Countrywide Never Sent Mortgages to Trust

[tridim]

Same thing happened with WaMu and JPM Chase. These mortgages are phantoms, they don't exist. Chase has never held my mortgage, ever, and they're foreclosing on Wednesday, yet I can't do anything about it legally. Justice, American style.

http://seekingalpha.com/article/238098-countrywide-never-sent-mortgages-to-trust?source=yahoo

Wow. Stopforeclosurefraud finds testimony from New Jersey bankruptcy court case indicating that Countrywide (BAC) was not passing along notes as part of the securitization process:

The new allonge was signed by Sharon Mason, Vice President of Countrywide Home Loans, Inc., in the Bankruptcy Risk Litigation Management Department. Linda DeMartini, a supervisor and operational team leader for the Litigation Management Department for BAC Home Loans Servicing L.P. (“BAC Servicing”V testified that the new allonge was prepared in anticipation of this litigation, and that it was signed several weeks before the trial by Sharon Mason.

As to the location of the note, Ms. DeMartini testified that to her knowledge, the original note never left the possession of Countrywide, and that the original note appears to have been transferred to Countrywide’s foreclosure unit, as evidenced by internal FedEx tracking numbers. She also confirmed that the new allonge had not been attached or otherwise affIXed to the note. She testified further that it was customary for Countrywide to maintain possession of the original note and related loan documents.

Both Yves Smith and David Dayen have write-ups of this news that you should read.

Why is this a big deal? It might be helpful to go back to the diagram we used for Part 1 of the Foreclosure Fraud for Dummies series that explained the chain of securitization. Let’s update it for the Countrywide situation. As you can see, at each point conveying and transferring the note plays a crucial part of creating these mortgage-backed securities (please click through for larger, easier to read, image):

More: http://seekingalpha.com/article/238098-countrywide-never-sent-mortgages-to-trust?source=yahoo

[goforit]

1. Don't leave your home!!!!!

[tridim]

3. I wish that was an option.

The bank is stealing my house, but I can't defend myself. That's their plan.

Anything that happens to them will have to happen after I'm gone.

[RKP5637]

2. Truly run like a third world country with the oligarchy protected by the gov. When is

this bullshit ever going to stop. What a BS place.

[dixiegrrrrl]

4. I am hearing that bankruptcy judges are forcing "show the note" to foreclose.

but District judges overseeing regular foreclosures are not as consistant about that.

Of course bankruptcy is not alway an option when you are being foreclosed on, and of course it is too late for tridum.
a thought, however, for those who can go that route.

[tridim]

7. I'll be filing bankruptcy soon. We'll see what happens.

[dixiegrrrrl]

5. Where will you be going, tridium?

Do you have support?

[tridim]

6. I have family support. I wont be homeless for long.

Thanks for YOUR support dixie.

[Crazy Dave]

8. With all the nice things Countywide did for Barney Frank and Chris Dodd....

Any laws that they broke have probably already been changed.