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Wells Fargo Bank NA BUYER: Waterfall and its servicing agent LoanCare, A Division of FNF Servicing, Inc. (“LoanCare”); WATERFALL VICTORIA MASTER FUND 2008-1 GRANTOR TRUST SERIES A; QUANTUM SERVICING CORP;

Wells Fargo Bank NA BUYER: Waterfall and its servicing agent LoanCare, A Division of FNF Servicing, Inc. (“LoanCare”); WATERFALL VICTORIA MASTER FUND 2008-1 GRANTOR TRUST SERIES A; QUANTUM SERVICING CORP;

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Published by Mary Cochrane

Waterfall Victoria Master Fund 2008-1 Grantor Trust Series A (“Waterfall”)

Debt secured by FIRST DEED OF TRUST AGAINST THE PROPERTY

Note my observation: Deed recorded in name of 'CONSUMER' with County Clerk/Recorder is prior to funding and the encumbered DEED back to Qualified Intermediary is not recorded in public domain.

Greenpoint Mortgage Funding Inc. as MERS Designated Mortgage Loan as LENDER/Creditor and MERS as the beneficiary, as Nominee

Waterfall and its new servicing agent Quantum Servicing Corp

Quantum was Waterfall’s new servicing agent



Ms. Kennedy further stated that she had reviewed “business

records” reflecting a chain of transfers of the “beneficial

rights” under the Loan. According to Kennedy, the beneficial

rights were first held by Greenpoint but ultimately ended up with

Waterfall by January 2009. Kennedy also stated that the same

business records reflected a chain of transfers of the “servicing

rights” under the Loan. Kennedy declared that Greenpoint was the

first servicer of the Loan, that LoanCare was the second servicer

of the Loan and that Quantum was the third servicer of the Loan.

According to Kennedy, LoanCare was the servicing agent for the

Loan between August 2008 and September 2010.





Waterfall Victoria Master Fund 2008-1 Grantor Trust Series A (“Waterfall”)

Debt secured by FIRST DEED OF TRUST AGAINST THE PROPERTY

Note my observation: Deed recorded in name of 'CONSUMER' with County Clerk/Recorder is prior to funding and the encumbered DEED back to Qualified Intermediary is not recorded in public domain.

Greenpoint Mortgage Funding Inc. as MERS Designated Mortgage Loan as LENDER/Creditor and MERS as the beneficiary, as Nominee

Waterfall and its new servicing agent Quantum Servicing Corp

Quantum was Waterfall’s new servicing agent



Ms. Kennedy further stated that she had reviewed “business

records” reflecting a chain of transfers of the “beneficial

rights” under the Loan. According to Kennedy, the beneficial

rights were first held by Greenpoint but ultimately ended up with

Waterfall by January 2009. Kennedy also stated that the same

business records reflected a chain of transfers of the “servicing

rights” under the Loan. Kennedy declared that Greenpoint was the

first servicer of the Loan, that LoanCare was the second servicer

of the Loan and that Quantum was the third servicer of the Loan.

According to Kennedy, LoanCare was the servicing agent for the

Loan between August 2008 and September 2010.




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Published by: Mary Cochrane on Nov 16, 2012
Copyright:Attribution Non-commercial

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*
This disposition is not appropriate for publication.Although it may be cited for whatever persuasive value it mayhave (see Fed. R. App. P. 32.1), it has no precedential value.See 9th Cir. BAP Rule 8013-1.
**
Hon. M. Elaine Hammond, United States Bankruptcy Judge forthe Northern District of California, sitting by designation.
UNITED STATES BANKRUPTCY APPELLATE PANELOF THE NINTH CIRCUIT
In re: )BAP No.CC-11-1374-MkHHa)JOAN KATHLEEN GREEN, )Bk. No.ND 09-11614-RR)Debtor. ) _______________________________))JOAN KATHLEEN GREEN, ))Appellant, ))v. )
 MEMORANDUM 
*
)WATERFALL VICTORIA MASTER FUND )2008-1 GRANTOR TRUST SERIES A; )QUANTUM SERVICING CORPORATION, ))Appellees. ) _______________________________)Submitted Without Oral Argumenton September 21, 2012Filed – October 15, 2012Appeal from the United States Bankruptcy Courtfor the Central District of CaliforniaHonorable Robin L. Riblet, Bankruptcy Judge, Presiding Appearances:Appellant Joan Kathleen Green pro se on brief;Melissa Robbins Coutts of McCarthy & Hotlhus, LLPon brief for appellees Waterfall Victoria MasterFund 2008-1 Grantor Trust Series A and QuantumServicing Corporation. Before: MARKELL, HOLLOWELL and HAMMOND,
**
Bankruptcy Judges.
FILED
OCT 15 2012
SUSAN M SPRAUL, CLERK
U.S. BKCY. APP. PANELOF THE NINTH CIRCUIT
 
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1
Unless specified otherwise, all chapter and sectionreferences are to the Bankruptcy Code, 11 U.S.C. §§ 101-1532, andall “Rule” references are to the Federal Rules of BankruptcyProcedure, Rules 1001-9037. All “Civil Rule” references are tothe Federal Rules of Civil Procedure.2
INTRODUCTION
Through an agent, Waterfall Victoria Master Fund 2008-1Grantor Trust Series A (“Waterfall”) filed a proof of claim inthe bankruptcy case of debtor Joan K. Green (“Green”). Greenobjected to Waterfall’s proof of claim, but the bankruptcy courtoverruled that objection. Green then sought rehearing andreconsideration, which relief the court also denied. Greenappealed. We AFFIRM.
FACTS
Doing business as Cripple Creek Mountain Ranch, LLC, Greenran what she described as a hospitality business out of a singlefamily residence located on Melody Mountain Lane in Paso Robles,California (“Property”). In her bankruptcy schedules, she listedthe Property as worth $1.3 million with roughly $1 million inencumbrances.On May 1, 2009, she filed her chapter 11
1
bankruptcypetition. Roughly one year later, in May 2010, Waterfall and itsservicing agent LoanCare, A Division of FNF Servicing, Inc.(“LoanCare”) filed a motion for relief from the automatic stay(“Relief From Stay Motion”), seeking to pursue foreclosureproceedings against the Property. Waterfall asserted, throughits servicing agent LoanCare, that as of April 2010 Green owed itover $1.1 million and that Green’s indebtedness (“Loan”) wassecured by a first deed of trust against the Property.
 
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2
Cervantes v. Countrywide Home Loans, Inc., 656 F.3d 1034(9th Cir. 2011), recently described MERS and its general purpose:MERS is a private electronic database, operated byMERSCORP, Inc., that tracks the transfer of the“beneficial interest” in home loans, as well as anychanges in loan servicers. After a borrower takes outa home loan, the original lender may sell all or aportion of its beneficial interest in the loan andchange loan servicers. The owner of the beneficialinterest is entitled to repayment of the loan. Forsimplicity, we will refer to the owner of thebeneficial interest as the “lender.” The servicer ofthe loan collects payments from the borrower, sendspayments to the lender, and handles administrativeaspects of the loan. Many of the companies thatparticipate in the mortgage industry – by originatingloans, buying or investing in the beneficial interestin loans, or servicing loans – are members of MERS andpay a fee to use the tracking system.* * *[The process of recording assignments of deeds oftrust] became cumbersome to the mortgage industry,particularly as the trading of loans increased. It hasbecome common for original lenders to bundle thebeneficial interest in individual loans and sell themto investors as mortgage-backed securities, which maythemselves be traded. MERS was designed to avoid theneed to record multiple transfers of the deed by(continued...)3Waterfall attached to its moving papers the followingdocuments as exhibits:1.A conformed copy of a deed of trust (“Deed of Trust”) datedMay 24, 2007 (recorded as document no. 2007036626 in the SanLuis Obispo County Recorder’s Office) identifying Green asborrower, Greenpoint Mortgage Funding, Inc. as lender(“Greenpoint”) and Mortgage Electronic Registration Systems,Inc. or “MERS”
2
as the beneficiary, solely as the “nominee”

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