Letter | Virginia Delegate Bob Marshall to Secretary of Finance Richard Brown “Were the REMIC tax status of the RMBS trusts to have been violated, what is the potential tax revenue due the state?”

They are starting to see the light…

Now if only the laws were followed…

Some of the other questions that were so intelligently asked…

1. How much in MBS does VRS hold at present?

2. How much in MBS’s has VRS purchased in the last year?

3. What was the dollar valuation when these were first purchased?

4. How much has the dollar valuation varied since 2007? i.e. how much has VRS lost on the drop on MBS’s?

5. How much was lost by VRS in 2008 when the Wall Street Rating firms drastically re-evaluated the AAA rating of the MBS’s held by VRS on a single day?

6. Does the VRS ask the rating agencies for their methodology in evaluating MBS’s?

7. What exposure does Virginia, the Virginia Retirement System and local governments in VA have to Real Estate Backed Securities (RMBS) and RMBS derivative investments?

8. Has the McDonnell Administration asked the local governments and authorities what the potential impact could be to their ability to recover losses from these types of investments were VA to sign off on a waiver of civil or possibly criminal liability for all mortgage related issues as may be considered in the nationwide Attorney’s General MBS global settlement process?

9. I realize that one level of government may not tax another level of government, but if the special Real Estate Mortgage Tax Investment Credit tax status (REMIC) of the RMBS trusts have been violated through break in chain of title or lack of collateral behind the RMBS, what is the potential federal tax liability or other funds transfers of the local and state government entities including Industrial Revenue or other state or local created authorities including VRS holding these investments?

10. Were the REMIC tax status of the RMBS trusts to have been violated, what is the potential tax revenue due the state?

11. Based on filings and pleadings in various national cases brought by investors in Real Estate Mortgage Backed Securities (RMBS) against banks and trustees (most often banks) that in most cases the collateral was never secured by the trustees even though the trustee certified annually that the assets were secured. (See AIG v. BANK of America for 15 Billion dollars http://www.nytimes.com/2011/08/08/business/aig-to-sue-bank-of-america-over-mortgage-bonds.html?_r=1&pagewanted=all; Knights of Columbus v Bank of NY Mellon http://online.wsj.com/article/BT-CO-20110527-709621.html; and AHMSI v. Lender Processing Services (LPS) http://www.housingwire.com/2011/08/23/ahmsi-sues-lps-and-docx-over-robo-signing-scandal?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+housingwire%2FuOVI+%28HousingWire%29)

Full letter below…




Bob Marshall to Secretary of Finance Richard Brown

9 Responses to “Letter | Virginia Delegate Bob Marshall to Secretary of Finance Richard Brown “Were the REMIC tax status of the RMBS trusts to have been violated, what is the potential tax revenue due the state?””
  1. Wanda says:

    April 13, 2011 Alexandria Virginia
    Foreclosed and sold back to bank.
    Check out the Deed of Trust…. Map Id doesnt match …docs signed ny Janice Davis Central Mortgage….?

  2. Linda says:

    As we all know (and I hate to say it), the same will continue– banksters get free OUT OF JAIL pass; homeowners will still be considered deadbeats.

    • lvent says:

      If they get away with an “illegal” fix for all of their fraud then the next thing will be hell on earth…and I am NOT exagerating in the least…..If we think it is bad now, and we continue to allow this tyranny to continue then it will soon be a Totalitarian one world fascist dictatorsip which no one will agree to live under that and then foreclosures won’t matter because it will be Anarchy and every man, woman and child for themself……….THE TIME TO SWARM THEM IS NOW….WHAT ARE WE WAITING FOR??? WE NEED A NATIONWIDE TAX REVOLT, MORTGAGE REVOLT, CREDIT REVOLT AND MULTINATIONAL BANK REVOLT, THEN WE HAVE TO SWARM WASHINGTON AND NOT LEAVE UNTIL OUR RIGHTS ARE UPHELD AS WELL AS ALL OF THE STRICT PROPERTY LAWS THAT WERE PUT IN PLACE BY OUR FOUNDING FATHERS TO PROTECT WE THE PEOPLE FROM A GOVERNMENT THAT IS ACTING LIKE A TYRANNY AGAINST ITS OWN PEOPLE AND OPRESSING ITS OWN PEOPLE… WE MUST DEMAND THAT WALL STREET RESCIND ALL OF THE FAKE MORTGAGE DEBT THEY CREATED, PAY BACK ALL OF OUR STOLEN MONEY AND MOST IMPORTANT ABOLISH THE FEDERAL RESERVE SYSTEM OF DEBT CREATION….. OR ALL POLITICIANS MUST STEP DOWN….

  3. Beth A says:

    Somebody do something – there has been pervasive fraud on waaaaay tooooo many levels.

    • Stupendous Man - Defender of Liberty, Foe of Tyranny says:

      I’m sorry to say that your attitude is among the ways we have collectively landed in this mess. Folks always want SOMEONE ELSE to do something, or take care of the problems. But ultimately it is up to all of us as individuals to do something.

      So Beth, what is that YOU can do?

      • lvent says:

        The American people need leadership and I am not suggesting that it has to be a politician… but ultimately, We The People are going to have to demand OUR RIGHTS and the RULE OF LAW be upheld in court. If there is fraud anywhere in the “loan” history than there is fraud in the foreclosure and if a pretender lender brings a foreclosure suit on a cloudy title, than that should cause an immediate loan recission and clear title back to the homeowner….Anything less is unacceptable……The financial terrorism of MAINSTREET by WALL STREET must stop. WASHINGTON MUST MAKE WALL STREET PAY FOR THEIR MASSIVE FINANCIAL CRIMES….AND FORCE THEM TO PAY BACK WHAT THEY STOLE FROM MAINSTREET..

  4. John Anderson says:

    GOOD QUESTIONS. But most good questions, often go unanswered.

  5. lvent says:

    This is an awesome point and also proves the MASSIVE CRIMINALITY……This massive amount will put all of them out of business…This truly is the rope to hang them with as well as all of the lost recording fees that they owe the County Recorders. Fraudclosure is a sham and a fraud….they are all bankrupt and no amount of stealing from MAINSTREET IS GOING TO COVER UP THIS MASSIVE CRIME SPREE….

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