What is CWALT-Alternative Loan Trust- Mortgage Pass thru Certificates

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mbsernick

LoanSafe Member
Feb 26, 2021
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Does anyone know what CWALT-Alternative Loan Trust- Mortgage Pass thru Certificates is?
 

JohnFL

LoanSafe Member
Aug 21, 2010
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Its an instrument that banks used to bundle subprime mortgages together and then sell to investors. This was one of the problems that caused the bank crisis back in 08/09. You will see all kinds of them, mine are Morgan Stanley passthru certificates.
 

mbsernick

LoanSafe Member
Feb 26, 2021
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1
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Mine is a Bank of New York. So do you know how does that affects a preforeclosure? Meaning, if we are due for a modification does that generally not happen because it’s backed by investors?
 

JohnFL

LoanSafe Member
Aug 21, 2010
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No, I believe your loan service provider would take care of the modification, not the bank directly. For example, my certificate was owned by Deutsche, but serviced by Ocwen who did my modification.
 

OneHugeMess

LoanSafe Member
May 30, 2016
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Does anyone know what CWALT-Alternative Loan Trust- Mortgage Pass thru Certificates is?
It means two things. One -- your loan was packaged as part of a deal by Countrywide. CWALT stands for Countrywide Alternative Loan Trust. The "Alternative" Part -- means the loan was "Alt-A".

Generally, Alt-A Loans were to homebuyers or people refinancing, with great credit -- but couldn't fully document their income, so the mortgage broker or loan officer would go Stated Income. Which has no verification of the amount written in.

The Bank of New York Mellon is the Trustee for all of the CWALT Trusts.

I would make a point to say, to the servicing company, in your case, that you know the Loan Officer lied about your income on your mortgage application. See what their response is.
 

mbsernick

LoanSafe Member
Feb 26, 2021
4
1
3
It means two things. One -- your loan was packaged as part of a deal by Countrywide. CWALT stands for Countrywide Alternative Loan Trust. The "Alternative" Part -- means the loan was "Alt-A".

Generally, Alt-A Loans were to homebuyers or people refinancing, with great credit -- but couldn't fully document their income, so the mortgage broker or loan officer would go Stated Income. Which has no verification of the amount written in.

The Bank of New York Mellon is the Trustee for all of the CWALT Trusts.

I would make a point to say, to the servicing company, in your case, that you know the Loan Officer lied about your income on your mortgage application. See what their response is.
Thank you for this information. Funny that you should mention about lying about my income, BECAUSE THAT IS EXACTLY WHAT HE DID. And I had no idea until about 10 years later!
 
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