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Blackrock v US Bank as Trustee, Complaint (Allegatons 251 to 253)

July 3, 2014

From O. Max Gardner:

251. The PSAs require the depositor to deliver to and deposit with, or cause to be delivered to and deposited with, U.S. Bank, the mortgage files, which must at all times be identified in the records of U.S. Bank as being held by or on behalf of the Trust. Furthermore, the PSAs require U.S. Bank to acknowledge receipt of the mortgage files on behalf of the Trust and to acknowledge that all mortgage pool assets, mortgage files and related documents and property held by it at any time are held by it as trustee of the Trust.

252. Once the mortgage files are in U.S. Bank’s possession, the PSAs require U.S.Bank to ensure that the underlying mortgage loans were properly conveyed to the Trusts, and thatthe Trusts have perfected enforceable title to the mortgage loans by reviewing the mortgage files for each of the mortgage loans. U.S. Bank is required to review each mortgage file within a certain time period after the “Closing Date” and deliver to the depositor a certification that all documents required have been executed and received.

253. If U.S. Bank identifies any defect in a mortgage loan file for an underlying mortgage loan contained in a Trust, U.S. Bank must promptly notify either the servicer or depositor, and that party shall promptly notify the applicable seller of the defect and take appropriate steps on behalf of the Trust to enforce such seller’s obligation to correct or cure the defect or repurchase or substitute such mortgage loan.

Nancy Duffy McCarron, CBN 164780
Attorney, Real Estate Broker, BBB Arbitrator, CA Notary Public
Certified Forensic Loan Auditor, Property Manager


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