The Great Realization is that securitization is a myth. A very profitable myth. A myth that resulted in profits that were geometrically higher than any transaction with any homeowner, consumer or borrower. A myth that enabled Wall Street to collect everything from everyone without any accounting for the money.
It is up to us to make this a point of inflection and we will never have another opportunity even remotely this good.
The Great Realization is that the government is acting against the common sense interests of borrowers. If they are making payments to the people and companies claiming to be “creditors” then those people are already obligated under current law to make the appropriate entry on their books to reflect a credit against your “loan” account.
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U.S. Government is an accomplice to yet another grift by Wall Street. Investment bankers don’t want anyone to think about their books and records. They don’t want to credit borrowers with government bailout payments for debts. Besides the obvious benefit of collecting twice they don’t want anyone looking at their books and records. That is because in their securitization scheme nobody has any loan as an asset receivable on their books and records.
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Ask any CPA. The only way your “debt” could get onto the balance sheet of any person or company is through a financial transaction in which that asset was acquired for payment of value. If it is being claimed in trust it is not a transaction of that person or company. It is a transaction of the trust. Very simple.
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Wall Street doesn’t want anyone in government or the public domain thinking about the simplest element of double entry bookkeeping, or generally accepted accounting principles (GAAP), or the Financial Accounting Standards Board (FASB) or the Securities and Exchange Commission (SEC) for one very simple elemental reason: there is no company or person who is reporting to anyone that your obligation is an asset on their balance sheet either specifically or under any group heading or category. NONE. ZERO.
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The GREAT REALIZATION is that Wall Street eliminated the debts at the same time they created the appearance of the debts — or shortly after creating them.*The Great Realization is that without anyone owning or reporting your obligation as their own asset, there is no creditor by definition.*The Great Realization is that a creditor there can be no enforcement of a your debt because nobody is entitled to the proceeds of enforcement. Since they didn’t pay value for it they have suffered no loss from your nonpayment. Without loss there is no claim.*The Great Realization is that securitization is a myth. A very profitable myth. A myth that resulted in profits that were geometrically higher than any transaction with any homeowner, consumer or borrower. A myth that enabled Wall Street to collect everything from everyone without any accounting for the money.
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No homeowner, consumer or borrower created this situation and there is no law supporting the scheme that Wall Street calls securitization — because securitization has always meant and still means the sale of an asset, split into pieces. If nobody is claiming to be the creditor there is no securitization. It is a myth.
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Filed under: foreclosure |
Hammertime — I don’t know why more are not responding here like you!!!. Or why our representatives remain silent.
Trapped – no way to clean house for either party. But, we have an opportunity now to try to expose. And media, is part of the game. Media is large part to blame. Where the heck have they been? Incompetent or an agenda?
Every agency at every level, local to fed, both parties have a corrupt interest to prop up this myth. Every official should b made to answer and explain where all the trillions to Wall St r going while we r treated like a third world country during this COVID19 crisis as well as every dime from the foreclosure crisis.
Absolutely — and very important as stated here – “Wall Street eliminated the debts at the same time they created the appearance of the debts — or shortly after creating them.”
They had a single means of doing this, which I have been trying to say for a long time. Wall Street wears many hats, and before wearing the “security underwriter” hat – they wore the servicer “hat” to the GSEs. They turned the CRA upside down and inside out to conceal what went on behind the scene.
Not only is the ‘Great Realization’ as to the “scheme,” but the scheme opened the door for theft of money that was actually paid by borrowers.
Internal documents are critical. We have no access to them.
Thank you.
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