Too bad homeowners couldn’t get the funds together to buy these and really get into the root of the documents!
Reuters-
Mortgage lender Residential Capital RESC.UL is poised to reap billions in a bankruptcy auction of its assets next month – an unusual turn for a subprime lender in Chapter 11.
The financial downturn has not been kind to mortgage lenders who specialized in loans to high-risk borrowers. Many landed in bankruptcy and have been forced to engineer quick sales of their assets. But ResCap, a unit of auto lender Ally Financial (GKM.N), has had a comparatively smooth march through bankruptcy since filing in May.
Instead of being forced to hold a fire sale, ResCap has lined up high-profile bidders, including Fortress Investment Group’s Nationstar Holdings (NSM.N) and Warren Buffett’s Berkshire Hathaway Inc (BRKa.N), for an October 23 auction that could raise the money it needs to repay creditors. The key asset on the block is ResCap’s mortgage loan servicing and loan origination business.
[REUTERS]
© 2010-19 FORECLOSURE FRAUD | by DinSFLA. All rights reserved.
“The financial downturn has not been kind to mortgage lenders who specialized in loans to high-risk borrowers.” TBTF was bailed: TARP, ZIRP, favorable settlements, and so forth. The smaller ‘losers’ get to auction their own ‘balance sheet’ for profit. Hard to see where the downturn was unkind. Bad Reuters!
Too bad homeowners can’t use similar Bankruptcy protections, oh no, for then we’d be able to keep our houses.
Exactly. Because Homeowners have never been able to follow the money using Servicing records.
What if Servicing records showed mortgagor’s payments went to 15 different Trusts or Remics in one Year and that each one counted their deposit in a Ponzi like manner? So the Trust or Remic never had a $500,000. Mortgage but. A $2500., Deposit in the form of a cusip that has now become part of a REIT.
RES mortgage is Bear Stearns arm of mortgage backed securities that went from Bear Stearns to Waterfield where many were lost and unable to be accounted for in the 1122 servicing records of Wells Fargo, and now Warren Buffet is agreeing to purchase non performing assets of RES? He doesn’t purchase non performing assets of anything.
Seek and you will find
I think this is a perfect example of why some of the mortgage settlement should be used for defense to fight for the Truth. We should not have to buy these securities to divulge their contents, and get to the root of these documents. These securities should be seized and searched for non compliance immediately. We are all familiar with the security rich Bear Stearns mortgage backed securities serviced by Waterfield and subsequently by EMS/ RES which escaped accountability during the 2006 transaction between Bear Stearns and Wells Fargo, and therefore missed being included in the famous John Brown litany of securities. These could be they.
I don’t understand why Warren has to make a show of bidding for it. Rescap is Bear Stearns residential mortgage securities loaded with Bonds that are now being serviced by Wells Fargo master trust. Round and round it goes, I guess anyone can bid for it, but no one else would get it.
They are BNY Mellon Funds Trust NCSR. 8/10/13 – ( no wonder they want those bonds fast) Ally Auto Receivables Trust, Bear Stearns Commercial Mortgage Securities Federal Home Loan. It’s all FNMA/ Wells Fargo, they’re all Warren’s anyhow. But get Warren bidding and everyone feels better right? Gimme a break, it’s FNMA, loaded and Warren’s since 2005.