TCB argues against the government's claim that Ginnie Mae has the authority to extinguish its lien on the collateral for Home Equity Conversion Mortgages (HECMs). The government counters that TCB is misunderstanding the process of securitizing HECM loans under the HMBS program, emphasizing that the process necessitates full assignment of mortgages to Ginnie Mae. They assert that mortgages become indivisible upon inclusion in the HMBS program, contrary to TCB's view that asserts some parts remain separate. The admissibility of expert testimony from Robert Conway is also contested by the government as inappropriate under legal standards.
Taking absolute ownership of the security is a prerequisite to later steps of assigning derivative rights and interests as part of the HMBS program.
TCB's misplaced focus on the treatment of mortgages after their inclusion in the HMBS program ignores that the procedure for securitizing HECM loans... starts with the full assignment.
Collection
[
|
...
]