Mortgage Servicing Fraud
occurs post loan origination when mortgage servicers use false statements and book-keeping entries, fabricated assignments, forged signatures and utter counterfeit intangible Notes to take a homeowner's property and equity.
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I've been doing research on securitized loans for my non-judicial state and was wondering if anyone knows where I can get the proof to some questions I have about my loan.

1. Does some “Remote Agent” declare the default without privities with the original lender or its beneficial assignee in a securitized non-judicial foreclosure?  How do I find or provide proof or examples?

2. In a Securitized Mortgage Loan the “True Beneficiary” of the mortgage loan has not declared a default? How does one find the true beneficiary?

3. In a securitized trust , the issuing entity has no employees, officers or directors. How do you prove that?

4. Are the “Certificate Holders” or “Investors”  formally creditors of the trust , not owners of the loans held by the trust?  Does it state this anywhere?

Let's see what our great minds can come up with.

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Moose
Douglas wrote:
I've been doing research on securitized loans for my non-judicial state and was wondering if anyone knows where I can get the proof to some questions I have about my loan.

1. Does some “Remote Agent” declare the default without privities with the original lender or its beneficial assignee in a securitized non-judicial foreclosure? 


Keeping in mind the old adage that this is not legal advice:

In the vast majority of cases involving securitized loans, the original lender has nothing to do with foreclosure.  The "Foreclosing Party" is determined by the Trustee's contract (PSA) with the servicer and it doesn't matter if it's non-judicial or judicial - that's simply a local procedural matter.

Douglas wrote:

2. In a Securitized Mortgage Loan the “True Beneficiary” of the mortgage loan has not declared a default? How does one find the true beneficiary?

I think you're confused about beneficiaries. The Trustee is normally the entity acting on behalf of the investors in the Trust.
The servicer may or may not be a beneficiary - again, it depends on the relationship with the Trust/Trustee. For example, Countrywide serviced a large portfolio of loans they originated that were in outside (non-Countrywide) trusts.
Technically, the Trustee, acting on behalf of the investors in the securities the trust issues, is the one who makes the rules about when a loan is supposed to be declared in default. The servicer is supposed to follow those rules but will in almost all cases, function to maximize its own profit.

Douglas wrote:
3. In a securitized trust , the issuing entity has no employees, officers or directors. How do you prove that?

You don't need to prove that. The trust is a special purpose paper entity (REMIC) established by a "sponsor" to facilitate the issuance of the securities. Once they are sold, the Trustee manages the cash flows from the servicer. The Trustee has employees but the trust itself is a paper-only entity. A single Trustee could have hundreds of employees and manage thousands of trusts.

Douglas wrote:
4. Are the “Certificate Holders” or “Investors”  formally creditors of the trust , not owners of the loans held by the trust?  Does it state this anywhere?

They purchased bonds issued by the trust that are backed by the mortgages. They are thus, investors - bond holders. They have an interest in tranches of loans (more specifically the cashflows from the various tranches) as opposed to ownership of individual loans.

Hope that helps.

Moose

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Thanks Moose, it helped alot. 

In my opinion, “Securitization” divides the “Beneficial Ownership” of “Mortgage Loans” from “Legal Title” to the loans and from the “Management of the Loans”. The “issuing entity” (or more precisely its “Trustee”) holds “Legal Title” to the “Loans”, and the “issuing entity” is the “Nominal Beneficial Owner” of the “Loans”. This “Nominal Structure” is much the same used by “MERS” in the “Deed of Trust”, and designed to be “elusive”, “confusing”, and “opaque”.

When there is a legal owner, then there must be someone who is the beneficial/equitable owner.  If I look in the PSA or the Prospectus of my loan trust, do you know if it talks about that because I'm trying to find one, or where it says something about the legal owner?


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