Wells Fargo Admits No Lender After Securitization

Findsen Law

Wait, what?  Isn’t this what we have been saying? I have received a Wells Fargo document entitled “Conduit Loan Servicing: Who’s Who and What’s What?” I don’t know when this was written but it refers to the first quarter of 2010 and it bears a Wells Fargo logo and contact information of the authors. 

It’s also interesting because loan modifications are often declined with the excuse that the “investors” wouldn’t approve them.  In contrast, in 2009, in Arizona federal bankruptcy court, I heard a Wells Fargo executive in charge of loan modifications testify that they never even submitted the mods to investors because they would need 25% approval under the terms of most PSAs. 

Notice too that there is no discussion of potential conflicts that a Master SErvicer might have, if its parent company was the underwriter of the securitization and it owns the residual tranche.

Here’s the full document with…

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Author: theindependentamericanblog

Protecting America Through Knowledge. We support freedom and oppose all violence. Be prepared to help save our country by teaching truth, warning of danger, cleaving unto Jesus the Christ and Heavenly Father, studying the Book of Mormon: Another Testament of Jesus Christ, sanctifying (and leaving, if and when necessary) your homes and neighborhoods, storing food and clean water, building HAM and personal communication trees and learn the difference between actual law (that approved by the Constitution for the united States of America) and the Vatican's foreign puppet "government" of the District of Colombia (the pagan goddess of death), known as THE UNITED STATES OF AMERICA CORPORATION. The Lord is currently destroying the latter (organized crime) group. When he is done, only the righteous will remain upon North and South America. It will be then that we survivors shall help him heal the land.

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