The F/C Defense is in the Liens of Record

Herein is an accountants view of a convetional mortgage loan funding.

The ABA wire into settlement is offset by the liens of record or payoff demand . The demands are setoff by the reconveyance of the liens that were satisfied.  The amount satisfied or paid in settlement constitutes a new mortgage .

What then is the purpose for the lenders post TARP reconstitution agreements?

ABA   Wire into Settlement            546,250
Liens   of Record           (546,250)
Reconveyances             546,250
New   Mortgages            546,250
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