Page: 1 IN THE NINETEENTH JUDICIAL CIRCUIT COURT IN AND FOR ST. LUCIE COUNTY, FLORIDA CASE NO.

09-CA-008550 LIQUIDATION PROPERTIES, INC., Plaintiff, vs. BENET ETIENNE, Defendant. _________________________________/ DEPOSITION OF WILLIAM A. FOGLEMAN Wednesday, March 30, 2011 West Palm Beach, Florida 2:11 p.m. - 2:52 p.m. Florida Court Reporting 561-689-0999

Page: 2 APPEARANCES: ON BEHALF OF THE PLAINTIFF: FLORIDA FORECLOSURE ATTORNEYS, PLLC Suite 690 601 Cleveland Street Clearwater, Florida 33755 727/446-4826 BY: R. J. FERRARO, Esq. ON BEHALF OF THE DEFENDANT: KORTE & WORTMAN, P.A. Suite 102 2041 Vista Parkway West Palm Beach, Florida 33411 561/228-6200 BY: BRIAN K. KORTE, ESQ. I N D E X WITNESS PAGE WILLIAM A. FOGLEMAN Direct Examination by Mr. Korte ............... 4 Cross-Examination by Mr. Ferraro .............. Florida Court Reporting 561-689-0999

Page: 3 EXHIBITS IDENTIFIED Defendant's Exhibit Number 1 .................... 4/9 11-20-2009 Affidavit as to Amounts Due and Owing Defendant's Exhibit Number 2 .................... 4/12 Notice of Filing Original Note and attached documents Defendant's Exhibit Number 3 .................... 30 Complaint for Mortgage Foreclosure and Other Relief Florida Court Reporting 561-689-0999

Page: 4 The deposition of WILLIAM A. FOGLEMAN was taken before me, Susan S. Kruger, Notary Public, State of Florida at Large, at 2041 Vista Parkway, Suite 102, West Palm Beach, Florida, on Wednesday, March 30, 2011, beginning at 2:11 p.m., pursuant to the notice in said cause for the taking of said deposition, which is attached to the court file herein, at the instance of the defendant in the above-entitled cause, pending in the above-named court. (Defendant's Exhibits Number 1 and Number 2 were marked for identification.) THEREUPON, WILLIAM A. FOGLEMAN, being by me first duly sworn to tell the whole truth, as hereinafter certified, testified as follows: DIRECT EXAMINATION BY MR. KORTE: Q Sir, will you do me a favor and state your name for the record, spelling your last? A William A. Fogleman, F-o-g-l-e-m-a-n. Q And sir, would you give me the benefit of your education, starting at the time of high school and going forward. A Attended college at Louisiana Tech University and law school at L.S.U. Florida Court Reporting 561-689-0999

Page: 5 Q And the benefit of your work history starting from the time you left law school? A Practiced law for about five years, five to seven years with a private law firm. I went to work for a bank for about approximately ten years, did management work for five years, and then started working for a servicing company after that, SN Servicing Corporation. Q SN? A SN; the initials SN Servicing Corporation. Q And what job title do you currently hold for SN Servicing Corporation? A I'm corporate counsel. Q And where is SN Servicing located? A In Baton Rouge, Louisiana. Q All right, sir. You've been asked to come here today as the person with the most knowledge at Liquidation Properties regarding the Affidavit of Amounts Due and Owing, correct? A Yes. Q What is the relationship of SN Servicing to Liquidation Properties, Inc.? A It is the servicing company for the plaintiff. Q And what does the servicing company in this particular case do for the plaintiff? A Typically, the servicing company is Florida Court Reporting 561-689-0999

Page: 6 responsible to monitor the loans that it services for the investor, collects payments, contacts the borrower, sends out the borrower correspondence. If the matter goes into foreclosure, we're responsible to engage counsel, provide information, numbers, get the collateral and provide it to the attorney. Q And what part of that servicing do you do personally, if any? A All of it. Q You personally get the collateral and -A I order it. We don't hold the collateral. The collateral is held by a collateral agent. We request it from the investor. We are not the collateral agent. Q When I say you, I mean you personally. Do you actually collect payments and post payments? A No. Q What part of the servicing do you do personally? A Usually, I mean in a case like this, I'll get involved when the case becomes litigated -Q Would it -A -- either a contested foreclosure or a suit against the investor. Q I'm sorry, I didn't mean to interrupt you Florida Court Reporting 561-689-0999

Page: 7 there. Would it be fair to say that your entire involvement in this case really is in support of the litigation, not in the traditional servicing sense? A Well, I would hate to characterize it that way because we -- servicing includes all of that for us. Q I don't mean SN. I'm talking about you personally. Here I'm just talking about your personal involvement with files. Would it be fair to say that you personally only become involved in files during the litigation phase? A Predominantly, but not only. There are cases that I am involved in that are -- you know, if they become a peculiar case, I'm involved in collection, contacting the borrower. Q Well, in this particular case, when is the first time you became involved with this file? A When it became contested. Q Would it be fair to say that your entire involvement in this case is post litigation? A After the foreclosure was filed. Q Yes, sir. A Yes. Q Would it be fair to say that your entire involvement in this particular case has been to support Florida Court Reporting 561-689-0999

Page: 8 the litigation? A Well, I would hate to say just to support the litigation. Q Well, what have you done in this particular case after you became involved? A Reviewed the litigation documents, reviewed the history, the loan history, reviewed the -- discussed the case with numerous people in the office that are responsible for actually physically collecting payments, posting amounts, servicing the loan. Q Have you done any posting of payments yourself? A No, there haven't been any payments made in this case. Q Have you done any escrow disbursements on this case yourself? A No. Q Have you done any of the client contact directly yourself as far as trying to get a mitigation plan together? A Can't contact the borrower. They're represented. Q So that would be no, you haven't done any of that? A No. Florida Court Reporting 561-689-0999

Page: 9 Q Would it be fair to say that you've only been involved in this case to review documents and further the collection activities? A I mean, yes, that's mainly what I've done. Q Okay, fair enough. So let me ask if you were brought here today as the person with the most knowledge in regards to an Affidavit of Amounts Due and Owing, when is the first time you reviewed the Affidavit of Amounts Due and Owing that's been filed in this case? A I don't remember the date, but I mean it was after the, you know, the litigation, you know, after the file became litigated. Q Well, I'm going to ask you to turn to Defendant's Number 1 that's in front of you. A Okay. Q And I'll ask you if you ever had an opportunity to speak to the affiant before coming here today about this case. A No. Q Well, what documents did you review before coming here today to become the person with the most knowledge in regards to the Affidavit of Amounts Due and Owing? A The payment history, the loan records showing disbursements and the account officer's notes. Florida Court Reporting 561-689-0999

Page: 10 Q Anything else? A All of the litigation that's been filed. Q Anything else? A No. Q Before coming here today, did you speak to anybody regarding this case other than your lawyer? A Yes. Q Who did you speak with? A Let's see. I spoke to Barbara Collins. Actually, I can't remember who I spoke to in the disbursement department, but someone working in disbursements who handled disbursements on the loan. I think I spoke to Angela Solanzano (phonetic). She's in foreclosure. Q Anyone else? A That's all that I can recall. Q And what does Ms. Collins do for SN? A She works in the foreclosure department also. Q What does she do in the foreclosure department? A She handles files when they are placed in foreclosure. Q What does she do? I mean she handles files; what does that mean? A She gets the file and speaks to counsel,

Florida Court Reporting 561-689-0999

Page: 11 provides information. Q And as far as Angela Solanzano -A She's also in the foreclosure department. Q What does she do in the foreclosure department? A She does similar. She keeps the records, provides information for foreclosures. Q And in the disbursements department, do you know what you spoke to the person in disbursements about? A About the disbursements on this file. Q Were there any disbursements on this file? A There have been. Q And for what services? A Taxes and forced place insurance. Q Anything else? A Attorneys' fees. Q Anything else? A That's all I can recall. Q All right, sir. When is the first time that SN became involved in this particular file, if you know? A I can't remember the exact date, but it was 2009. Q Do you know -A That's when we began servicing the file. Florida Court Reporting 561-689-0999

Page: 12 Q Again, I'm sorry to interrupt you. Do you know when this loan was actually created? A I'd have to look at the note to see. But I mean if it's in here, I can give you the exact date. It's on the note. Q Well, if you're referring to Defendant's 2, you can feel free to look at it. A Okay. October the 30th, 2006. Q Do you know who was servicing the loan on October 30th, 2006 and thereafter until SN took over the loan? A CitiMortgage. Q Do you know why CitiMortgage was servicing the loan? A No, I don't know why. Q Do you know who they were servicing the loan for? A It was Citigroup. Q Do you know that, or are you just kind of guessing? A Well, I mean that's just from the records that we have. I mean I don't know that personally. I wasn't involved in it when they were servicing the loan. That's just what I know from reading the records. Florida Court Reporting 561-689-0999

Page: 13 Q So it would be fair to say that this loan was eventually boarded to your system sometime in 2009? A Correct. Q Describe for me the boarding process at Liquidation Properties. A Of course, now we're the servicer now, so we're, you know, we're servicing for Liquidation Properties. Q Okay. A We get the loan; we get the documents. Typically, we get copies of the documents, not the original collateral. We're provided with copies of the prior servicer's payment history. All that information is placed in our system. Q Now, discussing how you guys receive documents, you said that you're servicing for Liquidation Properties. Is it Liquidation Properties themselves who acquire the loan and then forward it to you for servicing? A Yes. Q Is SN in any way involved in the securitization of the loan from the prior owner? A No. Q Do you get involved in the acquisition phase at all? Florida Court Reporting 561-689-0999

Page: 14 A No. Q So Liquidation Properties solely acquires the loan and then will forward it to you guys, in that order, in this case? A Right. Q Do you know when Liquidation Properties actually acquired the loan? A No, I don't know the date. Q You would just know as to when SN would have boarded it to their system? A Correct. Q And although you don't know that date today as you sit here, you know it was sometime in 2009. A Correct. Q As far as the records and documents you guys got from the prior servicer, who gave you those documents? A They came from Liquidation Properties. Q Do you know where they got the documents from? A The prior servicer. Q Do you know that, or are you just guessing? A No, that's what they told us. I didn't get the documents. They provided them to us from the prior servicer. Q Do you know if there was a servicer between Florida Court Reporting 561-689-0999

Page: 15 the time of the making of this note by Argent Mortgage Corporation and the delivery -- let me strike the question. Do you know if there was a servicer that was before Citi? A I do not. Q Could there have been? A Could have been. Q Well, we both agree Citi didn't make this loan, did they? A I mean apparently on the documents they didn't. Q Do you know the date as you sit here today that Citi acquired servicing rights? A I don't know. Q Would it be fair to say that when Liquidation Properties acquired this loan, the loan was already in default? A I can't tell you the day they got it. I mean it was in default when we began servicing it, so I mean that's all that I can give you personal information on. Q That's fair enough. Let's go through it a little further relative to the actual calculation of amounts due and owing contained in Defendant's 1, if that's okay with you. Florida Court Reporting 561-689-0999

Page: 16 Does SN have direct access to Liquidation Properties' systems for review of records? A For review of which records now? Q Well, as regards to this file, I think you told me earlier that you were provided copies of documents, correct? A Of the documents, the loan documents; the loan document file. Q The collateral file? A Correct. Q And you were given copies of the prior servicer's records? A Correct. Q Were you given any other records? A Not that I can recall. Q Well, is it possible that Liquidation Properties had documents that weren't forwarded to you? A I'm sure it's possible. Q Do you have access to Liquidation Properties' computerized systems or record systems? A No. Q You told me that you got copies of the collateral file, including the note and the mortgage, correct? A Correct. Florida Court Reporting 561-689-0999

Page: 17 Q Do you know who made those copies? A No. Q What is the methodology of scanning or storing documents at SN after it receives documents from Liquidation? A They're taken -- I mean we have a department that takes them, scans them, places them in the system. Q And you scan the original documents, or do you scan the copies? A We scan the copies. Q And where are the original documents kept, if you know? A They're kept by the custodian, which, I mean I don't know their physical address. I believe they're in New York. Q Do you know where Liquidation Properties conducts business? A I believe they're in New York also. Q Have you ever talked to anybody from Liquidation Properties? A Yes. Q Have you ever talked to anybody from Liquidation Properties about this case? A No. Q Any kind of correspondence with Liquidation Florida Court Reporting 561-689-0999

Page: 18 Properties in regards to this case, e-mail, voice mail? A An actual employee? Q Yes, sir. A No. Q I'm looking at Defendant's 1, paragraph two. In this second paragraph, they're referring to all the books and records kept by the servicing agent, correct? Do you see that in the second sentence? A Yes. Q What all books and records are we talking about that were reviewed? A The documents, the loan documents and the loan -- I mean the loan history, records of disbursements. And there would be contacts with -- in this case there's not been contact with the borrower, but there would be contacts with the attorney in this case. Q Do you know if Etienne ever had an opportunity to speak to somebody at CitiMortgage, the prior servicer? A I mean I don't know personally, no. Q I'm trying to figure out how, if all the records came from CitiMortgage, the prior servicer, in 2009 and there were no documents -- or no payments made after default in 2008, that you have all the books and Florida Court Reporting 561-689-0999

Page: 19 records in your servicing system. Can you tell me how the affiant in this case was able to discuss with personal knowledge records that are contained in the CitiMortgage system? A Because they provided the records to us. Q They, CitiMortgage, provided the records to you, or did Liquidation Properties provide the records to you? A No, CitiMortgage provided the records to us. Q So now -A The prior servicer, I mean they gave them to Liquidation Properties, who gave them to us. Q So your prior testimony is consistent that you got the records from Liquidation Properties? A Right. Q And that you think that you got -- that they got the records from CitiMortgage? A Yes. Q And you have no personal knowledge as to whether or not Liquidation Properties actually got them from CitiMortgage or from some third party source? A No, I don't have actual knowledge of that. Q And do you know if the records that were sent by CitiMortgage to Liquidation Properties were complete? A To the best of my knowledge. Florida Court Reporting 561-689-0999

Page: 20 Q But do you have any personal knowledge as to the completeness of the files that were provided? A I mean I have no reason to believe that they weren't complete. Q Before coming here today, did you do any investigation to discover the completeness of the files? A I examined them. Q Did you call anybody at Citi? A No. Q At any time did you investigate whether or not they might have more records than the ones that were provided? A I had no reason to question that there were. Q Well, then let's talk about some of the numbers contained in paragraph five, if that's okay. A Okay. Q Let's look at the first line, which is principal. Can you tell me how that was calculated? A They took the payments that were received from the borrower and credited them to the loan balance. Q SN didn't receive any payments, correct? A That's correct. Q So all the payments that would have been posted to this account would have come through Citibank Mortgage? Florida Court Reporting 561-689-0999

Page: 21 A The prior servicer. Q And any prior servicer of Citi would have also had the records contained therein? A Right. Q What, if anything, did you do to verify the accuracy of that number? A I examined their servicing records. Q Did you look at the checks? A No. Q Other than looking at servicing notes and boarding documents, what did you look at? A That's all I looked at. Q Did you look at a payment history other than the electronic one that's contained in your system? A I looked at the prior -- a copy of the prior servicer's payment history. Q So you solely relied upon the prior servicer's payment history in coming up with the principal amount that's owed? A Yes. Q Is that an electronic copy, or is that a hard copy? A I mean they gave us a hard copy. Q So did you review an electronic copy or a hard copy? Florida Court Reporting 561-689-0999

Page: 22 A A hard copy. Q And was it a compilation, a spreadsheet, or was it some other servicing record that had a payment history? A I mean it's just a history. I mean I'm not sure what you're talking about, a spreadsheet. It shows the payment coming in and how it was applied. Q So you just had a list of the payments and application? A Correct. Q Let's talk about the next line, interest from November 1st, 2008 through December 16, 2009. Do you see that one? A Um-hmm. Q Can you tell me how that was calculated? A That's calculated -- I mean we calculate that using our, you know, our own records based on the last payment that was made and the current outstanding interest rate. Q So when did you guys take over servicing of this loan? In 2009? A Yes. Q Okay. A I don't remember the exact date; I can't tell you the exact date, so I don't want to be incorrect. Florida Court Reporting 561-689-0999

Page: 23 Q I don't want you to be -- I mean that's not a trick question. I wanted to point out to you though that the interest calculation starts in 2008, prior to your servicing. A Okay. Q How can you calculate interest for something you weren't servicing? A Because that was the last date a payment was made on the loan. Q How do you know the last payment was made on November the 1st, 2008? A Well, actually, that wasn't the last date a payment was made. That was the last payment that was credited to the loan. In other words, payment was made after that date, but it was late. So it brought the loan current through that date. Q So that would be A So from that date forward, interest would continue to run because it hasn't been paid. Q Is this an adjustable rate mortgage, or is this a fixed rate mortgage, if you know? Defendant's Number 2 actually has the mortgage and the note in it, so I don't want you to go A It does? Q It does. Florida Court Reporting 561-689-0999

Page: 24 A I didn't see the note. Q I think it's the third page -A Adjustable rate. Q -- the third page from the front. A Yes. Q Is there some sort of an index that's used to calculate interest in this particular case? A Yes. Q What index is that? A This one is based on LIBOR. Q Do you know what the adjustment period is? A Every six months. Q As you sit here today, can you tell me what the LIBOR rate was and the true interest rate would have been on November the 1st, 2008 through December 16, 2009? A No, I cannot. Q So can you tell me how the calculation was done to come up with 26,037.97, as laid out in paragraph five, second sentence? A That index was applied to the outstanding principal balance over that period of time. Q And how do we know that was done that way? A That's the way we do it. Q Well, how do you come up with the number? Is Florida Court Reporting 561-689-0999

Page: 25 there a computer system? Is there someone that hand calculates it? How do you do it? A There's a computer system that does it. Q Are you familiar with how the computer system does it? A I mean you put in the current index, and it's adjusted on the dates for the loan, calculates it based on the outstanding principal. Q Gotcha. Let's talk about the next number, the late charges prior to acceleration. Can you tell me how those were calculated? A Based on the amount of late charges that are provided in the note. Q Well, how did you come up with $1,611.91? A And I don't remember exactly how many, but however many times the note was late past the grace period, a late charge was assessed against the loan. Q And how much was that late charge? A The late charge is five percent of the outstanding principal balance. Q And who determines if the payment is applied to an outstanding payment -- strike the question. Let me attack it a different way. If I understood your prior testimony correctly, if a payment is subsequently received after a Florida Court Reporting 561-689-0999

Page: 26 payment is overdue, it's applied to the latest payment, correct? A If a payment -- when payment is received, it's applied to the last payment that's outstanding. In other words, the last payment that has not been made, it's applied to that payment. Q That way we don't skip payments. Right. And is there a grace period? Yes. What investigation did you do before coming

A Q A Q

here today to determine that these late charges were applied correctly? A Well, these were applied by the prior servicer. Q So what investigation did we do before coming here today to determine whether these late charges were applied correctly? A We looked at the prior servicer's records. Q The last line, escrow deficit. Do you see that, sir? A I do. Q It's broken out in three parts: The forced place insurance; prior servicer, taxes; and prior servicer, insurance. I'm going to talk about the first Florida Court Reporting 561-689-0999

Page: 27 one, the forced place insurance. What is that? A It's insurance that's placed on the property when the borrower fails to carry insurance on the property. Q And who in this case placed that insurance? A This was placed by us, actually, this forced place insurance. Q Let's talk about the prior servicer, taxes and insurance. The first line, the taxes, was that paid by SN? A No. Q All right. And how about the prior servicer, insurance? Was that paid by SN? A No. Q Were any of those three items paid by Liquidation Properties? A I mean they were paid by them. We advanced the sums, and they reimbursed us. Q So SN advanced the grand total of 2,574.57 A No. The prior servicer advanced the other two. We advanced the $1,082.55. Q So would it be fair to say that the only line item that SN has advanced that you can testify about is the $1,082.55, correct? A I mean I can testify that the prior servicer's Florida Court Reporting 561-689-0999

Page: 28 records show that those sums were advanced. Q Did you see a check from the prior servicer showing that? A I did not. Q Did you call anybody at the prior servicer to find out if that sum had actually been paid? A No. Q Paragraph seven of this affidavit, do you see that, sir? A Um-hmm. Q You have to say yes or no or she can't get it down correctly. A Yes. Sorry. Q The worst are lawyers. It's always um-hmm and uh-uh. Paragraph seven, sir, the statement, "Plaintiff owns and holds and is the possessor of the original mortgage note," do you see that line, sir? A I do. Q Do you know whether the plaintiff owns the note? A Yes. I mean it's been transferred to their possession. Q What documents specifically are you relying upon to make that statement? Florida Court Reporting 561-689-0999

Page: 29 A They have the original mortgage note. Q Have you ever seen the original mortgage note? A Copies of it. No, I've not seen the original. Q Well, how do you know they've got it if you've never seen it? A Because I know that our counsel has put it in the records. Q But you've never seen it? A I've never seen the original note. Q And when this statement was made on November 20th, 2009, had there been documents in place in the court file as far as the original is concerned? A I believe they have been deposited in the court records at this time. Q So the person signing this, the affiant, would they have ever seen the original note? A No. Q So how could they say that the plaintiff owned the note at the time, because they've never seen it? A We relied on what the investor told us. Q Paragraph seven, the third word there, the holds word, what does that mean, that they hold it? A They're the holder. Q What does that mean, if you know? A If you're the holder of a note, you possess Florida Court Reporting 561-689-0999

Page: 30 the note. Q And was this note ever lost or misplaced at any time? A Not to my knowledge. MR. KORTE: I'm going to mark this as Defendant's 3. (Defendant's Exhibit Number 3 was marked for identification.) BY MR. KORTE: Q I'm going to hand you what's been marked as Defendant's Number 3. This is the Complaint that was filed in this case. If you'd do me a favor and read the title of Count I. A Reestablishment of Note. Q And the first full sentence, the first paragraph through paragraph six, would you review those briefly and let me know when you're done reviewing them. A Okay. Q So I'm going to reask the question. Do you know if this note was ever lost, misplaced or stolen? A I do not. Q As you sit here today, is this the very first time anybody has told you or has shown you documents pointing to the fact that this document, note was lost, misplaced or stolen? Florida Court Reporting 561-689-0999

Page: 31 A No. I've seen the Complaint before. Q So you realize that there was a count in the Complaint for lost or stolen note, correct? A Yes. Q Do you know if that's true or not, if it was ever lost or stolen? A Not during the time we serviced it, no. Q So if the note was lost or stolen, and that count still pends, how can the plaintiff be the holder of the note? A Because it has produced the original note. Q Well, then let me ask another question. Back to Defendant's 2, because I'm still kind of confused. Going back to the note, I'd like you to turn to the first page of this note and tell me who the lender is. A Argent Mortgage Company. Q And do you know on page three of the note when the endorsement was placed upon this note? A Do I know the date it was placed on it? Q Yes. A No, I do not. Q Well, going back to Defendant's 3, I'd like you to take a look at the note that's attached to the Complaint and tell me why it doesn't have an endorsement on it. Florida Court Reporting 561-689-0999

Page: 32 A I don't know. Q Well, if the servicer took copies of the documents when the plaintiff took possession of the note, wouldn't you expect there to be an endorsement on that copy? A Well, I mean it's not really that unusual, because when you have the note, when we get the note from the -- when we get the loan closing documents, and it hasn't been endorsed on that date, and we provide that copy to the attorney for the Complaint, it won't have an endorsement on it. Q Well, I understand that A And when we got the original note, the endorsement was on the original note. Q Is that what happened in this case? A Yes. Q Then tell me how was it not endorsed when it came from Argent and went to some third party. A It was. Q Well, if you have a copy that's got no endorsement on it that was sent to you when you took it over in 2009, how do we subsequently get an endorsement on it when this loan was initially created by Argent and sent to Citi? Wouldn't we need some type of an endorsement from Argent to Citi? Florida Court Reporting 561-689-0999

Page: 33 A Because the note that's attached to the Complaint is a copy of the note from the loan origination file, and it wasn't endorsed at that date. Q So it would be fair to say that the documents you received when you began to service the loan were not copies of the original documents, were they? A Yes, they were. Q Well, if they were, then you wouldn't have an endorsement on it. You have an endorsement already, correct? A But that is the original note that he signed, and then it was endorsed after he signed the note. So it is a copy of the original note. Q Maybe I'm just not hearing what's going on correctly. I think we can both agree this note was created as Argent being the original lender, correct? A Yes. Q And that was done sometime in 2006? A That's what the note says. Q And at some point in time, this note was sold and servicing was transferred to Citi. A Yes. Q How was it transferred from Argent to Citi? A I mean I wasn't involved in that transfer. I don't know. Florida Court Reporting 561-689-0999

Page: 34 Q Well, is there any assignment or any other documents? A I don't have one with me. Well -A assume there was one. Okay. I mean the note was endorsed in blank and transferred. Q Well, I'm going to take you a little deeper into the Complaint and ask you to look the assignment of mortgage -- I mean the Defendant's 2. There's an assignment of mortgage that's filed contained in the original note from Argent to Citi Residential. Do you see that? A Actually, it's from -- Citi Residential is the agent for Argent to MERS. Is that not the one? Am I looking at the wrong one? Q This one is -A Want to show me the one you're looking at? Q It's the one right after the mortgage here. Is that the same one? That is the same one, yes. A It's from Citi Residential, as the agent for Argent, to MERS. Q I apologize, you're right. I apologize. So when was the note or mortgage assigned to Liquidation Florida Court Reporting 561-689-0999

Q I Q A

Page: 35 Properties? Was there an assignment of mortgage somewhere? A Yes. Q Where's that? A When is the latest you've got? It's been filed in the records, and I thought you had it. I thought they would have sent you a copy. But there's an assignment from MERS to Liquidation Properties. I mean I have seen that. Q Well, let's go back to the note then. We don't have to go that far afield. We'll go back to the assignment of mortgage in a moment. So is it your testimony that the copy that was scanned into the SN records was not a copy of the original note, but a copy of the note at origination? A That is the original note. Subsequently it was endorsed. Q Okay. A I mean if you're asking me what happened, I mean we have more than one copy in our scanned documents. They picked up a copy that didn't have the endorsement on it because it was the first copy. I mean you all are going to tell me -- I mean I didn't do it, no. But I mean I can go and tell you how that could happen; I could tell you how it happened. I mean it Florida Court Reporting 561-689-0999

Page: 36 does happen, because you get a loan origination file, so we have the whole loan origination file with the note, the mortgage, the good faith statement and all that kind of stuff. It's not endorsed at that time. So they picked up that copy of the note and sent it to the attorney. The attorney filed the lawsuit, did the paragraph with the reestablishment of the note in the Complaint, and then subsequently Liquidation Properties provided us with the original note. And the original note does have an endorsement on it, an endorsement in blank. Q Well, we don't know when that endorsement in blank was placed? A No, I do not. Q Do you see the names on that endorsement in blank for Argent, Sam Marzouk? A Yes. Q Do you know if Mr. Mazouk was ever president of Argent Mortgage Company? A I do not. Q How about Gregory Hanson? A I do not. Q Well, let's go to the assignment of mortgage in this case. We were talking about that assignment. Florida Court Reporting 561-689-0999

Page: 37 You corrected me that this was an assignment from Citi Residential, as attorney in fact for Argent Mortgage Corporation. Do you know whether or not Argent was in business on the day this was executed? A I do not. No, I do not have personal knowledge of that. Q Have you ever heard of a woman called Crystal Moore? A No. Q Have you heard of the term robo-signing? A Yes. Q Do you know if Ms. Moore is a robo-signer? A I do not. Q Do you know if Mr. Bryan Bly is a robo-signer? A I do not. Who is he? I don't see his name. Q He's the notary. A Oh. No, I do not. Q Do you know who Vilma Castro is? A No, I do not. Q Now, you said there's another assignment of mortgage -A Yes. Q -- that you're aware of that I don't have here today. I'm sure I'll get it from your counsel. A Well, yes, you know Florida Court Reporting 561-689-0999

Page: 38 Q Fair enough. Who is it from and to? A It's from MERS to Liquidation Properties. Q Who at Liquidation Properties, if you know, caused that assignment to be given from MERS? A The person's name? Q No. Did Liquidation Properties ask MERS to issue an assignment? Yes. Why? For purposes of filing the Complaint. Why didn't somebody at Citi Residential Lending, as attorney in fact for Argent? A Because the loan had been assigned into MERS, and we don't file complaints in the name of MERS. MERS doesn't hold the note. Q So Liquidation Properties gave the instruction to MERS to issue an assignment? A An assignment, yes. MR. KORTE: Sir, I've got nothing further for you. MR. FERRARO: Okay, we'll read. MR. KORTE: Fair enough. We'll take a copy. (Whereupon, at 2:52 p.m., the foregoing deposition was concluded.) Florida Court Reporting 561-689-0999

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Page: 39 THE STATE OF FLORIDA ) ) COUNTY OF PALM BEACH ) I, WILLIAM A. FOGLEMAN, do hereby certify that I have read the foregoing transcript of my deposition given on March 30, 2011, and that together with any additions or corrections made herein, it is true and correct to the best of my belief. __________________________________ WILLIAM A. FOGLEMAN SWORN TO AND SUBSCRIBED before me this _____ day of _____________, 2011. ________________________________________ Notary Public, State of Florida at Large My Commission expires __________________ Florida Court Reporting 561-689-0999

Page: 40 Rule 1.310, Florida Rules of Civil Procedure, provides: (E) Any changes in form or substance which the witness desires to make shall be entered upon the deposition by the officer with a statement of the reasons given by the witness for making them. PAGE LINE CHANGE REASON Under penalty of perjury, I declare that I have read my deposition and that it is true and correct, subject to any changes in form or substance entered here. ______________________________ DATE:___________________ WILLIAM A. FOGLEMAN Florida Court Reporting 561-689-0999

Page: 41 CERTIFICATE OF ADMINISTRATION OF OATH THE STATE OF FLORIDA ) ) COUNTY OF PALM BEACH ) I, Susan S. Kruger, the undersigned authority, hereby certify that WILLIAM A. FOGLEMAN personally appeared before me and was duly sworn. WITNESS my hand and official seal this 6th day of April, 2011. _______________________________ (Signer's identity unknown) Signed by Susan S. Kruger <jenny@floridacourtreporti ng.com> Time: 2011.04.08 08:45:22 -04'00' Reason: I am the author of this docume nt and attest to the integrity of this document. Location: North Palm Beach, FL Susan S. Kruger Notary Public, State of Florida Commission Number: EE040490 Expires: November 8, 2014 Florida Court Reporting 561-689-0999

Page: 42 C E R T I F I C A T E THE STATE OF FLORIDA ) ) COUNTY OF PALM BEACH ) I, Susan S. Kruger, do hereby certify that I was authorized to and did stenographically report the foregoing deposition, and that the transcript is a true and correct transcription of the testimony given by the witness. I further certify that I am not a relative, employee, attorney or counsel of any of the parties, nor am I a relative or employee of any of the parties' attorney or counsel connected with the action, nor am I financially interested in the action. Dated this 6th day of April, 2011. (Signer's identity unknown) Signed by Susan S. Kruger <jenny@floridacourtreporti ng.com> Time: 2011.04.08 08:45:29 -04'00' Reason: I am the author of this docume nt and attest to the integrity of this document. Location: North Palm Beach, FL _________________________________ Susan S. Kruger Florida Court Reporting 561-689-0999

Page: 43 April 7, 2011 William A. Fogleman, Esq. SN Servicing Corporation 3050 Westfork Drive Baton Rouge, Louisiana 70816 RE: Liquidation Properties v. Etienne Dear Mr. Fogleman: The deposition you gave in the above-styled case on March 30, 2011 has been transcribed and is ready for your review. If you will come to the office of Florida Court Reporting at 2161 Palm Beach Lakes Boulevard, Suite 302, West Palm Beach, anytime Monday through Friday between the hours of 8:00 a.m. and 4:00 p.m., the transcript will be available for your examination. If you do not come in to read the transcript within 30 days, it will be forwarded to Mr. Korte without your signature. Sincerely, _____________________________ Susan S. Kruger cc: Brian K. Korte, Esq. Florida Court Reporting 561-689-0999

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