REMIC Armageddon on the Horizon?

It’s about time somebody recognized it.  David Reiss and Brad Bordon posted a dynamic review of the most recent ‘slap down the banks’ cases of Saldivar and Erobobo and the potential impact on the [failed] REMIC tax shelters in REFinBlog.

David Reiss writes: “Brad Borden and I have warned that an unanticipated tax consequence of the sloppy mortgage origination practices that characterized the boom is that MBS pools may fail to qualify as REMICs.  This would have massively negative tax consequences for MBS investors and should trigger lawsuits against the professionals who structured these transactions. Courts deciding upstream and downstream cases have not focused on this issue because it is typically not relevant to the dispute between the parties.

THE 3 STOOGES OF MERS – DISORDER IN THE COURT

A landmark decision was made this week in Culhane v. Aurora in the United States Court of Appeals For the First Circuit without a complete set of facts set out before what  appears to be its clueless judges.

The case decision, an APPEAL FROM THE UNITED STATES DISTRICT COURT FOR THE DISTRICT OF MASSACHUSETTS was to some degree based on the merits of standing answering the question: “Whether a mortgagor has standing to challenge the assignment of her mortgage — an assignment to which she is not a party and of which she is not a third-party beneficiary — is a matter of first impression for this court.”

Computerized Robo-Signing: Is Green Tree Servicing Taking Robo-Fraud to a Whole New Level?

Never let it be said that where there is big money invested, there won’t be crooks in the kitchen.  It doesn’t matter how big you are there’s always a short cut that can that can potentially create more wealth – if you don’t get caught.

An investigator in the northwest uncovered just such a scam – so big that authorities claim it needs multi-state attention. It appears Green Tree Servicing has been flying under the radar and was hardly noticed until a recordation research team began uncovering similarly signed documents – yup, the old robo-signed Assignment of Mortgage trickery again… but this time new and improved via computer, maybe for speed and precision, ya think?

It appears the signatures are in the computer – no dummies needed to sign – just fill in the

Oh, New Century…What a wicked web you weave…

The new word in the securities fraud cover-up banter is “ministerial” –  and so very far from the truth.

On April 2, 2007, New Century Financial Corporation and its related entities filed voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court, District of Delaware and is currently heard and administered by the Honorable Kevin J. Carey.

With the filing of bankruptcy, New Century took down a list of affiliate / entities including New Century Mortgage Corporation, Home123 Corporation, New Century Mortgage Ventures, Midwest Home Mortgage, among a host of others. New Century was one of the 

The Frauds of Wells Fargo Were Warned of 100 Years Ago – channeling Charles A.Lindbergh, Sr.

“This [Federal Reserve Act] establishes the most gigantic trust on earth. When  President Wilson signs this bill, the invisible government of the monetary power will be legalized….the worst legislative crime of the ages is perpetrated by this banking and currency bill.” -Charles A. Lindbergh, Sr. , 1913

Charles A.Lindbergh Sr. was the father of Hana’s beloved “Lucky Lindy” – aviator Charles Lindbergh, who is buried just outside of Hana town in Kipahulu, Hawaii. It made sense to dedicate this post to his father, a Minnesota Congressman from 1907-1917.

One hundred years later, the Congressman’s courageous statements carry the truth of the corruption in Wall Street and government and strike at the very core of our nation, as well as the world’s, economic nightmare.

In 1913, he wrote Banking, Currency, and the Money Trust, and in 1917 he wrote “Why is Your Country at War?”, attributing high finance as

Wells Fargo – Sand Canyon Fraud, Forgery = Unlawful Foreclosure.

Update – January 3, 2013:
The Dubin Law Firm Defense Team headed by Fred Arensmeyer worked out a loan reinstatement deal with Wells Fargo for the Phillips-Tehiva Family just before the holidays. Next time you are in Hana, stop by Braddah Hutts and have lunch with the Tehivas.  Yes, Virginia there is a Santa Claus.

UPDATE – January 3, 2012:
Wells Fargo has agreed to stay the eviction until the hearing of Feb. 7, 2012.

On Friday December 23, 2011 at 4:00 P.M., two days before Christmas, the Phillips-Tehiva Family of Hana, Maui, Hawaii, (6 children, mom, dad and grandmother) received notification of a “criminal trespass” eviction from their home, located on property which has been in the Phillips Family for more than 100 years.

The action, taken by Wells Fargo Bank, occurred after the Phillips-Tehiva Family filed a motion on Thursday, December 22nd for a hearing to review the court’s eviction order based on fraudulent and forged documents.

“The REMICs have failed! “The REMICs have failed!”

If Paul Revere were alive today he would be riding through the town warning “The REMICs have failed!” However, the government these days would go, “Shhhhhh!”

Most average homeowners have no idea what a REMIC is – actually most attorneys have no clue …. so, you know many of the Judges are completely in the dark.  REMICs are a form of IRS tax shelter sold to investors as part of the mortgage-backed securities package (Real Estate Mortgage Investment Conduit (“REMIC”) pursuant to I.R.C. §§860A-G).

The documents that killed the REMICs may actually help save your home.