“Indeed, it appears as though many loans and other mortgage-related assets have been double and even triple-pledged to various constituencies“ In my 1999 21st Century Loan Sharks Report, I coined and defined the term “Predatory Mortgage Securitization” (see http://en.wikipedia.org/wiki/Predatory_mortgage_securitization) in my report from MY PERSONAL RESEARCH AND ANALYSIS I DEFINED SOME THE FOLLOWING … Read more
I thought this little narrative would be warranted...
Who’s Your Daddy 101?
This may sound crude, but it’s the only analogy that’s easy for people and judges to understand.
A woman goes to a party or is promiscuous and sleeps with 6 men in a night or week. The following week she is pregnant. There is one man who is the best looking, strongest, in best shape and richest of them all, so she wants him to be the daddy. Two other men, who find out she’s pregnant, claim paternity as well. NOW, before the age of DNA and computers and all, it was simply someone’s word and testimony against another.
However, with the advent of DNA testing and sequencing genes, we can tell who the daddy is. So, a judge would understand the following:
Judge, this has been a very promiscuous note. It’s gotten around (transferred, pledged, sold, assigned) quite a bit and it never used protection (recording in public records, required assignments, proper endorsments). After being with at least a dozen different partners, our note is now pregnant (ripe for pay off / liquidation / foreclosure).
The MOM (MERS, servicers) says Daddy #1 is the daddy, but the baby (original note) has blond hair and blue eyes judge, but the mom and claimed dad are both dark hair and dark eyes so we’re suspicious.
Two dark hair and brown eyed men come forward and state: Judge we both slept with this woman during the time she claimed to be pregnant. Now, 3 different men have potential paternity.
NOW, THE ONLY WAY you can determine who the father (holder in due course) is, is to take blood samples (accounting, servicing, custody, investor reports and data) from EACH MAN (servicer/transferee/trustee etc...) to see who’s DNA it was, to determine who the dad really is and who owes child support.
Unless you do the DNA (forensic accounting analysis of all docs and records), it doesn’t matter what the bank lawyers or servicers (lie about) say about what really transpired here!
Without seeing where that NOTE (not mortgage) came on and off anyones books; how it was endorsed and when; who has possession and custody and who negotiated the note and PAID for it, you’ll never be able to answer the age old question...
“WHO’S YOUR DADDY?”
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