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••.•• -.--- .• --- •••-.-- •••••- ••••••- •••••••••••••••••••_ •••••_ •••••••_ •••_ •••••_. __ ._ •••_ ••••__ ••y ••. __ •••••••_---

~-------------------------------------

IN THE CIRCUIT COURT OF THE TWENTIETH JUDICIAL CIRCUITIN AND FOR LEE COUNTY, FLORIDA CIVIL DIVISION

DEUTSCHE BANK NATIONAL TRUST )COMPANY, as Trustee for Ameri can )Home Mortgage Assets Trust 2007-1 )Mortgage-Backed pass-Through )certificates, series 2007-1, )

)Plaintiff, )

)vs. ) CASE NO. 1W_-_~

)fi!"!!!&L ; t, )

))))

Defendants. )---------------)

)DEPOSITION OF CYNTHIA STEVENS

DATE TAKEN; February 17, 201110;30 A.M. to 11:30 A,M.TIME:

PLACE TAKEN: "2069 First StreetSuite 201Fort Myers, FloridaThe DefendantsON BEHALF OF:

REPORTER: patsy Lynn Coleman, RPR, FPRNotary PublicState of Florida at Large

)

MARTINA REPORTING SERVICESThe Courtney Building

2069 First Street - suite 201Fort Myers, Florida 33901

off; ce (239) 334-6545 / Fax (239) 332-2913

EXHIBIT'"I ~ [JORIGINAL

:;

r" '>

i

13

1415161718I

191I201

2"11221

2324

) 25

1 A P PEA RAN C E S

33236

EXHIBITS

2 For "the plaintiff:3

4J. REX POWELL, ATTORNEY AT LAWBurandt, Adamski, Grossman & powell, PL1714 cape Coral parkway Eastcape coral, Florida 339905

6 For the Defendants:7i

81I

9

HALLIE S. EVANS, ATTORNEY AT LAWAkerman senterfitt401 East Jackson street, Su1te 1700Tampa, Florida 33602

1011

12I N D E X

Direct Examination by Mr. powellCross-Examination by Ms. EvansReDirect Examination by MS. Evans

NUMBERpe~ants:

DESCR]:PTION

1 Note2 Assignment of Mortgage

.!:AGE

PAGE,

11

16

2

.• -:

''I

,;

11 whereupon,21 CYNTHIA STEVENS,

3 a witness, called by the Defendants, having been first4: duly sworn, was examined and testified as follows:5 I DIRECT EXAMINA nON

61 BY MR. POWELL:7 Q. vii 11 you state your name for the record, please.8 A. cynthia stevens.

cynthia, have you ever had your deposition taken9 Q.101 before?11 A. Yes, sir.

Q. Okay. How many times would you say?A. A dozen.Q. Okay, I'm just going to very br-i ef'Iy indicate a

1213

14couple of things about depositions because it sounds like

you probably know all this; but if we can get verbal answersto the questions, that's preferable so that the courtreporter can get that down; and, also, we'll try and nottalk over each other so that we don't confuse the court

15

~;I1819

20)21

reporter.And with that, I will get started.Can you tell me where you work at this time?I'm employed with American Home Mortgage

2223 A.

241 servicing. Incorporated.Q. And where is the geographical location that you25

3

~ '"

.......--.~~~....---~- .."..".-------~

')11 actually work for them?

Jacksonvi 11e, Flori da ,21 A.

3, Q.

41 Mortgage?5 A.6

7

8

Q.A.Q.

91 means?10 A.

And how long have you been with American Home

since February of 2009.And what's your position?I'm a default litigation specialist, senior.Can you te11 me a '1 ittl e bit about what that

The default litigation area handles loans that111 are active foreclosures that have had litigation filed by

I121 opposing counsels or borrowers during the foreclosure action131 that involves something other than just a general answer ..

Q.151 case might go to if there was just a general answer?

So is there another department that a litigation14

161 A. Yes, si r.171 Q. And you don't handle those type of cases?18t A. No, sir.191 Q. And have you been in this position since February

201 of 2009?21 A. No, si r. I was hired as the supervisor of the221 department.

And you're no longer the supervisor?231 Q.

24l A.

25 __ Q.NO, S1 r ,

What was your original position called?

4

~--..... '.--' ..

A. Default litigation supervisor.So at this point right now, today, there's a

1

2 Q.31 supervisor that's your boss in this department?4 A. Yes, si r.

Q. What's that person's name?5i

6' A. Yvonne Ybarra, Y-B-A-R-R-A. she started7 yesterday.8! Q. was there a supervisor before her?9 A. Just me. r stepped down october 15th due to

101 personal reasons.Q. So from October 15th to yesterday. was there a11

i12i supervisor in the department?

14 Q. when you were the supervisor up until October13 A. NO, sir .

15! 15th, how many employees or how many staff did you have161 working in your section?17 our department consis!=s of 12 full-time employees,A.181 not counting the supervisor. During the time that I was a191 supervisor, there was anywhere from four people to 12.20 Q. Can you describe the difference in duties between211 the supervisor and what you're doing now if it's anything221 other than just being the supervisor?

A. It's nothing other than being a supervisor.2.3

24

25Q. okay.

Even during the period of time that I was aA.

5

2

11 supervisor, I handled a portfolio of loans.Q. okay. HoW many loans would be in an individual's

31 portfolio?4 A. The number of loans varies between the position.51 In my current position as a senior, my portfolio consists

7

61 of between zero to 200 loans.Q. DO you know how many you have right now?

8

9

A. About 188.In just a specialist's position, they can have

101 anywhere from zero to 300.11!

121131

A supervisor's portfolio is usually not over SOloans. However, that is not written in stone.Q. And is that because the supervisor is interacting

141 with the other employees?1516

A. Correct.Q .• Are the 188 that: you have now, are those all

18

171 Florida mortgages or cases?A. No, S11'.

1920

2122

Q. What other states would you find your cases in?I handle all 50 states.All 50 states? okay.

A.Q.

so can you give a general description of what a231 default litigation specialist, senior, does? !mean if241 that's too general of a question, just tell me.2S A. It's too general of a question.

6

1 Q. okay ~ You sat d you hand] e cases in whi ch21 there's an opposing attorney and there is something in the31 litigation other than an answer. If you can answer this41 question, can you tell me what the difference in duties ofSI the department that handles the answer only ones versus your61 department, what are the difference in duties, if anything?

A. Aff-irmative defenses.So do you deal with affirmative defenses in your

7

8 Q.9i department?

A. Yes, s-ir.1011 Q. And what exactly do you do in terms of responding121 to or dealing with affirmative defenses in a litigation131 case?

17 Q. If there's a counterclaim filed in a mortgage

14 A. We deal with the attorneys, our counsel, in151 helping researching issues. signing discovery, appearing161 at hearings, trials, depositions, research.

181 foreclosure case, would that be something that ydu'd deal191 with as well?20 A. Yes, si r ,

Q. And would it be a similar set of research, dealing21i

23 A. Yes, sir, If a -- an example, in a nonjudicial221 with hearings and things?

241 foreclosure, if a TRO was filed, a temporary restraining251 order, that would stay with the general clenial group; but

7

11 if there's a TRO filed with a complaint, that would come21 into my group.31 It's based on the severity of the litigation.4 Q. You just called the other one the general denial5 group. Does your group have a name?6j A. Itrs foreclosure special assets. I used the term71 general denial group for your benefit.8

19

I appreciate that.okay. Where did you work prior to working for

Q.

101 American Home Mortgage servicing?11 A. washington Mutual Bank, chase.

And what was your position there?I was hired in as a default litigation specialist.

12 Q.13 A.141 I was in the department for six months and transferred tolsl the real estate owned area, where my tHle was an asset161 manager.

17/ Q. And how long was that?18 A. A year and a half.191 Q. Did you graduate high school?201 A. Yes, sir.211 Q. okay. What year?221 A. 1977. I231 Q. Did you go to college? j241 A. No, st r.251 Q. Do you have any special certifications or I gues~ __

8

....... _ ..... _ ....__ . -.....-.....-.-----~-.~-..--.-------

11 noncollegiate degrees?2 A. No, s i r.

3 Q. when you j 01ned Arnerican Home Mortgage Sa rvicing ,41 was there a training that you went through to do the job51 that you do now?6 A. Just reviewing the standard operating procedures71 of the company. Other than that, I already had 16 years81 experience.

okay. So before working for waslrinqton Mutual,9! Q.101 then, you were in this kind of default litigation category1.11 for 16 years'?12 A. Yes J S -j r. I've been in the default mo rtgage131 'industry for 16 years. I've handled everything from141 co11ecti ng payments to sell ing real estate and anythi ng1s1 and everything in between.16 Q. Do you as part of you r job function executell1 documents?

A. If they're necessary, yes, sir.1819 Q. Can you tell me some of the documents that you201 might execute?

A. Discovery, responses to interrogatories,21

221 affidavits of indebtedness, supplemental affidavits. If we231 have a title problem and we need an assignment of mortgage,241 I can assign assignments of mortgages. Whatever;s needed25Lto resolve the issue at hand.

9

- -- ----------------

Q. And do you have spec! fi c peep1e withi n your1

2f department that handle the execution or is it within your!

31 portfolio that you would execute documents for any specific41 case?51 In other words, if an affidavit needs to be61 signed for any particular file, is there one person that71 handl es that or woul d the person whose fi -Ie that was81 execute it?9 A. The person whose file, if they're available, I

101 mean if we're a team, so if Joe which I don't have111 anybody in my department named Joe if Joe is out and121 his attorney needs this for a hearing and I'm available,131 then I'll rev'iew the case) rev-jew the document and execute141 it or make corrections or whatever.15 Q. Okay. NOW, you just said review the case, so161 what is it that you have in order to review? And this is a

very general question. It may be difficult to answer. I'll

try and get more specific.Rut if you are presented with an aff-jdavi t , fo r

instance, what is it that you wou1d review prior to signing

171

181'19!

201

211 that affidavit?A. Depends upon what's in the affidavit.22

2425

Q. If it's an aff; davi t of indebtedness.A. Depends on what I sin the affi davit. An affi

of indebtedness can be just a general affidavit of

23

10

)

-_._ _------_.

11 indebtedness. It can also address affirmative defenses.21 It just depends upon what's in the document. If it's an31 affidavit of indebtedness just for a motion for summary4! judgment, then I review everything from the plaintiff to51 the notary statement. There's -- you have to review the61 entire document, no matter what's in h.

7 Q. okay. And the file that you have, the documents8! that you have, are they all on computer or do you have a91 paper file?

1011

A.Q.

No. Everything is image.Okay. I want to get to this particular loan.

121 I'm going to ask you a few quest-ions about "it.

Have you ever seen the original note that's beenB·

141 filed by your attorneys in this case?1516

A. NO, si r.

MR. POWELL: I'm going to introduce the note as 1.171 (Exhibit Number 1 was marked for identification.)181 BY r4R. POWELL:19

20

21

Q.

A.Q.

Have you ever seen an adjustable rate note before?Yes, sir.Looking at this note in particular, can you see

221 who the lender is listed as?A.

Q.A.

American Brokers conduit.Do you know who American Brokers conduit is?The lender.

2324

25

11

)

...... - -.--- ..- ........•..-~ ---.--------------

1 out side. of seej ng the; r name here on thi sQ.21 document, have you ever heard of American Brokers conduit?3 A. Yes, si r.4 Q. Outside of your knowledge of American Brokers51 conduit as the lender in this particular -- listed on this61 note, do you have any knowledge of that company?

I've never been employed by that company, no,7 A.8 sir.91 Q. Do you know whether they're still in business?

10! A. I don't know.11[ Q. okay. If you can turn to the last page of the12; document, which is page 7, down on the bottom right section131 of th~ page there, there's a stamp. Can you describe that?

A. It's an endorsement in blank.14I

1-')1 Q. And what is your understanding of an endorsement161 in blank?17 A. An endorsement in blank is a -- it's an industry181 standard stamp used when a loan is transferred fr-om one191 entity to another. The pay to the order of ;s left blank201 99.9 percent of the time. That I've ever seen, they've211 always been blank. It's a stamp that transfers a note from221 one entity to another.

Q. okay, And this stamp here says, "Pay to the order23241 of blank without recourse by American Brokers condu+t ." So

251 is it your understanding that by this stamp American BrokersL-_______________________________________________________J

12

)

Q. Have you ever heard of somebody named Ryan

11 conduit transferred this note?A. Yes, sir.2

3 Q. okay. There's a name down there and the name is41 Ryan criscione, C-R-I-S-C-I-O-N-E. Do you know who he is?

A. No, S1r.5

6

71 cr+sctcne?

"j

:1A. NO, sir.Q. SO you're not familiar with him?

101 A. No, sir.

111 Q. okay. Have you ever endorsed a note before?121 A. NO, sir.

131 Q. Do people in your department endorse notes?141 A. NO, sir.

I151 Q. Do people in the general denial group endorse161 notes?

I

171 A. No, si 1'.18 Q. Before today have you eve r seen ---I think you191 answered this already; but have you ever seen this note?

2°1 A. A copy of it, yes, sir.,

211 Q. okay. Do you understand what the definition of221 origination documents might be?23 A. Yes, si r,24 Q. As part of your daily job responsibilities, do251 you review origination documents?

13

'j

Q. I have here the affidavit of indebtedness which

A. Yes, sir.1

2 Q. Have you ever reviewed the origination documents31 in thi s case?

.~'

4 A. Yes, si r.5

61 is filed on May 14th, 2009, so I donlt think we need to make7 it an exhibit.81 tl,S, EVANS: It I S been wi thd rawn .91 BY MR. POWELL:

10 Q. Thatls fine; but I want to show this to you, so we111 donlt need to have this as an exhibit, but I just have a12 question.131 First of all, do you know who Michelle Haylard is?

A. Yes, sir, I do.141516

Q. Does she work in your department?A. NO, sir.Q. Does she work for American Home Mortgage17

181 se rvici ng?19 A. Yes I si r .20 Q. Do you know what her position is?21! A. she's the foreclosures document support manager.221 Q. Does she work in the same office that you do?231 A. Yes, si r. she's in Jacksonville.

241 Q. Do you know who Linda Bayless is? It's251 B-A-Y-L-E-S-S.

14

---- .•.- ..."~.,--~--,

1

2

3

A.Q.A.

Yes, sir.Linda. Does she work for American Home Mortgage?Not anymore. I'm not sure that she did -- she

41 may -- I don't know. she's not there anymore.51 Q. Do you know if she wo rked the re on fvlay1st, 200976

7

A.Q.

she was in the building, yes.Do you know what -- and if you don't know the

81 answer to these questions, you call just say you don't know;9! but do you know what hel' position was?

1011

121 is7

A.Q.

I don't know.Do you know who option One Mortgage corporation

13

14A.Q.

~'ve heard of the company, yes, sir.Do you happen to know if option One Mortgage

151 corporation was involved with this par-t icu lar loan in any161 way at any time ever?171 A. I don't know.18 Q. I ask because the affidavit of +ndeb tednes s reads191 that this document was executed on ,behalf of American Home20 Mortgage servicing, Incorporated, as successor in interest211 to Option one Mortgage corporation, so that would indicate221 that option one Mortgage corporation was involved; but to231 your knowle.dge, you just don't know?241 A. I don't know.

Q. okay. so have you ever seen in your review of25

15

11 the documents for this the name option One Mortgage2 corporation?3 A. NO, sir.

so we've discussed the note and the endorsement:1 in blank and you've testified that your understanding is

Q.

61 that that transfers an interest in the note.71 Do you know when the transfer of this note took81 place and to whom?

A. January 7th of '07, I believe.How do you know that?Because it's part of a pool that was transferred

9

1011

Q.A.

121 on that date.Q. And what have you seen, reviewed or looked at13

14 i that waul d indi cate to you that there was a pool of notes151 transferred on January 7th, 2007?16 A. pooling and servicing agreement.

Do you know whether the endorsement that shows up17 Q.181 on this note was signed on January 7th, 2007?

A. No, sir. I don't know.1920 Q. Do you know whether there was an assignment of211 mortgage that was ever executed in this case?22 A. There was one filed with the court, yes, sir.

MR. POWELL: okay. I'm going to introduce that23241 now as 2.25 (Exhibit Number 2 was marked for identification.)

1I

5

Do you know who the company DocX is?

11 BY MR. POWELL:2 Q. SO if you could just take a look at this, and31 would you agree that document is titled Assignment of41 Mortgage?

A. Yes, sir.6 Q. DO you know who Ron Meharg is?7 A. No, sir.

:11°111i

Q.

A. I've heard of them, yes, sir.Q. Have you ever worked for them?A. No, sir.

12 Q. Have you ever seen documents that were produced13! by DOCX, by this company?

A. Yes, si r.14,i

25

on thi sassi gnment 'thereIS i

There's an execution date right on the line thJ

15 Q. Do you know if your -- the company that you work161 for now out sources document production to DOCX?17 A. We used to.18 Q. Do you know when you used to do that, when the191 company did?

2°1 A. I don't know.21 Q. But they don't anymore?22f A. NO, sir.

231 Q. can you see that the --241 a date -- and let me locate it.

17

II!

)

................. ~---.- ..-- -- - __ __ __ _-----

2

11 says, "In witness whereof". Can you see what that date is?A. May 13th of '09.

31 Q. And then four or five lines up from there, there'sI .

4); something that says, "Miscellaneous comments".5. that?

j6

7

Can you read

A. "Assignment effective date, 5-7-09."Q. NOW, you've testified that your understanding is

31 that this note was transferred in 2007. Do you have any9i idea why an assignment was created in 20097

1011

A. NO, si r.Q. Have you ever seen in your work at Ameri can Home

121 MOI<tgage assignments that were created after a loan was131 allegedly transferred?1415161718

A. I've seen it in my i6-year career.How often have you seen that?Q.

A. A lot.A lot.Q.

191 foreclosure process starts.. That's what I've noticed,A. Assignments are not usually done until a

201 anyway.2122

231 why.24

Q. Do you know why?I can only give you my opinion, and that's not aA.

Q. You've testified that this loan was transferred251 and that your understanding of the fact that it was

18

)

Q. When you rev;ewed the pool ing and S6 rvici ng

transfe rred was based upon you r r'eview of a pool ing21 servicing agreement; is that correct?

:1A. Yes, sir.Q. Have you reviewed a pooling and servicing

51 agreement in this case?A. Yes, si r ,6

7

81 agreement in this case associated with this mortgage and91 this file, did you notice if there was a closing date on

101 the trust?11 No, sir. There always is a closing date.

And do you know if the closing date matches theA.

12 Q.131 name of the trust? In other words, if the trust has a year141 in it, is that year going to be the same as the closing151 date?16 A. I didn't look at the closing date on this one, I

171 simply verified that it was there.Q. okay. \\lell, your counsel has produced this18

191 pooling and servicing agreement as part ot' the; r product-ion;20' and in the inter'est of saving about three trees, I'd rather21 not introduce this as an exhibit, but I would like you to22 -j ookat it,23 A. Okay,

And I have a little orange tab there up at the24 Q.251 top, and I think it's page 23. Can YOLl loot< and see if

-::

11 there's something highlighted that describes a closing21 date?3 A. It's on page 21. The closing date's January 26th41 of 2007.

5 MS. EVANS: could we wait just a second while I61 get my copy, please.

I71 MR. POWELL: Sure. I81 MS. EVANS: All right. What page were you all on?91 MR. POWELL: It's 21. And we were referring to

10 I the quoted cl os i ('l9 date, January 26th, 2007.

11i BY MR. POWELL:12 Q. DO you have an understanding what that means?

Just the closing date of the pool.131415;

A.Q. And what does closing date mean to you?

To me it means the same thing as a closing on aA.161 transaction on a mortgage. It's the date that everything171 gets done.

Q. okay.Drop dead date, final finish line date.So 1V0uld you expect that the loans that were

181920

A.Q.

211 transferred into this trust to have been transferred by

22 the closing date?A. Yes, sir.23

24

251 30.Q. Can you turn to the next one? It should be page

20

11 A. okay.21 Q. Referring to the highlighted segments there, what31 is that highlighted language referring to? And you can just

41 read it out loud.1

sl A. under the definition of mortgage loan, you've61 highlighted, "identified in the mortgage loan schedule".7 Q. okay. And it refers to an exhibit, I think81 Exhibit H or something like that.9 The mortgage loan schedu1e would be an attachment,

101 in terms of the description of this document, to then document; is that correct?12 A. Yes 1 si r.

13 Q. okay. would you expect to find this particular14 loan in an exhi bit that 1ists the mortgages associ ated wi th15 this trust?

A. I did.1617 Q. You did. When you reviewed your documents -- and181 so what did you see that made you think that?19 A. r found the -- r requested a copy of the mortgage201 loan schedule from our reAR area, and they provided me with211 a redacted copy that showed that loan.22 Q. And what exactly does it show about the loan when231 you say that?

A. That it's there.242S Q. okay. But what particularly makes you say

21

·

'j

Q. Is there anything else that would identify this

11 there? Is it a loan number, a date, a description or2 anything like that?

:1A. Do you have a copy of the mortgage?Q. Yeah.

51 A. This mortgage, if you look in the number at the61 very bottom of the front page that says APPL --

7

8

Q.A.

uh-huh.-- that is basically the identifier of this

91 mortgage and that's the number that's found on the mortgage101 loan schedule.11 Every mortgage has an identifier number on +t when121 it's originated.13

141 loan on that mortgage loan schedule that you can recall,151 because we don't have it he re?

A.Q.A.Q.

I look for that number.You just look for the number?Yes.But the address of the property. do you recall if

1617

18.

19201 that's there?21

22

A.Q.

I don I t remember.okay. I'll take that back. I think we're done

231 with that.Do you know how long Arne rican Home Mortgage24

25 I servi cing has been servi cing th:i sloan?

22

-) 11 A. since July of '08.21 Q. Do you know who serviced it prior to that?3 ! A. Arner;can Home I-lortgageservi ci ng.41 Q. And was that a different company?5i A. Yes, sir.61 Q. What happened to that company?71 A. From what I I ve been told, they're in bankruptcy.

81 Q. Do you know if the servicing rights to this loan91 were transferred through the bankruptcy?

1011

A.Q.

Yes, sir. That's what I've been told.Do you know if there was another servicer prior

121 to Ameri can Home Mortgage servi ci ng?

A. Not to my knowledge,So -- and this may be a little bit out of your

13

14 Q.

IS! department, but hopefully you can answer these questions.161 As a servicer, the company that you work for now, American171 Home Mortgage Servicing, Incorporated, what is it that they18 do?19 A.

2°1 Q.21 A.

56 rv iee loans.And what does service loans mean to you?I'm sorry. In an attempt to make it easier on

22 i you, you can refer to my company as AHMSI,A-H-M-S-I.

Q. What does AHrvtSI do when they servi ce loans?A. We are responsible for the servicing of the loan

regards to co11eeti ng the debt, providi ng servi ces to

23

24

) 251; nL..

23

:;.

-----_ _ __ ..

)

A. According to the pooling and servicing agreement,

11 the borrower in regards to taxes, insurance, taking care of21 the note per the terms. of the note.3 Q. okay. So as part of that you said that AHMSI41 collects the debt, so they collect money?

:1A. Yes.Q. And where does that money g~?

:1A. On the loan.Q. But is it paid to someone? You se rvice th e ']oan .

91 Your company doesn't keep it, do they?10 A. I don't know.11 Q. DO you know if it's paid to the plaintiff in this121 case?

A. I don't know.13

14 Q. Do you know how many loans that are found in151 thi s trust POQ 1, the Ameri can Home 140rtgage Asset Trust161 2007-1, Mortgage-Backed pass-Through certificates, series171 2007-1, are serviced by AHMSI?18191 there appears to be over 3,000 loans.201 Q. Are they all serviced by AHMSI?

211 A. I don't know.22 Q. Do you know how many of them are in default?

23

1

A. I don I.t know.24 Q. Do you know whether AHMSI earns any additional

) 251 money as a servicer when they foreclose on a loan?

24

:--

7 A. The note the terms of the note determines when

1 A~ Don't know.2 Q. What department within AHMSI makes a decision to31 foreclose?4 A. The note.5 Q. Is there a particular department, though, that61 says now it "s time to fo rec'lose?

81 it's in default.I91 Q. uh-huh ,

10 A. when a loan goes into default. it's reviewed by

111 the foreclosure review area.121 Q. That's what I was looking for.131 A. A notice of intent is sent at a specific date of141 default. I don't know what that date is. It I S based on151 Fanny Mae guidelines. I think it's like 121 days.16 Q. okay.

A. But that's my assumption. Once that notice of1718 intent letter expires, the loan is referred to an attorney19 for foreclosure; and that's general industry practice.

Q. Is it typi ca 1 'that the attorneys invo 1ved 'j n a20211 foreclosur-e might change in the same case'? In other words,221 in this case there's been more than one 1aw fi rm that's been

:

231 invo1ved .A. That can be the case when litigation is found --24

251 or when filed -- 11m sorry -- or it can be changed for any,'------------~------------------ ..,----..

25

I.I

;"

2

7

8

9

10

11 number of reasons,Q. okay. And is that a decision that gets made

:1 within your department'

5!61

A. It can be, yes, sir.Q. Were you involved in the decision to change the

attorneys here?A. Not in this case.Q. You happen to know why that happened?

MS. EVANS: objection; attorney/client privilege,work product. I instruct the witness not to answer.

111 BY MR. POWELL:Q. I noti ce that you don t t have any documents w'i th12

131 you; and I was goi ng to ask you some questi ons about what14! your understanding of the amount owed at this time is; and151 you may not have the answer to that, based on not having161 something in front of you. But do you happen to know at

171 this point, today, what is the amount owed on this loan?1819

A. No, sir.Q. okay. Do you know whether there's any hard costs

201 that have been paid by the servicer, by your company, by

AHMSI on this loan?211

221I

231A. I don't know what; that means.Q. Hard costs -- well, have there been any expenses

25

241 that were advanced? For instance, insurance or taxes?A. I don't know.

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1 Q. You don't know?21 Do you know if that's a regular thing with the31 servicer, to pay certain costs for the borrower?4 A. Per the terms of the mortgage, if the -- if the51 property's not covered by insurance and we're made aware61 of that, we put insurance on the property to protect our71 interest. If the taxes are not paid and we're made aware8

9

of that, we pay the taxes to preserve our interest.Q. Do you have any idea whether there's been

'insurance placed by your company in this case?1011 A. AS I said, I don't know.

You don't know. That's f=ine .12 Q.13 okay. we're going to take a look at the141 affidavit of lost promissory note which has been filed in151 this case.16 MS. EVANS: I believe this has also been171 withdrawn.181 BY MR. POWELL:19 Q. Take a look at that. Have you ever seen one of201 these before?

A. No, s i r .2122 Q. ,So you've never si gned or drafted an aff idavit of

23! lost promissory note?24 A. No, si r.

Q. okay. Do you know who Cindy Ellis is?2S

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A.Q.A.Q.A.

I do.

Does cindy Ellis work for AHMsr?Yes, sir.Does she work in your department?NO, si r .

where does she work?California.And what is her position, if you know?I know she's a supervisor.Where in california?

Q.A.Q.A.Q.A. Irvine, Irving, one or the other.Q. okay. Do you know why an affidavit of lost

promissory note was drafted and filed in this case?

192021

22

A.Q.

No, 51 r.

Do you know whether the promissory note in this

28

161 case was lost at some pO'1nt?171 A. r don't know.18 Q. where are the promt ssory notes kept?

A.Q.A.Q.

with the custodian. the trustee.And who is the custodian in this case?Deutsche Bank.The original note has been filed and there's been

231 a filing of an original note in this case, does the -- when24 i an or igi na1 note needs to be fi 1ed, does it come ac ross to

251 your department?

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A. No, si r ,

Q. Do you know where the notes -- how the notes31 travel when they do need to be filed by the attorneys?4 A. I can only tell you what happens when I need anSI original note,6

7

Q. Can you describe that?I send an e-mail to document retrieval, tell

81 them I need an original file pulled and sent to theA.

1091 attorney.

11[ company?12

Q. And document retrieval is a department in your

A. It's an e-mail box. I presume it's attached to131 a department called document retrieval.

Q. Which would be somebody in AHMSI, right?Yes. It is an AHMSI e-mail address.

1415161718

A,

Q. And is that the extent of what you do?

Yes, sir. That and follow-up.Have you ever had one of those where you sent it

A.

191 and you went to follow-up and it was determined that theQ.

201 note's gone?2122

23

A. No, sit.

Q.Do you want this marked?No, This is a filing, so it doesn't really need

24f to be marked.Going back to Exhibit 2 again real quick, the25

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Q. 00 you know who ultimately makes a settlement

11 assignment of mortgage, do you know who Korell Harp is?21 A. NO, sir.

Q.A.Q.A.

Do you know who Tywanna Thomas is?NO, sir.Do you know who Brittany Snow is7No, si r.

Have you ever seen an assignment of mortgage with

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7 Q.81 TY\•..•anna Thomas 1 s name on it before?

A. Yes, si r ,9

10 Q. DO you persona11y recall ever seeing more than111 one that looked like it had a different signature on it?121 A. NO, si r.

131 Q. okay. As a defau1t litigation specialist, senior,141 when you have a loan in your portfolio, do you handle151 settl ement negot·jations as well?1617

A.Q.

sometimes.Have you handled any 'settlement negotiations in

181 this case?A. No, sir.19

20 Q. Is there another department of AHMSI that would211 handle that if you didn't?221 MS. EVANS; objection to discovery and to231 settlement, work product and attorney/client privilege.24 BY MR, POWELL:25

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Q. Do you handle modifications "in your department,

11 decision at AHMSI? Is it AHMSI or is it the investor?2

3

A. No, it's AHMSI.It depends upon who's working it. I mean if it's

41 a settlement that's presented to me and it's within reason,51 I can approve it. It--6 Q. Are there guidelines or is it specific to each71 loan?

A. I wasn't done.8

9

10Q. sorry.

If it's something that's presented to me thatA.111 I don't feel is reasonable but could make sense, I can12 take it to management, to my manager. It just depends131 upon what the settlement is.14 Q. NOW, are there a set of guidelines that you151 follow or is it specific to each one?16 A. It's kind of a gray area. We have boundaries171 that are presented to us as specialists, seniors; and we181 work within those. If they don't fit within our boundaries19 but we feel, again, that the offer is reasonable and makes201 sense for the company and for the investor and for the211 bor-rower, then we take it to management and say we rea11y221 think this makes sense. That's why I say it's a gray

23 area.24

251 loan modifications?

31

1 A. No, si r.2 Q. If a loan modification application was submitted31 in a litigation file that's in your portfolio, what do you41 do with it?5 A. It comes to me. I then forward it to the real61 to the HPO, home ownership preservation department; and71 they review it and they let me know what the outcome is.8 That's actually the department cindy Ellis is the91 supervisor of.

10 Q. DO you know whether there's been a modification111 application submitted in this case?

A. I do not know.1213 MR. POWELL: I think that i~ it.

~~S. EVANS: I have a few questions on cross.1415161 BY MS. EVANS:

CROSS-EXAMINATION

17 Q. Miss stevens, you testified in response tocounsel's question that you have never seen the originalnote in this case. Do you recall that?

181I19'

201 A. Yes.21 Q. would you typically see an original note in your221 capacity as default specialist?2324

A. NO.Regarding the copy of the original note withQ.

251 the endorsement in blank by Ryan, last name beginning with

32

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'" 1 C, you testified that you did not know that man.)

2 A. Yes.

3 Q. DO you recall that testimony?4 A. Yes.5 Q. Would you typically know the people who sign61 endor-sement of the note?7 NO, ma'am.

II

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DO you recall testifying that the note in thisQ.91 case was transferred January 1, 2007, based upon your

10 of the pooling and servicing agreement?11 A. Yes.

12 Q. IS that based upon your 16 years of experience131 in the mortgage servicing industry and your knowledge of141 how loans are transferred under pooling and servicingIS! agreements?1617

A. Yes.

Q. counsel asked you a few questions about the.181 assignment of mortgage and I believe you testified that you191 have seen assignments of mortgage recorded in the public201 records after the date of the note endorsement. Do you .

recall that testimony?21'

22)231

A. Yes.Q.. what is your understanding of the purpose of

recording an assignment of mortgage in the publi'c records?24A. It's -- the term that we apply to it, that I25

33

--_." ..".'----

1) apply to it, is it's a courtesy copy. It's to let people21 who search the records know that it's been -- changed hands,31 that the document has changed hands. It's4 that's--

I mean

Q. Is it a formal notice to the public of something5

61 that's already happened?7: A. Yes. That's a better way to put it.

okay. counse1 asked you a few questions about

)Q. okay. Do you recall the date of default under

8 Q.91 the servicing history on this loan and I believe you

101 testified that pr-i or' to your company. AHMSI. starting111 servicing in July, 2008, it was serviced by another company121 with .the same name; is that corr-ect?

A. Yes.13

14151 this note?

The loan's due for November of '08, I believe.okay. And that was after your AHMSI began

16 A.17 Q.181 servicing ~he note, correct?19 A. Yes.20 Q. So would the payment default be reflected in the21! payment history of your company?22 A. Yes.23 Q. And it would be part of the records that you241 would have reviewed as part of your corporate rep deponent251 investigation; is that correct?

34

1 A. Yes.2 Q. counsel asked you if you had knowledge sitting31 here today without access to any records whether you know41 the exact amount owed on the loan at this time and you5 stated that you did not. Do you recall that testimony?

A. Correct. Yes.6

7 Q. would there be records in the file that you81 could access that would allow you to provide the exact91 amount owed at this time?

10 A. Yes.11 Q. would you also be able to access records if they121 wet'e available to you right now to testify to the hard costs131 paid by AHMSI, such as insurance or taxes?14 A. Yes.

This deposition was noticed today as a corporate15 Q.161 representative of the plaintiff, Deutsche Bank; but you171 have testified that you're an employee of the servicing181 agent, American Home Mortgage servicing, correct?

A. Yes, ma'am.1920 Q. Is American Home Mortgage authorized by Deutsche211 Bank to send an AHMSI employee to this deposition on behalf221 of Deutsche Bank?

A. Yes, ma'am.2324 MS. EVANS: okay. That's all I've got.

MR. POWELL: okay. Just a couple of quick125 i

35

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1 ones.2 REDIRECT EXAMINATION31 BY MR. POWELL;

Q. You testified just now that -- and you testified4

51 in my original examination that you don't know who theI

61 person that endorsed this note is and you normally wouldn't,7! Do you know who would?81 A. NO, si r. somebody at American Brokers conduit.91 Q. In th'!s part; cul ar case?

101 A. Yes, si r .111 Q. okay. And there was a discussion in the cross121 I'egarding the transfer of the note and mortgage into thi s131 trust pool. YOU testified that it was based on your141 expe 1';en ce and you r rev;ew of the pool ing and S6 rvici n9151 agreement that you know that this happened.161 DO you have personal knowl edge that thi s note171 and mortgage were transferred to this pool?

25 were provided. If the transfer didn't occur, they

A. Yes, sir.1819 MS. EVANS: What was the answer? I'm sorry. I201 didn't hear.21 THE WITNESS: Yes.2223

MS. EVANS: okay.THE WITNESS: By virtue of the fact that when we

241 requested the original docs from Deutsche sank, they

36

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assignments must be drafted, who they must be assigned to .and whether or not there's a series of steps that have to be Igone through in order for a proper transfer to happen?

1 wouldn't have had them.21 BY MR. POWELL:3 Q .• So your understanding of the transfer is that41 it's evidenced by Deutsche Bank having the documents? Is51 that what you just testified to?6 A. Yes.7 Q. Do you know whether the pooling and serv-icing81 agreement establishes a lengthy series of steps that must91 be gone through in order to properly transfer a mortgage

,

10 I and note'?11 A. Not that I've ever seen, not that I looked for.

Do you know whether the pooling and servicingQ.131 agreement has any 1anguage in there reqar-dt ng how1415

I1617 A. I don't know.18 Q. Do you know what a REt4IC document is?

A. No, sir.1920 MR. POWELL: That's all.21 MS. EVANS: NO follow-up.

(A discussion was held off the record concerning22231 the reading and signing of the deposition.)

THE WITNESS; No, I'm going to read.(Deposition concluded.)

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ERRATA SHEETDO NOT WRITE ON TRANSCRIPT - ENTER CHANGES

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DEPOSITION OF: CYNTHIA STEVENSDATE OF DEPOSITION: February 17, 2011RE; DEUTSCHE BANK VS •••••••• =-_11'1

REASON

20 under the penalties of perjury, I declare that I

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211 have read the foregoing document and that the facts stated221 in it are true.

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CYNTHIA STEVENSDATE

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Large

CERTI~ICATE OF OATH1

2

31 STATE OF FLORIDA )

41 COUNTY OF LEE )

5

61 I, patsy Lynn coleman, RPR, FPR, and Notary71 public, State of Florida at Large, certify that CYNTHIA81 STEVENS appeared before me and was du1y sworn.91 WITNESS my hand and official seal thls

101 day of February, 2011.

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41 I, Patsy Lynn coleman, RPR, FPR, and Notary51 public, State of Florida at Large, do hereby certify that61 I was authorized to and did report the foregoing deposition71 of CYNTHIA STEVENS, and that the foregoing transcript,81 consisting of pages 1 through 37, is a true record of the91 testimony given by the witness.

101 I further certify that I am not a relative,111 employee, attorney or counsel of any of the parties, nor121 am I a relative or employee of any of the parties' 'attorney131 or counsel connected with the action, nor am I financially

interested in the action.Dated this \~ day of February, 2011.

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ADJUSTABLE RATE NOTE

(l2.MTA Inder - Payment and Rate Caps)

THIS NOTE CONTAJNSPROVISioNS ALWWING FOR CHA..'lGES IN MY INTEREST RATE AND MYMONTIILY PAYMENT. BECAUSE MY INTEREST RATE WILL CRAc'lGE MORE FREQUENTLY THANMY M0N11lL Y PAYMENT. AND BECAUSE THERE ARE LIMITATIONS ON MY MONTIiLY PAYMENTINCREASES, THE AMOu"NT OF MY MONTflLY PAYMENT MAY NOT FULLY PAY TIlE lNTBRESTTHAT ACCRUES. AS A RESULT, THE PRINCIPAL AMOUNT I 1vIUST REPAY COULD BE LARGERTHAN TIIE AMOUNT r ORIGINALLY BORROWED. BUT NOT MORE THAN·-..p5. QQO~ OF THEORIGINAL AMOUNT (OR $_.4..Qll.noo 00 ). MY INTEREST RATE CAN NEVER EXCEED THELIMIT STATED IN TIDS NOTE OR ANY ruDER TO 'TInS NOTE, A BALLOON PAYfVlENT lYrAY BE DUEAT:!vfAnJRITY,

Nov!"rnber S , ~"- ~_ ~ida _(Slate)

~_~1l.(City)

4310 perj..h cr t.rerth l<'ort Myers ....EI.t-3. •.>..:"'-''- _(Propeny Addr~ss)

L BORROWER'S PROMISE TO PAY

In return for a loan that I have received, 1 promise to pay U.S, $ 320, oO~.:.?O plus any amountsadded in accordance with Section 4 (0) below, (this amount is called "Principal"), plus interest, to the order of theLender. The Lender is Amorican Brok,!i'.l:lL-c:Q.ndu:i.J:,.. ....._. __ ..__ ;:---;-_~-:-;- -,.._-:;_.,-_~--:--,,---::_ . I will make aU payments under this Note in form of cash, check or money order. 1understand that the Lender may transfer this Note. The Lender or anyone who takes this Note by transfer and whois entitled to receive payments under this Note is called the "Note Holder".

2. INTEREST

Interest will be charged en unpaid Principal until the full amount has been paid. I will pay interest at a yearlyrate of --L.rul.ll-% until 'lOVembM' 30 ?OM, and the initial monthly payment provided for in Section 3(B)of this Note will be based' Oil this rate (the. "Initial Rate"), Commencing ....nene:mbeLL.....2J1llL 1 will payinterest at a yearly rate of B. 577 % (the "Subsequent Rate"). Thereafter •.theinterest rate I will pay maychange in accordance with Section 4 of this Note. The interest rate required by this Section 2 and Section 4 ofthis Note is the interest rate I will pay both before and after any default described in Section 7(13) of this Note,

Solely for the purpose of computing interest, a monthly payment received by tbe Note Holder 'within 30 daysprior or after tho date it is due will be deemedto be paid on such due date.

3. PAYMENTS

(A) Time and Place of PaymentsI will pay Principal and interest by making payments every month. In this Note, unless otherwise specified

"payment" refers (0 the Principal and interest payment only; although other charges such as taxes, insuranceand/or late charges may also be payable with the monthly payment.

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I will make my monthly payments on. the 1st day of each month beginning on January 1, 2007I will make these payments every month until I have paid all of the principal and interest and any other chargesdescribed below that I may owe under this Note. Each monthly payment will be applied to interest beforePrincipal. If, on December 1 ( 2046 I still owe amounts under this Note, I will pay thoseamounts in full on that date, which is called the "Maturity Date".

I will make my monthly payments at po Box 66"0029 Da" as TlC 75266:Q029_________________ -'orala dlffcrent place if required by the Note Holder.

(B) Amount ofMy Initial Monthly Payments

Each of my monthly payments until the first Payment Change Date will be in the amount of U.S.$ 809.14 .» unless adjusted at an earlier time under Section 4(H) of this Note.

(C) Payment Changes

My monthly payment wilt be recomputed, according to Sections 4(B)(F)(G)(H) and (1) of this Note, to reflectchanges in the Principal balance and interest rate that I must pay. The Note Helder will determine.my newinterest rate and the changed amount of my monthly payment in accordance with Section 4 of'this Note:

4. INTERES'rRATEAND MONTHLY PAYMENT CHANGES

(A) Change Dates

The Interest rate I will pay may funher change on the 1.9t day of January2007 , and on that day every month thereafter. Each such date on which my interest rate could change'is called a "Change Date."

(B) The Index

On each Change Date, my interest rate will be based on an Index The "Index:" is the Twelve-MonthAverage, determined as set forth below, of'the annual yields on actively traded United StatesTreasnry Securitiesadjusted to a constant maturity of one year as published by the Federal Reserve Board in the Fedeml ReserveStatistical Release entitled "Selected Interest Rates (H. 15)" (the "Monthly Yields"). The Twelve-Mouth Averageis determined by adding together the Monthly Yields for the most recently available twelve months and dividing~U .

The most recent Index figure available as 111<::15 days before each interest rate Change Date is called the"Current Index". If the Index is no longer available, the Note holder will choose a new index which is based uponcomparable information. The Note Holder will give me notice of this choice.

(C) Calculation of Changes

Before each Change Date, the .Note Holder will calculate my new interest rate by adding .--c----,.-..!tl:u:M....and....!l:l:l.re·$ Q"arte percentage points 3 750 % ("Margin") to theCurrent Index. The Note Holder will then round the result of this addition to the nearest one-thousandth of onepercentage point (0.001). Subject to the limits stated in Section 4(D) below, this rounded amount will be my newinterest rate until the next Change Date. In the event a new Index is selected, pursuant to paragraph 4(B), a newMargin will be determined. The new Margin will he the difference between the average of the old Index far themost recent three year period which ends on the last date the Index was available plus the Margin.on the last datethe old Index was available and the average of the new Index for the most recent three year period which ends onthat date (or if not available for such three year period, for such time as it is available), 'This difference will berounded to the next higher 118 of 1%.

(D) Interest Rate Limit

My interest rate will never '~e greater than ..--Nine aod <150 ThO!!wodtha......: ..__· __ ' _.--'--.._--,_-,--,-- 'percentage points 9.950 % ("Cap"), except that following any sale ortransfer of the property whioh secures- repayment of this Note after. the first Interest rate Change Date, the

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. :.maximum interest rate will be the higher of the Cap or 5 percentage points greater than the interest rate in effect atthe time of such sale or transfer,

(E) Payment Change Dates

Effective every year commencing January 1, 2008 and on the samedate each twelfth month thereafter ("Payment Change Date"), the Note Holder will determine the amount of themonthly payment that would be sufficient to repay the projected principal balance I am expected to owe as of thePayment Change Date in ihll on the Maturity Date at the interest rate that will become effective one month priorto the Payment Change Date In substantially equal payments. The result of this calculation is the new amount ofmy monthly payment, subject to Section 4(F) below, and I will make payments in the new amount until the nextPayment Change Date unless my payments are changed earlier under Section 4(H) of this Note.

(F) Monthly Payment Limitations

Unless Section 4(H) and 4(1) below apply, the amounts of my new monthly payment, beginning with aPayment Change Date, will be limited to 7 Yz%more or less than the amount I have been paying. This paymentcap applies only to the principal and interest payment and does not apply to any escrow payments Lender mayrequire under tho Security Instrument.

(G) Changes in My Unpaid Principal Due to Negative Amortization or Accelerated Amortization

Since my initial monthly payment will be based on the Initial Rate, which may be different than theSubsequent Rate, my initial monthly payment could be less or greater than the amount of the Ioterest portion (the"Interest Portion") of the monthly principal and interest payment that would be sufficient to repay the unpaidPrincipal I owe in full on the Maturity Date in substantially equal payments; Additionally, since my paymentamount changes less frequently than the interest rate and since the monthly payment is subject to the paymentlimitations described in Section 4(F), my monthly payment could be less or greater than the amount of the InterestPortion. For each month that the monthly payment is less than the Interest Portion, the Note Holder will subtractthe montbly payment from the amount of the Interest Portion and will add the-difference to my unpaid Principal,and interest will accrue onthe amount of this difference atthe current interest rate. For each month that the'monthly payment is greater than the Interest Portion, the Note Holder will apply the excess towards a principalreduction of the Note.

(H) Limit on My Unpaid Principal; Increased Monthly Payment

My unpaid Principal can never exceed a maximum amount equal to 125 OQP% of the principal amountoriginally borrowed, In the event my unpaid Principal would otherwise exceed that '125. 000% limitation, Iwill begin paying a new monthly payment until the next Payment Chango Date notwithstanding the 7 ~'z%annualpayment increase limitation. '111enew monthly payment will be an amount which would be sufficient to repay mythenunpaid Principal in full on the Maturity Date at the interest rate in effect one month prior to the payment duedate in substantially equal payments. '.

(1) Required Full Monthly Payment

On the Five anniversary of the due date of the first monthly payment, and 'on that same day everyFive year thereafter.jhe monthly payment will be adjusted. without regard to the payment cap

limitation in Section 4(F).

(J) 'Notice of Changes

The Note Holder will'deliver or mail to me a notice of any changes in the amount of my monthly paymentbefore the effective date of any change. The notice will include information required by law to be given me andalso the title and telephone number of a person who will answer any question I may have regarding the notice.

(K) Fallure to Milke Adjustments

[f for any reason Note Holder fails to make an adjustment to the interest rate or payment amount as describedin this Note, regardless of any notice requirement, I. agree that Note Holder may, upon discovery of such failur~>

Pag.3on FLAHM.2030N(FL) {OlO,,}Doc i :144754/r""'9"" S44154 _pm A1?p#00.7892

,then make the adjustment as if they had been made on time. I also agree not to hold Note Holder responsible furany damages to me which may result from Note Holder's failure to make the adjustment and to let the NoteHolder, at Its option, apply any excess monies which I may have paid to partial Prepayment of unpaid Principal,

5: BORROWER'S RIGHT TO PREPAY

I have the right to make payments of Principal at any time before they arc due. A payment of Principal onlyis known as a "Prepayment". When I make a Prepayment, 1will tel! the Note Holder in writing that J am doingso. I maynot designate a payment as a Prepayment if I have not made all the monthly payments due under theNote.

I may make a full prepayment or partial prepayments without paying any prepayment charge. The NoteHolder will apply all of my prepayments to reduce the amount of Principal that I owe under this Note. However,the Note Helder may apply my Prepayment to the accrued and unpaid interest on thePrepayment amount, beforeapplying my Prepayment to reduce the Principal amount of the Note. If! make a partial prepayment, there will beno changes in the due dates of my monthly payments unless the Note Holder agrees in writing to those. changes.My partial prepayment may have the effect of reducing the amount of my monthly payments, but only lifter thefirst Payment Change Date following my partial Prepayment. However, any reduction due to my partialPrepayment may be offset by an interest rote increase. . ,

6. LOAN CHARGES

If a law, which applies to this loan and which. sets maximum loan charges, is finally interpreted so that theinterest or other loan charges collected or to be collected in connection with this loan exceed the permitted limits,then: (a) any St.lCU loan charge shall be reduced by the amount necessary to reduce the charge to the permittedlimit, and (b) any sums already collected from me which exceeded permitted limits will be refunded to mo. TheNote Holder may choose to make this refund by reducing the Principal I owe under this Note or by making adirect payment to me. If a refund reduces Principal, the reduction-will be treated as a partial Prepayment.

Miscellaneous Fees: I understand that the Note Holder will also charge a return item charge, in an amountpermitted and otherwise in accordance with, Applicable Law in tho event a payment that I make in connectionwith repayment of th.is loan is not honored by the financial institution on which it is drawn. Lender reserves theright to change the fee from time to time without notice except as may be required by law.

7. BORROWER'S FA1'LURE TO PAY AS REQUIRED

(A) Late Charges for Overdue PaymentsIf the Note Holder has no! received the full amount of any monthly payment by the end of

15 __ calendar days after the date it is due, I wilt pay it late charge to the Note Holder. Theamount of the charge wilf be ...__ ~..•:.Q.Q.'(L •.<% of my overdue payment of Principal and interest. I will pay this latecharge promptly but only once for each late payment.

(B) Default[£1 do not pay the full amount of each monthly payment on the date it is due, I wiIi be in default.

(C) Notice of DefaultIf I am in default, the Note 'Holder may send me a written notice telling me that if'I do not pay the cverdue

amount by a certain date, the Note Holder may require me to pay Immediately the full amount of Principal whichhas net been paid and all the interest that I owe on that amount. That date must be 'at least 1() days after the dateon which (he notice is delivered or mailed to me (or, if the Federal National Mortgage Association or the Federal.'Home Loan Mortgage Corporation buys all or part of under's rights under the Security Instrument, in which casethe notice will specify a date, not less than 30 days from the date the notice is 'given to Borrower).

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(D) No Waiver By Note HolderEven if, at a time when. I am in default, the Note Holder does not require me to pay immediately in full as

described above, the Note Holder will still have the right to do so if! am in default at a later time. .

(El Payment ofNote Holder's Costs and Expenses

If the Note Holder has required me to pay immediately in full as described above, the Note Holder will havethe right to be paid back by me for all of its costs and expenses in enforcing this Note, whether or not a lawsuit isbrought, to the extent not prohibited by Applicable Law. Those expenses include, for example, reasonableattorneys' fees. .

8, GIViNG OF NOTICES

Unless Applicable Law requires a different method, any notice that must be given to me under this Note willbe given by delivering it or by mailing it by first class mail to me at the Property Address above or at a differentaddress if! give the Note Holder a notice of my different address.

Any notice that must be given to the Note Holder under this Note will be given by mailing it by first classmail to the Note Holder at the address stated in Section 3(A) above or-at a different address if I am given a noticeof that different address.

9. OllLIGATIONS OF PERSONS lJ"NbER THIS NOTE

If more than one person signs this Note, each person is fully and personally. obligated to keep all of thepromises made in this Note, including the promise to pay the full amount owed. Any person who is a guarantor,surety, or endorser bfthis Note is also obligated to do these things. Any person who takes over these obligations,including the obligations of a guarantor, surety, or endorser of this Note, is also ob ligated to keep all of thepromises made in this Note. The Note Holder may enforce its rights under this Note against each personindividually or against all of us together, This means that anyone of us may be required to pay all of the amountsowed under this Note.

10. WAIVERS

I and any other person who has obligations under this Note waive the rights of presentment and notice ofdishonor. "Prescntmeat" means the right to require the Note Holder to demand payment of amounts due, "Noticeof Dishonor" means the right to require the Note Bolder to give notice to ethel' persons that amounts due have notbeen paid,

11. 1JNIFORM SECURE.D NOTE

This Note is a uniform instrument with limited variations in some jurisdictions. In addition to the protectionsgiven to the .Note Holder under this Note, a Mortgage, Deed of Trust or .Security Deed (the "SecurityInstrument"), dated the same date as this Note, protects the Note Holder from possible losses which might result ifI do not keep the promises which I make in this Note. That Security Instrument describes how and under whatconditions I may be required. to make immediate payment in full of all amounts I owe under this Note. Some ofthose conditions are described as follows: .

Transfer of the Property or a Beneficial Interest in Borrower.

If all or any. part of the Property or any interest in the Property is sold or transferred (or jf abeneficial interest in' Borrower is sold 01: transferred and Borrower is not' a natural person) withoutLender's prior ",'fitton consent, Lender may require immediate payment in full of all sums secured by this

. pago S Qf7 FL,AllM.2030N(Fl.) (OlM)Doc ~ 944~156/Ima\le, ~H7S6.Prn App#000_92

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Security Instrument, However, this option shalt not be exercised by Lender if such exercise is prohibitedby Applicable Law. Lender also shall not exercise this option if: (a) the request to assume is made afterone year following recordation or the Deed of Trust, (b) Borrower causes to be submitted to Lenderinformation required by Lender to evaluate the intended transferee as if a new loan were being made to thetransferee; and (c) Lender reasonably determines that Lender's security will not be impaired by the loanassumption and that the risk of a breach of any covenant or agreement in this Security Instrument or otherobligations related to the Note or other loan document is acceptable to Lender, (d) Assuming partyexecutes Assumption Agreement acceptable to Lender at its sale choice and discretion, which Agreementmay include an increase to Cap as set forth below and (6) payment of Assumption Fee if requested byLender..

To the extent permined by Applicable Law, Lender may charge a reasonable fee as a condition toLender's consent to the loan assumption and Lender may increase the maximum rate limit to the higher ofthe Cap or 5 percentage points greater than the interest rate ill effect at the time of the transfer. Lender mayalso require the transferee to sign an assumption agreement that is acceptable to Lender and that obligatesthe transferee to keep all the promises and agreements made in the Note and in this Security Instrument,Borrower will continue to be obligated under the Note and this Security Instrumentunless Lender hasentered into a written Assumption Agreement with transferee and formally releases Borrower.

If Lender exercises this option, Lender shall give Borrower. notice of acceleration. The noticeshall provide a period of not less than 30 days from the date the notice is given in accordance with Section15 within which Borrower must pay all sums secured by this Security Instrument. If Borrower fails to paythese sums prior to the expiration of this period, Lender may invoke any remedies permitted by thisSecurity Instrument without further notice or demand on Borrower.

12. MISCELLANEOUS PROVISIONS

In the event the Note Holder at any time discovers that this Note or the Security Instrument or any otherdocument related to this loan, called collectively the "Loan Documents." contains an error which was caused by aclerical or ministerial mistake, calculation error, computer error, printing error or similar error (collectively"Errors"), I agree, upon notice from the Note Holder, to reexecute any Loan Documents that are necessary tocorrect any such Errors and I also agree that I will not hold the Note Holder responsible for any damage 10 mewhich may result from any such Errors.

If any of the Loan Documents arc lost, stolen, mutilated or destroyed and the Note Holder delivers to me anindemnification ill my favor, signed by the Note Holder, then I will sign and deliver to the Note Holder a LoanDocument identical in form and content which will have the effect of the original. fur all purposes. '

13. DOCUMENTARY TA...X

The state documentary tax due on this Note has been paid on the mortgage securing this indebtedness,

Doc 3 944'7S7/Ima9Q, 944?S1.pm 1\pp#.00_892Pago60f7 FL

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Dccoment Prepared By:Ron M.harg, 888--36<·%38

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{>(lERS Ti;l-cpbatH: #: 858/679-6311Property Addre.'tS:4310 I'ERTH CTNORTH FORT MYFllS, FL 33903fU(::I"kf<],C {Il;o'l'f1OO9C«mitbl{c}U'L~t?.fOC,cxt.LC

ASSIGNMENT OF MORTGAGEFCR Gc.oll AND VAJ,tJAIlL"&CCmS!J)lIRA TI01'1, the receipt and surr."lenc~-cfwhich Is hereby

.cknowl::dgod, MORTGAGE ELECTRONIC llEGlSTMTION SYSTEMS,INC, AS NOMINEE FOil.AMERlCAN :aEOKERS CONDUIT1 whese address is 65U1 Irvin' Center Dflvt,lfVtnt, CA 9.1618. acesby tr,\:'sepresents: hereby §rd.iJ4 bergaln, self, asstgn. transfer, eonvey, set ever and deliver unto Deut;tche 8!!.nkNatlotJa!'tril3t Cempeny as Trustee rcr American Home Mortgage .usets Tnut l001--1M(!rtg~ge~.BSI.~kcdPU$s-Thrttugh Ccrtifi.C:ttes, Serfes 20O-1~1,whose address Is 17(:ilEast St, Andrcw PlaceSanta- Ane, CA 9210,5..-49341 the f()Jl()Wirlgd~)t:rlhed mortgage, securing Ihe payment-ora certaln promIssoryI"Icte(,<;} for the sum Hskd below, togeiher with all dghts therein and tbcreto, all I!eM created Or S1;tU."'Cd1hereby*all obUgatitns therein described, the mC;1CY due and to become due thereon witlt jr)t~(~ and all rights accrued¢r to accrue uncle!" ,*U1!h mortgage.jil'"" BO'"""'$5); ,A h1\RRlED WOMAN, JOiNED BY HeR SPOUSE

Or;g'o,lM<>rtgag«: MORTGAGE ELE(''TRONIC REGISTRATION SYSTEMS. INC., AS NOMlNEIlF01\ AMElUCAN l1HOKERS CONlJUll'Date ofMortg.ge: 1lI0B12Ufi6 Loan Amo",,!: $.120,000,00ll<c,tding Dale: J:IIo;vz006 Book: N/A Page: NtA' Document #: 20()60004Sl34SMisc. Comm'nts: ASSIGNME.NT El!l',ECTlVE DATE Sr1t1.00~ ,!.EGAL DllSCRJ1'TION: P l CCORDING TO 'filEMAP OR PLAT TIlEREOF, AS RECORDED IN PLAT EOO 28, PAGE 36, OF 'flIl> PUEMCllECOHDS OFr,EJ! COmiTY, }LoliwA. ' .'

and reecrded in the cfflctal records of the Cuunt)' of Lee, State ofFturJda affecting Real Prop..,'"rt1 end moreparticularly described Qf1 seld Mortgage refbrrd. IQherein.

IN \VITNESS \VUEREOFl the u.r.dc.r.sigtw.l has caused these presents to be executed on this date fJf

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~.~ Hfh1.L.-Witncss: Chrhtina Huang it

~V0~~:::::.' '1"::;:;-"-----_Tywalm. Thorn asAS$t. Secretary