June 8, 2011
EXPERT WITNESS TESTIMONY
On behalf of the Plaintiff as named in the above entitled matter come the expert , a Mortgage Banking executive and accountant “Maher Soliman who as past CFO” (1998 PBC Warehouse Lenders) is an expert and 25 year veteran qualified to speak in court and deposition to the subprime “sp” problematic issues facing domestic and foreign banks. At this juncture in time is a monumental crisis seen as highly diverse. In forming an opinion, I have cited a series of problematic issues and inherent mistakes, errors and omissions that stem from the application of securitizing mortgages under an asset backed securities scheme. My averment to subject matter is based largely on educational (CSUN 1984/ UCLA 1998 *) and professional background, (CFO / CEO Mortgage Guarantee/1997-2002) it is the experience I received in the actual trading of closed whole loan on a flow and bulk means and method for delivery, both with and without a nominal interest. This experience gained after more than a decade provided me with intimate knowledge of the entire process including warehouse and transfers through the Bailee under a bailment agreement. Under engagement and herein this analysis are basis for beliefs and substance to support my quantitative opinions that are formulated from personal experience in lending and accounting.
NOW, COME THE EXPERT WITNESS; Who is sworn to the foregoing testimony, and attests to the statements opinions and ideas presented herein, proffered in its entirety, as represented to the best of his knowledge as follows:
Defendant beliefs are for claims alleging a wrongful foreclosure:
I. Wrongful Foreclosure
Non Judicial Action in California Banking professionals and loan servicers understand the process for a non-judicial foreclosure action in California. In particular a notice of intent to foreclose is followed by a notice of default. In subsequent events are the filing of the notice of trustee’s sale. The term is approximately 120 days from the filing of the notice of default. The state of California grants the notes maker the right to extend a Power of sale in a non-judicial foreclosure process . Its purpose is to provide an effective method permitting a servicing agent to obtain its security.
- The court time and parties costs involved in most non-judicial foreclosures are principally for the matter heard in an unlawful detainer. The Unlawful Detainer is initiated by the beneficalservicer and is necessary to obtain possession from a defaulted and foreclosed Trustor refusing to vacate their former homes.
- Prior to 2008, foreclosure defenses were nothing deemed endemic. Since then, a growing number of defaulted loans have brought
uncertainty to the non-judicial foreclosure process. Foreclosure is becoming a judicial matter.
- A wrongful foreclosure action is an action filed by the borrower against the servicer, the holder of the note, and should include the foreclosing trustee. (see your attorny for advisement)
- The Trustor who elects to fight will likely allocate their resources away from debt payment towards fighting a loan servicer’s right
to its payments and its security.
- Therein the nonjudicial foreclosure process is a matter of attrition which ranges in diversity and jurisdiction transferring the
matter heard from bankruptcy court, to superior court to Federal courts
II. Wrongful Foreclosure Action
The Non-Judicial Foreclosure Sale -The matter emerges as a redundant allegation in pleading a complaint pursuant to “illegal, or fraudulent transfering sale of title holders property under a compromised power of sale contained in a mortgage or deed of trust./ see ” Munger v. Moore (1970) 11 Cal.App.3d. 1. The wrongful foreclosure action is brought by the title holders prior to the non-judicial foreclosure sale in order to delay the sale, but the action may also be brought after the non-judicial foreclosure sale.
- In the past , wrongful foreclosure action alleges that the amount stated as due and owing in the notice of default is incorrect for one or more of the following reasons including interest rate adjustment, tax impound accounts, misapplied payments, a forbearance agreement , unnecessary forced place insurance, improper accounting for a confirmed chapter 11 or chapter 13 bankruptcy plan. (cited Ryan/Kop/ various CA Attorney at law) .
- Further allegations for a wrongful foreclosure action are brought for servicers having elected to accept partial payments after initiation of the wrongful foreclosure process, and then continue with the foreclosure. Companion allegations for emotional distress and punitive damages usually accompany any wrongful foreclosure action.