World Savings Bank: Wells Fargo Admits Loans Were Securitized

Wells FargoWorld Savings Bank: Wells Fargo Admits Loans Were Securitized
By Daniel Edstrom
DTC Systems, Inc.
http://www.dtc-systems.net
http://livinglies.wordpress.com

In a huge disclosure, Wells Fargo Bank has admitted that World Savings loans were securitized.  This is a big move for homeowners strapped with Option ARM negative amortization loans.  In recent months we have seen numerous endorsements on World Savings promissory notes showing that the notes were in fact endorsed to The Bank of New York.  This is not an isolated incident as we now have 3 confirmed cases where World Savings notes were endorsed to The Bank of New York.  Foreclosure defense lawyers have been seeking to know what this information means for their clients.  These details are revealed in the LivingLies / Luminaq / AHC combo and in the DTC Systems Securitization Reverse Engineering and Failure Analysis for Lawyers (disclosure: DTC Systems provides their unique and premier Securitization Reverse Engineering and Failure Analysis and also provides services to Attorney Neil F. Garfield’s Securitization Report and Securitization Commentary, which is included in the LivingLies Combo).

Here is the original World Savings post: http://dtc-systems.com/world-savings-bank-loans-were-securitizated/

Internal Revenue Service Publication 938 – REMICs Reporting Information

Internal Revenue Service Publication 938 – REMICs Reporting Information

By Daniel Edstrom
DTC Systems, Inc.

Publication 938 contains a directory listing of REMICs and CDOs.  It contains newly created REMICs and CDOs as well as amended listings to existing REMICs and CDOs.  Interestingly the IRS did not publish this publication for 2008.  Why is this interesting?  It is the peak of the meltdown with the failure of Bear Stearns and Lehman Brothers.  Why is the IRS keeping this information a secret?  I have heard many interesting conspiracy theories, but my guess is “they” feel “we” can’t handle the truth.   From my review of these documents, I only have more questions.  Why are some REMICs not listed?  If Wells Fargo claims that World Savings Bank loans were held in house and not securitized, why are so many World Savings REMICs reported to the IRS?  Why is the REMIC claiming to hold my loan not listed in any of these documents?  Is it a law that all REMICs have to report themselves to the IRS for publication?

The Introduction to Publication 938 for 1996 states:

This publication contains directories relating to real estate mortgage investment conduits (REMICs) and collaterized debt obligations (CDO’s). The directory for each calendar quarter is based on information submitted to the Internal Revenue Service during that quarter. This publication is only available on the IRS electronic bulletin board and the Internet.
For each quarter, there is:
• A directory of new REMICs and CDOs,
and
• A section containing amended listings.
You can use the directory to find the representative of the REMIC or the issuer of the CDO from whom you can request tax information. The amended listing section shows changes to previously listed REMICs and CDOs.
The directory for each calendar quarter will be added to this publication approximately six weeks after the end of the quarter. Continue reading “Internal Revenue Service Publication 938 – REMICs Reporting Information”