CAPITATION IS NOT MORTGAGE LENDING OR MORTGAGE SERVICING-It is in this case a punitive tax on the household levied and collected at time of the foreclosure sale
In this case the lender First Horizon sold the present value of the right to accrual and title not mortgages and retains the ability in the future to hold or sell its retained MSRs. Everything else is a future value. Their contract states “… in certain circumstances sales of MSRs during the first three years after closing could result in First Horizon having to pay Purchaser MetLife Bank certain make-whole payments or an early termination fee as discussed below.
The purchase price is to be based on First Horizon’s unaudited balance sheet, believed to be a schedule of loans liquidated to trust shares and therefore never sold . The accruing schedule is updated daily as of the closing date subject to a post-closing true-up mechanism in a manner prescribed in the APA the Federal Administrative Procedure Act
See the Auditor work entered as Prima Facie fact there is no basis in asset until time of foreclosure and by backdating collaborators are able to shelter income from taxes by issuing consumers the tax form 1099 A . That’s punitive and violates the consumers 14th amendment as well as the fifth under the taking clause.
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