ThinkProgress-
Last week, the Consumer Financial Protection Bureau (CFPB) released a report detailing abuses by mortgage servicers. Despite numerous legal settlements and pledge after pledge by servicers that they follow the law, the report exposes the many ways these companies have continued to do wrong by consumers, making the case for a strong financial regulator to protect consumers from unscrupulous or incompetent financial services firms.
Mortgage servicers are the companies primarily responsible for collecting mortgage payments from borrowers and forwarding them on to the lender or, if the loan is securitized, the investors. They are also the companies in charge of foreclosing on homes or helping troubled borrowers modify their loans to avoid foreclosure. Since the start of our housing crisis, servicers have become notorious for their failure to perform even routine administrative tasks competently as well as for forging paperwork and foreclosing on borrowers even when modifying their loan would have returned more value to the loan’s owner.
© 2010-19 FORECLOSURE FRAUD | by DinSFLA. All rights reserved.
From what I gather as an unprofessional opinion, is the servicers are not to be part of the foreclosure process.
http://www.msfraud.org/LAW/Lounge/U_S_BANK_Brochure_Borrower-is-a-party_9-13.pdf
see attached pdf or http://www.occ.gov/publications/publications-by-type/comptrollers-handbook/assetsec.pdf STATES THE BORROWER AND INVESTOR ARE THE ONLY PARTY’S TO THE SECURITIES POOL. SPECIFICALLY STATES THE SERVICER AND THE TRUSTEE OF THE TRUST HAVE NO PART IN THE FORECLOSURE.
http://foreclosuredefensenationwide.com/?p=533
RESEARCH: This squarely disprove and nullify the holdings of various courts around the country which have taken the position that the borrower “is not a party to” the securitization
Countless Foreclosure Rulings are Wrong!
US BANK ADMITS THE BORROWER IS A PARTY TO AN MBS TRANSACTION
Jeff Barnes, Esq. wrote: “We have been provided with a copy of U.S. Bank Global Corporate Trust Services’ “Role of the Corporate Trustee” brochure which makes certain incredible admissions, several of which squarely disprove and nullify the holdings of various courts around the country which have taken the position that the borrower “is not a party to” the securitization and is thus not entitled to discovery or challenges to the mortgage loan transfer process.” The second page sets forth that U.S. Bank, as Trustee, “does not have any discretion or authority in the foreclosure process.” If this is true, how can U.S. Bank as Trustee be the Plaintiff in judicial foreclosures or the foreclosing party in non-judicial foreclosures if it has “no authority in the foreclosure process”?
US Bank Brochure
https://stopforeclosurefraud.com/2013/11/11/bombshell-us-bank-admits-the-borrower-is-a-party-to-an-mbs-transaction-that-securitization-trustees-are-not-involved-in-the-foreclosure-process/
“We have been provided with a copy of U.S. Bank Global Corporate Trust Services’ “Role of the Corporate Trustee” brochure which makes certain incredible admissions, several of which squarely disprove and nullify the holdings of various courts around the country which have taken the position that the borrower ‘is not a party to’ the securitization and is thus not entitled to discovery or challenges to the mortgage loan transfer process…The first heading of the brochure is styled “Distinct Party Roles”. The first sentence of this heading states: ‘Parties involved in a MBS transaction include the borrower, the originator, the servicer and the trustee, each with their own distinct roles, responsibilities and limitations.’”
That’s big enough, but here’s where what Neil has said all along is admitted to by a bank itself:
“THE FOURTH PAGE OF THE BROCHURE STATES THAT THE INVESTORS ARE ‘THE TRUE BENEFICIAL OWNERS OF THE MORTGAGES’, and the third page of the brochure states ‘Whether the servicer pursues a foreclosure or considers a modification of the loan, the goal is still to maximize the return to investors’ (who, again, are the true beneficial owners of the mortgage loans).”
Here is a link to the brochure: https://www.usbank.com/pdf/community/Role-of-Trustee-Sept2013.pdf
In case you don’t have this. This is the OCC, Office of Comptroller of Currency Securitization Handbook. See page 7 which states implicitly that the Borrower is the first party to the securitization. http://www.occ.gov/publications/publications-by-type/comptrollers-handbook/assetsec.pdf