IRS Form 938- I Have No Idea If This Is Important But It Sure is Curious
May 31st, 2010 | Author: Matthew D. Weidner, Esq.
Sometimes this all becomes a bit too overwhelming, trying to unravel this whole foreclosure cataclysm. This is so far beyond the simple situation where a borrower borrows money from a bank and doesn’t pay….that bank is clearly entitled to their money back.
I’m a fairly bright guy with a good education and a fair to ‘middlin grasp on complex legal issues….I just boil down way complex stuff to smaller parts and learn those complex issues piece by piece. The problem we face in foreclosures today is no-one has any idea who’s really owed money on these mortgages, who is entitled to collect payments on the mortgages, what government money was used to bail out mortgages.
Sophisticated attorneys with years of complex litigation and legal experience are perplexed by the inability of Plaintiffs to answer the most basic questions about litigation.
Experienced circuit court judges with decades of trial court, evidentiary and complex litigation experience have started to ask real questions about the millions of dollars in foreclosure judgments they’re signing every day in their courtrooms to entities that they cannot identify.
Federal judges with hundreds of years of experience are really starting to dig into documents filed and representations made by the parties that appear before them….there are real questions being raised in bankruptcy courts and even bigger questions about fraud and collusion and federal crimes at the highest levels of American businesses.
Thrown into all these questions are some thought provoking comments and research from a subscriber to this blog, like I said, it’s a bit beyond me now, but consider his words….
The best way to prove this mess all got dissolved is to go to the IRS.gov website and look for the publication # 938 for 2006 through the present. This is where you will see that the gain on sale reporting etc all stopped as the securitization machine was turned off temporarily in late 2007.
The trusts were all named and reporting until the end of 07 then 08 is missing??????.
They restart the reporting in 09 but it is down to only Ginnie/Freddie/Fannie/JPM/Citi and random trusts that have been created. The government absolutely knows what happened yet seems to help cover this up thinking we are too dumb to catch it.
2009 reported in 2010
2008? is missing and reverts to the 2009 file?? Don’t believe me. try it.
2007 reported in 2008
They seriously think we are that stupid. What are they hiding from us? Maybe that the banks have committed billions upon billions in tax evasion. Follow what is happening in non-judicial states and you will see the arrogance. They actually show us the blank note endorsement from the original lender yet no recording of the interest through the depositor to the trust. Lack of standing?
Then when they are finished stealing the house they sell the loan from the unlawful foreclosing party(trust) that had no standing to F/C back to the trust through a POA to the servicer and effectively cover their tracks that the loan was never in the trust, they still stole the investors money, and they still claimed the tax exemptions under REMIC.
All while the Govt and IRS watch.
Look at the WAMU BK. They were found to have a 10.3 Billion dollar tax claim filed against them that was reduced to 33M yet Chase got to walk away with a 300 Billion dollar bank 200M in mortgages for 1.9Billion. The loans were shown to have been written down to $0 yet they still want to collect?
Along with the Pub 938 you can review Pub 550 that explains the tax exemptions etc for the REMIC trusts.
No assignments were done as required, no “true and absolute sales under FASB 140″ were ever perfected, No standing has ever been established for most or all of the securitization trusts.
This is the biggest RICO case on earth.
Oh, and maybe we should review who funded LPS…..JPM/BOA/Wachovia when they split off of FIS in 2008.