Just like the judicial pension investments loaded with MBS. NEITHER THE TRUSTS NOR THE PENSIONS EXIST. Won’t those judges be pissed in a few years? And who do they answer to at the end of this life for all the wrongful foreclosures they allowed and homeowners they screwed? Think there will even be any remorse?
It’s always best to start at the beginning. All REMIC Trusts appear to be written up as common law trusts permitted under the laws of the State of New York or the State of Delaware. The problem with the REMIC Trusts is that they are not common law trusts nor trusts of any kind.
Consider the definitions available. Based upon a modicum of research all definitions of common law trusts can be summed up as the following:
A trust is created by a settlor, who transfers title to some or all of his or her property to a trustee, who then holds title to that property in trust for the benefit of the beneficiaries. … Trusts have existed since Roman times and have become one of the most important innovations in property law.
So a common law trust must be created by a settlor.
The settlor is the party…
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In Delaware a “business trust” is considered to be a “statutory trust,” as are REIT and REMIC trusts.
From Delaware Title 12, Chapter 38, Treatment of Delaware Statutory Trusts, Subchapter I, Domestic Statutory Trusts, § 3801:
(g) “Statutory trust” means an unincorporated association which:
(1) Is created by a governing instrument under which property is or will be held, managed,
administered, controlled, invested, reinvested and/or operated, or business or professional activities for profit are carried on or will be carried on, by a trustee or trustees or as otherwise provided in the governing instrument for the benefit of such person or persons as are or may become beneficial owners or as otherwise provided in the governing instrument, including but not limited to a trust of the type known at common law as a “business trust,” or “Massachusetts trust,” or a trust qualifying as a real estate investment trust under § 856 et seq. of the United States Internal Revenue Code of 1986 [26 U.S.C. § 856 et seq.], as amended, or under any successor provision, or a trust qualifying as a real estate mortgage investment conduit under § 860D of the United States Internal Revenue Code of 1986 [26 U.S.C. § 860D], as amended, or under any successor provision; and
(2) Files a certificate of trust pursuant to § 3810 of this title.