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Capt. Jack Donating Member (237 posts) Send PM | Profile | Ignore Wed Jun-02-10 10:53 AM
Original message
Fascinating Paragraph on Mortgage Securitization
http://mattweidnerlaw.com/blog/2010/05/irs-form-938-i-h... /

Every time I read the paragraph below, for some reason, I start to laugh. It's complex yet so simply stated.

A quote from the article....

Snip>

They seriously think we are that stupid. What are they hiding from us? Maybe that the banks have committed billions upon billions in tax evasion. Follow what is happening in non-judicial states and you will see the arrogance. They actually show us the blank note endorsement from the original lender yet no recording of the interest through the depositor to the trust. Lack of standing?

Then when they are finished stealing the house they sell the loan from the unlawful foreclosing party(trust) that had no standing to F/C back to the trust through a POA to the servicer and effectively cover their tracks that the loan was never in the trust, they still stole the investors money, and they still claimed the tax exemptions under REMIC.

All while the Govt and IRS watch.

Snip>



I suspect the bash the homeowners crowd is conjuring some means of describing this as left wing nanny non-sense.

Oh, and if you think this is some sort of game, look where this guy landed for speaking out....behind bars.

http://www.youtube.com/watch?v=_Kk7O0h--rg

Fight Back!

http://www.foreclosurehamlet.org
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On the Road Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jun-02-10 11:51 AM
Response to Original message
1. I am Not Doubting the Destruction Caused by
leveraged mortgage-backed securities. However, I don't understand the author's position. The passage seems to be based on a belief that:

--That selling blocks of mortgages is illegitimate
--That foreclosures of resold properties are illegitimate
--That securities based on resold mortgages are illegimate by nature
--That banks are illegally avoiding taxes (evasion is illegal by definition)

All of those are open to debate. If the author is talking about some kind complex round-tripping scheme, he is making it anything but simple to understand.
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Capt. Jack Donating Member (237 posts) Send PM | Profile | Ignore Wed Jun-02-10 12:38 PM
Response to Reply #1
2. That's why it makes me laugh (I think)
Just got back from my mailbox and finally found something good in there. My kids sent me "The Last Waltz" DVD....never seen it!

Anyway:

For fun I am am going to parse your very good questions and try to fill in the answers with Matt Weidner's statements. First, I want to include the link again because it is Matt's work product and he deserves all the credit.

http://mattweidnerlaw.com/blog/2010/05/irs-form-938-i-h... /

Here goes...

> That selling blocks of mortgages is illegitimate

> That foreclosures of resold properties are illegitimate


"They actually show us the blank note endorsement from the original lender yet no recording of the interest through the depositor to the trust. Lack of standing?"


> That securities based on resold mortgages are illegitimate by nature

"No assignments were done as required, no true and absolute sales under FASB 140″ were ever perfected, No standing has ever been established for most or all of the securitization trusts."


> That banks are illegally avoiding taxes (evasion is illegal by definition)

"The best way to prove this mess all got dissolved is to go to the IRS.gov website and look for the publication # 938 for 2006 through the present. This is where you will see that the gain on sale reporting etc all stopped as the securitization machine was turned off temporarily in late 2007.

The trusts were all named and reporting until the end of 07 then 08 is missing??????.
They restart the reporting in 09 but it is down to only Ginnie/Freddie/Fannie/JPM/Citi and random trusts that have been created. The government absolutely knows what happened yet seems to help cover this up thinking we are too dumb to catch it.

2009 reported in 2010
http://www.irs.gov/pub/irs-pdf/p938.pdf

2008? is missing and reverts to the 2009 file?? Dont believe me. try it.
http://www.irs.gov/pub/irs-prior/p938 2009.pdf

2007 reported in 2008
http://www.irs.gov/pub/irs-prior/p938 2007.pdf "

Confused yet? I know I am!

;-)

http://www.foreclosurehamlet.org
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Capt. Jack Donating Member (237 posts) Send PM | Profile | Ignore Wed Jun-02-10 01:12 PM
Response to Reply #1
3. Another funny link....
It reads like a crime blotter of mortgage fraud!

http://www.mortgagefraudblog.com /

The video is pretty funny too...almost tongue-in-cheek.
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