“In most of these cases involving the securitized trusts, the banks are now trying to scramble to show a chain of title when these notes and mortgages were never properly assigned to the trusts back when they were set up. In my view, they can never establish that chain of title properly.“
BANKS CANNOT PROVE CHAIN OF TITLE OF MORTGAGE AND NOTES WITH SECURITIZED TRUSTS
Courtesy of Scura, Mealey, Wigfield & Heyer, LLP.
Recently, in a case involving Wells Fargo and American Home Mortgage Servicing, Inc. (AHMSI) Scura, Mealey, Wigfield & Heyer, LLP had the opportunity to take the deposition of bank representative Jose Colon.
Assignment Created for Foreclosure
This case involved a foreclosure in New Jersey on a note and mortgage that was executed in 2005. AHMSI then had two assignments of the loan to Wells Fargo in 2009 just when the foreclosure complaint was filed. This assignment was signed by the famous robo signer Linda Green. Then, after the foreclosure was filed a second “corrective assignment” was executed in 2011. This corrective assignment was done to supposedly correct the first robo-signed assignment.
The trust agreement, however, under which Wells Fargo is the trustee was set up and closed in 2006. The mortgage and note had to be assigned to Wells Fargo back then and this was never done correctly pursuant to the terms of the Pool and Servicing Trust agreement. These assignments in 2009 and then 2011 could not properly transfer the mortgage and note to Wells Fargo.
You can check out the rest of his analysis here…
Copy of the deposition below…