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Wells Fargo Bank, N.A. v. Farmer

Other Lower Courts

February 4, 2008

Wells Fargo Bank, N.A., as Trustee c/o Litton Loan Servicing, LP, Plaintiff,
v.
Hillary Farmer, Jr., et al., Defendants.

Editorial Note:

This case is not published in a printed volume and its disposition appears in a table in the reporter.

COUNSEL

Tracy M. Fourtner, Esq., Steven J. Baum, P.C., Buffalo NY.

Defendant: No Opposition submitted by defendants to plaintiff's reque.

OPINION

Arthur M. Schack, J.

Plaintiff's application, upon the default of all defendants, for an order of reference for the premises located at 363 Madison Street, Brooklyn, New York (Block 1820, Lot 76, County of Kings) is denied without prejudice, with leave to renew upon providing the Court with: a copy of a valid assignment of the instant mortgage and note to plaintiff WELLS FARGO BANK, N.A., AS TRUSTEE (WELLS FARGO); a satisfactory explanation to questions with respect to the two December 8, 2004 assignments of the instant mortgage and note from ARGENT MORTGAGE COMPANY, LLC (ARGENT) to AMERIQUEST MORTGAGE COMPANY (AMERIQUEST), and then from AMERIQUEST to plaintiff WELLS FARGO; and satisfactorily answering certain questions regarding a May 5, 2005 limited power of attorney from WELLS FARGO, as Trustee, to LITTON LOAN SERVICING, LP, as Servicer.

Background

Defendant HILLARY FARMER borrowed $460,000.00 from ARGENT on

December 3, 2004. The note and mortgage were recorded in the Office of the City Register, New York City Department of Finance on December 21, 2004 at City Register File Number (CRFN) 2004781656. Five days subsequent, on December 8, 2004, two alleged assignments of the instant mortgage and note took place. First, ARGENT allegedly assigned the note and mortgage to AMERIQUEST. Then AMERIQUEST allegedly assigned the note and mortgage to plaintiff WELLS FARGO. For reasons unexplained to the Court, both of these assignments were not recorded for more than fourteen months. Then, they were both recorded at that same time and sequentially, on February 6, 2006, at CRFN 2006000100653 and CRFN 2006000100654.

While both ARGENT and AMERIQUEST list on the assignments offices at different locations in Orange, California, both of the assignments were executed by one Jose Burgos, "as Agent," before the same notary public, in Westchester County, New York. Both of these assignments failed to have a power of attorney attached. Thus, these assignments are invalid and plaintiff WELLS FARGO lacks standing to bring the instant foreclosure action.

If plaintiff can cure the assignment defect, the Court needs to know: by what authority did Mr. Burgos act "as Agent" for both ARGENT and AMERIQUEST? ; why is the same person acting on the same day as the assignor and the assignee of two mortgage behemoths? ; and, why do corporations located in Orange, California have assignments executed on the other side of the continent, in Westchester County, New York?

Assuming that plaintiff can provide answers to the above questions, plaintiff has to then answer various questions about LITTON, its alleged servicer. The instant application for an order of reference contains an "affidavit of merit and amount due" by Debra Lyman, Vice President of LITTON, attorney in fact for WELLS FARGO. The Limited Power of Attorney, dated May 5, 2005, attached to the instant application for an order of reference, states that WELLS FARGO:

in its capacity as trustee under certain Servicing Agreements relating to Park Place Securities Inc. Asset Backed Pass through Certificates, Series 2005-WLL1 dated as of March 1, 2005 (the "Agreement") by and among Park Place Securities, Inc. as ("Depositor") and Litton Loan Servicing LP as ("Servicer") and Wells Fargo Bank, N.A. as Trustee hereby constitutes and appoints:

LITTON LOAN SERVICING LP its true and lawful attorney-in-fact . . . to execute and deliver on behalf of [WELLS FARGO] any and all of the following instruments ...


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