July 26, 2018
Today, during a deposition of the designated representative of the Bank of New York as Trustee for a Countrywide CWMBS securitization, the representative (who is an attorney and employee of the servicer Shellpoint) admitted under oath that MERS is not the true beneficiary of a Deed of Trust (DOT) despite claiming to do so, as the Beneficiary is the lender and MERS is not and was never the lender. The representative also admitted that the Substitution of Trustee filed by a law Firm and signed by Shellpoint (as a dba of New Penn Financial) contained a false statement that the Note was payable to MERS. The representative further admitted that two letters sent to the homeowner which stated that the loan was owned by a CWALT Trust were also incorrect.
As those of you who follow this website know, the Supreme Courts of Oregon, Washington, and Montana issued opinions that MERS is not the beneficiary of a DOT despite claiming to be so, and the Washington case even permitted MERS to be sued for misrepresenting that it is the beneficiary. Today’s testimony is in line with these decisions. As MERS is not the beneficiary, it cannot act as such for purposes of executing Assignments of Deeds of Trust or Substitutions of Trustee in non-judicial foreclosure cases.
The homeowner is represented by Jeff Barnes, Esq. of W.J. Barnes, P.A. Mr. Barnes took the deposition of the representative this afternoon in Nashville, TN.
Jeff Barnes, Esq., www.ForeclosureDefenseNationwide.com