It is encouraging that Obama is the police trying to get the housing and foreclosure situation resolved. But he is starting from a premise that is faulty just as Florida and other states are passing legislation from a similar premise, to wit: that the blame for title corruption, litigation and the court that is clogging the system, and the housing market, together with the bogus mortgage bonds that were issued by nonexistent unfunded special purpose vehicles (“trusts”) is somehow the fault of borrowers.
In his weekly Saturday address, Obama made reference to reckless behavior without specifying that the reckless behavior was that of the banks. The pervasive and insidious assumption is that 30 million borrowers woke up one morning and decided to enter into a conspiracy that would destroy the countries economy and financial system. If anything is obvious it is that only the Wall Street banks had the capacity and sophistication as well as the motive and opportunity to ruin the lives of millions of people, corrupt a title system that had been working perfectly for centuries, and control the governmental response using the influence they had acquired through lobbyists and direct financial contributions.
The reason that is so important is not just that the bankers probably belong in jail just like they ended up going to prison in the savings-and-loan crisis of the 1980s; the real reason it is important to start with the premise that the banks on Wall Street created a fraudulent Ponzi scheme that has not yet been addressed. Neither the economy nor the corrupted title system in our country can enjoy any serious correction without at least considering the idea that the entire bogus plan of false securitization was premeditated and clearly intentional.
This is not to say that there was no fraud on the part of any of the borrowers. But it is quite obvious from news reports that any prosecutions for mortgage fraud have been directed at borrowers who merely used the same techniques, procedures, tactics and fabricated documents that the banks used when they caused the loans to be originated and caused the worthless paper from the “loan closing” to be assigned, sold, insured and hedged as though the loans were the property of the Wall Street banks who in fact had merely used the deposits of unsuspecting investors. Even a appraisal fraud is being prosecuted against small individual investors who merely followed the directions of the thinly capitalized” originator” and mortgage broker. The reason those loans went through was not because of the fraudulent intent of the actors who were prosecuted but because of the fraudulent intent of the Wall Street banks and their affiliates whose business plan called for the origination of loans in unsustainable amounts and the diversion of the documents that were supposed to protect the investors whose money was used for the origination or acquisition of loans.
If the securitization of debt had been real, there would’ve been no need for MERS, or any private system that was used in reality to track transactions that were a complete sham. The Wall Street banks made sure that they used the money of third parties and created “paper closings” in favor of entities, “originators”, and even banks who pretended to underwrite the loans but who never had any risk of loss and in fact in most cases never showed any bookkeeping or accounting entries reflecting the creation of a loan receivable. The amount of “money” in the shadow banking system of insurance, collateralized debt obligations, credit default swaps and other exotic instruments is now said to exceed one quadrillion dollars. It is universally accepted, and I agree, that this amount is geometrically larger than any real money in the system, with estimates of real value varying from $25 trillion-$70 trillion.
My point here is simply that the Wall Street banks entered into a relationship with investors wherein the investors were principles of the Wall Street banks were agents. Regardless of how many layers the Wall Street banks used in terms of the use of subsidiaries and affiliates, their actions were subject to the expectations of the investors and the written promises to those investors, all of which were breached nearly all of the time by the Wall Street banks. Hence their trading in the defect of loans and unenforceable paper created at the “paper closings” produced a volume of “trading profits” which were in reality the proceeds of transactions that should have been used to reimburse the investors.
Once you accept the notion that the above scenario is true, the legal question of whether or not a monthly payment is due or in fact whether any payment is due from the borrower becomes the front and Center question in all action seeking to collect or foreclose on consumer debt including but not limited to alleged “mortgages”.
PRACTICE note: this is why you want to issue a subpoena or other discovery device that forces the party seeking foreclosure or collection to produce a live witness and documents that shows that there is an actual risk of loss by virtue of an actual transaction on a specific date for a specific amount of money which was paid by the party seeking foreclosure to another party who actually on the loan by virtue of another actual transaction on another specific date for a specific amount of money that was paid by check, wire transfer, ACH, or check 21. All the information that I have indicates that none of those transactions actually occurred, no money ever exchanged hands, and that the assignments and endorsements reflect transactions that were a sham — including but not limited to the so-called “origination” or assignment or any other form of acquisition of the loan. This is important not only on the issue of standing and subject matter jurisdiction in which there is no injured party, but on the issue of identifying a party who could conceivably submit a credit bid at the time of the auction of the foreclosed property. In judicial states the final judgment of foreclosure identifies the amount of the judgment awarded without there having been any actual trial or hearing in which evidence is heard on the actual payment, proof of loss, and the dates and amounts in which money exchanged hands. this entitles the foreclosing party to submit a credit bid when in fact they never had paid any money toward the origination or acquisition of the loan. Thus it is important to bring the issue up very early by way of subpoena to show that the party seeking foreclosure lacks standing, and has filed an action for which there is no substantive jurisdiction, nor any remedy without a financial injury.
Weekly Address: Growing the Housing Market and Supporting our Homeowners
http://www.whitehouse.gov/blog/2013/05/11/weekly-address-growing-housing-market-and-supporting-our-homeowners
Filed under: CDO, CORRUPTION, Eviction, foreclosure, GARFIELD GWALTNEY KELLEY AND WHITE, GTC | Honor, Investor, Mortgage, securities fraud | Tagged: acquisition, credit bid, debt, foreclosure, loan, Mortgage, note |
I am starting to think V.P. Biden, not Obama is the real culprit here.
Obama is an investor control freak and it is becoming more & more apparent on his face everyday. You will do what your told is what he’s preaching and people are waking up and realizing his agenda is to control our lives. That goes for all of the politicians and law enforcement & all branches of government who are investors in this Corporate Agenda to tell us what to do……screw them and their compromised b.s.
All cash out came from our pockets….not theirs. The banksters don’t lend any of their own wealth….they just steal ours, throw us a few of our own crumbs back at interest…..and hand us their bill for our own robbery.
I agree these imposters are all scumbags who are running things and they are sooo greedy they want to steal it all from us….All of our personal wealth, freedoms, property, livelihoods, liberty and our independence ..
@Charles
SOME “cash out” was funded—but very little, over all. And, of course—the subprime fraud (which was most loans) began when the GSE’s put the ALL loans in a “false” default after the repeal of Glass-Steagall, collected insurance, and then created fake new notes…to help in the securitization PONZI…only “collection rights” to this “false-default debt” remained.
My friend has absolute proof of all of this…she even presented it to Fannie/Freddie—they told her: “Let it go.” I’m not making this up.
These are the scumbags running things.
WE NEED TO COIN & ISSUE OUR OWN CURRENCY AS THE U.S. CONSTITUTION REQUIRES.
These banksters are control freaks. What they really want is all of us to accept their totalitarian system. If we don’t accept it they will try and force acceptance of their fraud like OBAMACARE for example. There is no valid reason why healthcare is unaffordable and there is no valid reason for OBAMACARE which is also unaffordable.
It is all bankster control freak b.s…..
The TREASURY should have been audited and THE FEDERAL RESERVE BANK put into receivership to the U.S. TREASURY DEPARTMENT because the FEDERAL RESERVE BANKSTERS OWE US TAXPAYERS GAZILLIONS. NOT VICE VERSA….THE BANKSTERS NATIONALIZED (COMMUNIZED) THE U.S. TREASURY DEPARTMENT VIA OBAMA & HIS BANKSTER FRIENDS IN CONGRESS/THE SENATE….TO THE FEDERAL RESERVE BANKSTERS WHO COMMITTED A QUADRILLION DOLLARS IN BANK FRAUD AND ROBBED AND RANSACKED OUR TREASURY….THE FED BANKSTERS HAVE STOLEN $60.4 TRILLION DOLLARS OF OUR WEALTH FROM US SINCE THE COMMIE POLITICIANS HIJACKED AND COMMUNIZED OUR TREASURY DEPARTMENT IN 2008….
The illegal bailout of TOO BIG TO FAIL is robbery of WE THE PEOPLE and nothing more.
THESE IMPOSTER POLITICIANS NEED TO BE THROWN OUT ON THEIR HEADS FROM THE TOP DOWN AND THE TREASURY NEEDS TO BE AUDITED AND THESE FOREIGN NATIINAL BANKSTER CROOKS NEED TO BE FORCED TO PAY BACK WHAT THEY STOLE AND THROWN THE HELL OUT OF HERE..ASAP.
The banksters have hijacked our Constitutional Republic. As a result, we have imposters running the country.
Elexquisitor……..you are obviously an investor troll so right back at ya…
“we are being corralled” I could not have said it better, it goes against natural law and it will not work. not this time they know this too. people are waking up now and like ripples on the ocean its spreading fast. The world must change for the better, and for the real majority not a greedy 1%.whoes mothers never taught sharing is a good thing, where is the joy if you can not share in a good thing.
Neil ,
This is no “mistake” ,, his words , programs and attitude are crafted to instill a lack of faith in any system ,, it is meant to push people to cling to the government even though the government is complicit in the downfall … What makes this possible is the “progressive” takeover of the school system almost 100 years ago that kicked into high gear in the 1960’s … The vast majority of American people today are incredibly ignorant yet they think they are brilliant. I would suggest reading a good first person account of life in Russia after the revolution to see how this parallels nearly perfectly… we are being corraled and the gate is closing ,,the banksters are already owned by the government.
Try reading Ayn Rands novel “We the Living” .
SECURITIZATION by the banksters means they needed to create the Security, pay back the money they created off of our signatures to the U.S. TREASURY DEPARTMENT. Otherwise everything they did after the Origination Fraud was Securities Fraud and so much more. Neil already stated, Securitization by the banksters is not legal under U.S. and Common Law. This was a giant scam by our enemies both foreign and domestic. These banksters are imposters to our Constitutional Republic and everything they are doing is illegal.
The somebody who funded the “loans” were WE THE PEOPLE via the U.S. TREASURY DEPARTMENT. The FED borrowed U.S. TAXPAYER money in our names and never paid it back. In other words, the FED DEFAULTED on what they borrowed in our names without notifying us of their default and that there had been a change in the contracts.. The FED destroyed the mortgage contracts. Then Wall Street took our autographs and overissued investments to the the tune of $700 Trillion dollars backed by our $12 Trillion dollar intitial stakeholder investment and destroyed the Notes. The GSE’s bought back some of the fraud at pennies on the dollar.and openly admited to multiple pledging (securities fraud) the Notes. Fannie Mae’s biggest Shareholder/Bondsholder/Investor is the INTERNATIONAL MONETARY FUND/WORLD BANK (The IMF) reported Bloomberg News. The banks overissued investments in our Life, Liberty and Property via their investment bank perps on Wall Street. Their hedgefund managers pumped and dumped their fraud for them and they all made a fortune. The banksters are the biggest criminals on the planet and the Politicians were and are all in on it. This was the biggest robbery of wealth and property in history by the Politicians/banksters and their perps on Wall Street. Obama is an investor as well and is dictating investor policy in the U.S and it is not legal, moral or ethical. Benghazi is a fart in a wind storm compared to the harm done by these banksters in this manufactured financial crisis. The largest since the last bankster manufactured Great Depression.. These maniacs have received $60.4 trillion in U.S.TAXPAYER MONEY SINCE 2008 REPORTED CNBC.
Bernanke is supposedly going to stop the investor party off the backs of the U.S. TAXPAYERS in the not to distant future but certainly not until the robbery is complete and we are all rendered worthless by these crooks..The investors at the top of the pyramid scheme want a nation of renter slaves and so far all of their evil plans are coming to fruition. OBAMACARE is a TOTALITARIAN takeover of everything by the Banksters. Lou Dobbs of FOX Business reported tonight that the IRS is going to be in charge of OBAMACARE….Say What? There are over 9000 Federal Regulations associated with the 1300 pages of OBAMACARE. OBAMACARE is the installlation of a TOTALITARIAN dictatorship. Hillary Clinton is the real culprit here. I hope they throw her in the gulag for Benghazi.
carie it the second part of the transaction that in securitizating that was not funded. You cannot have a home purchase without a funding as X owns the home and needs $200,000 to turn over the keys.
Now on a loan whether it was prime or subprime there was a payoff on a refinance, and unless every single lender was involve with each other there is not way lender A is giving away a loan that monies are due.
As far as the payment not being paid to the right parties I agree with you as an investors who does not purchase the debt as a home mortgage lender cannot not accept any home loan payment at all.
I think your argument fails short because a Judge knows that from day one that a property must be purchase or let take a person that got no debt on the property and cash out for $200,000 in a refinance,,,,,so where that money coming from?
It about the pooling that screwed up!
@Neil – We need to press our cases on the point you make about the amount of ‘consideration’ paid by the ‘vesting beneficiary’. Something like – … Your Honor, you have read the pleadings and are familiar with the facts. How much did [foreclosing lender] pay for the Subject Loan? I’m not leaving until you come up with either a number or a ruling on law that [foreclosing lender] is without standing for equitable relief and therefore not a party to this action. You can’t have both. I’ll wait while you read the pleadings. If you cannot come up with a number, then [foreclosing lender] is a party to the criminal statutes found in my pleadings.
@stripes – Blow it out your butt and strike a match.
No, Charles Reed—NO FUNDING. Explanation by my friend (pay particular attention to second paragraph):
First, “certificate purchasers” are the banks themselves (security underwriters), and they only purchase a “pro-rata” share to a “pool” of cash flows —- that is all — they are NOT the mortgagee/creditor—the trust is assigned the loans from which the pass-through cash flows are derived—it is the DEPOSITOR (subsidiary), that owns the collections rights (they are not mortgage loans), and the Trust itself. The “certificate purchasers” (the bank security underwriters (another subsidiary) themselves) then repackage the certificates to “pro-rata” cash flows into CDOs that are marketed to security investors — who are also never the mortgagee/creditor. According to all PSAs — there must be a documented valid sale of the “loans”, with supporting Mortgage Schedule to the Depositor in order for any Trust to be valid. There was never any valid sale of loans — and the loans were never actually loans — they were collection rights.
Second, since the “loan” refinances (subprime/alt-a), and jumbo new purchases were non-compliant and non-performing manufactured defaults, no funding at all was necessary (except for the cash-out for the loans). The warehouse lines of credit never actually transferred any actual cash for funding. These lines of credit were simply “credit lines” that the “Depositor” would provide to their correspondent lenders. Once the “loan” refinance origination was completed the Depositor would then reverse the “credit” owed by the correspondent (originator). This never involved any actual deposit of cash proceeds —- the “funding” payoff check is never “deposited” into any bank account. The check is routed to a security derivative clearing house — who then simply cancels the credit-line transaction.
Third, it is not productive to state that since someone else was actually making payments on the “loan”, “albeit” not the borrower, that the loan is not in default. Courts do not care about this — they only care if the borrower is in default. However, if the actual party does not come forward claiming that the debt is owed to them, and the actual party cannot prove how they came to own the collection rights — borrower does not owe the debt to anyone. That party is never going to able to demonstrate that collection rights belong to them because they would have to divulge the above fraudulent process and that the “mortgage loan” from onset was not a mortgage but, instead, collection rights. This admission would also mean that the “debt” is unsecured and can be discharged in BK.”
Part of this I have to disagree with and that is somebody funded these loan because as a mortgage loan officer for 10 yrs, somebody was paying me and 500,000 other mortgage loan officers.
I know for the first two years working for a broker there were hundreds of lender we were selling loan too, and that loan did not get closed until the funds were wired to the title company.
The last 8 yrs with two banks, in one small which I know in our correspondent agreement in order for us to received the max yield we had to fund the loan, and then we sold the loan later. We at the smaller bank closed 90% of our loans ourselves and did not use a title company to close the loans. We did obtain title insurance from the title company. We did not see the need in the title company getting paid to do what the loan officers could do.
At the larger bank we funded the loans and most were kept, however I do see the next transaction as being the problem when placing the loans in pools with black endorse Notes, where no monies changed hands!
oo let me say that jan van eck line
” pervasive posture of innocent opacity” love that line
same ol- if you tell a lie, keep it simple and tell it over and over eventually the people will believe it- the man can lie better than any politician ever has, ill give him that. actions, his actions, what has he done to stop the criminal theft of homes, he has condoned it, so far. the do you think its a coincidence that attorneys and pro se ers alike are getting kangarooed around the court system with no due process, and tricks that amount to interfering with the course of justice?? its been totally abusive.then the settlement fund, the owner of rust consulting inc.who are dealing with it have a huge conflict of interest, $300 USD was MEANT to be an insult. and they want my signature bad- why bother , they counterfeited it before, so why wouldn’t they do it again. they need to be punished, as the law provides, no consequences, no learn lesson. will only get worse. they do own the place, until they are made to stop, they will never stop being greedy, that is a fact,
PAY US BACK WHAT YOU STOLE YOU BANK INVESTOR CROOKS!
The real issue at hand is WHO the borrowers were…and WHO defaulted first….It was the FED… Everything is the opposite of what we thought. That is how the banksters pulled this robbery off by lying through their teeth ….
FOX business reporting BARCLAY’S WERE LET OFF THE HOOK FOR THE LIBOR SCANDAL…..MWAHAHA…….
The financial channels are reporting Dimon might quit J.P. Morgan if the shareholders vote to split his job with another. They all got caught these crooks. Boo frickety hoo to all of these crooks.
Obama is also an investor in the fraud. The Obama administration agenda is multifaceted. It runs the gamut and its ultimate goal is to create totalitarianism. These people are control freaks.
Obomb bomb isn’t dumb. The banks elected him.
This was a well planned event by the investors both foreign and domestic to steal out freedoms. The FED and WALL STREET were their perps. The control freak investors are all unconstitionally and illegally invested in everything that effects our Life, Liberty & Property. They have hijacked the Government and are running rough shot all over us. Corporate America sucks.
I say paltry because this is not justice and they are using stolen taxpayer money to pay these fines.
It is a banner day for LENDER PROCESSING SERVICES (LPS)…..4closurefraud.org reporting LPS agreed to pay a pawltry $14 million dollars in stolen taxpayer money in a SECURITIES FRAUD SETTLEMENT for misleading investors even though the investors were insured on their risk. What a bunch of scumbags.
Like these commercials for 20 cents a day you can feed a homeless person…Why are they homeless? Why in the richest nation on earth do we have anyone that can’t afford their basic needs? These politicians are a failure. They failed us and it was intentional.
Allow me to clarify, the public sector retirement accounts, taxes, social safety nets were and are a form of robbing all of us. Those who are working always paid for everything. The investors used us to strengthen our enemies both foreign and domestic. That is why we are here.
This was an evil plan by these Globalist, communists to wipe out our security and control all of us. This part of their evil plan to transfer our wealth to the foreigners began at the RIO EARTH SUMMIT in Brazil in 1992. Ever wonder why these millionaires and billionaires like oprah, warren buffet, bill gates always help the foreigner’s? They were told to use us and shit on us. Screw them, they are all traitor’s including these phony assed lying politicians who send billions of dollars of our tax money to help these communist dictators out.
These fraudclosures are being governed by an “investor theory” that is not legal, moral or ethical. What is meant by the language in these complaints that these foreclosures are “instant actions?” What in the hell does that even mean? I believe it means they were told to ignore the rule of law and just take everything from WE THE PEOPLE. The investors at the top of the pyramid scheme were counting on what we don’t know to rob us of everything. They are scurrilous, ruthless bastards.
If all of us “Dummies” know this , then there is no other reason, than its being done on purpose.
The cops, firemen and paramedics pension funds are invested in bank/Wall Street fraud as well. Their pensions, all social safety nets and pretty much everything were a ponzi scheme all along and a lifetime revenue flow for the benefit of the big shot investors at the top of the pyramid scheme. We were hoodwinked. Those who are working now, always paid for those in need & the retirees. The massive loss of livelihoods because of the massive default by the FED and the massive derivatives fraud by Wall Street has nearly destroyed this country.
As long as anyone is allowed to invest in anything that effects our Life, Liberty & Property we will be held hostage by an ideology that “investors rule.” That should never have been allowed. Obama, the Politicians, the judges even members of the media are invested in our freedoms. They and their pension funds are invested in a lifetime revenue flow from WE THE PEOPLE. That is problematic and is the main reason why the economy continues to decline. From mortgages to OBAMACARE and everything in between, the investors want a lifetime revenue flow to everything we own, pay and Labor for. Wall Street screwed us over big time and the politicians put them up to it. The investors both foreign and domestic, imposters, are dictating all policies in this country.
It is up to “We the People” We must have city county state Govenment divest and cease all business with the banksters. We need to end Economic Apartheid Now.
NEVER AGAIN