Michelle Sjolander’s “endorsement” appears on untold number of promissory notes all across this country. Her “endorsement” is the key element used to take Americans out of their homes, but is it really an endorsement at all?
(another great job by ICE LEGAL)
Q Okay. Have you ever personally executed any
21 A My — with my — my personally placed a stamp on a
23 Q Yes.
24 A No.
25 Q Have you ever assigned any endorsements personally?
1 A A wet signature on an endorsement?
2 Q You actually physically signed an endorsement.
3 A Are you asking a wet signature on an endorsement on
4 a piece of collateral?
5 Q I’m saying have you ever physically signed an
6 endorsement on an original note?
7 MR. TRINZ: Object to the form.
8 THE WITNESS: My stamp has been placed on collateral on
9 a note.
10 Q BY MS. LUNDERGAN: Okay. That’s not what I asked.
11 A Okay.
12 Q What I’m asking is have you ever physically –
13 A That’s what I was trying to –
14 Q — signed for a note?
15 A My wet signature has never been placed on an
16 original note. That is not common practice.
Did you ever supervise the department that endorsed
1 the collateral?
2 A No.
3 Q Okay. So you don’t have any first-hand knowledge
4 then of the endorsing of the promissory notes, do you?
5 A I have oversight to the — I have collateral
6 oversight in which I do ensure that the processes of the
7 collateral — I walk through and review them.
8 Q Okay. Can you explain to me what that means?
9 A It means I — the department does not directly
10 report to me, but I have insight to the processes and
11 procedures that that department does.
12 Q And where does your knowledge of the process and
13 procedure come from?
14 A Mostly from doing audits.
15 Q Okay. And when you say, “doing audits,” what does
16 that mean?
17 A I conduct a — every six months an audit of the
19 Q Okay. And were you doing audits of the facilities
20 back in 2008?
21 A Yes.
22 Q And are you still doing audits of the facilities
24 A Yes.
25 Q And what is it you are looking for when you are
1 doing audits of the facilities?
2 A I ensure that the procedures that the GSE’s require
3 are in place.
4 Q And what procedures would those be?
5 A Those will be the procedures on All Regs.
6 Q Okay. And what, specifically, are you looking for
7 when it comes to endorsing a promissory note?
8 A That the endorsement is placed in blank.
9 Q Are you looking for all endorsements to be placed in
11 A The final endorsement is an open endorsement in
12 blank –
13 Q Okay.
14 A — or the — let me rephrase that.
15 That the endorsement chain is correct.
16 Q Okay. And when you are looking to see if the
17 endorsement chain is correct, what are you comparing that to
18 to make sure that it’s correct?
19 A I am looking at the note.
20 Q Are you looking at the original promissory note –
21 A Yes.