The Problem with Pleading a Convoluted Subject Matter

 THE TRUSTS

The Bank of New York Mellon, formerly the Bank of New York (“Defendant” or “Trustee”), is the Trustee of numerous trusts for the benefit of investors (called“certificateholders”), including Plaintiff.

MS asks  – Who are the certificate holders?    Another concern was the following …The document providing for the establishment and administration of each Trust is called a “Pooling and Servicing Agreement” (“PSA”).

[MS Asks]   – And, what about the other three agreements that ranks as critical in importance to the case?

The corpus of each Trust consists primarily of residential mortgage loans made by Countrywide Home Loans, Inc. and/or its affiliates Park Granada LLC, Park Monaco Inc., and Park Sienna LLC.

{MS Asks ] – Why is this is wrong…. and here is the reason for failing to state a claim!

Based upon the assumption that the loans were deposited into each Trust, the borrowers began making payments to each Trust through Countrywide Home Loans Servicing LP as Master Servicer for each Trust. –[MS  – Asks  -]  Why is this wrong and so far off!

Countrywide Home Loans Servicing LP is now known as BAC Home Loans Servicing, LP.

[MS ] –  And …what is the implication?

Throughout the remainder of the Complaint, this entity and its parent will be referred to as the “Master Servicer”.

[MS  Comments ] : Why, or what causes this statement to fail ?

When the Master Servicer collects loan payments from borrowers, the Master Servicer transfers those payments less allowable deductions to the Defendant, who as Trustee of each Trust distributes those payments to each Trust’s beneficiaries — the certificate holders — such as Plaintiff.

[MS  Comments: ]  Which Trustee , wrong !!!

Thus, the certificate holders are entitled to participation in the cash flow the Master Servicer collects from borrowers relating to the mortgage loans each Trust holds on behalf of the certificate holders.

[MS Comments : ] What  certificate holders ??? Who …when Where

Therefore, each Trust is primarily administered by two entities: The Defendant Trustee”, who is the “face” of each Trust with the Trust beneficiaries such as Plaintiff and the “Master Servicer”, who is the “face” of each Trust with borrowers.

[MS Comments: ]  Not even really close at all  – all stated generic answers !

This pleading is hopelessly stabbing in the air for something , anything, to hit for a chance to stay alive.  To successfully plead all claims there must be legal sufficiency to show Plaintiff is entitled to relief under his Complaint. Without substance  the matter lacks an accurate  portrayal of  the essential requirements for pleading a montage foreclosure defense. A pleading is lost from the outset if the basic assumptions are not in line with reality . I emephasize, with all due respect as a professional who is 25 years secondary and capital market’ s experience the following:

IF YOU HAVE NOT TRADED AND OR SHIPPED AND CLOSED, UNDERWRITTEN OR SETTLED ,  BULK TRADES OR PARTICIPATED IN THE SECONDARY AND CAPITAL MARKET FOR NON AGENCY GSE WHOLE LOAN ASSETS …. YOU WILL NEVER KNOW WHAT THEY HAVE DONE !

Attorneys  need to get up to speed on how these assets are really securitized . A Complaint should not be dismissed for failure to state a claim unless it appears beyond a doubt that the Plaintiff can prove no set of facts in support of his claim which would entitle him to relief. See Conley v. Gibson, 355 U.S. 41, 45-46 (1957) also Neitzke v. Williams, 109 S. Ct. 1827, 1832 (1989). Rule 12(b)(6) does not countenance dismissals based on a judge’s disbelief of a complaint’s factual allegations. My emphasis is in applying the Conley standard, the Court will “accept the truth of the well-pleaded factual allegations of the Complaint.”

Not an attorney but exert witness – not legal advice

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