by Neil Garfield and
Foreclosure Hamlet
World
Savings Bank was acquired by Wachovia Bank which in turn was acquired
by Wells Fargo. We have previously reported here that we had no
information regarding the actual securitization of loans had been
originated by World Savings Bank. Now we have that information.
The
original opinion that I had written about was that virtually all of the
loans originated by world savings bank were eventually securitized
either by World Savings Bank directly, or by Wachovia Bank after it
acquired WSB, or by Wells Fargo bank after it acquired Wachovia Bank. I
am now more sure than ever that this is correct. Despite the public
assurances during the mortgage meltdown WSB was in fact acting solely as
an originator and not as a lender in many transactions. Many other
transactions in which they were technically the lender were actually
closed in anticipation of sale into the secondary market for
securitization.
If
you look at the link below, you will be able to see part of the
information that has been sent to me. Apparently Foreclosure Hamlet has
been ahead of me on this issue since some of the screenshots show that
they are from that blog site. This opens the door to a whole set of
cases in which Wells Fargo is insisting that it is the current creditor
when in fact the loan was securitized and sold into what appeared to be a
REMIC trust. of course it still remains an issue as to whether or not
the money taken from investors for the purchase of mortgage bonds ever
made it into the trust; so it remains an issue as to whether or not the
trust is the creditor or the investors are the creditor.
Thus
it remains an issue as to whether or not any of the alleged
securitization participants can claim authority to act on behalf of the
"trust beneficiaries" when the actual status of the entity (the trust)
was ignored by those parties. It might be that they can only claim
apparent authority as opposed to legal authority since the documents
that were given to the investors show a structure that is very different
from what was done in the real world.
http://livinglies.files.wordpress.com/2014/01/world-savings-bank-remics.pdf
How did I know that that bottom feeder Deutsche Bank would also show up here :(
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