CALIFORNIA LAWS
california-assignments-must-be-recorded
- california-code-speaks-to-fabricated-or-forged-
and-misleading ocumentation-wheres-a-cop-
when-you-need-one -
california-code-notary-must-not-have-an-interest-
in-the-document-being-signed -
ten-reality-questions-answers-sb_1137_faq_rev_3
California Notice Requirements Routinely Ignored
foreclosure-defense-california-and-arizona-
sometimes-its-the-little-things-that-countcalifornia-statutes-foreclosure
New California Law Requires Settlement Efforts
HERE IS THE MEMORANDUM IN SUPPORT OF PLAINTIFFS REQUEST FOR EVIDENCE HEARING.
I have scheduled an evidentiary hearing and finishing my SAC. It is schedule in mid April. I am writing the memorandum with point and authorities in support of my request of the evidentuary hearing. I have filed discovery and even a motion to compel.
All responses have been weak.
I wrote on the process of filing a motion to compel along with the court rules.
I hope this may help anyone in the non judicial state of California.
b.daviesmd6605 on scrib for any documents I have found useful. It is alot of hard work, but these people are bad, and need to be held accountable.
http://www.scribd.com/doc/26821737/DAVIES-V-NDEX-WEST-UNIVERSAL-AMERICAN-MORTGAGE-DEUTSCHE-BANK-NATIONAL-TRUST-MERS-2924-2923-5-BP-C-17200-Second-Amended-Complaint-1-59-With-Exh
DEMAND JURY TRIAL
VIOLATION CC § 2923.5,
§ 2924, §2015.5 ,§ 2932.5
INTENTIONAL DECEIT
P C § 17200 ET. SEQ.
(CC § 2923.5, CC § 2924,
CC § 2015.5, CC § 2943
CC§2932.5)
MISREPRESENTATION
CIVIL CODE §1572
FINANCIAL CODE 50505
Charles Cox
this website.
http://timothymccandless.wordpress.com/california-help-for-homeowners-finally-we-can-buy-the-house-back-from-the-lender-for-todays-value-civil-code-29236/
“we know who motivated this” I am not so sure that your implied motivation is correct..
i contacted lawyer – Jennifer Hendrickson in Santa Rosa, Ca .. her useless audit, for $750 consisted of 32 pages of preprinted law info & less than 1 full [ actually 3 pages had my name & address & loan amount ] page of ANY info re; my loan docs in particular = my est 15-min time total to generate the audit. The audit was a joke & useless.
This Lawyer Jennifer Hendrickson should be ashamed of herself.!!!!!
seem its the next wave of homeowners in need being scammed because of no guidelines in what an audit is or should encompass .
The corrupted office of the convicted criminal O.C. Sheriff Michael Carona repeatedly refused to take any action against these deed and loan forgeries, so did the local FBI, both of which are accessories to such organized crimes by turning their backs to the crimes, and thus supporting such organized crimes.
In Orange County, and San Bernardino Counties, California, county recorders, and assessors, have contracts with organized crimes like title companies, and banks, as in here, to record any documents emailed to the county recorders from such enterprises, without the county officials even looking at the documents, let alone checking them for faults, as it occurred here. County officials have further continued to avoid responsibility when I provided them total proof of the forgeries, as in here.
All foreclosures, especially in these two counties, are fraudulent and in violation of countless laws, but because the “law-enforcement” is itself a part of the crime, victims are further victimized by the very people they pay for their protection from criminals like the American Credit Crime Industry (ACCI), as documented in my Orange County case # 04CC11080, where I obtained a large judgment against multiple defendants, and in my current federal case # SACV 08-01274 DOC(MLGx).
Such Organized crimes could probably come to a halt by dismantling county recorders altogether, as I have proven them to be the crux, the core, and the main vehicle, of real estate and lending crimes in the United States. These crimes have, in the past decade, proliferated globally causing today’s national and global financial collapses, by having counterfeited over $700 trillion worth of counterfeit dollars, under many colorful disguises, only with the backing of less than $7 trillion worth of American real estate. This amounts to a U.S. based counterfeiting PONZI scheme with the PONZI Ratio ((PONZI Index (PI)) of one hundred to one, which is beyond anyone’s wildest imaginations.
It is no wonder that “U.S. law-makers” have been corrupted, or threatened with national martial law, to pass the fraudulent bailout packages, which I saw coming, and documented, years in advance, in my 2004 lawsuit. (see pdf link attachment to http://www.salessi.info (temporary web-page). Posted by KAREEM SALESSI on 02/14 at 04:35 PM
Pro Value Properties, Inc. v. Quality Loan Service Corp.
170 Cal.App.4th 579, 88 Cal.Rptr.3d 381
§ 10:198. Notice of sale—contents of the notice
West’s Key Number Digest, Mortgages Key Number 352 to 356
I think due to copy laws I can’t copy their text here but I can cite the cases they cite to in that chapter:
Who should I send the bill to for this research?
Thousands of such Notices have been recorded and homes foreclosed despite this material defect. A typicalCa. lawyer is unaware of this. Judges know absolutely nothing about it,.
WACHOVIA , and WORLD SAVINGS are two of the companies which has probably filed over 100000 of such defective NTS because of the sale of World Savings to Wachovia in 2007, and the dumping of their loans in the fraudulent mortgage pools which collapsed in 2008. As a result those loans, have actually been extinguished, and nullified, and have no legitimate beneficiaries now which is why their NTS is without beneficiary.
This detail is well documented in the bankruptcy filings of an individual in Santa Ana, Ca. with a website at http://www.SALESSI.INFO ;
If your NTS has this defect, check with competent class action attorneys, to reverse all the similar foreclosure filings. Jan. 25, 2010
http://hpg-classactions.com/
reggpac@yahoo.com
charles@bayliving.com
September 11th, 2009, 11:59 am • 36 Comments • posted by Mathew Padilla
Attorney General Jerry Brown said today his office arrested a Huntington Beach loan officer and two other men for allegedly placing consumers into $30 million worth of fraudulent loans and pocketing $1 million in illicit profits.
Alan Ruiz, 28, was arrested at his Huntington Beach home late Thursday and is being held in the Orange County Sheriff’s jail.
However, Brown’s release focuses more on Michael McConville, 39, of Simi Valley, who worked as a sales manager for Los Angeles-based mortgage company ALG, Inc. Garrett Holdridge, 23, of Palmdale, California and Texas was also arrested.
All three worked at ALG and are being held on $2 million bail.
According to Brown’s release:
“McConville and his co-conspirators lured dozens of borrowers into refinancing home loans by falsely promising low interest rates and brokers’ fees, and other attractive terms. They then negotiated different terms with lenders, forged the victims’ signatures on the final loan documents and collected hefty brokers fees – ranging from $20,000 to $57,000 – that were never disclosed. Only when the borrowers received true copies of the loan documents after the refinance did they discover that their names had been forged. In total, defendants stole over $950,000 from more than 70 borrowers, leaving victims holding $30 million in loans with terms they did not agree to.”
“After victims signed their closing papers, McConville and his associates doctored the loan documents, forged borrowers’ signatures and slipped in hefty fees that were never disclosed,” Brown said. “This was not some clerical error but a criminal conspiracy to steal nearly a million dollars from borrowers.”
Earlier this week, Brown filed 44 criminal charges against the men, including:
• 28 counts of grand theft, by violating Penal Code section 487, subdivision (a);
• 14 counts of forgery, by violating Penal Code section 470, subdivision (d);
• One count of elder abuse, by violating Penal Code section 368, subdivision (d);
• One count of conspiracy to commit grand theft, by violating Penal Code section 182, subdivision (a)(1);
• Three special allegations of aggravated white-collar crime in excess of $500,000, by violating Penal Code section 186.11, subdivision (a)(2); and
• Taking in excess of $3,200,000, by violating Penal Code section 12022.6, subdivision (a)(4) and (b).
Here’s more from Brown:
From April 2007 to October 2008, McConville and his associates provided homeowners closing documents bearing terms promised, but which the lender never approved. After homeowners signed those documents, key pages were removed and replaced with pages bearing the terms that the lender had actually agreed to. The homeowners’ signatures were forged on the replacement pages, and ALG forwarded the forged documents to the escrow company.
Homeowners only discovered they had been defrauded when they received the final loan documents with the true terms and saw their signatures forged on disclosures of closing costs, Truth-in-Lending disclosures, loan applications and other documents. ALG often collected between $20,000 and $30,000 in undisclosed broker fees. In one transaction, they collected over $57,000 in such fees.
As a result of this scheme, homeowners suffered devastating financial losses. Some were forced to sell their homes, come out of retirement, or tap into retirement savings. Others paid significant prepayment penalties — in one case, over $21,000. Borrowers often never received the significant amounts of cash-out they were promised.
VICTIMS
Michael McConville promised one couple a 5.5 percent fixed interest rate, cash-out of $58,000 and $4,500 in closing costs. Only after they signed the documents, they realized their copy did not include the pages detailing the key terms of the loan. The couple soon received loan documents from Indymac Bank and discovered their signatures had been forged and they had received a 7 percent interest rate, no cash-out, and over $50,000 in closing costs, including a $42,000 origination fee paid to ALG.
ALG contacted a 65-year-old retired woman in July 2007 and promised her a 30-year fixed rate loan at 5.25 percent. A month later, a notary had arrived at the victim’s house with loan documents reflecting the 5.25 percent fixed interest rate. After closing, the victim discovered she had received an adjustable rate mortgage with an initial rate of 8.65percent, a $22,000 origination fee, and $2,230 in miscellaneous fees. The victim’s signature had been forged on most of the documents.
Brown recently sued Michael McConville and his brother Sean for their part in the “Property Tax Reassessment” scam which targeted Californians looking to lower their property taxes. Tens of thousands of mailers were sent out that featured official-looking logos and demanded hundreds of dollars in payments for property tax reassessment and reassessment appeal services. The statements warned homeowners that if payments were not received by the “due date” they faced late fees or would have their file marked “non-responsive” or “ineligible for future tax reassessments.” A copy of the press release can be found at:http://ag.ca.gov/newsalerts/release.php?id=1734
Brown has made it a top priority to combat mortgage fraud. In July, as part of a nationwide sweep, Brown filed suits against 21 individuals and 14 companies who ripped off thousands of homeowners seeking mortgage relief. In total, Brown has sought court orders to shut down 32 companies and has brought criminal charges and obtained lengthy prison sentences for deceptive mortgage consultants.
Charles
charles@bayliving.com
same for you. go consult a competent attorney asap.
after reading all these posts and more info on the web about servicers not actually owning the note ,im confused what direction to go in ..I believe there is an answer but do I need to wait until its too late or can I file something now regarding FRAUD ??? HELP PLEASE I am i California
In federal prosecutions of RICO cases (Racketeering) only two similar fraudulent acts need to be proven to get convictions for racketeering, as they hit congressman James Trafficante with (see his interviews on YOUTUBE). however, a few major criminal banks in the past two years have each committed more that two million such similar criminal acts resulting in the theft of over ten million houses, but not a single one of them, or their executives has been hit with RICO. This means the entire crime has been prearranged to escape prosecution. In fact in 2008 the Supreme Court, in a published ruling in favor of the now fallen Wachovia, totally immunized bank employees from responsibility for banks’ criminal activities!!.
The multimillion dollar bonuses some of these excs are receiving now is their fair share for creating this national coup de tat (as it was characterized by congressmen in the new Michael Moore film.)
1- lis pendens may not be effective if the bank reacquires it thru trustee sale.
2-look for other areas of claims.. ie trustee buy a non-performing loan that is
[in default]..hsbc got beat up in court thru doc examination or other reasons for the judge to demand doc title chain examination..assignments,sale.
3-servicer abuse – if in bk court , cases of fraud in amounts claimed due,past due.payments not credited,forced placed ins,suspense acc,escrow acc.
and good job with ground thats being covered recent posts.
Would like your opnion on the schema of recordings which Don discusses for Calif. , but for post foreclosure.
the real name of borrower, and after this was pointed out to the notary, the notary called the lender and the lender made threat that potential borrower would have to pay $8000 to have docs changed.
You have 5 days to respond to the Unlawful Detainer Action (UDA), from the date you are properly served. However, instead of filing an answer, and/or a demurrer, you can instead file a NOTICE OF REMOVAL to the Federal Court of your area. TO properly do this you must pay a couple of hundred dollars to a bankruptcy, or Federal Practice, lawyer to draft it. Once you do that you file a copy of it with the UDA court (by the fifth day of service). This will block their UDA from evicting you. They will have to file a motion for remand, to which you must then reply. Meantime if you succeed in your TRO action to obtain preliminary injunction you can stop their phony foreclosure.
With your TRO you must have also filed and recorded a Lispendens. Also, buy a certified copy of the TRO, and the injunction (if issued) from the court and immediately record them. This will give legal notice to everyone the any foreclosure would be automatically void. Record anything else that you can to protect your ownership. County Recorders’ offices are the central core of the national criminal foreclosure operations.
Do not misss the 5 days deadline. They bought this unconstitutional and criminal California Code by paying off Ca. legislators.
If your case is not remanded to the UDA court, you may be able to file your countersuit for quiet-title, wire-fraud, mail-fraud, bank-fraud, TILA, and a host of other things, in the Fed-Court which is a better venue than the extremely corrupted state courts.
Under a Temporary Restraing Order served on the Trustee ETS Services, GMAC Mortgage and the Auctioneer somehow I’ve received an Eviction notice from TTR Investments, inc who claims they bought my house eight days after the TRO had been issued and properly served. I called servicing and my loan has been pulled, I have to respond to their summon but, can I join their lawsuit in my lawsuit? How can I stop them from trespassing on my original case and stop the eviction or ( shut them up) Due Process means nothing to these pimps after I received their notice to vacate I faxed them a copy of the TRO now two days later they file a lawsuit in the same court. Any suggestions please respond on this board or emai me @homeownersrrealpeople2@gmail.com
In addition to the fact that none of these criminals have the Original Notes, all of the purported mortgage are completely bogus because none of the lenders ever gave any money (consideration) in return, they just counterfeited money by printing some pages of paper called PROMISSORY NOTES which are not money. The federal lending law is that they must have tendered legal currency, not counterfeit. Thus all the loans are likewise bogus.
This counterfeiting caused people to borrow much more than the value of the property. This value is called the Cash Value per CACI 3501 (California Jury Instructions). These counterfeit moneys created the PONZI real-estate bubble which eventually burst in 2007. Now, property prices are heading back to their cash values of 1995, at a time that prices had stabilized, and before the criminals launched their new international plundering scheme.
Also, if you manage to sell the house to a BONAFIDE purchaser and record the transfer, Then it is all over, and you are probably home free. Just don’t keep the money in a bank!
Assignment from MERS to servicer
Assignment from servicer to securities trustee
Substitution of trustee
You can always file complaints with state bar’s “Office of Chief Trial Counsel”. This title is as bogus as it sounds great. All state bars, and the ABA are organized crimes, under the color of law. The licenses they issue, and the oath necessary to get them, are also as bogus, treasonous, and criminal as they sound officially honest and legal, but their members bring misery to the public, no matter on which side they are. (a few good apples like Niel Garfield can play no role as you can see below:)
If an attorney steps out of the oath to these Mafia Bars and truly seeks justice to benefit the public he/she gets scammed, or simply disbarred. For proof, listen to some interviews of attorney Stanley Hilton, who had been Senator Bob Dole’s chief counsel. Hilton had filed a federal case in San Francisco years ago, his complaint is available on the web. The feds killed his complaint and told him that if pursues it any further he would be disbarred. What had he done? He had filed proof of the fact that 9/11 was totally engineered and performed by the insiders of the U.S. Government. He even produced copy of the executive order (signed by the president) for the destruction of the WTC buildings, Pentagon, and the PA missile.
Alternatively check out Ca. attorney Stephen Jagman, whose specialty was suing corrupt law-enforcement officials in landmark civil rights lawsuit. He got scammed by evidently a bogus IRS audit and then disbarred, so he couldn’t even seek his own “CIVIL RIGHTS”.
The best thing is, if you can, scan everything in one pdf file and provide the link to potential attorneys, and on this website, if you are sure you won’t get into trouble for defamation.
With the above example you reserve the right to live in the house as long as you live (Life-tenancy).
Once you record this the crooks can no longer sell it because the title is no longer in your name. If they persist to steal the house from you they would have to sue you. If they do and you produce their proofs of forgeries they would lose and get lost. But it is unlikely that they would sue.
Another thing you can record is a “QUIT-CLAIM-DEED” whereby you can grant your “whatever interest” in the property to anyone you want. If you have no legal interest you supposedly have no liability. This also makes the fraudulent foreclosures/recordings unlikely, and they would probably also need to sue you to expunge the deed. But if they do they have to prove that they have a better title interest than you did before you quit-claimed it. If they can’t they lose.
In fact, I think that if people get together and force the shutting down of county recorder operations, all of these property theft would automatically come to a halt.
After her first CMC (which she filed the statement late), the judge required a status letter to be filed by a certain date with she did not do. Over the next several months, I was at her home at least every other weekend and during the week, filing documents, all over the bay area, never missing any of her deadlines for her other clients, always available when she needed me. I had requested more than once that we discuss the details of my case and our strategy’s and she refused stating that there was no time for that and she was not going to waste time listening to me. As the next court date approached, she did not file a timely CMC statement or a status letter. I sent her a lenghly e-mail with my concerns that she was not properly representing me and did not treat me with respect. After several attempts to contact her, she finally telephoned me and informed me that she wanted to withdraw from my case, and that I needed to sign a Substitution of Attorney and that the judge would most likely be dismissing my case and trying to intimidate me by saying that I was going to lose my home. I refused to sign anything and told her that I would see her in court. This was the third time she had threatened to withdraw and it had only been three months since I hired her. By the day we appeared in court, she had not filed a substitution of attorney or had she filed the CMC statement. She arrived late to court and immediately informed the judge that she would be resigning. The judge wanted us to try to work it out. As soon as I requested to speak, my attorney said that she would be willing to step outside and talk to me. We worked out our differences and informed the court that she no longer was resigning and the judge assigned my case to mediation. Again my attorney stated that she wanted to amend the complaint to add additional defendants. The judge said that she should do this immediately. The judge ordered that we choose a mediator and inform the court within 30 days and set a Compliance hearing. My attorney again did not comply with this request even though I worked for her again and sent her a reminder email to notify the court. She not only didn’t send a status letter, she also failed to appear at the compliance hearing and now is subject to sanctions. The judge has ordered both attorneys to appear to show cause why she should not sanction them further or dismissal of the actions/striking of the pleadings pursuant to CCP 177.5 and 575.2.
This is where I stand now. I sent her an e-mail asking her why she had not complied with the court and that I was very concerned because she had not done anything she said she was going to do. I also asked her what the judge meant by that. She said that she had chosen a mediator and did not know why the court did not receive any documents from the mediator. It is not the mediator’s responsibility to notify the court. It was hers. She then informed me verbally of the mediation date. The OSC hearing is set for 11/05/09 and she is to file a declaration by 10/29/09. She has not filed anything in my case since June 8, 2009 which was one week after she was retained. She has not provided me with the legal representation that I am entitled to, nor has she conducted any discovery or responded to any of my requests. I don’t know what my legal rights are. What happens to my case, if she continues to be noncompliant. Would the judge actually dismiss, and if so, what is my recourse?
I have worked so hard fighting lenders, brokers, and their attorneys. I have gone to the Department of Real Estate, Department of Corporations, District Attorney’s office, Department of Justice, and even appeared on Channel 7 on your side with my story. I have stopped the illegal sale of my home five times, with the last time on the court steps at 12:05 p.m. on the day of the sale. I have never given up and am still in my home and intend to remain here for a long time.
I believe in what I am fighting for and intend to try to help innocent homeowners who are victims of Predatory Lending Practices and against crooked lawyers who are misleading and taking their monies.
This is why I am asking you for your advise as to what I should do. I am posting this on your site because this is where she found me and I don’t want this to happen to anyone else.
I want you especially to become aware that this is happening on your website. I was told that I should not make a complaint with the State Bar while she was still representing me. I do not have money to hire a different lawyer, but can I proceed with a lawyer that I do not trust.
************************************************
See 12,04 of the following:
Pooling and Servicing Agreement
Matt LaMaster
mplamaster@fcsl.edu
February 12, 2009
This article is meant to help interpret the contractual relationships that generally exist in a Pooling and Servicing Agreement (PSA) of a Mortgage Backed Security (MBS). The majority of PSAs look very similar, so the example used in this article will likely correlate with your PSA.
To help begin to understand a PSA it is first important to be familiar with Mortgage Backed Securities. Essentially a Mortgage Backed Security is a collection of single mortgage loans gathered into one securitized pool. The pool is then divided into tranches based on the degree of risk and transferred as a whole to a trust. The trust then issues a series of bonds and these bonds are then sold to investors. It seems like an excessive amount of handling, but the theory is that pooling the loans gives investors opportunities to gain rewards that would not be available in a single loan. Of course, with the opportunity for financial returns, there is always risk involved. However, the theory is, or was, that by creating a diverse pool of loans it will decreases the investors’ risk.
Once a loan has been securitized, the need for a PSA becomes apparent. The PSA is essentially a contract that exists between the parties involved in the securitization of the loans. This contract will dictate how the investment proceeds and losses will be distributed to the parties and investors. Most important though it will also describe how the Mortgage Backed Security pool of loans will be serviced and transferred from the parties.
In general there are four parties involved in a MBS PSA and each has important responsibilities. The following is a list of the parties most often involved in the securitization of a loan along with their individual responsibilities:
Depositor: The entity that accumulates the mortgages and transfers them to the Trust along with the issuance of the securities to the certificate holders. The Depositor can be the seller of a portfolio of mortgages or an entity established just for the purpose of holding the mortgages until the pool accumulation is completed.
Master Servicer: The Master Servicer services the loans in the pool through maturity and is regularly expected to process all requests made by the borrower. However, if the borrower defaults then they may subcontract duties to a Special or Sub-Servicer but the Master Servicer is still generally responsible for their performance.
Securities Administrator/ Custodian: Responsible for safeguarding the financial assets. The role of a custodian is to hold the assets in safekeeping, arrange settlement of any purchases and sales of securities, and collect information on the income from the assets.
Special Servicer: In the event of a default or other specified incident, the loan’s administration is transferred to the Special Servicer. They also have the authority to oversee actions such as loan assumptions. Furthermore, the Special Servicer may have the right to “put” the defaulted loan back to the loan originator in the event of a document defect or breach of a representation or warranty by the borrower which materially and adversely affects the value of the loan.
Credit Risk Manager: Evaluates the credit risk and communicates with the Trustee.
Trustee: Holds loan documents and distributes payments received from the Master Servicer to the bondholders and is often granted a broad authority regarding aspects of the loan under the pooling and servicing agreement. However, it is usual for them to delegate authority to the Special Servicer or the Master Servicer. Because the Trustee holds the loan documents, the Trustee is the one who will be named in lawsuits or non-judicial foreclosures.
This section is an overview of what one would expect to find in a MBS PSA along with an interpretation of the intended objective of each Article.
Again, the PSA can most often be found in file 8-K of the Current Report in the Prospectus. As with most large legal documents there is a Table of Contents. The following is an example Table of Contents that are generally found in a PSA:
Article I: Definitions
Article II: Conveyance of Mortgage Loans; Representations and Warranties
Article III: Administration and Servicing of Mortgage Loans
Article IV: Distributions
Article V: Certificates
Article VI: Depositor
Article VII: Default
Article VIII: Concerning the Trustee
Article IX: Administration of the Mortgage Loans by the Master Servicer
Article X: Concerning the Securities Administrator
Article XI: Termination
Article XII: Miscellaneous Provisions
Exhibits
Definitions
Assignment of Mortgage: An assignment of the Mortgage, notice of transfer or equivalent instrument in recordable form reflecting the sale of the Mortgage to the Trustee.
Mortgage Loan includes: the Mortgage File, the Scheduled Payments, Principal Prepayments, Liquidation Proceeds, Subsequent Recoveries, Condemnation Proceeds, Insurance Proceeds, REO Disposition proceeds, Prepayment Charges, and all other rights, benefits, proceeds and obligations arising from or in connection with such Mortgage Loan, excluding replaced or repurchased Mortgage Loans.
Conveyance of Mortgage Loans; Representations and Warranties
This section sets out how the Loans are to be transferred from the Depositor to the Trustee.
a) The Depositor will sell, transfer, assign, set over and otherwise convey to the Trustee all rights, title and interest with respect to the Mortgage Loans on or after the Cut-Off date.
b) In connection with the transfer and assignment of each Mortgage Loan, the Depositor delivers the Custodian the original Mortgage Note. If the original Mortgage Note cannot be located then the Mortgage Loan Seller must send an affidavit and record of the Mortgage being recorded in a public recording office. If the Mortgage had been previously assigned there must be evidence of the complete chain of ownership from the originator to the last assignee.
c) The parties agree that is the policy and intention to acquire Mortgage Loans meeting the requirements set forth in the Transfer Agreements and in the Purchase Agreements.
d) The Trustee has the power and authority to accept the sale, transfer, and assignment for the Trustee of the right, title and interest that is held by the Depositor.
The Custodian will hold the documents named in §2.01 for the benefit of the present and future investors. The Custodian is required to inform the Depositor, Securities Administrator, the Trustee and the Servicer by facsimile certifying that they received the Mortgage Note and Assignment of Mortgage for each Mortgage Loan (exhibit E). Furthermore, within 90 days of the Closing Date the Custodian shall have all of the required documents for each Mortgage Loan listed in the Mortgage Loan Schedule. This basically means that they must have every document for every Mortgage Loan within 90 days of the Closing Date.
a) Upon the removal of a Deleted Mortgage Loan the Custodian shall release the Mortgage File to the applicable Mortgage Loan Seller and the Trustee. Upon receipt of a Request for Release, all amounts required to be deposited have been deposited in the related Collection Account. The Trustee shall execute and deliver at the applicable Mortgage Loan Seller’s direction such instruments of transfer or assignment prepared by the applicable Mortgage Loan Seller that are necessary to vest title in the applicable Mortgage Loan Seller of the Trustee’s interest in any Deleted Mortgage Loan substituted for pursuant to this Section 2.03.
b) The Sponsor shall indemnify the Depositor, any of its Affiliates, the Master Servicer, each Servicer, the Securities Administrator, the Trustee and the Trust and hold such parties harmless against any losses, damages, penalties, judgments and other costs and expenses resulting from any third party claim resulting from, a breach by the Sponsor of any of its representations and warranties or obligations contained in this Agreement.
c) Upon receipt of a Request for Release, at the direction of the Servicer, the Custodian shall release the Custodial File to the related Mortgage Loan Seller or the Sponsor. The Trustee shall execute and deliver instruments of transfer or assignment as shall be necessary to transfer title from the Trustee. The Securities Administrator shall notify each Rating Agency of a purchase of a Mortgage Loan pursuant to this Section 2.03 or pursuant to a Transfer Agreement.
d) The Trustee acknowledges that the Sponsor shall not have any obligation or liability with respect to any breach of a representation or warranty made by it with respect to a Mortgage Loan sold by it provided that such representation or warranty was also made by a Mortgage Loan Seller with respect to the related Mortgage Loan.
The representations and warranties of the Sponsor and assigned to the Trustee by the Depositor shall survive the transfer of the Mortgage Loans by the Depositor to the Trustee on the Closing Date. It will insure the benefit of the Trustee and the Certificateholders any restrictive or qualified endorsement on any Mortgage Note or Assignment of Mortgage and shall continue throughout the term of this Agreement.
Upon the discovery by any of the Sponsor, the Depositor, the Securities Administrator, the Trustee, the Master Servicer or any Servicer of a breach of any of the Sponsor’s representations and warranties the party discovering the breach shall give prompt written notice to the others.
The Trustee acknowledges that the execution and delivery of the Certificates are in authorized denominations evidencing the entire ownership of the Trust Fund.
This states that the Preliminary Statement (which can be found prior to the Table of Contents) sets forth that the Trust meets federal income tax code for Real Estate Mortgage Investment Conduits (REMIC).
The Depositor warrants and covenants that as of the date of the agreement that:
a) They exist in good standing under Delaware law;
b) They have the power to convey the Mortgage Loans and enter into these types of agreements;
c) They understand they are entering into a legally binding agreement;
d) That it is not required to inform any governmental authority of the transactions prior to the Closing Date;
e) That this agreement does not break any of their by-laws or breach other agreement that they are a part of or violate any law, rule, or regulation;
f) There are no actions or investigations against them;
g) They are not in default with any government;
h) That they had good title and was the sole owner of each Mortgage Loan and that they transferred all interest in each Mortgage Loan to the Trustee.
Administration and Servicing of Mortgage Loans
This section sets forth how the Securities Administrator will set up the Excess Fund Account and Distribution Account. The sub-sections of §3.01 go into further detail as to how the Securities Administrator maintain the Distribution Account and how the Servicers pay into the Distribution Account.
The Securities Administrator may invest funds from the Distribution Account and any income gained by the investment is for the benefit of the Securities Administrator. However, if there is a loss then the Securities Administrator is liable to the Trust for that amount.
This section sets forth a policy that once a calendar year the Master Servicer, the Securities Administrator and the Custodian will furnish a report on an assessment of compliance with the Relevant Servicing Criteria set forth in Exhibit S to the Securities Administrator and the Depositor. The report will contain a statement regarding each party’s assessment of compliance with the Relevant Servicing Criteria, including, any material instance of noncompliance with the Relevant Servicing Criteria.
Furthermore, after receipt of the report the Depositor will review each such report and consult with the Master Servicer, the Securities Administrator, the Custodian, as to the nature of any material instance of noncompliance. Furthermore, the Securities Administrator shall confirm that the assessment addresses all of the Servicing Criteria for each party as set forth on Exhibit S or in the applicable Servicing Agreement.
The Master Servicer will enforce any obligation of each Servicer and submit an annual report on assessment of compliance to the Securities Administrator within the time frame set forth in the Servicing Agreement.
This section sets forth a policy that once a calendar year the Master Servicer, the Securities Administrator and the Custodian will furnish a Certified Public Accountants to furnish an attestation report to the Securities Administrator and the Depositor. The attestation report includes information regarding the Relevant Servicing Criteria.
The Master Servicer and the Securities Administrator will deliver an Officer’s Certificate to the Depositor which states that the Officer reviewed the business activities of their party. Furthermore, the Certificates must adhere to the standards of the Sarbanes-Oxley Act.
The Depositor, Master Servicer, Securities Administrator, Custodian, Trustee, and any Servicing Participant are considered an “Indemnifying Party.” In the case that any one of those parties fail to submit any required information, data or materials that party is indemnified and held harmless from and against any and all claims, losses, damages, penalties, fines, forfeitures, reasonable legal fees and related costs, judgments and other costs and expenses. So long as that dispute arose out of or based upon (a) any breach by such party of any if its obligations hereunder; (b) any material misstatement or omission in any information, data or materials provided by such party including any material misstatement or material omission, or (c) the negligence, bad faith or willful misconduct in connection with its performance hereunder.
If the indemnification provided is unavailable or insufficient to hold the party harmless then each Indemnifying Party agrees that it shall contribute to the amount paid or payable as a result of any claims, losses, damages or liabilities incurred by the at fault party. Furthermore, the indemnification shall survive the termination of this Agreement or the termination of any party to this Agreement.
The Depositor, the Securities Administrator, the Custodian and the Trustee shall immediately notify the Master Servicer if a claim is made by a third party with respect to this Agreement or the Mortgage Loans. Whereupon, the Master Servicer shall assume the defense of any such claim and pay all expenses to discharge and satisfy any judgment. If any indemnified parties have a conflict of interest with respect to any such claim, the indemnified party shall have the right to retain separate counsel.
This section states a number of ways that the advances can be made to the pursuant to the Servicing Agreement.
Distributions
The Master Servicer will deposit the funds collected into Distribution Account pursuant to the Servicing Agreements.
On each Distribution Date the Securities Administrator will distribute payments pursuant to REMIC standards. Furthermore, this section states how the funds will be distributed to different sets of investors. The investors will often times set up accounts to invest in different classes or tranches. The classes with the less risk will be paid first with the higher risk classes to be paid last.
The Securities Administrator is required to have a report available on each Distribution Date for the Master Servicer, the Servicers, the Credit Risk Manager, the Depositor, the Trustee, and each Certificateholder. The report will have information about the balances and interest in each of the accounts. More importantly, the report will have the following (1) the number and aggregate outstanding principal balances of Mortgage Loans that are delinquent 31 to 60 days, 61 to 90 days and 91 or more days, (2) that have become REO Property, (3) that are in foreclosure and (4) that are in bankruptcy, as of the close of business on the last Business Day of the immediately preceding month.
This section basically states that the Securities Administrator will use the London Interbank Offered Rate (LIBOR) to determine interest. However, they have option of choosing which Reference Bank that will determine the LIBOR.
The Securities Administrator will apply a loss to the Class M Certificates.
The section requires the Securities Administrator to set up a Supplemental Interest Trust for the purpose of managing Permitted Investments and Swap accounts. A Swap is a side agreement between two parties to exchange or insure future cash flows.
The Swap Counterparty shall be deemed a third-party beneficiary of this Agreement to the same extent as if it were an original party and shall have the right to enforce its rights under this Agreement.
This section details what would happen if a Swap is terminated and where the money invested will be deposited.
This article gives information in regard to how the certificates are originated and how they can be transferred. A certificate in this context is basically legal proof of ownership in a specific Class. The section also gives information on who can be deemed an owner and how a list of the owners.
The Depositor
The Depositor is liable for the obligations set forth in this section.
The Depositor will remain a franchise or corporation under the laws of the United States for the purposes of protecting the validity and enforceability of the Agreement and any of the Mortgage Loans.
The section begins by stating that neither the Depositor nor its agents are liable to the Certificateholders for any act or omission to act that is made in good faith or error of judgment. The Depositor may rely in good faith on any document of any kind properly executed and submitted by any Person respecting any matters arising hereunder.
The Depositor shall be indemnified by the Trust Fund and held harmless against any loss, liability or expense incurred in connection with any audit, controversy or judicial proceeding relating to government taxing, or any legal action relating to this Agreement. However, that excludes any loss, liability or expense related to any specific Mortgage Loan or Mortgage Loans. Furthermore, the Depositor would be liable for any breach of representations or warranties, willful misfeasance, bad faith, negligence, or reckless disregard of obligations and duties.
The Depositor is not under any obligation to appear in any legal action that is not in relation to its duties. However, the Depositor may in its discretion undertake any such action that it may deem necessary or desirable.
Default
The Master Servicer or Trustee can decide to terminate any Sub-Servicer and appoint a new Servicer without limitation. If they decide to terminate a Sub-Servicer then they will have a period (not to exceed 90 days) to complete the transfer of all servicing data and correct or manipulate servicing data as may be required to correct any errors or insufficiencies to service the Mortgage Loans properly and effectively.
Any successor to a Servicer shall be an institution which is willing to service the Mortgage Loans and which executes and delivers to the Depositor, the Master Servicer and the Trustee an agreement accepting all of the rights, powers, duties, responsibilities, obligations, and liabilities of Servicer, as if originally named as a party to such Servicing Agreement.
The Securities Administrator is required to notify the Certificateholders if there is a termination of a servicer.
Concerning the Trustee
In the event that the Master Servicer is unable to perform its duties pursuant to this Agreement the Trustee has the power to act as the Servicer. In that case the Trustee is to be furnished with all of the documents the Master Servicer held. Upon receipt the Trustee shall examine the documents but is not responsible for the accuracy or content. However, the Trustee is not to be relieved of any liability for negligence or willful misconduct.
a) No implied covenants or obligations shall be read into this Agreement. The Trustee can rely that the documents are true and correct.
b) The Trustee shall not be liable for error in judgment made in good faith unless the Trustee was negligent in ascertaining pertinent facts.
c) The Trustee shall not be liable for any action taken in good faith for the Certificate Holders.
a) The Trustee can rely upon any document believed to be true and shall not have any responsibility to confirm the genuineness.
b) The Trustee can receive advice from counsel or advisors that is done in good faith.
c) The Trustee is not liable for any action or omission taken in good faith.
d) The Trustee does not need to investigate any matters dealing with the genuineness of the documents unless requested by 25% of the Certificateholders.
e) The Trustee may perform duties through its agents and is not responsible for the negligence of any agent appointed with due care.
f) The Trustee is not required to expend its own funds in performance of its duties.
g) The Trustee is not liable for any loss on investment pursuant to this Agreement.
h) The Trustee is not responsible for knowledge of a Master Servicer being unable to perform until receiving written notice from the Master Servicer.
i) The Trustee is not obligated to conduct or defend any litigation
This section states that the Trustee assumes not responsibility for the correctness of and document related to this agreement or the Mortgage Loans. Furthermore, they state that the Trustee is not responsible to maintain the perfection of any security interest or lien granted to it.
The Trustee may own or pledge Certificates.
a) The Trustee is compensated by the Master Servicer own funds pursuant to a separate agreement. The Trustee cannot put a lien on the Trust for the payment of fees.
b) The Trustee can be reimbursed for any liability or expense associated with any claim or legal action. There are a number of exceptions which include willful misconduct or bad faith by the Trustee.
The Trustee must be a corporation operating under United States law. This section also requires that the corporation have fifty million dollars in capital pursuant to federal authority and if it fails to do so the Trustee shall resign.
The Trustee can resign or be removed at any time. If the Trustee does resign they must give written notice 60 days in advance.
When a successor Trustee is appointed they must be eligible under 8.06 and must inform the Depositor, Servicers, and Certificateholders.
Any corporation that merges or consolidates must be eligible under 8.06.
The Trustee can appoint co-trustees or separate trustees and are said to have the same right and powers as the Trustee. No Trustee shall be held personally liable and the Trust Fund will be liable for payments.
This section states that the assets are intended to be qualify as Real Estate Mortgage Investment Conduits (REMIC) as defined by the Internal Revenue Service. Furthermore, it states that it is the Securities Administrator’s responsibility to act as the agent to prepare, file, and maintain the REMIC assets.
The Securities Administrator is responsible for preparing and filing reports with the Securities and Exchange Commission via EDGAR.
Administration of the Mortgage Loans by the Master Servicer
This section delineates the contractual obligations of the Master Servicer.
a) The Master Servicer will, in good faith, monitor the obligations and performance of the Sub-Serivicers as it relates to the Servicing Agreement.
b) The Maaster Servicer or the Trustee pay the cost of monitoring the Sub-Sericers.
c) If the Master Servicer or Trustee replace a Sub-Servicer as successor, the successor does not assume liability for the representations and warranties of the replaced Sub-Servicer.
d) Only the Master Servicer or Trustee can legally consent to the assignment of Sub-Servicer’s obligations.
This section sets forth that the Master Servicer is required to have a blanket fidelity bond and an insurance policy that covers any errors or omissions in the performance of the its obligations. Furthermore, the insurance policy and fidelity bond should be in an amount generally acceptable for master servicers or trustees.
a) The Master Servicer represents and warrants that as of the Closing Date:
i. They are a national banking association in good standing and have the power to transact in any and all business contemplated in this agreement;
ii. That this agreement does not break any of their by-laws or breach other agreement that they are a part of or violate any law, rule, or regulation;
iii. They understand they are entering into a legally binding agreement;
iv. They are not in default with any government;
v. They are not a party to or bound by any agreement or charter provision that would adversely affect its ability to perform its obligations.
vi. There are no actions or investigations against them;
vii. That it is not required to inform any governmental authority of the transactions prior to the Closing Date;
b) If the Master Servicer materially breaches their representation and warranties set forth in §9.05 they will indemnify the Depositor, Securities Administrator, and Trustee.
The following constitute an Event of Default:
a) Failure to deposit a payment made by a Sub-Servicer into the Distribution Account for longer than two days;
b) Failure to observe or perform any covenants that continue unresolved for thirty days;
c) An order of the court entered against the Master Servicer for liquidation or bankruptcy that is unresolved for sixty days or more;
d) If the Master Servicer attempts to assign its duties and obligations to another party without the consent of the Depositor or Securities Administrator;
e) If the Master Servicer is indicted for fraud or criminal activity in performance of its duties under this Agreement;
f) Failure of the Master Servicer to provide annual statements of compliance.
An Event of Default can be waived by the Trustee along with 51% of the Certificateholders votes.
Upon termination of a Master Servicer the Depositor will appoint a successor. The successor must be an approved Fannie Mae or Freddie Mac servicer in good standing. In the event the Master Servicer is terminated they still must perform their duties until a successor is appointed.
If no successor can be appointed within ninety days the Trustee will become the successor and be subject to the liabilities of the former Master Service but will not be obligated to monitor Sub-Servicers.
The Master Servicer is paid the Master Servicing Fee. The Master Servicing Fee can generally be found in the Definitions.
Any Person that is merged or consolidates with the Master Servicer must agree to service the Mortgage Loans in accordance with Fannie Mae and Freddie Mac guidelines and have a net worth no less than twenty-five million dollars.
This section states that the Master Servicer cannot resign unless it is no longer allowed, by law, to be the Master Servicer. If the Master Servicer does resign then it is not effective until another Master Servicer assumes the duties. In this PSA the Master Servicer and the Security Administrator are the same company therefore if the company resigns as the Master Servicer it must also resign as the Securities Administrator.
The Master Servicer is not allowed to assign its duties or obligations to anyone unless the upon written consent of the Depositor.
The Master Servicer is has no liability to the Trustee or Certificateholders for any act, omission, or error in judgment made in good faith. However, the Master Servicer will be liable for willful misfeasance, bad faith, negligence, or reckless disregard for its obligations. The Master Servicer is not liable for any acts or omissions of any Sub-Servicer. However, the Master Servicer can be liable if the Sub- Servicer acts with willful misfeasance, bad faith, negligence, or reckless disregard for its obligations.
The Master Servicer may rely in good faith on any document that is properly executed and submitted.
The Master Servicer is under no obligation to appear in any legal action that is not in relation to its duties. However, the Master Servicer may in its discretion undertake any such action that it may deem necessary or desirable.
The Master Servicer indemnifies the Trustee as successor master servicer from any claims that the Trustee may sustain as a result of liability or obligations of the Master Servicer and in connection with the Trustee’s assumption of the Master Servicer’s obligations, duties or responsibilities under such agreement.
The Trust will indemnify the Master Servicer against any and all claims that the Master Servicer may incur in connection with this Agreement. The Master Servicer would be entitled to reimbursement for any indemnified amount. However, if the liability or expense is related to
i) a material breach of the Master Servicer’s representations and warranties,
ii) the Master Servicer’s willful malfeasance, bad faith or negligence or by reason of its reckless disregard of its duties and obligations or
iii) failure to provide the assessment, attestation and annual statement of compliance in accordance with Sections 3.03, 3.04 and 3.05
The Master Servicer is not liable for any action taken by a Servicer with respect to loss mitigation of defaulted Mortgage Loans at the direction of the Credit Risk Manager pursuant to a Credit Risk Management Agreement. Furthermore, the Master Servicer is not liable for the performance of a Servicer under any Credit Risk Management Agreement.
This section begins by stating the name of the Credit Risk Manager. The Credit Risk Manager provides reports and recommendations in relation to delinquent and defaulted Mortgage Loans, and the collection of Prepayment Charges. The reports are based on information given in a Monthly Statement by the Master Servicer and Sub-Servicers.
The Credit Risk Manager has no liability to the Trustee, Securities Administrator, Depositor, or Certificateholders for any act, omission, or error in judgment made in good faith. However, the Credit Risk Manager will be liable for willful misfeasance, bad faith, negligence, or reckless disregard for its obligations. The Master Servicer is not liable for any acts or omissions of any Sub-Servicer. However, the Master Servicer can be liable if the Sub- Servicer acts with willful misfeasance, bad faith, negligence, or reckless disregard for its obligations. The Credit Risk Manager may rely in good faith upon the accuracy of any document furnished by the Servicers.
Concerning the Securities Administrator
The Securities Administrator is responsible for obtaining all of the documents in the Agreement and examine them to make sure they are in the required form specified in the Agrrement. However, the Securities Administrator is not responsible for the accuracy or content of the document. If the Securities Administrator finds that a document does not conform to the requirements then they are to request a corrected document. If at that time they do not receive a corrected document then they must notify the Certificatholders.
The Securities Administrator is not to be relieved of any liability for negligence or willful misconduct.
a) The Securities Administrator is only liable for the duties set forth in the Agreement. No implied covenants or obligations shall be read into this Agreement. The Securities Administrator can rely on the documents furnished to them as true and correct.
b) The Securities Administrator shall not be liable for error in judgment made in good faith unless the Trustee was negligent in ascertaining pertinent facts.
c) The Securities Administrator shall not be liable for any action taken in good faith for the Certificate Holders.
d) The Securities Administrator shall have no liability for the acts or omission of the Master Servicer or the Trustee.
a) The Securities Adminstrator can rely upon any document believed to be true and shall not have any responsibility to confirm the genuineness.
b) The Securities Administrator can receive advice from counsel or advisors that is done in good faith.
c) The Securities Administrator is not liable for any action or omission taken in good faith.
d) The Securities Administrator does not need to investigate any matters dealing with the genuineness of the documents unless requested by 25% of the Certificateholders.
e) The Securities Administrator may perform duties through its agents and is not responsible for the negligence of any agent appointed with due care.
f) The Securities Administrator is not required to expend its own funds in performance of its duties.
g) The Securities Administrator is not responsible for the performance or obligations of the Master Servicer or the Trustee.
h) The Securities Administrator is generally not obligated to conduct or defend any litigation that is not incidental to its duties.
The Securities Administrator assumes no responsibility for the correctness of the Certificates because the Certificates are statements of the Depositor. The Securities Administrator makes no representation or warranty of any Mortgage Loan or related document. The Securities Administrator executes the Certificates on behalf of the Trust Fund and not in its individual capacity or personal undertaking.
The Securities Administrator may own or pledge Certificates.
a) The Securities Administrator is compensated from the investment funds earned from the Distribution Account during the Float Period. The Trustee cannot put a lien on the Trust for the payment of fees.
b) The Securities Administrator can be indemnified by the Trust for any liability or expense associated with a claim or legal action. However, there are a number of exceptions which include willful misconduct or bad faith by the Trustee.
The Securities Administrator must be a corporation operating in good standing under United States law. This section also requires that the corporation have fifty million dollars in capital pursuant to federal authority and if it fails to do so the Securities Administrator shall resign.
The Securities Administrator can resign or be removed at any time. If the Trustee does resign they must give written notice 60 days in advance.
When a successor Securities Administrator is appointed they must be eligible under 10.06 and must inform the Depositor, Servicers, and Certificateholders.
Any corporation that merges or consolidates must be eligible under 10.06.
The Securities Administrator is not allowed to assign its duties or obligations to anyone unless the upon written consent of the Depositor.
Termination
This section gives information on how the purchase price will be calculated in the event of liquidation or an Option to Purchase the Mortgage Loans.
This section states how the Final Distribution will be announced and paid in the event of maturity or purchase.
In the event of an Option to Purchase the Trust Fund will terminate and the Securities Administrator must give REMIC information to the buying party.
Miscellaneous Provisions
This section list the reasons why the Agreement may be amended at anytime. There is a clear policy that an amendment cannot be made to adversely affect the Certificateholders. Furthermore, the Agreement can be amended to maintain qualification with REMIC standards and avoid any tax with regards to any REMIC.
If there are any amendments made the Certificateholders and Rating Agency must be notified.
The Agreement is to be recorded in all appropriate public offices for real property records in all jurisdicitions in which the Mortgaged Properties are situated. The recordation of the Agreement can take place simultaneously with the use of counterparts. Furthermore, those counterparts constitute as the original instrument.
This section states the applicable governing law.
It is Depositor’s intention to convey all right, title and interest in the property as a sale of property not a grant of security interest to secure a loan.
If the Agreement is deemed to be a security interest in the Mortgage Loans the Depositor must take reasonable actions to ensure that the security interest is perfected and maintained under applicable law. The Depositor will make all initial fillings and forward a copy to the Trustee. Furthermore, the Depositor must prepare and file the necessary documents to perfect the Trustee’s security interest or lein on the Mortgage Loans. Those documents include: any change of name or jurisdiction of the Depositor, Sponsor, or Trustee; any transfer of interest of the Sponsor or Depositor in any Mortgage Loan; any change under relevant UCC or other applicable laws.
This section set forth a number of causes that the Securities Administrator must notify the Rating Agency. Included in the list is the repurchase or substitution of Mortgage Loans.
Each provision in the Agreement is considered severable so that if one provision is found to be invalid it does not affect the validity or enforceability of any other provision.
The Certificateholders shall not be personally liable for the obligations of the Trust Fund.
This states that the article and section heading are only for the purpose of making the document convenient to read and are to show the intent of the parties.
This section states that each party waives their right to a jury trial and that any dispute will be tried before a judge.
That is beyond all other coverups so far.
CHAPTER 29–HOME MORTGAGE DISCLOSURE
Sec. 2803. Maintenance of records and public disclosure.
Show me how I pulled off such a lie. Stated income and no doc loans is a lame excuse. You had my taxes. You show me the math.
CHAPTER 49–HOMEOWNERS PROTECTION
Sec. 4905. Disclosure requirements for lender paid mortgage insurance
“Produce-The-Note” Foreclosure Rescue Litigation Runs Aground In California
By Joshua Mandell
here is a link to the lender or servicer that are exempt
http://www.corp.ca.gov/FSD/CFP/pdf/ExemptList.pdf
fwiw i think the [law] is all just lip service..
bill collectors & financial industry are idiots & thieves who break the law every day because this is how they make $. violating people via debt & the courts.
i just read 2007-2009 in NY debt collection cases in court went up aprox 200,000 a year ..of those 200,000 ,180,000 were tried without the defendants
knowledge and or participation. yea… service by mail & death by fees
hahahahaa whata joke
(Update: When lenders must comply.)
“WACHOVIA MORTGAGE, FSB FKA WORLD SAVINGS BANK, FSB, A FEDERAL SAVINGS BANK”
See the laws cited in a recent Ca. Bankruptcy motion. If their lawyers filed Unlawful Detainer Actions against you with the above named fictitious plaintiff, bring it to the court’s attention in writing, “preferably with a motion to dismiss for lack of standing to sue”, asap and have their case dismissed according to these laws:
Some words have been modified (censored)
In the instant motion as I stated this was a matter of unprecedented importance as I believed that several executives of the former Wachovia and World Savings entities had created this artificial name as an artifice to [foreclose on] hundreds of thousands of houses across the nation. As a rough estimate they movants may have [foreclosed on] as many as 1,000,000. houses from the American population in the last two years, with the use of this artifice as the grantee. In fact this is a grave matter of national security, not be taken lightly by this court. It is a matter of national importance that this movant come to this court with a proof of claim as a purported creditor, and show that they are a legitimate entity.
The first exhibit in my motion opposition was their regulator OTS’ letter clearly stating that the above artifice was not a legitimate name and could not be used in any legal proceedings, which applied to this motion. This is a matter of national security, and a violation of inter alia, 18 U.S.C. §1962 for the collection of an unlawful debts, as defined at 18 U.S.C. §1961(6), as amended by the USA PATRIOT ACT of 2001, Pub. L. No. 107-56, §813, 115 Stat. 272, 382.
I have been pursing Wachovia, and World Savings, entities for the organized [----------] activities on behalf of all those similarly injured in fact individuals whose houses have been repossessed by the fraudulent artifice named “WACHOVIA MORTGAGE, FSB FKA WORLD SAVINGS BANK, FSB, A FEDERAL SAVINGS BANK”, which artifice probably appears in over a hundred thousand of “TRUSTEE’S DEED UPON SALE” as the grantee, and as a repossession company, is in serious violation of California’s Civil Codes §§2466; 2468; 2469. which dictate the registration of a fictitious entity before it can commence suit.
Assuming that they had filed the above artifice as a fictitious name entity they would still be in violation of California’s Business and Professions Code § 7503 (no license shall be issued to collection agency or repossession agency with fictitious name similar to any governmental function or agency or to any existing licensee, or with name that may tend to describe function not performed by licensee or that may otherwise be deceptive or misleading); See Annotated, Incorporation of Company Under Particular Name as Creating Exclusive Right to Such Name, 68 A.L.R.3d 1168 (1976). In fact deception and misleading has been the prime purpose of the former Wachovia in its use of this unregistered artifice. “…one lacks standing to sue when it has neither suffered, nor is about to suffer, injury and thus has no right to relief in court.” ( Pillsbury v. Karmgard (1994) 22 Cal.App.4th 743, 757-758, 27 Cal.Rptr.2d 491; Stocks v. City of Irvine (1981) 114 Cal.App.3d 520, 531, 170 Cal.Rptr. 724.) The movant artifice can not claim an injury as it was neither a beneficiary, nor an assignee, or anything else to have acquired a claim here by committing a criminal act in recording a fraudulent document as a deed to itself, a self which is non-existent.
I further cited in re hwang, 396 B.R. 757 (2008), in that even if movant was legitimate entity it must have possession, and assignment, of the original purported notes, and that otherwise movant lacked standing. The court insisted that movant “had standing”. How can an artifice have standing while they are barred by, inter alia, section 17918 of the Business and Professions Code (B & P) which states in most part:
Ҥ 17918. Actions barred until statement filed
No person transacting business under a fictitious business name contrary to the provisions of this chapter, or his assignee, may maintain any action upon or on account of any contract made, or transaction had, in the fictitious business name in any court of this state until the fictitious business name statement has been executed, filed, and published as required by this chapter. For the purposes of this section, the failure to comply with subdivision (b) of Section 17917 does not constitute transacting business contrary to the provisions of this chapter.”
In the above code maintain means: “to commence, institute, begin, or bring.” ( Creditors’ Adjustment Company v. Rossi (1915) 26 Cal.App. 725, 727 [construing Civ.Code, § 2468, from which Bus. & Prof.Code, § 17918 is derived].) Alternatively, maintain means to continue the action, rather than to commence it. (See American Alternative Energy Partners II v. Windridge, Inc. (1996) 42 Cal.App.4th 551, 562.) In either case, I had pled this repeatedly in the fraudulent UD action brought by this movant in the Jamboree court; in my filed opposition documents to this motion; and in my federal case # ################.
The fictitious business name statutes B & P §§1910, inclusive, series substantially establish the lack of standing of this movant, without resort to anything else:
Business and Professions Code section 17910 provides that every partnership or association transacting business in the state for profit under a fictitious business name (one which does not *562 disclose the surname of every member) shall file a fictitious business name statement. The code imposes a single penalty for failure to comply with the filing requirements:
“No person transacting business under the fictitious business name contrary to the provisions of this chapter … may maintain any action upon or on account of any contract made, or transaction had, in the fictitious business name in any court of this state until the fictitious business name statement has been executed, filed, and published as required by this chapter….” (Bus. & Prof.Code, § 17918.)
For the foregoing reasons debtor request that the court not enter an order of stay relief in favor of the non-existing movant “WACHOVIA MORTGAGE, FSB FKA WORLD SAVINGS BANK, FSB, A FEDERAL SAVINGS BANK”.
if the servicer has a [ valid ] is it valid?] recorded assignment from the pass-thru trust, is it deficient [ the assignment ] to lack standing in foreclosure , if yes
how so..
is it that [ the definition of ] trust is not the actual holder in due course,
and is the definition of [ holder ] the same as owner? please briefly explain
tia !
All names, addresses, telephone numbers, websites, and e-mail addresses used or proposed to be used in connection with their business;
Copies of all advertising;
Copies of each different contract the consultant will use with consumers; and
A copy of its $100,000 bond
For more information please visit:
Charles
I am guessing the only way to reverse this particular code is to appeal to district court and have the higher court rule against the state. This would be similar to a “cram down” by a BK judge BUT it is now law in California.
Mr. Joseph Russoniello
///
///
fraudulently claimed and received already over $13 [TRILLION] dollars from the Federal government and its instrumentalities. (google: Bloomberg bailout trillions)
I got behind(9 mos of unemployment will do that)
I got the Notice of Trustee’s Sale yesterday posted on my door (dated the day before; no certified mail), sale set for 5/29/09
I have 20 days.
etuitupou@gmail.com
Mr. Joseph Russoniello
PO Box 36055
450 Golden Gate Ave
San Francisco, CA 94102-3495
SSSSSSSS Corp. Investigation
CC: Mr. Edmund G. “Jerry” Brown, Jr.
California Attorney General, PIU: 231095
1300 I St., Ste. 1740, Sacramento, CA 95814
I first intended to compose a QUI TAM complaint seeking to expunge all the mortgages of ###### created since 2000, on the basis of FTCA, for the banks’ having fraudulently claimed and received already over $13 dollars from the Federal government and its instrumentalities. (google: Bloomberg bailout trillions)
However, I have been struggling with that and yet unable to do so, therefore, my amendment is largely on my own behalf and as a private attorney general under California’s Consumer Legal Remedies Act, to cancel all of SSSSSSS foreclosures of the past few years, in addition to all their existing mortgages. My legal reasoning behind this is substantiated with monetary facts, partly that the bank not only paid no money to create those loans, but also can not produce any of the original notes which they purports to be the beneficiary of.
In fact the banks, in this country, were instructed to counterfeit money by lending credit dollars, also referred to as “Captive Dollars” in margin accounts. In a usual trading margin account, such as the ones I used to trade in foreign exchange arbitrage (FOREX), I used to have a 5% margin account, that is I needed to put up $50,000. cash to be able to trade $1,000,000. worth of foreign exchange in the spot markets. The $1,000,000. was a credit line, it did not exist as real money and I could not cash it, or take it out of the bank, it was “Captive Dollars”, and the bank did not even have it.
What the banks did in the last ten years, with a highly engineered plan, as I first documented in my 2004 Orange County lawsuit, also herein attached, was to scheme margin accounts of 1% with the Federal Reserve Corp. that is to be able to have captive credit-dollars of one hundred times of money they could raise from their victim consumers. This way, during 2001-2006, for new mortgages created with money raised from homebuyers, they managed to cash a total of around $50,000,000,000. (Fifty Billions) as down payments, which were paid into the FED-SYSTEM, as real cash money. Then, the FED-SYSTEM, turned that Fifty Billion cash into a one-hundred fold captive dollars of Five Trillion Dollars and unleashed the banks to lend those counterfeit-captive credit dollars to the same people who made the down-payments.
This criminal lending scheme of the fictitious captive dollars, which are not legal to lend (as they don’t exist), created the limitless lending and the ballooning of housing prices to as much as ten times of their real worth, as they were purchased with phony, non-existing, money to begin with. So, a buyer was sold a house worth $200,000 for $1 million because he had no trouble getting the loan, and if he put up just $10,000. cash the bank could turn it into a $1 million mortgage with pure magic! Or he could buy the same house for $2 millions, because the lenders made greater returns on the bigger loans, which they had sold in advance of creating them!!. So, the minimal teaser payments did not matter because the loans were not held, and were engineered to balloon, and begin to collapse by 2007 in order to steal millions of houses.
Meantime the criminal banks, which had now created Five Trillion Dollars of phony mortgage, were permitted to tag these, 100 times overpriced papers, as honest mortgages and create 100 times more of phony junk papers, intentionally falsely labeled: “Mortgage Backed Securities”. These new papers, which should have been possibly termed “Counterfeit-Mortgage Option-Contracts” created another $500 trillion of counterfeit papers and unleashed them in the world’s financial markets, promising its buyers, great PONZI returns, which had to collapse, in 2007, exactly as I had calculated in my 2004 Orange County lawsuit, and I am not a Nostradamus. This was engineered to the T.
The criminal selling of these phony $500 + trillions to the world is what is now causing economic collapses around the world, because these counterfeit-mortgage junks have been dumped on to the world populations, who blindly trusted that the endless derivatives were backed, while the value of the entire US. residential real estate is well bellow $10. trillions.
In fact this was an international act of global financial, and economic, mass-destruction, sabotage and terrorism, on the world populations, with the FED-SYSTEM as its conduit. I believe the engineers of this international crime against humanity are the same people documented in a recent documentary broadcast by the PBS. The entire program is now on the web and can be googled as: “PBS MONEY MASTERS”. Their ulterior motive, I believe, is to create a new World War, and the complete submission of the world population, through terror and helplessness.
Here, I am talking of an apparently non-existing, totally fraudulent, entity which calls itself “Wachovia Mortgage FSB, F/K/A World Savings Bank, FSB, a Federal Savings Bank”.
I heard that World Savings/Wachovia executives with this trick are probably stealing thousands of homes, without showing it on the books of any existing legal entity. Is this possible Neil, or any one else who knows about corporations laws?
Attorney at Law
310.765.7388
Attorney at Law
bluejaylaw@gmail.com
Attorney at Law
bluejaylaw@gmail.com
Even if you dont, no amateur will in all likelihood be able to detonate the damn thing without blowing themselves up in the process. God bless you all.
Attorney at Law
Paul