At some point in time this nation is going to wake up and realize that we’ve demonized the wrong party for many, many years. The BIG BAD BANKS are just straw parties, standing up there and taking shots from all of us….they’re easy targets, a distraction from the real fact that someone else really is…
THE WIZARD BEHIND THE CURTAIN
In many, many cases, the true Wizard that’s using fraud and robosigning and committing crimes all as part of an effort to throw an Amerikan family into the street is in fact, the federal government itself. Now, I understand it’s not exactly the federal government…it’s those stand in characters, Fannie, Freddie and Ginnie….but it’s time to WAKE UP!
Just read this agreement that makes all this clear:
Custodian does not, pursuant to this Agreement, acquire any ownership interest in any of the
Mortgage Loans or Documents. Custodian may not transfer, pledge or otherwise
hypothecate any Mortgage Loan or any Document.
(b) In performing its duties and responsibilities under this Agreement (including, but not limited
to, in reviewing Documents and data for possible Certification, and in connection with
Document custody at all times upon and after receipt of Documents), Custodian at all times
acts for the sole benefit of Fannie Mae.
All Documents are held solely and exclusively for Fannie Mae. Subject only to that
limitation, Custodian shall make disposition of Documents solely in accordance with
instructions furnished by Fannie Mae in the Guides, the Requirements, or otherwise by notice
from Fannie Mae. Further:
[1] Custodian specifically acknowledges that Fannie Mae has the right to require Custodian
to release all Documents, or any portion thereof, pursuant to Fannie Mae’s instructions,
without payment to Custodian of any fee or charge, or other thing of value.
[2] Unless otherwise instructed by Fannie Mae, Custodian may release Documents that are
related to Mortgage Loans that have been removed from the List of Mortgages before
Custodian delivers its Certification. Release in such cases shall be to the party that
Custodian determines to be entitled to the Documents.
[3] If a Mortgage Loan became an MBS trust asset and title to such Mortgage Loan
thereafter is transferred to Lender, then Custodian may release the Documents that are
related to that Mortgage Loan, provided that Fannie Mae as Trustee (or Fannie Mae’s
successor as Trustee, if any) notifies Custodian that such Mortgage Loan is no longer an
MBS trust asset.
Custodian agrees to indemnify Fannie Mae and hold Fannie Mae harmless for any and all
liabilities, obligations, losses, damages, payments, costs, or expenses of any kind whatsoever
(including reasonable attorneys’ fees), which may be imposed on, incurred by, or asserted
against Fannie Mae as the result of any negligence, malfeasance, wrongful or unreasonable
act or omission by Custodian, in its performance (or nonperformance) of the functions and
duties of Custodian required by this Agreement, the Guides, or the Requirements. Unless
otherwise agreed to in writing by Fannie Mae, the foregoing includes, but is not limited to,
Certification of any Mortgage if the:
[1] Documents were incomplete,
[2] Documents did not conform, prima facie and without exception, to the specifications set
forth in the Guides, the Requirements, and any other notice to Custodian that describes
Fannie Mae requirements for specific mortgage loans or mortgage loan types, or
[3] Mortgage Loan data submitted on the List of Mortgages did not match the terms of those
Documents, without exception.
(b) Lender agrees to indemnify Fannie Mae and hold Fannie Mae harmless for any and all
liabilities, obligations, losses, damages, payments, costs, or expenses of any kind whatsoever
(including reasonable attorneys’ fees) which may be imposed on, incurred by, or asserted
against Fannie Mae as the result of Lender’s selection of Custodian as custodian for
Mortgage Loans in MBS pools, or by reason of Custodian’s custody of the related
Documents.
FANNIE MAE
