A spokesman for U.S. Bancorp said, “This judgment has no financial impact on U.S. Bancorp. Our role in this case is solely as trustee concerning a mortgage owned by a securitization trust. The issues addressed by the court revolved around the process of the servicing of the loan on behalf of the securitization trust, which was performed in this case by the servicer, American Home Mortgage Servicing. As trustee, U.S. Bancorp has no responsibility for the terms of the underlying mortgage or the procedure by which they were transferred to the trust and has no ownership interest in the underlying mortgages.”
True in the first part (the terms of the underlying mortgage) but as regards the second……
What does The PSA controlling this deal say about the procedure by which they were (or weren’t) transferred into the trust?
Now I have to go digging for that actual PSA and read it….. For those who are interested in similar ones, here’s what a Goldman securitization said The Trustee had done for the notes allegedly transferred into it:
In accordance with Section 2.02 of the above-captioned Trust Agreement (the “Trust Agreement“), the undersigned, as Trustee, hereby certifies that as to each Mortgage Loan listed in the Mortgage Loan Schedule (other than any Mortgage Loan paid in full or listed on the attached Document Exception Report) it has received:
(A) The original Mortgage Note, endorsed in the form provided in Section 2.01 of the Trust Agreement, with all intervening endorsements showing a complete chain of endorsement from the originator to the last endorsee.(B) The original recorded Mortgage or a certified copy thereof.
No responsibility eh? That would depend on whether language like the above is in that particular PSA – specifically whether there’s a certification in that PSA that the required transfers in form and substance were complied with, right?