Marie McDonnell's Declaration & Report | re: MONTGOMERY COUNTY, PA vs MERSCORP, MERS

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Marie McDonnell’s Declaration & Report | re: MONTGOMERY COUNTY, PA vs MERSCORP, MERS

Marie McDonnell’s Declaration & Report | re: MONTGOMERY COUNTY, PA vs MERSCORP, MERS

VIA: McDonnell Analytics

IN THE UNITED STATES DISTRICT COURT
FOR THE EASTERN DISTRICT OF PENNSYLVANIA

MONTGOMERY COUNTY,
PENNSYLVANIA, RECORDER OF DEEDS,
by and through NANCY J. BECKER, in her
official capacity as the Recorder of Deeds of
Montgomery County, Pennsylvania, on its own
behalf and on behalf of all others similarly
situated,
Plaintiff,

vs.

MERSCORP, INC., and MORTGAGE
ELECTRONIC REGISTRATION SYSTEMS,
INC.,
Defendants.

EXCERPTS:

TABLE OF CONTENTS …………………………………………………………. 2
SUMMARY ……………………………………………………………………….. 3
SUBJECT ………………………………………………………………………….. 3
MONTGOMERY COUNTY LAND RECORDS ……………………………… 3
MERS WEBSITE …………………………………………………………………. 4
MERS MIN SUMMARY ……………………………………………………….. 4
MERS MILESTONES …………………………………………………………… 4
SECURITIZATION ANALYSIS ……………………………………………… 6
ASSIGNMENT ANALYSIS …………………………………………………… 7
CONCLUSIONS ………………………………………………………………….. 7
RESEARCH ……………………………………………………………………….. 8
TRANSACTION DETAILS …………………………………………………….. 8
LOAN LEVEL DETAILS ……………………………………………………….. 8
SECURITIZATION DETAILS ………………………………………………… 8
LOOKUP REFERENCES ……………………………………………………….. 9
BLOOMBERG RESEARCH …………………………………………………….. 9
MERS WEBSITE ………………………………………………………………… 10
TITLE DOCUMENTS RECORDED …………………………………………… 10
MERS’ TRANSFER BENEFICIAL RIGHTS ……………………………….. 10
ASSIGNMENT ANALYSIS …………………………………………………… 11

ASSIGNMENT ANALYSIS

When all of the available information collected from the Recorder’s Office, MERS and the
SEC is compiled and integrated, I found that there are five (5) missing assignments that
should have been recorded with the Montgomery County Recorder of Deeds as follows:

1. From Countrywide Home Loans, Inc. to CWABS, Inc. (SEC);
2. From CWABS, Inc. to The Bank of New York as Trustee for CWABS Asset-Backed
Certificates Trust 2005-8 (SEC);
3. From REDACTED to REDACTED (MERS);
4. From REDACTED to REDACTED (MERS);
5. From REDACTED to REDACTED (MERS).

When analyzed together, the MERS data and the SEC data reveal redundancies, gaps and
contradictions. For example, the SEC data shows that Countrywide Home Loans, Inc. sold
the Farkas Mortgage Loan to CWABS, Inc. on August 30, 2005, and subsequently, CWABS,
Inc. conveyed the Mortgage Loan to The Bank of New York as Trustee for CWABS Asset-
Backed Certificates Trust 2005-8. On the other hand, MERS states that REDACTED,
(rather than Countrywide) sold the Mortgage Loan directly to the Trustee,
REDACTED  on August 31, 2005 (who was not the Trustee at the time).

CONCLUSIONS

Based on all of the data to which I had access concerning transfers of the Farkas Mortgage
Loan, I make the following conclusions:

  •  There are five (5) unrecorded assignments of mortgage that should have been filed
    with the Montgomery County Recorder of Deeds.
    
  • The MERS Milestones data is incomplete. Two (2) transfers reflected in the
    securitization Deal Documents are not contained in the Milestones Report for the
    Farkas Mortgage Loan.
    
  • The MERS Milestones data contradict the securitization Deal Documents, suggesting
    that REDACTED transferred the Mortgage Loan twice.
    
  • The Assignment of Mortgage recorded on November 14, 2011 with the Montgomery
    County Recorder of Deeds is untimely; the Closing Date for the CWABS Asset-
    Backed Certificates Trust 2005-8 was August 30, 2005.
    
  • In addition, the Depositor, CWABS, Inc. – and only the Depositor – was authorized
    by the Pooling and Servicing Agreement to convey the Mortgage Loan into the Trust.
  •  Title to the Property has been corrupted by the failure to record a complete chain of
    title by Mortgage Electronic Registration Systems, Inc.

[…]

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