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Remic Explained

Remic Explained

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Published by FASTLOANS007

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Published by: FASTLOANS007 on Dec 01, 2011
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Derivatives are financial weapons of mass destruction…
potentially lethal. -Warren Buffet
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“The REMICs have failed! “The REMICshave
If Paul Revere were alivetoday he would be riding through the townwarning “The
REMICs have failed!”However, the government these days wouldgo, “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 taxshelter 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.A new report by Oppenheim Law 
reveals “the Black Magic of Securitized Trusts”. The largest
key to REMICs is that they are required to be passive vehicles, meaning thatmortgages cannot be transferred in and out of the trustonce the closing date has occurred, unless the trust can meet very limited exceptions under theInternal Revenue Code. I.R.C. §860G. The 90 day requirement is imposed by the I.R.C. toensure that the trust remains a static entity. However, since the mortgage-backed securities
trust controlling documents, the Pooling & Servicing Agreement (PSA), requires that the trusteeand servicer not do anything to jeopardize the tax-exempt status;
PSAs generally state that anytransfer after the closing date of the trust is invalid.
 What does that mean to the average homeowner in foreclosure? Check the recordation office and
look for the “Assignment of Mortgage” on your property – 
generally found just before the Noticeof Foreclosure is filed with the State if your loan was securitized. Looking through hundreds of these beauties there have been few, if any, that were timely assigned to the trusts. How can youquickly tell if the Assignment of Mortgage has failed to make it timely to the trust?The Assignment of Mortgage [below] shows a 2006 Trust
and a fraudulent assignment in 2009
3 years AFTER the Trust had CLOSED! Not only was it too late
but the Trust could notaccept it pursuant to the REMIC of  RFMSI 2006SA4 PSA and as further defined in the Oppenheim Law report. Assignments of Mortgage are public documents. What was not known until very recently, in fact Delaware Attorney General Beau Biden broughtit out in his case Delaware v. MERS,lenders generally failed to follow the PSA and properly assign the mortgage loans to the Trusts. In the transcripts that AG Biden cited from
 In re Kemp
,440 B.R. 624, 626 (Bankr. D.N.J. 2010) (No. 08-18700) (Aug. 11, 2009), an employee for Bank of America responsible for servicing the securitized Countrywide mortgage loans testified under

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