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Editor’s Note: People have been asking what else we do besides provide commoditized research projects off the living lies store. So I thought I would give a short synopsis using an actual case here in Tallahassee where I am employed an expert witness.
The information presented here is NOT complete as it is tailored to the pleadings that the lawyer is forced to work with, after the pro se litigant submitted papers that were procedurally deficient. Like many Judges, this Judge regards all borrower defenses as simply excuses to get out of a legitimate debt. If you don’t address that and get the the Judge’s attention within a few seconds, he or she won’t hear a thing you say. If you admit the debt, note, mortgage, breach and sale of the property, you are giving the Judge nothing but the responsibility to enter an order allowing the foreclosure to go through.
And yet many of the same Judges are anxious to learn about securitization. What follows is a work product memorandum to the lawyer with the name of the borrower redacted for privacy reasons. As you will see, the work product provided to the court and counsel for the borrower is essential to educating the judge. As an attorney, you (a) lack credibility since you are obviously there to advocate for the client (b) lack the knowledge to answer the knotty questions on voir dire and cross examination.
This type of memorandum is NOT a scrip to use with the Judge. It is a guide to the lawyer to allow him or her to formulate questions and hypothetical to me as an expert. This Judge is ready to hear the story, like hundreds of other judges across the country. So now we move on to the next stage of educating the courts, where in the end, it is my hope that the loans, documents and securitization are all revealed as a sham that results at a minimum in removing or nullifying the mortgage or deed of trust as a perfected lien on the property (thereby eliminating non-judicial foreclosure and perhaps any foreclosure).
Important points to keep in mind is that your announced purpose is to pay the mortgage to the right entity and maintain clear title to your property. Without that information you are unable to refinance or even apply for a HAMP modification because the odds are they are instructing you to submit the application to a party lacking the authorization to receive it, much less look at it and either approve or reject it.
This information is also essential to establishing redemption rights after foreclosure sale. If the credit bid was submitted by a non-creditor, which is usually the case, the sale can be attacked on that basis first. If the same price was based upon the demand for monetary relief or damages without computing all receipts and disbursements collected up from the records of the Master Servicer, Trustee of “asset pool” (REMIC), the investment bank and its affiliates or controlled entities and the alleged “trustee” of the “trust”, then the demand is wrong, the notices are wrong and it might well be that standing is lacking simply because there was no injury at the time of the filing of the foreclosure.
Remember that the subservicer continues to issue distribution reports and money, even on loans declared in default. The creditor thus does NOT have a default on the creditor’s records, while the subservicer has declared a default a default, demand for payment and set a foreclosure sale and eviction — all based upon misinformation.
Here then is one of my memos when I am retained to provide in depth work and present testimony that I can easily defend on cross examination and voir dire. By the way out of the hundreds of cases in which I have challenged the veracity of the allegations of the forecloser that they are a creditor (inured party), and that the money trail is not presented and in fact hidden from the court, there has not bee a single affidavit, deposition,, or live testimony in which my reasoning and my findings have been challenged. Simple reason: I’m right and they know it and any witness they try to get on the stand will be torn to shreds with the questions I assist the lawyer in asking.
I’m also pleased to note that we have addeed a foroensic analyst and an expert witness to our team. Both have been heavily involved in the processing of mortgage application. The expert actually ran two companies that originated loans, but had to wait for Countrywide to approve, which was then followed by a wire transfer from a warehouse “lender” direct tot he closing agent with strict instnructions that the originator may not touch the money even if there are extra proceeds.
Notes on CitiBank v. xxxxxxxxxx, judicial foreclosure
See entire piece in word.doc format: xxxxxxxx File Notes
The style of the case has only one Plaintiff which is CitiBank, N.A. as Trustee for Lehman XS Trust 2006-17.
CitiBank has a trust division that administers trusts which is incorporated separately under the holding company CitiGroup Inc. https://www.privatebank.citibank.com/our…/trust.htm
The reason why CitiBank N.A. is named as trustee is that they were trustee in name only. Their name was “rented” to make it appear as though a funded trust existed. In fact, there are no trust documents, there are no duties of the trustee, there are no beneficiaries who could exercise any control or replace the trustee, and none of the investors money went into a trust account, nor did any indicia of ownership of notes and mortgages ever pass through a trust account that was controlled by CitiBank. It wasn’t administered by their trust division because there was no trust and there are no assets of the fictitious investment pool that was sold to investors.
Thus the investors thought they were “buying” residential mortgage backed securities (RMBS). But the investment pool was a fictitious entity or nominee with no power, no assets and no interest in the loans claimed to be part of the pool of assets in the “trust”. It was a ruse used to persuade investors — pension funds etc. — to buy what was thought to be triple A rated securities, that were insured and hedged.
What the investors did not know was that their money was diverted to a “warehouse” lender controlled by the investment bank, to fund loans in which the originator was usually a thinly capitalized entity completely dependent upon the underwriting approval of the aggregator and the funding by the alleged warehouse lender.
Most originators were a new kind of entity called “originators” because that is all they did. Even when the originator was an actual depository institution the loan was subject to a purchase and assumption agreement, which by operation of law and contract made all such loans originated, underwritten and funded in this manner, the loan was s aid to be owned not by the investors but by the intermediaries.
Hence the funding of the loan violated the terms of the PSA and Prospectus and violated the REMIC statute in the internal revenue code because the REMIC entity was ignored, thus creating a massive double taxation problem. When the market imploded and investors stopped buying the bogus mortgage bonds, the scheme collapsed like every other Ponzi scheme.
A Ponzi scheme is generally defined as a series of fraudulent transactions in which fictitious assets are thought to be traded, bought or sold for the benefit of the investors; in fact, the scheme is funded not by the investments (there were no investments at all in Madoff’s case) but rather by the purchase of more mortgage bonds by investors who were unaware that thee ratings had been rigged just like the LIBOR And EuroBOR rates were rigged.
Any adjustable loan tied to LIBOR is therefore probably misstated as to both principal and interest as a result of the LIBOR rigging, which involved the largest and oldest banks in the world.
Lehman Brothers sought Bankruptcy protection in 2008. It is being rapped up now with hundreds of unanswered questions. But one thing that is certain is that Lehman was most probably the investment banker that created, underwrote and sold the bogus mortgage bonds and/or may have been the aggregator and/or warehouse lender for the subject transaction.
By claiming assets purchased with investor money Lehman et al were able to name themselves as beneficiaries of the insurance and hedge products promised to the investors. Thus the Banks declared fictitious losses in order to collect on the insurance and the proceeds paid by counter-parties on credit default swaps and other hedges.
In my opinion, the investment bank assumed the role of both fiduciary and agent for the investors regardless of where the money and any assets were deposited or held. Thus the payments received by the financial affiliate of the Master Servicer (another entity controlled by the investment banker) from insurance and hedge products were never paid to or credited to the investors.
Had they done so, the entire foreclosure crisis would have been averted.
Had they done so there would have been no need to fabricate, forge and otherwise affix robo-signed, surrogate-signed or other unauthorized signatures to documents to create the illusion of ownership by the investment pool AFTER the insurance and hedges and federal bailouts were paid to the banks.
Had they done so, the loan receivable account from the investment pool would have been reduced proportionately and the balance due from the borrowers would have been correspondingly reduced, subject to potential claims for contributions from subservicers who continued to make payments even after the loan was declared in default, insurance and hedge products.
The loan balances would have been reduced not by forgiveness but for payment, many times in full and sometimes overpaid because the investment banks “leveraged” their bets against the loans up to 42 times (Bear Stearns is an example, where they essentially sold the same loan 42 times. If Bear Stearns had modified, settled or reinstated the loans, they could have owed as much as $8 million on each $200,000 loan, which is why the pressure has been on for foreclosures and the banks are two-stepping the requirement that they modify mortgages.
They did not do so because the banks were hiding huge profits from two principal channels — the insurance and hedges on one hand, and the 2d tier yield spread premium on the other. Accounting for all the money would easily reveal by application of simple arithmetic that (a) the investors advanced far more money than was ever used for funding mortgages (Tier 2 yield spread premium) and that the banks had received, as agents from the investors, far more money than the investors had ever advanced.
The year 2006 is in the name of the alleged asset pool for which CIti is the supposed Trustee. That means that the subject loan was to have been funded by the REMIC that issued the bonds to the investors, and that the loans were payable to the investment pool (REMIC) and secured by a mortgage or deed of trust showing the pool to be the payee and showing the pool to be the secured party. No such thing exists in the instant case. Both the PSA and REMIC statute require closeout and no further business activity after 90 days from the date of opening the pool for investments.
But the loan had been funded before the pool opened and was supposedly transferred after the pool closed and during the Lehman bankruptcy.
The funding of the loan came from the investors but NOT the REMIC as claimed in the Plaintiff’s complaint. The industry practice has been and continues to be the use of a single account dubbed “Custodial” by the investment bank without any reference to the individual REMIC entities, which did not exist anyway.
The loan was funded by the “custodial” account with strict instructions that this money was not in any way to be touched or used by the named loan originator. The originator was paid a service fee as a nominee for an undisclosed lender (the investors using the investment bank as the intermediary much as one uses a check drawn on one’s depository bank to pay a vendor).
At no time did the originator post the transaction as a loan receivable with a reserve for default because there was no risk of loss or use of the capital of the originator.
The loan receivable belonged, by operation of law, to the investors who advanced the money. Those investors included all of the “buyers” of the bogus mortgage bonds of the fictitious REMIC plus the rest of the investors who had been solicited for investment in other REmIC entities that never received the money or the assets.
The banks are using the ruse of foreclosure to distract the investors, the government and the borrowers from the fact that they were and are solely intermediaries that never advanced one cent to fund the origination or purchase of these loans.
We are left with a chain of documents in which the wrong payee is named on the borrower’s note citing terms of repayment wholly different from (1) the terms of the mortgage bond and (2) the expectation of the investors.
The attorney obviously represents Wells Fargo, who is now saying it is the servicer, but fails to produce any documentation showing how the ownership of the loan passed through several transactions where money exchanged hands to the REMIC entity and fails to produce any documentation from the Master Servicer appointing Wells fargo as the subservicer.
As a result, Wells Fargo has no original documentation but only documentation derived from other documents none of which are original receipts for wire transfers, Check 21, ACH or cancelled check.
Filed under: bubble, CDO, CORRUPTION, currency, Eviction, foreclosure, GTC | Honor, Investor, Mortgage, securities fraud | Tagged: asset pool, bankruptcy, BEAR STEARNS, cancelled check, check 21 receipt, Citibank, Citigroup, CitiTrust, Custodial account, Lehman, originators, Ponzi, proof of loss, proof of payment, REMIC, RMBS, SPV, taxation, trust account, trustee, wire transfer instructions, wire transfer receipt |
[…] via The 1-2-3 of securitization vs Ponzi scheme of mortgages and bonds — Livinglies’s Weblog […]
yes, god for telling this web page would tell borrowers the real truth and their real recourse of action against their criminal acts of theft against their properties and titles!!!!! Look to your states property theft laws and none of these criminal lawyers are going to assist you filing these actions. You also need to understand the banks had to have a lic. to originate consumer loans; they did not in many of the cases I have inspected over the years and it is amazing the cartel legal industry has failed to comment on these facts either! There will be no civil action relief your \true option is criminal prosecution and your rights to protection from these criminals under your state laws, Bus. Regs, Assoc. AND Finan Regs of your state. Refuse to be a victim further and ignore the false information you are obtaining here and at other web pages of like as if they are not prosecuting criminal charges for theft, that lawyer is part of the theft scam and scheme!! Tim 410-257-5283
HERE YOU GO–BANKRUPTCY TRUSTEE’S LAW FIRM FILES LEGAL MOTIONS TO GET JUDGE TO APPROVE WHOLESALE DESTRUCTION OF MORTGAGE LOAN FILES—EVEN GOING BACK AS FAR AS 2004! THESE WOULD BE THE MORTGAGE LOAN FILES AND OTHER DOCUMENTS (SECURITIZATION RELATED, OPERATIONS) FOR…………….
http://www.scribd.com/doc/126430700/IS-THE-BANKRUPTCY-COURT-GOING-TO-DESTROY-EVIDENCE-CRITICAL-FOR-HOMEOWNER-CREDITORS-HORRORS
ANY ATTORNEYS WANT TO JUMP RIGHT IN HERE TO PREVENT THIS? THE BANKRUPTCY TRUST STILL HAS MILLIONS OF DOLLARS IN CASH RIGHT NOW…IN 2013!
[…] See entire piece in word.doc format: xxxxxxxx File Notes […]
Thanks Abby, very nicely reasoned judgment. For a change.
LAWYER PRO SE WINS IN MA APPEAL FEB 2013
http://www.scribd.com/doc/125405407/Appeal-Decision-in-Favor-of-Juarez-v-SPS-US-BANK-et-al-Feb-2013-INVOLVES-NEW-CENTURY
http://www.chicagotribune.com/business/breaking/chi-judge-rejects-wells-fargo-bid-to-escape-mortgage-suit-20130212,0,5618974.story
WE THE PEOPLE are their targets…..everyone of US…..To see the criminality of this Govt Corp called democracy……..READ THE U.S. CONSTITUTION & THE U.S. BILL OF RIGHTS……RED OR BLUE MEANS THE SAME THING TOTALITARIANISM …….
That killer cop fits the description of a mind controlled Vatican assassin black op…..the Vatican assassins use civil & social justice theories to turn everyone against each other…..like racism as an excuse to cause anarchy or…..unfair this & unfair that….when in fact UNFAIR MEANS ILLEGAL……Cops may or may not realize they are caught in the crossfire of the Socialist/Communists and the Re-Socialist Communists who are at FAKE WAR with each other for World Control. THEY ARE ALL MANUFACTURED FAILURES USED TO ROB US…THE POT CALLING THE KETTLE BLACK SHEISTERS & CONTROL FREAKS…..The Cops need to wake up and start working for their own Constitutional Republic. There is no loyalty among these psychopathic crooks.
We are allowing these Globalist crooks to make US believe they own this place……THE UNITED STATES OF AMERICA….. when WE THE PEOPLE PAY FOR EVERYTHING UPFRONT AT THE ORIGINATION….?
TIME WE THE PEOPLE TOLD THESE GLOBALIST CROOKS TO GET THE HELL OUT OF HERE….
Time to 86 these globalist crooks who are trying to steal our Constitutional Republic……Stop paying until the Treasury is privately audited all the way back to the beginining of the FEDs credit scam with our wealth…1914…
Of course it’s a Global scam. The difference between US and them? We have Constitution and a Bill of Rights. No matter what these traitors tell you or how they try to justify their criminal fraud, they all committed numerous felonies…. never let them criminalize you by admitting to anything because they are felons….never give up your legal rights America…esp your weapons…!
Same insanity, different part of the world… It is also about us. In fact, it is about any Anglo-Saxon country. But… mainstream media ran the entire documentary (unlike ours, still bought, sold and paid for).
Things are moving worldwide!!!!!!!!!!!!!!!!!!!!!!!!!
When in court, tell the judge that you demand a paper trail from the Origination to today because that is your legal right. All the way from the Treasury deposit into the FED up to today. What you will find, a lot of investors with no receipts proving they paid for anything because they don’t pay for anything. The FED and Wall Street are gambling houses for the rich and WE THE PEOPLE are the funders of their casino…..While we all bust our rearends to pay for everything these jerks are hanging out at their casino all day & night using our wealth to gamble with and our signatures as poker chips……FREE PROPERTY FOR US…..? HA…GET THE HELL OUT OF HERE….!
As I have suggested on numerous occassions….WE THE PEOPLE should be demanding PRIVATE AUDITS OF THE U.S. TREASURY…..NO FEDERAL AUDITS……SUE & ABOLISH THESE FEDSTER & POLITICAL CROOKS…The U.S. TREASURY IS THE TRUST FOR THE PEOPLES MONEY AND THESE CROOKS HAVE HIJACKED IT…..STOP COOPERATING WITH FOREIGN & DOMESTIC THIEVES AMERICA……! THEY HAVE NO MORALS WHEN IT COMES TO OUR MONEY…..
The chinese are buying up our property with our stolen money too… thank the traitor politicians…..There is an earthquake coming in more ways than one. Whoever believes the U.S…..the richest nation on the planet borrows money from the Chinese or anyone are simply brainwashed. It’s all a Globalist psy op.
How about the gansters living up to their end of the contracts? Where they can waive attorneys fees, which are capped here in NC to 15%….and they CAN take the arrears, before foreclosure, but won’t.
No one here has found the consideration required either…no money, no contract. PERIOD! And I have found insurance for the pools of mortgages. So, if they were in a pool, notice I said IF…then they got paid for that too.
On good authority, the Chinese are buying up real estate in CA particularly, at over market value…daily!
The truth about promissory notes and securitization……it’s all an eliteist scam, an evil spell they cast on America. It is all a grand illusion and a BIG LIE…to steal our property from US…..Credit and Investment is not ownership when the fake Issuer of the credit slips & investments are deadbeat banksters who are clever illusionists who don’t pay their bills. Globalist scam artists is all they are.
You trolls are already wearing the FEMA uniforms. Hope you despise your stay when we throw your evil rearends in there for life…..!
Hurry trolls….the military channel are airing a documentary right now all about you trolls entitled: NAZI FUGITIVES……
Just because they call themselves Americans does not mean they are Americans imbecile. The foreignors pay the traitors & imposters well to make US believe their lies, just like they pay you commie trolls. Those of US who still have a mind of our own in this country do not believe their lies.
At this point, if you dare to believe everything someone tells you because they use an American sounding name, you believe them at your own peril.
Poor, poor imbeciles, can’t wait to see the look on the hacker thieves faces when they get told theft is not ownership in the U.S.A…..and just for trying to steal things they never paid for, WE THE PEOPLE are going to boycott their 4 flushing carcasses into oblivion.
“We Americans don’t quite see it like Christine and here’s why…”
Really? All those articles are written by… Americans! Congressional Research Service. Hmm… American! Chris Martenson… American! Bloomberg… American!
Poor, poor imbecile.
Can’t wait for the Chinese to move into her foreclosed house.
Christine says the Chinese think they pretty much already own this country.
We Americans don’t quite see it like Christine and here’s why…… their threats are futile because Americans are just not buying their foreign crap. If they threaten US, they are going out of business. They know they are on the outside looking in and they always will be. That’s why they and Russia got in on the Globalist scam. They know the American people hold their purse strings and when we won’t buy, they go down. They can put all the pee pee and arsenic they want in our coke because we aren’t buying it as long as they are making it. How’s that for a war on terror….?
The happiness I am feeling right now that all of the commie scumbag socialists, commies and totalitarian commie re-socialists are finally getting caught up with can only be matched by all of you commie troll scumbag totalitarian commie re-socialists of massive bankster fraud are getting caught up with as well…..
Here’s hoping your next KKK rally or new party meeting gets met by some U.S. patriots who are carrying rope, torches & pitchforks….
God Bless America and our Constitutional Republic…..!
China already pretty much owns this country. So the imbecile can keep being a shill as much as she wants (and come to think of it, she’s probably too dumb to get paid for it. That’s true treason: shouting off her mouth just… because it makes her feel interesting. Or it gives her a reason to keep breathing. Gratuitous treason).
There’s a Fema cell with her name on it.
http://www.fas.org/sgp/crs/row/RL34314.pdf
Congressional Research Service
7-5700
RL34314
China’s Holdings of U.S. Securities: Implications for the U.S. Economy
Wayne M. Morrison
Specialist in Asian Trade and Finance
Marc Labonte
Specialist in Macroeconomic Policy
December 6, 2012
Many U.S. policymakers have expressed concern over the size of China’s holdings of U.S. government debt. For example, some contend that China might decide to sell a large share of its U.S. securities holdings, which could induce other foreign investors to sell off their U.S. holdings as well, which in turn could destabilize the U.S. economy. Others argue that China could use its large holdings of U.S. debt as a bargaining chip in its dealing with the United States on economic and non-economic issues. In the 112th Congress, H.R. 2166 and S. 1028 would seek to increase the transparency of foreign ownership of U.S. debt instruments, especially China’s, in order to assess if such holdings posed potential risks for the United States. The conference report accompanying the National Defense Authorization Act of FY2012 (H.R. 1540, P.L. 112-81) included a provision requiring the Secretary of Defense to conduct a national security risk assessment of U.S. federal debt held by China. Many analysts argue that China’s holdings of U.S. debt give it little leverage over the United States because as long as China continues to hold down the value of its currency to the U.S. dollar, it will have few options other than to keep investing in U.S. dollar assets. A Chinese attempt to sell a large portion of its dollar holdings could [will] reduce the value of its remaining dollar holdings, and any subsequent negative shocks to the U.S. (and global) economy could [will] dampen U.S. demand for Chinese exports. They contend that the main issue for U.S. policymakers is not China’s large holdings of U.S. securities per se, but rather the high U.S. reliance on foreign capital in general, and whether such borrowing is sustainable.
China already pretty much owns this country. So the imbecile can keep being a shill as much as she wants (and come to think of it, she’s probably too dumb to get paid for it. That’s true treason: shouting off her mouth just… because it makes her feel interesting. Or it gives her a reason to keep breathing. Gratuitous treason). There’s a Fema cell with her name on it.
http://www.fas.org/sgp/crs/row/RL34314.pdf
Congressional Research Service
7-5700
http://www.crs.gov
RL34314
China’s Holdings of U.S. Securities: Implications for the U.S. Economy
Wayne M. Morrison
Specialist in Asian Trade and Finance
Marc Labonte
Specialist in Macroeconomic Policy
December 6, 2012
Many U.S. policymakers have expressed concern over the size of China’s holdings of U.S. government debt. For example, some contend that China might decide to sell a large share of its U.S. securities holdings, which could induce other foreign investors to sell off their U.S. holdings as well, which in turn could destabilize the U.S. economy. Others argue that China could use its large holdings of U.S. debt as a bargaining chip in its dealing with the United States on economic and non-economic issues. In the 112th Congress, H.R. 2166 and S. 1028 would seek to increase the transparency of foreign ownership of U.S. debt instruments, especially China’s, in order to assess if such holdings posed potential risks for the United States. The conference report accompanying the National Defense Authorization Act of FY2012 (H.R. 1540, P.L. 112-81) included a provision requiring the Secretary of Defense to conduct a national security risk assessment of U.S. federal debt held by China. Many analysts argue that China’s holdings of U.S. debt give it little leverage over the United States because as long as China continues to hold down the value of its currency to the U.S. dollar, it will have few options other than to keep investing in U.S. dollar assets. A Chinese attempt to sell a large portion of its dollar holdings could [will] reduce the value of its remaining dollar holdings, and any subsequent negative shocks to the U.S. (and global) economy could [will] dampen U.S. demand for Chinese exports. They contend that the main issue for U.S. policymakers is not China’s large holdings of U.S. securities per se, but rather the high U.S. reliance on foreign capital in general, and whether such borrowing is sustainable.
“Why is the U.S. Losing the Cleantech Race with China?
February 11th, 2013 | Author: Al Bredenberg
Forbidden City, Beijing. Credit: phileole, CC BY 2.0.
The U.S. is losing the sustainable energy technology race to China. So says Chris Martenson, an economic researcher and futurist specializing in energy and resource depletion. Martinson publishes the PeakProsperity web site and is known for his video seminar, The Crash Course, and his book of the same title. Actually, Martenson claims we’re not even really trying to compete. Advances in solar, wind, and thorium are being ceded to our biggest competitor.
I spoke with Martenson to find out what he meant by that contrarian statement. Martenson has much more to say about the energy future of the U.S. and the world, but around the U.S.-China cleantech competition, his first comment was “I’m a big believer in action more than words,” and in his view, U.S. policymakers are showing by their actions that they are not behind cleantech innovation and development.”
Let’s keep fracking, building the Keystone pipeline and “drill, baby, drill” while all the other countries are steadily and methodically doing away with oil. After all, who cares if the US destroy earth or come pretty damn close, right? Well, we won’t be allowed. All the countries who have now accepted Keshe technology will make pretty darn sure this country ceases to exist if it puts the rest of the planet in jeopardy.
E. ToLLe,
Just wait for some Chinese people to move next door to her house, in a few months, and some Arabs and Russians to buy houses down the street. Terror will get the best of her. She’ll learn tolerance and decency in a jiffy. She may even learn to shut up, get out and get a job… Doubtful Gawd will be in much of a hurry to help her out. I hear he abhors hypocrisy, judgment and plain nastiness.
China overtakes US as world’s largest trading country
Published: 11 February, 2013, 13:49
Edited: 11 February, 2013, 18:35
China has passed the US as the world’s biggest trading nation as measured by the sum of exports and imports in 2012. It’s a position the US has held for over six decades.
US exports and imports of goods last year amounted to $3.82 trillion, the US Commerce Department said last week. China’s trade in goods was $3.87 trillion, according to the country’s customs administration report in January.
While the US recorded a surplus in services of $195.3 billion last year and a goods deficit of more than $700 billion, according to Bureau Economic Analysis, China’s 2012 trade surplus, measured in goods, totalled $231.1 billion.
“The main reason for this growth is the Chinese government policy directed at stimulating domestic demand, which improves imports to growth,” Andrey Shenk, an economic expert at Investcafe, told RT. He said China increased its import volumes 5 fold in the last five years, and that allowed it become the biggest trading nation.
“For so many countries around the world, China is rapidly becoming the most important bilateral trade partner,” Jim O’Neill, chairman of Goldman Sachs’s asset management division and the economist who bound Brazil to Russia, India and China to form the BRIC investing strategy, told Bloomberg. And that can even “disrupt regional trading blocs,” for instance, “Germany may export twice as much to China by the end of the decade as it does to France,” O’Neill added.
The figures indicate the trend that China is already outpacing the US, the world’s biggest economy, in some respects. According to various estimates, China has the world’s biggest new car market, is the biggest energy user, and holds the largest foreign currency reserves. China became the world’s biggest exporter in 2009, and its GDP growth rate has averaged 9.9% a year since the 1970s. In 2011 China’s GDP growth rate stood at 9.20%, compared to 1.80% in the US during the same year.
In November last year China surpassed the US as the world’s leading trade partner, with 124 countries considering China their largest trading partner and only 76 having that relationship with the US. This was a major shift since 2006, when the US was the larger trading partner for 127 countries, while China dominated among 70. Some historical allies of the US now consider China their top trading partner, including Australia and South Korea. Trade with China was on average 12.4% of GDP for its foreign partners in 2012, compared to only 3% in 2002 – a rate that is higher than trade with the US has been in the past 30 years.
The US dominated as the world’s main trading power since after WWII, but as the recession hit US businesses hard, China’s growth continued, and its pace has already recovered from seven straight quarters of decline, reaching 7.9% in 4Q 2012.
Still, the US economy is double the size of China’s, according to World Bank data. In 2011, the US GDP reached $15 trillion while China’s totalled $7.3 trillion. In 2012 China’s nominal gross domestic product was $8.3 trillion, according to China’s National Bureau of Statistics’ report. However, the US remains the biggest importer, taking in $2.28 trillion in goods last year compared with China’s $1.82 trillion of imports. The US exports innovative products in the automobile industry, aerospace, medicine, computers, finance and pharmaceuticals.
At the same time, a significant portion of China’s trade involves importing raw materials and parts to be assembled into finished products and re-exported, an activity that provides “only modest value added,” Eswar Prasad, a former International Monetary Fund official, now a professor at Cornell University in Ithaca, New York, told Bloomberg.
Stripes has returned from her Ku Klux Klan rally, bible in hand.
She’s all fired up for a come to her Jesus meeting….don’t expect anything having to do with your views of Christ, or any other religion/philosophy for that matter. She’s going to tell you how it is. Cause stripes knows best!
In a massive schadenfreude moment, I actually look forward to the day when assvent is kicked from her home. I know….any banker victory is bad news, but in this case I’ll make an exception. They can have her house, as far as I’m concerned. Hearing her whine while leaving the courtroom about the black nobility and the Fedsters and on and on….if I could I’d book my reservations right now.
Payback’s a bitch bankster shill. Trolls get forecloesed on as well. And without a doubt you deserve it. Stripes meet curb!
Stripes…… Your juvenile antics make you irrelevant and one less useful idiot who will soon fade away into your own dark little world.
E Tolle ….Your juvenile antics make you irrelevant and one less useful idiot who will soon fade away into your own dark little world.
Yes…..Lucifer is in need of some restraint. Time to throw the Black Nobility & its Global Government Corp Dictatorship out of America and never let it back in.
After the big foreign screw over by the foreigners who want to steal our Constitutional Republic, not many Americans are trusting ANY of the foreigners very much these days. I wouldn’t dare come here if I were them. Especially the Chinese & the Russians. The American people are well armed and are not feeling much love for any of the foreigners anymore……whether it be BRICS, Canada, Mexico or Europe, they all just smell bad. Globalists, Globalization, Securitization, it is all just plain stankey….and skanky.
E TOLLE… you are the only assvent here who has lost their mind …..In fact, I put you in the same category as a Nazi war criminal.
Sorry about the shouting, it makes me feel so…assvent. This is from Jesse’s Cafe:
http://jessescrossroadscafe.blogspot.com/2013/02/sp-500-and-ndx-futures-daily-charts_11.html
“A CREDIBILITY TRAP IS A CONDITION WHEREIN THE FINANCIAL, POLITICAL AND INFORMATIONAL FUNCTIONS OF A SOCIETY HAVE BEEN COMPROMISED BY CORRUPTION AND FRAUD, SO THAT THE LEADERSHIP CANNOT EFFECTIVELY REFORM, OR EVEN HONESTLY ADDRESS, THE PROBLEMS OF THAT SYSTEM WITHOUT IMPAIRING AND IMPLICATING, AT LEAST INCIDENTALLY, A BROAD SWATH OF THE POWER STRUCTURE, INCLUDING THEMSELVES.
THE STATUS QUO TOLERATES THE CORRUPTION AND THE FRAUD BECAUSE THEY HAVE PROFITED AT LEAST INDIRECTLY FROM IT, AND WOULD LIKE TO CONTINUE TO DO SO. EVEN THE IMPULSE TO REFORM WITHIN THE POWER STRUCTURE IS SUSCEPTIBLE TO VARIOUS FORMS OF SOFT BLACKMAIL AND COERCION BY THE SYSTEM THAT MAINTAINS AND REWARDS.
AND SO A FAILED POLICY AND ITS SUPPORT SYSTEM BECOME SELF-SUSTAINING, LONG AFTER IT IS SEEN BY OBJECTIVE OBSERVERS TO HAVE FAILED. IN ITS FAILURE IT IS COUNTERPRODUCTIVE, AND AN IMPEDIMENT TO RECOVERY IN THE REAL ECONOMY. ADMITTING FAILURE IS NOT AN OPTION FOR THE THOUGHT LEADERS WHO RECEIVE THEIR POWER FROM THAT SYSTEM.
THE CONTINUITY OF THE STRUCTURAL HIERARCHY MUST THEREFORE BE MAINTAINED AT ALL COSTS, EVEN TO THE POINT OF BECOMING A PAINFULLY OBVIOUS HYPOCRISY.
THE BANKS MUST BE RESTRAINED, AND THE FINANCIAL SYSTEM REFORMED, WITH BALANCE RESTORED TO THE ECONOMY, BEFORE THERE CAN BE ANY SUSTAINABLE RECOVERY.
Yes, by all means let’s go get them! Guillotines! Guillotines!
So long as you keep your sense of humor, you should be fine for another few years… ’til that mess is cleared up. Or ’til the Chinese have bought this country, whichever comes first.
Christine, that’s a bit of a stretch. Lose is a verb. Lose your keys, lose a game, or in assvent’s case….lose one’s mind. Or as it pertains to this site….lose your home from the court’s way loose conclusions.
On the other hand, regulators are loose on their regulations. The DOJ is loose on their policy of prosecutions.
I’m not a grammar Nazi. I only lose it when the smartest guy on the blog spews loose with grammar.
Besides, what have I got to lose?
Extremely genius brains get into trouble when they use their genius for nefarious purposes.
[Cite as Wells Fargo Delaware Trust Co. v. Parks, 2013-Ohio-418.]
STATE OF OHIO ) IN THE COURT OF APPEALS
)ss: NINTH JUDICIAL DISTRICT
COUNTY OF LORAIN )
WELLS FARGO DELAWARE TRUST
CO.
Appellee
v.
THOMAS D. PARKS, et al.
Appellants
C.A. No. 12CA010193
APPEAL FROM JUDGMENT
ENTERED IN THE
COURT OF COMMON PLEAS
COUNTY OF LORAIN, OHIO
CASE No. 05 CV 144283
DECISION AND JOURNAL ENTRY
Dated: February 11, 2013
WHITMORE, Judge.
{¶1} Appellant, Thomas Parks, appeals from the judgment of the Lorain County Court
of Common Pleas, denying his motion for relief from judgment. This Court reverses.
{¶8} If, at the commencement of the action, a plaintiff does not have standing to invoke the court’s jurisdiction, the “common pleas court cannot substitute a real party in interest for another party if no party with standing has invoked its jurisdiction in the first instance.” Id. at ¶ 38. “The lack of standing at the commencement of a foreclosure action requires dismissal of the complaint; however, that dismissal is not an adjudication on the merits and is therefore without prejudice.” Id. at ¶ 40.
{¶9} In light of the Ohio Supreme Court’s recent decision, we reverse and remand the case so that the trial court may apply Fed. Home Loan Mtge. Corp. v. Schwartzwald, 134 Ohio St.3d 13, 2012-Ohio-5017. Accordingly, Parks’ assignments of error are not ripe for review, and we decline to address them.
III
{¶10} The judgment of the Lorain County Court of Common Pleas is reversed, and the cause is remanded for further proceedings consistent with the foregoing opinion.
Judgment reversed, and cause remanded.
E Tolle said…..Laws are so 20th century….A land without laws is a land of chaos & self destruction. Laws must apply to everyone or they apply to no one.
E. ToLLe,
Actually, his way works too…
loose (third-person singular simple present looses, present participle loosing, simple past and past participle loosed)
(transitive) To let loose, to free from restraints.
(transitive) To unfasten, to loosen.
(transitive) To make less tight, to loosen.
(intransitive) Of a grip or hold, to let go.
I sure as hell don’t feel free from restraints. Do you?
Hope I dont get judged by my grammar or spelling! =) I go to fast and dont double check and am poor at it anyways. My sons genious comes from my father and my husbands side.
“ I guess if you fund both campaigns – you can never loose.”
The smartest guy on the blog just screwed the pooch grammatically.
It’s lose, not loose. You let me down.
Brilliant like the genious of a criminal mind! I was told once my son has the intelligence of a criminal mind. Extremely genious brains CAN GET YOU IN TROUBLE. My son would crack up and roll over when the teachers told a joke that was over the heads of the normal kindergarten to first graders mind. He got it and the teachers were embarrassed. They would come to me in surprize and tell me they were sorry and shocked he understood their jokes. Extremely intelligent people are considered to have the intelligence of criminal minds who can con the system. Or wind up in prison. Criminally intelligent.. Does not mean you are a criminal. But a high amount of super intellgent people wind up in prison a lot. Lets hope these criminals eventually have no choice but to wind up in prison. They can also chose to use it for good.
Maiden Lane LLC, Maiden Lane LLC I, Maiden Lane LLC II are no different than IndyMac Venture LLC, and the mutts at IMB Holdco that like Dimon were rewarded for supporting the right candidate.
I guess if you fund both campaigns – you can never loose. The BSC Board is giving you trouble on valuation Jamie. Let’s have timmy march the Federal Reserve and Treasury Police into the next set of negotiations, whcih went sorta like… $2.00 per share seems about right, and yes we are leveraged 70-1 if you look at the discount rates we used for the pools. Gotta loe the residual tranche… feed feed feed baby, until their is notone American left to eat.
Regurgitate their clothes and move on to the next country eager for socialized capitalism.
TSMIMITW
The usurpation of systems that have been the backbone of property law and worked for ages protecting both mortgagee and mortgagor, without so much as running it by legislators, wasn’t a bug, it was a feature.
It’s amazing how the financial industry’s takeover, without governmental; judicial, regulatory, or public consent, can effectively threaten to take down the entire planet’s economic platform, all the while wearing designer cufflinks gifted from the president of a nation that used to be admired worldwide in all things commerce and finance.
One has to admire the efficiency of a takeover where only a few thousand borrowers have died as a result of the Great Sellout and Capture. They did it all without a single shot being fired. It’s now money for nothing for them, and austerity and high rents for us. Brilliant indeed!
The bankers association just wants to set the theatre in place for when the investigations find the notes are not in the PSA’s , therefore void by PSA CONTRACT LAW, they have a feeble excuse for their stupidity. But it was not stupidity it was on purpose, by design. No one thought they would get caught. No evidence no harm. To them anyways.The Bloomberg terminal was extracted from all lawyers and Marie McDonnel Analytics and DURAM And anyone but the banks about a week ago. Only banksters have access. But there are other ways to find the evidence. Ask yourself why?
EXACTLY! That is what they are implying. The head of Old Republic Title who is screwed if the rule of law stands. Told a senate meeting in Olympia, Wa that recording at deeds of records is antique now. Or in similar words and not necessary. What the???? His ass is on the line that is why it is old fashion and not necessary in his eyes. He is the head of a big title company that insured my deed of trust. Unnecessary to record documents? Then the banks should realize they can just throw away their records because documenting is unnedessary. Any theif can just decide they own your property and file it and that is modern day documentation by conterfiet docs method of owning property. Does anyone get this? Not me and the head of the title company sure should not see it this way. He looked and sounded like a fool infront of the senate.
Controlled chaos is deceptive and gives the illusion that this all happened by accident….it was no accident.
The FED destroyed the notes when they defaulted on their legal agreement….NO Acceptance & Consideration by the ORIGINATOR ….THE FED….then their perps on Wall Street destroyed the value of everything by credit & investment scanning & it was intentional.
It’s called controlled chaos…..remember the loan mod process….it was way to organized to not have been planned that way. How do you prove that, the varying but similar stories by it’s victims.
Laws are so 20th century.
Shelley wrote:
“ And they forgot to get permission by statutes to do this and permission from the deeds of records.”
Yeah, just like they didn’t do for MERS implementation as well. Oh, I forgot. They got Lanny and Eric’s white shoe law firm to ordain MERS’ takeover of the national recordation system. Besides, Mozilo crafted this creation. What could go wrong?
Who needs laws?
What they said:
The reason “many firms file lost note counts as a standard alternative pleading in the complaint” is because the physical document was deliberately eliminated to avoid confusion immediately upon its conversion to an electronic file.
This should actually read:
Your Honor, the real reason many firms file fraudulent lost note counts in the complaint is because we deliberately destroyed the evidence of the single largest crime spree this side of the Andromeda Galaxy.
But of course, the judges say, ”Motion to Dismiss granted, Mr. Florida Banker. We wouldn’t want to give a house to a deadbeat, moral hazard and all that. And we all know that the economy is still struggling, we can’t afford to harm the banks at this delicate moment. Go forth and prosper.”
Screw them all!
If this was so effecient why all the chaos? And they forgot to get permission by statutes to do this and permission from the deeds of records. They just took it upon themselves to run vigilantee by their own rules of law. And the property records are destroyed due to their recklessness. How can that be effecient for anyone but a theif?
cont’d:
Yves Smith called bullshit back then, here:
This is highly entertaining, because the excuse is “oh we destroyed the note, so our standard practice is to use a lost note affidavit.” If this was really as widespread as the Florida Bankers Association suggests, they are in a whole heap of trouble, because in most (if not all) jurisdictions, original notes with proper wet ink endorsements are required. And in states that are serious about proper procedure (South Carolina, for instance), judges are not going to have much sympathy with the use of a lost note affidavit when the note was destroyed.
But while it is clear the notes weren’t handled properly, I’m not certain that this electronic scanning story is accurate either (meaning it isn’t standard practice in mortgage land). In plenty of cases, plaintiffs come up with collateral files with hard copies of documents in them, albeit including suspiciously helpful ones that appear miraculously at the last minute.
At least in private label deals (meaning non Freddie and Fannie), it appears instead that the notes are back with the originator, never endorsed as required in the pooling and servicing agreement, and are transferred out when needed. We provided a report that suggests all the notes from Countrywide deals are still with Countrywide, even though it securitized 96% of the mortgages it originated. We got even stronger confirmation over the weekend.
One of my colleagues had a long conversation with the CEO of a major subprime lender that was later acquired by a larger bank that was a major residential mortgage player. This buddy went through his explanation of why he thought mortgage trusts were in trouble if more people wised up to how they had messed up with making sure they got the note. The former CEO was initially resistant, arguing that they had gotten opinions from top law firms. My contact was very familiar with those opinions, and told him how qualified they were, and did not cover the little problem of not complying with the terms of the pooling and servicing agreement. He also rebutted other objections of the CEO. They guy then laughed nervously and said, “Well, if you’re right, we’re fucked. We never transferred the paper. No one in the industry transferred the paper.”
http://www.nakedcapitalism.com/2010/09/more-evidence-of-bank-fubar-mortgage-behavior-florida-banks-destroyed-notes-others-never-transferred-them.html#kouMOY2GtGRKY1B2.99
As Neil has written about a few million times now, this is a deliberate criminal action to usurp the legal norm going back hundreds of years in America. Our captured government can’t say or do anything about it due to the large trough filled with graft that they all feed from inside the beltway. Same for the courts. You’d be wise to consider sharpening your pitchforks if you want real change, otherwise, just sit back and wait for their paramilitary forces to send in the tanks and drones.
One last word….to show the incredible heaps of bullshit laid down by this banker stooge to the Supreme Court of Florida, he went on to say the following…..keep this in mind when reflecting on the recent Pino decision.
“Florida Statutes, establishes stringent proof standards when the original note is not available, and requires the court to protect the mortgagor against additional foreclosure actions. In addition, the courts have ample authority to sanction lawyers and lenders asserting improper foreclosure claims. This authority is explicit in Florida law and implicit in the courts’ inherent power to sanction bad faith litigation.”
That could be on Comedy Central if it didn’t involve borrowers getting scraped by curbs by the millions. These people need to be thrown to the curb, and the borrowers returned to their former residences.
In another recent thread, a few here were discussing the Florida Banker’s Association explaining to the Florida Supreme Court how they destroyed the notes. In their appeal to the court to make it easier to cheat borrowers out of their homes, the head of the banker’s association said:
It is a reality of commerce that virtually all paper documents related to a note and mortgage are converted to electronic files almost immediately after the loan is closed. Individual loans, as electronic data, are compiled into portfolios which are transferred to the secondary market, frequently as mortgage-backed securities.
~snip~
The reason “many firms file lost note counts as a standard alternative pleading in the complaint” is because the physical document was deliberately eliminated to avoid confusion immediately upon its conversion to an electronic file. Electronic storage is almost universally acknowledged as safer, more efficient and less expensive than maintaining the originals in hard copy, which bears the concomitant costs of physical indexing, archiving and maintaining security. It is a standard in the industry and becoming the benchmark of modern efficiency across the spectrum of commerce—including the court system.
http://www.foreclosurehamlet.org/forum/topics/florida-bankers-association
In another recent thread, a few here were discussing the Florida Banker’s Association explaining to the Florida Supreme Court how they destroyed the notes. In their appeal to the court to make it easier to cheat borrowers out of their homes, the head of the banker’s association said:
It is a reality of commerce that virtually all paper documents related to a note and mortgage are converted to electronic files almost immediately after the loan is closed. Individual loans, as electronic data, are compiled into portfolios which are transferred to the secondary market, frequently as mortgage-backed securities.
~snip~
The reason “many firms file lost note counts as a standard alternative pleading in the complaint” is because the physical document was deliberately eliminated to avoid confusion immediately upon its conversion to an electronic file. Electronic storage is almost universally acknowledged as safer, more efficient and less expensive than maintaining the originals in hard copy, which bears the concomitant costs of physical indexing, archiving and maintaining security. It is a standard in the industry and becoming the benchmark of modern efficiency across the spectrum of commerce—including the court system.
http://www.foreclosurehamlet.org/forum/topics/florida-bankers-association
Yves Smith called bullshit back then, here:
This is highly entertaining, because the excuse is “oh we destroyed the note, so our standard practice is to use a lost note affidavit.” If this was really as widespread as the Florida Bankers Association suggests, they are in a whole heap of trouble, because in most (if not all) jurisdictions, original notes with proper wet ink endorsements are required. And in states that are serious about proper procedure (South Carolina, for instance), judges are not going to have much sympathy with the use of a lost note affidavit when the note was destroyed.
But while it is clear the notes weren’t handled properly, I’m not certain that this electronic scanning story is accurate either (meaning it isn’t standard practice in mortgage land). In plenty of cases, plaintiffs come up with collateral files with hard copies of documents in them, albeit including suspiciously helpful ones that appear miraculously at the last minute.
At least in private label deals (meaning non Freddie and Fannie), it appears instead that the notes are back with the originator, never endorsed as required in the pooling and servicing agreement, and are transferred out when needed. We provided a report that suggests all the notes from Countrywide deals are still with Countrywide, even though it securitized 96% of the mortgages it originated. We got even stronger confirmation over the weekend.
One of my colleagues had a long conversation with the CEO of a major subprime lender that was later acquired by a larger bank that was a major residential mortgage player. This buddy went through his explanation of why he thought mortgage trusts were in trouble if more people wised up to how they had messed up with making sure they got the note. The former CEO was initially resistant, arguing that they had gotten opinions from top law firms. My contact was very familiar with those opinions, and told him how qualified they were, and did not cover the little problem of not complying with the terms of the pooling and servicing agreement. He also rebutted other objections of the CEO. They guy then laughed nervously and said, “Well, if you’re right, we’re fucked. We never transferred the paper. No one in the industry transferred the paper.”
http://www.nakedcapitalism.com/2010/09/more-evidence-of-bank-fubar-mortgage-behavior-florida-banks-destroyed-notes-others-never-transferred-them.html#kouMOY2GtGRKY1B2.99
As Neil has written about a few million times now, this is a deliberate criminal action to usurp the legal norm going back hundreds of years in America. Our captured government can’t say or do anything about it due to the large trough filled with graft that they all feed from inside the beltway. Same for the courts. You’d be wise to consider sharpening your pitchforks if you want real change, otherwise, just sit back and wait for their paramilitary forces to send in the tanks and drones.
One last word….to show the incredible heaps of bullshit laid down by this banker stooge to the Supreme Court of Florida, he went on to say the following…..keep this in mind when reflecting on the recent Pino decision.
“Florida Statutes, establishes stringent proof standards when the original note is not available, and requires the court to protect the mortgagor against additional foreclosure actions. In addition, the courts have ample authority to sanction lawyers and lenders asserting improper foreclosure claims. This authority is explicit in Florida law and implicit in the courts’ inherent power to sanction bad faith litigation.”
That could be on Comedy Central if it didn’t involve borrowers getting scraped by curbs by the millions. These people need to be thrown to the curb, and the borrowers returned to their former residences. And Stern and others needs to do the Saddam shuffle off the top stair.
Neil, could you or someone at your office send me contact information for the foroensic analyst and the expert witness that you mention above? Many thanks, Carrie
Never give up your guns. Stop complying with the red dragon of socialist/communism and the beast of re-socialism is hidden totalitarianism …..it is one evil. Time to restore our Constitutional Republic.
WE THE PEOPLE are caught in the crossfire of this war that has been raging all through history for totalitarian control of the world by the Vatican. This war is between the hierarchy of the Spanish & Italian nobility for control of the Vatican. The communist/socialist Italian faction v the totalitarian Spanish faction with secret societies, religions and world powers taking sides.
Both of these factions are unconstitutional & illegal in our Constitutional Republic.
WE THE PEOPLE are in a decisive battle with 2 evils that are really 1 evil who wish to overthrow our Constitutional Republic.
They all need to be thrown out on their evil control freak heads by our own non compliance.
Cutting up your credit cards and no loans and removing money from the banks and totally boycotting them and spreading the word would do more than guns. If everyone would bycott at once including paying taxes until the rule of law is restored would work. But not everyone is on the same page. Although 115 billion dollars was removed from the top 25 banks in January. So that is a great start. The biggest bank run since 911 attacks. Right after the Frontline program exsposed Lannie Bruer and our corrupt government.
It does not make sense to bring our sling shots out against unmanned drones. That is probably why everyone is suppose to get a chip in their body eventually. They wont even have to look . They can just push the button. And we disappear.
Stripes I dont tell them to just go to any attorney. I know there are deceptive attorneys. There are good ones too. Going Pro se is very dangerous. Especially for the average person. If he feels he can do pro se he will. I can not give advice legally. I warn to check out your attorney and to make sure they have a record of helping the people they work for. Not to call any attorney. The judges and lawyers use the system to cheat and game the system. I know this better than anyone. He knows his options and to screen his attorneys if he choses to do so. The injustice system is hard to battle awith good attorneys. The average person does not have a clue to help themselves in this injustice system. I went pro se clear to the Appeals court and am still battling injustice. Judge Pechman appears to me to be a corrupt judge and she defaulted my case after giving me five days to submit an amended case. Showing up in the mail two days after her deadline and stamped three days after she signed it and refused to accept an amendment. I would have had to set my Delorean back in time to meet her dead line. Several good attorneys I now know have come up against Judge Pechman on mortgage fraud and have lost due to proceedure. They are attorneys.
WE THE PEOPLE OWN THE SECURITIES …….THE PROPERTIES & EVERYTHING BECAUSE WE THE PEOPLE PAY FOR EVERYTHING & THE FED DEFAULTED & DESTROYED THE VALUE OF EVERYTHING VIA WALL STREET CREDIT INVESTMENT SCAMMING…..
SECURITIZATION WAS USED AS A PONZI SCHEME BY THE RICH TO STEAL OUR CONSTITUTIONAL REPUBLIC…
“The question homeowners should be asking is — who owns the security??? Although security investors are not creditors, by the Fed Res’ own Opinion, if courts want to claim that that securities “own the loan”, the party owning the security should be identified. And, securities are for pass-through of current cash flows only, NOT collection rights.
This is an argument I have had with top officials at Maiden Lane, the US government vehicle for purchase of distressed assets. It is their opinion that the party with the largest tranche ownership to a trust must be identified under the law. I am not adverse to this. If it can be proven that a loan was validly transferred to a trust (which I doubt), and that the trust has received all advances for principal and interest default, then I will accept that the security tranche holder with the largest security interest must be identified as the creditor to the borrower. Of course, loans were not validly transferred to trusts, sub-prime trusts were NOT valid securities, and collection rights could not be validly transferred to trusts — nor could they be the “asset” from which securities and derivatives are derived. Nevertheless, at least we would have an entity if the largest (proportional) tranche owner is identified.
So—we have a pieces of paper (supposed security) — with a faceless unidentified beneficiary creditor claiming foreclosure rights…AND, we do not have the ability to question that creditor as to anything — including a valid modification. A “hearsay,” questionable “security” reference, serviced by a servicer, is all we get.
As to the PINO case, all Florida decided is procedure. Procedure will always be decided on behalf the party with heavy law firm influence in court. There is no decision on the merits. To me — meaningless. But, I do blame the law firm (assume was not pro se) for making a poor securitization fraud argument. Many of these law firms make it worse for homeowners, because they do not know what they are doing., As you know, I have placed much blame also on Neil for this. Can never recover the lost time to make good argument in court — given Neil’s poor advice over these years.”
Posted for a friend
How criminally deceptive to be advising people to just go hire an attorney & expect to get justice by giving another red cent to these crooks….
Please be proactive and do your own homework America…..
Time for WE THE PEOPLE to restore our integrity & our legacy and restore our Constitutional Republic….and throw these evil control freak Socialist/Communist Totalitarian dictators out on their heads by not participating and stop cooperating, conforming & complying with RE-SOCIALISM…..of the massive & unsustainable criminal quadrillion dollar securitization fraud ponzi scheme of our enemies both foreign & domestic.
RE-SOCIALISM IS ROBBERY OF OUR LIBERTY…..FREEDOM & INDEPENDENCE….THESE CROOKS ARE STEALING OUR CONSTITUTIONAL REPUBLIC….STOP PAYING & SUE THESE CROOKS…!
That is what I told him. Hopefully he listens and get an attorney to help him. I explained to him with many articles that this alleged debt is not owed by him. Due to the fraud. LIBOR is on his deed of trust and you know the rest of the fruads.
It is all fraud upon the court so I am meeting with an attorney instead of going pro se whom is good at battling injustice and government and hoping we get some where. I asked Judge Carey, “before we get started I want to ask you if you have read my case in full. She skirted around the question. So I repeated it infront of my witness. Judge Carey told me she had read it in part and then handed it to her baliff to read. And she was not going to bother going through my exhibits. Mary, my witness mouth dropped to the floor. Mary told me she just admitted she did not read your case. Then she tossed my case out and dismissed it with prejudice Mary was there prewarned she was comiing to testify. The judge told me she would not accept her testimony. Mary testified she had personally delivered the summons and complaint to the mayor and city hall on October 9, 2006. The city case lawyers for the city made claim I did not serve the city until December 29, 2006, time barring me from the case. It was served by Mary and by certified mail timely. When city hall recieved the case the head lawyer and his paralegal and a total of seven city employees walked out of city hall. The case was defaulted by no appearance or answer until January 3, 2007. Well over 90 days and the city by statute had to answer the case within sixty days. I hired an attorney to file default and he told me the city would find a way around it. This lawyer told me he would take my case on a contingency, due to I had already won the case and all he had to do was wrap up the peices and get the funds due me. He told me he would be embarrassed to charge a regular percentage so he lowered the percentage. Then the first doc the attorney did was an amended complaint leaving my complaint off and removed all the individuals I had listed and put city of Auburn, lthen changed all my state statutes to federal statutes then sat back and allowed the city attorneys to claim they had not been served untl January 3, and he unraveled my case and it was smj out of court. The case I brought infront of judge Carey was fraud upon the court by the city lawyers and the mayor. I have depositions by city planners stating the mayor told them to lie to me telling me false policy law and the mayor committed perjury in his deposition.
A different judge told me I had proven breach by my ex lawyer in color and he was going to reopen my case against my ex attroney due to the ex had asked in a cross complaint for attorneys fees of 125,000.00. When the judge heard from me, that the ex attorney had taken my case on contingency and saw the evidence. He threw his hands in the air and said and this was on a contingency! He looked pretty ruffled. The lawyer for my ex asked the judge if they could do a non suit dismissal and the judge told him that was up to Mrs Erickson. I did not want to answer until I read what a non suit dismissal meant. so I asked if I would hurt my position if I waited until I could investigate the issue, was told it would not hurt me and I could mail it into the court. Then I gave a reply I objected and a different judge granted the non suit dismissal. I had asked the judge if he would be the one reading my answer and he told me yes. But another judge signed the granting of the non suit dismissal when I objected to it. I think that may have been a switch to a judge willing to commit a crime. Not sure though but guess so.
Shelly, tell your friend not to admit to anything, get an attorney and make the bank Offer your friend an inhouse loan mod. Do not admit or accept anything until his attorney makes sure his back is covered. for example… as part of the mod, that they will NOT fight the QT action you plan to file.
A contact on the web for robo docs told me he just recieved a notice from the foreclosers that they were interested in doing a mod with him but he had to state he admits the debt. They are trying everything before the funds and results come out. He of course is not going to do that. A local attorney told me she exspect her clients to admit the debt when they do mods. What a bunch of crap. You are correct we are not suppose to have to waive our rights. So no one should be admitting a debt they do not owe. That shows desperation to me. The banks are trying to get the homeowners to admit an alleged debt they do not pwe before the results of the independent review and any funds come to them. Which was promised before the end of March. Don’t know if this will happen or not, with the hold up by Waters and Elizabeth Warren, however I do believe this hold up is a good thing. What ever it takes to get the truth exsposed and justice instead of injustice.
I agree Shelly, he was greedy and willing to break the law to achieve his objective. We definitly need to keep our eye open and keep people like that out of office.
This crook could have made big money in the banking industry and has a great job history for application for employment to the TBTF banksters. Or some big political seat. Glad they caught him before he hit the White house or vice pres of Goldman.
OMGosh Shelly! No Way! She/They can NOT do that! Not all courtrooms and judges are that way. What happened?
These agencies like the OCC are a sham and a fraud and are covering up for the crimes of the black nobility. We should stop cooperating with totalitarianism and shut them down and force their resignations.
@ unprecented times, Bravo! 🙂
I sent a reconsideration and request for recuse to Judge Carey and told her- her court room is a crime scene.
I recognize the signs…controlled chaos is being used by these black nobility crooks to burn down our house. Though it is escalating….it is still subtle enough to remain a secret war on our Constitutional Republic. This is totalitarian hope & change disguised as SOCIAL JUSTICE….Don’t trust or believe them and stop cooperating with these imposters America. For every one that goes down, there are thousands more who are even more deceptive, criminal, evil & perverse.
This Govt Corp of evil controlled by the black nobility & all of its agents must resign. Their agency must be shut down. The pope was just a representative of this evil but there are many thousands more.
Judge Carey not only edited it she altered it dramatically.
Guest ! I agree! We have a huge hurdle and that is the judges that block justice. This corruption is extremely bad in the Seattle area and all over, that the good attorneys are held hostage by the judges. The injustice system needs to be full blown exposed. I have seen it with my own eyes, lawyers and judges. OMG the injustice is rampant. I have an oral argument from a judge Judy Carey that she herself editted the audio and tells a completely different story than I and my witness heard on the floor of her court room. My witness was a paralegal and quit the bus over Judge Carey. She does not know how I can stomach the corruption.
This corruption is from the East Coast to the West coast, The South to the canadian borde, Hawaii and all American owned land. I and so many have witnessed this corruption for our selves. It is on Main street to the White House.
Shelly, RE: “*** The OCC consent order that included the foreclosure reviews stipulated that borrowers who received a payment under the review did not waive their rights to litigate for additional damages. ” ……………. I agee, but simply put… they were an admission of the debt.
I don’t believe for a minute that what that cop did was just some random act. These crooks have deliberately destroyed the morals & minds of millions in many unobvious ways. The drone hunt is another black op, psy op fear factor game by these crooks…FEAR…FEAR…FEAR….is all they know. Arm yourselves America…!
Below is an email I just sent to an LA TImes Reporter. He did a great story on the Feds only going after S &P for civil actions and NOT criminal this past Sunday.
Open Message to OneWest and Deutsche- bring it on! I just completed the ABA approved Paralegal Studies Program at UCLA (earned with distinction).
Dear Michael Hiltzik: Kudos for your recent article about Executives of the rating agencies should be paying the price for the crash. I am in particular very upset about the way the Federal Government is not putting any body in Jail.
I am the man who is referred to in below DOJ press release of 2007.
The feds were only going to give my USC Real Estate Professor 3 years in a club fed prison. After hearing me ( I relied on Landreth for Career advice) and other victims…Judge made the sentence 6 years. If I knew at that time the Feds would go so easy on the White Collar Wall Street criminals responsible for the 2008 crash I would not have addressed the Judge at the sentencing hearing.
Right now I have been fighting Onewest Bank and Deutsche Bank for major loan fraud against my Dad (1918-2008). They have misrepresented who the “true party” of standing is in the case no less then 7 times in the proceedings.
They were sanctioned by the Judge for $750 back in May 2011. Ironically I learned about Mortgage Backed Securities in former Professor Barry Landreth Class!
Litigation has been ongoing for close to 3 and a half years in LA Superior Court under case number BP109162- Estate of Isadore Rosenberg.
I have quite a newsworthy story to get out to the Public. I look forward to your contacting me to obtain additional details and possible interview.
Go to youtube and type in: Isadore Rosenberg
First clip is three minutes- me before the Los Angeles Police Commission back in Dec 2006.
Steven Mark Rosenberg, (USC) Master of Real Estate Development
Class of 2006
DOJ Seal
United States Attorney’s Office
Central District of California
Thom Mrozek
Public Affairs Officer
(213) 894-6947
thom.mrozek@usdoj.gov
Return to the 2007 Press Release Index
Release No. 07-090
July 10, 2007
FORMER USC REAL ESTATE PROFESSOR WHO BILKED STUDENTS, OTHERS OUT OF $1.5 MILLION IN REAL ESTATE INVESTMENT SCAM SENTENCED TO FEDERAL PRISON
An Orange County man who ran a real estate investment scam that lured victims with bogus claims of large returns on investments in commercial real estate developments was sentenced today to six years in federal prison.
Barry Landreth, 38, formerly of Coto de Caza and now of Fullerton, was sentenced this morning by United States District Judge Cormac J. Carney. A hearing has been set for August 20, 2007, to determine the amount of restitution owed by Landreth. Judge Carney ordered Landreth to surrender to custody by July 30, 2007.
At today’s hearing, six victims addressed the Court, with one man, a former student of Landreth’s at USC, saying that Landreth was a professor he trusted and went to for career advice. Several victims testified that the losses they incurred from the scheme have ruined them financially. At least one victim said he would have to work well beyond his planned retirement to recoup the money he lost to Landreth.
Landreth pleaded guilty in March to a federal wire fraud charge. By pleading guilty, Landreth, a former adjunct professor of real estate finance at the University of Southern California, admitted that he ran two schemes involving purported real estate development projects in Chicago and Las Vegas. Through his company, Webster Realty Investors, Landreth offered short-term, high-yield real estate investments in two projects that he called Discovery Chicago LLC and Discovery Las Vegas LLC. Landreth induced victims, including wealthy investors and several USC students, to invest with promises that their money would be used in one of the two projects. In fact, Landreth did not use the victims’ money for either project, but instead spent the money on business expenses for Webster Realty Investors and on personal expenses.
As part of the scheme, Landreth falsely represented to victims that the projects would provide 190 percent returns on investments within 30 days to 45 days.
In court documents, the government presented evidence that Landreth used victims’ money to buy a Cadillac Escalade and several show jumping horses.
This case was investigated by the Federal Bureau of Investigation, which received assistance from the California Department of Corporations.
#####
FOX BUSINESS reporting, mortgages can no longer be outsourced….I for one, am not buying that one….
Media reporting a meteor may be hurling towards satellites…..well mwahaha….if they can’t steal the country with debt, they will use any excuse imaginable …. if all else fails they will then use an, “act of God” created by them to usher in their totalitarian dictatorship.
Beware of any and all “fixes” for fraud because if a meteor is a true act of God, there will be no legal or monetary correction for it.
Here is the actual video: Micaeal Ruppert is former LAPD & DEA, PI & writer:
Revolts are not for cowards.
Great and now the officials are going to use the first drone strike on a US civilian without a trial on this guy who is telling the truth and ran to the end of his ropes.
As you can see below our government is set up to conceal crime against Americans.
Bank of America Foreclosure Reviews: How Promontory Became a Shadow Regulator (Part VA)
Today we release the two latest posts in our whistleblower series on the Bank of America foreclosure reviews, focusing on the role of the “independent” consultant hired to perform the reviews, Promontory Financial Group.
The Plot So Far
As we described in earlier posts in this series (Executive Summary, Part II, Part IIIA, Part IIIB, Part IV, and Part IVB), OCC/Federal Reserve foreclosure reviews meant to provide compensation to abused homeowners were abruptly shut down at the beginning of January as the result of a settlement with ten major servicers. Whistleblowers from the biggest, Bank of America, came forward to provide compelling evidence that the bank and its independent consultant, Promontory Financial Group, attempted to suppress evidence that borrowers had been harmed by the false and deceptive practices of the mortgages lenders. Together, they reviewed over 2500 files. When asked to estimate the percentage of harm and serious harm they found, the lowest estimate of harm was 30%, with the majority judging the rate of harm at or over 90%. Estimates of serious harm ranged from 10% to 80%.
In this post and the next, we focus on how Promontory was badly conflicted and incompetent. Here we discuss how it has become a powerful, yet unaccountable shadow regulator. In the next post, we show how it made a hash of the foreclosure reviews and probe what the egregious expenses might be hiding.
Promontory, the Shadow Banking Regulator
Promontory has increasingly come to serve as the dominant shadow regulator in the financial services arena. It is difficult to name a player who occupies a similar role in any other heavily regulated industry.
Promontory has been an influential player virtually from its inception. Its founder and CEO, Gene Ludwig, was the Comptroller of the Currency under Bill Clinton and recognized the potential of the then-sleepy agency to end run other regulators.* After a stint as vice chairman of Bankers Trust, Ludwig established Promonotory and began hiring former regulators, along with attorneys with financial industry experience and former bank officers. The firm gained public visibility when Ludwig prepared a review for the board in the wake of a currency trading scandal at Allied Irish Bank.
As the firm became larger, Promontory recruited more senior and well connected former regulators, both to work at the firm and to serve on its advisory board. Its roster includes former SEC chairman Arthur Levitt, former Nixon and Ford administration official and NASD chief Frank Zarb, and Fed vice chairman Alan Blinder as advisors. Uber lobbyist Ken Duberstein is also on the advisory board. Fed governor Sarah Bloom Raskin is a former Promontory managing director. Their current staff is virtually an alumni association of the people who ran TARP, 1990s deregulatory advocates in Europe and Australia, and examiners from the OCC and Fed. And it doesn’t hurt that their public relations is handled by a former executive editor of American Banker. Analyst Josh Rosner has described Ludwig and the pre-eminent bank regulatory lawyer Rodgin Cohen of Sullivan & Cromwell as probably the two private sector parties most responsible for bank deregulation in the U.S.
Since Promontory is private, it is impossible to know its mix of revenues. However, its activities focus heavily on the adept circumvention of regulations. For instance, it operates CDARS, the Certificate of Deposit Account Registry Service, which is a service that divides large deposits and distributes them across a network of over 3000 banks. This is regulatory arbitrage, taking deposits that would otherwise exceed FDIC deposit insurance ceilings and breaking them into amounts that fall below the limits. A Bloomberg article, “Exploiting FDIC Loopholes Enriches Former U.S. Bank Regulators,” noted:
“These guys know how to work the system,” says {Sherrill] Shaffer, [former chief economist at the New York Fed] who’s now a professor of banking at the University of Wyoming in Laramie…Promontory charges banks more in fees, about $12.50 per a $10,000 one-year CD to get access to federally insured funds, than the FDIC itself charges in insurance premiums, typically $5-$7 per $10,000 deposited.
Another one of its major activities is getting financial firms out of hot water. From Promontory’s website (emphasis ours):
Promontory Examination and Enforcement Advisory Services offers financial and regulatory risk diagnostic and remediation services aimed at preempting, complying with, and mitigating the severity of regulatory enforcement action.
As one reader quipped,
Promontory has been running this scam for a long time. I used to be involved in Patriot Act/Anti Money Laundering Compliance industry working with the largest banks in the world. Every time there was a regulatory action, Promontory was brought in to be the overlord. The running joke was that there the OCC and FRB stapled Ludwig’s business card to consent orders.
Marcy Wheeler has called this the “Get Out of Jail Free industry”. But recently, Promontory’s most visible engagements have involved failed efforts at prettying up diseased managements. For instance, it told MF Global’s board that the broker-dealer had “robust risk management” a mere five months before it failed. And not only was this reading “absurdly sanguine,” but it was remarkably self-serving. Promontory was retained in 2009 to help implement reforms in the wake of an alleged trading scandals, so the report was an assessment of its own work. Similarly, Promontory prepared an analysis for Standard Chartered of wire transfers with Iran and other sanctioned countries, and reported only $14 million were out of compliance. The bank later admitted that at least $250 billion were impermissible, an over four order of magnitude difference.
But unlike the formal regulatory apparatus, whose actions are subject to supervision in the form of Congressional elbowing, Inspector General investigations, and Freedom of Information Act requests, Promontory is accountable only to its clients. It’s unlikely that prospects will be deterred by a few high profile failures. After all, in the overwhelming majority of cases, egregious massaging of the facts by bank-friendly consultants gets a free pass from regulators. Sheila Bair provided examples in her book Bull by the Horns. For instance, she described how she was pressing for management changes at Citigroup in the wake of a bailout in the form of guarantees on $306 billion of toxic assets. A consultant was brought in to shield CEO Vikram Pandit:
I met with Parsons, Grundhofer, and O’Neill on June 22 to discuss their willingness to boost capital and change management. They showed willingness to make some management changes, but resisted further capital raising….Throughout the ensuing negotiations…we were able to get significant management changes…Citi also agreed to hire an independent consultant to review its management from the top down and benchmark their qualifications and performance against other banks’…
When the “independent consultant” report came back in the fall, it compared Pandit to small European bank CEOs and gave him glowing marks. As for its review of the rest of Citi’s management, it gave high grades to Pandit loyalists while criticizing those who were not viewed as part of the Pandit team…
That was my first and last experience in asking bank consultants to assist regulators in reviewing bank operations. They are hopelessly conflicted, given their desire to secure future consulting work at those big banks. The consultants clearly considered their primary client to be Vikram Pandit. Indeed, they reported to him regularly on their review and sought his input until we found out about it and objected…..But Citi’s primary regulators, the OCC and NY Fed, didn’t seem to mind one bit.
Troublingly, Ludwig is also the Managing Principal of GenCap, a private equity firm that “invests in financial services businesses with a particular focus on community and regional financial institutions, specialty finance and related services.” It is impossible to maintain any sort of a Chinese wall between an investment business and a consulting business where the firm gets not only inside information about bank operations but also pending regulatory actions when the same person heads both businesses.**
Promontory was Badly Conflicted at Bank of America
The track record of “independent” consultants hired when banks are under regulatory scrutiny is their real job is not to investigate but put lipstick on pigs.
Since the official policy of the Obama Administration has been to declare peace with honor in the struggle against bank misdeeds, it was well understood by observers that the independent foreclosure reviews were never meant to be a serious exercise. The reviewers were conflicted, and Promontory was no exception. It had performed a “corporate governance review” for Countrywide’s board in November 2007. Recall that Bank of American had already made a $2 billion investment in the troubled subprime player in late August. The review is credited with getting Countrywide CEO Angelo Mozilo to accept that the bank was a goner and Something Needed to Be Done. Accordingly Bank of America announced its acquisition of Countrywide in early January 2012.
In other words, the Promontory work seems to have led directly to Countrywide getting Bank of America to stump up for the rest of bank at a rich price given the distress it was in (over market prior to the leak of the acquisition news). So finding a lot of borrower damage resulting from the Countrywide lending and subsequent servicing would show Countrywide to have been an even bigger garbage that it is already known to be. Given Promotory’s role in moving the deal forward, that’s hardly the sort of adding-insult-to-injury news that Bank of America would want to hear.
And it isn’t simply that Bank of America is a juicy potential client for Promontory. The firm already has close ties to the bank. It was deeply involved in a cost-cutting project launched under new CEO Bryan Moynihan called Project New BAC. And don’t think that expense reduction programs are tedious bean counting exercises. They are arguably the most lucrative consulting service. Cost cutting advisors are paid a percentage of the savings, and at a large bank, the rewards are rich. And the consultants naturally never question whether the assignment is warranted. As we wrote when the project was made public by a flattering article in the New York Times:
The New York Times piece is hagiography about the cost cutting process at Bank of America, in which the Charlotte bank will shed 30,000 jobs, more than 10% of its workforce. It starts with the misrepresentation of calling the belt-tightening a “turnaround plan.” That implies that the business of the bank is in trouble and the headcount reduction measures can save the day.
This is utter bunk. Bank of America was already a very cost and efficiency driven bank, to a fault. It botched its acquisition of the private bank US Trust by imposing its stingy ways on customers who had every reason to demand a bit of cosseting. It went so far as to impose ATM fees on a customer base that typically held 6 to 7 figure balances in checking accounts.
Banking expert Chris Whalen has called the cost cutting effort “criminal”. He points out the obvious: there is nothing wrong with the bank’s operating businesses. The threat to BofA’s survival comes from litigation on its mortgage backed securities business….
It is important to understand the business model of these firms… the whole project [is] accounted as a restructuring, with their compensation buried in the total.
To give an sense of how large the fees might run…a guesstimate by an informed source is that the fees on a medium-large project, say $400 million in savings, would be 5% or $20 million. Fees presumably scale down as deal sizes increase, so the $5 billion BofA assignment would presumably be set at a lower percentage. By contrast, the going rate for bona fide restructuring specialists like Houlihan Lokey or Gordian Group (remember these deals are accounted for as restructurings) are in the 0.75% to 1.5% range.
So given a high profile, high stakes project for a large and extremely profitable client, the last thing Promontory would want to do was to find borrower harm in the foreclosure reviews, since that would not only cost the Bank of America dearly through mandated payments to wronged borrowers but could also stoke litigation from homeowners*** and investors.
Our next post will discuss what whistleblowers told us about how Promontory managed its foreclosure reviews at Bank of America and PNC.
____
* I engaged Ludwig when I lead the Mergers & Acquisitions Department at Sumitomo Bank to advise on a complex international real estate syndication venture. We would meet infrequently over the 1990s. Ludwig mentioned with some pride that at the OCC, he had outflanked the Fed on certain issues.
** This isn’t the first time Ludwig has been insensitive to issues of propriety. See here for details of a brouhaha over a Ludwig coffee meeting with Clinton, bankers, and Democratic fundraisers.
*** The OCC consent order that included the foreclosure reviews stipulated that borrowers who received a payment under the review did not waive their rights to litigate for additional damages.
Topics: Banana republic, Banking industry, Legal, moral hazard, Politics, Private equity, Regulations and regulators
Email This Post Posted by Yves Smith at 5:05 am
Read more at http://www.nakedcapitalism.com/2013/02/bank-of-america-foreclosure-reviews-why-the-occ-overlooked-independent-reviewer-promontorys-keystone-cops-act-part-v.html#hR4PJMXqu6EJUxTK.99
REVOLT???
Here is A current victim of revolt against the corrupt legal system:
**************http://www.youtube.com/watch?v=jfpxNHPBvCY
REVOLT???
Here is A current victim of revolt against the corrupt legal system:
Christopher Dorner – Revolt against the police DONER “RACISM” on LAPD
**************http://www.youtube.com/watch?v=jfpxNHPBvCY
I agree with guest on the nation of renters plot…..they want US renting our own land and renting the buildings forever….they want US paying for everything but owning nothing. The bank owners & investors want a lifetime revenue flow from US…..They want COMPLETE CONTROL of US ……the bank owners/investors want ALL OF US to be their indentured debt slaves to their quadrillion dollars Securitization ponzi scheme for all eternity.
Therefore, the American people must revolt…..stop complying, conforming & cooperating by participating in their criminal fraud scam to steal our Constitutional Republic which is our NATIONAL SOVEREIGNTY ….OUR LIBERTY IS BEING DENIED TO STEAL ALL OF OUR FREEDOM & INDEPENDENCE. DO NOT SUBMIT TO TOTALITARIANISM … STOP PAYING & SUE THE FED….
This should be shocking however we all know this corruption is so huge this should be no surprize to us. A big key is in the securiities fraud.
http://www.nakedcapitalism.com/2013/02/bank-of-america-foreclosure-reviews-why-the-occ-overlooked-independent-reviewer-promontorys-keystone-cops-act-part-vb.html
Posters on this article have no idea of the large scale of corruption Americans are dealing with.
http://realestate.aol.com/blog/2013/02/09/michelle-hansen-jpmorgan-chase-stealing-home/?ncid=webmail5
Richard Fine Story in Brief May 4 2010
Why Does JP Morgan Want This Fraud Suit Sealed?
Posted by Teri Buhl under Bank Fraud
http://www.teribuhl.com/2010/11/26/why-does-jp-morgan-want-this-fraud-suit-sealed/comment-page-1/
Judges no longer care about their pension plans, cause they’ve received dozens of free stolen (foreclosed) homes from banks and are renting them out!!! that’s their real pension plans now.
I ran a search with Judge Yafee’s name and came up with this interesting article on JP Morgan. First comment at bottom of page discusses Yafee’s corruption and Richard Fine, who used to be a U.S. Attorney!!!
It is truly amazing that almost across the board and across the country these judges are so corrupt. They still believe that there pension plans will be protected by this behavior. I’ve got news for them: their pension plans will go down the tubes, too. We need our judiciary and our country back from this horror story.
I have deem admissions admitted coming up against FNMA for unverified discovery. One of the admissions is “Admit that YOU cannot establish facts relating to an unbroken chain of transfer of beneficiary interest to YOU from the original lender, XXXXXXXXXXXXXXXX.” Another is “Admit that YOU cannot establish facts relating to an unbroken chain of transfer of custody and / or possession to YOU of the original promissory note documenting the Subject Loan”.
Yaffe (retired) was judge on Fine case.
@ guest:
was the judge who sentenced Richard Fine from Orange County, Ca.?
this is so depressing. trying to get a ganster to stop being a gangster is impossible from all the movies i have watched. this is a nightmare. the government and courts just make it easier for us to loose our house. how can poor people defend themselves, when our home values decreased by half and our incomes too. the rug was pulled out from under us. yes, we all bought, but who knew were buying such artificially inflated properties. i have lost hope.
@Guest, I agree that Orange County CA is totally corrupt!
There is no such thing as a “fair foreclosure”……that is another bank owner psy op, play on words. The U.S. TAXPAYERS pay for everything upfront at the Origination…banks don’t lend anything of value, they destroy value by overussuing investments in things that do not exist and they do not own. That is why the UCC ……State and Federal Law clearly States..Investment ot Indorsement does not guarantee security entitlements …….
These crooks have used psychological warfare to destroy the moral fabric of our society. We have let evil in by our own denial of it. Now that this evil has been exposed, it is time to show this evil the door. Because what this evil wants is totalitarianism and NO ONE will want to live under it.
Securitization is a psy op by the black nobility. No one should cooperate, comply or conform to this massive criminal fraud. These crooks do not own anything. They are deceptive liars, wealth and property value destroyers who steal to gain totalitarian control. These crooks have declare war on our Constitutional Republic.
God bless Neil Garfield!
It will be interesting how deny-n-discover will need to change in light of the changes to procedure found in the Fl Fair Foreclosure Act.
Neil,
Do you have any options for lawyers in Colorado that could launch a wrongful foreclosure against AMHSI?
Also, I have two rentals signed with Countrywide whom BoA just dumped on Ocwen for 0.17$ on $1.00. I’m on the HAMP merry go round right now. Do you have anyone who can do a preemptive strike rather than await mod failure and go to foreclosure?
Any help would be appreciated.
Rich 970 988 4777 Sent from my Galaxy SIII
Wells said Neil. However, the bogus lenders need not produce any proof of ownership of loans, or funding, because they own the judges, sheriffs & all law-enforcement… & which is why legitimate cases are dumped quickly usually with first demurrers or motions to dismiss… Hardly any cases extend to a second round!!!
Richard I. Fine – Whistleblower Jailed Over 1 Year by Corrupt Judges in California