The Banks called it “The Hustle”. So why is anyone thinking it was anything other than a hustle?
Judges need to reconsider their positions. They need to make the choice between their false perception of a “free house” and a “get of jail free card.”
The plain facts are that those so-called REMIC Trusts do not and never have existed as operating entities. They exist on paper and have no legal significance because they never were in operation. It is not just that the paperwork was fabricated, back-dated and forged. It’s that the presumed transactions never happened. That is why Adam Levitin refers to it as “securitization Fail.”
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