Tonight! Rogue REMIC Trusts as Illegal Fencing Operations
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In the spotlight: US Bank LSF9 Master Participation Trust
The term “robo-signing” was coined about 6 months after I had concluded that the documents being used in foreclosure were fabricated and executed by people who knew nothing about them or even rubber stamped with signatures probably unknown to the party whose signature was copied for the rubber stamp.
It was a simple process. When I asked for documents for cases that were in litigation or foreclosure, I got a response. When I asked for documents for cases that were not in litigation or foreclosure I received nothing. Crickets. My conclusion was that the documents didn’t exist for loans that were current and thus were created after the decision was made to send the file to a foreclosure mill. When the Rice study came to my attention in 2008 showing that at least 40% of all notes were intentionally destroyed or “lost” immediately after execution, that was the nail in the coffin.
So now I have identified the fact that most so-called trusts do not really exist, nor are they meant to. And so someone who did the same analysis I did has coined the term “Rogue REMIC,” as I have already discussed in a prior article.
The Rogue REMIC is defined by the use of a name that implies the existence of both a trust and that assets including a loan in foreclosure are part of the property of the trust. In fact the trust does not exist and nobody owns the subject loan as part of any trust arrangement. This has created an opportunity for banks, servicers and especially lsawyers to misdirect the court, the borrower, the borrower’s lawyer and anyone else involved with the filing of an illegal, unauthorized and/or wrongful foreclosure.
Bill Paatalo has another worthy Blog Post about how certain rogue REMIC trusts are akin to fencing operations. I would add that money laundering is part of the scheme as well.
Today, we revisit the US Bank LSF9 Master Participation Trust, purportedly located and operating out of and receiving mail in Florida, but in fact set up, to the extent it is organized in a legally and meaningfully manner, in the Virgin Islands. The only reason I can detect and which my sources can tell me is that there is an intent to avoid prying eyes.
Bill will discuss this and related cases, and we will delve into the implications of this situation for pleading practice, impacting both judicial and non-judicial foreclosure cases.
Source: Living Lies, their name say’s it all!