On Sun, 22 Feb 2009, Jordan Hayes wrote:
>> IIUC, it's not "some" sense in which the shareholders own the mortgages
>> collectively, it's all relevant senses ...
>
> No, what they own is shares in the trust. They specifically don't own
> the mortgages. Anyway, I'm not talking about selling the mortgages or
> changing the terms; I'm talking about prepayment en-masse. The trusts
> will dissolve on their own.
So when we refinance, the USG is paying off these original mortgages off at full face value? Then why do you need step one? Wouldn't the trusts dissolve just the same even if the current servicers hold them?
Michael