You Want To Know Why…. Securitization Fail: PHOENIX LIGHT, et al v JPMORGAN CHASE & CO, et al
“Excerpt: 1002. The need to fabricate or fraudulent
every single one of the large financial institutions deserves to be closed and dissolved, their officers imprisoned and every single one of the regulators involved, including The Fed, SEC, OTS and OCC should be thrown in the gulag, fed stale bread and water and then eaten by wild hogs?
Read that a few times — however many times you need to.
Out of the entire sample in this so-called REMIC not one of the surveyed loans actually was timely deposited into the trust and of them about half were NEVER deposited at all.
Under the law the Trust is thus void.
It does not exist because as a REMIC all the assets had to be in the trust by the grace period (not two years later) or it cannot be organized as a pass-through tax entity and the rest of the so-called “assets” were never deposited at all. Without one legitimate asset as discovered in this audit the trust is an empty box — it has no corpus!
But this empty shell has behaved as an actual trust. It has directed a servicer to process payments. It has foreclosed on people who didn’t make payments. It has distributed funds to certificate holders who in fact paid good money for nothing whatsoever as there’s nothing in there.
EVERY SINGLE PERSON WHO PAID TO SAID SERVICER WAS SCREWED AS THEY DID NOT PAY THE ACTUAL OWNER OF THE DEBT IN QUESTION, EVERY SINGLE INVESTOR WHO BOUGHT SAID “CERTIFICATES” AND GAVE GOOD FUNDS FOR NOTHING WAS ROBBED AND EVERY SINGLE ACT DIRECTED BY THE HAND OF THIS NON-CONSTITUTED ENTITY THAT CLAIMS TO EXIST BUT HAS NO CORPUS AS IT HAS NOTHING LEGALLY DEPOSITED AND PRESENT IN IT DID NOT THEN AND DOES NOT NOW HAVE LAWFUL BASIS.
This is not a box of chocolates that was in fact dog turds, it is an empty box containing nothing.
This is not an accident. This is not a “few” loans that didn’t get where they were supposed to on time due to technicalities or processing errors. This is an empty vessel that was represented up and down the line from inception onward as a fully-functional and legally-constituted investment vehicle that exercised powers it did not have because it in fact possessed nothing.
Not only did the principals involved in this not do anything about this the regulatory apparatus — from The Fed to the OCC to the OTS to the SEC to Tim Geithner and President Obama didn’t do anything about it either, not then and not now.
WHY should you, I or anyone else have any obligation to any so-called “law” when this sort of abject and outrageous abuse goes on for years and it takes a lawsuit to perform any sort of diligence upon the corpus of this so-called trust – and when that is done what is found is an empty ****ing box!
WHERE ARE THE DAMNED HANDCUFFS AND WHY ARE YOU PUTTING UP WITH THIS CRAP AMERICA?
And by the way, I asserted exactly this had happened more than five years ago. Now we have proof.
[scribd id=165380406 key=key-d7tithr7j7f29i0l10i mode=scroll]