FROM MARY COCHRANE
Nelson McKee/FA Has Been a Filing Agent For 908 Registrants
Norwest Asset Sec Corp …. Trust 1998-1 Filing Agent for 25,837…Registrants
Wholesale (Bank and its commercial subsidiaries, affilaites, clients):
“European market for ‘whole loans’ as compared to US market, remains very limited. In ‘US’, agencies exist to provide liquidity in broad measure to the mortgage market.”
“Number of European regimes there are barriers to the transfer or sale of a loan without the borrower’s consent. ”
Congress vested law, powers and charters – period and call the shots. COMMERCE operates as constructed by the laws created under Article I.
Retail (Borrower and Servicer)
We the people are ‘Retail’ transactions and the wholesale transacctions are processed after retail – opposite of normalized commerce operations of manufacturing entities. Nothing underhanded here rather this is how CONGRESS wants the money to move. GET IT or send me your address and I’ll mail you a copy of the statement from the OCC they are without authority to adjudicate the alleged unlawful business matters.
Wholesale transactions happen after retail transactions — how? Purchase Orders ‘intent’ to acquire
CONGRESS did not vest powers to investigate retail transactions of consumer as borrower. CONGRESS instruced OCC and OTS and FDIC to NOT investigate ‘RETAIL” transactions vesting jurisidction to Attorney Generals, and prevent AG’s from enforcing laws by design.
Please – Move up to the next rung on Maslows ladder and expand your breadth of knowledge in order to focus on the loopholes and make CONGRESS both accountable and responsible.
Warren Buffett is yelling making nose because he is being hurt in his European designer pocketbook and American wallet light on the US dollar side.
CONGRESS (your elected officials seats owned by the private benefactors) collects their paycheck and benefits protecting the benefactors not you. Funny you pay their salary! The benefactors provide them with campgian funds and stipends and rewards and promisies of other jobs in the event like Geithern their term expires! How many people in CONGRESS are everyday consumers who do business at retail?
Alike, members of the SEC who sit in the seats owned by GE on the stock exchange. The benefactor is GE when my dad sat in their seat and made them money.
Do you want the Federal Republic system to work? Its only 235 years old. 1997-2007 a disaster why? CONGRESS wanted to do business over SEC and move moeny – the more money moved the bigger the budget.
Read if you will a great discussion 5/2008 (Nelson McKee LLP before it was absorbed by in which ‘WaMu’ and ‘BOA’ the only two U.S. issuers of covered bonds
WaMu in euros and BOA in US dollar-denominated
Who is Nelson Mckee LLP? If any of you are looking at your documents, you’ll find they are a filing agent who processess transactions for the ‘gang’ BOA, WaMu, Lehman, SASCO, ACE…..
alike the same role ‘Norwest Asset Securities Corp….Trust 1998-1 just a filing agent who creates transactions over SEC and moves currency for CONGRESS.
A Done Deal: Bingham, McKee Nelson Officially Combine
http://www.bingham.com/Media.aspx?MediaID=9493 – CachedSimilar
Aug 3, 2009 – 3, 2009 — Bingham announced today that it has officially completed its combination with McKee Nelson LLP. The combined firm will use the …
[PDF] This article was published prior to McKee Nelson LLP’s combination …
http://www.bingham.com/ExternalObjects/Docs/11-13-07_GinnieMae_(4663).pdfFile Format: PDF/Adobe Acrobat – Quick View
This article was published prior to. McKee Nelson LLP’s combination with Bingham McCutchen LLP on August 1, 2009. …
Where are you on Maslows Ladder?
Physiological Needs 1st
Safety Needs 2nd
Belongingness & Love Needs – 3rd
Esteem Needs – 4th
Need to Know & Understand – 5th
I’m at the 5th level
Know where the CEO of the banks are? 7th or 8th level
What is a covered bond and how does it work?
Covered bond = security issued by a bank
Covered bond – general obligation of bank
Covered Bond secured by a pledge of a separate pool of mortgage loans
Covered Bond is a hybrid obligation-part conventional debt security, part securitized instrument.
Covered bond investors don’t rely primarily on cash flow from the pledged assets as in a securitized offering.
Covered bond investors have the benefit of the mortgage pool as security in the event of the bank’s failure.
Covered Bonds similar to ‘securitized products’ – structured to insulate investors from risk of issuing bank’s insolvency.
Covered Bonds different from other securitized products – in that the bank can freely substitute collateral
Covered bonds different from other securitized products – in that bank is required by the governing agreements to replenish the collateral if the value deteriorates.
Covered bonds different from other securitized products – in that the bonds are typically structured with a bullet maturity of five years or ten years
Covered bonds different from other securitized products – in that the collateral cash flow is not matched to the bond’s payments.
Covered bonds proliferated in Europe – especially in countries with legislation that protects investors from risk of insolvency or receivership of issuing bank. These programs place a ‘ring fence’ around the ‘collateral’ enabling investors to access collateral in event of a default.
“Kenneth Marin – Why only residential mortgage collateral? Why not other highly liquid assets like Treasuries that a financial institution would often post as collateral?
“Krimminger – FDIC’ – Initially we were looking at covered bonds as a vehicle for expanding liquidity for the mortgage markets, particular for the residential mortgage markets. The part of a covered bond structured that could prove challenging to institutions during times of stress is metting the cover test.
That could be difficult if the mortgage or other assets pledged to the covered bond are deteriorating in value so that you have to sweep additional assets into the cover pool and take them out of that unpledged category that we could sell off, if needed.
‘ASR’ If FDIC took over an institution, it would transfer all of the assets and liabilities to another insitution, enabling the covered bonds to remain outstanding — then you would not need to do anything else to solve the acceleration risk issue.
KRIMMINGER FDIC – US public policy of providing clear protection to insured depositors, and one way is to give the FDIC flexibility in deciding what the resolution structures for different institutions are.
Page 15 1st Para – US whole public policy risk to overall financial institution versus European focus on risk to investors
Filed under: bubble, CDO, CORRUPTION, currency, Eviction, foreclosure, GTC | Honor, Investor, Mortgage, securities fraud | Tagged: bankruptcy, borrower, countrywide, disclosure, foreclosure, foreclosure defense, foreclosure offense, foreclosures, fraud, LOAN MODIFICATION, modification, Nelson McKee, quiet title, rescission, RESPA, securitization, TILA audit, trustee, WEISBAND |