Consumer complaint received 2024-02-22 00:00:00
Product: Debt collection — Mortgage debt
Issue: Took or threatened to take negative or legal action — Seized or attempted to seize your property
Company: Mr. Cooper Group Inc.
State: TX

Complaint narrative:
Nationstar DBA Mr Cooper are actively engaged in securities fraud. Nationstar transferred my contract to Mr Cooper for servicing. Nationstar however failed to disclose that the promissory note and the contract is the security being used in this credit transaction. Per the Federal Reserve Act banks are only allowed to use other forms of negotiable instruments as collateral for repayment furthermore I had a forensic audit done on this alleged debt and the note has been sold to generate over XXXX XXXX in profits and it is all listed in the XXXX terminal. Nationstar nor XXXX XXXX actually have possession of the security it has been sold. These facts and profits have been withheld from me because it would have greatly impacted this alleged agreement. I have also requested Mr. Cooper to provide me with the contract in which they are collecting for. I have not been able to get the terms and conditions are talk to anyone about this allege debt against me. Mr Cooper is just a servicer and servicer are not allowed to collect they hold loans. Transferring a loan does not mean I am required to pay. Both businesses are in violation of federal security laws and has faailed to properly report this tax event to the IRS because according to the IRS publication I was due principal and interest and the corporation known as Nationstar and Mr Cooper is responsible for taxes. This is also tax invasion and racketeering by conspiring together to threaten XXXX of my real property and using imiimidation methods to force me to pay a debt you know I do not owe. I am requesting subrogation of this debt. 

( a ) The person to whom an instrument is initially payable is determined by the intent of the person, whether or not authorized, signing as, or in the name or behalf of, the issuer of the instrument. The instrument is payable to the person intended by the signer even if that person is identified in the instrument by a name or other identification that is not that of the intended person. If more than one person signs in the name or behalf of the issuer of an instrument and all the signers do not intend the same person as payee, the instrument is payable to any person intended by one or more of the signers. 

( b ) If the signature of the issuer of an instrument is made by automated means, such as a check-writing machine, the payee of the instrument is determined by the intent of the person who supplied the name or identification of the payee, whether or not authorized to do so. 

( c ) A person to whom an instrument is payable may be identified in any way, including by name, identifying number, office, or account number. For the purpose of determining the holder of an instrument, the following rules apply : ( 1 ) If an instrument is payable to an account and the account is identified only by number, the instrument is payable to the person to whom the account is payable. If an instrument is payable to an account identified by number and by the name of a person, the instrument is payable to the named person, whether or not that person is the owner of the account identified by number.

( 2 ) If an instrument is payable to : ( i ) a trust, an estate, or a person described as trustee or representative of a trust or estate, the instrument is payable to the trustee, the representative, or a successor of either, whether or not the beneficiary or estate is also named ; ( ii ) a person described as agent or similar representative of a named or identified person, the instrument is payable to the represented person, the representative, or a successor of the representative ; ( iii ) a fund or organization that is not a legal entity, the instrument is payable to a representative of the members of the fund or organization; or ( iv ) an office or to a person described as holding an office, the instrument is payable to the named person, the incumbent of the office, or a successor to the incumbent. 

( d ) If an instrument is payable to two or more persons alternatively, it is payable to any of them and may be negotiated, discharged, or enforced by any or all of them in possession of the instrument. If an instrument is payable to two or more persons not alternatively, it is payable to all of them and may be negotiated, discharged, or enforced only by all of them. If an instrument payable to two or more persons is ambiguous as to whether it is payable to the persons alternatively, the instrument is payable to the persons alternatively. 


The substitution of one party for another party in respect of the second party 's rights or claims. The first party ( that is, the substitute party ) is said to be " subrogated to '' the rights of the second party, and becomes entitled to enforce its rights and remedies in relation to the relevant claim. It is an equitable doctrine that arises in circumstances that would make it unconscionable for a defendant to deny a plaintiff 's right ( see Re Dalma No 1 Pty Ltd ( in liq ) ( 2013 ) 279 FLR 80 ; [ 2013 ] NSWSC 1335 at [ 24 ] and XXXX XXXX XXXX XXXX XXXX ( XXXX ) 239 CLR 269 ; [ 2009 ] HCA 44 at [ 90 ] - [ 98 ] ).

Any Federal Reserve bank may make application to the local Federal Reserve agent for such amount of the Federal Reserve notes hereinbefore provided for as it may require. Such application shall be accompanied with a tender to the local Federal Reserve agent of collateral in amount equal to the sum of the Federal Reserve notes thus applied for and issued pursuant to such application. The collateral security thus offered shall be notes, drafts, bills of exchange, or acceptances acquired under section 10A, 10B, 13, or 13A of this Act, or bills of exchange endorsed by a member bank of any Federal Reserve district and purchased under the provisions of section 14 of this Act, or bankers ' acceptances purchased under the provisions of said section 14, or gold certificates, or Special Drawing Right certificates, or any obligations which are direct obligations of, or are fully guaranteed as to principal and interest by, the United States or any agency thereof, or assets that Federal Reserve banks may purchase or hold under section 14 of this Act or any other asset of a Federal reserve bank. In no event shall such collateral security be less than the amount of Federal Reserve notes applied for. The Federal Reserve agent shall each day notify the Board of Governors of the Federal Reserve System of all issues and withdrawals of Federal Reserve notes to and by the Federal Reserve bank to which he is accredited. The said Board of Governors of the Federal Reserve System may at any time call upon a Federal Reserve bank for additional security to protect the Federal Reserve notes issued to it. Collateral shall not be required for Federal Reserve notes which are held in the vaults of, or are otherwise held by or on behalf of, Federal Reserve banks. 

[ 12 USC 412. As amended by the acts of Sept. 7, 1916 ( 39 Stat. 754 ) ; June 21, 1917 ( 40 Stat. 236 ) ; Feb. 27, 1932 ( 47 Stat. 57 ) ; Feb. 3, 1933 ( 47 Stat. 794 ) ; Jan. 30, 1934 ( 48 Stat. 338 ) ; March 6, 1934 ( 48 Stat. 991 ) ; June 30, 1941 ( 55 Stat. 395 ) ; May 25, 1943 ( 57 Stat. 85 ) ; June 12, 1945 ( 59 Stat. 237 ) ; June 19, 1968 ( 82 Stat. 189 ) ; Nov. 10, 1978 ( 92 Stat. 3672 ) ; March 31, 1980 ( 94 Stat. 140 ) ; Dec. 6, 1999 ( 113 Stat. 1638 ) ; and Oct. 28, 2003 ( 117 Stat. 1193 ). ]

Company response to consumer: Closed with explanation