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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Opinions May 3, 2021

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Mortgage Fraud

Daily update ⋅ May 4, 2021

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Jacksonville tax preparer convicted of fraud

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He entered into a settlement with the Attorney General’s Office that prohibits him from operating a mortgage refinancing or foreclosure rescue business …

     

Property sale can be set aside in case of fraud

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Police Investigating Scam Following NBC 6 Report

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Mortgage Application Fraud Market Global Analysis 2021-2028: FraudGuard, CoreLogic …

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MSC suspends Sigmar Mortgage Services, owner

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  Mortgage Fraud Daily update ⋅ April 13, 2021  
     
 

Denver Area Family Avoids $513910 Mortgage Fraud Scam

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Michael Hild, founder and CEO of Live Well Financial, will have his day in federal court starting …

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DROP Mortgage Trust 2021-FILE — Moody’s assigns provisional ratings to four CMBS classes of …

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Mortgage Fraud Litigation Research – Freelance Job in Paralegal Services – Less than 30 hrs/week …

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Embezzlement Cases

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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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Foreclosure

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CFPB seeks public comment on foreclosure ban

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The proposed amendments would establish a temporary COVID-19 emergency pre-foreclosure review period until Dec. 31, 2021, for principal …

     

Texas woman accuses servicer of violating foreclosure moratorium

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A Texas woman has filed a lawsuit claiming the servicer’s planned foreclosure of her property violates the foreclosure moratorium of the CARES Act.

     

CFPB Suggests Foreclosure Moratorium Until 2022: The Investor Impact

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Great Value Storage Files for Chapter 11 to Block Foreclosure

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… filed for bankruptcy after a New York state court last month put an end to the company’s effort since 2019 to stop a foreclosure sale by a lender.

     

House Democrats vote to protect homeowners by passing foreclosure moratorium

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Eviction, Foreclosure Disputes Being Handled Online

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Foreclosure cases will be piloted in the common pleas courts of: Franklin County; Montgomery County; and Warren County. Grants from the State Justice …

     

Eviction, Foreclosure Disputes Being Handled Online

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In response to the COVID-19 pandemic, 17 Ohio courts will be experimenting with handling evictions, foreclosures, small claims and family cases …

     

How will NJ prevent a tsunami of evictions and foreclosures when the moratorium ends?

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Phil Murphy’s eviction and foreclosure moratorium, a protection he has renewed each month since March 2020. But housing experts sound the alarm …

     

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

Lexology

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

     

Toni Braxton’s Sister Towanda Loses Georgia Home To Foreclosure In Bankruptcy

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Toni Braxton’s sister Towanda has lost her Georgia mansion to foreclosure as part of her Chapter 7 bankruptcy. According to court documents …

     

The New Rental Boom That Could Help Kill NIMBYism

Bloomberg

Millions of people lost their homes to foreclosure, home values fell and … There’s no longer a glut of cheap foreclosures to buy; the housing market has …

     

Florida Circuit Courts Ordered to Move Pending Cases

DSNews.com

Most foreclosure cases will be either a streamlined case or a general civil case. Every streamlined or general civil case will have a case management …

     

2019CH223 Foreclosure Notice

Herald & Review

Details for 2019CH223 Foreclosure Notice. 5 hrs ago. IN THE CIRCUIT COURT OF THE 6TH JUDICIAL CIRCUIT MACON COUNTY – DECATUR, …

     

JPMorgan, Four Whistleblowers Resolve Foreclosure Fraud Suit

Bloomberg Law

… 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

The Review

New Cases. County Treasurer vs. Jeffrey and Julie Gatrell, et al., foreclosure sought for alleged delinquent taxes for property on Saltwell Road, Lisbon.

     

Troy accepting bids on foreclosed properties

NEWS10 ABC

Some vacant lots are also zoned for residential use. Troy Mayor Patrick Madden has called the sale of foreclosed properties one of the city’s most …

     

A Grandmother’s Fight to Keep Her Home — From a Corporation Paying in Cash

KQED

A corporation known for flipping houses in the Bay Area has been buying even more homes at foreclosure auctions during the pandemic. Jocelyn …

     

CoreLogic Reports US Mortgage Delinquency Rates Fall for Fifth Consecutive Month; The Lowest …

Joplin Globe

Foreclosure Inventory Rate (the share of mortgages in some stage of the foreclosure process): 0.3%, down from 0.4% in January 2020. Transition Rate ( …

     

Boston City Council Supports Tenant’s 1st Right Of Refusal

Patch.com

… multifamily buildings with the right of first refusal and the right of first offer when an owner intends to sell or when a foreclosure or short sale begins, …

     

New effort aims to help some businesses land property tax extension

Cincinnati Business Courier

Without it, property owners could face foreclosure or tax liens. Winburn’s office is reaching out to property owners to let them know about their options, he …

     

81 NOTICE OF TRUSTEE’S SALE

goskagit.com

The list of recipients of the Notice of Default is listed within the Notice of Foreclosure provided to the Borrower(s) and Grantor(s). These requirements …

     

LA County providing up to $20000 in grants for mortgage relief

KABC-TV

The $5.5 million program also includes free foreclosure prevention counseling. Applications for the program can be made online here or by calling …

     

Did Aristotle predict America’s decline?

South China Morning Post

… 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

Fitch Ratings

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.

     

Valley realtors: ‘relax, in worrying about a housing market crash’

WFMJ

Foreclosures during times when unemployment are high causes a crash in equity for homeowners because prices start to plummet. This was a real …

     

Home prices are up 16% over the past year. Is it time to sell or buy?

Fortune

It was feared that the real estate crash of 2008 and ensuing foreclosure crisis would turn off an entire generation from homeownership. That narrative …

     

Lawyer Charged With Stealing From Client, Brownsville Senior, in Home Sale

Brownstoner

… rental income from a property he owned in Flatbush — even though that property had gone into foreclosure five years earlier and was no longer his, …

     

Disbarred Brooklyn lawyer charged with stealing down payment on home

Brooklyn Daily Eagle

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

Financial Regulation News

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

     

The Paddock

Paulick Report

That’s the big question I have about a group of U.S. Congressmen who have nothing else to do (health care, foreclosure crisis, soaring gas prices, Iraq …

     

Lenders Are Working Through Troubled Retail Loans

GlobeSt.com

… commentaries and found that there was a clear leaning towards forbearance on lodging properties versus a leaning towards foreclosure for retail.

     

Mortgages – Superiority

Massachusetts Lawyers Weekly

Where a plaintiff who foreclosed on a second mortgage in 2016 has filed an action to quiet title, a defendant bank that foreclosed on the first mortgage …

     

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.

PRUnderground

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

Malaysiakini

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, …

     
WEB

Leon County Foreclosures

realforeclose.com

     

Foreclosure Sales

realforeclose.com

     

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 – enogenova.it

enogenova.it

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

ramlandnc.com

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 …

     

Donate to HELP ROBERT STOP LAKE ROYALE POA FORECLOSURE – GoFundMe

GoFundMe

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

     

LEWIS COUNTY FORECLOSURES

my28.com

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

     

FORECLOSED HOMES IN STARKE COUNTY INDIANA

my28.com

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

kayubatrani.it

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 …

Downpour.com

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 FORECLOSURE AUCTION LIST

migrationinformation.com

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

Realauction.com

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 – Auction.com

Auction.com

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 …

LinkedIn

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

goldcoastfirestone.com

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

gltmarmiegraniti.it

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

texas.gov

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 – sudmotostore.it

sudmotostore.it

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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