Quote: just that the creditor is litton loan servicing,lp as agent for ABSC 2003 HE7 then gives Ocwens return address :/
The specific name of a mortgage trust is the very sort of precise identifying information that Mr. Roper warns about sharing in combination with other details.
While the larger mortgage originators or servicers have as much as 25% of the national marketplace, ownership of the mortgage is fractionalized amongst upwards of 10,000 mortgage trusts. These trusts vary in size, both in terms of loan counts and outstanding balance.
It is not uncommon for a single trust of first mortgage liens to have as many as 10,000 loans at inception, but 3,000 to 5,000 loans is far more common. Only trusts containing second mortgages or Home Equity Lines of Credit (HELOC) are likely to typically have well in excess of 10,000 loans.
While the trust indentures of these trusts allow for substitution of loans when there is a required repurchase or putback, the trusts do not routinely acquire new loans after the trust closing.
Due to either foreclosure or simply routine prepayment (through either sale or refinance of the subject property), the pool of loans within the trust is constantly shrinking.
Usually 0.5% to 3% of the loans in a pool will be extinguished through prepayment in any given month.
For subprime pools, prepayment was dwarfed by defaults of the loans in the pool. In most of the subprime pools, more than half of the loans were already in default by 2009.
One of the characteristics of the pools is also geographic dispersion. Usually, no more than 10% to 15% of the loans in a well balanced pool are from any one state.
So do the math. If the pool started out in 2007 with 3,000 loans five years later even at a prepayment speed of only 0.5% per month, more than a quarter of the loans would usually be paid off through ordinary prepayment. Over half of the loans in a subprime pool will have been already foreclosed and removed from the pool. This is going to leave probably less than 750 loans.
Bear in mind that the foreclosures to date are concentrated in the so-called sand states: CA, FL, AZ, and NV.
A higher proportion of loans in these states has foreclosed that loans from other states. Suppose that there are still as many as 10% of the loans in the pool from Florida. That is going to be like 75 remaining Florida loans.
As soon as a borrower identifies the trust, adds the state and then furnishes maybe one more piece of identifying information -- borrower's first name, county, loan size, or precisely WHEN the foreclosure action was filed -- enough information has been given to identify the Forum participant.
If you tell me the trust, the state and any other one piece of information, I can tell you the borrower's eye color and hat size!
Mr. Roper posted that warning for a reason. Read what he says in the post and take heed!