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Bob Marshall to Secretary of Finance Richard Brown

Bob Marshall to Secretary of Finance Richard Brown

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Published by Foreclosure Fraud

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Categories:Types, Research, Law
Published by: Foreclosure Fraud on Aug 29, 2011
Copyright:Attribution Non-commercial


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 August 25, 2011The Honorable Richard BrownSecretary of FinancePatrick Henry Building1111 E. Broad St., 3
FloorRichmond, VA 23219[Via E-mail]Dear Secretary Brown:In light of some recent cases involving Mortgage Backed Securities (MBS) I would liketo get answers to the questions below:1.
How much in MBS does VRS hold at present?2.
How much in MBS's has VRS purchased in the last year?3.
What was the dollar valuation when these were first purchased?4.
How much has the dollar valuation varied since 2007? i.e. how much has VRS
lost on the drop on MBS’s?
How much was lost by VRS in 2008 when the Wall Street Rating firms drasticallyre-
evaluated the AAA rating of the MBS’s held by VRS on a single day?
Does the VRS ask the rating agencies for their methodology in evaluating
What exposure does Virginia, the Virginia Retirement System and localgovernments in VA have to Real Estate Backed Securities (RMBS) and RMBSderivative investments?8.
Has the McDonnell Administration asked the local governments and authoritieswhat the potential impact could be to their ability to recover losses from thesetypes of investments were VA to sign off on a waiver of civil or possibly criminalliability for all mortgage related issues as may be considered in the nationwide
Attorney’s General MBS global settlement process?
I realize that one level of government may not tax another level of government,but if the special Real Estate Mortgage Tax Investment Credit tax status (REMIC)of the RMBS trusts have been violated through break in chain of title or lack of collateral behind the RMBS, what is the potential federal tax liability or other

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