Here we go again…
Letter to Lisa and response below…
I received a cease & desist letter from the attorney for New York Community Bank (and K&L Gates) requesting the removal of the names of their employees, Michele Fege and Robert Tolomer, from my post from January 2011 titled Pigs Ass: The FDIC. Please allow me to introduce you to a few of your robo-signers http://ning.it/hohe1b.
I strongly believe in my first amendment rights, my responsibilities, and my role as a citizen journalist with a national following. But I am about to begin a hefty research project so, for time management purposes, I have removed their names and the documents they executed from the offending post and reposted them here along with the cease and desist letter.
The attorney for New York Community Bank explains why the signors are not robosigners using the EXACT same rationale that caused American Banker, Reuters, and Associated Press to label others as robosigners. Curious, no?
Notice some examples of same language in the American Banker article as is in the cease & desist letter.
The banks argue that creating such documents is a routine business practice that simply “memorializes” actions that should have occurred years before. Some courts have endorsed that view, but others, such as the Massachusetts Supreme Judicial Court, have found that this amounts to a lack of sufficient evidence and renders foreclosures invalid.
Jumana Bauwens, a spokeswoman for B of A, says such mortgage assignments are simply “procedural steps” to prove to a court that a trust has the right to foreclose on a borrower. In the Juarez case, B of A had power of attorney to sign on New Century’s behalf, she says.
Philippa Brown, a spokeswoman for American Home, says the transfer of the loan took place at the closing of the securitization in 2006 and the assignment that was recorded in 2010 was a “confirmatory assignment, memorializing the transfer that had previously occurred while Sand Canyon was still in business.”
She adds, “The practice of executing assignments to confirm for the public record that mortgages were previously assigned to the trust reflects standard industry practice.”
So to comply with the cease and desist request, Lisa removed their names from the offending post and published the letter to let the world know that Michele Fege and Robert Tolomer are NOT Robosigners when Signing on Behalf of FDIC.
I however still have a question…
From the Cease and Desist letter…
In furtherance of the terms of the Purchase Agreement, The FDIC appointed certain employees, including Michele Fege and Robert Tolomer, as attorneys in fact with a limited power to execute, acknowledge, seal and deliver instruments of transfer and conveyance. The appointment was memorialized in a document entitled “Limited Power of Attorney.”
From the Limited Power of Attorney…
To execute, acknowledge, seal and deliver on behalf of the FDIC as receiver of AmTrust Bank, (“Receiver”) all instruments of transfer and conveyance, including but not limited to deeds, assignments, satisfactions, and transfers, appropriately completed, with all ordinary or necessary endorsements, acknowledgments, afﬁdavits and supporting documents as may be necessary or appropriate to evidence the sale and transfer of any asset of AmTrust Bank including all loans formerly held by AmTrust Bank to New York Community Bank, pursuant to that certain Purchase and Assumption Agreement, dated as of December 4, 2009 between Receiver, and New York Community Bank.
In the cease and desist letter it claims “the FDIC appointed certain employees, including Michele Fege and Robert Tolomer, as attorneys in fact with a limited power to execute, acknowledge, seal and deliver instruments of transfer and conveyance” but it did not say to who.
Where in the LIMITED power of attorney does it appoint Michele Fege and Robert Tolomer, as attorneys in fact, to execute, acknowledge, seal and deliver instruments of transfer and conveyance to ANY other entity other than New York Community Bank?
The assignments below do not seem to fall within the scope of the Limited Power of Attorney.