Open Letter to Rep. Alexandria Ocasio-Cortez — Readers, if you know Rep. Ocasio-Cortez, send this to her.

Dear Rep. Ocasio Cortez:
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Your efforts to address debt and debt forgiveness have obviously attracted a great deal of attention. What you don’t know is that you are only nibbling on the outer membrane of something that terrifies the major investment banks.
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It’s complicated. Your efforts to forgive student loans are based on the assumption that in every case there is a loan receivable account on the accounting ledgers of someone. Like homeowner transactions, this assumption is unfounded if the transaction with students or homeowners has been subject to claims of securitization. By asking for forgiveness you are tacitly admitting the money is due. This often is not true — at least under existing modern law.
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By definition, those securitization claims are false if there was no sale of the underlying obligation. Even the false claims are often concealed for precisely the reason this post has been written — it reveals that the process of what Wall Street banks call “Securitization” is actually a securities scheme that extinguishes the debt account entirely. It is a business scheme that bars the counterparty student or homeowner from any profit or revenue and requires them to accept, without knowledge or consent, concealed risks and losses that often do not appear until years later.
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You can do a lot more than you think if you drill down into the world of finance. It is mostly smoke and mirrors. The payment to students and homeowners under such circumstances was not a loan. It was partial compensation for unknowingly accepting concealed risks and losses. To add insult to injury, the students and homeowners are required to pay back the partial compensation payment they received — only because they were fraudulently induced to think they were entering into a loan transaction. But “at the end of the day,” there is no lender, no creditor, and no loan account.
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If you look at it from the broker’s point of view you can see that the student and homeowner got cheated out of compensation that they were entitled to receive but could not bargain for because they knew nothing about the true nature of the transaction. Neither the broker nor any investor maintains a loan account receivable. They fake it through the use of “servicers.” The “servicers” of course refuse to say how they handle payments from students and homeowners because in most cases they don’t receive or distribute those funds.
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If the investment banks want to keep up this charade they should be forced to disgorge some of the profits from the scheme and to disclose the true nature of the transactions — something that is already required by law. There would also need to be clarification in the law that allows investment banks to designate a virtual creditor instead of a real one — under very restrictive circumstances including full transparent disclosure as is already required by law.
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As it stands now, investment banks and their affiliates are generating an average of $12 for each $1 paid to students or homeowners in the launch of a false flag “securitization’ scheme. By lying to their remote “Customer” they get a promise to pay (Note) all of the money back plus interest and fees. And by the way, this applies to auto loans and all sorts of other falsely labeled “lending” operations.
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Show us how smart you are and use your considerable influence to reveal the faulty and fragile scheme of the investment banks. For them, the administration, collection, and enforcement are for fun and profit. It is never to pay down or post credits to a loan account because there isn’t one in many if not most cases. You have far more leverage than you think.
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Sincerely
Neil F Garfield
FBN 229318

4 Responses

  1. It speaks for itself when so many entities and people are contacted and they do nothing. They know and don’t want to do anything. Also, I tend to agree with Poppy here. People are not looking for hand-outs. They want to be fairly heard. They don’t want to be out-powered in courts. They want the truth on the table. People want justice. As long as the government and it’s representatives, and courts, conceal Wall Street activities and fraud, there can be no truth or justice.

  2. I went to all of them. ALL, in all offices. No attention, no respond.

    Only MI Sen. Peters whom I contacted to verify my “loan” status with HUD sent them an official request for information.

    It took HUD more than 4 (four) months, from August 13 2019 to November 25, 2019 to send Senator Peters a two-paragraph letter full of lies and omissions.

    This letter was prepared by a seasoned securities fraudster Michael Drayne (now HUD Senior Vice President who supervise “issuers).

    Drayne was a top CEO for Chevy Chase Bank who defrauded insurers and investors from $5.2 Billion. Here was a huge legal action by Ambac.

    If it happened in China, Drayne would receive a death penalty.

    In America he is a head of the public office on a very handsome payroll

    According to Drayne, the “issuer” of securities “backed” by my “loan” was Caliber Home Loan, – who deny any affiliation with my loan except being a “servicer”

    According to PennyMac, who purportedly “purchased” my loan from someone whom they cannot identify, the “issuer” was PennyMac.

    According to BONY (a Trustee who cannot identify the Trust they servicing) the issuer was PennyMac.

    Neither Draine or HUD or Caliber or PennyMac or BONY cannot identify the “Pooled security” where my “loan” is currently held as an asset.

    And Drayne’s lied to Senator Peters without any consequences.

  3. I disagree with much of what is being stated in this correspondence. The manner in which the letter is written implies we did not receive a benefit. The nature of the transaction, is deceptive, agreed. But that is the essence of the problem. The manner in which the contract is drafted, presented is flawed. The parties before the court are improper, due to the concealment-conversion of the note into commercial paper, using investment monies. This makes it near impossible to address our injury, loss or even redress numerous problems associated with the “alleged” debt owed and to whom. It’s complicated. Personally, I am not in favor of a Socialist type of compensation, paid for in the form of government forgiveness, by taxpayers. The entire body of financial duplicity is brought forth by the lending-Wall Street cabal. They and only they, should suffer the wrath and consequence of their nefarious transactions….the law and rules need to be amended.

  4. Should go to Warren, Porter and Sherrod Brown as well.

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