Where are REMIC Investors? Are they not beneficiaries?

Stop thinking about investors as beneficiaries under a REMIC Trust (PSA), a Deed of Trust, mortgage, note, debt or anything else when it comes to residential mortgage loans --- which may or may not be "loans" in any conventional sense. Just like we have torts without a name as long as you can plead duty, breach and proximately caused damages, we might  have a similar situation here with an agreement without a contract that is called a bond without any definite promise to pay. 

And the courts agree. When investors sue to take advantage of terms or provisions of the so-called trust instrument, the courts tell the investors they have no standing because they are not part of the trust instrument. They are not beneficiaries, they have no right to view the assets, or to complain about mismanagement. They waive all right, title or interest to the debts, notes and mortgages that are increasingly looking like they are not "underlying."