US Bankruptcy Trustee Takes Interest in "Ta Dah" Documents Mysteriously Appearing in Foreclosures (aka Probable Fabrications)

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US Bankruptcy Trustee Takes Interest in “Ta Dah” Documents Mysteriously Appearing in Foreclosures (aka Probable Fabrications)

US Bankruptcy Trustee Takes Interest in “Ta Dah” Documents Mysteriously Appearing in Foreclosures (aka Probable Fabrications)

Via: NakedCapitalism

A new development is that the US Bankruptcy Trustee, which is part of the Department of Justice, has started poking around the nether world of slipshod and possible made-up documents, and is asking banks to explain what they are up to. These inquiries may be paving the ground for broader-based action.

[…]

DeutscheBank purports to be the trustee for a particular 2005 mortgage securitization which contains the mortgage at issue. This is a partial list of the documentation problems; the motion itself makes for instructive reading:
In the first filing, Deutsche provides a copy of an undated promissory note which is not made out to the trust but the originator. A few days later, Deutshce filed an objection to the debtor’s plan of reorganization, and in it said the mortgage (the lien, not the note) had been recorded as transferred from the originator to Sand Canyon (a unit of Option One) in 2005 and then transferred to Deutsche less than two weeks before the bankruptcy filing. Note that a 2010 transfer is well outside the time parameters stipulated in the pooling and servicing agreement.

[ipaper docId=47660940 access_key=key-odzifwfqkhdmy2d50w2 height=600 width=600 /]

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2 Responses to “US Bankruptcy Trustee Takes Interest in “Ta Dah” Documents Mysteriously Appearing in Foreclosures (aka Probable Fabrications)”

  1. Lady Velvet says:

    I just have to wonder why it has taken YEARS for this to happen. I worked in a foreclosure mill three years ago, and these issues would come up frequently. Unfortunately, many borrowers are just not smart or educated enough to confront the huge banking industrial complex.

  2. Elaine W. says:

    The hits just keep on coming. This is what I would call a WTF moment!

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