The Devastating Report on Bank of America That Everyone Is Talking About

Full report below, but first some background…

First from Business Insider…

Here’s That Devastating Report On Bank Of America That Everyone Is Talking About Today

Editors note: This was originally published yesterday, but continues to get plenty of attention today, and was just referenced by David Fasber on CNBC. Without further ado...

Earlier, we wrote about Felix Salmon’s contention that there’s a new mortgage fraud scandal that has the potential to dwarf Goldman’s ABACUS dealings. In this fraud scenario, banks took advantage of their information advantage and sold CDOs with mortgages they knew to be bad without clear representation to investors.

In August, Manal Mehta and Branch Hill Capital put together a presentation targeting Bank of America’s potential exposure to this mortgage fraud, as well as other problems in the mortgage market.

The presentation comes to a pretty damning conclusion: Bank of America’s exposure could nearly halve its share price.

Read more: http://www.businessinsider.com/bank-of-america-mortgage-report-2010-10#ixzz12dvMtRAf

Then we have the spin zone…

CNBC

Sorry Folks, The Put-Back Apocalypse Ain’t Gonna Happen

You should probably be a buyer of Bank of America right now.

But Bank of America’s recent decline—down almost 10% this week—is driven by fears that the bank could be hit with huge liabilities for faulty mortgage pools. And I’m pretty sure that is not going to happen.

Why not?

Because the politicians will not let the financial stability of the largest bank in the nation be threatened by contractual rights. Not when there’s an easy fix available that won’t cost taxpayers a dime.

Here’s what is going to happen: Congress will pass a law called something like “The Financial Modernization and Stability Act of 2010” that will retroactively grant mortgage pools the rights in the underlying mortgages that people are worried about. All the screwed up paperwork, lost notes, unassigned security interests will be forgiven by a legislative act.

There’s a big difference between the financial crisis of 2008 and the new crisis. In 2008, banks were destabilized by the growing realization that they were over-exposed to the real estate market. Huge portions of their balance sheets were committed to mortgage-linked investments that were no longer generating the expected revenues or producing losses. That was a problem of economics that could only be solved by recapitalizing banks or letting some of the biggest banks in the U.S. fail.

The put-back crisis is not driven by economics. It is driven by legal rights. And there’s simply zero probability that the politicians in Washington are going to let Bank of America or Citigroup or JP Morgan Chase fail because of a legal issue.

So here’s what I expect will happen. The lame duck session of Congress will pass a bill that essentially papers over the misdeeds of the banks that originated mortgage securities. Every member of Congress and every Senator who has been voted out of office will cast a vote for the bill. And the President will sign it.

You can check out the rest of this along with comments here…

If the latter is what comes to be, am I terrified on what the repercussions will bring…

There will be no rule of law left in America.

If wall street does not have follow the law, why should main street?

We are in critical times here folks…

Oh, and one more thing.

How do you defraud the investor without defrauding the borrower?

They were both sold an empty box…

Full report below…
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4closureFraud.org

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CONFIDENTIAL REPORT

Mortgage Repurchases
Bank of America’s Hidden Liability


Comments
8 Responses to “The Devastating Report on Bank of America That Everyone Is Talking About”
  1. I am not even sure legislation is necessary to make this mess go away. It seems to me that Washington will just do its best to sweep the whole mess under the carpet and get the issue out of the news again. If states’ actions start to result in too many convictions or too much economic disruption, then maybe congress would be forced to act. After all, they can’t let those big banks fail yet again. The only thing that get totaltrampled are citizens’ rights to due process under the law. Is the MERS business model even legal under the real estate laws of any state? That is something congress would have to fix; once MERS was indisputably legal a lot of other problems would instantly be gone.

  2. leapfrog says:

    http://news.yahoo.com/s/ap/20101018/ap_on_bi_ge/us_bank_of_america_foreclosures

    Turns out your “foreclosure fun” article might have been spot-on and this article too…BOA now posturing that it has “legal right” to seize 102K foreclosures. Did Congress just pass another underhanded bill to help to the banksters?

  3. housemanrob says:

    WES CRAVEN couldn.t have written a better HORROR script than what happened to SONYA BREWER.

  4. This is only the TIP of the iceberg. I was foreclosed on by BOA in 2004, with FRAUD EVIDENT, and ON THE RECORD.

    Here is the result of that.

    http://counterthespianage.com/northcarolinaforeclosureplaybook.html

    I would appreciate if you would post this also.

    Thanks!

  5. noash says:

    I wish I could believe you “Officer of the Law”, but I think the scenario laid out above is exactly what will happen. The GOP has either been silent on this issue or characterized this fraud as simply a minor technicality, especially since most of the people being foreclosed on are “deadbeats” (i.e., losers).

    If they take over Congress I see all being forgiven. Funny enough, I see it still happening if the Dems keep their seats. They’re just as “bought and paid for ” as the Republicans.

    To whom can we turn when we are surrounded by a pack of wolves with gleaming white teeth, and we have only ourselves and a few sticks to beat them off?

  6. sonya Brewer says:

    Attention SC ATTORNEY GENERAL. Please read and inform the AG: FIGHT FOR JUSTICE:

    My Name: Sonya Brewer
    864-895-8524

    FDIC not protecting the public. Here goes long story, I have the note stamped fully paid and satisfied properly endorsed with the signature stamp of the VP of RBMG dated March 18,2002 along with a letter from RBMG stating that the loan is paid in full. RBMG was aquired by NETBANK, The FDIC shut down NETbank September 28,2007.ROD office will not satisfy the mortgage because they say they don’t make copies of the note, only the mortgage go to RBMG for satisfaction of lien. AS stated RBMG/Netbank are in fdic receivership.Now according to the FDIC as long as the loan was paid off prior to the receivership and that the failed corporation is in receivership they can satisfy the lien. proof of payment to include such things as a copy of the “PAID” note, cancelled check , HUd -1 or anything else that would indicate payment in full. I sent the paid note, a letter stating that the loan is paid in full, and a copy of the envelope stamped lien release on the outside. The FDIC refuses to issue the lien release saying the paid in full NOTE is not PROOF that the mortgage has been satisfied!!! The letter is not proof of payment. This is where it get’s even better the FDIC said they went to a public website that shows their has been an assignment from RBMG/MERS to the Bank of New York Mellon on March 19th 2009. RBMG IS DEFUNT has been since the take over by the FDIC in 2007. Mers said the MIN # has been deactivated since 2002 and that the servicer is The FDIC as receiver for NETBANK/ RMBG. I ask 3 supervisors at the FDIC for a formal investigation, I have reported to this to the inspector generals office, the office of omsbudman.I will not stop till I get answers. Media outlets, senators my state attorney general as there is some questionable activity surrounding this. SO forget produce the note cause I can and nobody cares. It is funny that these so-called mortgage companies can sell a non- existent NOTE to in vestors, Take your home by Forclosure on a Lost note / non existent note. But when I have the real thing original in ink paid in full it is not worth the paper it is written on, Mers and The bank of New York Mellon need to be investigated for illegal activity and fraud. Here is what Mers said

    1 record matched your search:
    Need help?

    MIN:1000144-2000066783-4 Note Date:06/14/2001 MIN Status:Inactive
    Servicer: FDIC as Receiver of Netbank Phone:(888) 206-4662
    Dallas, TX

    Return to Search
    For more information about MERS please go to http://www.mersinc.org
    Copyright© 2006 by MERSCORP, Inc.

    Hi Sonya,
    MERS is an industry utility to electronically track the ownership of mortgage rights. The requested information is held by the servicer, not MERS.
    If you would like to see the information on the MERS electronic registry for your loan(s), you can visit the online MERS Servicer Identification System at http://www.mers-servicerid.org. Or, if you have the MERS MIN (Mortgage Identification Number) or the primary borrower’s Social Security Number, you can call 888-679-6377 and follow the automated prompts.
    Thank you,

    Rachel Weber
    MERS Product Performance Specialist
    Phone: (319) 334-4024
    Corporate: (800) 646-6377
    Fax: (703) 748-0183
    rachelw@mersinc.org

    Thank you for doing business with MERS, http://www.mersinc.org
    Respectfully
    Sonya Brewer
    Upon futher investigation it seems that the Assignment says the Bank of New York Mellon is successor trustee for JP Morgan Chase as trustee for certificates holders of bear stearns asset backed securties,Inc. Asset backed certificates series2003-2,c/o EMC Mortgage corp it’s successors and assigns , all it’s rights, title interest in and to a certain mortgage, together with the note executed by……… to MERS acting solely as a nominee for RBMG. LIQUENDA ALLOTEY as VP !!!!! of MERS. He is also a forclosure specialist for fidility. . Let’s see according to the Prospectus of the 2003-2 series we have some major fraud going on. Securities exchange commission needs to start a formal federal investigation into all listed above.

    I believe this goes with the suit and on going investigation of AMBAC and CDOs. I got undated and unsigned allonges not attached to the note, transferred by Mers, that is inactive, lost note affidavits alot of fake documents. Upon researching the federal reserve I see we have a former Bear stearns hired by them which is not good in my effort to have the FDIC uphold its fiduciary duty to me for the lien release.(Federal Reserve Hires Bear Stearns Fox to Fix the Hen House…Bear Stearns’s man in charge of risk management, Michael Alix,

    I will continue in my fight against these robbers of peoples homes.My efforts have gone unnoticed. I have now contacted my US Senator,the FDIC,The federal reserve, the attorney general, the omsbudman and now the sec. Is everyone in the government corrupted? I want my home and I have the Note but the asset backed securities, JP morgan the bank of new york mellon can make money and trade nothing but lies Is any one in america gonna help. News media outlets are next.

    Janice,Ombudsman.and Inspector General, federal reserve ,SEC, FBI ,Senator Jim Demint.
    To clarify for you The bank of New York Mellon does not own the loan they are merely a trustee that’s what that fraudulent assignment said, not a lender/creditor as no money is owed to them for the purchase of a loan. I have never heard of them nor ever made a payment to this Bank! In order for them to as you say Own the loan they would need to be a loan issued and a closing I want to see where they funded the loan plus they would have to have a note/mortgage in order to have an obligation for me to pay and the terms of payment there has to be a note!! The only note or loan that ever existed was with RBMG and has been satisfied! What are you expecting The bank of New York to show you? Ask them for a HUD-1 ask them for loan docs. It is not my intent to be rude but are all of you stupid? I don’t have a copy of the NOTE I have the NOTE that was NEGOTIATED TO ME, RBMG was made WHOLE. I can’t believe people of this nation can have any confidence in the FDIC. The burden of proof rest totally with THE BANK. Your obligation is to me.How Could RBMG SELL THE LOAN TO THE BANK OF NEW YORK MELLON IN MARCH 2009!!!!!!! WHO at the FDIC signed for this loan to be sold??? Does LIQUENDA ALLOTEY WORK FOR YOU? By evidence of your own written words to me you say that RBMG/Netbank sold this loan to the bank of New york Mellon in march 2009!!!! Please explain how that transaction could possible take place.RBMG was Defunct DEC 15th 2005 when NETBANK aquired RBMG ;Then the FDIC went in and closed NETBANK SEPT 28 2007. Once again I ask you Did the FDIC sale this Loan to The Bank of New York Mellon. By your own written admission you said RBMG sold the loan to The bank of New York Mellon Isn’t the FDIC liable for that sale as RBMG (2005 aquired by NB) has been in your custody, care and control since 2007. Is it not the job of THE FDIC to PROTECT the ASSETS of the AMERICAN PEOPLE from failed banks?

    U.C.C. – ARTICLE 3 – NEGOTIABLE INSTRUMENTS
    § 3-201. NEGOTIATION.
    (a) “Negotiation” means a transfer of possession, whether voluntary or involuntary, of an instrument by a person other than the issuer to a person who thereby becomes its holder.
    (b) Except for negotiation by a remitter, if an instrument is payable to an identified person, negotiation requires transfer of possession of the instrument and its indorsement by the holder. If an instrument is payable to bearer, it may be negotiated by transfer of possession alone.
    § 3-301. PERSON ENTITLED TO ENFORCE INSTRUMENT.
    “Person entitled to enforce” an instrument means (i) the holder of the instrument, (ii) a nonholder in possession of the instrument who has the rights of a holder, or (iii) a person not in possession of the instrument who is entitled to enforce the instrument pursuant to Section 3-309 or 3-418(d). A person may be a person entitled to enforce the instrument even though the person is not the owner of the instrument or is in wrongful possession of the instrument.

    § 3-302. HOLDER IN DUE COURSE.

    (a) Subject to subsection (c) and Section 3-106(d), “holder in due course” means the holder of an instrument if:
    (1) the instrument when issued or negotiated to the holder does not bear such apparent evidence of forgery or alteration or is not otherwise so irregular or incomplete as to call into question its authenticity; and
    (2) the holder took the instrument (i) for value, (ii) in good faith, (iii) without notice that the instrument is overdue or has been dishonored or that there is an uncured default with respect to payment of another instrument issued as part of the same series, (iv) without notice that the instrument contains an unauthorized signature or has been altered, (v) without notice of any claim to the instrument described in Section 3-306, and (vi) without notice that any party has a defense or claim in recoupment described in Section 3-305(a).
    (b) Notice of discharge of a party, other than discharge in an insolvency proceeding, is not notice of a defense under subsection (a), but discharge is effective against a person who became a holder in due course with notice of the discharge. Public filing or recording of a document does not of itself constitute notice of a defense, claim in recoupment, or claim to the instrument.
    (c) Except to the extent a transferor or predecessor in interest has rights as a holder in due course, a person does not acquire rights of a holder in due course of an instrument taken (i) by legal process or by purchase in an execution, bankruptcy, or creditor’s sale or similar proceeding, (ii) by purchase as part of a bulk transaction not in ordinary course of business of the transferor, or (iii) as the successor in interest to an estate or other organization.
    A creditor is not a creditor unless they are owed something. A beneficiary is not a beneficiary unless they are a creditor. In the case of a mortgage note, a beneficiary is not a creditor unless it is the obligee on the note (i.e., the one to whom the note directs payment). There is no escaping this logic.
    FINANCE CODE

    TITLE 3. FINANCIAL INSTITUTIONS AND BUSINESSES

    SUBTITLE A. BANKS

    CHAPTER 36. DISSOLUTION AND RECEIVERSHIP

    SUBCHAPTER A. GENERAL PROVISIONS

    Sec. 36.207. RECEIVER’S TITLE AND PRIORITY. (a) The receiver has the title to all the bank’s property, contracts, and rights of action, wherever located, beginning on the date the bank is closed for liquidation.
    (b) The rights of the receiver have priority over a contractual lien or statutory landlord’s lien under Chapter 54, Property Code, judgment lien, attachment lien, or voluntary lien that arises after the date of the closing of the bank for liquidation. Are you the FDIC still going to continue violating your own laws and the laws that govern, if you answer is yes the corruption runs deep with in the federal government.

    —–Original Message—–
    From: Hearn, Janice S.
    To: sbrewer@email.com
    Cc: Ombudsman Washington ; OIG Hotline
    Sent: Mon, Dec 28, 2009 3:31 pm
    Subject: FW: Findings

    Good afternoon Ms. Brewer and thanks again for your email. Please accept my apology for the delay in responding to you; I was out of the office on vacation for the holidays.

    As I have previously advised you, I am awaiting feedback from The Bank of New York to confirm the true and accurate status of your mortgage. The Bank of New York owns your loan, and the FDIC does not have the legal authority to process this release of lien for you. Until I hear back from the Bank of New York as to the true and accurate status of your mortgage, there is nothing more I can do. I am so sorry that this is not the response you want to hear. As I advised you on Tuesday, December 22, I will notify you the moment I hear back from the Bank of New York. Please know that I called again today and left a voice message requesting the status.

    Were you able to locate documentation evidencing that you paid your debt to RBMG in full? Specifically, I need a copy of your cancelled check or the HUD-1 Settlement Statement evidencing payment in full to RBMG/NetBank. The copy of the note stamped paid is not satisfactory. If you provide this documentation to the FDIC, I can then go to the Bank of New York and advise them that your loan was sold to them in error by RBMG/NetBank. We would then initiate the repurchase of your loan and process the release of lien. Without this evidence of payment in full to RBMG/NetBank, I can not assist you unless the Bank of New York has some evidence of payment in full in your loan file which they obtained upon the purchase of your loan. As I stated, the Bank of New York owns your loan and the FDIC cannot legally release the lien.

    Thank you,
    Janice

    Janice S. Hearn
    Manager, Customer Service
    Federal Deposit Insurance Corporation
    Dallas, TX
    JHearn@fdic.gov
    972.761.8635 Office

    ——————————————————————————–

    From: sbrewer@email.com [mailto:sbrewer@email.com]
    Sent: Monday, December 28, 2009 12:50 PM
    To: Hearn, Janice S.
    Subject: Fwd: Findings

    —–Original Message—–
    From: sbrewer@email.com
    To: JHearn@fdic.gov
    Sent: Thu, Dec 24, 2009 9:11 am
    Subject: Fwd: Findings

    —–Original Message—–
    From: sbrewer@email.com
    To: JHearn@FDIC.gov
    Sent: Wed, Dec 23, 2009 6:43 am
    Subject: Re: Findings
    Good morning again. The Fdic should sign the release of lien as The Bank of New York Mellon will not respond because they know they do not own the home. The Bank Knows they committed fraud the assignment is invalid the Bank did not even notarize it in their own state of New York and it was not notorized in my state of SC. The invalid assignment was notorized in MN. I’am the owner and holder of the note according to the federal law UCC If you would like I could go to one of your satellite offices so that you could inspect the original note.

    —–Original Message—–
    From: Hearn, Janice S.
    To: sbrewer@email.com
    Cc: OIG Hotline ; Ombudsman Washington
    Sent: Tue, Dec 22, 2009 2:09 pm
    Subject: Re: Fwd: Findings
    Greeting Ms. Brewer. Unfortunately, we have no new updates at this time. I will contact you the moment I receive additional information.

    Thank you,
    Janice

    Janice S. Hearn
    Sent via Blackberry
    JHearn@fdic.gov
    972.761.8635 Office

    ——————————————————————————–

    From: sbrewer@email.com
    To: Hearn, Janice S.
    Sent: Tue Dec 22 12:57:46 2009
    Subject: Fwd: Findings

    —–Original Message—–
    From: sbrewer@email.com
    To: JHearn@fdic.gov
    Sent: Sat, Dec 19, 2009 10:54 am
    Subject: Fwd: Findings
    Good Morning just wanted to follow up. Waiting on response.
    —–Original Message—–
    From: sbrewer@email.com
    To: JHearn@fdic.gov
    Sent: Thu, Dec 10, 2009 8:39 am
    Subject: Findings
    Good Morning, I’m writing to inquire of your findings in regards to the lien release. Please respond in writing as to The Bank of New York Mellons response to your inquires and provide me with the names and documents they provided to prove they PAID in FULL or that they are the owners. Proof that releases the FDIC of their Fidicuary rights to me and what the FDIC considers Proof from them as compared to mine. Please inform me of your findings regarding MERS with the name and documents from them as well. All information you have in regards to my loan information from RBMG all documents of their records in your possessions.

    Respectfully
    Sonya Brewer

    Good Morning, Here is more violations again my name is Sonya Brewer and this is more evidence on the complaint I have already filed.I firmly believe that it was known and not a mistake and upon investigation on your part you will find more violations with other loans and notes in this series.

    “In order for the Trust to qualify as a REMIC, all Steps in the “contribution” and transfer process(of the notes) must be true and complete sales between the parties and within the three month time limit from the Start up Day. Therefore every transfer of the Note(s) must be a true purchase and sale, and, consequently,
    the Note must be endorsed from one entity to another.
    Any mortgage note/asset identified for inclusion in a Trust seeking REMIC status MUST be deposited into the trust within the three month time period from the
    official startup Day of the REMIC as per section 860 of the Internal Revenue Code

    I have the note they .lack the proper endorsements evidencing the chain of ownership AS DISCLOSED TO THE SEC AND IRS.They used a lost note affidavit and allonges, an allonge can not be used to transfer ownership an allonge must be firmly attached to the note and is used only when there is no more room for indorsements.I am not a MOM loan and with the previous evidence I sent you this loan had been deactivated from the Mers system in 2002.My loan is listed in FDIC receivership and the only assignment on record is from RBMG to the Bank of New York Mellon in March 2009!! Which is fraudulent and is why the FDIC said they would not release the lien even though I have a properly indorsed PAID IN FULL NOTE!!! Please Review attachments…. FDIC needs to satisfy the lien.
    Bear Stearns Asset Backed Securities Inc · 424B5 · Bear Stearns Asset Backed Certificates Series 2003-2 · On 6/30/03
    Document 1 of 1 · 424B5 · Prospectus

    Federal Income Tax Consequences

    For federal income tax purposes, the trust will comprise multiple real estate
    mortgage investment conduits, organized in a tiered REMIC structure. The offered
    certificates (other than the Class R Certificates) will represent beneficial
    ownership of “regular interests” in the related REMIC identified in the pooling
    and servicing agreement, and in the case of the Class A-1, Class A-2, Class A-3,
    Class M-1, Class M-2 and Class B Certificates, beneficial ownership interests in
    a right to receive certain payments of Basis Risk Shortfall Carry Forward
    Amounts and, in the case of all such certificates, payments under the yield
    maintenance agreements.Each class of residual certificates will represent the beneficial ownership ofthe sole class of “residual interest” in a REMIC. The Class A-IO Certificateswill, and certain other classes of offered certificates may, be issued withoriginal issue discount for federal income tax purposes. Assignment of the Mortgage Loans; Repurchase At the time of issuance of the certificates, the depositor will causethe mortgage loans, together with all principal and interest due with respect tosuch mortgage loans after the cut-off date to be sold to the trust. The mortgageloans in each of the mortgage loan groups will be identified in a scheduleappearing as an exhibit to the pooling and servicing agreement with eachmortgage loan group separately identified. Such schedule will includeinformation as to the principal balance of each mortgage loan as of the cut-offdate, as well as information including, among other things, the mortgage rate,the borrower’s monthly payment and the maturity date of each mortgage note. In addition, the depositor will deposit with Wells Fargo BankMinnesota, National Association, as custodian and agent for the trustee, thefollowing documents with respect to each mortgage loan: (a) except with respect to a MOM loan, the original mortgage note, endorsed without recourse in the following form: “Pay to the order of JPMorgan Chase Bank, as S-40——————————————————————————–

    trustee for certificateholders of Bear Stearns Asset Backed Securities, Inc., Asset-Backed Certificates, Series 2003-2 without recourse,” with all intervening endorsements, to the extent available, showing a complete chain of endorsement from the originator to the seller or, if the original mortgage note is unavailable to the depositor, a photocopy thereof, if available, together with a lost note affidavit; (b) the original recorded mortgage or a photocopy thereof, and if the related mortgage loan is a MOM loan, noting the applicable mortgage identification number for that mortgage loan; (c) except with respect to a mortgage loan that is registered on the MERS(R) System, a duly executed assignment of the mortgage to “JPMorgan Chase Bank, as trustee for certificateholders of Bear Stearns Asset Backed Securities, Inc., Asset-Backed Certificates, Series 2003-2, without recourse;” in recordable form, as described in the pooling and servicing agreement; (d) originals or duplicates of all interim recorded assignments of such mortgage, if any and if available to the depositor; (e) the original or duplicate original lender’s title policy or, in the event such original title policy has not been received from the insurer, such original or duplicate original lender’s title policy shall be delivered within one year of the closing date or, in the event such original lender’s title policy is unavailable, a photocopy of such title policy or, in lieu thereof, a current lien search on the related property; and (f) the original or a copy of all available assumption, modification or substitution agreements, if any. In general, assignments of the mortgage loans provided to the custodianon behalf of the trustee will not be recorded in the appropriate public officefor real property records, based upon an opinion of counsel to the effect thatsuch recording is not required to protect the trustee’s interests in themortgage loan against the claim of any subsequent transferee or any successor toor creditor of the depositor or the seller, or as to which the rating agenciesadvise that the omission to record therein will not affect their ratings of theoffered certificates. In connection with the assignment of any mortgage loan that isregistered on the MERS(R) System, the depositor will cause the MERS(R) System toindicate that those mortgage loans have been assigned by EMC to the depositorand by the depositor to the trustee by including (or deleting, in the case ofrepurchased mortgage loans) in the computer files (a) the code in the fieldwhich identifies the trustee and (b) the code in the field “Pool Field” whichidentifies the series of certificates issued. Neither the depositor nor themaster servicer will alter these codes (except in the case of a repurchasedmortgage loan). A “MOM loan” is any mortgage loan as to which, at origination, MortgageElectronic Registration Systems, Inc. acts as mortgagee, solely as nominee forthe originator of that mortgage loan and its successors and assigns. S-41——————————————————————————–

    The custodian on behalf of the trustee will perform a limited review ofthe mortgage loan documents on or prior to the closing date or in the case ofany document permitted to be delivered after the closing date, promptly afterthe custodian’s receipt of such documents and will hold such documents in trustfor the benefit of the holders of the certificates. In addition, the seller will make representations and warranties in thepooling and servicing agreement as of the cut-off date in respect of themortgage loans. The depositor will file the pooling and servicing agreementcontaining such representations and warranties with the Securities and ExchangeCommission in a report on Form 8-K following the closing date. After the closing date, if any document is found to be missing ordefective in any material respect, or if a representation or warranty withrespect to any mortgage loan is breached and such breach materially andadversely affects the interests of the holders of the certificates in suchmortgage loan, the custodian, on behalf of the trustee, is required to notifythe seller in writing. If the seller cannot or does not cure such omission,defect or breach within 90 days of its receipt of notice from the custodian, theseller is required to repurchase the related mortgage loan from the trust fundat a price equal to 100% of the stated principal balance thereof as of the dateof repurchase plus accrued and unpaid interest thereon at the mortgage rate tothe first day of the month following the month of repurchase. In addition, ifthe obligation to repurchase the related mortgage loan results from a breach ofthe seller’s representations regarding predatory lending, the seller will beobligated to pay any resulting costs and damages incurred by the trust. Ratherthan repurchase the mortgage loan as provided above, the seller may remove suchmortgage loan from the trust fund and substitute in its place another mortgageloan of like characteristics; however, such substitution is only permittedwithin two years after the closing date. With respect to any repurchase or substitution of a mortgage loan thatis not in default or as to which a default is not imminent, the trustee musthave received a satisfactory opinion of counsel that such repurchase orsubstitution will not cause the trust fund to lose the status of its REMIC.
    Attention according to the following statement of fact from Mers. Mers just assigned it’s interest in the mortgage on March 19th, 2009
    With that being said there was never a true sale as required by and according to the Prospectus, REMIC, SEC, and IRS.( I sent you a copy of the assignment) if Mers just assigned it’s interest, EMC was never legal owner ( I own the note negotiated to me from RBMG) there was NEVER a TRUE SALE- Bear Stearns NEVER was OWNER OR HOLDER and the loan is supposed to be in trust, hence according to the prospectus without recourse” Pay to the order JP MORGAN CHASE as TRUSTEE for certificate holders of Bear Stearns Asset Backed Securities,Inc., Asset Backed Certificates, Series 2003-2 without recourse” WHICH JP MORGAN CHASE was NEVER OWNER AND HOLDER
    and according to the prospectus must be in recordable form. AS previous stated to you and by evidence submitted from me
    was ALLONGES which according to the UCC an allonge is only used when there is no MORE ROOM on THE NOTE and must be FIRMLY ATTACHED as to become a part of THE NOTE. An allonge is merely for additional room for endorsements that would not fit on the note an allonge alone does not transfer ownership and is invalid as long as there is sufficient room on the NOTE. Below you will find the STATEMENT FROM MERS.You will also see that the Min is deactivated and the attachment I enclosed from mers show that the loan was transferred off of Mers In July 2002.

    Dear Sonya,

    In response to your e-mail dated December 30, 2009, MERS was the mortgagee of your mortgage loan pursuant to the mortgage that you signed at closing, and this document was recorded in the applicable public land records. MERS assigned its interest in your mortgage loan on March 19, 2009. Information regarding your mortgage is publically available at your local land records.

    We do operate an electronic registry system utilized by the mortgage industry and consumers as a tool to obtain public information about mortgage loans. Please provide us with examples of when and how MERS may have released any non-public personal information regarding your mortgage loan to unknown entities.

    Because we no longer have any interest in your mortgage loan, we recommend that you contact the last known servicer reflected on the MERS® System, EMC Mortgage Corporation. Their toll free number is 800-695-7695. We hope this additional information is helpful and any issues or concerns you have can be resolved quickly with your current servicer.

    Sincerely,

    Rachel Weber
    MERS Product Performance Specialist
    Phone: (319) 334-4024
    Corporate: (800) 646-6377
    Fax: (703) 748-0183
    rachelw@mersinc.org

    Mers is trying to cover up the fraud, because as I previosly sent you (but will enclose again for your review) and this is still on the MERS SYSTEM is below and the MIN # is and has been deactivated since July 13th 2002. The loan transfered off of Mers and according to the mers system the reasons it would transfer would be if it was sold to a non-mers member or the loan had been paid for.

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    MIN:1000144-2000066783-4 Note Date:06/14/2001 MIN Status:Inactive

    Servicer: FDIC as Receiver of Netbank Phone:(888) 206-4662
    Dallas, TX

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    For more information about MERS please go to http://www.mersinc.org
    Copyright© 2006 by MERSCORP, Inc.

    Hi Sonya,
    MERS is an industry utility to electronically track the ownership of mortgage rights. The requested information is held by the servicer, not MERS.
    If you would like to see the information on the MERS electronic registry for your loan(s), you can visit the online MERS Servicer Identification System at http://www.mers-servicerid.org. Or, if you have the MERS MIN (Mortgage Identification Number) or the primary borrower’s Social Security Number, you can call 888-679-6377 and follow the automated prompts.
    Thank you,

    Rachel Weber
    MERS Product Performance Specialist
    Phone: (319) 334-4024
    Corporate: (800) 646-6377
    Fax: (703) 748-0183
    rachelw@mersinc.org

    Thank you for doing business with MERS, http://www.mersinc.org

    1 Attached Images

    Fraud is generally defined in the law as an intentional misrepresentation of material existing fact made by one person to another with knowledge of its falsity and for the purpose of inducing the other person to act, and upon which the other person relies with resulting injury or damage. Fraud may also be made by an omission or purposeful failure to state material facts, which nondisclosure makes other statements misleading. Can you have the fraudulent assignment removed from the ROD, and why can’t I represent myself as pro- se and satisfy the mortgage as they are no valid liens and I have proof of paid in full. RBMG as stated cannot satisfy this because they are defunct. ( attorney satisfaction affidivat)

    Allonge: is only used when there is NO Room on the NOTE and must be firmly attached as to become a part of. alone it is invalid and it does not transfer ownership in the note. Please see the UCC as this is a fraud upon the securities and ME. I’am the owner and holder of the original NOTE signed in INK.

  7. sonya Brewer says:

    ok if that’s the case,I do have the wet ink NOTE endorsed in blank, I have what most do not in ‘the dog ate my mortgage, note, assignment et..” i also have a document from MERS where the MIN was deactivated, the loan was transfered off the MERS system, then this robo- signer did an assignment from MERS as nominee for a DEFUNCT company directly to the trust and recorded it in the ROD. I have direct proof of fraud upon the court . I also have direct proof of SECURITIES FRAUD!!! In a sworn affidavit from the seller into the securities said that it was sold to the trust but a written assignment was NEVER prepared. Well I got news for the seller it don’t matter that a written assignment of the note never happened to the trustee from the SERVICER/SELLER into the securities because the seller had to sell it to the despositer which was the creator of the certificates and did the underwriting!! I wish CNN msnbc Fox etc… would talk to someone with paperwork that will make alot of fools out of people including My AG , The FDIC THE Federal reserve board and my senator who is on the Banking and Commerce.

  8. Officer of the Law says:

    Robyn Blumner of the St. Pete Times has it right. The banks committed fraud, and they should be the ones suffering the consequences, not the homeowners and investors which the banks defrauded and not the taxpayers. See http://www.tampabay.com/opinion/columns/make-banks-pay-for-robo-signers/1128141

    Crime is not supposed to pay, and the crimes committed by the banks have nearly crippled the economy. Millions of Americans have had their homes and life savings stolen and have been thrown into the streets with bad credit because they were victims of fraud committed by the banks from mortgage loan origination through foreclosure.

    There is plenty of evidence to convict all of these bankers, their attorneys and their minions in government. All of their assets could be seized to cover the innocent depositors and repay the victims.

    Bank of America and all of the corrupt big banks which committed all of this fraud will fail because too many people know about their crimes for them to continue to get away with it. That is why so many state Attorneys General are finally starting to investigate. They know that are done if they continue to refuse to stop the bankers’ crime spree.

    The corrupt banks are done, too. People are pulling their deposits out of these banks already. I pulled my money out of B of A a long time ago and put it in a credit union. Imagine what would happen if all of the abusive banks suddenly found their depositors moving their deposits to small honest banks or to credit unions.

    Is a bank still a bank if it has no deposits? Not for long. This is why investors are selling these bank stocks.

    Can a bank still buy favors from regulators, members of Congress and prosecutors if it doesn’t have any depositors or investors? No!!! The bankers’ minions in government are going to turn on their old benefactors unless the bankers have pictures of the bags of cash given to them to buy their inaction.

    The crooked bankers are done. The best way to restore the economy is by letting these crooked bankers pay the price for their crimes. Continuing to help these crooks get away with their crimes will just prolong the problem.

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