The Money Trail: Does anyone meet the definition of a creditor?

WE HAVE REVAMPED OUR SERVICE OFFERINGS TO MEET THE REQUESTS OF LAWYERS AND HOMEOWNERS. This is not an offer for legal representation. In order to make it easier to serve you and get better results please take a moment to fill out our FREE registration form https://fs20.formsite.com/ngarfield/form271773666/index.html?1453992450583 
Our services consist mainly of the following:
  1. 30 minute Consult — expert for lay people, legal for attorneys
  2. 60 minute Consult — expert for lay people, legal for attorneys
  3. Case review and analysis
  4. Rescission review and drafting of documents for notice and recording
  5. COMBO Title and Securitization Review
  6. Expert witness declarations and testimony
  7. Consultant to attorneys representing homeowners
  8. Books and Manuals authored by Neil Garfield are also available, plus video seminars on DVD.
For further information please call 954-495-9867 or 520-405-1688. You also may fill out our Registration form which, upon submission, will automatically be sent to us. That form can be found at https://fs20.formsite.com/ngarfield/form271773666/index.html?1452614114632. By filling out this form you will be allowing us to see your current status. If you call or email us at neilfgarfield@hotmail.com your question or request for service can then be answered more easily.
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THE FOLLOWING ARTICLE IS NOT A LEGAL OPINION UPON WHICH YOU CAN RELY IN ANY INDIVIDUAL CASE. HIRE A LAWYER.

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I speak to people across the country. As I discuss the issues that get increasingly complex, we reach areas in which there are differences of opinion which is why you need to consult with someone who is licensed in your state and who has done the heavy research (no skimming allowed). The issue is what payments should be credited to whom. And the answer really is you should be asking an accountant and a lawyer. This is why my team is reaching out to accountants and auditors to round out what is needed in cases.

The problem is that this is a grey area. Payments made to the beneficiaries of the trust were never intended to discharge the debt from the “borrower.” That’s obvious. But payments were made on account of this debt. So we go back to the law of presumptions. If the creditor receives a payment and the payment is on account of a particular debt due from a particular debtor, then it is discharged to the extent of the payment — regardless of the stated “intent” of the payor after the fact. So servicer advances definitely fall into that category. But in addition, if the entire debt has been discharged by the replacement of the obligation with another obligation from another party, then you have similar issues.

So first of all, the beneficiaries agreed to take payments from the REMIC Trust — not the “borrowers”. There is no relationship between the beneficiaries of a trust and any single “borrower” or group of “borrowers.” The REMIC Trust doesn’t pay the beneficiaries despite the paperwork to the contrary. The REMIC Trust is inactive with no assets, bank accounts, business activity etc.

It is the Master Servicer that pays the beneficiaries. And the Master Servicer makes those payments regardless of whether it has received payments from the beneficiaries. (servicer advances). The note and mortgage name a specific payee that is neither the Trust (or Trustee) nor the Master Servicer. So the first real legal question that I raised back in 2007 was the issue of who was the owner of the debt or the holder in due course?

The debt arose when the “borrower” accepted the benefits of funding that came from an unidentified source. It is presumed not to be a gift. The “borrower” has signed a note and mortgage in favor of a party that never loaned him any money — hence there is no loan contract and the signed note and mortgage should have been destroyed or released back to the “borrower.” Such a loan is table-funded and is almost certainly “predatory per se” as described in REG Z.

Since there is no privity between the “originator” and the Trust or Master Servicer the loan documents cannot be said to be useful, much less enforceable. Those documents should be considered void, not voidable, when the payee and mortgagee failed to fund the loan. The repeated transfers of the loan documents without anyone ever paying for them clearly means that the consideration at the base “closing” was absent. Hence there is no consideration at either the origination or acquisition of the loan documents. Acquisition of the loan documents does not mean acquisition of the loan. If there was no valid loan contract or there is no valid loan contract (rescission) executing endorsements, assignments and powers of attorney are meaningless.

So there is a serious question about whether there is a legal creditor involved in any of these loans. There are parties with equitable and legal claims, but not with respect to the loan documents that should have been shredded at the very beginning. All those claims are unsecured. And the foreclosures, in truth, are for the benefit of parties who have no relationship with the actual money that was used to the benefit of the alleged “borrower” who is looking more and more like a party who is not a borrower but who could be debtor if there is anyone answering to the description of “creditor.” No party in this scenario seems to answer to that description.

And THAT would explain why NO PARTY steps forward to challenge rescissions as a creditor and instead they attempt to retain their status of having apparent “Standing” and attack the rescission through arguments that require the court to interpret the TILA Rescission Statute, 15 USC §1635. But the US Supreme Court has already declared that it is the law of the land that this statute is not subject to interpretation by the courts because it is clear on its face. So such parties are seeking relief they didn’t ask for (vacating the rescission) using the void note and void mortgage as their basis for standing.

Thus without someone filing an equitable claim showing that their money is tied up in the money given to the “borrower” there does not seem to be a creditor at law.

Add that to the fact that most of the “Trusts” were resecuritized by more empty trusts and you have the original beneficiaries completely out of the picture as to any particular loan and the so-called REMIC Trust being completely out of the picture with respect to the loan or loan documents that were originated, even if they were not consummated.

RULES FOR the ROAD: TILA RESCISSION

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PAY CLOSE ATTENTION! Tonight I will explain my personal checklist on dealing with TILA rescission. Most of this material you won’t hear or see again until my new book comes out.
We’ve covered the issues about sending the rescission. So now you’ve sent it. What happens next? What are the proactive and reactive strategies available?

Patrick Giunta Wins The Argument in 4th DCA: Down to the Nitty Gritty: Holder vs Owner of the Note

WE HAVE REVAMPED OUR SERVICE OFFERINGS TO MEET THE REQUESTS OF LAWYERS AND HOMEOWNERS. This is not an offer for legal representation. In order to make it easier to serve you and get better results please take a moment to fill out our FREE registration form https://fs20.formsite.com/ngarfield/form271773666/index.html?1453992450583 
Our services consist mainly of the following:
  1. 30 minute Consult — expert for lay people, legal for attorneys
  2. 60 minute Consult — expert for lay people, legal for attorneys
  3. Case review and analysis
  4. Rescission review and drafting of documents for notice and recording
  5. COMBO Title and Securitization Review
  6. Expert witness declarations and testimony
  7. Consultant to attorneys representing homeowners
  8. Books and Manuals authored by Neil Garfield are also available, plus video seminars on DVD.
For further information please call 954-495-9867 or 520-405-1688. You also may fill out our Registration form which, upon submission, will automatically be sent to us. That form can be found at https://fs20.formsite.com/ngarfield/form271773666/index.html?1452614114632. By filling out this form you will be allowing us to see your current status. If you call or email us at neilfgarfield@hotmail.com your question or request for service can then be answered more easily.
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THE FOLLOWING ARTICLE IS NOT A LEGAL OPINION UPON WHICH YOU CAN RELY IN ANY INDIVIDUAL CASE. HIRE A LAWYER.

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Patrick Giunta, Esq. chalks up another win that is right on the money. He also won attorney fees and costs. Although Patrick and I co-counsel certain cases he did this on his own. Patrick is a lawyer who gets it. His number is 954-928-0100.
This is an important case as it shows the shifting judicial attitude toward foreclosure defense. Originally thought to be mostly frivolous, defenses are taken far more seriously because of the kind of lawyering that was done in this case. The courts are now actually applying the law. This case shows that if you really break the issues down to their bare elements, you can win on appeal.
Two things important about this case are that (1) the trial court was reversed for treating an “owner” of the note as the same thing as a “holder” at the time the suit was filed and (2) the recognition that there is a difference between holder, owner and non-holder with rights of a holder (i.e., rights to enforce).
Lastly the court is following the progression of cases where instead of remanding for further proceedings (like substitution of Plaintiff) the Court ordered entry of involuntary dismissal.
And finally my comment is that there is still room for litigation in these cases, since the involuntary dismissal is against only one of what I call co-conspirators. BUT the deeper we drill the easier it is to force them into a corner. The plain fact is that they have been successfully fighting against revealing the money trail. If that was actually revealed from one end to the other on each of multiple chains used by the banks, it would be apparent that what went on here was more sinister than what has thus far been revealed — and the reason why Bush and Obama were scared into preserving the status quo rather than holding the banks’ feet to the fire.
I will explain more at a later time. But here is a teaser: the fractional reserve banking system with the Federal Reserve as the Central Bank was replaced with a virtual fractional reserve system in which non-banks acted as though they were banks.
This was tied to a virtual central bank controlled by the banks. It enabled them to act as though they were commercial banks acting within the Federal Reserve system when in fact they were operating a rogue system wherein the sale of each loan created “capital” to create more loans. The MERS model was in fact used throughout the vast universe of finance as to law firms, servicers, banks, conduits, and even the central bank.
This explains why the banks begged for and received commercial bank status effectively ratifying their prior illegal behavior but putting the real Federal Reserve in the position of having no choice but to do “quantitative easing” to make up for the shortfalls.
And it explains why the original documentation on so many loans was intentionally destroyed. The numbers didn’t add up. The amount of money invested by managed funds into dead REMIC Trusts was NOT enough to account for the number of loans given out. They were both skimming the real money and then using the proceeds of “sale” of the “loan contracts” to create both assets and income that the Banks say belong to them. So the pile-up of original notes with an inventory would have revealed that somehow the investment banks were acting as commercial banks with impunity without charters or licenses. The physical presence of the notes were an embarrassment.  Do the math.
So the notes being represented in court have a high likelihood of being fabricated through mechanical means and the “borrower” doesn’t know the difference. All of this means that on any given loan there are multiple claimants. LPS and MERS were used to siphon the cases such that one specific player was chosen for each foreclosure — when in fact none of them had any actual right to collect, enforce or foreclose.
THE DISTINCTION BETWEEN OWNER, HOLDER, HOLDER IN DUE COURSE, NON-HOLDER WITH RIGHTS TO ENFORCE AND POSSESSOR IS CHIPPING AWAY AT THE VENEER. IN DISCOVERY, THESE INCONSISTENT CLAIMS SHOULD BE USED TO DRILL DOWN TO THE MONEY TRAIL. AND FOR TRIAL THESE INCONSISTENT  CLAIMS SHOULD BE USED TO STRIP THE BANKS OF THE BENEFIT OF LEGAL PRESUMPTIONS ATTENDANT TO BEING A “HOLDER.” But note that we are still talking about the PAPER that talks about a transaction that was never consummated — as it relates to the party seeking collection or enforcement or any of its predecessors.

Reminder: President of DOCX Pled Guilty to Fabricating and Forging Documents

WE HAVE REVAMPED OUR SERVICE OFFERINGS TO MEET THE REQUESTS OF LAWYERS AND HOMEOWNERS. This is not an offer for legal representation. In order to make it easier to serve you and get better results please take a moment to fill out our FREE registration form https://fs20.formsite.com/ngarfield/form271773666/index.html?1453992450583 
Our services consist mainly of the following:
  1. 30 minute Consult — expert for lay people, legal for attorneys
  2. 60 minute Consult — expert for lay people, legal for attorneys
  3. Case review and analysis
  4. Rescission review and drafting of documents for notice and recording
  5. COMBO Title and Securitization Review
  6. Expert witness declarations and testimony
  7. Consultant to attorneys representing homeowners
  8. Books and Manuals authored by Neil Garfield are also available, plus video seminars on DVD.
For further information please call 954-495-9867 or 520-405-1688. You also may fill out our Registration form which, upon submission, will automatically be sent to us. That form can be found at https://fs20.formsite.com/ngarfield/form271773666/index.html?1452614114632. By filling out this form you will be allowing us to see your current status. If you call or email us at neilfgarfield@hotmail.com your question or request for service can then be answered more easily.
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THE FOLLOWING ARTICLE IS NOT A LEGAL OPINION UPON WHICH YOU CAN RELY IN ANY INDIVIDUAL CASE. HIRE A LAWYER.

—————-
Article by Lynn Symoniak

On November 20, 2012, Lorraine O’Reilly Brown, the former president of mortgage-document mill, DocX, LLC, a subsidiary of Lender Processing Services, pleaded guilty in federal court in Jacksonville, Florida to conspiracy to commit mail fraud and wire fraud.  DocX produced over one million mortgage assignments.  These assignments were used in foreclosures across the country. Brown admitted that she knew that these assignments were being prepared to use in foreclosures.

In tens of thousands of cases, these fraudulent documents were used by mortgage-backed trusts to show that the trust acquired a mortgage.  The information on these assignments was false – the trusts did not acquire the mortgages on the date set forth on these DocX Assignments.

Signatures were forged, notarizations were wrongly added to create an appearance of authenticity.  Job titles were falsely claimed.

Which trusts used these phony DocX-prepared mortgage assignments?  The trusts that used these Mortgage Assignments to foreclose include those listed below, with the name of the trustee following the name of the trust.

ABFC TRUSTS & TRUSTEES

ABFC 2004-OPT4 (Wells Fargo Bank)

ABFC 2005-OPT1 (Wells Fargo Bank)

ABFC 2005-HE1 (Wells Fargo Bank)

ABFC 2006-HE1 (U.S. Bank)

ABFC 2006-OPT1 (Wells Fargo Bank)

ABFC 2006-OPT2 (Wells Fargo Bank)

ABFC 2006-OPT3 (Wells Fargo Bank)

 

ACE SECURITIES CORP. HOME EQUITY LOAN TRUST & TRUSTEES

Ace Securities Corp. Home Equity Loan Trust Series 2004-OP1 (HSBC Bank)

Ace Securities Corp. Home Equity Loan Trust Series 2006-NC1 (HSBC Bank)

Ace Securities Corp. Home Equity Loan Trust Series 2006-OP1 (HSBC Bank)

Ace Securities Corp. Home Equity Loan Trust Series 2006-OP2 (HSBC Bank)

Ace Securities Corp. Home Equity Loan Trust Series 2007-HE5 (HSBC Bank)

 

AMERICAN HOME MORTGAGE ASSETS TRUSTS & TRUSTEES

AHM Assets Trust, 2005-1 (Deutsche Bank)

AHM Assets Trust, 2005-2 (Deutsche Bank)

AHM Assets Trust, 2006-1 (Deutsche Bank)

AHM Assets Trust, 2006-2 (Deutsche Bank)

AHM Assets Trust, 2006-3 (Citibank Bank)

AHM Assets Trust, 2006-4 (Citibank Bank)

AHM Assets Trust, 2006-5 (Deutsche Bank)

AHM Assets Trust, 2006-6 (Deutsche Bank)

AHM Assets Trust, 2007-1 (Deutsche Bank)

AHM Assets Trust, 2007-2 (Deutsche Bank)

AHM Assets Trust, 2007-3 (Deutsche Bank)

AHM Assets Trust, 2007-4 (Deutsche Bank)

AHM Assets Trust, 2007-5 (Deutsche Bank)

AHM Assets Trust, 2007-6 (Deutsche Bank)

 

AMERICAN HOME MORTGAGE INVESTMENT TRUSTS & TRUSTEES

AHM Investment Trust, 2004-2 (Wells Fargo Bank)

AHM Investment Trust, 2004-3 (Citibank)

AHM Investment Trust, 2004-4 (Bank of NY)

AHM Investment Trust, 2005-1 (Deutsche Bank)

AHM Investment Trust, 2005-2 (Deutsche Bank)

AHM Investment Trust, 2005-3 (Deutsche Bank)

AHM Investment Trust, 2005-4 (U.S. Bank)

AHM Investment Trust, 2006-1 (Deutsche Bank)

AHM Investment Trust, 2006-2 (Deutsche Bank)

AHM Investment Trust, 2006-3 (Deutsche Bank)

AHM Investment Trust, 2007-1 (Deutsche Bank)

AHM Investment Trust, 2007-2 (Deutsche Bank)

AHM Investment Trust, 2007-SD1 (Deutsche Bank)

 

AMERIQUEST MORTGAGE SECURITIES TRUSTS & TRUSTEES

Ameriquest Mortgage Securities Trust 2003-5 (Deutsche Bank)

Ameriquest Mortgage Securities Trust 2003-8 (Deutsche Bank)

Ameriquest Mortgage Securities Trust 2003-AR1 (Deutsche Bank)

Ameriquest Mortgage Securities Trust 2004-R3 (Deutsche Bank)

Ameriquest Mortgage Securities Trust 2004-R7 (Deutsche Bank)

Ameriquest Mortgage Securities Trust 2004-R9 (Deutsche Bank)

Ameriquest Mortgage Securities Trust 2005-R1 (Deutsche Bank)

Ameriquest Mortgage Securities Trust 2005-R2 (Deutsche Bank)

Ameriquest Mortgage Securities Trust 2005-R3 (Deutsche Bank)

Ameriquest Mortgage Securities Trust 2005-R4 (Deutsche Bank)

Ameriquest Mortgage Securities Trust 2005-R5 (Deutsche Bank)

Ameriquest Mortgage Securities Trust 2005-R6 (Deutsche Bank)

Ameriquest Mortgage Securities Trust 2005-R7 (Deutsche Bank)

Ameriquest Mortgage Securities Trust 2005-R8 (Deutsche Bank)

Ameriquest Mortgage Securities Trust 2005-R9 (Deutsche Bank)

Ameriquest Mortgage Securities Trust 2005-R10 (Deutsche Bank)

Ameriquest Mortgage Securities Trust 2005-R11 (Deutsche Bank)

Ameriquest Mortgage Securities Trust ARSI 2006-M3 (Deutsche Bank)

Ameriquest Mortgage Securities Trust 2006-R1 (Deutsche Bank)

Ameriquest Mortgage Securities Trust 2006-R2 (Deutsche Bank)

Ameriquest Mortgage Securities Trust 2006-R7 (Deutsche Bank)

 

ARGENT SECURITIES INC. TRUSTS & TRUSTEES

Argent Securities, Inc. 2003-W3 (Deutsche Bank)

Argent Securities, Inc. 2003-W6 (Deutsche Bank)

Argent Securities, Inc. 2004-W10 (Deutsche Bank)

Argent Securities, Inc. 2004-W11 (Deutsche Bank)

Argent Securities, Inc. 2005-W1 (Deutsche Bank)

Argent Securities, Inc. 2005-W2 (Deutsche Bank)

Argent Securities, Inc. 2005-W3 (Deutsche Bank)

Argent Securities, Inc. 2005-W4 (Deutsche Bank)

Argent Securities, Inc. 2005-W5 (Deutsche Bank)

Argent Securities, Inc. 2006-M1 (Deutsche Bank)

Argent Securities, Inc. 2006-M2 (Deutsche Bank)

Argent Securities, Inc. 2006-W1 (Deutsche Bank)

Argent Securities, Inc. 2006-W2 (Deutsche Bank)

Argent Securities, Inc. 2006-W3 (Deutsche Bank)

Argent Securities, Inc. 2006-W4 (Deutsche Bank)

Argent Securities, Inc. 2006-W5 (Deutsche Bank)

 

ASSET-BACKED SECURITIES CORP. TRUSTS & TRUSTEES

AB Securities Corp. Home Equity Loan Trust, Series 2003-HE6 (Wells Fargo Bank)

AB Securities Corp. Home Equity Loan Trust, Series 2004-HE3 (Wells Fargo Bank)

AB Securities Corp. Home Equity Loan Trust, Series 2005-HE5 (U.S. Bank)

AB Securities Corp. Home Equity Loan Trust, Series OOMC 2005-HE6 (Wells Fargo Bank)

AB Securities Corp. Home Equity Loan Trust, Series OOMC 2006-HE3 (U.S. Bank)

AB Securities Corp. Home Equity Loan Trust, Series OOMC 2006-HE5 (U.S. Bank)

 

BANC OF AMERICA FUNDING CORP. TRUSTS & TRUSTEES

Banc of America Funding Corp. Mort. PT Certs., 2008-1 (U.S. Bank)

 

BEAR STEARNS AB SECURITIES I TRUSTS & TRUSTEES

Bear Stearns AB Securities I Trust 2006-AC3 (U.S. Bank)

 

CARRINGTON MORTGAGE LOAN TRUSTS & TRUSTEES

Carrington Mortgage Loan Trust, Series 2005-OPT2 (Deutsche Bank)

Carrington Mortgage Loan Trust, Series 2006-OPT1 (Wells Fargo Bank)

 

CITIGROUP MORTGAGE LOAN TRUSTS & TRUSTEES

Citigroup Mortgage Loan Trust, Series 2004-OPT1 (Wells Fargo)

Citigroup Mortgage Loan Trust, Series 2005-OPT3 (Deutsche Bank)

Citigroup Mortgage Loan Trust, Series 2005-OPT4 (Wells Fargo Bank)

Citigroup Mortgage Loan Trust, Series 2006-AMC1 (Deutsche Bank)

Citigroup Mortgage Loan Trust, Series 2006-HE2 (U.S. Bank)

Citigroup Mortgage Loan Trust, Series 2007-SHL1 (HSBC Bank)

 

DEUTSCHE ALT-A SECURITIES MORT. LOAN TRUSTS & TRUSTEES

Deutsche Alt-A Securities Mort. Loan Trust, 2006-AR6 (HSBC Bank)

Deutsche Alt-A Securities Mort. Loan Trust, 2007-1(HSBC Bank)

 

DEUTSCHE ALT-B SECURITIES MORT. LOAN TRUSTS & TRUSTEES

Deutsche Alt-B Securities Mort. Loan Trust, 2006-AB2 (HSBC Bank)

Deutsche Alt-B Securities Mort. Loan Trust, 2006-AB3 (HSBC Bank)

Deutsche Alt-B Securities Mort. Loan Trust, 2006-AB4 (HSBC Bank)

Deutsche Alt-B Securities Mort. Loan Trust, 2007-AB1 (HSBC Bank)

 

GSAA HOME EQUITY TRUST & TRUSTEES

GSAA Home Equity Trust 2006-6 (U.S. Bank)

GSAA Home Equity Trust 2006-9 (U.S. Bank)

GSAA Home Equity Trust 2006-10 (Deutsche Bank)

GSAA Home Equity Trust 2006-11 (Deutsche Bank)

 

GSAMP TRUSTS & TRUSTEES

GSAMP 2004-OPT (Deutsche Bank)

 

GSR NORTGAGE LOAN TRUSTS & TRUSTEES

GSR Mortgage Loan Trust 2006-AR1 (U.S. Bank)

GSR Mortgage Loan Trust 2006-OA1 (Deutsche Bank)

 

HARBORVIEW MORTGAGE LOAN TRUSTS & TRUSTEES

Harborview Mortgage Loan Trust 2006-7 (Deutsche Bank)

Harborview Mortgage Loan Trust 2006-14 (Deutsche Bank)

Harborview Mortgage Loan Trust 2007-2 (Deutsche Bank)

Harborview Mortgage Loan Trust 2007-5 (Deutsche Bank)

 

HSI ASSET SECURITIZATION CORP. “OPT” TRUSTS AND TRUSTEES

HSI Asset Securitization Corp., 2005-OPT1 (Deutsche Bank)

HSI Asset Securitization Corp., 2006-OPT1 (Deutsche Bank)

HSI Asset Securitization Corp., 2006-OPT2 (Deutsche Bank)

HSI Asset Securitization Corp., 2006-OPT3 (Deutsche Bank)

HSI Asset Securitization Corp., 2006-OPT4 (Deutsche Bank)

HSI Asset Securitization Corp., 2007-HE1 (Deutsche Bank)

HSI Asset Securitization Corp., 2007-OPT1 (Deutsche Bank)

HSI Asset Loan Obligation Trust, 2007-AR1 (Deutsche Bank)

 

IXIS TRUSTS & TRUSTEES

IXIS Real Estate Capital Trust 2006-HE1 (Deutsche Bank)

 

JP MORGAN ACQUISITION CORP. TRUSTS & TRUSTEES

JP Morgan Acquisition Corp. 2005-OPT1 (U.S. Bank)

JP Morgan Acquisition Corp. 2005-OPT2 (U.S. Bank)

 

LUMINENT MORTGAGE TRUSTS & TRUSTEES

Luminent Mortgage Trust 2006-7 (HSBC Bank)

 

MASTR ADJUSTABLE RATE MORTGAGES TRUSTS & TRUSTEES

MASTR Adjustable Rate Mortgages Trust 2006-OA1 (U.S. Bank)

MASTR Adjustable Rate Mortgages Trust 2007-1 (U.S. Bank)

 

MASTR ALTERNATIVE LOAN TRUSTS & TRUSTEES

MASTR Alternative Loan Trust 2006-2 (Bank of New York)

 

MASTR ASSET-BACKED SECURITIES TRUSTS & TRUSTEES

MASTR Asset-Backed Securities Trust 2003-OPT2 (Wells Fargo)

MASTR Asset-Backed Securities Trust 2004-OPT2 (Wells Fargo)

MASTR Asset-Backed Securities Trust 2005-OPT1 (Wells Fargo)

 

MERRILL LYNCH MORT. INVESTORS TRUSTS & TRUSTEES

Merrill Lynch Mort. Investors Trust, 2004-OPT1 (Wells Fargo Bank)

Merrill Lynch Mort. Investors Trust, 2006-OPT1 (U.S. Bank)

 

MORGAN STANLEY ABS CAPITAL I, INC. TRUSTS & TRUSTEES

Morgan Stanley ABC Capital I, Inc. Trust 2004-OP1 (Deutsche Bank)

Morgan Stanley ABC Capital I, Inc. Trust 2005-HE1 (Deutsche Bank)

Morgan Stanley ABC Capital I, Inc. Trust 2005-HE2 (Deutsche Bank)

Morgan Stanley ABC Capital I, Inc. Trust 2007-NC3 (Deutsche Bank)

 

NOMURA HOME EQUITY TRUSTS & TRUSTEES

Nomura Home Equity Loan 2005-HE1 (HSBC Bank)

 

NOVASTAR MORTGAGE FUNDING TRUSTS & TRUSTEES

Novastar Mortgage Funding Trust 2007-2 (Deutsche Bank)

 

OPTION ONE MORTGAGE LOAN TRUSTS AND TRUSTEES

Option One Mortgage Loan Trust, 2003-1 (Wells Fargo Bank)

Option One Mortgage Loan Trust, 2003-2 (Wells Fargo Bank)

Option One Mortgage Loan Trust, 2003-3 (Wells Fargo Bank)

Option One Mortgage Loan Trust, 2003-4 (Wells Fargo Bank)

Option One Mortgage Loan Trust, 2004-1 (Wells Fargo Bank)

Option One Mortgage Loan Trust, 2004-2 (Wells Fargo Bank)

Option One Mortgage Loan Trust, 2004-3 (Wells Fargo Bank)

Option One Mortgage Loan Trust, 2005-1 (Wells Fargo Bank)

Option One Mortgage Loan Trust, 2005-2 (Wells Fargo Bank)

Option One Mortgage Loan Trust, 2005-3 (Wells Fargo Bank)

Option One Mortgage Loan Trust, 2005-4 (Wells Fargo Bank)

Option One Mortgage Loan Trust, 2006-1 (Wells Fargo Bank)

Option One Mortgage Loan Trust, 2006-2 (Wells Fargo Bank)

Option One Mortgage Loan Trust, 2006-3 (Wells Fargo Bank)

Option One Mortgage Loan Trust, 2007-1 (Wells Fargo Bank)

Option One Mortgage Loan Trust, 2007-2 (Wells Fargo Bank)

Option One Mortgage Loan Trust, 2007-3 (Wells Fargo Bank)

Option One Mortgage Loan Trust, 2007-4 (Wells Fargo Bank)

Option One Mortgage Loan Trust, 2007-5 (Wells Fargo Bank)

Option One Mortgage Loan Trust, 2007-6 (Wells Fargo Bank)

Option One Mortgage Loan Trust, 2007-CP1 (Wells Fargo Bank)

Option One Mortgage Loan Trust, 2007-FXD1 (Wells Fargo Bank)

Option One Mortgage Loan Trust, 2007-FXD2 (Wells Fargo Bank)

Option One Mortgage Loan Trust, 2007-HL1 (HSBC Bank)

 

QUEST TRUSTS & TRUSTEES

Quest Trust 2006-X1 (Deutsche Bank)

 

SAXON ASSET TRUSTS & TRUSTEES

Saxon Asset Securities Trust 2005-2 (Deutsche Bank Americas)

 

SECURITIZED ASSET-BACKED RECEIVABLES, LLC TRUSTS AND TRUSTEES

Securitized AB Receivables, LLC 2004-OP1 (Wells Fargo)

Securitized AB Receivables, LLC 2004-OP2 (Wells Fargo)

Securitized AB Receivables, LLC 2005-OP2 (Wells Fargo)

Securitized AB Receivables, LLC 2006-OP1 (Wells Fargo)

 

SECURITIZED ASSET INVESTMENT LOAN TRUSTS & TRUSTEES

Securitized Asset Investment Loan Trust 2004-4

 

SG MORTGAGE SECURITIES TRUSTS & TRUSTEES

SG Mortgage Securities Trust 2005-OPT1 (HSBC Bank)

SG Mortgage Securities Trust 2005-OPT2 (HSBC Bank)

SG Mortgage Securities Trust 2006-OPT2 (HSBC Bank)

 

SOUNDVIEW HOME LOAN “OPT” TRUSTS AND TRUSTEES

Soundview Home Loan Trust, 2005-OPT1 (Deutsche Bank)

Soundview Home Loan Trust, 2005-OPT2 (Deutsche Bank)

Soundview Home Loan Trust, 2005-OPT3 (Deutsche Bank)

Soundview Home Loan Trust, 2005-OPT4 (Deutsche Bank)

Soundview Home Loan Trust, 2006-OPT1 (Deutsche Bank)

Soundview Home Loan Trust, 2006-OPT2 (Deutsche Bank)

Soundview Home Loan Trust, 2006-OPT3 (Deutsche Bank)

Soundview Home Loan Trust, 2006-OPT4 (Deutsche Bank)

Soundview Home Loan Trust, 2006-OPT5 (Deutsche Bank)

Soundview Home Loan Trust, 2007-OPT1 (Wells Fargo Bank)

Soundview Home Loan Trust, 2007-OPT2 (Wells Fargo Bank)

Soundview Home Loan Trust, 2007-OPT3 (Wells Fargo Bank)

Soundview Home Loan Trust, 2007-OPT4 (Wells Fargo Bank)

Soundview Home Loan Trust, 2007-OPT5 (Wells Fargo Bank)

 

STRUCTURED ASSET INVESTMENT LOAN TRUSTS & TRUSTEES

Structured Asset Investment Loan Trust 2003-BC9 (Bank of America)

Structured Asset Investment Loan Trust 2004-11 (Bank of America)

Structured Asset Investment Loan Trust 2005-3 (U.S. Bank)

 

STRUCTURED ASSET MORTGAGE INVESTMENTS II , INC. TRUSTS & TRUSTEES

Structured Asset Mort. Investments II, Inc. 2006-AR5 (JP Morgan Chase)

 

STRUCTURED ASSET SECURITIES CORP. TRUSTS & TRUSTEES

Structured Asset Securities Corp. 2003-BC10 (U.S. Bank)

Structured Asset Securities Corp. 2003-BC11 (U.S. Bank)

Structured Asset Securities Corp. 2004-3 (U.S. Bank)

Structured Asset Securities Corp. 2005-OPT1 (U.S. Bank)

Structured Asset Securities Corp. 2005-SC1 (U.S. Bank)

Structured Asset Securities Corp. 2006-BC2 (U.S. Bank)

Structured Asset Securities Corp. 2006-BC6 (U.S. Bank)

Structured Asset Securities Corp. 2006-OPT1 (Wells Fargo Bank)

 

Patricia Rodriguez Tonite! What Happens After a Mortgage Loan is Rescinded? Tonight on the Neil Garfield Show 6pm EST

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 In addition to simply exercising rights under the law of the land, homeowners who send and record rescissions are in actuality attacking standing through another door to the courtroom. Because in the end, the only party who can dispute a rescission is a creditor who actually owns the debt because the debt is owed to that creditor.
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AND because of the rules of procedure set forth in TILA rescission, NOBODY can challenge or dispute a rescission unless and until a real creditor steps forward within the 20 day window of opportunity to dispute the rescission.
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Sending a letter telling the homeowner his rescission is no good just seals the doom of the servicer and all the other players in the false game of nonexistent securitization. But the letter DOES establish that the group of companies calling themselves “the Lender” actually received it. Filing a motion or memorandum disputing the homeowners motion to dismiss won’t cut it either if the same parties who started the foreclosure try to do it because there is no more note or mortgage.
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But in all events, as the Supreme Court has stated, all rescissions are effective when sent whether they are disputed or not. Raising the issue of a statute of limitations is a dispute. The three years runs from the date of consummation.
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Who is to say whether the transaction was EVER consummated and if so, when? That is a factual issue that can ONLY be raised in a legal dispute. AND the legal dispute can only be raised by filing a lawsuit seeking to vacate the rescission. The lawsuit can only be filed by a party with standing — and standing to dispute a rescission can ONLY come from the real creditor. Nobody can use the note and mortgage for anything, least of all standing, because there is no more note and mortgage. They are void because of rescission.
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So what happens after rescission is sent? Do the heavens open up and rain money on borrowers. Not so fast.
Rodriguez Law Group, Inc.,
1961 West Huntington Drive | Suite 201 
Alhambra, CA 91801
phone: 
(626) 888-5206

Confronting the “Motions” Filed Against Rescission

THIS ARTICLE IS FOR LAWYERS ONLY
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WE HAVE REVAMPED OUR SERVICE OFFERINGS TO MEET THE REQUESTS OF LAWYERS AND HOMEOWNERS. This is not an offer for legal representation. In order to make it easier to serve you and get better results please take a moment to fill out our FREE registration form https://fs20.formsite.com/ngarfield/form271773666/index.html?1453992450583 
Our services consist mainly of the following:
  1. 30 minute Consult — expert for lay people, legal for attorneys
  2. 60 minute Consult — expert for lay people, legal for attorneys
  3. Case review and analysis
  4. Rescission review and drafting of documents for notice and recording
  5. COMBO Title and Securitization Review
  6. Expert witness declarations and testimony
  7. Consultant to attorneys representing homeowners
  8. Books and Manuals authored by Neil Garfield are also available, plus video seminars on DVD.
For further information please call 954-495-9867 or 520-405-1688. You also may fill out our Registration form which, upon submission, will automatically be sent to us. That form can be found at https://fs20.formsite.com/ngarfield/form271773666/index.html?1452614114632. By filling out this form you will be allowing us to see your current status. If you call or email us at neilfgarfield@hotmail.com your question or request for service can then be answered more easily.
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THE FOLLOWING ARTICLE IS NOT A LEGAL OPINION UPON WHICH YOU CAN RELY IN ANY INDIVIDUAL CASE. HIRE A LAWYER.

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Several attorneys are sending me their motions or opposition to motions directed against the rescission. My observation is that they have not taken the time to think about what they are doing and the real reason they are pursuing rescission. The real reason is standing. What you cannot accomplish through the front door you can definitely accomplish by coming in through a side door. It isn’t enough to summarize your position, you must go for the jugular on this.

The motion filed is good although missing a key component that should be expressly stated.

*The court may not rule on anything unless it has jurisdiction.

*Rescission is effective as a matter of law on the day it was mailed. A party may only contest or dispute the rescission if they file a lawsuit seeking to vacate the rescission. The only party that can file such a suit is the actual creditor — the party at the end of the chain to whom the money is allegedly owed.

*All other parties are barred for lack of standing, to wit: an effective rescission voids the note and mortgage (see 15 USC 1635, Regulation Z, and Jesinoski v Countrywide). No party in any court can get relief based upon a void instrument.

*The only thing left after rescission is the debt; hence only the owner of the debt has standing. The banks want the court to presume that they own the debt since they had the paperwork. But if the last 8 years has taught us anything, we know that the paperwork does not reflect the actual transactions where money exchanged hands.

*The only jurisdiction this court had was based upon the allegations based upon the note and mortgage. The rescission removed the note and mortgage as valid instruments as of the date of mailing the rescission. Hence unless one or more of the parties allege that they are the owner of the debt and the end of the line in the “chain” (and then prove it) none of the existing parties have standing to dispute the rescission which, as Justice Scalia said on behalf of a unanimous US Supreme Court, was effective on mailing regardless of whether it was disputed or not.

*The only relevant statute of limitations at this point is the 20 day window in which the lawsuit disputing the rescission could have been filed. That has expired in most cases, but it doesn’t stop the owner of the debt from filing the lawsuit, since the statute of limitations is an affirmative defense unless it is clear on the face of the complaint and exhibits that the 20 day window has expired, in which case the homeowner may move to dismiss the challenge to the rescission as untimely.

*The same logic applies to the rescission itself. If the rescission itself states that the transaction was consummated on a certain date, THAT starts the clock counting off the three years. But in all events the rescission is effective — and whether or not the true owner of the debt can step forward and establish standing, sue to vacate the rescission is unknown.

*Although theoretically a lawsuit is still necessary and the party seeking to void the rescission probably doesn’t have standing, it is a tougher road to argue about forcing the other side to file a lawsuit that, assuming there is standing, you will lose. Any effort to contest the existence of consummation will be rejected if you have already admitted it. So while you definitely have the upper hand if you do not admit consummation and do not admit the date of consummation you still can stay in the game by demanding that the court not rule on something over which it has no current jurisdiction — because the rescission, disputed or not, is effective on the date of mailing, the note is void and the mortgage is void.

Rescission Insurance Offered By Radian

WE HAVE REVAMPED OUR SERVICE OFFERINGS TO MEET THE REQUESTS OF LAWYERS AND HOMEOWNERS. This is not an offer for legal representation. In order to make it easier to serve you and get better results please take a moment to fill out our FREE registration form https://fs20.formsite.com/ngarfield/form271773666/index.html?1453992450583 
Our services consist mainly of the following:
  1. 30 minute Consult — expert for lay people, legal for attorneys
  2. 60 minute Consult — expert for lay people, legal for attorneys
  3. Case review and analysis
  4. Rescission review and drafting of documents for notice and recording
  5. COMBO Title and Securitization Review
  6. Expert witness declarations and testimony
  7. Consultant to attorneys representing homeowners
  8. Books and Manuals authored by Neil Garfield are also available, plus video seminars on DVD.
For further information please call 954-495-9867 or 520-405-1688. You also may fill out our Registration form which, upon submission, will automatically be sent to us. That form can be found at https://fs20.formsite.com/ngarfield/form271773666/index.html?1452614114632. By filling out this form you will be allowing us to see your current status. If you call or email us at neilfgarfield@hotmail.com your question or request for service can then be answered more easily.
================================

THE FOLLOWING ARTICLE IS NOT A LEGAL OPINION UPON WHICH YOU CAN RELY IN ANY INDIVIDUAL CASE. HIRE A LAWYER.

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AND for those of you who continue to doubt what you see on these pages despite concurrence by all three branches of government, consider this: Since 2014 the banks have been purchasing rescission insurance. If they didn’t think they had a problem, why would they buy the insurance?
The answer is simple — what fund manager is going to buy alleged mortgage backed securities on loans that could disappear overnight? The bigger question will reveal itself: Like AIG in 2008-2009, there isn’t enough money in the world to cover these policies; but they look good on paper.
In plain language I know that the attorneys for the banks are fully aware of the danger posed by rescission and the particular vulnerability the banks have for loans “originated” without funding (i.e., no consummation). Also known as “table-funded” which is “predatory per se” which SHOULD interfere with them getting the equitable relief of foreclosure (unclean hands, per se). And the conflict with state laws will also come front and center — how can anyone enforce a note or mortgage for which there was no funding from any of the parties in their “chain.?”
If they admit or if it is revealed that there was no consummation of the loan contract, they don’t need rescission insurance because there is no loan contract to cancel.
BUT if they admit  there was no loan consummation then nobody could have acquired it by definition.
AND if they stick by their story that the parties going into court are merely enforcing lawful rights, then they are stuck with rescission and no ability to dispute the rescission because they have nobody who fits the description of a creditor who could sue to vacate the rescission.
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