…. continue to produce Assignments in thousands of cases that certify that trusts acquired mortgages months AFTER foreclosure actions were filed by the trusts and years after the closing date of the trusts.
That’s the problem in a nutshell folks.
REMICS CANNOT TAKE IN ASSETS AFTER THEIR CLOSING DATES – THEY ARE, BY BLACK-LETTER IRS REGULATION, A STATIC POOL OF ASSETS.
If the REMICs are “acquiring” the mortgages in order to foreclose after their closing dates, this strongly implies that they never had anything in the box in the first instance, which means the investors bought an empty box.
If this is correct then the buyers were scammed.
Since April of 2007 I’ve been banging this drum and urging actions that would either prove up or falsify this theory, as it was the only theory that happened to fit with what we knew at the time were facts.
We cannot fix the problems in our economy until the bad debt that is out there and hidden through all of these BS games is flushed out into the open and someone eats it.
The “someone” who should and indeed must be forced to eat it are those who did not comply with the Pooling and Servicing Agreements along with IRS regulations.