Tag: sec

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.