This is the latst version of the ending portion of our final Securitization Forensic Mortgage Loan Audit Reports lately (it seem to universially it them):
"Our Borrower and their Lawyer should be considering filing a Complaint against this wrongful foreclosing party, as their Mortgage Foreclosure lawsuit had no merit and has been rendered moot by the factual information we have uncovered. Plus of course, the Trust should be demanding a ‘buy-back’ from the Original Lender and/or its successor, since they apparently purchased this transaction with considerably faulty documentation.
It should be noted, during this period in the residential real estate mortgage lending industry, it looks like nearly everybody was playing 'fast and loose' with Borrower loans. What I think we have been able to piece together, is it appears the servicer ‘rings the bell’ when they notice they have a (securitized) Borrower loan that is delinquent and needs to get into the Foreclosure process. Next, somebody says “oops we need to get these Notes endorsed/sold and these Mortgage/DOT’s assigned to these various trusts immediately (which if course is far too late to be lawful), yet none of them seem to know, or care, what they’re doing is unethical, immoral and unlawful. Translated: 100% of these type audits we have done which were allegedly securitized, have significantly flawed documentation, just like this one."
Kinda amazing those 197 words seem to fit everyone of these kinds of audits!
Thoughts about the residential real estate mortgage industry from a 40+ year insider eyewitness
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