Re remic deals
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You take a bunch of real-estate assets that were already rated and re-pool them to structure different securities with a different rating structure: So what's the point? Well the purpose is two-fold: The other is to sell of some of their toxic real-estate securities.
WSJ explains the first reason: In other words, the new structure utilizes additional collateral cushion consisting of the worst stuff for the higher-rated securities to end up with lower capital requirements. Pretty slick, as the same securities suddenly result in the banks being required to hold less capital to back them up.
As for the second reason: Certainly banks are interested in moving some of these securities. This new structure creates bonds that investors are more attracted to -- though I can't really imagine why. I would think investors should have learned their lesson by now about buying mortgage-related securities that they probably don't fully understand. Shows how much I know.
- RE-REMIC: The Re-Securitization of Real Estate Mortgage Investment Conduits. | Livinglies's Weblog.
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- Re-Remics: Wall Street's Old Bad Ideas Are Back;
So is it okay for banks to do this sort of thing? You can decide that for yourself. It does seem a little bit preposterous that the same securities could be sliced and diced to require less capital. But I understand how that's possible, given the math. Pursuant to 12 U.
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The statutorily-prescribed proper forum for jurisdiction and venue for such an appeal expressly includes the United States District Court for the District of Columbia. This Court has jurisdiction over the subject matter of this action pursuant to 12 U. This Court also has jurisdiction over the subject matter of this action pursuant to 28 U. This Court also has jurisdiction over the state law claims in this action pursuant to 28 U.
Venue is proper in this Court pursuant to 12 U. The Trusts Securitization is a common financing tool used to pool and convert financial assets such as residential mortgages into financial instruments that can be sold in the capital markets. Although the exact structures of RMBS transactions are varied and can be fairly complex, the structure of the Primary Trusts, as well as most RMBS transactions, involves the following parties: Depositor and Seller: The depositor is the entity that acquires the pool of mortgage loans and deposits the loans in a trust formed by the depositor pursuant to the governing documents for the transaction.
Are Re-Remics Financial Folly?
The depositor assigns the legal and beneficial interest in the mortgage loans, including related collateral, to the trust. In many RMBS transactions, the depositor purchases the mortgage loans from another entity, referred to as the seller, and deposits the pool of loans into the trust. Through a series of assignments and other agreements, WaMu indirectly undertook responsibilities substantially similar to those of a Depositor or Seller for the remaining two Primary Trusts. See Exhibit 1-A, n.
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The Trust: By purchasing RMBS, investors acquire the right to receive monies from the cash flows of the underlying mortgage loans held as trust assets or collateral by the trust in the form of borrower payments of principal and interest and proceeds from the liquidation of loan collateral. Those cash flows are applied to payment of the RMBS pursuant to a contractually specified distribution plan and schedule.
The servicer is the day-to-day administrator of the mortgage loan assets held by the trust. Under the governing documents forming the trust, the servicer is required to administer the mortgage loans in the best interests of RMBS investors. The servicer-generated data is used to calculate the distribution of funds and report pool performance to investors. The servicer also conducts all remedial activity on behalf of the trust when borrowers default on their loans.
- Re-Remics? Really?!
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Like Like. Copies of this Code may be obtained from: Reblogged this on Deadly Clear. Anon, the trusts are express trusts created under NY or DE trust law. Until the recent decision in Aurora v.
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Taylor, NY Court of Appeals, the appellate courts and supreme courts pretty much held, you are not a third party beneficiary under the assignment, psa, etc…. As such the foreclosure defendant has no right to challenge the assignment or non-compliance with the psa.
However, the Taylor Court actually reviewed the assignment chain and compared it to the conveyance chain set forth in the PSA and Prospectus Supplement, therefore the defendant does have a right to challenge the plaintiffs succession theory and endorsement chain on the note… forget about mortgage assignment, ownership means NOTE. Anon, your statement is silly and gives people false hope. NY Courts could not give a rats ass when the mortgage was assigned. Rhody good idea w all the Wells Fargo publicity but drop in the bucket compared to what they did to us.
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WHY is no one in our judiciary recognizing all this securitization as the crime it is? Do they not realize they are aiding and abetting the crime? Judges, lawyers, etc.
Anon we had the Aom well brief right from complaint to appellate with your argument. The appellate stayed clear of that analysis and instead found standing by affidavit of servicer. We even cited slorp case and the person who signed assignment was an employee of previous servicer. Fraudulent document. A note not indorsed until summary judgement. This was in New Jersey 10 days ago.
About a third are already in default, according to analysts. The original face amount of the class in millions of dollars. The underlying loan pool has exposure to four property types: Certainly banks are interested in moving some of these securities. It's called a "re-remic," which stands for resecuritization of real-estate mortgage investment conduits.
Please tell me where did you get this information so that I could pass it onto the State Senators. The following is the story of the fatally flawed assignment of our alleged mortgage. Back dating of an Assignment of Mortgage is invalid as it is just like back dating a check six months or years for making a payment.
Conveyances of interests in, or ownership of, real estate or any assets are present tense transactions only. You are commenting using your WordPress. You are commenting using your Twitter account. You are commenting using your Facebook account. Notify me of new comments via email. Notify me of new posts via email.