COVID-19 and Bailout of servicers along with tracing securitization proceeds

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Manage episode 259713150 series 2453550
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We will discuss on Today's Show how the recently enacted federal CARES ACT, otherwise known as the Coronavirus Relief Bill, has unsurprisingly been commandeered by Big Bank lobbyists to direct monies to mortgage servicers servicing securitized loans backed by Fannie Mae and Freddie Mac. Under the arrangement, servicers are directed to pay investors to the trusts for 4 months, then Fannie and Freddie through the stimulus money will pay the same investors for a period of 8 months after the 4 month period expires. Yet why would servicers be directing any monies to mortgage securitization certificate holders? The servicers are not a party to the indenture on certificates purchase by investors. We hear a lot in court proceedings involving securitized mortgage borrowers that they the borrowers have limited or even no legal challenge rights re the securitization process, as they the borrowers were not a party to the original securitization--just so here with the servicers. Bill Paatalo returns to discuss the concept of tracing financial proceeds, and how borrowers can use this principle in both plaintiff and defense cases. Bill continues to uncover reports from law enrichment to congressional committed seeking reduce the epidemic of fraud, Ponzi schemes, and money laundering --- all involving the use of sham entities in which the beneficial interest is held by unknown third parties.

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