Followup to Analysis new Loan Servicing Plan

Executive analysis

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June 20th Court decision allows sixty days (until August 20th) to properly organize individual LLCs

• Bylaws must be put in place and include
• Duties, responsibilities and authorities (and limitations of authority) of Board of Members
• Duties, responsibilities and authorities (and limitations of authority) of Manager whether the Manager is from inside or outside the LLC
• Methodology of electing and removing Members of the Board
• Correct flaws in contracts
• Indemnification of Board of Members.
• Require that the Board of Members be made up only of Members
• Election of Board of Members should be solely by Members.
• Boards of Members make and control management and servicing decisions.
• Have new corrected contracts prepared, distributed and returned.

June 20th Court decision allows sixty days (until August 20th) to resolve transparency issues

• Issue ownership disclosure for FDH, L2L and provide résumés of principals and key individuals.
• Disclose outside servicing companies that L2L may contract for services (i.e.: Vindrauga Corporation, Consolidated Mortgage, CFI Mortgage, California Pacific Mortgage, etc.)
• Resolve L2L’s lack of license to act as a loan servicer