from Lynn Szymoniak
- Out of over 6000 loans in one pool, only one man is able to continue with his loan…only one!
- The rest are foreclosed, or gone somehow, 3 are modified
- The modifications put more on the back end, so when they go to sell, they owe more than home is worth
- Investors are still saying all of those loans are on their books, so they can keep selling trusts.
- They tell investors that money exists in the trusts but it doesn’t
- But the trusts no longer have the collectable loans in the trusts after they foreclose
- Pino case went up to Florida Supreme Court, where judges weren’t so bank friendly, bank tried to drop case, Supreme Court wouldn’t let them, so bank settled and it’s confidential. However Pino has a satisfied loan now, owns home free and clear