Foreclosure Defense and Offense: Procurations

OK, I admit it, I didn’t know what it was either. But someone of higher linguistic ability than me referred to it as though I knew what it was. So I looked it up and sure enough it not only was appropriately used by him, it is the BEST word to describe the relationship between the various people and entities that created this mess (Now it is part of the glossary):

PROCURATION –

The act by which one person gives power to another to act in his place, as he could do himself. A letter of attorney. 2. Procurations are either express or implied; an express procuration is one made by the express consent of the parties; the implied or tacit takes place when an individual sees another managing his affairs, and does not interfere to prevent it.  [The significance of this in the mortgage meltdown is the tacit agreement between the title company/trustee, the mortgage broker, appraiser, “lender”, mortgage originator, mortgage aggregator, CDO Manager, SPV and Investment bank in committing fraud, violating TILA, violating usury laws, etc.]

  • Procurations are also divided into those which contain absolute power, or a general authority, and those which give only a limited power. The procurations are ended in three ways first, by the revocation of the authority; secondly, by the death of one of the parties; thirdly, by the renunciation of the mandatory, when it is made in proper time and place, and it can be done without injury to the person who gave it. [In the mortgage meltdown environment, no party has ever rescinded or denounced the behavior of any of the other parties because they have sought to vainly to claim plausible deniability. If they renounce or claim an end to the procurations, they are admitting to the existence of the tacit agreements which gave rise to the fraud on borrowers and fraud on investors.]

2 Responses

  1. That is very important section. You are possibly that a good broker. Thanks.

  2. It’s that a good thing?

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