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Repackaging and Re-Remic: Who’s on First?

Livinglies's Weblog

They were “aggregating” paper not debts or loans. And the courts are presuming that where there is paper there must be a transaction somewhere in there even if there isn’t.
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Starting around 2007, the empty trusts were said to have been repackaged into new special purpose vehicles which also turned out to be mostly trusts. It’s the same game as creating multiple assignments to give the illusion that an original transaction took place, from which all future instruments derive their value. But if the “originator” did not actually loan any money to the alleged “borrower” none of the instruments have any value or utility. They are void.

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No amount of assignments can create the asset and no amount of repackaging will bring the trusts alive.

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THIS ARTICLE IS NOT A LEGAL OPINION UPON WHICH…

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