Standard Operating Procedure: Create more bogus paper on top of piles of old bogus paper and you contribute to the illusion that any of it is real. The “business model” still leaves out the basic fallacy: that most loans were never actually securitized into the trusts that are claiming them. Hence the at the base of this pyramid, is an MBS issued by an entity without any assets in cash, property or loans.
Get a consult! 202-838-6345
The actual goal here is to spread the risk so wide that the impact is reduced when it is finally conceded that the original MBS had no value and every successor synthetic derivative is just as worthless as the one before it.
At ground level, this creates a dichotomy. First the act of a Government Sponsored Entity (GSE) engaging in a “re-REMIC” transfer adds to the illusion that the issuing trust ever acquired the loan in the first place. But second, it corroborates the finding by me, Adam Levitin and others who know and have studied the situation: the foreclosure based upon claims from alleged REMIC Trusts are false claims.
If the original MBS had real value because it was issued by a real REMIC Trust, the process described as “re-REMIC” would not be necessary. Hedge products would be sufficient to cover the changing risk from alleged defaults on loans that were legitimately made by originators. The fact is that the “loans” did not produce loan contracts because one party was owed the debt while another party was named on the bogus note.
And THAT corroborates the experience of millions of homeowners who attempted to learn about the fictitious financial transaction in which “successors” to the “originator” paid nothing for the “transfer” of the loan because it could not be sold by the preceding party who had no ownership.
Filed under: foreclosure | Tagged: Adam Levitin, Fannie, Freddie, GSE, loan contract, RE-REMIC, REMIC |
Rushmore attempting to ILLEGALLY FORECLOSE with resecuritized bogus note in CALUFOENIA….where I do NOT get to challenge it in court
Hi Sandy!! THANKS FOR THE INFORMATION !! I have a trustee sale slated for 1/19/2017…..they are still attempting to foreclose. My original loan was with Countrywide Home Loans on 12/21/2005….. does anyone know HOW to find the PSA to this? Thanks so much..FOREVER GREATFUL.
PS: THANKS SANDY…. GOD BLESS. XXOO
RMAC stands for Roosevelt Mortgage Acquisition Company. It’s a nasty little trust filled with charged off loans that have proven difficult to foreclose upon.
I purchased my home from Countrywide Home Loans on 12/21/2005. Now, my current servicer – who is attempting to foreclose on me in California, states that U.S. Bank National Association, not in it’s entirety, holds my note, and is the owner of my loan through RMAC Trust, Series 2016-CTT. Do you know what this is? Thanks.
________________________________
Reblogged this on California Freelance Paralegal.
This appears to be something different than what I read earlier this week….these are all more than 2-yrs delinquent, almost HALF of them ARE modified loans going into default a 2nd time.
http://stopforeclosurefraud.com/2016/10/06/freddie-mac-sells-1-billion-of-seriously-delinquent-loans/
What really gets me is the 4 bundles sold for mid-70 percentile of loans.
And, none of them (or, all of them) together aren’t worth a dime.
Well, maybe the modified loans (in paper, a ‘new’ loan) are worth something if they can squeeze the homeowners, but I doubt 70% would leave them alive.
Re FRAUD all the way around with “mergers”, loan buy backs, loan forgiveness, neighborhood “preservation” by agencies and politicians.
The article I read indicated these to be ‘performing’ modified mortgages. That’s where the new paper comes in. These are the ‘modified’ new loans which reduce payments but add a whopper balloon at the end to bring the bank whole. Many of these eventually default again, so bank eventually gets the house anyway.
A re-REMIC, LMAO. How does that work? It was either securitized originally or it wasn’t. Period! How can you re-securitize something that is “already” securitized? Good Grief
Reblogged this on boglinwordpresscom.