Comments on: Uh Oh – Securitization Trustees in the Crosshairs in Mortgage Mess

By: Marilyn Abdilla

Marilyn Abdilla — Wed, 10 Nov 2010 20:35:31 +0000

First I read: Foreclosure Fraud -” It’s Worse Than You Think “…A speaker at the conference was quoted as saying..” Mortgages and Property Titles are transferred several times in the process of a home purchase from orginators to securitiztion, from sponsors to depositors to the trusts. Trustees hold the note and security instruments.”
With that in mind and digging deeper to gain all information on my daughters foreclosure (ARM’s optional 2003) , I went back to read the Prospectus supplements with the AR’s series filings. I picked one out at ramdom…Washington Mutual Series 2005 – AR 8 – prospectus supplement filing date 07-14-2005. It said Deutache Bank National Trust Co. Delaware Trustee, Deutache Bank National Trust Co., trustee, Washington Mutual Bank – servicer, WMMSC – depositor. Now comes the prize: The Trust will own a pool of mortgage loans. WMMSC will sell the mortgage loans to the Trust. Each loan will be an adjustable-rate mortgage. NOW here is the kicker: The Trustee WILL NOT have physical possession of the Mortgage Notes and Mortgages related to the mortgage loans owned by the Trust. INSTEAD Washington Mutual Bank fsb will retain possession of the Mortgage Notes and Mortgages as custodian for the Trusts. The loans will be sold to the Trusts on July 15, 2005. There will be NO documents stamped in blank and NO assignments of transfer given to the Trust.
So back in 2005, Deutache Bank was the trustee..yet was given no Notes or Mortgages….nothing transferred on assignments….didn’t the bells sound an alarm? On top of that Washington Mutual Bank said they kept the Note and Mortgages to cut administration costs. And they did the same ‘routine’ on other AR’s prospectus that I glanced thru. One wonders just how many times did Washington Mutual sell these Notes and Mortgages? And kept the originals to themselves. Who would know the difference..nobody was watching the chicken coop. If I am on the wrong track to seeing fraud, Please correct me.

By: housemanrob

housemanrob — Wed, 10 Nov 2010 16:14:18 +0000

Is it DEUTSCHE BANK or DOUCHE BAG!!!!!!!

By: Alabama John

Alabama John — Wed, 10 Nov 2010 14:55:50 +0000

In reply to msg.

One problem all these trustees will have that is overlooked is the Title Companies issuing title.

When someone wants to buy these foreclosed homes, then we the little people are out of it and the Title Companies owned by big money companies step in.
In order for anyone to buy one of these properties they must have a Title Insurance Policy and all questions of who has the note, who has the right of ownership, who has the authority to transfer title, all our questions and request for proof we ask will come up again and now MUST be answerred or no policy guaranteeing the new homeowners right to own this home will be issued.

This will be the next phase judges and courts will have to face.

How important is this?
Buy one of these foreclosed homes and then try to resell it without a clear title and see who will issue a title policy to your buyers, who will lend them the money not knowing if all problems have been cleared?

Gonna be lots of empty houses with screwed up titles all over the USA!

By: msg

msg — Wed, 10 Nov 2010 02:36:51 +0000

Yes, Deutsche Bank want everyone to believe that they want or wa doing the right thing to keep the AG’s and OCC from off their trail. They knew exactly what these lawyers/servicers were doing. They purposedly hired them knowing they didn’t have legit paperwork and told them to get these properties by any means necessary. It wasn’t till after Brian Davies, myself and others informing the OCC of their illegal practices that they sent the letters out. Yeah right!!!! They guilty right along with everyone else. All the cases they’ve lost due to the lies, bogus and fabricated documents prove such. Deutsche Bank/Deutsche Bank National Trust – YOU’RE NEXT DEVILSSSSSSSSSSSSSSSS