US Bank Business: Rent-A-Name, Trustee


BOTTOM LINE: A trust without a trustee holding fiduciary duties and actual powers over trust assets is no trust at all. This signals corroboration for what is now well known in the public domain: the REMIC trustee has no powers or duties because there is no trust and there are no trust assets.

See below for why I am re-publishing this article.

Get a consult! 202-838-6345 to schedule CONSULT, leave message or make payments.

Until now I knew about a letter sent out by US Bank until the TBTF banks in control of the mortgage mess realized that this was a dangerous letter. It provides proof and corroboration and opportunities for further corroboration that US Bank is a fictitious trustee even when named in a PSA/Trust.

I can’t give you a copy of the actual letter as that contains private information. But I now physically have in my possession of the wild card letter sent out by US Bank filled with factual misstatement, legal absurdities, fraud, and admissions against interest that show clearly that the  entire “securitization” game is but a rotating cloud of existing and non-existing entities blinking in and out such that finding the those in charge becomes impossible to detect.

The text in blue are direct unedited quotes from the letter answering a homeowner, in 2013, who was trying to figure out who is in charge. This is a short letter and the quotes essentially make up virtually the entire letter. They are not taken out of context. The rest are my comment and opinions.

NOTE: [FORECLOSURE BY PARTY CLAIMING TO BE THE CREDITOR OR HOLDER OR OWNER WITHOUT MENTION OF TRUST;]Where the Master Servicer or a subsidiary or affiliate of the Master Servicer names itself as Plaintiff (i.e., the foreclosing party) you may not realize that you are dealing with a securitization plan that went bad or was reconstituted, but either way the Master Servicer never funded (i. e., was the source) any loans within this class of loans that were falsely represented to be subject to claims of securitization. The goal is the same because internally the Master Servicer is attempting to seal the illegal record with a legal act or judgment and is attempting to get its hands on mislabeled “servicer advances.”

Here are the quotes (in blue0 from the letter with commentary (in black):

  • I have researched your mortgage and have determined that
    • Since he disclaims any authority or responsibility for the trust assets, what “research” did he perform?
    • Where did he get his information from when the authority and responsibility for the loans rests with a third party?
    • US Bank clearly could not have business records unless the Master Servicer was reporting to the NAMED Trustee. But we know that isn’t happening because the PSA expressly prevents the beneficiaries or the trustee from getting any information about the trust assets or in even seeking such information. 
    • This letter is clearly a carefully worded document to give false impressions.
    • Upon reading the PSAs it is obvious that neither the Trustee nor the beneficiaries have any permitted access to know how the money or assets is being managed
    • This opens the door to moral hazard: i.e., that the sole source of information is coming from third parties and thus neither the beneficiaries nor the putative “borrowers” have any information disclosed about who is actually performing which task. 
    • This could be concealment fraud in which the direct victims are the investors and the indirect victims are the homeowners.
  • US Bank is merely the Trustee for the pool of mortgages in which your loans sits.
    • “Merely the Trustee” is non descriptive language that essentially disclaims any actual authority or duties. It is apparently conceding that it is “merely” named as Trustee but the actual duties and authority rests elsewhere.
  • The Trustee does not have the authority to make any decisions regarding your mortgage loans.
    • So we have a Trustee with no powers over mortgage loans even if the “loans” were in a pool in which ownership was ascribed to the Trust. Again the statement does not specifically disclaim any DUTIES. 
  • The servicer is the party to the trust that has the authority and responsibility to make decisions regarding individual mortgage loans in the trust. It is the Servicer who has taken all action regarding your property.
    • “all action” would include the origination of the loan if the investors’ money was being used to originate loans rather than buying existing loans.
    • This statement concedes that it is the servicer (actually the Master servicer) that has all power and all responsibility for administration of the trust assets. 
    • In short he is probably conceding that while US Bank is NAMED as Trustee, the ROLE of Trustee is being performed by the Master Servicer, without any information or feedback to the named Trustee as a check on whether a fiduciary duty has been created between the Master Servicer and the trust or the Master Servicer and the trust beneficiaries. 
    • Hence the actual authority and duties with respect to the trust assets lies with the Master Servicer who hires subservicers to do whatever work is required, mainly enforcement of the note and mortgage, regardless of whether the loan ever made it into the Trust. 
    • It follows that the sole discretion of the Master Servicer creates an opportunity for the Master Servicer to gain illicit profits by handling or mishandling originations, foreclosures and liquidations of property. Taking fictitious servicer advances into account it is readily apparent that the sole basis for foreclosure instead of workouts is to “recover” money for which the Master Servicer never had a claim for recovery. 
      • Reporting in actuality is nonexistent except for the reports of “borrower payments” which are massaged through multiple subservicers each performing a “boarding process” in which in actuality they merely input new data into the subservicer system and claim it came from the old subservicer.
      • This “boarding process” is a charade as we have seen in the majority of cases where the knowledge and history of the payments and alleged delinquency or default has been challenged. In nearly all cases despite the initial representation from the robo-witness, it becomes increasingly apparent that neither the witness nor his company, the subservicer, have any original data nor have they performed any reviews to determine if the data is accurate.
      • In fact, upon inquiry it is readily apparent now that the “records” are created, kept and maintained by LPS/BlackKnight who merely assigns “ownership” of the records from one assigned subservicer to the next. LPS fabricates whatever data is necessary to allow an appointed “Plaintiff” to foreclose, including the fabrication adnfoqgery of documents.
        • This is why the parties to the 50 state settlement do not perform the reviews required under the settlement and under the Dodd-Frank law: they have no records to review. 
    • in this case the current subservicer is SLS — Specialized Loan Servicing LLC
  • While US Bank understands and wishes to assist you with this matter, the servicer is the only party with the authority and responsibility to make decisions regarding your mortgage and they are not affiliated with US Bank in any way.
    • Hence he concedes that the duties of a trustee (who by definition is accepting fiduciary responsibilities to the trust entity and the trust beneficiaries) is being performed by a third party, with absolute power and sole discretion, who has no affiliation with US Bank.
      • This concedes that US Bank is not a trustee even though it is named as Trustee in some trusts and otherwise “acquired the trust business” from Bank of America and others. 
        • A Trustee without powers or duties is no trustee. Disclaimer of fiduciary duties denotes non acceptance of being the Trustee of the Trust.
        • Acquiring the trust business is a euphemism for the continuation of the musical chair business that is well known in subservicers. 
        • Being the trustee is NOT a marketable commodity without amendment to the Trust document. Hence if a Trustee is named and has no power or duties, and which then “sells” its “trust business” to US Bank the “transfer” trust responsibility is void but damnum absque injuria. 
        • No action for breach of fiduciary exists because nobody assumed the fiduciary duty that must be the basis of any position of “trustee” of any trust.
  • BOTTOM LINE: A trust without a trustee holding fiduciary duties and actual powers over trust assets is no trust at all. This signals corroboration for what is now well known in the public domain: the REMIC trustee has no powers or duties because there is no trust and there are no trust assets. 


Update: An identical letter (see below) has been sent to me from various sources all ostensibly from US Bank. My opinion is that

  • The letter is not from US Bank
  • US Bank Corporate Trust Services has nothing on the alleged loans
  • No business records are kept by US Bank in connection with alleged loans subject to alleged claims of securitization
  • The letter was not sent out by Bank of America either although one might surmise that. It was sent by LPS/Black Night
  • The letter is pure fabrication and forgery.
  • The cutting and pasting was done by persons who have no relationship with even the false claims of the banks
  • Goldade has no trust duties in connection with the alleged loan
  • And of course the alleged loan is not in the trust, making claims by or behalf of the “trustee” or the “Servicer” completely without merit or foundation.

Here is an example of one of the letters that I used for analysis : Note that the “:,F4” indicates that the signature was pasted not executed by a real person with a pen. You can examine your own letters like this by highlighting the letter contents and then pasting to text edit rather than Word or any other program that corrects and substitutes the command rather than just printing it. The “errors” in grammar and formatting occur in text edit.

The meta data from the letter shows the following, and I have the rest of it as well.

/Type /Metadata
/Subtype /XML
/Length 673
<?xpacket begin=”” id=”W5M0MpCehiHzreSzNTczkc9d”?><x:xmpmeta x:xmptk=”NitroPro 9.5″ xmlns:x=”adobe:ns:meta/”><rdf:RDF xmlns:rdf=””><rdf:Description rdf:about=”” xmlns:dc=”; xmlns:pdf=”; xmlns:pdfaExtension=”; xmlns:pdfaProperty=”; xmlns:pdfaSchema=”; xmlns:pdfaid=”; xmlns:xmp=””><xmp:ModifyDate>2016-11-04T18:28:42-07:00</xmp:ModifyDate&gt;
<?xpacket end=”w”?>

Note the reference to Nitro Pro 9.5 --- 
which is a program that allows one to edit pdf files
 and then print them out 
as though the new pdf was simply a printout 
of a pre-existing document.  
Here is how the letter appears in text edit:
I am writing in response to your Debt Elimination Scheme and complaint on the subject property sent to U.S. Bank National Association (“U.S. Bank”). On behalf of U.S. Bank, I am happy to assist you with this matter to the extent I am able to provide information.
I have researched your mortgage and have determined that U.S. Bank is merely the trustee for the Trust that owns yourmortgageandnote. PleasenotetheTrustistheownerofyourmortgageandnote,notthetrustee. Theservicer is the party to the Trust that has the authority and responsibility to make decisions and take action regarding individual mortgage loans in the Trust. The trustee has no authority or responsibility to review and or approve or disapprove of these decisions and actions. It is the servicer who has taken all action regarding your property, and has the information you have requested.
As we stated in our response of July 27, 2016 you must work with Bank of America as the servicer of your loan, to have your request addressed. I have forwarded your correspondence to Bank of America and they have responded and stated you may utilize the following email –
While U.S. Bank understands and wishes to assist you with this matter, the servicer is the only party with the authority and responsibility to make decisions regarding this mortgage and they are not affiliated with U.S. Bank in anyw ay.
Please work with Bank of America to address your concerns using the information provided to you in this letter, so they may assist you in a more timely and efficient manner.

Sincerely  :,f4

Kevin Goldade Corporate Trust Services 60 Livingston Ave
St Paul, MN 55107
cc Bank of America


17 Responses

  1. SidFicious:

    There’s one difference with the “trust” that I am dealing with. It’s not a trust at all. It’s an entity that was created by “participation agreement” only. I have seen documentation from these same parties in which it is noted that LSF8 Mortgage Holdings LLC is the actual purchaser of the portfolio of loans from HSBC… least, on paper, because HSBC sold my loan off way back in 2006 almost before the ink could dry on the original docs. But anyways, HSBC, on paper, sold this big bunch of loans to LSF8 Mortgage Holdings–NOT to LSF8 Master Participation Trust. See Below:

    That document is for LSF9, but the only difference is that LSF9 Mortgage Holdings LLC was the purchaser for a big batch of loans that were supposedly owned by Chase. LSF8 did the same exact thing and I’ve got some docs that show it. Now, with a participation agreement, LSF8 Master Participation Trust would typically not have any right to enforce–that would stay with the actual owner of the loans. But, here’s where they really messed up in my case…..they recorded a fake assignment of mortgage on this, showing HFC selling the loan directly to US Bank Trust, as trustee for LSF8 Master Participation Trust. How could the participation trust have bought the loan from HFC when their own documentation shows that LSF8 Mortgage Holdings was the actual buyer? There’s no chain of title showing any assigning of ownership from LSF8 Mortgage Holdings to LSF8 Master Participation Trust, and because the two are separate corporate entities, there must be.

  2. Randall Stephens: you are correct, Wells has another facility in Eagan. Eagan is a suburb of St. Paul.

  3. @ Jan:

    I thought the address for the Wells Fargo document manufacturing facility is/was 1000 Blue Gentian Road Eagan MN.

  4. “Foreclosureweb”: The address you recite is actually the back-office address of Wells Fargo Bank. This is the location where Wells Fargo generates, out of thin air, mountains of documents that are then recorded on the Land Records, typically just prior to Wells filing suit against you. The Court is then invited to peruse the document filing and infer from the idea that because it is filed on the Land Records, therefore it must be presumptively a valid document (and not some creation dreamed up inside Wells Fargo in anticipation of litigation).

    Since Wells acts for a number of other players, it is no surprise that all these entities all have the same address – a mail slot inside Wells Fargo.

    Because filing false papers on the land records is a felony crime in most if not all States, you never see a seasoned bank official signing any of these papers. They hire kids, mostly young girls of 19-25, to go sit in their barracks room and sign thousands of these papers shoved at them. Prosecutors don’t go after young clueless kids, and the bankers themselves now have plausible deniability as to their criminal culpability – it is not their signature on the paper. As the kids are not very bright and have no understanding of what they are doing or the implications of their acts, they just sign away. Hey, if it pays $12/hr., what’s not to like?

  5. Danger Kitty
    QWR … PPM agreement
    Private Placement Memorandiam naming
    Including the household estate…cough…

  6. Papergate…your friend is learning. 😂

  7. The timing of this post today is unreal. I literally sent an email request to US Bank Trust yesterday myself. Today, I got the following response–some things in parentheses were redacted:

    “Thank you for your request for assistance directed to U.S. Bank National Association (“U.S. Bank”). I have been asked to address your concerns on behalf of U.S. Bank and appreciate the opportunity to do so.

    Your servicer is the party to address your questions and has the authority and responsibility to make decisions and take action regarding individual mortgage loans in a given Trust.

    If we are the trustee we have no authority or responsibility to review and or approve or disapprove of these decisions and actions. It is the servicer who has taken all action regarding this property and is the proper party to address your concerns and to obtain details of what trust your property is in.

    As we are not able to address your concerns, please work with
    (servicer) as the servicer for this property. We forwarded your correspondence to (servicer) and requested they respond to you. They responded and stated you may contact (clueless worker bee pretending to be a VP of something) at (email address) with your concerns.

    I have included a brochure that further explains the roles of the trust and the servicer that I hope you find helpful.

    While U.S. Bank understands and wishes to assist you with this matter, the servicer is the only party with the authority and responsibility to make decisions regarding this mortgage and they are not affiliated with U.S. Bank in any way.

    We regret that we are unable to be of further direct assistance to you regarding this matter. Please contact (servicer)using the information provided above so that they may assist you in a more timely and efficient manner.


    Notice that third paragraph? “If we are the trustee….”?? They are not hiding anything, are they?? They either cannot even tell me if they are the trustee or not—or they are refusing intentionally to address the point. A friend sent out a similar request to them, also yesterday, and got a response this afternoon stating that US Bank IS the trustee in that case, but did not name the trust.

    I sent a reply to them asking them to state whether or not they are in fact the trustee. I did not get a response. I’m not surprised, but I figured I would try anyways. Incidentally, when I did this, I gave them only the property address. I’d be willing to bet that they have nothing more in their system than a notation under that address that identifies a particular servicer.

    OK, heres the million dollar question….now that we have this info, how do we actually use it? The supposed trust is a private one, so there’s no SEC filings to search. So what do we so with this information?

  8. I sent a Qualified Written Request [QWR] to US Bank Trust Services in Minneapolis. I copied the loan servicer, the original ‘lender’, the prior loan servicers, the CFPB in D.C., the OCC (Treasury Dept.) – and, any party that I thought may lay claim to the alleged debt.

    I always, always disputed the debt. I challenged all parties to provide proof that I owed any of them one penny. The typical ‘non-response’ came from the current loan servicer, providing copies of the Note and DOT to prove that a debt was owed [gee, thanks guys – but who owns the debt?!].

    I was quite surprised that US Bank had responded. Read your Trust Agreement/PSA. It also pays to read the 424b5 Prospectus. One will find everything one needs to challenge the standing of the Trustee to act on behalf of the Investors/Trust in these docs. One can download these docs from the SEC’s EDGAR website.

    Get in touch if you need addtional help.


  9. A friend from Chicago ask to share this with readers with genuine regards and hope it would help:

    “This is just my take as a Monday morning quarterback…

    Now that Neil has illuminated the role of US BANK as Trustee for various REMIC Trusts, it is extremely familiar to me. I see why they don’t need to have a bank account. They only hold paper not money.

    The Trust purchases nothing but is assigned the equitable and beneficial interest in the mortgages – not the mortgages themselves. Somebody else has legal title. They are not the legal owner… only the equitable and beneficial owner. It appears that the trust retains equitable interest then channels the beneficial interest to the Beneficiaries in the investor pool.The trust is a legal fiction conduit to shield the beneficiaries (investor pool). Beneficial ownership is considered “personal property” not “real property”. This is what probably isolates the trust and investors in the pool from tax liabilities. Put another way; they have a financial investment interest in “the interest” – they don’t have a legal or equitable interest in the “real property” or the mortgage itself.

    For reference, take a look at the terms establishing an Illinois Land Trust here:

    I reiterate from a previous comment…

    It appears that the function of a REMIC/MBS Trustee is similar in character to the Trustee in an Illinois Land Trust. [such as i have]

    In said trust, the Trustee is the Legal and Equitable Owner of the Trust res property (the home), but is void of authority to commence any independent action unless directed to do so by the Beneficiary(ies) or other person(s) named within the trust agreement with the power to direct the Trustee.

    [similar to a REMIC Trust where the servicer pulls the strings, the Land Trustee is “a legal shield and robot” under my control – its only function is to be the legal holder/owner of the trust res for the benefit of the pool of named beneficiaries]

    The Grantor ceases to have direct “technical legal ownership” to pledge, mortgage or do anything else with regard to the Trust res upon creation of the Trust and appointment of Trustee.

    Similarly, the Beneficiaries of the Land Trust hold only a beneficial interest in the nature of “personal property” not “real property” and thus also cannot pledge, mortgage, or do anything else directly with regard to the Trust res “real property”.

    Actions are brought in the name of the Land Trust, but it is the Beneficiary(ies) or other person(s) named within the trust agreement with the power to direct the Trustee who are the movers of the actions.

    Failure to secure a mortgage naming the Land Trust Trustee as the borrower and securing authorized signature of same is a fatal error and renders the contract non-consummated and void, as “there remains something yet to do”.

    Again, the Grantor and the Beneficiaries have no power or authority to pledge, mortgage, or do anything else directly in their own names or roles with regard to the Trust res “real property”.

    [The Trustee has no power to do anything other than follow orders from the controlling party. It is a legal fiction/pronoun which can only be brought to life by the party with the right to control it.]

    Further, if a foreclosure action is not brought against the Trustee, or the plaintiffs in such foreclosure fail to serve the proper Trustee, there is no jurisdiction of the court and any judgments are void, not voidable.”

    – – –
    It’s all good and we should share equally the knowledge! Keep thinking and fighting!!

  10. I want to know how these entities sell a mortgage that they caused to default? we all know the mortgages were ppaid off with default insurance? seems the seller and buyer are in co hoots. why are the judges not aware when they own their own homes and know about mortgage default insurance. there has to be some law we can dig up that states once the mortgage is paid off with insurance whom ever paid the insurance owns the home, but somewhere in the contract there must be written that once the default insurance is paid they can not go after the home owner. because remember we are the few who are in their homes many have walked away so the bank becomes the owner they don’t want the insurance company to claim it. so it doesn’t protect us it protects them we are just their collateral damage, would be nice to have an answer

  11. Can you please explain why US bank as trustee and Citibank as trustee use the SAME mailing address in Minnesota on their assignments? Can they not afford separate offices. LOL.
    60 Livingston Ave. Mailcode:EP-MN-WS3D, St. Paul, MN 55107
    That address is used on assignments all day long in Hawaii recording offices for both Citibank Trusts and US bank Trusts.

  12. Let me expand my question on the relavent subject line…
    Thank You Kindly ….

    If all parties necessary to the dump trusts .
    Implied contracts…
    Contracts of Adhesion, Exectory contracts were Agreed upon by ALL ESSENTIAL PARTIES to the transactions ….



  13. I would like to know how the homeowner was even able to get a response from US Bank and where the response originated from. I have gotten nowhere with these clowns.


    see this episode of max keiser, explains the entire securitization conspiracy between our govt and the TBTFs and now OUR govt is guaranteeing the rents, another bailout in the making. Lets hope trump puts these “deplorable” predators out of business. This is the making for the next financial crisis.

  15. Agreed Neil, however if the implied trusts are collaborated by all 3 parties wouldn’t it be automatic by operation of law?

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