Click in tonite— tune in at The Neil Garfield Show
Or call in at (347) 850-1260, 6pm EST Thursdays
Guest Host Tonight is Jim Macklin, Managing Director, Secure Document Research located in Nevada. He has been a guest speaker on the show before. A dynamic speaker and presenter, he has assisted me in presenting seminars for CLE credit for lawyers. His guest Charles Marshall is a California licensed attorney. His guest is Dan Edstrom, senior forensic analyst for the Livinglies Team.
His Topic today will be a follow-up to last week’s topic how tax law determines ownership interests in REMIC assets and the Single Transaction / Step Transaction Doctrine. For you newcomers, REMIC means Real Estate Mortgage Investment Conduit — it is the trust (usually under New York Law) that supposedly was funded by investors through the broker-dealer that sold the alleged mortgage bonds to pension funds and other stable managed funds.
For those of you who have pondered how a stable managed fund got involved despite restrictions as to what risks are acceptable in investment strategies the answer is simple — they had a guarantee from the servicer and/or the trust and/or the trustee that they would receive the money each month including principal, interest, taxes and insurance REGARDLESS OF WHETHER THE BORROWER PAID.
Dan Edstrom and Jim Macklin were the first ones to bring this to my attention. It affects the alleged existence of a default when the creditor is getting paid, the terms of the alleged loan contract, and the alleged balance claimed as owed under the mortgage loan.
Thanks to everyone for your good wishes. I have my medical procedure scheduled for tomorrow. The doctors say my recovery will be easy and swift.
Filed under: foreclosure