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THE DEVIL IS IN THE DETAILS: WHEN DID THE TRUST ACQUIRE THE NOTES AND MORTGAGES – A STUDY OF 4,580 FLORIDA ASSIGNMENTS BY Lynn E. Szymoniak

THE DEVIL IS IN THE DETAILS: WHEN DID THE TRUST ACQUIRE THE NOTES AND MORTGAGES – A STUDY OF 4,580 FLORIDA ASSIGNMENTS BY Lynn E. Szymoniak


THE DEVIL IS IN THE DETAILS:
WHEN DID THE TRUST ACQUIRE THE NOTES AND MORTGAGES –
A STUDY OF 4,580 FLORIDA ASSIGNMENTS

BY LYNN E. SZYMONIAK, JUNE 5, 2011


In 2010, mortgage bankers involved with mortgage-backed securities adopted a mantra: “The mortgage follows the note.” Tom Deutsch, Executive Director of the American Securitization Forum (“ASF”), appeared before the U.S. Senate Banking Committee, and in speeches to mortgage bankers, to argue that $7 trillion dollars of securitized mortgage debt was transferred in a legally sound matter.

The mantra became necessary as revelations piled up that mortgages had not been assigned to mortgage-backed trusts in the manner described in the trusts documents. The most important trust document, the “Pooling and Servicing Agreement (“PSA”), spells out in the definitions section that “mortgage file” documents include the promissory note, the mortgage, a mortgage assignment and a title insurance policy. The trusts promised investors that they would obtain these documents for each loan in the pool of loans that make up the trusts.

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