https://www.occ.gov/news-issuances/news-releases/2020/nr-occ-2020-139.html#
This just in or at least just brought to my attention. It is full frontal assault on the rule of law and the banks are trying to jam it through as a rule change to allow illegal foreclosures. This development is the banks response to my blog. You must defeat this by writing to everyone you can think of to voice your protest. It is timed to be ignored with the election looming.
Issued on October 27, 2020:
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The Office of the Comptroller of the Currency (OCC) issued a rule that determines when a national bank or federal savings association (bank) makes a loan and is the “true lender,” including in the context of a partnership between a bank and a third party. This rule may not directly affect originators who are neither national banks or federal savings associations. But it is carte blanche to the likes of Goldman Sachs, Chase, Bank of America et al.
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The rule specifies that a bank makes a loan and is the true lender if, as of the date of origination, it (1) is named as the lender in the loan agreement or (2) funds the loan. The rule also specifies that if, as of the date of origination, one bank is named as the lender in the loan agreement for a loan and another bank funds that loan, the bank that is named as the lender in the loan agreement makes the loan.
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The rule specifies that a bank makes a loan and is the true lender if, as of the date of origination, it (1) is named as the lender in the loan agreement or (2) funds the loan. The rule also specifies that if, as of the date of origination, one bank is named as the lender in the loan agreement for a loan and another bank funds that loan, the bank that is named as the lender in the loan agreement makes the loan.
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So the OCC has corroborated everything said on my blog and in my public appearances and broadcasts. It recognizes that there are in fact problems with identifying the true lender and with table funded loans which have been against public policy since the 1960’s. The fix is in unless there is a public outcry. *
This rule change effectively allows anyone to be considered a true lender even if they didn’t give the borrower one penny. It also reverses public policy in allowing third parties to lend money as table finders without a license or any disclosure as to their existence.
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So what this means is that the banks are simply unable to come up with a way to bring forward any company that has an entry on its ledgers indicating the payment and ownership of a loan. For the last 20 years they have been using a virtual creditor rather than a real one. The law requires a real one.
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This rule is ultra vires and probably unconstitutional because it deprives the borrower of rights given under consumer protection statutes. If this becomes final homeowners will have very little to use to defend their property against law firms who do not represent anyone who has a financial interest or loss associated with the alleged loan. They can foreclose even though the money is used for bonuses.
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Get your pen out, go to email, Twitter and Facebook and start writing congressmen, Senators, governors, and people in the executive branch. this rule is coming out now because under a Biden administration it would never fly.
Filed under: foreclosure |
Has anyone created a letter yet that all of us people with little time can copy, sign, and mail?
They are probably robo-signed mail-in ballots to boot. We all here know about the shenanigans of the big players when they want something…there is nothing off the table, even steal a Democracy, Liberty.
Poppy — good point.
“under a Biden administration it would never fly”
I call baloney on this statement..Biden will never make it a year, Harris will be our president and she is owned…Biden has not accomplished “one” thing in 47 years, check his record.
I hope those who voted for a onset of dementia patient, get exactly what they hoped for. Trump is brash and foolish, but competent and cognizant. They cannot own him, like they do Pelosi, Schummer, Nadler, Schiff, Romney, Fauci, etc…My opinion only!
Has everyone finally realized that it doesn’t matter if Trump or Biden wins the Black House. The Casino will continue to go higher. The fraudclosures will continue. Its all a shot and never did matter.
OCC is operated by the same criminals who call themselves “Bankers”
OCC CEO Brian P. Crooks is OneWest executive. Mnuchin is Goldman Sachs/One West CEO. Ginnie Mae’s Senior VP Drayine, former Chevy Chase CEO defrauded investors from $5.2 Billion
Marlen Kasper (former Ginnie Mae CEO) is now Bayview Loan Servi cing CEO (sham conduit for Bank of America for whom Bayview steal homes with judicial support
They can put anyone to be a True Lender, even Santa Claus.
Big Banks will do anything they want, and Biden (if win) will cover for all crimes, as he did before.
The Government already allowed Big Banks to commit the biggest genocide in the World history – and now they just advance Banks powers and promote this slavery
I write for all possible authorities including Judges for more than 8 years.
ZERO result. They laugh at us and celebrate another victories with the Banks, and not for free of course.
I think another top issue at dispute must be not only who is “true lender” but who has the loan on their accounts and how much money were made via securitization
Take your pen, invest in post stamps and write CRIME VICTIMS – people who are facing foreclosures.
You can find addresses where to write online.
Without MASS exposure and outrage from The People The Government will continue to cover for this Biggest crime and crush or ignore all opposition
OK , so this goes into effect in 60 days if not stopped…
I have a timely TILA rescission sent to the known , verified (from the wire data at closing and as determined in a separate court case) funding source for my “loan” who is not acknowledged on the note… said bank does not deny funding but “cannot find an account associated with the named note”… (they answered but weaseled out of stating the obvious).
Did they , or will they (in 60 days) , make my TILA rescission enforceable?
I’ll be following this ,, I suppose I would need to attack this in Federal Court.
Thoughts?? Additional damages brought on by their deception??
retroactive?
This is 100% correct. Thank you Neil. The OCC did this because the fraud has to legalized – because all are catching up to the fraud. And, what if the stated Lender becomes defunct – virtually disappears? And, what if the loan is NOT sold to secondary market, and the true Lender then retains and holds collateral, but their face is never shown? If the loan cannot be sold to secondary market, the “funder” owns the collateral, but they are not recorded. SO they just pop in foreclosure? No, they never pop up. They are never shown. In addition, if loan was “funded” by the SAME funder in a short amount of time – that could be predatory lending. But, you will never know – because that party is undisclosed. This is all violation of TILA. Changing rules without changing the law.
This is extremely serious.