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View Full Version : Finding my mortgage in a Mortgage Backed Security



ricket
05-06-09, 01:11 PM
So Im doing some research on my mortgage and am wondering if anyone can help me out. Basically I am trying to find out who actually owns my home.

Facts:
- I know my home is "owned" by Fannie Mae ( http://loanlookup.fanniemae.com/loanlookup/ )

- My original servicer was Homebanc Mortgage based out of Atlanta, GA. They went bankrupt and sold the loan to Countrywide. Obviously, Countrywide has had some troubles of it's own and now my servicer has officially changed to Bank of America.

Using this and other information, would it be possible to find the *actual* security that my home is tied up in (by CUSIP#)? Are there documents, either on the SEC's website (or anywhere else) that I can look up and find the actual security my home is bundled in? I am pretty sure that it's bundled in one and I would be interested in finding this info out.

Anyone have any ideas of where I can look? Ive tried Fannie Mae's site and by googling numerous search terms. I'm still looking, but I figured I would ask here in case anyone was familiar with other sources...

Slimprofits
05-06-09, 03:49 PM
found this, hope it helps:

http://www.keepmyhouse.com/2009/03/02/who-owns-my-mortgage/

in the comments section, Elle says:


if you know the trust series that your mortgage loan was securitized into (if this case the servicer is Carrington - who purchased New Century Financial Corp. servicing rights) then you will know who hold your mortgage. The security underwriters to the trust series (names such as Credit Suisse, Banc of America Securities, Citigroup etc.) are the ONLY certificate holders to the trust series. All certificates to trust series are sold to the named security underwriters ONLY (you may locate this information in Securities and Exchange Documents such as 424B5 prospectus and 8-K (not the pooling and servicing agreement)). Sometimes a collateral annex is attached which will show principal amount for mortgages sold to the trust and you may be able to locate a principal balance that matches your own. After the certificates to the trust are sold to the security underwriters, the security underwriters (that is all rights to mortgage loans are sold to security underwriters) then will repackage the loans into Collateralized Mortgage Obligations (CMOs/CDOs) which are THEN broken into pieces and sold around the world. Right now there are few investors in the CMOs/CDOs. It important to know that is the named security underwriter on trust series who owns your loan. Now government is trying to get these loans off the books of the banks - THEY ARE THE ONLY ONES WHO OWN THE MORTGAGE LOANS as all certificates to created trusts are sold to named security underwriter.

Hope this helps - but it will be difficult to find out which Bank (security underwriter)owns your loan if you cannot locate the right trust series for your mortgage. Further, if your loan was tossed out of the trust series because it was deemed a “scratch and dent” (missing documents, early payment default, breach of representation), then your loan was probably sold to a debt buyer - and you may never find the location (early payment defaults or first payment default classifications were usually false as the borrower actually paid but the servicer misrepresented the actual due date - servicers have reported their non-compliance to the Securities and Exchange regarding misrepresentation of the actual due date).

I cannot identify any law that states you have a right to know who owns your loan (aside from issues in foreclosure).

I'm sure you've seen that asking for the note to be produced is being touted as a method for delaying foreclosure proceedings. So.....good luck, you'll need it!

ricket
05-06-09, 06:36 PM
found this, hope it helps:

http://www.keepmyhouse.com/2009/03/02/who-owns-my-mortgage/

in the comments section, Elle says:

I'm sure you've seen that asking for the note to be produced is being touted as a method for delaying foreclosure proceedings. So.....good luck, you'll need it!

Thanks for the info! I have actually asked them to produce the note, but of course all I get is a grainy copy :)

I'm really just trying to dig up the info on who owns my mortgage, because my servicer states "they can only act to protect the interest of the noteholder". I'm asking for a cram-down of my loan to market values, which is essentially asking them to accept partial blame (yeah right) for the problems they caused in our economy and all of the taxpayer funded bailouts that are going to rob me and my family of prosperity for many years to come.

A wildly fantasized and highly improbably course of events would be if a group of homeowners could get together and form a "financial" company and purchase the security on the open market (since the market is practically non-existent they could get it for pennies on the dollar) and thus regain rightful ownership of their mortgage at a fraction of the cost.

But obviously, you have to start by *finding* where the mortgage itself actually *is*...

cjppjc
05-06-09, 06:41 PM
A wildly fantasized and highly improbably course of events would be if a group of homeowners could get together and form a company and purchase the security on the open market (since the market is practically non-existent they could get it for pennies on the dollar) and thus regain rightful ownership of their mortgage at a fraction of the cost.

But obviously, you have to start by *finding* the mortgage itself...


I'm really not trying to be mean here. But you are living in a dream world. The odds on getting the info you need is astronomical. Then convincing all the home owners to belly up to the bar. Those odds are only slightly better.

ricket
05-07-09, 07:46 AM
I'm really not trying to be mean here. But you are living in a dream world. The odds on getting the info you need is astronomical. Then convincing all the home owners to belly up to the bar. Those odds are only slightly better.

I agree that the latter scenario will be pretty much impossible. Hence my word choice:


wildly fantasized and highly improbably course of events

;)

However, at least *finding* which entity holds the rights to my mortgage shouldnt be too hard. Worst case scenario: go to the foreclosure sale and see who shows up!

swgprop
05-07-09, 08:58 AM
However, at least *finding* which entity holds the rights to my mortgage shouldnt be too hard. Worst case scenario: go to the foreclosure sale and see who shows up!

That's not going to help you either. Sales are conducted by 3rd party companies, neither your servicer or the investor will be present.

ricket
05-07-09, 11:50 AM
That's not going to help you either. Sales are conducted by 3rd party companies, neither your servicer or the investor will be present.

The sales may be conducted by a 3rd party company, but *someone* has to have notified the 3rd party company to sell a particular property. Also, if the house doesn't sell, then the original investor will "purchase" the home back, or will postpone the auction until the next month**...

(**at least that's what Ive gathered in reading about foreclosure sales...)