Another loan in the FHFA vBoA lawsuit – interest accrual for months after home is “liquidated” to new party

Another loan in the FHFA vBoA lawsuit – interest accrual for months after home is “liquidated” to new party

Another loan in a trust/tranche that is named in the FHFA v BoA lawsuit.  This loan is in collateral group 4 in STALT 2005-1F trust.

This loan, for $136,000, was stated to be an 80% LTV but there was a 20% loan ($25,500) originated on the same day, buy the same originator, Suntrust/MERS.

Property sold to third party buyer on June 2, 2009 for $49,338 (see property appraiser site here) but not reported as “liquidated” until Sept 2009.   The delinquent interest accrued in June, July, and August 2009 = $2506.

This loan’s cumulative loss booked to the trust is $160,666.85.  (remember that the original loan balance was $136,000)
How are the proceeds from the sale, $49,338, accounted for?  What is the meaning of the delay in reporting the “liquation date” and the additional months of interest accural?

Here is the warranty deed in Palm Beach County Official Records 23443/0469

The accrued interest.

I’ve pulled out the data for this loan from several investor reports showing the interest accrual, the realized loss and prepayment details.

June 2000 Investor Report (activity for May 2009)


6 Responses to “Another loan in the FHFA vBoA lawsuit – interest accrual for months after home is “liquidated” to new party”
  1. Laura says:

    This is evil. We have no law in this country. This just gets more depressing. Where do you get this information? Is it on the Edgar site of the SEC or something?

    • lvent says:

      Laura, the truth is the criminals dumped the fraudulently induced loans into a Global Trust as an attempt to fix the fraud and try and convince us that these fake loans are securitized..the loans were never made to us, the U.S. TAXPAYER lent the criminals the money… The US.taxpayer funded the entire mortgage fraud ponzi scheme..A loan pool being dumped in the SEC does not make a loan secure, that happens no more than 90 days after Origination and that never could have occured because they never lent us any money……. .Dumping a ton of fake loans into a Global Trust years after the Origination is not what makes a securitized loan either and is more fraud and a deliberate attempt to cover up all of the mortgage fraud and the fact that they never lent us any money……….The word securitizationis a sham and a fraud because the only thing that is secured is our paid off deeds, with no lien attached..The mortgage is just a mind game they used to make us “think” they lent us money….THAT IS A BIG LIE…..The U.S. taxpayer funded this entire mortgage fraud Ponzi Scheme and our homes are paid for by all of us. ..that is the dirty little secret they do not want all of us to know….

  2. qwester says:

    This was a typical 100% LTV with an 80% first and a 20% second mortgage. The 3rd party buyer missed the 2d mtg. The $160,666.85 loss booked to the trust was close to the total of the mortgages.. The proceeds of the sale are not accounted for as they probably went to the 2d tier books. Who conducted the sale? The servicer or the trustee.

  3. Gordon Brooks says:

    How do you get access to these investor reports? I don’t know how to find out if my loan was even in the Mortgage Schedule for the trust that foreclosed on it, since the schedule was “filed by paper” with the SEC and is not available online. I’d love to find out how my loans was reported to the investors.

  4. Readdocs says:

    The creativity of these people lead one to wonder, if any of them worked their way up through
    being cashiers, and how much money they may have taken illegally from checking and savings
    accounts of the banks clients.

  5. indio007 says:

    Another example of creative accounting.

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