How to Search the SEC for a Securitized Trust | Deadly Clear. When a unknown bank named as a Trustee for a securitized trust (usually Deutsche Bank, Bank of NY Mellon, US Bank National, etc.) sends you a letter stating you owe them money and you are in default, the first thing you should do is contact a local title company and have them look for an Assignment of Mortgage under your address or tax key number (it won’t likely be under your name). Chances are the Assignment of Mortgage is fabricated and void; however, this is the breeder document that allows the banksters to foreclose. The following information will assist you in searching the Securities and Exchange Commission (SEC) for the alleged trust.
Once you have the name of the trust and a copy of the Assignment (if any), the next move is to research the securitized trust on the Securities and Exchange Commission (SEC) website. The entire Trust is worth reading and will give you a better picture of the securitization scheme. Read Article Two Conveyance of Mortgage Loans very carefully. Finding Pooling and Servicing Agreements (PSA’s) for Securitized Mortgage loans could Kill your Foreclosure. Posted by MortgageFraudNC . on Monday, April 15, 2013 The “Pooling and Servicing Agreement” is the legal document that contains the responsibilities and rights of the servicer, the trustee, and others over a pool of mortgage loans. The Pooling and Servicing Agreement can be a stand-alone document or it can be part of another paper, usually called the “Prospectus.”
If the securitization is public, these documents must be filed with the Securities and Exchange Commission (SEC), and will be available to the public at www.sec.gov. Locating a Pooling and Servicing Agreement on the SEC website can be a challenge. The most important information you will need to find the Pooling and Servicing How to Find Pooling and Servicing Agreements Agreement is the name of the original lender and the title of the pool of loans.
Step One: Go to www.sec.gov and click on “Search for Company Filings” under “Filing & Forms (EDGAR).” Step Two: Step Three: Step Four: Is this likely to be the document you want? Get Your Pooling and Servicing Agreement (PSA) Request for additional help Thank you for contacting Operation Restoration. Please fill in the information below if you need clarification on material or guidance on strategy. We will contact you shortly. Notes: (1) While the information provided on the website is free to use (if it helps you in any way, please remember to donate), we are transitioning into a donation-based personalized assistance operation. As you know this arena is very specialized. This mission has spent extensive hours over the past 6 years to remain ahead of the curve. (2) Remember, your participation and team work are necessary as ongoing in-depth research is necessary to achieve leverage.
Operation Restoration For mail-in donations, request address at hope@operationrest.org Atlanta, GA 30316. Derivatives. HOW TO FIND YOUR POOLING AND SERVICING AGREEMENT. It may be very valuable to your case for you to have a certified copy of your Pooling and Servicing Agreement (“PSA”), your Prospectus and your Prospectus Supplement. The bank worked hard to hide it from you, and their attorney will probably stonewall you in discovery and argue every reason in the world why it either doesn’t exist, is irrelevant or why the dog ate it, in which case it’s still available, but not very pretty. Once you receive your PSA, you have to analyse it. A PSA is typically between 150 – 700 pages long. It takes us about one full day to completely analyze a PSA. Finding a PSA and its related prospectus takes skill. Like this: Like Loading... Related How to find your pooling and servicing agreement and Prospectus supplement In "HOW TO FIND YOUR POOLING AND SERVICING AGREEMENT" In "CREDITOR TO WHOM DEBT IS OWED.
" About MARIO KENNY I am a Fashion and Costume Designer. Company Search Page. How to Search the SEC for a Securitized Trust | Deadly Clear. Finding Pooling and Servicing Agreements (PSA’s) for Securitized Mortgage loans could Kill your Foreclosure. Professor Philippe Jorion-Courses. Fixed Income Markets. Professor Philippe Jorion Course Description: The purpose of this course is to provide participants with a working knowledge of the fixed-income markets.
Originally, fixed-income instruments simply consisted of bonds, which are tradable securities that promise to make a pre-specified series of payments over time. Over time, the market has developed a bewildering array of instruments, including high yield bonds, asset-backed securities, credit derivatives, and so on. By now, fixed income instruments represent the largest global financial markets, even larger than equities. Asset managers such as PIMCO have enjoyed great success investing in the fixed-income market. This course will cover the pricing and risk management of fixed-income products, as well as introduction to fixed-income derivatives. The course involves a mix of lectures and exercises. Course Materials: The required text is: with in addition Powerpoint notes and other materials. Fixed-Income Course: Schedule Course Organization: Wilmott | Serving The Quantitative Finance Community | File Share.
Index of /~jfrade/HOMEWORKS/FIN5515/fall08. Frade_ProjectPaper.pdf. Fast Formulas #3: The Spreadsheet | The Well-Tempered Spreadsheet. Fast Formulas #3: Pool Average Life with CPR Prepayments showed a shortcut for finding the weighted average life (“WAL”) of a homogenous pool of loans assuming a constant prepayment rate. The shortcut, Formula 3.1, takes just a few steps to calculate and it eliminates the need for laborious cash flow calculations.
Some of the commenters on the post asked me to validate the formula and explain the derivation. I will answer those requests with a series of two or three articles. The first of these should be ready soon. Last week, Ken wrote that he has had some trouble following the formula and asked for a spreadsheet to show how it works. This screenshot is from the first sheet of the model, which summarizes the inputs and the calculations. You can test the formula by playing with the loan terms and the prepayment rate. The model’s second tab includes a standard amortization schedule and a prepayment projection. Copyright 2012. Like this: Like Loading... Single Monthly Mortality (SMM) & Conditional Prepayment Rate (CPR) - Finance Train. Conditional Prepayment Rate (CPR) CPR is the annualized percentage of the existing mortgage pool that is expected to be prepaid in a year.
This assumes a constant rate for prepayment, i.e., after every coupon, a constant percentage of the mortgages will be prepaid. This is also called the Constant Mortgage Mortality (CMM). For example, if CPR is 8%, then the investor can expect 8% of the mortgages within the security pool to be prepaid within the year. CPR is estimated based on various factors such as the characteristics of the underlying pool, historical prepayment rates and future predictions. Single Monthly Mortality Rate (SMM) CPR is an annual rate. Let’s take an example to understand how SMM can be calculated. Assume that the outstanding loan is $100,000, the scheduled principal and interest payments are $500 and $10,000. This means that 1.51% of the month’s scheduled principal balance has been prepaid.
Relationship between SMM and CPR Example: Alternatively, Calculating Prepayment. CPR vs. SMM vs. PSA | Financial Exam Help 123. All of these TLAs (Three-Letter Abbreviations) refer to measurements of the amount of prepayment on a mortgage-backed security (MBS, yet another TLA): CPR abbreviates Conditional Prepayment Rate, an annual measure of the prepayments on an MBSSMM abbreviates Single-Month Mortality, a monthly (duh!) Measure of the prepayments on an MBSPSA abbreviates Public Securities Association, which developed a benchmark CPR schedule for MBSs I’ll explain each of these measures, then show you how to convert from one to another. They’re only slightly more difficult to use than inches, millimeters, and cubits.
Maybe even easier than cubits. Single-Month Mortality (SMM) SMM is pretty easy: in a given month, it’s the percentage of the beginning principal balance (less scheduled principal payments) that is prepaid. Note that now that Bob’s paid off his mortgage, he won’t be making any more payments, so the scheduled monthly payment on the MBS will decline by . . . you guessed it! Going the other way: Prepayment Models For Asset-Backed Securities; PSA Model. Because asset-backed security (ABS) yields and maturities depend on an average lifetime rather than a specified lifetime, as is the case with bonds, the accuracy of the projected yields and maturities will depend on accurate projections of prepayments. Projections are based on prepayment models, which, in turn, are based on historical data for the securities of the same or closely related types. Many of these prepayment models are derived from the PSA model developed by the Bond Market Association (previously known as the Public Securities Association; hence, the name of the model).
Because prepayments generally occur when interest rates drop, and because interest rates generally drop slowly, prepayments usually increase in time, then reach a plateau, when the rate of prepayment reaches a steady state. Hence, most prepayment models have an initial ramp, when the rate of prepayment increases annually by a certain percentage, then levels off. APS = Monthly Income / Original Balance.