Nearly everyone is confused as to the identity of the real holder in due course, or the “creditor,” or the owner of the debt. Nearly everyone thinks that ultimate it is investors who purchased certificates.
In fact there is no holder in due course and there never will be in most instances. There was never any possibility for a holder in course claim because in most cases the origination of the loan took place in what is called a table funded loan, which is against public policy as a matter of law (as expressed in the Truth in Lending Act).
The creditor or owner of the debt is actually a party who was never disclosed in any of the dealings with borrowers and is not adequately disclosed in the secondary market or pretend underwritings and sales of certificates.
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THIS ARTICLE IS NOT A LEGAL OPINION UPON WHICH YOU CAN RELY IN ANY INDIVIDUAL CASE. HIRE A LAWYER.
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A Client just asked me if we should consider all the disclosed players as a single entity. Here is what I replied:
You could take that position but in reality they are all taking orders from a single entity that does not appear anywhere in the paper trail.
But it’s not like they are receiving orders on specific cases or events. They have standing orders to which they have agreed.
The party from whom they are receiving instructions is an investment bank who posed as an underwriter for the issuance and sale of bogus certificates from a nonexistent trust. The investment bank used money obtained under false pretenses from investors.
The investment bank might, under law, be considered a creditor — but it can’t assert that without opening itself up to a myriad of liabilities. In fact the investment will move heaven and Earth to avoid the revelation that the only financial transaction that means anything as a basis for foreclosure involves the investment bank and NOT any of the other disclosed parties with whom you are in litigation.
So in the end, the bottom line is that there is party who is willing to step up and claim status as creditor or owner of the debt — ever.
If you push this to the extreme in litigation you get some interesting results. Instead of being afraid that they will pop out a real creditor or owner of the debt, you should know that that in the end they will refuse to produce any such party.
And you will know that when they do assert or imply that this is the creditor you should look carefully at their wording and realize they are using a sham entity to cover up the fact that the investment bank who started it all is the real party in interest.
It is the investment banks’ unwillingness (for good reason) to be revealed as having anything to do with the loan, foreclosure or any other transactions that can be used as leverage if you push hard enough.
Filed under: burden of persuasion, burden of pleading, BURDEN OF PROOF, CORRUPTION, discovery, Discovery -Subpoena, evidence, Fabrication of documents, foreclosure, foreclosure defenses, foreclosure mill, forensic investigation, investment banking, Investor, legal standing, MODIFICATION, Mortgage, originator, Pleading, Servicer, TILA, TILA rescission, TRIAL OBJECTIONS, trial strategy | Tagged: discovery, holder in due course, investment bank, owner of the debt, REAL PARTY IN INTEREST, table funded loan, TILA |
The creator of the “NEW” money that is put into circulation is the so-called borrower. THE BANK DOES NOT LEND any money per se. Let me repeat that: The bank DOES NOT LEND ANY MONEY. They never have and never will. Everything that comes after the closing is a cover-up for the FACT the bank does not lend any money: ALL THESE ARE VOID: the investment bankers paper work, the securitizations, the robo-signing, the endorsements in blank and the affidavits to the court, the MERS statements in the contract and the placements in various trusts.
The real money comes from THE SIGNATURE on the loan, given by the bank. It is a promise to pay. That is to say, “I will work to create value for this money/home.” SO, currenty, the homeowner is promising to pay in Federal Reserve Notes over 30 years and getting those FRN by working some job. NOT FAIR….when you think the bank does a couple of hours work and “STEALS” the money the homeowner deposits and those monthly returns for 30 years..
The bank should only be changing a transaction FEE….not a repayment of principal plus interest. The so-called borrower does not have to pay back something that he/she created. BUT we ALL have been scammed over the millenniums. WE all should be getting a home to live in by the mere fact of our existence and having worked in this society or promise to work because the home is already build and paid for.
A final Note: Of course, the investors are being sold the paperwork created by the banks selling the mortgage because the homeowners are of a mind-set that they have to pay the money back to the bank or the servicers. So, in essence, our ignorance of how money is created is the problem…WE believe the MYTH that banks have the money to lend. That the depositors money is being used to fund the loan. IT IS NOT….And may I suggest:
https://www.bankofengland.co.uk/-/media/boe/files/quarterly-bulletin/2014/money-creation-in-the-modern-economy
Later
thanks for reading
Bank of America NA. Bank of America Home Loans.Fannie Mae.Specialized Loan Servicing.
Who is who in my shell game of thieves.