Is that messed up or what? In past cases and sworn depositions, Wells Fargo and ORIX have admitted numerous times that they DO owe a Fiducary Duty to investors (which is the truth). However, in a desperate attempt to escape recent cases (such as SFE vs. Wells Fargo, ORIX, et al) Wells Fargo and ORIX are now saying the complete opposite -- that they do NOT owe a Fiduciary Duty to investors. This also explains why Mortgage Backed Securities have gone to shit over the past several months, because negligent head-in-sand godfather-like Trustees such as Wells Fargo allow predatory break-a-leg just-pay Servicers such as ORIX to violate Servicing Standards.

Two days after posting the original 9-11-2007 POTW, I was looking through Henry Bomar's deposition transcript (linked below) when I found that he affirmed their Fiduciary Duty twice! It almost blew my mind! Then again, by now im used to hearing/seeing Wells Fargo and ORIX lies so to me it was "just another" lie, haha..

Four days after posting the original 9-11-2007 POTW, I was looking through the "Just Pay" article where ORIX's CEO James Thompson said "we have an obligation to the certificateholders". I dont think it gets any more clear that Wells Fargo and ORIX executives (and their lawyers) are compulsive liars.

Approximately a year later (November 2008), I was looking through the Bill Cargill deposition transcript (linked below) when I found that he also affirmed ORIX's Fiduciary Responsibility. If I were a judge, I would be incredibly offended by such a blatant lie. This isnt a simple recollection mistake or memory mixup but rather a 180* different answer which is not only stated but argued and attempted to be backed by misrepresentations.