Rossberg

FACTS AND PROCEDURAL HISTORY2

In February 2007, the Rossbergs borrowed more than $600,000 from BofA. They signed a promissory note (First Note) and gave BofA a deed of trust (First Deed of Trust) on their home in Irvine, California, to secure the loan. The First Deed of Trust named BofA as the beneficiary and PRLAP, Inc. as the trustee. Two months later, BofA entered into a “Pooling and Servicing Agreement” with Banc of America Funding Corporation as depositor, Well Fargo Bank, N.A., as master servicer and securities administrator, and U.S. Bank as trustee. The Pooling and Servicing Agreement grouped together numerous mortgages to create mortgage backed securities, which were sold to investors who purchased certificates giving them an ownership interest. The Rossbergs alleged the First Note and First Deed of Trust “were part of the Pooling and Servicing Agreement . . . [and] were transferred to Defendant U.S. Bank as trustee.” The Rossbergs borrowed an additional $58,000 from BofA in August 2007. Again, they signed a promissory note (Second Note) and gave BofA a deed of trust on their home (Second Deed of Trust) as security for the loan. The Second Deed of Trust named BofA as the…