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    FDIC IS A CERTIFICATE HOLDER???

    FDIC IS A CERTIFICATE HOLDER???

                When I saw this I paused for a moment and tried to understand how the FDIC could be a certificate holder of a Merrill Lynch trust.  The only thing I could  come up with is that as part of one of the many Loss Share transactions which were facilitated by the FDIC they apparently retained some securities owned by one of those banks. If you have some other explanation, please pass it along.  How many of these are out there that we don’t know about. I intend to ask the FDIC just how many of these securities they are holding. 

    The questions posed are interesting.

    Wells Fargo Bank, N.A., solely in its capacity as trustee (the “Trustee”), received the following questions from the FDIC, as a certificateholder in the transactions referenced below.  In response and for informational purposes only, the Trustee has provided the FDIC’s questions and the Trustee’s answers below.  Nothing contained herein is, or shall be construed as, a representation or warranty to the correctness, completeness, or accuracy of the information.
    Cusip Full Transaction Name Trustee Have there been any defaults by the servicer or master servicer? Have there been any litigation or legal claims between holders and the trustee or securities adminitrator?
    59020UNN1 Merrill Lynch 2004-1 Wells Fargo To the Trustee’s present knowledge without any additional inquiry or investigation, the Trustee is not aware of any such default(s). To the Trustee’s present knowledge without any additional inquiry or investigation, the Trustee is not aware of any such litigation or legal claim(s).
      Have any other transaction parties defaulted? Have there been any lawsuits against trust, trustee, or servicer in relation to mortgage loans? Has the trustee, depositor or other third-party reimbursed itself for indemnification claims? Have there been any covenant breaches by either the servicer, the master servicer or any other transaction party?
      To the Trustee’s present knowledge without any additional inquiry or investigation, the Trustee is not aware of any such default(s). To the Trustee’s present knowledge without any additional inquiry or investigation, the Trustee is aware of only that certain lawsuit of Minix v. WFB NA as Investor, Individually and as Trust Administrator, PHH; et al. To the Trustee’s present knowledge without any additional inquiry or investigation, the Trustee believes that the servicer may be reimbursing itself for the fees, costs, and expenses (including attorneys’ fees and expenses) associated with the defense of the described lawsuit. To the Trustee’s present knowledge without any additional inquiry or investigation, the Trustee is not aware of any such breach(es).
      Have there been any amendments to underlying transaction documents? Have there been any fulfilled or unfulfilled collateral repurchases out of the trust?  Are there any unreimbursed P&I or Servicing Advances outstanding?  
      To the Trustee’s present knowledge without any additional inquiry or investigation, the Trustee is not aware of any such amendment(s). Fulfilled repurchases may be located on the monthly remittance report(s).   The Trustee does not track unfulfilled repurchases and therefore has no information or basis to answer this question. The Trustee does not track such advances, and therefore has no information or basis to answer this question.  

     

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