September 2015 Remittance - Day #1 Observations
Read this commentary. Call the Trustee. Demand your rights. Some of these losses and some of these actions appear unjust. At a minimum, the trustee owes you an explanation.
One of our concerns has been the proper accounting of deferred principal once the loan liquidates or pays off in full. We have seen situations that appear correct and others that raise suspicion. We show examples on pages 12, 14, 16, and 17.
We despise fraudulent loans where investors take massive losses. We show an example on pages 4-6 where the United States Department of Justice says the loan documents “contained false information concerning his income and assets.” That is good enough proof for us.
We hate first pay defaults, as the deal document should have included a provision to have those loans immediately repurchased. We discuss a great example on page 11.
Today's Topics
Losses Made Whole
Called Deals
This is Fraud - Why has it not been repurchased?
Servicer has done a Miserable Job at Property Preservation
The Largest Non-Agency RMBS REO just Liquidated
19 Months after the Sale, Investors Finally Realize the Loss
Large Losses Realized in the September 2015 Remittance
First Pay Defaults - 100% Loss plus more
Deferred does NOT mean Forgiven - Where's the Money?
What is the Loss Severity?
What is the Loss Severity + Were the Net Liquidation Proceeds EXACTLY the UPB?
A Very Large Delinquent Loan that might Generate a Huge Loss
Looks like a Borrower Pulled a Fast One and Investors Lose BIG!
SPS does it Right!!
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