Tag Archives: et al.

REMIC Armageddon on the Horizon?

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15

explosionIt’s about time somebody recognized it.   and Brad Bordon posted a dynamic review of the most recent ‘slap down the banks’ cases of Saldivar and Erobobo and the potential impact on the [failed] REMIC tax shelters in REFinBlog.

David Reiss writes: “Brad Borden and I have warned that an unanticipated tax consequence of the sloppy mortgage origination practices that characterized the boom is that MBS pools may fail to qualify as REMICs.  This would have massively negative tax consequences for MBS investors and should trigger lawsuits against the professionals who structured these transactions. Courts deciding upstream and downstream cases have not focused on this issue because it is typically not relevant to the dispute between the parties. Continue reading →

“MERS is not a “holder” under the plain language of the statute,” says the Supreme Court of the State of Washington

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25

Finally, the Rule of Law is followed by the brilliant masters of the Washington state Supreme Court system. Yea! This ruling affects over 67 million MERS mortgages – whether in foreclosure or not.  As good as it is – there are still more facts that need to be adequately plead and addressed by the Court(s).

The Washington Supreme Court ruled unanimously today in Bain (Kristin), et al. v. Mortg. Elec. Registration Sys., et al., No. 86206-1 defining the statutes to determine that MERS (Mortgage Electronic Registration Systems, Inc. – the mortgage industry’s controversial document-recording system) was not entitled to be a beneficiary in Deed of Trusts and Continue reading →