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Living With the Lies

Good blog post by Neil Garfield from the LivingLies blog where he lists the 25 lies and his reasons as to why the statement is a lie.

Livinglies's Weblog

People ask me constantly why I named this blog livinglies. There are lots of reasons. Below is a list of 25 lies we live with. The first sentence is the lie and what follows is a short statement that shows it to be a lie.

  1. Certificates issued by REMIC Trusts are mortgage backed securities.// If the Trust was never funded and never operated and never paid for the loans, there are no loans in the trust and there is no pool of mortgage loans. Hence the certificates are neither securities nor mortgage-backed.
  2. Servicers named in the Pooling and Servicing Agreement (PSA) for a REMIC Trust have authority to collect payments from borrowers.// If the trust does not include the loan, the company has no legal authority to collect or enforce on behalf of the Trust.
  3. Trustees named in the PSA own the mortgage loans on behalf of the Trust. //If…

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