Bank of New York Mellon VP Makes Startling Email Admission
Here it is folks, straight from the horse’s mouth –
An elderly client of mine has given me permission to share the following information which is very significant. Her story is the same as countless others. A law firm responds to her “QWR Request” in the midst of foreclosure proceedings. An excerpt from the response is as follows:
Client reaches out to the attorney and drafter of this letter only to be told not to contact him, but rather the “owner” of her loan – The Bank of New York Mellon.” Client contacts the office of “BNYM Corporate Trust” and speaks to a “Mr. Gavin Tsang – Vice President.” Shortly after her conversation with Mr. Tsang, the following email was forwarded to my client from Mr. Tsang’s office. This email essentially admits that BofNY Mellon “as Trustee” is not the “owner” of my client’s loan, and as trustee, “cannot authorize remodifications, foreclosures or short sales:”
Now I am not an attorney, but I have reason to believe based upon years of research, that a true “owner” of someone’s mortgage or deed of trust would have the authority to initiate a foreclosure should circumstances be required. In fact, it is my understanding that only the true “owner” or “beneficiary” is allowed to authorize any agent (servicer[s]) to foreclose. What we have here is a typical pattern and practice being played out in thousands of foreclosures throughout the United States (simply substitute any other Trustee in place of BoNY Mellon.) The Trustees don’t own the loans, and cannot authorize foreclosures. Yet, we have Court rulings that state the following:
“Respondent The Bank of New York Mellon (‘Bank’) is the owner….” In fact, I need a calculator to add up all the cases in which the Trustee for a private MBS trust files a “verified” foreclosure complaint claiming to be the “owner” of the subject loan(s.)
The problem here folks is very serious. Who is the party authorizing foreclosure? Who’s pulling the strings and calling the shots? These are rhetorical questions to which the answer is – “the sub-servicers.” These are the parties hiding behind “The Wizard of Oz’s” curtain.
3 Responsesto “Bank of New York Mellon VP Makes Startling Email Admission”
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We have the same situation. After emailing the BofNY Mellon
Corporate Trust office in regards to a foreclosure action
as Nationstar Mortgage as the servicer. We were told several
times by Nationstar that BofNY is the owner and investor
and BofNy Mellon is the Plaintiff in foreclosure action.
We received an email from BofNY indicating they do not
physically own the loan or the property as Trustee. BNY Mellon has no say in how the property is disposed, loan modifications, etc.(after being denied several times for
a loan mod due to “investor guidelines”) The lies are
unbelievable. We are waiting a court date for pre trial
hearing on our case. we are located in Maine.
I would like too know the outcome of these cases where eB of NY Mellon say they are trustee , I have that specify situation right now…
My name is Noah and I am being taken by Melon too. We should all get together and file a class action suit