Lions & Tigers & Bear Stearns – OH MY! Securitization Fail (REMIC in FHFA v BoA Lawsuit)

FHFA v Boa lawsuit here includes a tranche/class of the REMIC Bank of America Funding STALT 2005-1F.  The payment stream from loans in group 4 were in the tranche that is part of this lawsuit.
Case 1 — TORIBIO home – Docket here  Property Appraiser here

Loan #143491330 which you can see on the scanned first page of the mortgage.  You can let this page load (takes awhile) and then do a search for this loan number in the SEC 2005 trust document detailing loan level data for this trust.  The loan number is listed several times, showing many different characteristics of the loan.

The loans in this trust were originated by Suntrust and are serviced by Suntrust.

The “original note” in the Toribio case (see attached with note and first page of mortgage) is not indorsed at all (securitization fail).

The foreclosure judgment is granted to Suntrust and then the right to do a credit bid is assigned from Suntrust to the trust.

Toribio ONM No Endorsement

Toribio Assign Bid to Trust

Case 2 — KYLE home  – Docket here  Property Appraiser here

Again, another loan #144006715 that is part of the FHFA v BoA lawsuit, same trust/collateral group as above.

This one does have an “original note” with an endorsement in blank.

The assignment of bid is (dark humor) assigned to a different trust, BS ABS 2006-ST1  (Bear Stearns Asset Backed Securities (BSABS) 2006-ST1.  I looked at the Bear Stearns trust and did not find any evidence that this mortgage loan was there…………but……….hey…………who in the heck really knows………………

Kyle on Endorsed AOB Wrong Trust

Here is another one – same as example 1 above.  Castro home – unendorsed note then assignment of bid to the trust.