US Bank and Deutsch Agree That They Should NOT be named as Plaintiffs in Foreclosures

“People forget that Deutsch issued a directive to all servicers to cease using its name when initiating foreclosures. The investment banks fought back and apparently paid Deutsch more money in fees for the use of its name. That was around 2011.”

LivingLies: “U.S. Bank as Trustee: As Trustee, U.S. Bank Global Corporate Trust Services performs the following responsibilities:

• Holds an interest in the mortgage loans for the benefit of investors [Editor’s note: Not really true. It holds a claim to bare legal title to loan agreement for the benefit of the investment bank]

• Maintains investors/securities holder records [Editor’s Note: Also not true. Only the investment bank maintains such records. US Bank has no access to the names of investors nor any transactions ever conducted with them in the name of any trust in which US Bank is named as trustee.]

• Collects payments from the Servicer [Editor’s note: also not true. US Bank handles no money in connection with any account or any borrower or any servicer and does not disburse them. That is done by the party named as Master Servicer although that term is probably also a misrepresentation.]

• Distributes payments to the investors/ securities holder [Editor’s note: Not true see above.]”

Source: US Bank and Deutsch Agree That They Should NOT be named as Plaintiffs in Foreclosures

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