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Official Statement from US Bank Regarding City Attorney’s Lawsuit

Official Statement from US Bank Regarding City Attorney’s Lawsuit

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Published by: scprweb on Jul 17, 2012
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05/13/2014

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Official Statement from US Bank R 
egarding City Attorney’
s Lawsuit
 
We are extremely disappointed that the City Attorney’s office has chosen to file
this lawsuit. The city attorney has chosen the wrong party - we are not theowners of the properties, nor are we responsible for the servicing of the properties. The homes are owned by trusts, consisting of investors, and areserviced by other companies. Those companies are responsible for maintenanceof the properties and compliance with city ordinances. Our role as trustee is purely administrative.
We have had extensive discussions with the City Attorney’s staff in an effort
to identify and resolve any issues.· We have made multiple requests of the City over the past couple of years toobtain detailed information on properties they considered to be in disrepair inorder to immediately identify and work with the responsible servicer to addressoutstanding issues. Until very recently, the City has refused to provide us withthat information.·We believe that each of the properties identified in the complaint are part of residential mortgage-backed securities trusts where mortgages originated byother lenders were packaged into securities and sold to investors.
·The only reason U.S. Bank’s name is ass
ociated with these properties is because we serve as trustee for the trusts. Foreclosure actions are taken by theservicers on behalf of the trusts and merely in the name of the trustee.·Only the servicer of the home
 – 
the company the homeowner sends their mortgage payment to each month
 – 
can foreclose or initiate a mortgagemodification. In addition, the servicer is responsible for the upkeep of homesand properties and for interacting with homeowners and/or tenants.·Our role as trustee is to hold title to the assets on behalf of the trusts and for the benefit of the investors in the mortgage-backed security, and performcertain other administrative duties for the trust. The city attorney refers to thecompensation we receive as trustee, but the level of compensation reflects thefact that our duties as trustee are limited and that servicers have additionalduties for which they are compensated.·Because it is the servicers, not the trustee, who have the duty to maintainforeclosed properties, we intend to bring them into this lawsuit.

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