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"Corridor Agreement" Opens More Questions on Role of BONY Mellon

livinglies.me | January 8, 2020

SO BONY mellon is known to be named as “trustee” over what is probably a nonexistent trust with nonexistent beneficiaries since investors do not qualify as beneficiaries of any trust. The authority of BONY Mellon to represent “certificate holders” is never described in any allegations or exhibits. It is only a label.

Dig deeper and you will find actual trust agreements that are kept from court view, and still others like the “Corridor Agreement” which raises more questions than it could possibly answer found here.

Some quotes from the Corridor Agreement:

This CORRIDOR CONTRACT ADMINISTRATION AGREEMENT, dated as of June 29, 2006 (this "Agreement"), among THE BANK OF NEW YORK ("BNY"), as Corridor Contract Administrator (in such capacity, the "Corridor Contract Administrator") and not in its individual or corporate capacity but solely as Trustee under the Pooling and Servicing Agreement referred to below (in such capacity, the "Trustee"), and COUNTRYWIDE HOME LOANS, INC. ("CHL").

WHEREAS, CHL is a party to an interest rate corridor agreement between CHL and Bear Stearns Financial Products Inc. (the "Counterparty"), with a Trade Date of June 22, 2006 and a reference number of FXNEC8436 (the
"Corridor Contract"), a copy of which is attached to this Agreement at Exhibit
A;

EDITOR'S NOTE: CHL is described as having some interest in some interest rate that appears to be a reference to the rate paid to certificate holders who received an unsecured Promise to make payments to owners of certificates issued by Bear Stearns in the name of a trust that either did not exist or barely existed with virtually no assets and certainly no ownership of loans.

WHEREAS, CHL is conveying certain mortgage loans and other related assets to a trust fund (the "Trust Fund") created pursuant to a Pooling and Servicing Agreement, dated as of June 1, 2006 (the "Pooling and Servicing Agreement"), among CWABS, Inc., as depositor, CHL, as a seller, Park Monaco Inc., as a seller, Park Sienna LLC, as a seller, Countrywide Home Loans Servicing LP, as master servicer (the "Master Servicer"), the Trustee, and The Bank of New York Trust Company, N.A., as co-trustee, with respect to the CWABS, Inc. Asset-Backed Certificates, Series 2006-11;

WHEREAS, simultaneously with the execution and delivery of this Agreement, CHL is assigning all of its rights, and delegating all of its duties and obligations (other than its obligation to pay the Fixed Amount and any fees, if applicable (as defined in the Corridor Contract)), under the Corridor Contract to the Corridor Contract Administrator, pursuant to the Assignment Agreement, dated as of the date hereof (the "Assignment Agreement"), among CHL, as assignor, the Corridor Contract Administrator, as assignee, and the Counterparty;

WHEREAS, CHL desires that the Net Payments (as defined below) on the Corridor Contract be distributed to the Trustee on behalf of the Trust Fund to be applied for the purposes specified in the Pooling and Servicing Agreement and that the Excess Payments (as defined below) on the Corridor Contract be distributed to CHL;

Controlling Party: As defined in Section 5.

Corridor Contract Account: The separate account created and maintained by the Corridor Contract Administrator pursuant to Section 3 with a
depository institution in the name of the Corridor Contract Administrator for the benefit of CHL and the Trustee on behalf of the Holders of the Benefited Certificates and designated "The Bank of New York for Countrywide Home Loans, Inc. and certain registered Holders of CWABS, Inc., Asset-Backed Certificates, Series 2006-11". Funds in the Corridor Contract Account shall be held for CHL and the Trustee on behalf of the Holders of the Benefited Certificates as set forth in this Agreement.

EDITOR'S NOTE: You really need to read this carefully. CHL is assigning without any warranty of ownership because it has no ownership. It is using labels to create a seller and other roles without any descriptions of ownership or authority or even a description of what is being sold and how the sale was consummated --- mostly because there was no such sale except for purposes of getting the loans off the books of Bear Stearns and onto nonexistent financial records of the fictitious trust. Notice also the specific wording that there are recipients of payments described as . certain holders of interests in those payments and excess payments.

Unlike most contracts drafted by banks everything is left undefined. In most contracts "holders" would be specifically defined either in the agreement or by reference to a separate agreement where the information could be found. Instead they are relying upon labels and confusion so nobody asks questions.

And then further down you see that BONY is not liable for anything done in its name. So the question is how does BONY Mellon claim to be trustee and at the same time have separate agreements inuring to the benefit of CHL (now Bank of America) and a securities brokerage firm? Unless BONY Mellon is in fact trustee for Bear Stearns there would be an bvious conflict of interest preventing BONY from being.

 

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