Banks are tax payer corporations having structured their platforms to revolve around mortgages for one specific purpose – capital requirements. The structure involves a holding company and timeline to complete a series of steps.
In doing this the corporation Bank becomes a wholly owned subsidiary of a newly formed tax payer holding company. The holding company structure will provide the Bank with additional flexibility for taking advantage of opportunities under the continually evolving laws governing financial institutions.
The holding company formation did not change equity or voting interest in their operations relative to other stockholders. In each of these post 1998 reorganizations, stockholders of the Bank received one share of common stock of the new holding company, ABC Holdings, Inc., for each share of common stock of the Bank they own.
The Bank’s common stock is traded publically under the trading symbol “ABC.” The scheme structured there organization to be tax free to stockholders.
The reorganization was adopted and invoked by stockholders for Indy Mac; F.S.B. IMB FSB is a federally chartered savings bank operating under the Regulations of the Office of Thrift Supervision.
Indy Mac F.S.B. offers Bank’s deposits that are insured up to the applicable limits by the Federal Deposit Insurance Corporation.Debtor contends that the filing for a conventional foreclosure is clearly moot under allegations of civil administrative forfeiture in bifurcation of claims.
The opposition and creditor pursue order for entry of for judgment obtained in Rem proceeding, to arrest title to the estate and in companion filings for FDCPA collection procedures from 30 day publication and entry for summary judgment.
Creditor claims are for equitable interests held in certain Special Purpose Entities used previously to house the entire estates equitable and legal title.
Discovery will demonstrate the orderly manner in which Rem proceeding are enabling the lawful arrest of title to the estate from the dominion if a statutory trustee.
The orderly manners in which Rem proceeding enable a lawful arrest of title to the estate from the statutory trustee beg the question of how did the equitable interest transfer. What emerges as highly oppressive claims brought against the households is viewed, subject to discovery, as an improper use of one title for the benefit and gain for another for a bargain made in mutual trust and good faith.
Household debtor is portrayed as a conventional foreclosure but is in fact a vendee in a purchase and sale scheme for which title taken by the trustee in advance of a default.
Household debtor contends the foreclosing parties represent the botched or failed scheme that reversed the procedures characteristics of long term single family housing over 30 years.
Not for rerproduction and not intended as legal advice – call the sate bar for more information .