Timeline of Robo-Assignments is REMIC-ulous

Both Yves and Karl have nailed the problem. Click the link to read the Market Ticker post.

1.  The loan closed in 2006.

2.  The securitzation had a cutoff date of May 2006 for all transfers of mortgages to be made.

3. The PSA specifies the transfers that are supposed to take place to preserve the bankruptcy remote REMIC status of the trust.  The note/deed of trust (or mortgage) should have been transferred at least three times in two true sales and an assignment.  This didn’t happen. 

4. Fast forward to Foreclosure Land 2010–the mills record assignments of the deed of trust, notice of trustee sale, and substitution of trustee, sometimes in the name of the servicer (wrong, not the owner), and sometimes in the name of the securitization trust (wrong, transfer cannot occur 4 years after the cutoff date;  also deed of trust cannot be separated from the note without jeopardizing the security interest). 

Thus, even if the “assignments” weren’t being performed by entry level robots for foreclosure mills fraudulently representing themselves as Vice President of major entities, the timing is all wrong, especially if the servicers or master servicers give a shit about  preserving REMIC status.

But try to explain this to a judge in ten minutes or less.

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3 thoughts on “Timeline of Robo-Assignments is REMIC-ulous

  1. You do need to read this:

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  2. the deed to my condo has the servicer mers listed as beneficiary, not Bank of America..what does this error mean to me…my condo association is placing a lien on my property (I left it 20 mos ago, and BAC has not foreclosed)

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  3. Since all real estate foreclosure and fraud cases filed in Maricopa County are considered public information, I would like to know the names of the judges who render these arbitrary and capricious decisions regarding foreclosure cases (and other related matters).
    In the event it has slipped their minds, 48 of them are up for retention on November 2, 2010. It is now more important than ever to hold these judges accountable when they render a judgement in direct contravention of laws, statutes and rules of civil procedure.
    Give us something to work with and we will get their attention.

    Like

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