MeldrumBergstrom306
出典: くみこみックス
Exactly what is a securitization audit? Was my mortgage securitized? Will a securitization audit stop my real estate foreclosure? Will a securitization audit help me get a modification with my servicer? Lets start with a few meanings. A securitization audit tracks just what occurred to your promissory note after you closed your loan. Thats right, if you have a MIN number on your deed of trust or on your mortgage paper, your creditor tricked you. First of all the word creditor is probably a misnomer. Many of the time they merely transferred your note at a national reserve affiliated bank and cashed it, making use of new cash to cash your mortgage transaction that they borrowed at a much reduced rates of interest than what they charged you. The difference in the interest they obtained the money at and the rate on the face of your note is a yield spread. That is the difference in the interest payments over the thirty years that you would pay at state 7 or 8 % (simply for instance) and the payments that the note the fed generated at 3 % is a yield premium of 5 % over the life of your loan represents alot of cash they made simply cashing your note at the fed. The fed wanted to do this to use your note to create money supply. It included money to the United States economic climate. The cash was never ever obtained from your pretender creditor. Then the depositor pooled a lot of these loans, decided upon a trustee for just what is called an RMBS or Real property Mortgage Backed securites pool, included the pool, moved all of the loans (they didnt really move them legally however that was the idea) to the investment bank who would sell pass through certifications (pool ownership interests) to investors. securitization audit.
They would certainly buy an insurance policy (credit default swaps) on numerous if not many of these RMBS's so that they could possibly inform capitalists that their return was assured and that way they can hoodwink Moody's and Standard and Poors (the bond rating agencies) into giving the pools a multiple A score and this permitted the grubby rotten financial investment banks to sell this stack of trash to community and corporate retirement programs.
A securitization audit purports to locate the RMBS that your promissory note is in and do some detective work to see if the pooling and servicing contract (which is part of the prospectus for the RMBS) requires that the note be signed or recommended by each of the parties that the note passed through to get into the pool. Many of the time this will be the case. Then we look for whether or not the notes are endorsed. If not, legally the pool does not have your note. If the pool does not have your note, do they have legal standing to substitute in a trustee in the land record? Are they legally permitted to foreclose on you? Even make a project? Of course not, see Horace v La Salle and GMAC v Ibanez. Look at the recent bankruptcy cases in New York.
So, one more part of the securitization auditing process is to look in the land record at filings made by entities who are stepping up declaring to have standing to seize on you by virtue of their filings and explain the difficulties the home owner may have the ability to make about the authenticity or possible fraudulent nature of these filings. Further, some securitization auditors keep a list of known potential robo-signers.
