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US BANK admitted homeowners are a party to PSA but why are foreclosure victims being ignored?
~US BANK tells homeowners that US BANK cannot be the real Plaintiff in your foreclosure case.
Why and How? In their own words, US Bank states, “are not involved in the foreclosure process”! -Either you are or you aren’t. They claim while their name is on the mortgage and on “foreclosure documents”, they are not “involved”.
In late 2013, U.S. BANK made a huge disclosure to the public- told homeowners and anyone listening what roles each party play in an MBS transaction – released from US Bank was a paper called, “U.S. Bank Global Corporate Trust Services” which boldly read “Role of the Corporate Trustee”. Under the caption, “Distinct Party Roles” which states the following- ” Parties involved in a MBS transaction include the borrower, the originator, the servicer and the trustee, each with their own distinct roles, responsibilities and limitations”. Did you catch that- “include the borrower…” This pamphlet which discloses US Bank details-
GOES ON to state “trustees on MBS transactions, while named on the mortgage and on legal foreclosure documents, are not involved in the foreclosure process”. It’s like saying someone is a little pregnant, the woman is going to have the baby but not be involved in the process. That ruthless logic which gets twisted? US Bank has put this out-yet, what happened to people’s ears when it comes to this- US Bank might be saying we are telling you this -are Judges paying attention – we know some Judges across the country are.
So, what is the problem that is happening in courtrooms across the nation? U.S. Bank in a foreclosure action list themselves as trustees. But, look at this statement just made by U.S. Bank – they have admitted they are not involved in the foreclosure process – yet, you see thousands of foreclosures with the plaintiff being named as U.S. Bank as trustee etc. In reality, if you investigate- a significant amount of the mortgages never made it into any trust- US Bank is not really the trustee and a servicer has bought a dud for pennies on the dollar, servicers such as Ocwen-you know their reputation with no clean hands involved.
Again, the message to US Bank would be to quit playing games with the U.S. Judicial System.
The Judges who have the brains know the difference. They know US Bank has just tried to play the entire public and judicial system for fools, again.
IF US Bank can admit this in WRITING – What are the Court’s doing about it?
The Foreclosure Mill Law Firms claim US Bank as Plaintiff on their documents. They know better and proceed anyway – what does that say about justice. It’s not the simple blame game of the homeowners didn’t pay their mortgage. It has been brought to light in several courtrooms – the fraud and complexity of the bank’s fraud that was shoved on homeowners in the past several years. These homeowners have worked tirelessly to resolve the illegal add on fees, illegal manitenance charges, illegal drive by fees, illegal inspection fees etc but the banks arrogance to the public has been overwhelming. Even in light of the huge settlements and the promises banks have made – Are they keeping those promises? From what I have seen and experienced, they are not.
What more do they have to say? With respect to US Bank – they are yelling this to the public but who is listening – Is it the foreclosure mill law firms that keep pushing them or was this disclosure by US Bank a snafu that shouldn’t have been released to anyone in the general public especially homeowners or the attorneys.
They HAVE MADE IT VERY CLEAR IN THEIR OWN LANGUAGE that the borrower has a role in all of this mess called securitization of mortgages. “Parties involved…include the borrower…”
READ the document – US Bank as Trustee also claims in their own paper, “does not initiate, nor has any discretion or authority in the foreclosure process”.
But yet, US Bank as Trustee is listed as Plaintiff in their complaints.
The contributor is not an attorney and the article is not intended to give advice, it is opinion.
