Because of how the MBS’s were structured, there was an inherent ambiguity as to who actually held the mortgage notes. This is crucial, because only the note-holder has standing in court to foreclose and evict a delinquent homeowner. No tickee, no laundry applies doubly to mortgage loans: No notee, no standing.

Mulligan Mortgages seem to be how the TBTF banks are keeping their own game alive: They seem to be chasing mortgage holders—whether in default or not—and offering them an expedited refinance of their mortgage loan.

In order to convince homeowners to sign on the line which is dotted, the banks have to give them something: What they give them is lowered monthly payments of at least a couple of hundred dollars a month. The banks can offer this without touching the principal of the loan by either refinancing the mortgage at a lower interest rate, or a longer term of repayment, or usually both.

http://tinyurl.com/2usjsb3

Ms. Brewer,
We have received the bank response and your file is under review. We anticipate a response to you by next week.
Thank you for your cooperation.

Muriel R. Payne
Bank Examiner
Federal Reserve Bank of New York
Legal and Compliance Risk Department
33 Liberty Street
New York, NY 10045
212-720-2190
FAX: 212-720-2845

sbrewer@email.com
02/19/2010 10:10 AM
To Muriel.Payne@ny.frb.org
cc
Subject Fwd: Complaint against The Bank of NY Mellon

Writing to check on the status of complaint as it has been over 60 days since the filing of the complaint.

—–Original Message—–
From: Muriel.Payne@ny.frb.org
To: sbrewer@email.com
Sent: Fri, Feb 5, 2010 12:20 pm
Subject: Complaint against The Bank of NY Mellon

Ms. Brewer,
This is to inform you that your complaint file is still under review by the Reserve Bank. We will advise you of our findings once the investigation is completed.
You may contact me at the number below with any questions.

Muriel R. Payne
Bank Examiner
Federal Reserve Bank of New York
Legal and Compliance Risk Department
33 Liberty Street
New York, NY 10045
212-720-2190
FAX: 212-720-2845

Good Afternoon, Ms. Brewer:

I recently contacted The BNYM re your complaint. They’d informed us that your complaint had been forwarded to the servicer, EMC, and that we may anticipate a response from EMC. We have not received any information. I will continue to communicate with The BNYM until we receive the information.
Thank you for your patience.

Muriel R. Payne
Bank Examiner
Federal Reserve Bank of New York
Legal and Compliance Risk Department
33 Liberty Street
New York, NY 10045
212-720-2190
FAX: 212-720-2845

sbrewer@email.com
03/01/2010 04:04 PM
To Muriel.Payne@ny.frb.org
cc
Subject Re: Complaint against The Bank of NY Mellon

Mr. Payne

I have not receieved a response as of today’s date March 1 2009. You may send that response via email and the written response to my home address.

Thanks,
Ms. Brewer

—–Original Message—–
From: Muriel.Payne@ny.frb.org
To: sbrewer@email.com
Sent: Fri, Feb 19, 2010 12:02 pm
Subject: Re: Fwd: Complaint against The Bank of NY Mellon

I will be out of the office starting 03/17/2010 and will not return until
03/25/2010.

You may contact June Binns with any questions or concerns.

Good Afternoon, Ms. Brewer:
You are correct, EMC does not own the loan, but it is our understanding that the servicer, EMC, makes the day-to-day decisions in connection with the loans. Inasmuch as they are not under our jurisdiction, I’m still attempting to get information regarding your case. Please know that I will continue to contact them to respond to you.
I apologize for not keeping you informed, but there wasn’t any new information to ‘report’. Nevertheless, going forward, I will keep you apprised of our efforts.
Thank you for your patience.

Muriel R. Payne
Bank Examiner
Federal Reserve Bank of New York
Legal and Compliance Risk Department
33 Liberty Street
New York, NY 10045
212-720-2190
FAX: 212-720-2845

sbrewer@email.com
03/17/2010 12:03 PM
To Muriel.Payne@ny.frb.org
cc
Subject Re: Complaint against The Bank of NY Mellon

Good Afternoon, Mr. Payne

Has the BNYM responded yet as this investigation seems to be at a stand still. It was my understanding that the FRB had 60 days to respond and the complaint was against the BNYM, not EMC the servicer because EMC is not saying they own it. According to the FDIC the BNYM said they own the mortgage and the FDIC would not satisfy my mortgage, which is incorrect because I have the note.
I hope you have addressed these issues with the BNYM because according to the prospectus in which the note was placed in was a FRAUD to the investors and I have been very patient. Their is serious jeopardy of the collapse of certificates and alot of unhappy investors.. Please communicate to BNYM the seriousness of this complaint…awaiting a timely response.

Ms. Brewer

This is just a sample …. I have more