CUSIP 36225EZD7 · Ginnie Mae II · Pool Type AF (FHA Adjustable-Rate) · Issued 05/01/2010
Case No. C-03-CV-24-003218 · Built from Ginnie Mae's official pool disclosure, loan-level data, and loan-level removal file
REMOVAL — CONFIRMED OF RECORD
Ginnie Mae's official loan-level removal file for Pool 082539 lists the Schatz Note —
sequence 1013782744, Wells Fargo issuer 3355, original balance $254,000 — removed in
December 2019 (reporting period 201912), unpaid balance $186,397.89, removal reason code
2 = "Purchase of a Delinquent Loan." Wells Fargo, as issuer, bought the delinquent note
out of the Ginnie Mae security. That exact figure ($186,397.89) is the only December-2019 "Purchase of
Delinquent Loan" entry in the pool's removal history — three independent Ginnie records converge on this
one loan.
Original Pool Balance
$65,169,454
at issuance, 05/2010
Current Balance
$1,485,723
factor 0.02279784 · 05/2026
Loans Remaining
13
of hundreds originally — none in MD
Pool Type
G2-Multi AF
FHA 1-yr ARM · CMT · 30-day lookback
Schatz Note Removed
Dec 2019
reason 2 · Purchase of Delinquent Loan · UPB $186,397.89
SCHATZ ANCHOR
The Schatz Note is loan sequence 1013782744 (Wells Fargo issuer 3355), confirmed in this pool's
October 2013 loan-level record at unpaid balance $230,478.84 — the exact figure on Mr. Schatz's
Wells Fargo servicing ledger for that period. The note is an FHA 4.25% adjustable-rate loan, originally
$254,000, Maryland. It was present in the pool in October 2013 and was removed in December 2019
as a delinquent-loan buyout (see the green banner above); it is absent from the current 13-loan pool.
1 · Pool Balance Run-Off (2010 → 2026)
From $65.2 million to $1.49 million
The security amortized and shed loans over sixteen years. Logarithmic scale to show the full decline.
2 · The ARM Rate History — Proof of the Adjustable Note
Security interest rate stepped off 4.25% at the July-2015 first adjustment
The pool's pass-through rate held at 4.250% from issuance through mid-2015, then adjusted each year on the
CMT index — exactly the mechanics of Mr. Schatz's note (1-yr CMT + margin, first change 7/1/2015, ±1%/yr,
±5% lifetime). This is the fingerprint of an adjustable-rate loan, not the 5% fixed loan the prior (mistaken)
pool identification implied.
3 · Loan Removals by Year and Reason
Mortgagor Payoff vs. Purchase of Delinquent Loan (EBO) vs. Loss Mitigation
Ginnie's official removal history (pool-level counts). The "Purchase of Delinquent Loan" bars are
issuer early buyouts (EBO) of delinquent loans — the same buyout mechanism reflected in Wells Fargo's
internal "NMIBUYOUTS" records. The Schatz note is the single December-2019 "Purchase of Delinquent Loan"
removal — UPB $186,397.89 (the red bar over 2019).
4 · Note Terms vs. Pool Terms (CMT ARM Match)
Term
Schatz Note
Pool 082539 (official)
Match
Program
FHA
FHA (100% of pool)
✓
Product
1-yr Adjustable (ARM)
Type AF — FHA ARM
✓
Index
CMT (Constant Maturity Treasury)
CMT
✓
Look-back
30 days
30 Day
✓
First rate change
7/1/2015
Security rate first dropped 07/2015
✓
Caps (init/annual/life)
1% / 1% / 5%
1 / 1 / 5
✓
Issue date
Note 4/13/2010
Pool issued 5/1/2010
✓
Issuer at origination
Wells Fargo (3355)
WF issued into pool; later Nationstar/Freedom
✓
Why this matters. Ginnie Mae's own records establish, of record, that the Schatz Note was
Ginnie Mae II securitized collateral (Pool 082539, an FHA CMT ARM), placed there by Wells Fargo as issuer,
and that Wells Fargo repurchased it as a delinquent loan in December 2019 (reason code 2). After that
early buyout the note left Pool 082539 and did not return to it; by September 2022 the physical note was in
Deutsche Bank's custody, where it remained when foreclosure was commenced in 2024. (Whether it sat in Wells
Fargo's private book or was re-pooled into a re-performing Ginnie security in the interim — which would
reconcile Wells Fargo's internal ~2021 "NMIBUYOUTS" date with Ginnie's official Dec-2019 removal — is an open,
testable question.) Reason code 2 is a buyout of a
delinquent loan; it makes the security's investors whole and does not discharge the borrower's debt —
we do not argue the loan was "paid off." Where the record references a pool, it now reads
Pool 082539 / sequence 1013782744 / removed 12/2019 / reason 2 (Purchase of Delinquent Loan) / UPB $186,397.89,
on the authority of Ginnie Mae's official loan-level removal file.