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26-Mar-2020 17:32 by 6 Comments

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The judge wrote that Article 77 is usually employed to resolve garden-variety trust administration issues; BNY Mellon and Gibbs & Bruns will use the IBJ Schroeder ruling to argue at the U. Court of Appeals for the Second Circuit that, contrary to Pauley’s assertion, there’s precedent for using Article 77 exactly as they did in the Bof A MBS case.But even as the Second Circuit decides whether to take up the issue of the rights and responsibilities of securitization trustees, state attorneys general are likely to pounce upon some of the language in Pauley’s 21-page ruling.

BNY Mellon had asserted its only duty to act in good faith came from the Countrywide pooling and servicing agreements.The other reason is that the original trustee would insist on performing the due diligence that the statutes require and oops, they are not going foreclose on property at the instruction of someone who is out of the chain of title.Biden of Delaware and Schneiderman of New York, both Attorney generals in the center of the securitization playground, are now looking at one of the weakest links in the Great Securitization Scam — i.e., the claim that securitization happened when it didn’t.BNY Mellon told the judge that its only responsibilities, aside from those specified in pooling and servicing agreements, are common law duties to avoid conflicts of interest and to exercise due care.The judge, however, took a broader view of the source of the trustee’s responsibilities — and that’s good news for regulators who are trying to find routes to liability for securitization trustees.The fact is that the parties took the money as though the securitization documents were followed but they didn’t have the the loans, transfer documents, mortgage documents, or for that matter even a conforming mortgage that was an actual lien on anyone’s property.

10/25/2011 COMMENTS (0) In 1998, 400 investors in a trust that distributed revenue from a communications satellite got word that their securitization trustee had settled a -million suit against the satellite’s fuel supplier.

I first heard that on Wall Street of all places but they keep forgetting their own little axioms. have long been known to be doing absolutely nothing.

The purpose of using their name was to provide window dressing: a big name like HSBC is more likely to be taken seriously than some unknown title agent, which is why in the non-judicial states that ALWAYS have a substitution of trustee.

New York attorney general Eric Schneiderman and his faithful follower, Joseph Biden III of Delaware, have both announced that they’re investigating MBS securitization trustees.

Schneiderman showed he’s serious by filing state-law fraud claims against BNY Mellon along with his petition to intervene in the Bof A Article 77 proceeding.

I warned that there might be unintended consequences for indentured trustees when the judge asked for briefing on the BNY Mellon’s duties.

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