“Incredibly, U.S. Bank argues that ‘[i]t would be inequitable for [Ms. Gee] to avoid
foreclosure based on the absence of an endorsement to [it].'”

1. U.S. Bank has sued Bank of America
2. Bank of America is now admitting to some homeowners that it does not have the authority by U.S. to service the mortgages and is now kicking the mortgage ownership rights back to U.S. Bank Trustee …..\
3. U.S. Bank Trustee is now threatening homeowners with foreclosure and has retained the Tampa lawfirm of Morris, Hardwick and Schneider to harass homeowners with potential foreclosure action.

QUESTIONS:

1. Was the securitized trust required to send a prospectus to the homeowner?
2. Is the home in question required to be listed in the prospectus.
3. What is the significance of the home not being published in the SEC records?
4. Is it true than these trusts were rushed through registration and violated many securities laws which if
focused upon can invalidate the trusts standing?

Atty Glenn Russell, Ohio skillfully wrote and published a great article on securities foulups by these trusts:

http://foreclosuregate.prosepoint.com/story/mortgage-securitization-process
Pooling and Servicing Agreement (*”PSA”)

The PSA is the “glue” that binds all of the players in the securitization process together and is typically filed with the Securities and Exchange Commission, although you might have to dig a bit to find the one that governs the securitized trust that owns your loan.

The PSA requires that all promissory notes must be endorsed by the originator and delivered to the trustee shortly after the creation of the trust. Similarly, an Assignment of Mortgage must accompany each note. In reality, this NEVER happens, and the consequences of this failure are potentially catastrophic for the trust. I surmise that the mortgage-backed securities market was so white-hot that actual delivery of these critical documents just got in the way of an “efficient” process.