latemetal
12-09-2010, 09:07 PM
http://www.businessweek.com/news/2010-12-02/bank-regulators-may-seek-penalties-in-foreclosure-mess.html Two banks trying to foreclose same property...:s9: James A. Kowalski, a Jacksonville, Florida, foreclosure defense lawyer, described a homeowner who is facing simultaneous foreclosure lawsuits filed by two different trustees both claiming to own the same loan.
Blaming Securitization
Jacqueline P. Yulee was sued by Wells Fargo Bank, a trustee for VNT Trust Series 2010-1, and U.S. Bank Trust National Association, a trustee for Sequoia Funding Trust, both for a $213,750 loan she took out on her Florida home in 2003.
In separate court filings Kowalski provided to the committee, Wells Fargo and U.S. Bank each claimed that Yulee’s loan had been signed over to them.
“It’s a bedrock securitization problem,” Kowalski said in an interview before today’s hearing. “Once we allowed the securitization model and the concept of the securitized trust servicer to run the show, we ended up going down this road.”
Blaming Securitization
Jacqueline P. Yulee was sued by Wells Fargo Bank, a trustee for VNT Trust Series 2010-1, and U.S. Bank Trust National Association, a trustee for Sequoia Funding Trust, both for a $213,750 loan she took out on her Florida home in 2003.
In separate court filings Kowalski provided to the committee, Wells Fargo and U.S. Bank each claimed that Yulee’s loan had been signed over to them.
“It’s a bedrock securitization problem,” Kowalski said in an interview before today’s hearing. “Once we allowed the securitization model and the concept of the securitized trust servicer to run the show, we ended up going down this road.”