Re: Bailout Bill Must Include Help for Homeowners

tenatious — Sat, 04 Oct 2008 12:43:59 -0000

In Oklahoma OSCN records show thousands of foreclosures by Banks as “Trustee of Holders of Mortgage Pass-Through Certificates which are Mortgage Backed Securities” The Holder of the securities is rarely identified in court, but is the real owner of the real estate and beneficiary of the money from the foreclosure sale that is administered by the Trustee. Many Banks servicing loans assigned the notes to a Trustee right before they were cited for loan servicing violations by the Office of Thrift Supervision.

My concern with the BAIL OUT and the government buying back the Mortgage Backed Securities is if a person is in foreclosure and the home is sold at auction how would anyone know if the government had already bought back the Securities? In Oklahoma as well as many other states the law permits the beneficiary in of a Trust to remain hidden. In Oklahoma all parties to a Trust can’t be cross referenced and the Mortgage Foreclosure Mills refuse to identify the Holder-beneficiary of the Mortgage Back Securities. The Holder is who really gets the money when the home is sold at the foreclosure auction. The foreclosure mills use Oklahoma law as their excuse to hide who the holder-beneficiary of the Mortgage Backed Securities is by quoting Tile 12 chapter 39 sections 1217(a) which says “Trustee’s do not have to enjoin all parties in a legal action concerning real estate”. This appears to be a trick scheme by the Banks to cook the books and get paid twice using deceptive state laws to hide who get the funds and where they went. Now the Banks scream BAIL ME OUT while they put the funds from the Trustee in a Hidden Account since no one knows who the Holder of the real estate really is! When looking at 10K filings of many of the Mortgage Holding Banks their Parent Company purchased the Mortgaged Backed Securities and the Bank assigned the note to the Trustees for foreclosures purposes knowing the Holder will not be identified in states like Oklahoma. The Bank writes all the Mortgages off as bad debt then dissolves while the Parent Corporation still gets paid. No wonder the CEO’s can bail out with 40 million dollar parachutes. Now congress is going to go along with this scheme!
Sounds a like the banks were taking lessons from World Com and ENRON!

In this state the Banks can badly fix-up homes with structural problems and not have to disclose this at a foreclosure auctions. Engineers say they can’t tell prospective buyers if a home is fixed correctly without past reports showing the previous damage. This is another trick scheme law that puts homeowners in jeopardy of future foreclosure when 5 years later they cannot sell the home due to laws intended to deceive buyers.

HUD sold millions of FHA MIP insured notes that were taken in on the assignment program between 1995 and 1997. The home buyer paid 1.5% of the loan at closing and a monthly fee for the FHA insurance. HUD sold those notes at discounted rates to Lehman Brothers LLC (a corporations set up by Ocwen Financial and Lehman), OCWEN FSB, OCWEN Financial, WaMu, and they were to follow HUD regs in servicing the loans. It turns out those Regs had NO TEETH. . . This was under a Republican controlled congress that overrode any veto. The lack of oversight aided Banks corruption. In 1998 HUD and Congress BRAGGED about the huge profits made by the sale of those loans, to what now appears to be Monsters Banks. One of the banks has 150 multidistrict lawsuits filed by homeowners for violations of servicing. Every bank screaming “bail me out” was one listed on Mortgage Servicing Frauds’ website as Fraudster and Co-conspirators.

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Re: Bailout Bill Must Include Help for Homeowners