Supporting, Informing & Connecting People in Foreclosure
The Original Video Here...
And More of the Story Here...
The owner listed in city records, Domingo Cedano, said during a brief telephone interview that he lost the building to foreclosure several years ago but that he could not name the bank that took possession of it.
“They were victims of a predatory system that did nothing to stop this,” Ms. Marsh said...
Why couldn’t Mr. Cedano name the bank? Did he forget who he was making mortgage payments to?
And More History Here...
Quote...”Here was one of the most confounding legacies of the Subprime era: the nearly cosmic invisibility of who owns what. Loans were made, then bundled and sold in securitizations to investors, and these were traded again. The connection between lender and borrower vanished. Sometimes the bundles of loans were sold through public filings, but often they were not. The Prospect Avenue loan began with a company in San Diego, then moved to another one in Flint, Mich., and was taken over by a company in Oklahoma City.
...The loan made by Accredited six years ago is now the property of a trust for unidentified investors, and the Bank of New York Mellon serves as their trustee. The bank has engaged Vericrest Financial, a company in Dallas, to handle the loans in that trust, including the foreclosure proceedings.
Did Vericrest take care of the building while it was in foreclosure, or even know that it was supposed to?
“Vericrest is not going to comment,” a spokesman said.
So Whom shall we hold accountable? Unidentified Investors?, BONY?, A Company in San Diego, CA?, A Company in Flint, MI?, A company in Oklahoma City? Veriquest? TBTF as a whole???
Oh, And more Importantly, The Latest...
As Stated...” Deutsche Bank spokesman John Gallagher said the bank is a trustee and therefore isn't responsible for maintenance of the properties or payment of fines for purported code violations.”... "However, the bank takes such issues seriously and takes the appropriate action when notified of alleged violations, including contacting the loan servicer responsible for the property or properties in question," he said in a statement.
Ok, so the Bank, according to Mr. John Gallagher, supposedly/should have, notified the Servicer, and yet this tragedy still happened? The Trustee KNOWS who the Servicer was and who they are ‘servicing’ the property for?
A Trustee is also an overseer of the TRUST for WHOM? What MBS/ABS/Pool was the Trust sold?
This is a tragedy that should have been avoided if it wasn’t for the incompetence of the TBTF, or maybe, possibly, and more than likely, was intentional ignorance of the LAWS of the State of New York by the TBTF.
Opinions on this story are Very Welcome...