- A mortgage is calculated as its par value or note amount. It is also calculated at the amount it was transferred by the seller to a purchaser as the successor. The law holds the elements for a lawful transfer are due consideration and lawful intent.
- Therefore the question before the court is can MersCorp represents the transfer and sale of the capital stock held as the common share certificates tendered as trust assets. The trust asset held as the paid in capital account “depositors” account whereby it is transferring a blank endorsed certificate with no formal assignment at the economic basis
- The Trust asset would first have been transferred to the Seller, on the related Closing Date, and does thereby sold and transferred by the securities registrations sponsor.
- The sponsor must complete a formal assignment in order to set over and convey the assets to a bonefide third party Purchaser under these SEC private placements. ,
- According to my audited records the requirements under the regulatory guidance of the SEC follows as set forth in all registrants material statements:
- Agreements 5.02 Books and Records. From and after the sale of the Mortgage Loans to the Purchaser, all rights arising out of the Mortgage Loans including, but not limited to, all funds received on or in connection with a Mortgage Loan shall be held by Seller in trust for the benefit of Purchaser as the owner of the Mortgage Loans and the Seller shall retain record title to the related Mortgages for the sole purpose of facilitating the servicing and the supervision of the servicing of the Mortgage Loans.
- The sale of each Mortgage Loan shall be reflected on Seller’s balance sheet and other financial statements as a sale of assets by Seller. Seller shall be responsible for maintaining, and shall maintain, a complete set of books and records for each Mortgage Loan which shall be clearly marked to reflect the ownership of each Mortgage Loan by Purchaser in Seller’s computer system. In particular, the Seller shall maintain in its possession, available for inspection by the Purchaser, or its designee and shall deliver to the Purchaser upon demand, evidence of compliance with all federal, state and local laws, rules and regulations