IMHO – since the securitization procurement agreements and process were pre-existing (prior to the signing of the faux mortgage documents), why wouldn’t the class action be failure to disclose the intent to create securities from the homeowners’ collateral. A Rule 10(b)5 class action? Why can’t we press the non-disclosure issue?
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This is not a legal opinion on any individual case. It is for general information only. Get a lawyer.
As a short preface, I will outline my premise.
My factual premise is that Wall Street brokers acting as investment banks created fictitious entities (Trusts). The trust instrument was called a pooling and servicing agreement (PSA). from that trust instrument various parties had powers and authority to do certain things once a loan was admitted into the trust pool of mortgage loans. If the trust was in fact never…
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