LivingLies: “For all of these reasons the judges in tax cases have determined that the holders of REMIC certificates or “bonds” are not the holders of any secured obligation. The fact that the words “mortgage-backed” are used does not make the certificates backed by mortgages. They are not. But simply asserting that they are and naming them as such is sufficient to raise questions of fact that must be determined by courts.
* This is particularly important in foreclosure cases where the case is asserted to be on behalf of the holders of the certificates. Since the holders have no right to foreclose it is obvious that anyone representing the holders would have no more power than the actual holders of the certificates.”