I’m late to the party but I hope you’ll give the thread a last check.

I’m defending a foreclosure in Bridgeport, CT. The purchase mortgage was sub prime about two years old-80/20 for a total of 400,000.00, 400,000. being the purchase price. By 80/20 I mean the first mortgage was 80% of the purchase price, the second mortgage (both to the same lender) was 20% of the purchase price.

The mortgage and note have been assigned, the plaintiff being US National Bank trustee for HEAT 2006-08 (or something like that I don’t have the file in front of me). I suspect HEAT is an acronym and the “T” may be for trust. I’m in the process of attempting disclosure which is being contested. I’m trying to determine if the plaintiff has standing in the sense of representing the entire ownership of the note and mortgage. Now here’s my questions:
1)Does Mr. Morris know anything of the structure of these things? Does he have a copy of a certificate for a CDO and other documents used?
2)Would he be willing to testify as an expert? I don’t know where he is and it would have to be pro bono as I’m not really getting paid.
3)Is it possible that all the tranches are not represented by HEAT and that the plaintiff does not own the entire note and mortgage?
My email is ekunin AT optonline DOT net
If he is interested in helping me through this, have him drop me a line. If I, and others, are able to block foreclosures, it helps the local real estate market by not having vacant boarded up places here and there and it puts the loss where it belongs, not on the taxpayers.

Thanks

the collapse of the Collateralized Mortgage Obligation (CMO) market in the early 90s (which I hadn’t even heard of, and I suspect I’m not alone)

[huff! puff!] Sorry to be just getting here, and breezing through at that, partly because one of the six things I’m doing at the moment is finishing Mr. Morris’s book.

Yes, that early 90s event wasn’t really on my radar either. It seems to be an important contribution of Trillion to bring it’s role to everyone’s attention.

Another is certainly to bring the arcane pieces of this enormous booby trap into one narrative that any interested person can follow, sparing them the many happy hours one can spend trying to track down monoline insurers and such, for use on seeing the vital big picture clearly (not to mention for living normal life).

And thank you Ian for hosting, fine work as always.

As for Saudi Arabia, it has about 2 million bbls a day spare capacity but 3/4 of this is made up of heavy crudes that vrtually no one can use. So at best you are talking about half million bbls a day and it is unclear but some or all of this they may already have tapped into.