The ASF is not above rewriting history to side with Banks in Foreclosure Fraud Quagmire

We heard recently in testimony by the American Securitization Forum that they believed insignificant the fact that the Pooling Service Agreements were not followed by the banks and mortgage houses.  There has been plenty of evidence to stating the banks have  did not meet their obligations to the trust, but that appeared to have little influence on testimony by the ASF executive director Tom Deustch.
See Kemp vs. Countrywide for more on the chain of title issues. 

"The ASF position was, effectively, to ignore the requirements of the PSA and argue that the transfers were valid under the Uniform Commercial Code. The wee problem with that position is that Article 1 of the UCC allows parties to contract out of the UCC and opt for different conveyance methods, which clearly was the case here. And the other major leg of their argument was that the mortgage (the lien) follows the note (which as we have said repeatedly, is the case in 45 of 50 states). Therefore, they concluded, if the trustee had possession of the note, it could foreclose." from Naked capitalism Dec 2, 2010

The testimony from ASF seemed to be falling on deaf ears.  Even though they are completely in the tank for the banks, there seems to be mounting resistance pushing back against the bank foreclosure steam roller as evidenced here.

" Judge F. Dana Winslow of New York in testimony before the House Judiciary Committee described how there is substantial uncertainty and widespread problems with title, standing, ownership, not to mention bad affidavits and improper service, in foreclosures. And many of his remarks directly contradict what Deutsch asserted the day prior. " naked capitalism December 3, 2010"

This story is not over.  It has the potential to be a long and ugly affair as the US economy struggles.  It will be difficult to see a turn around without a reasonable resolution to the banks PSA violations.

Learn to trade Penny Stocks here

Related Story Here