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I have been involved with all three branches of government for a long time. The sudden release or barrage, if you like, of the MERS cease and Desist, the Senate Report, and the decisions by several courts reported in recent days is no coincidence. It’s all about politics and the 2012 election. It’s a lot of words on paper, spoken in grand speeches and agency actions that COULD  mean nothing. That said, I think that the banks have had their 15 minutes and that the Obama DOJ and Federal Agencies are getting ready for a variety of options — all of which amount to showdown with the Banks.

In the meanwhile, the facts coming out in support of the actions taken in the last few days and what will still come out will be very damaging to the megabanks. It is even possible that they will reach a tipping point, particularly if the administration reverses itself on criminal prosecutions. In the 1980’s 800 people went to jail in the savings and loan Lincoln Savings (Arizona) crisis and I mean to tell you I knew some of them, and the ones that didn’t go to jail were well aware that there but for the grace of the almighty, went someone else.

Whether intended or not, each step escalates the position of the megabanks from being adversarial to being in a pitched battle for survival.. In the end it is hard to imagine a scenario in which they will survive. The question is not whether they will last, but how much damage will they be allowed to cause before they either collapse of their own weight or are brought down by regulators. Every day the corruption of our title registry in all 50 states is compounded by false and fraudulent foreclosures. Every day increased pressure is put on housing prices because of the illusion that the foreclosures were valid and real.

Whether anyone realizes it or not, Obama has an advantage that nobody but a few inner circle could have been thinking about — the slingshot effect of a sudden shift in the housing market wherein the middle class suddenly reappears, banks become competitive, and the control of government by a few Wall Street individuals abruptly ends. Of course this is wishful thinking — but it also a pretty good estimate of things to come. The balance sheets of the megabanks continue to be so far over the line of, as reported, as to be a mere continuation of the process of attaching AAA ratings to mortgage bonds representing interests in asset backed pools that either didn’t exist, or had no assets, or both. Their assets are based upon old appraisals of property and securities that are so far over-stated, any officer of a public company signing those representations and any auditing firm certifying them, is not only risking their business existence, but their liberty as well.

BOTTOM LINE: We have slowly moved from a position where the legal defenses and strategies recommended or proposed on this blog have gone from preposterous to dangerous. Every prediction and description here of fabrication, fraud and forgery on a wide scale, every assumption made on following the money has been right on the money. Go back and look for yourself. So here goes. It has been my opinion since June, 2007 and remains my opinion, that there is no way out of this jam for the megabanks. The entire securitization scheme was an illusion and the 31 million mortgages active on MERS as well as 50 million or more other mortgages are NOT legally secured, and will be stated as such within 2 years.

It is further my opinion, as stated in early articles 3 years ago (Why You Don’t Owe the Money) that in most cases there is no liability running from the homeowner to anyone on Wall Street. Lastly, it is my opinion that there is very likely little or no liability running from the homeowner to anyone else because of the PAYMENT of monthly payments by servicers, and the PAYMENT of amounts that should have been allocated to the Principal obligation by third parties who, for reasons of their own, expressly waived any right to subrogation, which means they expressly in writing waived the right to collect.

Sounds counter-intuitive, fantasy based, a load of crap as one judge put it in Florida? That Judge characterized what I have said into a statement that all securitization is illegal. That is absurd. Virtually everything that happens on Wall Street is a form of securitization and it has been happening for hundreds of years and will continue for hundreds more. From that mischaracterization, the Judge went on to say that I was wrong. But I have not been wrong. It is the failure of the pretenders to follow their own securitization documents, the failure of the pretenders to follow state and federal law, and the failure of the pretenders to properly document and disclose the transactions to the investors and borrowers that will bury them — not some far out theory that securities are illegal.

The “can” will be kicked down the road s long as it is politically expedient to do so. President Obama has a pattern of waiting and biding his time and instead of leading the charge, letting the charge build and then leading it. Like Lincoln, he figured out that if you do something that the people already want, the opposition will have very little to say about it. That is what I predict will happen in 2011 and 2012. More people will be relieved from this foreclosure mess than currently meets the eye.

33 Responses

  1. Mr Garfield I came across your website and I was very impressed with your knowledge and desire to help WE THE PEOPLE. I live in Santa Cruz , Ca and Iam like so many trying to save the home that I worked so hard for more than twenty years to keep and have a family.
    I don’t know if you are an attorney or not but I have an idea that I need to get clear about the blessed banks. I wouold love to talk with you and explain my idea (I am old fashion).
    My phone number in Santa Cruz, Ca is: 831-429 1049, or if you prefer just E-mail your aknowledgement to this request, thank you so much and keep the great work you are doing.
    Miguel Vega

  2. Are you absolutely certain the right to subrogation was waived? This has been worrying me. If true, it’s HUGE.

  3. Mary_Cochrane@saveamericaone.com,

    Absolutely agree about President Obama. What the heck happened?? Did he lose all backbone??? — someone advising him — all about political contributions. Thought he may have been above it — at least the potential to be above it. No go.

    And yet, know that some of his biggest “private” backers — in NYC — backed him on “social issues” — and NOT financial issues. However, they subsequently influenced on financial issues.

    I care about social issues too — but, have subordinated these issues to the more pressing financial issues at hand. President Obama — think he has become a complete puppet. Total control by Wall Street and affiliates — who politically promote social issues at the sacrifice of financial fraud. And, the coffer for this agenda is big.

    Second term?? Not happening. But, my friends, the Republican alternative — is by far no better – and I was once a Republican — free markets – capitalism — not what we though it was.

    All of this mess is politics. Controlled. This is why it is imperative to establish our own “lobby”. Our own voice. Have enough support here — just no organization.

  4. Nobody knows for sure how much money Barack Obama’s campaign collected through unidentifiable pre-paid credit cards, but it was in the millions, most likely in the tens of millions, and it may have been as much as 200 million dollars.

    Anonymous people would put names like Mickey Mouse or Donald Duck as the person making the pre-paid credit card donation to the Barack Obama campaign and apparently the donation went through!

    Hillary Clinton and John McCain were just a couple of fogies that did not allow such campaign donations.

    Can a president elected under those methods be counted on to go after the very people who probably helped him pull off the credit card donation fraud?

  5. Sadly President Obama made an agreement with ‘somebody’ before entering office. Why do I make this claim?
    With the past year his converstation with advisors was revealed in public that he would only look forward not back.

  6. What is Obama going to do about the massive fake and fraudulent Title transfers that have already happened ?

    What is Obama going to do about the corrupt attorneys at the title companies.that when they are not fighting for forged deeds in the courts are entering false records at the county land registrys.

    what is Obama going to do about someone like William P Foley CEO of Fidelity National Title and recent Chairman of LPS Docx who hides in a Golf Cart after giving all his corrrupt soldiers their marching orders for scams that take properties away from true owners.

    Wm Foley is far worse than any Bernard Madoff to the people of this country.

  7. What about the superior court judges in California? Shouldnt they be charged with aiding and abetting the Banksters?

    What about the Robo Judges in Florida? Who allowed the Economic Genoside? Shouldnt they be charged with aiding and abetting Crimes against Humanity.

    How are they different than Gaddafi or Assad or Sadam Hussein?

  8. “State attorneys general and some federal agencies are seeking to penalize the nation’s five biggest banks for abusing homeowners and breaking federal rules and state laws during the foreclosure process.

    Federal bank regulators at the Office of the Comptroller of the Currency object to those efforts, instead pursuing modest fines and a redesign of how mortgage firms treat borrowers to ensure abuses don’t occur going forward. Some Republicans in Congress have argued that a broad-based mortgage relief program would hurt banks’ balance sheets and impede lending.”

    How can anyone vote Republican? Or Democrat?

    They all have to go! There has never, in the entire history of this nation, or even of mankind, been a more established and perfectly grounded kleptocracy as is in place now. And if we don’t rise up to meet this menace, we might as well resign ourselves to the slave quarters out back.

    It’s now or never folks…them or us….here and now. Rise up or pick cotton for the rest of your days, it’s your choice.

  9. Dear SWARM the BANKS,
    Thank you for your informative response.

    Cubed2 very clever! Now both the consumer and fraudster swould be on equal footing.

  10. Thank God the government was able to shut down several online poker sites today….that was close! Millions of people around the world were actually getting together on these sites and playing cards! Cards I say! The next thing you know there might be online bingo for seniors! The government claims….”They lied to banks about the true nature of their business.” Whew! That was close! And it looks like this time there will be convictions, unlike with Goldman’s group who only gainfully sached [sic on purpose] the entire planet.

    To think that these lost souls lied to the banks….the same banks that have single handedly financed the Mexican drug cartel to the point that DEA officials say that without America’s banking partnership in laundering, these cartels wouldn’t exist.

    As reported today, these Mexican cartels are now routinely killing children to get their point across to their adversaries. Most of the largest banks in America are knowingly laundering for these terrorist baby killers.

    Tell me one good reason why we don’t march on Washington and Wall Street. I’m all ears. Death to Wall Street! Like Max Keiser said, “Maybe we need to hang a few bankers to get their attention.”

  11. Let me remind you about Hillary Clinton: Whitewater Estates, anyone?

    The Rose Law Firm?
    The record that were missing for 3 years and found in the White House closet?

    That was a deal where Hillary was the lawyer who drew up the contracts that had borrowers losing their land after missing one payment. Yes, instant default.

    Do you still think she is your friend? C’mon. Get real!

  12. Jay,

    Please don’t base rights or leverage on the QWR. My experience was the Servicer wrote back 4 months latter saying they are the Servicer and under RESPA and they would provided the account history (heck, I did even get that). They said they are not the originator and do not have to provide any origination. They said they are not affiliated to the originator (lie). Here we go again, your BNC Mortgage originator is shut down and gone. Why is it all the loan originators are gone?
    It’s the same story. I googled search BNC with Ocwen. Is this your story?


    Caution on those forensic audits. In 2009, I suffered from it to being the brokers or employee lending related running all the rescue scams. Who better knew what to look for than the perpetrator themselves. No disrespect toward any true auditors. The audit is only an opinion so please don’t get locked into any high fees for some software check list print out. At the very least let the person know you read Cal. Civil Code 2945-2495.11

    Try Niels title and securitization here under homeowners.

    Try calling Title Co. for docs.

    The DRE has a 1 year statue on fraud if that’s what your claiming. They wrote stating I discovered fraud when I returned to the broker to gather missing docs.
    “Great!” I wrote back. “That means only 8 months have gone by. I’m good.”
    They wrote back, “Oh, wait. You discovered fraud when you had a forensic audit done. Sorry your pass the statue.”
    I wrote back saying, “If I discovered fraud. Where is it? Where did you find it?”

    I had to complain to the Commissioner to get an investigation. So they investigated only to write back stating they found nothing. I wrote back asking what they found and what documents they were able to collect. No response.

    My point is I guess once you have that forensic audit done, which is not actual evidence, according to the DRE your statue time is ticking.

    I have no experience with this lawyer but they read to be up on things.


    I hope this helps. But please don’t wait on responses. I don’t know about change in 2011 but in 2009 part of the scam reported is to ignore you until late fees add up past you being able to pay.

  13. Anybody have info re. “quiet title” to make it unsecured debt?

    I’ve been through the usual back and forth “loan mod hell” for a year with IndyMac/OneWest Bank.

    Got a trial plan, paid 1rst month, looked at my papers and realized MERS is “beneficiary”, don’t know where the promissory note is, wrote a QWR for (probably forged) mortgage assignment documents—still waiting—and wondering:

    Why should I make more payments on a “trial plan” with hopes for a “permanent mod”, when the whole chain of title is bogus and/or non existent?

    If I file quiet title lawsuit, can it be declared unsecured debt? Then I file bankruptcy?

    I want to stick it to them SOOOOOOOOOOO bad!!!

  14. It is all part of the play and we know the actors including us, we know the screenwriters as just a group of Elites giving cue lines when necessary.

    We know not which act is currently on stage or when the last act is upon us.

    The curious thing is our parts; many have been ingrained through MSM and the education system and others will come from our will to survive and are yet to be rehearsed.

    I am betting that there will be some major ad-libbing from us that the screenwriters can’t control in the end.

    Enjoy the show

  15. “According to the law of large numbers, bundling of loans creates statistical predictability.”


    GOOD, here’s your god damn law of large numbers-



  16. Somebody please wake me up when all this is over. LOL

  17. “There should be a box that can be checked or unchecked. Re: would you like this mortgage to be securitized and sold and resold? If checked, you should be paid a percentage of any gain”

    And if unchecked, mortgage or product is 1/2 the listed price.

    ie, computer if sold w/o ABS= $500.00

    If sold with ABS= $1000 plus percentage of profits.

  18. Mary Cochrane asked…”Would Hillary Clinton really have fixed this when former President Clinton approved the GLB Act in the cloaking of over 300 bills? President Clinton appologized on national tv during an interview that he should not have listended to his advisors. What would have happened differently?” ….endquote.

    Yes for two reasons. Reason one, Hillary Clinton brought up the issue of the housing crises during her campaign and did not shy away from the issue throughout the democratic campaign.

    Reason two is based on your analysis. Bill Clinton would have BEGGED Hillary Clinton to fix the housing crises specifically because the rescinding of Glass Steagall happened at the end of his term.

    George Bush saw what was going to inevitably happen in the housing industry rather than fix the problem instead used the data from Glass Steagall to help get re-elected the first time.

    However, because of the rescinding of Glass Steagall more minority homeowners were able to purchase homes than ever before.

    If Bush had tried to quash what Clinton started he would have been labeled racist and acting like a typical republican. So instead he used the record minority home ownership data to help puff up his re-election strategy.

    I’ve done extensive research on Barack Obama’s activities regarding the home mortgage crises and his handling of HAMP might actually be an impeachable act, except for the fact that republican politicians would never side against the bankers by impeaching Barack Obama over his lack of leadership against the banks.

    How twisted is that!

  19. @ cubed2k

    “It’s trading god damn baseball cards with no real product”

    Exactly. And to what result? With their activities being nearly half of the nations GDP, it means that each 50 cent apple is a dollar. Add their speculative greed and it costs $80 to fill the gas tank of a waitress working for min wage.

    Stating that securitization has been around for a long time doesn’t change the fact that it’s a forced transaction on an unwilling, unknowing subject. Rape has been around for a long time as well.

    There should be a box that can be checked or unchecked. Re: would you like this mortgage to be securitized and sold and resold? If checked, you should be paid a percentage of any gain. It’s simply an old fashioned bookie’s game.

    The only difference in modern securitization and age old Mafia styled bookie practices is that our entire government has been captured and is now the rules maker/changer of the scheme. There’s simply too much money to be had in this raquet. It can’t stop due to the fact that you can make loads of money without having to work for it.

    That’s Wall Street’s meal ticket in a nutshell. Making money off of other hard working people’s labor. Easy money, as long as it’s backstopped and guaranteed by working peoples money. Heads they win, tails we lose. WTF!



    As regulators and law enforcers battle this out, banks are ramping up foreclosures with increasing speed. A new report from ForeclosureRadar, which measures some of the most distressed markets out West, shows a big jump in March foreclosure sales, the final stage of foreclosure. Total foreclosure sales were up 35 percent in California from February. In Arizona, sales back to the bank (REO) were up over 60 percent and in Nevada bank repo’s were up 160 percent.

    Granted, March has more days than February, and that juiced the numbers a bit, but the daily averages were also way up.

    What this tells me is that the banks want to get these properties through the system and fast; they don’t want to wait for a settlement that will slow the process or force them to forgive principal on these troubled loans, which even with reduced balances will likely end up back in foreclosure anyway.

    So while negotiations for a settlement of the foreclosure paperwork snafu drag on, the banks are turbocharging their foreclosure activity. Makes sense: Fewer defaulted borrowers on the books mean fewer loans that they can be forced to modify. This probably is a strategy that works best in the non-judicial foreclosure states.

    The old banking adage that your first loss is your best loss, is once again proving its value. I suspect that there are quite a few bank executives who rue not having bitten the bullet early on, thus avoiding the mess they now find themselves amid.

  21. My 208 faxed and certified mail pages for HAMP is still in the garbage .
    Mr. Edelson work on this :


  22. Now I ask, what on Earth in God’s Heaven does all this Wall St and Banking crap have to do with the SURVIVAL of the human race?

    It’s trading god damn baseball cards with no real product………………………….

  23. From above Neil’s comment – ” Virtually everything that happens on Wall Street is a form of securitization and it has been happening for hundreds of years …”

    Now here’s your Wall Street and Banks coming up with “Financial Products” :


    SIV’s – Long term assets could include, among other things, residential mortgage backed securities (RMBS), auto loans, student loans, credit cards securitisations, and bank and corporate bonds. Because of this structure, SIVs were considered to be part of the shadow banking system.

    So they (Wall St & Banks) create these products so they can be traded amongst themselves:


  24. neil,

    i truly believed you since you started this web site. reading your articles give me more ammunition to fight. thank you very much for giving us hope and encouragement to fight to keep our property from the thieves.
    kudos to you neil and thank you very much.

  25. Mr. O’Brien is a brave soldier leading the fight at the county level. We need to create awareness (PRESSURE) on all fronts. Call him and give him your support. He is a great man doing great work.

    Abby in CA, I have read your letter to Hayashi and will be contacting her shortly.

    17 Congressional District Congressman Sam Farr passed my complaint on to a county supervisor. Thanks Sam, for (NOTHING)!

    So. Essex County Register of Deeds O’Brien “issues are not swept under the rug and settled for pennies on the dollar”
    Thursday, 14 April 2011 0 Comments

    For Immediate Release


    Register of Deeds

    Phone: 978-542-1722

    Fax: 978-542-1721

    website: http://www.salemdeeds.com

    Commonwealth of Massachusetts

    Southern Essex District Registry of Deeds

    Shetland Park

    45 Congress Street

    Suite 4100

    Salem, Massachusetts 01970


    Register of Deeds

    Phone: 978-542-1722

    Fax: 978-542-1721

    website: http://www.salemdeeds.com Commonwealth of Massachusetts

    Southern Essex District Registry of Deeds

    Shetland Park

    45 Congress Street

    Suite 4100

    Salem, Massachusetts 01970



    Salem, MA

    April 14, 2011


    John O’Brien, Register of Deeds



    In light of the action taken by the Department of Treasury, The Federal Reserve, Federal Deposit Insurance Corporation, Office of the Thrift Supervision and the Federal Housing Finance Agency, whereby they issued a Cease and Desist Consent Order against the Mortgage Electronic Registration Systems, Inc. “MERS”; Essex County Register of Deeds, John O’Brien , who has been leading a national effort to ensure that MERS and its member banks including Bank of America, J P Morgan Chase and others, be held accountable for the damage that they have inflicted on the land recordation system and their failure to pay recording fees, said that he is very encouraged that this action has been taken. O’Brien, however, cautioned that this is just the beginning of a very long process to ensure that these banks are held accountable both monetarily and legally for the damage that they have done.

    O’Brien, along with Register of Deeds, Jeff Thigpen, of Guilford County, North Carolina, have asked that representatives of the Registers of Deeds across the nation be given a seat at the table during any discussions with MERS, its member banks and any and all government agencies. “It is imperative that we make sure that our voices are heard. As Registers, we have the responsibility to ensure that our records are accurate. We must never lose sight of the fact that millions of homeowners across this country have had their chain of title compromised. This is a very serious issue which needs to be addressed. In addition, MERS must be held accountable for their failure to pay billons of dollars in recording fees. Fees, I might add, that everyone else is required to pay. We will continue to lead this fight to make sure that these issues are not swept under the rug and settled for pennies on the dollar. The taxpayers must be made whole, and the homeowners must be guaranteed that their chain of title is accurate.” said O’Brien.

    via So. Essex County Register of Deeds O’Brien “issues are not swept under the rug and settled for pennies on the dollar”.

  26. This is a great post. One point, however, is that securitization may have been around for a long time, but it is a vehicle for fraud as far as I can see. I do agree that the mega banks will fall on the basis of violation of of hundreds of years’ old property law. No standing means no standing, and you can collect on a debt you do not own. Pls see Fair Debt Collections Practices Act or similar state statutes. Burmese8@yahoo.com

  27. Mary_Cochrane@saveamericaone.com

    Thanks for the heads up..

    How can I get a copy of the original file? Should I wait for the QWR info? or is their some thing I can do now?

    As far as Court do most people fight this in BK Court or Civil Court?



  28. Obama will become Moses. He will lead us to the promised land?

  29. Would Hillary Clinton really have fixed this when former President Clinton approved the GLB Act in the cloaking of over 300 bills? President Clinton appologized on national tv during an interview that he should not have listended to his advisors. What would have happened differently?

  30. Jay get a copy of the ‘origination file’ documents and a forensic audit right away! Evidence is what you need and will prove the party standing before the court is without standing. That is how they designed the model. When the default notice is assigned they moved the transactions. Get source funding document from settlement agent, broker, dealer, distributor. They did nothing wrong and the copies of documents help to reveal harm to you, concealment, and will protect your family.

  31. Neil,
    I will pray every day that you will proven right on this
    and millions of families will keep their homes.

  32. Great Post! I hope I can hang on till then..

    A Notice of Default was recorded against my property ..yesterday…

    MER’s is listed as the beneficiary

    BNC Mortgage recorded a deed back in 2002,
    Wells Fargo is listed on the NOD, and Ocwen is listed as the servicer!

    Far as I can tell nothing else was recorded at the county recorders office except the Deed in 2002

    Im in So California.. any advice?

    I sent them a QWR Qualified Written Request letter via certified mail which they received April 11, 2011

    They filed the Notice of Default at the county recorders office
    on April 12. 2011

    Is their any thing I can do to fight?

    When should I expect the documents I requested in the QWR?



  33. lol, but all securitization IS WRONG when it comes from private money rather than the U.S. government.

    The U.S. government actually has more of a vested interest in working with homeowners than private securitization interests do.

    However, once the private securitization interests infiltrate the government with their lobbyists, you get Barack Obama as president instead of Hillary Clinton and a media that continues to polarize the news as either conservative neo con or progressive democrat, leaving a huge gulf in the middle of unrepresented people who live on main street.

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