Tuesday, May 10, 2011

Were loans sold more than once simultaneously?

From 4closurefraud.org:

Example--Two loans data from Alabama:
STRUCTURED ADJUSTABLE RATE MORTGAGE LOAN TRUST MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2007-10 (SARM Series 2007-10)


Now, why would that be relevant? Well, we pulled the loan level data for the entire trust, sorted it by state, and guess what we found? The only two loans in Alabama. Here are the details on each loan number…
Loan Number 47520960 Loan Number 47521182
Okay, so they are different… Here are the pool numbers…
Loan Number 47520960 – Pool Number SARM 2007-10 Loan Number 47521182 – Pool Number SARM 2007-10
Good, same pool… Loan closing date
Loan Number 47520960 – 9/7/2007 Loan Number 47521182 – 9/7/2007
Deal closing date
Loan Number 47520960 – 10/30/2007 Loan Number 47521182 – 10/30/2007
Nothing too out of place so far. Two loans in Alabama could have the same pool number and closing dates, right? Credit Score
Loan Number 47520960 – 739 Loan Number 47521182 – 739
Occupancy Type
Loan Number 47520960 – Investor Occupied Loan Number 47521182 – Investor Occupied
Original interest rate
Loan Number 47520960 – 9.75 Loan Number 47521182 – 9.95
Original loan balance
Loan Number 47520960 – $840,000 Loan Number 47521182 – $840,000
Original securitized balance
Loan Number 47520960 – $840,000 Loan Number 47521182 – $840,000
LTV rate
Loan Number 47520960 – 70 Loan Number 47521182 – 70
Uh oh, I think I am starting to see a pattern here… The loans go on to have the same pp_flag prepayment_penalty_term product_type property_state property_type loan_purpose_type risk_grade_score lien_position_type cltv_rate cutoff_date loanage_count mss_count interest_rate beg_prin_bal loan_status delq_bucket prepayment_amount liquidation_bal current_gain_loss_amount end_prin_bal sched_prin originator servicer intcalctype ratetype ioterm margin origterm… EVERYTHING is identical…

4closurefraud comment:
So, if what appears to be a double pledged loan, is actually a double pledged loan, it opens up a few questions… Such as… If this is so damn easy for someone who has no background in securitization to find this, where the hell have the “regulators” been? Again, assuming that this is what it appears to be. Did they actually look at ANYTHING when doing their investigations into the servicers over Fraudclosure-gate? If this loan was sold multiple times, were there any damages? How many “insurance” policies were collected on this loan if it is truly double pledged? Were the investors defrauded TWICE on this loan?

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