Tag: securitized

Judge Schack Hammers HSBC for False Paperwork

Judge Schack Hammers HSBC for False Paperwork

By Daniel Edstrom
DTC Systems, Inc.

Here are Neil Garfield’s comments regarding this case from LivingLies (http://livinglies.wordpress.com/2011/12/30/schack-bangs-hsbc-for-false-paperwork/):

Posted on December 30, 2011 by Neil Garfield

EDITOR’S NOTE: Plausible deniability went out the window as HSBC tried to get out of the consequences for submitting false, fabricated papers to the court in support of a fraudulent foreclosure. They tried to say they didn’t know. Schack didn’t buy it and slapped them with a $10,000 fine.

But the real story is yet to be told. We are getting closer to the real question, yet the inquiry into WHY false papers are being submitted on such a widespread basis has not occurred. This is the industry that practically invented dotted i’s and crossed t’s. They processed tens of millions of mortgages just the way they wanted them without error. Now they are claiming that they messed up the paperwork because of the same volume that they processed without a problem. And they are layering the responsibility by outsourcing the fabrication, forgery and fraud. Continue reading “Judge Schack Hammers HSBC for False Paperwork”

Title Crisis

Title Crisis

By Daniel Edstrom
DTC Systems, Inc.

If you thought this was a foreclosure crisis brought about by the Mortgage Meltdown, you would be wrong.  If this were a foreclosure crisis only those in foreclosure would be the ones having problems.  And only those loans in foreclosure would be the ones having title issues and “robo-signer” issues.  I cannot say this loud enough: FORECLOSURE IS NOT THE PROBLEM.  Homeowners not making payments is not the problem.  “Freeing up” credit to stimulate lending is not the problem.  If you didn’t get a subprime loan, and yours is a 30 year fixed, you are at risk of a clouded title almost as much as anyone in foreclosure.  In fact, if you have refinanced or purchased your house from 2000 or later, you could easily have a defect in title.  Since I am not a lawyer and can only give myself legal advice, I will only discuss my own case.  And of course these are only my opinions based on my knowledge, education, training and research.  Apparently my title company thinks my title is good.  I know because somebody asked them and they said it was good.  At the end of the article I will explain why they would say that.  What they meant to say was “Everything is great because we, as a title company, are not at risk at all based on our review of your title”. Continue reading “Title Crisis”

World Savings Bank Loans Were Securitized – Pooling and Servicing Agreement Uncovered

World Savings Loans Were Securitized – Pooling and Servicing Agreement Uncovered

By Daniel Edstrom
DTC Systems, Inc.

Contrary to what Wells Fargo is saying in court, we have proof that World Savings Bank Securitized loans into REMICs.  We had some evidence of this already, but newly added is a Pooling and Servicing Agreement that we have acquired for World Savings Bank REMIC 12.  The terms are fairly standard that you see in most other securitizations, except that World Savings Bank played nearly all parts in the transaction (the originator, sponsor/seller, depositor, underwriter, etc).  The servicers were required and obligated to make principal and interest payments whether or not they receive them from the homeowners, the notes were required to be endorsed without recourse to the order of Trustee and showing an unbroken chain of endorsements [..] from the originator thereof to the Person endorsing it to Trustee.  It is all here, even the second set of books kept by the master servicer (you know, the true accounting that is concealed, misrepresented and not disclosed to any court of law).

This is a HUGE breakthrough for those looking for evidence that their World Savings Bank loans were securitized.

Download the Pooling and Servicing Agreement here

World Savings Bank, A Living Legacy of the Subprime Crisis

World Savings Bank, A Living Legacy of the Subprime Crisis

By Daniel Edstrom
DTC Systems, Inc.
http://www.dtc-systems.net
http://livinglies.wordpress.com

World Savings Bank loans were the worst of the worst loans that were packaged up and sold to homeowners from the 1990’s until 2008.  These loans consisted of pick a pay loans with negative amortization.  Typical predatory negative amortization loans allow for the original loan balance to increase to 110% maximum.  Meaning if the loan was originally issued at $100,000.00, the loan balance can keep going negative until it reaches $110,000.00.   World Savings Bank decided that this wasn’t enough and allowed their negative amortization loans to reach 125% of the original principal balance.  This is the gift that keeps on giving.  As home values have been decimated by the meltdown and continue to drop, properties with World Savings Bank loans have principal balances that keep going up and up and up.  No underwriting was given on these loans, the value of the properties and the promise and belief they would ever rise was the only consideration given to support the loan.  The other consideration used in “lending” the money had nothing to do with the homeowners.  World Savings Bank wanted to entice investors into parting with their money.  Lots of money.  In fact BILLIONS and BILLIONS of dollars.  It turns out that World Savings Bank had NO STAKE in the transaction, they were only the middleman.  One big fat rich middleman.  This was at the expense of both borrowers and investors who purchased certificates from the many REMICs setup by World Savings Bank.  What REMICs?  What securitizations?  Didn’t Wells Fargo tell you that these loans were securitized?   Why does the Office of the Comptroller of the Currency (the OCC) allow Wells Fargo Bank to foreclose in their own name on the tens of thousands of World Savings Bank foreclosures?  The OCC knows much more than the American people what World Savings Bank, Wachovia and Wells Fargo Bank are doing to the American homeowners.  Namely that Wells Fargo Bank is walking into court claiming to be the real party in interest, claiming that they own these loans and that they were never securitized.   Of course this is nothing new for Wells Fargo Bank or Wachovia.  Just look at the auto loans securitized by Wachovia Dealer Services.  Wachovia Dealer Services did not loan the money as these were table funded automobile loans.  The money used to fund the automobile loans came from various trusts that pooled the loans and sold them to investors.  The trusts and/or the investors allegedly own the loans and not Wachovia Dealer Services or Wells Fargo Bank.  But you would never know this by going to just about any state court in this country and looking at who the plaintiff is thats filing a judicial lawsuit on these automobile loans: Wachovia Dealer Services.  Reading the Prospectus for these deals is a real eye opener:  Title will remain in the name of Wachovia Dealer Services and even though the loans are sold, the abstract of title given to the DMV will not be updated to reflect the correct ownership.  They go on to admit that title has not been perfected and that the certificateholders are at risk.  It even goes on to say that the loan contracts will not be updated to reflect that ownership has changed (endorsement under state UCC laws).  So you have no endorsement and no transfer (no perfection).  The beneficial and equitable rights have been sold.  The above all describes predatory banking, lending and servicing at its worst.

Continue reading “World Savings Bank, A Living Legacy of the Subprime Crisis”

A Shot at the Title

The Title Companies are scrambling right now to try to verify the ability to have issued title insurance. After all, they sent the Notes and Deeds (allegedly) to the “lender” with a stamp of approval and clear title…right?

A Shot at the Title

By James Macklin
Secure Document Research

The Title Companies are scrambling right now to try to verify the ability to have issued title insurance.  After all, they sent the Notes and Deeds (allegedly) to the “lender” with a stamp of approval and clear title…right?

Along with the original mortgage loan file, these critical documents may evidence the beginning of the lack of disclosure that occurred in most of the loans written between 1999 and 2009.

Borrowers may want to contact the original title Company that handled their transaction and request a copy of the wire transfer of funds as received by the Title Company. Continue reading “A Shot at the Title”