Remember that $700 billion in TARP? It was dwarfed by other government programs including one from the Federal Reserve. The Federal Reserve went from a non-existent player in the mortgage backed security market a year ago to owning $904 billion of the mortgage backed securities today. But we don’t seem to be getting or seeing any reports of exactly what these deals look like or even who the parties were.
The question is where did this money go? To whom? For what? I’m not reading about deals made with investors who are the real creditors. If they are not getting the money at apparently 100 cents on the dollar, then who is? And if the investors were not bought out then who sold the certificates? How could anyone sell certificates they didn’t own?
And if the Fed has “bought” mortgage backed securities, how can a “trustee” with no trust assets be a creditor in foreclosure, bankruptcy or civil suit? How does the Fed feel about all these foreclosures? After all it supposedly is being done for the creditor, which according to these reports is the Federal Reserve System.
Filed under: bubble, CDO, CORRUPTION, currency, Eviction, foreclosure, GTC | Honor, Investor, Mortgage, securities fraud | Tagged: bailout, borrowers, Federal reserve, foreclosure defense, foreclosure offense, lenders, mortgage meltdown, quiet title, securitization |
The father of the liars, Ben Bernanke teaches the rest of them how to do perjury the right way!…. in front of congress in July 2009.
They all are hiding the real party in interest, starting with Ben. They learned the craft from him. Watch him in action a year and a half ago below!
http://www.youtube.com/watch?v=uGs_Qn5yEgs&
Clinton was impeached for this. The banks, their attorneys and Ben, rewarded with control of all our money instead!
I am trying to understand Nye’ question regarding blank assigments. Is it just for re-purchase ?
Or are they consealing information ?
BSE
http://thepatriotswar.com/index.php/what-a-remic-is-and-why-you-should-care/foreclosure-research/
What a REMIC is and Why You Should Care…
By Lane Houk on Feb 10, 2009 in Featured, Foreclosure Defense Research
A REMIC (Real Estate Mortgage Investment Conduit) is a corporation, trust, partnership or a segregated pool of assets that qualifies for special tax treatment under the Internal Revenue Code of 1986 (as amended, the “IRC”).
The principal advantage of forming a REMIC’s for the sale of mortgage-backed securities is that REMIC’s are treated as pass-through vehicles for tax purposes helping avoid double-taxation. For instance, in most mortgage-backed securitizations, the owner of a pool of mortgage loans (the Sponsor or Master Servicer usually) sells and transfers such loans to a special purpose entity, usually a trust, that is designed specifically to qualify as a REMIC, and, simultaneously, the special purpose entity issues securities that are backed by cash flows generated from the transferred assets to investors in order to pay for the loans along with a certain return. If the special purpose entity or the assets transferred qualify as a REMIC, then any income of the REMIC is “passed through” and taxable to the holders of the REMIC Regular Interests and Residual Interests.
First of all, one should understand that just one Trust might usuallly have anywhere from 2000-5000 loans in the asset pool. This is millions of dollars in cash flow payments each MONTH from a Servicer (receiving payments from borrowers) to a REMIC (Trust) with the cash flow “passing through” the Trust (REMIC) without taxation to the investors. The investors have to pay taxes on the cash flow payments from their interests just for the record. But imagine the taxes a Trust would have to pay on $30, 50 or 100 million dollars per year if this “pass through” taxation benefit didn’t exist? Worse, what would be if a Trust that was organized in February 2005 were found to have violated the REMIC guidelines outlined in the Internal Revenue Code? At $4 million per month in cash flow, we’re talking about around $190 Million in now, TAXABLE income. Hmmmm… let me think of a word… Armageddon comes to mind.
If a Trust – or a Servicer or Trustee acting on behalf of the Trust – were found to have violated these very strict REMIC guidelines to qualify as a REMIC, the taxable status of the REMIC can be revoked; the equivalent of financial Armageddon for the Trust and its investors.
Folks, I’m clueing in you in to some major, major insights in the ‘War on the Home Front’ and some very, very potent weapons that can be used to fight this war.
In order for the Trust to qualify as a REMIC, all steps in the “contribution” and transfer process (of the notes) must be true and complete sales between the parties and within the three month time limit from the Startup Day. Therefore, every transfer of the Note(s) must be a true purchase and sale, and, consequently the Note must be endorsed from one entity to another. Any mortgage note/asset identified for inclusion in a Trust seeking a REMIC status MUST be deposited into the Trust within the three month time period calculated from the official Startup Day of the REMIC as per Section 860 of the Internal Revenue Code.
But what if the Notes weren’t actually true sales? What if the Notes weren’t in fact transferred and sold to the Depositor from the Servicer? Or from the Depositor to the Trust? What if the Notes weren’t actually sold and deposited into the Trust within the three month time limit? Oh boy… big problem.
So what’s the deal with all these Notes mysteriously being lost in all these foreclosure cases? Hmmm. Gotta be something to that. Why is it that nearly 100% of every Note I’ve ever seen in a foreclosure case lacks the proper endorsements evidencing the chain of ownership AS DISCLOSED TO THE SEC AND IRS?
I’ll leave it at that for now… things to think about. If you need help or have questions about this, I have a lot more to this story. Just give me a shout. Until then, fight the good fight. Don’t let anyone take your home unless they prove through PROPER documentation that it’s theirs to foreclose and take.
For what it is worth, Kessler in his “omnibus motion to dismiss” states on page 8, paragraph 2
“In order for the Trust to qualify as a REMIC, all Steps in the “contribution” and transfer process(of the notes) must be true and complete sales between the parties and within the three month time limit from the Start up Day. Therefore every transfer of the Note(s) must be a true purchase and sale, and, consequently,
the Note must be endorsed from one entity to another.
Any mortgage note/asset identified for inclusion in a Trust seeking REMIC status MUST be deposited into the trust within the three month time period from the
official startup Day of the REMIC as per section 860 of the Internal Revenue Code.
Nye,
Would you explain the “blank” endorsement comment further?
I am very interested in how the blank endorsement can be acknowledged as proper given the fact that all documents point to the exact assignee including the PSA, Prospectus, and Seller’s agreement. To me it would at least argue fraudulent concealment or tax evasion and possible RICO claims as by using a blank endorsement that avoid having to show the various transfers to entities that should have taken possession to make the transaction proper for REMIC status.
What are they hiding or avoiding by blank endorsements specifically?
Can they all claim the asset on their books by showing they have some status as nominee since everything is confusing as to who is actually supposed to hold or enforce the note?
Does the blank endorsement at least require that a special endorsement be made to validate the enforcement?
Thanks in advance for your thoughts.
Federal Reserve Hires Bear Stearns Fox to Fix the Hen House …
Bear Stearns’s man in charge of risk management, Michael Alix, has just been hired by the Federal Reserve Bank of New York. (Getty Images) …
http://www.thetrumpet.com/
Federal Reserve Hires Bear Stearns Fox to Fix the Hen House …
Bear Stearns’s man in charge of risk management, Michael Alix, has just been … Federal Reserve had to give JP Morgan Chase to step in and make good Bear …
According to the ROD office where I live Greenville South Carolina, I’am to contact the police for a fraudulent assignment. The assignment was executed and notarized in MN. by Liquenda Allotey he has been signing these assignments all over the country.I have no other option but to contact the FBI because everyone I’ve contacted is involved in this cover up.
—–Original Message—–
From: sbrewer@email.com
To: enforcement@sec.gov
Sent: Mon, Dec 21, 2009 8:42 am
Subject: Fwd: FDIC Reply [SCC2009W-015496-0
I believe this goes with the suit and on going investigation of AMBAC and CDOs. I got undated and unsigned allonges not attached to the note, transferred by Mers, that is inactive, lost note affidavits alot of fake documents. Upon researching the federal reserve I see we have a former Bear stearns hired by them which is not good in my effort to have the FDIC uphold its fiduciary duty to me for the lien release
I will continue in my fight against these robbers of peoples homes.My efforts have gone unnoticed. I have now contacted my US Senator,the FDIC,The federal reserve, the attorney general, the omsbudman and now the sec. Is everyone in the government corrupted? I want my home and I have the Note but the asset backed securities, JP morgan the bank of new york mellon can make money and trade nothing but lies Is any one in america gonna help. News media outlets are next.
—–Original Message—–
From: sbrewer@email.com
To: enforcement@sec.gov
Sent: Sun, Dec 20, 2009 8:07 am
Subject: Fwd: FDIC Reply [SCC2009W-015496-0
—–Original Message—–
From: sbrewer@email.com
To: ConsumerHelp@FederalReserve.gov
Sent: Sat, Dec 12, 2009 6:32 am
Subject: FDIC Reply [SCC2009W-015496-0]
Upon review of the email to your office I left out the assignment and some matter of facts.
Upon futher investigation it seems that the Assignment says the Bank of New York Mellon is successor trustee for JP Morgan Chase as trustee for certificates holders of bear stearns asset backed securties,Inc. Asset backed certificates series2003-2,c/o EMC Mortgage corp it’s successors and assigns , all it’s rights, title interest in and to a certain mortgage, together with the note executed by……… to MERS acting solely as a nominee for RBMG. LIQUENDA ALLOTEY as VP !!!!! of MERS. He is also a forclosure specialist for fidility. . Let’s see according to the Prospectus of the 2003-2 series we have some major fraud going on. Securities exchange commission needs to start a formal federal investigation into all listed above.
Most likely, the Chinese government got all that
money because it was a big investor in these securities. The Fed had to buy them , in order
to avoid a war with China.
The Chinese bought these securities because
they trusted the US financial system but that trust
was severely shaken during the 2008 financial collapse.
When a nation allows private banks to create money by monetizing assets, first you get inflation
followed by massive deflation when prices rise to the
point where everyone starts defaulting on their debts.
That’s why Alexander Hamilton fought hard for a
“government owned Central Bank” since creation
of “new” money needs to be controlled by Congress,
not a bunch of “greedy banksters”.
Unfortunately, that “mugwump” Andrew Jackson
destroyed the 2nd US Bank because he did not want
a strong central government, but rather diffusion of
power to the States. Inadvertently, he paved the way
for the both the Civil War and the rise of the privately
owned Federal Reserve System which allowed banks
to monetize assets and cause both inflation, followed by massive deflation as we are seeing now.
It’s time to renew the old Federalist Party and “nationalize” the NY Fed, followed by the issuance
of “US Notes” backed by government bonds to be
redeemed by fair taxation over say a 20 year period.
The REpublicrats haven’t a clue and are totally controlled by the “banksters” who created this mess.
IN addition, for years, banks and lenders have “pledged” or hypothecated the notes the Federal Home Loan Banks or the Fed as part of their credit facilities and is one reason there are blank endorsements !
I don’t think liberal or conservative is the issue, they both are. In fact now may be a very good time to be a politician. The banks have an incentive (and apparently plenty of money) to pay the politicians to do their bidding. I am sure most of them will woop it up and declare how the banks need to be reigned in, but watch carefully behind the curtain to see who is gettings payoffs, lobbying money and other benefits.
Thanks,
Dan Edstrom
dmedstrom@hotmail.com
I’m sorry to tell you but we’ve lost our country. Liberalism has created the biggest mess in history. And the sad part about it is that YOU will all keep voting for these criminals…