Tag: Option ARM

World Savings Bank and Fannie Mae Securitizations

world_savings_logoWorld Savings Bank and Fannie Mae Securitizations

By Daniel Edstrom
DTC Systems, Inc.

We have already shown that World Savings Bank securitized commercial and residential loans.  See the following posts:

http://dtc-systems.net/2010/12/world-savings-bank-living-legacy-subprime-crisis/

http://dtc-systems.net/2011/03/world-savings-bank-loans-were-securitizated/

http://dtc-systems.net/2011/06/internal-revenue-service-publication-938-remics-reporting-information/

http://dtc-systems.net/2011/12/world-savings-bank-wells-fargo-admits-loans-securitized/

http://dtc-systems.net/2012/02/androes-world-savings-bank-lien-avoided-kansas-bankruptcy-february-2008/

Now we show that World Savings securitized multi-family housing into Fannie Mae pools.  These “pools” are REMICs.  This deal contains 9 multi-family properties with fixed rate balloon loans.  That’s right – no option ARM loans, which is what World Savings Bank is known for.

Download part 1 of the Trust Indenture here: 1-FixedRate_TrustIndenture_Part_1_1982_last_updated_1987

Download part 2 of the Trust Indenture here: 2-FixedRate_TrustIndenture_Part_2_1982_last_updated_1987

Download the Prospectus here: 3-Prospectus_2003_09_01

Download the Prospectus Supplement here: 4-Prospectus_Supplement_1_2003_09_01

Download the Prospectus Supplement Pool Statistics here: 5-Prospectus_Supplement_Pool_Statistics_2003_09_01

Download the Pool Loan Schedule here: 6-Pool_Loan_Schedule

 

World Savings Bank: Wells Fargo Admits Loans Were Securitized

Wells FargoWorld Savings Bank: Wells Fargo Admits Loans Were Securitized
By Daniel Edstrom
DTC Systems, Inc.
http://www.dtc-systems.net
http://livinglies.wordpress.com

In a huge disclosure, Wells Fargo Bank has admitted that World Savings loans were securitized.  This is a big move for homeowners strapped with Option ARM negative amortization loans.  In recent months we have seen numerous endorsements on World Savings promissory notes showing that the notes were in fact endorsed to The Bank of New York.  This is not an isolated incident as we now have 3 confirmed cases where World Savings notes were endorsed to The Bank of New York.  Foreclosure defense lawyers have been seeking to know what this information means for their clients.  These details are revealed in the LivingLies / Luminaq / AHC combo and in the DTC Systems Securitization Reverse Engineering and Failure Analysis for Lawyers (disclosure: DTC Systems provides their unique and premier Securitization Reverse Engineering and Failure Analysis and also provides services to Attorney Neil F. Garfield’s Securitization Report and Securitization Commentary, which is included in the LivingLies Combo).

Here is the original World Savings post: https://dtc-systems.com/world-savings-bank-loans-were-securitizated/