Ms. Porter was the first person who broke through the ruse of securitization and confirmed what I thought, in 2007, leading to the creation of this blog. As a Professor at the University of Iowa she conducted a study that revealed that, at a minimum, 40% of all executed notes were destroyed shortly after the “closing” of a home loan. Negotiable notes are the equivalent of cash. I was left with the question “why would anyone shred money?”
Now in California, this former protege of Elizabeth Warren is running for Congress. I think she deserves all the support she can get. She is one of the few people running for public office who understands the mortgage meltdown and who will keep fire to the feet of fellow legislators as the country continues to sort out fraudulent loans, fraudulent “meltdowns,” and fraudulent foreclosures.
Ten years ago, when I was a lone voice in the wilderness, she was there to help. Now it is our turn to support her candidacy. Her election to the House of Representatives will benefit all Americans — not just those in her district.
The Intercept (by David Dayen): An enemy of the Wall Street foreclosure machine is foreclosure machine is running to unseat a GOP lawmaker in California
New York Times (by Gretchen Morgensen): http://www.nytimes.com/2007/11/06/business/06mortgage.html?mcubz=1
Original study: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=1027961
Washington Post: Emily’s List backs Elizabeth Warren acolyte in California congressional race
SacBee: Elizabeth Warren protégé runs for Congress in Orange County: ‘Katie is a fighter!’
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Filed under: foreclosure |
Reblogged this on California freelance paralegal and commented:
Hopefully she will do more for homeowners than Kamala Harris has ever done, which was not very much.
Thanks so much realized that after I asked. Again my thanks.
BUMPING from below…
CORE QUESTION @ ALL:
Personal research has NOT resulted in locating language/authority for the proposition that a purportedly securitized PROMISSORY NOTE was required to be destroyed BECAUSE once the PROMISSORY NOTE was CONVERTED to a RESIDENTIAL MORTGAGE BACKED SECURITY instrument, both could no longer co-exist.
No language/authority has been located under either SEC, GAAP, or other.
Has ANYONE located any relevant clues on this CORE ISSUE to research and drill down on?
Gotta b kidding. This is the time to hold all candidates accountable no matter what party w Wells Fargo scandal, Chase investor documenting corruption of National Monitor Joseph Smith tgat Ms Porter, Sen Harris supposedly worked with. They can support a moratorium and investigation NOW.
Wish her luck. But all too late
CORE QUESTION @ ALL:
Personal research has NOT resulted in locating language/authority for the proposition that a purportedly securitized PROMISSORY NOTE was required to be destroyed BECAUSE once the PROMISSORY NOTE was CONVERTED to a RESIDENTIAL MORTGAGE BACKED SECURITY instrument, both could no longer co-exist.
No language/authority has been located under either SEC, GAAP, or other.
Has ANYONE located any relevant clues on this CORE ISSUE to research and drill down on?
Sue – it was posted above
https://papers.ssrn.com/sol3/papers.cfm?abstract_id=1027961
I remember reading the piece by the head of the Florida bankers assoc saying that all notes were destroyed.
At the same time, the ratio of lost note affidavits in Fla courts went from the historical <1% lost, to 99% lost.
Also I remember the head of the Fla financial services industry licensing bureau was fired after it was found that there were over 10,000 financial services industry employees who had been convicted of felonies.
That was back when u started this blog Neil-
How do we know that “Negotiable notes are the equivalent of cash”? wherever i look is states that Negotiable Notes are not necessarily the equivalent of cash.
So far reactions from homeowners to her candidacy are negative from what I’ve seen and my own experience. She and Sen Harris need to own up to their role allowing banksters to ignore the law and steal homes.
We can we find the study by Ms. Porter?
Reblogged this on Deadly Clear and commented:
2018 is the year of the no-name, non-politician dedicated to restoring decency and MAGA! It’s the year to clean House & Senate of all the lifers. Maybe we’ll even get Term Limits done!