May 12, 2010
I am very concerned with the unlawful usage of my personally identifiable information and the personally identifiable information for millions of others. The blatent disregard for our rights has caused massive damages to homeowners. The usage of our personally identifiable information in the offer and sale of securities without our EXPRESS WRITTEN PERMISSION is identity theft (at least in California under California Penal Code 530.5). This represents fraud in the offer and sale of securities. The "lender" represented to me (and to every other homeowner in America) that they were getting a LOAN (the lenders own capital at risk of loss). We were told to sign a document that gives our permission to disclose our credit and personal information to other investors who might purchase the LOAN. Our "loan" was then pooled together with thousands of other homeowners and my credit and personally identifiable information was used to issue securities to investors. This is IDENTITY THEFT because I was never given the opportunity to learn the true nature of the transaction. This information was concealed, misrepresented and not disclosed (not only in my case but in EVERY SINGLE CASE I have ever heard of). You are no doubt aware that this is ALWAYS the case. In addition to this, in January of 2009 I sent in a request to US Bank and Residential Funding (among others) disputing the validity of the debt (US Bank as Trustee was the Trustee for my loan pool - RASC Series 2005-EMX4 and Residential Funding was the master servicer). They not only failed to validate the debt but they failed to respond at all. They violated the Fair Credit Reporting Act (and probably the Gramm-Leach-Bliley Act). All of my personally identiable information and credit information were included in their various loan level files and they failed to inform any parties receiving this information that I was disputing the debt. I would consider it material information for the investors to know specifically that this and the many other unlawful acts are occuring (the biggest being the unlawful assignment of loans into the REMIC trusts after foreclosure has been initiated - and YEARS after the REMIC closing date). I have much more information on this but this covers my main concern. I respectfully request that you consider the rights and laws that the homeowners/borrowers have, not only the rights of the investors.
Thank you for your time and consideration,