A TRUSTEE CANNOT MAINTAIN AN ACTION ON BEHALF OF A TRUST THAT DOESN ‘T EXIST

I looked into the records for that entity in the SEC EDGAR online database and discovered that the last annual report was filed in 2007, contemporaneously with a FORM 15 filing.That Form 15 filing claimed a standing under 15d-6 of the 1934 SEC regulations which exempts the entity of filing an annual report, whereby the number of claimed investors had fallen below the SEC registration and reporting threshold of 300 persons. ( To my understanding, the same Form 15 filing is also used when a registered, reporting, entity is dissolved.)

I then began looking at many other securitized trusts in the EDGAR database. Literally dozens and dozens of these securitized trusts have done exactly the same thing. The trust is established and appropriate SEC documents are filed for a period of time, usually 1 or 2 years. The trust then files a Form 15 claiming exemption of the obligation to file reports with the SEC under 15d-6
The paper trail for the Trust with the SEC thereby ends. Many of these trusts have not filed anything with the SEC for years. Many as far back as 2005 and 2006. Some of the SEC Form 15d-6 filings disclosed as few as 15 or less investors . Bear in mind, these are for trusts that purportedly hold well over $1 BILLION in mortgages, and there are dozens and dozens of these trusts with a mere hand full of investors! I also noted that the agents of record of many of these trusts have changed many times, and are very infrequently named, but list only an address and phone number, (usually in New York). In several of the cases I ‘ve looked at in the EDGAR database, I actually called some of the phone number listed at 3:00am EST and got the voicemail of someone at a bank in N.Y. Note that the answering party was NEVER a bank listed as the Trustee, (as Deutsche Bank is in my case), or the trust administrator as listed in the PSA or any subsequent SEC filings. I actually got the voicemail of some fellow at HSBC Bank who was the anonymous contact in my case! My point is this — Has anyone actually verified that the securitized trusts claimed to be under the trusteeship of some of these banks still ACTUALLY EXIST? We ‘ve been so focused on the NOTE and the fraudulent paper being slung about for assignment of those notes, and whether or not the plaintiff has standing to bring the foreclosure action, has anyone thought to see if the plaintiff trust is even still active or not? Were many of these trusts actually dissolved after payouts from credit default swaps and TARP funds and the actual investors now long gone? We have no records to show whether they are alive or dead. Most of these trusts haven ‘t filed anything with anyone in years as far as I can tell. Certainly, as in my case, Deutsche Bank, (as Trustee), still exists, but can these plaintiff securitized trusts be made to prove they still exist? What happens to a foreclosure case if the plaintiff entity,(the securitized trust, not the Trustee for it), no longer exists or cannot prove it exists? IT ‘S TIME FOR ME TO GET BACK TO AN ISSUE THAT I HAVEN ‘T TALKED ABOUT FOR A WHILE AND IT IS THIS CAPACITY ISSUE BECAUSE IT STRIKES AT THE HEART OF THESE CASES. SIMPLY PUT, A TRUSTEE CANNOT MAINTAIN AN ACTION ON BEHALF OF A TRUST THAT DOESN ‘T EXIST.

Author: timothymccandless

Attorney at law, specializing in litigation, labor law overtime, criminal record expungement, partnership dissolution, and Real Estate workout solutions. Employment law claims and Wage and Hour claims Wrongful termination

6 thoughts on “A TRUSTEE CANNOT MAINTAIN AN ACTION ON BEHALF OF A TRUST THAT DOESN ‘T EXIST”

  1. How can one find out if the trust no longer exists? The trust that is part of a pending foreclosure is listed as having filed a 15-15D, with only FIVE holders.

  2. The trusts never existed in the first place. A trust that is not “funded” is not a trust…never has been. The notes were never indorsed into the trusts within the time limit (closing date or withn 90 days as allowed by IRS rules) so they were never funded as there was no perfection. The pools and tusts are actually empty. Creative and off-balance sheet accounting does NOT fix that.

    Why do you think they have to fabricate fraudulent documents after the fact to justify their foreclosures? This does go right to “capacity” as TIm says…they lack capacity; standing; failure of consideration…on and on it goes.

  3. despite the fact that is some casses the trust dont exists bank of america claiming
    to be servicer [ for a trust that dont exist ] and is ready to steal people home in the name of a trustee that dont exist anymore either in a court of law and judges look the other way and help the fraudsters to steal homes,wake up america

  4. you are 100%right here take bank of america and their so called”trustee” bank of new york they go to court claiming ownership of loan under trust that do not exist anymore
    and our courts look the other way this is shamfull fraud that we must expose in courts now

  5. If the named trust is empty it won’t have a deal size at Moody’s. If it is rated or has a performance report on file, then it is still in existence. Hit the ratings tab and it lists each bond cusip number for each tranche in the trust. The original face of each tranche or bond is listed. The current value is listed. Aggregate them and the original face is the aggregate of the pool at closing. The current aggregate is the balance now. If there is a balance then the trust was not terminated. A Form 15 identifies under which rule it is being filed. Most securitization trusts don’t have to file annual reports because they don’t have 300 tranches or bonds. Each bond or issued security has its own cusip. So the trust would report distributions to bond holders until the end of the year it was formed. Then it needs to file a Form 15 the subsequent year when its duty to report is suspended. This business of using a Form 15 to allege termination of a trust is inaccurate.

  6. Shame on the government and the courts. Senator Warren why aren’t you going after this scam in your newly formed government agency to protect the homeowners in foreclosure? Have they bought , bribed or threatened you? What a joke the United States government
    ” representing the people of the country” . How do you all look at yourselves in the mirror each day as people’s life of labor is now being striped of it most basic asset our homes our American dream? Justice will prevail with or without these bought off entities that are suppose to represent the rule of law, justice! If the people don’t revolt , your day of reckoning will come and you will fry for your part whether it was your complicity or just looking the other way. Shame , shame , shame on you! May may the light shine on all of you for your children and grandchildren to see your crimes and they will forever walk in y shame because of your crimes . The thought of you will cause them to be repulsed just by the mentioning of your name. They will change their family name to escape from the reputation of your crimes. May all the bankers be kicked out of every country and made a public spectaable and famous for their greedy, coacharoach paraciidacexit riminal activity. May the rest of their life be a hell and shun from all that is good. They will burn and feel pain for all enternity for all the pain they have caused on hard working American and people and the people throughout the world that they stole from. The Bankerd have been doing this for centuries and they will continue unless we stop them, prevent them access of ownership in our media companies where they prevent the news of their crimes from being exposed, the movie all entertainment all publishing, make it against the law for them to do any business on Wall Street, Pharma, and of corse banking and government . Remove them from our system . Jail the ones that we can prove their crime and in cases of their actions that took people lives take their life. An eye for an eye .

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