Skip to main content
Foreclosure Defense Florida

Nothing Backed Mortgages And Foreclosure Fraud, The Ocwen/Litton Loan Servicing Whistleblower Lawsuit:

Visit NBCNews.com for breaking news, world news, and news about the economy

 

 
From the GS Whistleblower Website:

The case alleges Goldman Sachs promotion and sale of approximately $92 billon of ” certificates,” a type of mortgage-backed security that entitles its owner to a portion of the revenue stream generated by an underlying pool of residential mortgage loans, in purportedly securitized MBS trusts that were not backed by any collateral. These trusts, which were represented in the Defendant’s contracts and offering documents as containing mortgage notes and deeds of trust, did not, in fact, contain all such required mortgage notes and deeds of trust.

Even though Defendant represented the trusts as containing mortgage notes and deeds of trust, they did not, in fact, contain all such required mortgage notes and deeds of trust and/or were not supported by the appropriate documentation to establish the trust, including, without limitation, all such required security/collateral. Moreover, as alleged more specifically below, some or all of these trusts, which were represented in Defendant’s contracts and offering documents as Real Estate Mortgage Investment Conduit (REMIC”) trusts, were flawed at inception and did not meet the definitional and/or timing requirements to be REMIC trusts.   As a result of Goldman’s wrongful and fraudulent actions, upon which California justifiably relied, California purchased what were purported to be, but in reality were not, securities backed by a pool of mortgage notes.

MORE HERE

2 Comments

  • Beverly Scott says:

    This is the real story. Everyone I know that has property in foreclosure tried to modify their mortgage and were denied. I was first denied because I had too much money and told to try again when I was out of savings. I applied again and was denied because I didn’t have enough money. It is about time the real story was told. But will not roll over and let them have their way. I will fight and I will come after them and they will pay.

  • T. Davis says:

    I was offered a “trial modification” based upon terms that did not add up, figures completely wrong, no guarantee that my loan would be modified after the trial and threats that I can be foreclosed upon during the trial period and even after making all the “trial payments.” I have been charged almost $1K for property preservations and inspections and they have noted that I don’t live in my property. I have lived in my home since 1999! There is nothing correct on any of this “trial modification” documents. Ocwen Loan Servicing, LLC is not out to help the homeowner avoid foreclosure, they are in the business of making money for their investors. Wall Street vs US Homeowners…. we all know how this story will end.

Leave a Reply