collateral Mortgage LTD
    Composed of William T. Ratliff III
    a US Citizen and
    Collat, Inc.
    Alabama Corp Partnership
    1900 Crestwood Boulevard
    Birmingham AL 35210
    Attorney of Record Robjert J. Veal
    Abandoned 9/28/1995

    A FINANCIAL FAMILY SINCE 1933 (sm)
    MORTGAGE BANKING SERVICES
    COLLATERAL MORTGAGE LTD,
    composed of William T. Ratliff III
    a U .S. Citizen and Collat, Inc.
    an Alabama Corp Partnership Alabama
    1900 Crestwood Boulevard
    Birmingham AL 35210
    Abandoned 8/27/1996

    COLLATERAL (sm) LIVE
    FIRST USE 10/20/1933
    Registration Date March 25, 2003
    Owner (REGISTRANT) COLLATERAL MORTGAGE CAPITAL, LLC LIMITED LIABILITY COMPANY ALABAMA 524 LORNA SQUARE BIRMINGHAM ALABAMA 35216
    (LAST LISTED OWNER) COLLATERAL HOLDINGS, LTD LIMITED PARTNERSHIP ALABAMA 1900 CRESTWOOD BLVD, STE 202 BIRMINGHAM ALABAMA 35210
    Assignment Recorded ASSIGNMENT RECORDED
    Attorney of Record Pamela Payne Smith

    THINK DEALS DONE (sm)
    First Use 2/1/1998
    Collateral Mortgage Ltd
    Collat, Inc. GNEERAL PARTNER
    Incorporated under laws State of Alabama
    Limited Partnership Alabama
    524 Loma Square
    Birmingham AL 35216
    (Last Listed Owner)
    BB&T Corp
    Corp North Carolina
    P.O. Box 1255
    Winston-Salem North Carolina 27102-1255
    Attorney of Record:
    Brian M. Davis

    YOU’LL FEEL AT HOME WITH US. FCSHOMEMORTGAGE (sm)
    Mortgage banking services, namely, origination, acquistion, servicing, securitization and brokerage of mortgage loans.
    First use in commerce: 1/28/2003
    Owner (REGISTRANT)
    Farm Credit Services of Western Arkansas, ACA Glen Manchester, President & CEO, US Citizen;
    Tom Peebles, Exec. VP, US Citizen;
    Tom Cox, Sr. VP, Sales & Marketing, US Citizen;
    Lori Schumacher, CFO, US Citizen;
    Terry Vest, Sr. VP Collateral Services, US Citizen;
    Bob Williams, Sr. VP, Chief Credit Officer, US Citizen.
    COOPERATIVE ASSOCIATION ARKANSAS
    3115 W. 2nd Court
    Russellville ARKANSAS 72801
    Attorney of Record Mark W. Nichols

    CSI (sm) LIVE 9/25/1995
    COLLATERAL SPECIALISTS (sm)
    COLLATERAL SPECIALISTS INC. (sm) 9/25/1995 – 7/28/2006
    DELAWARE Corp
    250 Bel Marin Keys Blvd, Suite G2
    Novato CA 94949
    Brandon D. Smith Esq. Attorney of Record
    Business consulting services in the field of inspections of collateral for commercial lending and wholesale financing.
    9/25/1995 First Use Commerce

    JP MORGAN CHSE BANK N.A.
    AS COLLATERAL AGENT
    NEW YORK CORP
    270 PARK AVE
    NEW YORK NY 10017
    Cynthia L. Steward (TM) and (SM)
    MANAGING FOR TOMORROW:
    FIRST USE 7/1/1998 (PENSION FUNDS) AND OTHER STUFF

    SPANNING BOUNDARIES (SM) LIVE
    First Use 5/1/2007
    Collateral Real Estate Capital LLC
    Jurisdictoin Alabama
    3000 Riverchase Galleria, Suite 1020
    Birmingham Alabama 35244

    THINK PARTNERSHIP (sm) 6/1998-11/12/2010
    THINK CONNECTIONS (sm) 6/1998 – 11/12/2010
    THINK COLLATERAL(sm) 6/1998-1/4/2011
    THINK FLEXIBILITY (sm) 6/1998 – 11/19/2010
    Commercial, multi-family and real estate loan financing services.
    First Use Commerce 6/1998
    Owner (REGISTRANT) Collateral Mortgage Capital, LLC LIMITED LIABILITY COMPANY ALABAMA Birmingham ALABAMA 35216
    (LAST LISTED OWNER) BB&T CORPORATION CORPORATION NORTH CAROLINA P.O. BOX 1255 WINSTON-SALEM NORTH CAROLINA 271021255
    Assignment Recorded ASSIGNMENT RECORDED
    Attorney of Record Brian M. Davis

    BIZCAP (sm) LIVE First Use Commerce 2/1/2007
    Owner (REGISTRANT)
    Collateral Real Estate Capital, LLC
    LIMITED LIABILITY COMPANY ALABAMA
    3000 Riverchase Galleria, Suite 1020 Birmingham ALABAMA 35244
    (LAST LISTED OWNER)
    BB&T CORPORATION
    CORPORATION NORTH CAROLINA
    P.O. BOX 1255
    WINSTON-SALEM NORTH CAROLINA 271021255
    Assignment Recorded ASSIGNMENT RECORDED
    Attorney of Record Brian M. Davis

    PORTAL INVESTMENT ADVISORS, LTD. (SM) LIVE
    9/26/2006 First Use in Commerce
    Investment Management
    Collateral Investment Management LTD
    Limited Liability Co OHIO
    1300 600 Superior Ave
    Cleveland OH 441114

    COLLATERAL INVESTMENT MANAGEMENT, LTD. (sm) LIVE
    First Use Commerce 4/28/2006
    Investment Management
    Collateral Investment Management LTD
    Limited Liability Company Ohio
    Sutie 1300 600 Superior Ave
    Cleveland OH 44114

    YOUR SOURCE OF CAPITAL FOR MULTIFAMILY AND COMMERCIAL DEALS NATIONOWIDE (sm)
    FIRST USE COMMERCE 5/27/2003
    Collateral Mortgage Capital, LLC
    Limited Liability Co Alabama
    524 Loma Square
    Birmington Alabama 35216
    Last Listed Owner BB&T Corp
    Corp North Carolina
    PO Box 1255
    Winston-Salem North Carolina 27102-1255

    COLLATERALINTERNATIONAL INVESTMENTS IN LIVING. (sm) LIVE
    Commercial, multi-family and residential real estate loan financing services. First Use in Commerce 11/1/2004
    Owner (REGISTRANT)
    Collateral International, LLC LIMITED LIABILITY COMPANY DELAWARE 1900 Crestwood Blvd, Suite 300 Birmingham ALABAMA 35210
    (LAST LISTED OWNER)
    NEW SOUTH FEDERAL SAVINGS BANK FEDERALLY CHARTERED SAVINGS BANK UNITED STATES 1900 CRESTWOOD BOULEVARD, SUITE 300
    BIRMINGHAM ALABAMA 35210
    Assignment Recorded ASSIGNMENT RECORDED
    Attorney of Record Kenneth M. Bush

    THINK RESULTS (sm) LIVE
    THINK SMART (sm) LIVE
    4/2000 FIRST USE COMMERCE
    COMMERCIAL, MULTI-FAMILY AND REAL ESTATE LOAN FINANCING SERVICES
    Owner (REGISTRANT) Collateral Mortgage Capital, LLC LIMITED LIABILITY COMPANY ALABAMA 524 Lorna Square Birmingham ALABAMA 35216
    (LAST LISTED OWNER) BB&T CORPORATION CORPORATION NORTH CAROLINA P.O. BOX 1255 WINSTON-SALEM NORTH CAROLINA 271021255
    Assignment Recorded ASSIGNMENT RECORDED
    Attorney of Record Brian M. Davis

  21. @Carie,

    “But some housing experts are skeptical that the new policies will do much to curtail the practice, in part because they could prove to be difficult rules to enforce,”

    They’ve got to be sh*^%ing me!
    All that’s needed is to withhold any modification incentive given to any servicer until said servicer has adequately demonstrated that, indeed, the modification went through and to also withhold any foreclosure incentive given by government until the servicer clearly documents whether a mod was requested first and the reasons why it was denied (if it was).

    STOP THE INCENTIVES to servicers and see what hapens, for Pete’s sake!!!

  22. (no, this isn’t me—but it could have been…)

    read more at:
    http://www.huffingtonpost.com/2012/02/16/national-mortgage-settlement-foreclosure_n_1279535.html

    National Mortgage Settlement: Bank Forecloses Even As Carrie Haskamp Pursues Loan Modification

    “…The good news was waiting for Carrie Haskamp on her answering machine one September afternoon. Her bank had agreed to change the terms of her mortgage loan so that she could catch up on her missed payments and keep her rural Minnesota home.

    “I remember calling my husband at work and telling him he had to come home and listen to the message,” recalled Haskamp, 44. “It was like ‘We got it. We made it. We’re going to be okay.'”

    What Haskamp didn’t know was that a month later the bank would foreclose, despite her loan modification. Turns out, one arm of her mortgage company was reviewing her loan for a modification at the same time that another division was planning to foreclose, in an industry practice called “dual tracking.” While there’s no firm data on the number of borrowers who go through this, housing experts agree that it’s routine and problematic. People who possibly could have kept their home with their bank’s help instead end up on the street.

    “I hear every week about homeowners all over the country facing foreclosure while applying for a loan modification or even while making payments under a modification,” said Diane Thompson, counsel for the National Consumer Law Center, an advocacy organization.

    The national foreclosure settlement announced last week includes new mortgage rules intended to stop dual tracking. But some housing experts are skeptical that the new policies will do much to curtail the practice, in part because they could prove to be difficult rules to enforce, said Kevin Stein, associate director of the California Reinvestment Coalition. “There are very individualized, day-to-day decisions happening when a mortgage company works with a borrower. And that’s hard to monitor and enforce,” said Stein, whose coalition of nearly 200 nonprofits serves low- and moderate-income Californians…”

    “…hard to monitor and enforce,”

    YEAH—IT’S TOO HARD TO MONITOR AND ENFORCE THE LAW…IT’S JUST TOO DA*M HARD…

  23. @Jordana,

    I wouldn’t wait for someone else to go after my money… I’d go by myself and use every possible doc, argument, report, recent indictment, sanction and what not.

    You know what they say: the best defense is a good attack. If you didn’t (coldn’t) attack before and you feel you have anough now to do it, why wait?

  24. If we have a valid claim against Wells for mishandling our particular loan and foreclosure do we have to file ourselves for recovery or will some of these funds “trickle down” to us mere mortals?

  25. FORECLOSURE IN CALIFORNIA A CRISIS OF COMPLIANCE SAN FRANCISCO | FEBRUARY 2012 PREPARED BY AEQUITAS COMPLIANCE SOLUTIONS, INC.

    http://www.scribd.com/doc/81843675/FORECLOSURE-IN-CALIFORNIA-A-CRISIS-OF-COMPLIANCE-SAN-FRANCISCO-FEBRUARY-2012-PREPARED-BY-AEQUITAS-COMPLIANCE-SOLUTIONS

  26. Audit Uncovers Extensive Flaws in Foreclosures
    By GRETCHEN MORGENSON NEW YORK TIMES
    Published: February 15, 2012
    An audit by San Francisco county officials of about 400 recent foreclosures there determined that almost all involved either legal violations or suspicious documentation, according to a report released Wednesday.

    Phil Ting, the San Francisco assessor-recorder, found widespread violations or irregularities in files of properties subject to foreclosure sales.
    Anecdotal evidence indicating foreclosure abuse has been plentiful since the mortgage boom turned to bust in 2008. But the detailed and comprehensive nature of the San Francisco findings suggest how pervasive foreclosure irregularities may be across the nation.
    The improprieties range from the basic — a failure to warn borrowers that they were in default on their loans as required by law — to the arcane. For example, transfers of many loans in the foreclosure files were made by entities that had no right to assign them and institutions took back properties in auctions even though they had not proved ownership.
    Commissioned by Phil Ting, the San Francisco assessor-recorder, the report examined files of properties subject to foreclosure sales in the county from January 2009 to November 2011. About 84 percent of the files contained what appear to be clear violations of law, it said, and fully two-thirds had at least four violations or irregularities.
    Kathleen Engel, a professor at Suffolk University Law School in Boston said: “If there were any lingering doubts about whether the problems with loan documents in foreclosures were isolated, this study puts the question to rest.”
    The report comes just days after the $26 billion settlement over foreclosure improprieties between five major banks and 49 state attorneys general, including California’s. Among other things, that settlement requires participating banks to reduce mortgage amounts outstanding on a wide array of loans and provide $1.5 billion in reparations for borrowers who were improperly removed from their homes.
    But the precise terms of the states’ deal have not yet been disclosed. As the San Francisco analysis points out, “the settlement does not resolve most of the issues this report identifies nor immunizes lenders and servicers from a host of potential liabilities.” For example, it is a felony to knowingly file false documents with any public office in California.
    In an interview late Tuesday, Mr. Ting said he would forward his findings and foreclosure files to the attorney general’s office and to local law enforcement officials. Kamala D. Harris, the California attorney general, announced a joint investigation into foreclosure abuses last December with the Nevada attorney general, Catherine Cortez Masto. The joint investigation spans both civil and criminal matters.
    The depth of the problem raises questions about whether at least some foreclosures should be considered void, Mr. Ting said. “We’re not saying that every consumer should not have been foreclosed on or every lender is a bad actor, but there are significant and troubling issues,” he said.
    California has been among the states hurt the most by the mortgage crisis. Because its laws, like those of 29 other states, do not require a judge to oversee foreclosures, the conduct of banks in the process is rarely scrutinized. Mr. Ting said his report was the first rigorous analysis of foreclosure improprieties in California and that it cast doubt on the validity of almost every foreclosure it examined.
    “Clearly, we need to set up a process where lenders are following every part of the law,” Mr. Ting said in the interview. “It is very apparent that the system is broken from many different vantage points.”
    The report, which was compiled by Aequitas Compliance Solutions, a mortgage regulatory compliance firm, did not identify specific banks involved in the irregularities. But among the legal violations uncovered in the analysis were cases where the loan servicer did not provide borrowers with a notice of default before beginning the eviction process; 8 percent of the audited foreclosures had that basic defect.
    In a significant number of cases — 85 percent — documents recording the transfer of a defaulted property to a new trustee were not filed properly or on time, the report found. And in 45 percent of the foreclosures, properties were sold at auction to entities improperly claiming to be the beneficiary of the deeds of trust. In other words, the report said, “a ‘stranger’ to the deed of trust,” gained ownership of the property; as a result, the sale may be invalid, it said.
    In 6 percent of cases, the same deed of trust to a property was assigned to two or more different entities, raising questions about which of them actually had the right to foreclose. Many of the foreclosures that were scrutinized showed gaps in the chain of title, the report said, indicating that written transfers from the original owner to the entity currently claiming to own the deed of trust have disappeared.
    Banks involved in buying and selling foreclosed properties appear to be aware of potential problems if gaps in the chain of title cloud a subsequent buyer’s ownership of the home. Lou Pizante, a partner at Aequitas who worked on the audit, pointed to documents that banks now require buyers to sign holding the institution harmless if questions arise about the validity of the foreclosure sale.
    The audit also raises serious questions about the accuracy of information recorded in the Mortgage Electronic Registry System, or MERS, which was set up in 1995 by Fannie Mae and Freddie Mac and major lenders. The report found that 58 percent of loans listed in the MERS database showed different owners than were reflected in other public documents like those filed with the county recorder’s office.
    The report contradicted the contentions of many banks that foreclosure improprieties did little harm because the borrowers were behind on their mortgages and should have been evicted anyway. “We can deduce from the public evidence,” the report noted, “that there are indeed legitimate victims in the mortgage crisis. Whether these homeowners are systematically being deprived of legal safeguards and due process rights is an important question.”

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