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Why FPG-USA does not offer Bloomberg terminal audits...


Bloomberg Terminal Audits are typically offered by persons with 24 and/or 14 hour certification credentials. Bloomberg accesses lender side reporting by loan servicers and REMIC Trust administrators. These are the same parties who may be targeting borrowers in wrongful foreclosure.


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The audit cases FPG-USA accepts typically produce evidence that the parties seeking to foreclosure have not demonstrated valid prima facie evidence of ownership, rights or authority. We expose wrongful foreclosure in a manner suitable for submission into a contested foreclosure court case by a qualifying expert who performed first party investigation. 


The main problem we find with Bloomberg Terminal Audits is that they echo loan servicer reporting that alleges loans are owned across multiple groups (tranches) of investors in a REMIC Trust (a/k/a Mortgage Backed Security). Bloomberg terminal users often allege separation of the Note and Mortgage or Deed of Trust, which is a technicality of ownership. 


 The foreclosure case is about rights to foreclose against the borrower, not how the owners divvy up the proceeds. Foreclosing parties are allowed to work that out by themselves with the investors after they win foreclosure


For these reasons, FPG-USA does not utilize Bloomberg reporting. The fact Bloomberg Terminal Audits rely on third party reporting which may be considered hearsay in court or the fact the auditor has only a 24 or 14 hour course certification and does not qualify as an expert is after the fact. We prefer not to use servicer friendly reporting because we represent the borrowers. Therefore we employ investigation strategy that does not incorporate Bloomberg.

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