#remics

Officials Cover Up Housing Bubble’s Scummy Residue: Fraudulent Foreclosure Documents

Great article by David Dayen! VERY DAY IN AMERICA, mortgage companies attempt to foreclose on homeowners using false documents. It’s a byproduct of the mortgage securitization craze during the housing bubble, when loans were sliced and diced so haphazardly that the actual ownership was confused. When the bubble burst, lenders foreclosing on properties needed paperwork to prove their standing, but…

This is a Sept 25, 2014, Washington State supreme court ruling on REMIC taxes not exempt because Cashmere did not receive any interest in mortgages or deeds of trust to back its investment.

Cashmere v. Dept of Revenue (PDF)

Michael Gamsky testified that REMIC investments are not secured transactions because issuers do not pledge any property as security for the investments. He explained that…

Dal Rhywbeth Nol - Yws Gwynedd / Osian Howells (Remix) gan/by Y Cymylau