securitization audits and what they can't do
Kingsman Funding
I have recently run across the need to revisit this. Many people are paying large amounts of money for what are styled as securitization audits or reports. Some are given in affidavit form, some are not. Those doing these many times come up with very valuable information a borrower can use in defending against foreclosure. But the impression is often left with the borrower that the report provides all he needs to make his case or that the report or audit itself will be considered by the court as his “evidence” and he just needs to file his action and submit the audit he has payed for as evidence. Often the author will volunteer to do a deposition or come and testify about his report and that is expected to do the trick in putting these issues over the top.
But people need to be aware of several things.
While the reports may be very factual and useful in one’s case you need to watch for when the line is crossed over from stating authoritatively documented fact to opinion or speculation about how securitization works or unsupported speculation as to what actually has been the course your note and trust deed has taken based on nothing more than the conjecture of the author or his supposed qualifications to testify as an expert on such matters.
First of all, if it is not in affidavit form it is not testimony or evidence in itself.
Second, if the person does not demonstrate case law credentials of where he has already testified in other cases and beaten the gauntlet of opposing attorney’s opposition to his testimony being received as an expert, then the court has nothing to go on as to whether to accept him as such or not.
If he is only going to rely on his educational and work back ground, If his training has not come through an accredited institution accredited with some quasi state or federal agency in education, then a court will never accept him as qualified to give “expert testimony” and his conjectures then are not “evidence”.
The borrower is still going to have to gain credence for what is in the report some other way or those conjectures cannot be used.
Court’s are stubborn things and even if you could prove some of the conjecture about what is wrong with securitization or that your note has ceased to be a negotiable instrument and has been turned into a security, at the present time, no appeal level court state or federal has made any such determinations that could then be applied to the millions of other loans where securitization has occurred which of course would be financial Armageddon invalidating the enforcement of almost all loans and no judge could be expected to rule that way. He would be dead in less than 6 months.
The good news is what is actually only opinion or conjecture is not needed to make use of the very fundamental facts that in various ways the things found prove that the people trying to enforce the loan don’t really own it or don’t have valid assignments of interest to enforce them. These facts of course can often be uncovered by the borrower himself without all the bells and whistle of a pretty report. If anyone questions this or has discussion we will be glad to talk about it,
Dr Weatherly
On another very important subject let me add something.
Most people don't understand this, but God was in Christ paying for all our sins on the cross and its over and done and finished and He's not angry with us about anything any more.
The Bible says, He is for us, not against us.
He died in our place to purchase us for Himself and if you'll give in to Him, there's nothing He won't be able to do in your life.
I know, I have been with Him for 41 years.
And when we finally leave this world, we'll live with Him forever,
if we belong to Him.
If you need to think about that or you have someone in mind that does, I'll be glad to talk with them. My number again was 662-489-6554. I just wanted you to know that.
