|
As more time passes by, we are finding out all of the dirty little secrets that Wall Street, and the Banks kept from us, in order to make trillions of dollars in the mortgage backed securities industry, at the expense of the unsuspecting American Homeowners, and the world economy.The latest scandal to be exposed is that when Wall Street and the Banks securitized your loan, it was illegal pursuant to the Securities Act Of 1933. There are many elements to the illegal securitization of your loan, but in this article we will focus on the IRS violations of law, and how this could bring the Securitized Trust to it's knees, and completely bankrupt the Securitized Trust, leaving you with your property back free and clear, and monetary damages of 3X's the loan amount against the bank. A Securitized Trust is organized as a special purpose vehicle ("SPV"). The SPV is organized by the securitizer so that the assets of the SPV are shielded from the creditors of the securitizer. The SPV follows the rules prescribed by the I.R.S. to qualify for treatment as a Real Estate Mortgage Investment Conduit ("REMIC") so that only the certificate holders but not the trust are taxed. In this way, double taxation of the deed of trust proceeds to the trust, and then to the certificate holder is avoided by "passing through" all the income to the certificate holders. When your loan is securitized, it is pooled together with hundreds of other loans, which are submitted into the Securitized Trust. As established in practically all Securitized Trust Prospectus, a typical mortgage deed pool consists of anywhere from 2000-5000 loans. This is millions of dollars in cash flow payments each MONTH from a Servicer (receiving payments from borrowers) to a REMIC (Trust) with the cash flow "passing through" the Trust (REMIC) without taxation to the investors. The investors have to pay taxes on the cash flow payments from their interests just for the record. The taxes a Trust would have to pay on $30, 50 or 100 million dollars per year if this "pass through" taxation benefit didn't exist would be enormous. In addition, if a Trust that was organized in February 2005 were found to have violated the REMIC guidelines outlined in the Internal Revenue Code, at $4 million per month in cash flow, there would be $190 Million or more now in TAXABLE income due to have tax paid upon it by the REMIC. Are you getting the point here? If the IRS were to find out that the a Trust - or a Servicer or Trustee acting on behalf of the Trust - were found to have violated these very strict REMIC guidelines to qualify as a REMIC, the taxable status of the REMIC could be revoked; the equivalent of financial Armageddon for the Trust and its investors. In many cases, there have been multiple violations committed, such as the assignment of mortgage being submitted to the securitized trust after the prescribed cut-off date. The illegal conversion of your promissory note, which under the Uniform Commercial Code is classified as a negotiable instrument, into a security, which is a stock, without your permission. So, in essence, the securitization of the note constitutes a conversion of the asset from a negotiable instrument pursuant to the UCC into a security pursuant to the SEC, rendering it null, void, nontransferable, and unenforceable. Additionally, each Securitized Trust has had the mortgage, or trust deed assigned to it through an assignment of mortgage. However, in almost every case, the mortgage was assigned to the trust, but not the promissory note. This too creates another lethal problem, and violation of law by the trust. Under well-established property law, any separation of the note and mortgage renders both the note and mortgage unenforceable. The law establishes that when the note is split from the deed of trust, "the note becomes, as a practical matter, unsecured." RESTATEMENT (THIRD) OF PROPERTY (MORTGAGES) Sec. 5.4 cmt. a (1997). In addition, a person holding only a note lacks the power to foreclose because it lacks the security, and a person holding only a deed of trust suffers no default because only the holder of the note is entitled to payment on it. See RESTATEMENT (THIRD) OF PROPERTY (MORTGAGES) Sec. 5.4 cmt. e (1997). What this means is that under the trust agreement, the trust was required to receive a security interest in the mortgage and note. Its failure to do so violates its IRS SPV tax exemption status pursuant to Tax Reform Act of 1986 (100 Stat. 2085, 26 U.S.C.A. Sub. Sec. 47, 1042). Therefore, another powerful weapon is now available to the American Homeowners who are trying to fight to save their homes from the greed and gluttony of the Wall Street Barons, and the Banks who would take their homes illegally, and kick them out onto the streets. So, If your loan has been securitized, and you can't afford the high price of an attorney, go to The Homeowners Revolt and instantly download the "Securities Fraud Lawsuit" document. It's fully prepared. Just fill in the blanks with your specific information, and its ready to be filed with the court in your jurisdiction. There is no other document like it available on the Internet, and the cost of a powerful legal document like this from an attorney would cost you a minimum of $3,000.00. However, for a very limited time, this powerful document is being offered at the incredibly low Discounted Price of $649.00 at The Homeowners Revolt. For more information about promissory note defense and loan modification please visit our official website www.thehomeownersrevolt.com
Related Articles -
mortgage default, foreclosure fraud, foreclosure sale,
|
