HomeLatest ThreadsGreatest ThreadsForums & GroupsMy SubscriptionsMy Posts
DU Home » Latest Threads » Forums & Groups » Main » General Discussion (Forum) » Obama to Grant Banks Robo... » Reply #96

Response to dkf (Reply #91)

Sun Jan 22, 2012, 03:36 PM

96. dkf, you asked of Sabrina 1 was your friend delinquent on her mortgage loan?

Thats a very good question. It would require a thorough mortgage loan audit. First, the mortgage loan itself should be checked for fraud. Next, the audit should determine which Trust supposedly owned the mortgage loan. Was the loan properly and legally pledged to the Trust? As you may know, it most likely was not legally pledged to any Trust. Was the mortgage loan illegally pledged to multiple Trusts? This often happened with securitized mortgage loans as part of the securities fraud that took place on Wall Street.

During the time a Trust supposedly owned the loan, what payments were applied to the loan? How did Credit Enhancements and Credit Default Swaps impact the loan balance? How did the Pooling & Servicing Agreement govern the mortgage loan and payments? Was the mortgage servicer obligated to make payments on the loan?

Until a full and complete accounting is made of the mortgage loan and all payments, it is not possible to determine if the loan was in default or not. The accounting that is provided to homeowners on Main Street is only a partial accounting of the loan.

Next, I would want to know what happened to the Trust that supposedly owned the loan. Is it still in operation or did it fail? Was it part of failed MBS that was sold off to the U.S. government or the Federal Reserve?

Was the foreclosure action brought in the name of a party other than a Trust? If so, how did that party supposedly come to own the loan? Was there an Assignment of Mortgage from the loan originator to the foreclosing party? If so, its very easy to determine it was a wrongful foreclosure. There would be gaps in the chain of Title. Somewhere in the chain, there should have been a Trust that legally owned the loan.

Did a supposed MERS official sign the Assignment of Mortgage? If so, the document is invalid and fraudulent as MERS has never legally created any Vice Presidents or Assistant Secretaries in accordance with Delaware law where they are incorporated.

dkf, if you remain focused on the debt that was created and the debtor without also examining the mortgage contract and the creditor side of the transaction, you will never fully understand a securitized mortgage loan.

Personally, Im not wondering if a friend of Sabrina1 was in default on their mortgage. Im wondering how many times the banks already collected payment on the loan from Swaps, Uncles Ben or Sam, PMI insurance, etc.

Reply to this post

Back to OP Alert abuse Link to post in-thread

Always highlight: 10 newest replies | Replies posted after I mark a forum
Replies to this discussion thread
Arrow 136 replies Author Time Post
NorthCarolina Jan 2012 OP
hobbit709 Jan 2012 #1
SammyWinstonJack Jan 2012 #3
NorthCarolina Jan 2012 #5
TheWraith Jan 2012 #20
AnotherMcIntosh Jan 2012 #59
pnwmom Jan 2012 #74
whistler162 Jan 2012 #37
sulphurdunn Jan 2012 #87
fascisthunter Jan 2012 #2
Karmadillo Jan 2012 #4
xchrom Jan 2012 #6
spanone Jan 2012 #7
Number23 Jan 2012 #100
Ian David Jan 2012 #8
AnotherMcIntosh Jan 2012 #26
Ian David Jan 2012 #116
AnotherMcIntosh Jan 2012 #120
Ian David Jan 2012 #125
AnotherMcIntosh Jan 2012 #126
Ian David Jan 2012 #129
Ian David Jan 2012 #117
AnotherMcIntosh Jan 2012 #121
Ian David Jan 2012 #124
AnotherMcIntosh Jan 2012 #127
Ian David Jan 2012 #128
AnotherMcIntosh Jan 2012 #130
Ian David Jan 2012 #131
FreakinDJ Jan 2012 #9
dkf Jan 2012 #10
2pooped2pop Jan 2012 #14
2pooped2pop Jan 2012 #15
AnotherMcIntosh Jan 2012 #29
banned from Kos Jan 2012 #41
AnotherMcIntosh Jan 2012 #47
dkf Jan 2012 #90
AnotherMcIntosh Jan 2012 #93
PassingFair Jan 2012 #44
banned from Kos Jan 2012 #56
AnotherMcIntosh Jan 2012 #60
elehhhhna Jan 2012 #103
ms.smiler Jan 2012 #63
PassingFair Jan 2012 #66
AnotherMcIntosh Jan 2012 #68
sabrina 1 Jan 2012 #53
dkf Jan 2012 #91
AnotherMcIntosh Jan 2012 #94
LineLineLineLineReply dkf, you asked of Sabrina 1 was your friend delinquent on her mortgage loan?
ms.smiler Jan 2012 #96
dkf Jan 2012 #134
ms.smiler Jan 2012 #136
sabrina 1 Jan 2012 #98
TheKentuckian Jan 2012 #54
eridani Jan 2012 #86
dkf Jan 2012 #92
eridani Jan 2012 #104
dkf Jan 2012 #132
eridani Jan 2012 #133
banned from Kos Jan 2012 #11
T S Justly Jan 2012 #12
MineralMan Jan 2012 #13
AnotherMcIntosh Jan 2012 #30
MineralMan Jan 2012 #35
AnotherMcIntosh Jan 2012 #38
MineralMan Jan 2012 #45
uponit7771 Jan 2012 #88
Autumn Jan 2012 #16
nanabugg Jan 2012 #18
Autumn Jan 2012 #22
AnotherMcIntosh Jan 2012 #33
JackRiddler Jan 2012 #27
nanabugg Jan 2012 #36
JackRiddler Jan 2012 #43
AnotherMcIntosh Jan 2012 #31
99Forever Jan 2012 #17
Nevernose Jan 2012 #19
TransitJohn Jan 2012 #21
bemildred Jan 2012 #23
woo me with science Jan 2012 #24
FreakinDJ Jan 2012 #67
Poll_Blind Jan 2012 #25
Cali_Democrat Jan 2012 #28
AnotherMcIntosh Jan 2012 #32
WillyT Jan 2012 #34
Tierra_y_Libertad Jan 2012 #39
SwampG8r Jan 2012 #79
MisterP Jan 2012 #40
Neue Regel Jan 2012 #42
Moondog Jan 2012 #46
Edweird Jan 2012 #48
AnotherMcIntosh Jan 2012 #49
Edweird Jan 2012 #51
EFerrari Jan 2012 #50
woo me with science Jan 2012 #122
rudycantfail Jan 2012 #52
TransitJohn Jan 2012 #105
mfcorey1 Jan 2012 #55
AtomicKitten Jan 2012 #57
AnotherMcIntosh Jan 2012 #95
L0oniX Jan 2012 #58
AnotherMcIntosh Jan 2012 #61
progressoid Jan 2012 #62
lovuian Jan 2012 #64
Fuzz Jan 2012 #65
Justice wanted Jan 2012 #69
upi402 Jan 2012 #70
girl gone mad Jan 2012 #71
just1voice Jan 2012 #72
Bonobo Jan 2012 #73
joshcryer Jan 2012 #75
Bonobo Jan 2012 #78
joshcryer Jan 2012 #80
Bonobo Jan 2012 #81
jsmirman Jan 2012 #82
joshcryer Jan 2012 #83
jsmirman Jan 2012 #85
YvonneCa Jan 2012 #97
joshcryer Jan 2012 #110
YvonneCa Jan 2012 #113
YvonneCa Jan 2012 #99
joshcryer Jan 2012 #109
YvonneCa Jan 2012 #112
TransitJohn Jan 2012 #106
Remember Me Jan 2012 #76
SwampG8r Jan 2012 #77
pam4water Jan 2012 #84
uponit7771 Jan 2012 #89
Bonobo Jan 2012 #101
joshcryer Jan 2012 #107
Bonobo Jan 2012 #108
joshcryer Jan 2012 #111
Vanje Jan 2012 #102
AtomicKitten Jan 2012 #114
Rex Jan 2012 #115
JCMach1 Jan 2012 #118
woo me with science Jan 2012 #119
Hell Hath No Fury Jan 2012 #123
lonestarnot Jan 2012 #135
Please login to view edit histories.