mortgage securitization audit

What is a securitization audit?    Was my mortgage securitized?    Will a securitization audit stop my foreclosure?  Will a securitization audit help me get a modification with my servicer?     Lets start with a few definitions.   A securitization audit tracks what happened to your promissory note after you closed your loan.    Thats right, if you have a MIN number on your deed of trust or on your mortgage document, your lender tricked you.   First of all the word lender is probably a misnomer.     Most of the time they just deposited your note at a federal reserve affiliated bank and cashed it, using new money to fund your mortgage transaction that they borrowed at a much lower interest rate than what they charged you.    The difference in the interest they borrowed the money at and the rate on the face of your note is a yield spread.   That is the difference in the interest payments over the thirty years that you would pay at say 7 or 8 % (just for example) and the payments that the note the fed generated at 3% is a yield premium of 5% over the life of your loan represents alot of money they made just cashing your note at the fed.     The fed desired to do this to use your note to create money supply.    It added money to the US economy.    The money was never borrowed from your pretender lender.       Then the depositor pooled a bunch of  these  loans, decided upon a trustee for what is called an RMBS or Real Estate Mortgage Backed securites pool, incorporated the pool, transferred all of the loans (they didnt really transfer them legally but that was the idea) to the investment bank who would sell pass through certificates (pool ownership interests) to investors.

They would buy an insurance policy (credit default swaps) on many if not most of these RMBS’s so that they could tell investors that their return was guaranteed and that way they could hoodwink Moody’s and Standard and Poors (the bond rating agencies) into giving the pools a triple A rating and this allowed the dirty rotten investment banks to sell this pile of garbage to municipal and corporate retirement programs.

A securitization audit purports to find the RMBS that your promissory note is in and do some detective work to see if the pooling and servicing agreement (which is part of the prospectus for the RMBS) requires that the note be signed or endorsed by each of the parties that the note passed through to get into the pool.   Most of the time this will be the case.    Then we look for whether or not the notes are endorsed.   If not, legally the pool does not own your note.     If the pool doesn’t own your note, do they have legal standing to substitute in a trustee in the land record?     Are they legally allowed to foreclose on you?   Even make an assignment?    Of course not, see Horace v La Salle and GMAC v Ibanez.     Look at the recent bankruptcy cases in New York.

So, another part of the securitization auditing process is to look in the land record at filings made by entities who are stepping up claiming to have standing to foreclose on you by virtue of their filings and describe the challenges the homeowner may be able to make as to the authenticity or potential fraudulent nature of these filings.     Further, some securitization auditors keep a list of known potential robo-signers.   These are individuals…     go here to review what a roboo-signer is..

Will type more later, gotta go to court..       BTW none of the above is legal advice, just the opinion of the author..

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11 comments on “mortgage securitization audit

  1. Benefical/BSBC is my mortgage company. I have been dealing with MN Attorney General about not being able to get help with my payments or getting a motification on my loan. My husband passed away June, 2011 and we were suppose to have a hardship for six months but the payments were still high and every time I called they would tell me an amount but tell the Attorney General office a different amount. My husband and I filed bankrupsy about two years ago and they say our payments are voluntary and they will not talk to me they have to have a third party. Now they say I qualify for a hardship or modification but I don’t here anything and they raised my payments up and also the interest. I can’t afford the payments with only my paycheck and don’t know what the Attorney Generals office can do for me. I can’t afford to hire an attorney and it is getting really hard to make the payments. I am going to forward the e-mail I got to the Attorney Generals office and see that they say.

  2. I have a SECURITiZATION AUDIT and A CASE AGAINST BANK (FRAUDSTER) I need a Affordable Lawyer who is knowledgeable and can create a Quiet Title -since my Title is obviously Clouded

    • If you are in LA/Norwalk area in CA I can recommend a good paralegal to do the ground work and then hire an attorney when necessary, say a bundle agreement with him/her.

  3. I recieved your email. I foreward todays email nad the email regarding the new york ruling dated2/24/12 to the Federal Trade Commission, Attn:MR Mark Glassman. I have filed complients with FTC against Saxon Mortgage Servicers and Deutsche Bank National Trust.
    i will be getting evited from my home no 4/7/12.
    please if there any help you can give me,
    I truely need it NOW!!!! Thanks Vicki Scott

    • hello and i like to help you i when threw a foreclosure and got a 30year loan with a 2% interest so you must filed several motion 1 preliminary injunction and a motion for rescission these motion will delay the proceedings and force the bank to give you an agreement.

      PS send me your number and I’ll show you how to proceed

  4. Chase was my mtg co they forced me to finally sell my home at a loss
    and promised me they would wave the legal fees
    And so on so fat they owe me approx thirty thousand and all
    I get is the run arround.

  5. anyone in Pennsylvania let me know about jointing a class action law suit or if anyone needs a lawyer for foreclosure send me a e-mail i fort the banks ( JP-Morgan Chase) and won by making them withdraw the suit anybody wants to talk i can help you keep your house and lower your % to 2% 30 Year loan.

    • Hola Gil,
      I like to contact you about the way you respond to your bank on the foreclosure process and if there is a way to bring lenders to court to proof they own the note.
      Leonel Lopes

  6. My house was wrongfully auctioned and sold. I was kept in the dark about my loan and note. Please inform me about the cost and the details of your Forensic Audition.

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