Tag: Lehman Brothers

Control Fraud


Control Fraud

By: Jim Macklin
Secure Document Research

The term “control Fraud” was originally coined by Professor William Black, UMKC. A control fraud essentially starts as a core methodology for the exaction of some enterprise or movement, whether in commerce or at law. The instigators of a control fraud typically have their own self-interests as the motivation for participants to either ignore regulations or laws, or worse yet, to politically pressure or lobby for policy change that suits their agenda(s).

It mattered not that “liar loans”, defective underwriting processes, and securitization obviations were the norm during the run-up to 2008. The control fraud was in place to facilitate complete immunity from prosecution for the big money players at the top of Wall St. Every associated business that derived its income from the mortgage-backed bond sales was expected to follow the guidelines, as set by the fraudsters, or suffer the fate of not working. Everyone from bond insurers, hedge fund managers, realtors and property appraisers had to bend to the poisonous curve…or lose their competitive edge, and thus, their livelihood. When lying becomes the standard upon which your paycheck relies, you are a liar by proxy.

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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”

Update on Foreclosures in Oregon

Update on Foreclosures in Oregon

David Ambrose
Ambrose Law Group, LLC

Here is the latest, which while limited to Oregon, certainly can be applicable to any other states permitting nonjudicial foreclosure actions but requiring the recording of assignments of the mortgage or trust deed. 

You may recall the postings about the decision of Judge Alley in U.S Bankruptcy Court in Oregon (McCoy v BNC Mortgage), finding that in to proceed with nonjudicial foreclosures in Oregon, the applicable statute requires that there be a chain of recorded assignments (which, by the way, in Oregon you cannot record a document unless it is notarized), from the original beneficiary to the current beneficiary, and that MERS is not the beneficiary.

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