SECURITIZATION

SECURITIZATION CHAIN
CHAIN

Who owns the note?

Who
Whoowns
ownsthe
thenote?
note?

This
Thisfascinating
fascinating
presentation
presentation will
will
SECURITIZATION
SECURITIZATION
Real
Real life
life events
events is
is aanot
not
explain
explain what
what occurs
occurs in
in
pursuit
pursuit of what
CHAIN
of what appear
appear
the CHAIN
the CHRONOLOGY
CHRONOLOGYof of
the
theactual
actualevents
eventsmean
mean
So
Sohere's
here'swhat
whathappened
happened

First
Fifth
First
Fifth
Second Forth
Third
Sell issue
the
Forth
create
Second Third
Sell
create the
issue
the
the
CERTIFICATES
get the
Purchase
CERTIFICATES
get the
SPECIAL
Purchase
SPECIAL
INSURANCE
CERTIFICATES or
to the
INSURANCE
CERTIFICATES
to the
or
PURPOSE
CREDIT
PURPOSE
CREDIT
ARE
ARE
DEFAULT
DEFAULT
(Bond)
RATED
INVESTORS
(Bond)
RATED
SWAP
INVESTORS
SWAP
VEHICLE
VEHICLE
So
Sohere's
here'swhat
whathappened
happened

The aggregator then puts

The aggregator then puts
the DEMAND
the DEMAND
Down line on the
The
The money
Down
Themoney
next
SECURITIZATION
ongoes
linething
the
goes
CHAIN
The next thing
SECURITIZATION CHAIN
to
they
to
they an
do
an
doisis
COLLECT THE
To MORTGAGE
AGGREGATOR
COLLECT
To MONEY
THE MONEY
MORTGAGE
AGGREGATOR
ORIGINATORS, BROKERS,
ORIGINATORS, BROKERS,
and AGENTS!
and AGENTS!
So
Sohere's
here'swhat
whathappened
happened

So WITHOUT ANY LOANS

So WITHOUT ANY LOANS
may have
may have
Trench A Loans
Trench A Loans
Trench B Loans Because
“And Brokers
Because here they
says
our
they have
the
have
Trench B Loans “And Brokers
here says
our the
Already“I
Already needcreated
a
created
Trench C Loans terms
terms
hundred
trenches
of the
“I need
of the
million
in
aloans
loans
dollars
the
Trench C Loans hundred
trenches million
in dollars
the
in CATEGORIES”
inSPV ininLoans”
CATEGORIES”
MEMBERS
Loans”
Trench D Loans
Trench D Loans SPV MEMBERS
Z toxic waste Loans
Z toxic waste Loans
already there
already there
So
Sohere's
here'swhat
whathappened
happened

Where they actually attach

Where they actually attach
a FAKE SPREADSHEET
a FAKE SPREADSHEET
This
This Fake
Fake
1. which they refer to in
1.Spreadsheet
which they refer to in
And
the whether
theSpreadsheet
And documents
whether
documents they
they
will LATER be
2. USED
as being THE
will LATER be
USED THE
populated
REPLACED
2. as being
REPLACED LATER
populated
LATER
Lehman
Lehman
by approach
by eight sample
with
eight sample
data
approach
data Fake List of
Fake List of
with Mortgage Loans
Mortgage Loans
Real
Real Mortgage
3. which Loans!
is to say,
Mortgage Loans!
3. which is to say,
True List of
“FALSE” True List of
“FALSE” Mortgage Loans
Mortgage Loans
So
Sohere's
here'swhat
whathappened
happened

SO THE AGGREGATOR
Wall
SO THE
Wall
CREATED
Street
Street then
AGGREGATOR
Their then
OWN
CREATED
Which Their
eventually OWN
got to
has
Which
has this
this DEMAND
eventually
DEMAND
COMPANIES got to
the COMPANIES
point where they
that
the
that
COULDthey
point
they
NOTmade
where
made on
they
SATISFY on
COULD
THAT NOT SATISFY
WOULD
Mortgage
THAT
THE
Mortgage
THE
Brokers
WOULD
DEMAND
Brokers
DEMAND
ORIGINATE
ORIGINATE
and
MORTGAGEandLOANS
MORTGAGE LOANS
Loan
LoanOriginators
Originators
FIRST
FIRSTLOAN
LOANAPPLICATION
APPLICATION

Now
Nowthey
theysign
signaa
POOLING
POOLINGOF OF
So
So that
that
SERVICE
That's why the
you
SERVICE thegot
Then
That'sthey get
why
AGREEMENT you
and a
got
Bmoney
of A for is
AGREEMENT
Bmoney still
Lehman
is
of A forLOANand
still
Lehman
FIRST
and Lehman
An with
and
with
APPLICATION
An
the
Lehman
the
ASSIGNMENT
ASSIGNMENT
owned by Aurora
AGGREGATOR
owned
AND by Aurora
ASSUMPTION
AGGREGATOR
AND ASSUMPTION
AGREEMENT
AGREEMENT
Now The Fraud Begins
Now The Fraud Begins

Remember
Remember
Of
Of populating
populating
They
They are
are holding
holding the
the
the data
theNow for
datatheforthat
that
money from
moneyPurpose
Now investors
fromthe investors
Special
Special Purpose vehicle
vehicle
AGGREGATOR
AGGREGATOR
Now
funds
Now
fundsThey
their
They
theirsend
OWN
send
OWN various
Loans
various
Loans
Which
Which they
they
reports
reports which
which are
are ofof
change
change around
around at WILL
at WILL
dubious accuracy
dubious accuracy
 M.E.R.S.
M.E.R.S.
Using
Usingeither
eitherMERS
MERS
the
the“HITMEN!”
“HITMEN!” Or
Orusing
usingtheir
theirOWN
OWN
WHY? internal
internaldevices
devicestoto
WHY? change
changeData!
Data!
Because Aggregators
Because Aggregators
have Which Lehman and
Which Lehman and
havethe
theRIGHT
RIGHTtotogo
goinin Bear
there
thereononaaPASSWORD
PASSWORD BearStearns,
Stearns,Citi
Citiand
and
and others
othersControl!
Control!
andCHANGE
CHANGEany anyDATA
DATA
they
theywant!!!
want!!!
 M.E.R.S.
M.E.R.S.
So
Sowhether
whetherthey
theyhad
hadM.E.R.S
M.E.R.S
or
ornot
not
They
Theystill
stillhad
hadM.E.R.S.
M.E.R.S.
So you had M.E.R.S.
So you had M.E.R.S. and and
You
You had
had
Allowingaa Shadow
Shadow
the M.E.R.S.
M.E.R.S.
Aggregators to
Allowing the Aggregators to
constantly
constantlyCHANGING
CHANGINGAROUND
AROUND
the
theMORTGAGE DATA!!!!
MORTGAGEDATA
WHY
WHYTHE
THEFORECLOSURES?
FORECLOSURES?

Questions, why you have in all

Questions, why you have in all
foreclosures
foreclosures
Give the appearance of all
They
Give the need
appearance ofto
They companies
these CREATED need
all
to
these CREATED companies
OUT OFfunnel
OUT OF
NOWHERE them
funnel them to
NOWHERE to
make
make
• Trustee ensure
ensure
services
• Trustee services
one
one
thing!!!!
• Foreclosure reconstructs
thing!!!!
• Foreclosure reconstructs
services
services
• and all his other companies
• and all his other companies
WHY
WHYTHE
THEFORECLOSURES?
FORECLOSURES?

ItItrarely
rarelyhappens
happens
That the same property All
Allthey
theycare
careabout
about
That
So in the
ordersame to do property
that isisMAKING
So in order and
they had to CREATEand
to do that
these MAKINGSURE
SURE
theyThey
the
had
They
the
to
same
companies
companies
don't
CREATE
samedon'tborrower
that
borrower
that
these that
that
know
know who
isisforeclosed
who
foreclosed OWNS upon
OWNSupon Two
Twopeople
peopledon't
Outsource 10 - 15% on
at the
Outsource -providers
10 same15% on
providers
of
time!!!of don't
the at the same time!!!
theloans
loansand
EACH FORECLOSED
FORECLOSURE SERVICES
and
EACH FORECLOSED
FORECLOSURE SERVICES
MORTGAGE! make
makeaaclaim
claim
MORTGAGE!
theyBy
they don't
more
Bydon't
Severing more care!!!
than one
care!!!
than
companies one
that On
Severing
receive
companies
supposed that
10 - Pretender
supposed 15% on
Pretender Onthe
theSAME
SAME
receive 10 - 15% on
Lender!
EACH FORECLOSED MORTGAGE! PROPERTY at the
PROPERTY at the
Lender!
EACH FORECLOSED MORTGAGE!
SAME
SAMETIME
TIME
 ROBO SIGNERS
ROBO SIGNERS

When
Wheninin fact, as
fact,inas we just
Thereby locking all we just
rights under
Thereby locking in all rights under
described
described
the
the
assignment and
assignment and
way before
assumption
way Wells
beforeagreement
Wells
assumption agreement
Fargo
and
Fargo entered
pooling and the
entered
and pooling
service
and the
service
agreement
picture.
agreement
picture.
BEFORE YOUR LOAN EVER
The
TheSECURITY
BEFORE was
YOUR LOAN
SECURITY was EVER
TOOK PLACE!!
sold toTOOK PLACE!!
the investor
sold to the investor
 ROBO SIGNERS
ROBO SIGNERS
No
Nolonger
longerbecause
becauseInIn
order
ordertotomake
makethis
this
They happen
Well must
Theyback try and
mustbefore
happen try and
Well
show
back
that
before
Wells
securitization,
They
They
show
had
hadto that Wells
securitization,
FABRICATE
toservicer
FABRICATE
Fargo,
Fargo,
the
the
the servicer
documents
is
is
but
the the
but that
thatvia
OWNER was
documentswas
of this
the OWNER
necessary
necessary of
via this
called
loan and
called
ROBO
loanROBO lawyers
nobody
lawyers
SIGNERS
and nobody else.
SIGNERSelse.
OPERATION
OPERATIONOF
OFLAW
LAW

So that's a roundabout
So that's a roundabout
way
After
way ofof
the getting
SALE to the to
getting tothe
thepoint
INVESTOR
point
After the SALE to the INVESTOR
And any answer is
• every other document that is in
Why
• every did
other I say it
document was
that is in
YOU CAN'T
Why
place
place
is did I say it was
FIXED
is FIXED
interesting
• Nobody
interesting
• Nobody has under
has AUTHORITY
under
AUTHORITY
to
to
EXECUTE ANOTHER
change them WITHOUT going to
change them WITHOUT going to
the INVESTOR
DOCUMENT
the INVESTOR
Reconstituted
Reconstituted MASTER MASTER
And nobody wentand
POOLING to the INVESTOR
SERVICE
And nobody went to the
POOLING and SERVICE INVESTOR
AGREEMENT
AGREEMENT
OPERATION
OPERATIONOF
OFLAW
LAW

• When you signed the papers

So by Operation Of Law
So by Operation Of Law
for YOUR ALLEDGED LOAN

Because
• You the those
HOMEOWNERS
Because those were
signing with the INVESTOR
DOCUMENTS already
DOCUMENTS already
existed
existedand
and
• BUT, THE HOMEOWNER
DID NOT KNOW THIS FACT!
MONEY
MONEYhadhadchanged
changed
hands
handsby
• HOWEVER,byBY
OPERATION
OPERATION OF
OPERATION OF
OF LAW
LAW
LAW
YOU WERE!!
INVESTORS What
and
Whatare you
HOMEOWNER
are you
INVESTORSdoing
and HOMEOWNER
under
doing under
there?
there?

First of all,
First of all,
Nobody went to the INVESTORS!!
Nobody went to the INVESTORS!!
The servicer or Aggregator could not take a chance The
The servicer or Aggregator could not take a chance The
INVESTORS might PEEK under the HOOD and said
INVESTORS might PEEK under the HOOD and said
 COURT
COURT

And it's INCONCEIVABLE to the JUDGE

And it's INCONCEIVABLE to the JUDGE
although more judges are starting to see it
although
Wells Fargo,more judges arecomes
the servicer startingintoCourt
see it and
Wells Fargo, the servicer comes in Court and
says,
But “We
says,it“We are Wells Fargo,…
is INCONCEIVABLE you
to most heard that
HOMEOWER’s name
But it is INCONCEIVABLE to most HOMEOWER’sname
are Wells Fargo,… you heard that
Judge
Judge ….and
that Wells
….and we
Fargo,
wehave
the been around
servicers
have been for
would be
around so150
for years”
DOWN
150 AND
years”
that Wells Fargo, the servicers would be so DOWN AND
DIRTY as to be LYING DIRECTLY about what their
DIRTY as to be LYING DIRECTLY about what their
POSITION
 COURT
COURT

The
The homeowner
homeownermust
mustobject!
object!