Park Place Securities, Inc.
Who Owns What and Who is Who

In the case of the Park Place trusts, "Wells Fargo N.A. as Trustee", Wells Fargo is the Trustee for a trust that was created by Park Place Securities, Inc., a separate corporation. Park Place was the Depositor of the trust and created the trust, plus filed all the legal documents with the SEC. Wells Fargo is the Trustee of a Trust, which is a trust vehicle but not a corporation or otherwise a separate legal entity. Stated another way, Wells Fargo is the Custodian of the Trust, which is a "Special Purpose Vehicle" It is created only to hold the paperwork assets of the trust. Some Park Place trusts have different Master Servicers and Co-Trustees.

In the case of Park Place Securities, it created 32 trusts. They include: 2004-MCW1, 2004-MCWN1. 2004-MHQ1, 2004-MHQN1, 2004-NN1, 2004-WCW1, 2004-WCW2, 2004-WCWN1, 2004-WCWN2, 2004-WHQ1, 2004-WHQ2, 2004-WHQN1, 2004-WHQN2, 2004-WWF1, 2004-WWFN1 and in 2005: 2005-NIMWCH1, 2005-NIMWHQ3, 2005-NIMWHQ4, 2005-WCH1, 2005-WCW1, 2005-WCW2, 2005-WCW3, 2005-WCWN1, 2005-WCWN2, 2005-WHQ1, 2005-WHQ2, 2005-WHQ3, 2005-WHQ4, 2005-WHQ1NIM, 2005-WHQN2, 2005-WLL1, and 2005-WLLN1.

The approximate amount of prinicpal in each main trust was: 2004-MCW1 $1,800,000,081, 2004-MHQ1 $2,800,600,000, 2004-WCW1 $1,565,329,270, 2004-WCW2 $2,999,932,852, 2004-WHQ1 $2,000,000279, 2004-WHQ2 $4,300,000,000, 2004-WCH1 $1,900,000,241, 2005-WCW1 $2,600,000,080, 2005-WCW2 $2,400,001,992, 2005-WCW3 $1,500,000,730, 2005-WHQ1 $1,952,000,000, 2005-WHQ2 $3,500,003,307, 2005-WHQ3 $2,000,001,800, and 2005-WHQ4 $2,275,008,970.

Park Place CUSIPs in PDF Format: Page 1&2, (CUSIP stands for Committee on Uniform Securities Identification Procedures. Formed in 1962, this committee developed a system (implemented in 1967) that identifies securities, specifically U.S. and Canadian registered stocks, and U.S. government and municipal bonds. How do you find out CUSIP numbers for securities? Unfortunately, this can be a little difficult as CUSIP numbers are owned and created by the American Bankers Association and operated by Standard & Poor's. To get access to the whole database of CUSIP numbers, which mainly cover U.S. and Canadian equities along with U.S. government and corporate debt, you will need to pay a fee to Standard & Poor's or a similar service that has access to the database. We provide the Park Place Securities CUSIP numbers here for free.)

In the language of the trust agreement that controls everything, called the Pooling and Servicing Agreement (PSA), Park Place is the "Depositor". Each trust has its own PSA, its own Offering Circular and Prospectus. Each trust also has its own property inventory report that lists exactly what mortgages and notes are in the trust.

Keep in mind that Park Place is a corporation that created 42 Trusts which are different series of certificates, or different pools of property promissory notes and mortgages. Wells Fargo is Trustee ONLY because of the Pooling and Servicing Agreement (PSA). The Servicer is ONLY the servicer because of the terms of the PSA. ALL OF THEIR AUTHORITY comes from the PSA, but of course they all do everything possible to keep the PSA out of the foreclosure case. If they actually have no authority, then they have no standing to bring a foreclosure.

They are not the injured parties. Actually even with the authority, they are just stand-ins for the real injured party, which is the Trust. The certificateholders or investors are the beneficiares of the trust, but individually they have no standing and do not directly own any of the trust paper. The Trust owner, Park Place, is also the Depositor. The Depositor is a term used in the PSA. In the traditional sense, the Depositor is the person or entity that puts the money into a bank account, or this case, the property into the trust. Thus, Park Place is the Depositor. The property is deposited into a trust vehicle of which there are 32 owned by Park Place Securities and in the custodianship of Wells Fargo. Only the Depositor can put anything into a trust, regardless of the type of trust.

Why are we called Park Place Securities, Inc.? Exactly. At this point, let's just say that some banks have made critical blunders which we are exploiting to save your home. Fundamentally, no corporatin that has breached a contract can enforce that contract or legally benefit from it. That is our secret weapon and only we can use it. We explain more in the section on Why We Do This.

Contact Information:
Dan F. Schramm, CEO
Park Place Securities, Inc.
2011 Flagler Avenue, Suite 501
Key West, FL 33040-3732


Office: 305-570-1188

Urgent Matters- Dan Schramm, CEO direct: 305-394-3439 is a Florida corporation. All Rights are Reserved. Copyright (c) 2023 by Dan F. Schramm and Park Place Securities, Inc.

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