American Securitization Forum “Lies, Damn Lies and Statistics”

American Securitization Forum Tells Monstrous Whoppers in Senate Testimony on Mortgage Mess
Posted by ForeclosureBlues

Lynn Szymoniak says:
December 2, 2010 at 7:01 am
I was one of the many stunned by the bold lies told by Tom Deutsch. If the trusts never needed indorsements and mortgage assignments, then why include language in the PSAs that promises these will be obtained and held securely in the mortgage files maintained by the document custodians in a fireproof vault (standard PSA language)? If mortgage assignments are not necessary, why have a few servicing companies frantically (as evidenced by the quality of their work product) pump out over 8 million such assignments in the last two years – at significant cost to the trusts? I want to be in court in Brooklyn with Tom Deutsch explaining to Judge Arthur Schack why trusts do not need to adhere to real property conveyance laws – or their own promises to investors. Deutsch’s bosses are saying, “We acquired these mortgages because we intended to acquire these mortgages and we promised investors we would acquire these mortgages.” In most Brooklyn courts, an intent to acquire mortgages, a promise to acquire mortgages, and representations that mortgages were acquired cannot substitute for the actual acquisition of notes and mortgages by physical transfer and properly (legally) executed documents. Two years ago, only one in a thousand judges understood this. In late 2010, one in a hundred judges had figured out the difference. By mid 2011, it is likely to be one in 10. Maybe by the end of 2011, the Tom Deutsch logic will be exposed as another big banker lie. “We promised we would” does not equate to “we did.”

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