After 12 years of thinking and analysis I have boiled everything down to one question: Does the party named by the lawyers ever get anything out of a successful foreclosure? I think the answer is always NO if the loan has been sold into the secondary market and worse yet if it has been subject to securitization claims which are almost always completely false.
If the lawyers have given a name of an implied entity that does not exist, the answer is obvious but sometimes you need to parse their words to even discover that they are naming a party that does not exist. If the lawyers name a legally existing entity then the question is whether that is the entity who will actually receive the benefit of foreclosure. Again the answer if you parse the words used by the lawyers the answer is no, whoever it is they named as claimant will never see the use or proceeds of the foreclosed property.
And then you have the hybrid. Like Deutsch or US Bank or BONY as trustee for a jumble of words that imply but do not identify a trust and refer to certificate holders without identifying the certificates that in all events disclaim any interest in the subject debt, note or mortgage.
BOTTOM LINE: If the lawyers know that the name they are using for the claimant is a fictitious entity or is an entity that has never received the proceeds of foreclosure in the past, then they know that the foreclosure is invalid and probably fraudulent but they do it anyway because they can and they get away with it.
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