Securitization is Hybrid of Supply Chain Finance: The Key word is CHAIN

First, let me say that there is nothing wrong with supply chain finance. In one form or another, it has been used for thousands of years. The same can be said for securitization — if that is what is really happening.

Second I have been getting quite a lot of questions about my articles and one of the more common questions can be paraphrased as “So where does the money come from?” I want to re-emphasize that while it doesn’t hurt to understand this scheme better, the details are most likely outside the purview of any points that homeowners should be using in litigation — in pleadings, discovery demands, and argument.

The answer is something called Supply Chain Finance. “It works by partnering with a supply chain finance company that extends you trade credit, and it acts as an intermediary between your company and your suppliers. … Once your supplier gets the purchase order, they produce and deliver the goods to you. The finance company pays your supplier and issues an invoice to you.”

So in securitization, this deal unfolds like this. Credit Suisse, for example, might extend short-term credit to JPM Chase, using certificates that are issued and being sold to investors as collateral for the loans. The Credit Suisse money is used to pay homeowners and the homeowners execute notes and mortgages. Those notes and mortgages are used as reference points for the promises of JPM Chase to investors that the investors will receive scheduled payments. Those promises are contained in “certificates”. When the certificates are sold by JPM Chase, the loan from Credit Suisse is paid off and retired.

From the perspective of Credit Suisse in the above example, the transaction is a simple loan and payback with one additional step — it is funding the payment to the homeowner while accepting repayment from JPM Chase after the sale of the certificates.

From the perspective of JPM Chase, the transaction is a simple sale of securities with one additional step — Credit Suisse extends the money that is paid to the homeowner. This enables the claim that a loan was created when the homeowner signed the documents. This JPM Chase is enabled to issue and sell certificates that reference that loan and JPM Chase receives the proceeds of the sale of certificates.

From the perspective of the homeowner, the transaction is simple but wrongly perceived because they are not aware of the above facts. The homeowner has applied for a loan generally with a mortgage loan broker who then presents the homeowner with the name of an institutional or noninstitutional “lender.” A closing agent is selected who will receive funds from Credit Suisse and pay the homeowner or make payments on behalf of the homeowner.

That “lender” has entered into a purchase and assumption agreement, sometimes bearing the title of a warehouse credit agreement, in which the designated “lender” is in substance an originator who waives all right, title and interest to any transaction or documents obtained from the homeowner at closing. So the designated lender becomes only an “originator” which is just another word for a nominee.  It is a placeholder.

The homeowner, believing it has received money from the originator, executes a note and mortgage payable to the originator. But the originator does not and will not receive any payments from the homeowner.

This is why you often see the “endorsement” or “allonge” executed within days after the homeowner leaves the office of the closing agent. That endorsement is usually blank but sometimes fabricated as a specific endorsement to a REMIC Trust. the signor, most often, is the mortgage broker who has no authority to sign anything on behalf of the originator, JPM Chase or Credit Suisse.

The important thing is that NO TRANSACTION has occurred in which the originator received any money because the originator did not advance any money, even on paper. The originator has no claim to receive any money other than the retention of fees as set forth in the purchase and assumption agreement. And there is no reason to pay anyone for ownership of the underlying obligation of the homeowner arising from his/her promise to pay. Hence the obligation is issued by the homeowner but never transferred from the originator to anyone else because that would involve payment of value.

Since it was Credit Suisse who advanced the funds at the very beginning and Credit Suisse has been repaid by the sale of certificates, it has no legal or equitable interest in the alleged debt, note, and mortgage signed by the homeowner.

With JPM Chase the story is different. It could have reported the homeowner transaction as a loan but it didn’t. If it had reported the homeowner transaction as a loan, it would be the lender and it would be required to comply with Federal and state lending laws, rules and regulations. It would also have a risk of loss if the “loan” was not “repaid.” But in this example, JPM Chase has no interest in becoming a lender. It wants the profits (shared with credit Suisse) from the sale of derivatives which includes but is not limited to the sale of certificates.

So how did the originator get designated or selected? Continuing with the JPM only as an example, JPM Chase agrees to appoint a financial institution as the feeder for the procurement of homeowners who will sign loan documents. With Chase that was usually Washington Mutual (WAMU). WAMU was actually just an aggregator who like the originator waived all right, title, and interest to any “loan.”

WAMU in turn would hire other feeders who were not financial institutions and who could be folded up in bankruptcy at the first hint of trouble. That was often Long Beach Mortgage, who is the name often appearing on such loan documents. That is also the name used to identify the “REMIC Trust” in whose name JPM Morgan issued the certificates. That “Trust” owns nothing although it receives bare naked claims of title through fabricated assignments of mortgage and note endorsements. No money exchanges hands.

Nobody even establishes a loan account receivable because that would make them responsible for compliance with lending laws. Instead, JPM Chase appoints a company to act as a “servicer.” For example, Select Portfolio Servicing, owned by Credit Suisse. Like all the other previously identified parties, the servicer is not allowed to claim or touch any money receipts or disbursements and is merely a nominee who is tasked with pulling reports off of servers owned by third-party vendors and operators like Black Knight and Core Logic.

The servicer then produces the report prepared by Black Knight and/or Core Logic, for example, and then sends a contract laborer to testify that the report is a business record of the servicer. But in fact, it is a business record kept by Black Knight and Core Logic and does not include all receipts and disbursements on the loan account receivable. That is because there is no loan account receivable on the accounting ledgers of any entity. So the report is just a payment history for the period of time that the technology vendors were processing payments using mostly automated reading and input from either paper checks or electronic funds transfer receipts.

foreclosure Daily update ⋅ May 4, 2021

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Mortgage Fraud

Daily update ⋅ May 4, 2021


Jacksonville tax preparer convicted of fraud

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  Mortgage Fraud Daily update ⋅ April 13, 2021  

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frauds which greatly harmed innocent victims and netted the defendant more than $385,000. Sharkey engaged in two mortgage-closing schemes to …


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… gangs, violent and organized crime, public corruption, securities fraud, mortgage fraud, and civil rights violations,” the White House said in a release.

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Foreclosure News Daily update ⋅ April 13, 2021

How CPFB’s foreclosure delay could impact non-QM lenders, investors

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Eviction, Foreclosure Disputes Being Handled Online

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2019CH223 Foreclosure Notice

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… violated the False Claims Act while participating in a federal housing foreclosure prevention program, according to a filing with a Texas federal court.


Columbiana County Common Pleas

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… to bondage (in antiquity), expropriate their lands by debt foreclosure, take their property and demand a rising share of their income as debt service.


Fitch Downgrades One Class of WFCM 2017-C38; Revises Outlooks

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A receiver has been appointed and the servicer is pursuing foreclosure. Fitch’s loss expectations are based on a haircut to the most recent appraisal.


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Disbarred Brooklyn lawyer charged with stealing down payment on home

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He allegedly told her he was expecting a rental payment for a property he owned in Flatbush, although in fact the property had gone into foreclosure …


Rep. Brownley introduces legislation to provide tax relief for homeowners

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Qualifying debt includes debt reduced through mortgage restructuring, as well as mortgage debt forgiven in connection with a foreclosure. “Since 2007 …


The Paddock

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Announcing the 2021-2022 YLJ Public-Interest Fellows

Yale Law Journal

After taking a few decades off from practicing law in order to teach, she returned to foreclosure prevention work in 2008. She passed away this past …


Register O’Donnell reports continued Increases in real estate activity in Norfolk County

Wicked Local

A foreclosure recording is very impactful on those being foreclosed on. These numbers are extremely low especially when you consider in March of …


In Plymouth County, the spring market begins again

Wicked Local

Plymouth County recorded 5 foreclosure deeds in March, compared to 28 recorded last March, representing a 82% decline. The news on foreclosure …


Sell your house fast and for cash with trusted cash homebuyer Fast House Buyers.


Whether it be foreclosure, burdensome inheritance, divorce settlement, owing taxes, or only an unwanted property, Fast House Buyers offers cash …


YOURSAY | Losing one’s own home in wake of the pandemic


The bank did not respond to my letter even after seven months, but nevertheless, had initiated foreclosure action without my knowledge through their …


This Is the State Where People Worry Most About Losing Income

24/7 Wall St.

… questions about income loss, foreclosure, food scarcity, food insecurity and difficulty in paying household expenses, as well as whether people have …


Downtown Chicago hotels are starting to reopen. Laid-off workers worry they might not get their …

Yahoo News

If she isn’t recalled soon, Ruiz worries she might face foreclosure and won’t be able to take care of her family with the unemployment benefits she …


Analysing the Judgment of Competition Commission on collusion for monopoly

The Daily Star

… the offences have been proven for the creation of barriers to entry, exit by competitors, limited choice of uniform suppliers to consumers, foreclosure, …


Leon County Foreclosures


Foreclosure Sales


CFPB Proposes Delaying Foreclosure Actions to 2022 | Tim and Julie Harris Real Estate Coaching

Tim and Julie Harris Real Estate Coaching

CFPB Proposal to Delay Foreclosure Action. The Consumer Financial Protection Bureau (CFPB) has just rolled out a series of proposed actions to help …


Trouble Making Mortgage Payments? – Minnesota Housing Finance Agency

Minnesota Housing Finance Agency

Help is available for homeowners who are worried about making their mortgage payments. Take these steps: Contact a Certified Housing Counseling …


State HFA Emergency Housing Assistance 2020 Programs — NCSHA

State HFA Emergency Housing Assistance 2020 Programs — NCSHA

Program Name, COVID-19 Iowa Eviction and Foreclosure Prevention Program. Program Description. A new program established to provide financial …


Residential Foreclosure (Nonjudicial) Checklist (NV) | Practical Law

Practical Law – Thomson Reuters

A Checklist outlining important steps to consider when preparing for and conducting nonjudicial foreclosures of residential real property secured by …


Ohio Supreme Court Rejects Borrower’s Writ of Mandamus and Prohibition Challenges to …

The Consumer Financial Services Blog

In 2013, a mortgagee was granted summary judgment against a borrower in a foreclosure action initiated in 2010. The borrower appealed the judgment, …


majestic beach resort foreclosure condo panama city florida – Assured Nursing |

Assured Nursing |

majestic beach resort foreclosure condo panama city florida. This condominium has a private beachfront balcony located on the 7th floor overlooking …


Land foreclosures in missouri –

A foreclosure is the process by which an owner’s right to a property is terminated, the foreclosing party’s interest is liquidated, and junior creditor interests …


Massachusetts Foreclosure Attorney | Start Your Bankruptcy Questionnaire!

Glenn F. Russell, Jr, & Associates, P.C.

Massachusetts foreclosure lawyer, Glenn F. Russell Jr. can provide wise counsel and implement a plan of action! Call today to speak with his firm.


535BAJ *Foreclosures in Florida: Edition 2 [PDF/EPub] by Kendall Coffey – evc

Google Sites

An overview of the current foreclosure crisis • The latest developments concerning mortgage fraud • Legal strategies for borrowers including extensive …


repossessed houses in riverside view – The Weather Group

The Weather Group

Our up-to-date Temecula foreclosure listings include different types of cheap homes for sale like: Temecula bank owned foreclosures, pre-foreclosures, …



CONFIRMATION OF SALE FORECLOSURE. FORECLOSURE of Mortgage. > The right to foreclose the mortgage and to have the property seized and …


CFPB issues mortgage servicing notice of proposed rulemaking | Consumer Finance Monitor

Consumer Finance Monitor

Foreclosure Hold. Most notably, the Proposed Rule includes a sweeping hold on commencing foreclosure until 2022. Existing requirements prohibit …


How CFPB’s Foreclosure Delay Could Impact Non-QM Lenders, Investors – MBA Newslink

MBA Newslink – Mortgage Bankers Association

How CFPB’s Foreclosure Delay Could Impact Non-QM Lenders, Investors. April 12, 2021. National Mortgage News, Apr. 12, 2021–Brad Finkelstein …




… to hire a lawyer to represent him in efforts to st… John Queen needs your support for HELP ROBERT STOP LAKE ROYALE POA FORECLOSURE.



View photos, foreclosure details, outstanding loan balances, and more on RealtyTrac. Lewis County, WA Foreclosures & Foreclosed Homes Oct 28, …



Coldwell Banker Realty can help you find Starke County foreclosures. Refine your Starke County foreclosure search results by price, property type, …


Foreclosed Homes Near Me

Click on the map to search for foreclosed properties. Free Foreclosed Homes List Many websites claim to have free foreclosure listings, but when you …


Lawmakers Advance Foreclosure, Firearm, Police Reform Measures – CFM Advocates

CFM Advocates

The Oregon Supreme Court weighed in on legislative redistricting. Topline Stories. The House voted 38-21 to extend the residential foreclosure eviction …


Foreclosure Cleaning Business Small Business Book Audiobook, written by Brian Mahoney …

Foreclosure Cleaning Business Small Business Book Have a quick & easy small business start up Right Now with Little or No Money! by Brian …



Macomb County, MI Foreclosures & Foreclosed Homes for Sale Search our huge database to find Free Foreclosure Listings in …


Upcoming Online Foreclosure Sales – week of April 12th, 2021

The following is a list of the upcoming online Foreclosure Sales for the week of April 12, 2021 by state & county. Please call our Customer Service …


Foreclosure/Trustee Auction – E-17754A –

Foreclosure/Trustee Auction – E-17754A. Michigan Public Foreclosure Sale (E-17754A). Filter Properties By. Property Type. Single-Family. Multi- …


MLT Aikins LLP hiring Collections and Foreclosure Paralegal in Regina, Saskatchewan, Canada …


Collections and Foreclosure Paralegal. MLT Aikins LLPRegina, Saskatchewan, Canada. 1 minute ago Be among the first 25 applicants. Smiling faces …


REO PUERTO RICO beachfront bargains puerto rico for sale

Get information on foreclosure homes for rent, how to buy foreclosures in Puerto Rico …. WYNDHAM GRAND RIO MAR PUERTO RICO GOLF & BEACH …


Foreclosed mansions for sale

We have near 100 thousands of foreclosed homes including governmentn foreclosures, reo homes, hud properties, mls listing and bank owned homes.


87(R) HB 2236 – Committee Report (Unamended) version – Bill Analysis

H.B. 2236 authorizes property that is ordered sold pursuant to foreclosure of a tax lien to be sold in a private sale to a land bank by the officer charged …


Foreclosed land auction –

Get information on foreclosure homes for rent, how to buy foreclosures in Texas and much more. Astro a50 wonpercent27t turn onNys unemployment …




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The information about Foreclosure law and other legal information provided on this website does not, and is not intended to, constitute legal advice; instead, all information, content, and materials available on this site are for general informational purposes only.  Information on this website may not constitute the most up-to-date legal or other information.  This website contains links to other third-party websites.  Such links are only for the convenience of the reader, user or browser; FRAUD STOPPERS and its members do not recommend or endorse the contents of the third-party sites.

Readers of this website should contact their attorney to obtain advice with respect to any particular legal matter.  No reader, user, or browser of this site should act or refrain from acting on the basis of information on this site without first seeking legal advice from counsel in the relevant jurisdiction.  Only your individual attorney can provide assurances that the information contained herein – and your interpretation of it – is applicable or appropriate to your particular situation.  Use of, and access to, this website or any of the links or resources contained within the site do not create an attorney-client relationship between the reader, user, or browser and website authors, contributors, contributing law firms, or committee members and their respective employers. This site provides “information” about the law and is only designed to help users safely cope with their own legal needs. But legal information is not the same as legal advice — the application of law to an individual’s specific circumstances.

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