REMIC Search, FOIA, SEC Investigation

REMIC - Real Estate Mortgage Investment Conduit






If you are facing foreclosure, grab a Securitization Audit, or do a FOIA on the Servicer requesting the REMIC, CIK SEC File number, the Creditor Name and Address under the TILA.  


Once you find the REMIC, sometimes right under your nose at the County Recorder's Office, then you are ready to search the SEC Edgar Database. Locate the 424(b)(5), find the Pooling and Servicing Agreement and closing date to add new Notes into the REMIC, cut-off and closing dates for loans that will be included in the pool REMIC. 

More than likely the Sub-servicer is not even named on the 424(b)(5), they are normally acting as a Creditor during the foreclosure cases. The Sub-servicer works for the Master Servicer under the Pooling and Servicing Agreement. In most cases the Form 15-15D has been filed either to terminate the REMIC, or suspend their filing requirements. Either way obtain the certified copy of the REMIC records and termination or suspension Form 15-15D. 

15 12G:  Certification of termination of registration of a class of security under Section 12(g) or notice of suspension of duty to file reports pursuant to Section 13 and 15(d) of the Act Section 12(g). 

15 15D: Certification of termination of registration of a class of security under Section 12(g) or notice of suspension of duty to file reports pursuant to Section 13 and 15(d) of the Act Section 13 and 15(d).

SEC Edgar Search
http://www.sec.gov/edgar/searchedgar/companysearch.html


FOIA Certified Copies
https://tts.sec.gov/cgi-bin/request_public_docs

Section 12 -- Registration Requirements for Securities Securities Exchange Act of 1934
http://taft.law.uc.edu/CCL/34Act/sec12.html

SEC Form Types
http://learn.westlawbusiness.com/support/formtypes.html

Bear in mind, the PROMISSORY Note is not in the REMIC because the taxes were not paid on the transfer within 90 days of the transfer deposit of the Note to the REMIC, that means the Note is unsecure as it was not properly transfer and deposited into the REMIC. There is no holder in due course of the Note.  


Jean Keating often said you are the Donor of the Security that went into the REMIC.  You’re not paying the note off, your payment is a donation on the security, the value of the security, not on the property – the real estate.  Remember, that note is a security – not a note. You’re not paying off the property.  You are paying the tax on the security, which was never your responsibility -  It always was the original Lender's tax responsibility when they transfered Note to the REMIC.  

Treasury Regulations, Subchapter A, Sec. 1.1015-5

 As a result of the transfer, receives income.[3]  This income is recognized where the gift tax exceed the donor’s basis in the gifted property.[4]  Diedrich v. The Commissioner 457 U.S. 191 (1972).  The donee’s resulting basis is determined by the type of transaction.  Assuming there was no Deiderich type of gain to the donor, the donee’s basis is the sum of the donor’s basis plus any gift tax paid at time of gift related to appreciation of the asset[6], not to exceed fair market value at the time of the gift.  Treas. Reg. § 1.1015-5A, if a Deidrich part sale, part gift transaction controls, Treas. Reg. § 1.1015-4, provides the transferee’s basis is the sum of the greater of the transferee’s payment…

The amount that you transferred, which is the value of the security – the amount that you transferred to original Lender at closing is the amount of the tax they owe.  The mortgage amount is the tax that the original Lender owes – not the homeowner. 

Ftnt 2.  The donor may be deemed to have paid the tax by ordering the donee to pay it to the IRS.  Estate of Sachs v.Commissioner, 88 T.C. 769, 778 (1987), aff’d, F.2d (1988 WL 94421) (1988).

You could send a letter to the mortgagee, ordering them to pay the tax.  By ordering the donee to pay it to the IRS, which was this case of Estate of Sachs v.Commissioner, 88 T.C. 769, 778 (1987), aff’d, F.2d (1988 WL 94421) (1988).  Sue them in tax court.  




Note: Do Not ask Us where to find a good company to do a Securitization Audit. We do not provide recommendations for this service.  Plus, it is Free when you write to your Servicer and/or Trustee to produce the Creditor, REMIC.



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REMIC Search, FOIA, SEC Investigation 2012-06-14T23:05:00-07:00 Rating: 4.5 Diposkan Oleh: Unknown