Securitization made simple for homeowners

The bottom line is get over it! And stop thinking that because you think you must have done something wrong you should lose your house. If you do that you’re only pretending you know what is happening and that you’re familiar with intricate highly sophisticated financial “innovation” on Wall Street. You are pretending to know the law. And you are feeding into a myth that is dragging down our national economy. 

The most difficult part of understanding this entire scheme is that at the start, in nearly all cases, it was only the homeowner who was seeking a loan agreement. Nobody else was seeking to become part of any loan agreement, except for purposes of fabrication to sue for payment of a nonexistent claim.

The originator was only interested in providing the service for which it was retained — i.e., license to use its name as “lender” despite the fact that it was not a lender.

Even if the originator was acting as an agent for the investment bank (which it was not) the investment bank had no interest in being a lender either. The entire purpose of the scheme was to issue securities and to sell as many of them as possible.
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The added purpose was to make those securities work for the investment bank in such a way that when homeowners stopped making payments for any reason, that would provide an excuse to pay investors less money than what they were originally promised. In addition, it would trigger the payment from counterparties on those securities (contracts) that were made to the investment bank and never found their way to the real parties in interest.

The real parties in interest were the investors. And despite the perception and belief by homeowners that they were borrowers, the only possible factual and legal conclusion is that the homeowners were investors in a scheme in which they received nothing.

Normally that would be difficult to prove or reveal through discovery. But in this case, it is actually very simple.
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The law provides every consumer with the right to answers to very specific questions about any debt, including whether the debt exists, who owns it, and who has authority to enforce it. The law is also very specific about who owns the underlying obligation for the claim of debt: it can only be a person who has paid value for it.
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The law is also very specific about when you can ask such questions. And the investment banks have a very specific playbook for people who ask questions. Those people get put on the back burner, while the ones who don’t ask questions get foreclosed by default.
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Ask anyone who has handled these cases. the answer is always the same. If you contest the foreclosure in a timely and proactive manner, you will most likely (at the very least) delay leaving the home for as many as 15 years. If you don’t contest it, you will be out within a few weeks or months.
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And so the final point of this article is shame. Almost everyone facing foreclosure feels stigma and shame. the normal reaction is to hide and forget. I have heard literally hundreds of stories where the spouse did not know of the foreclosure until the sheriff came to the door. By then it is nearly impossible to do anything about it.
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The bottom line is get over it! And stop thinking that because you think you must have done something wrong you should lose your house. If you do that you’re only pretending you know what is happening and that you’re familiar with intricate highly sophisticated financial “innovation” on Wall Street. You are pretending to know the law. And you are feeding into a myth that is dragging down our national economy.
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Nobody paid me to write this. I am self-funded, supported only by donations. My mission is to stop foreclosures and other collection efforts against homeowners and consumers without proof of loss. If you want to support this effort please click on this link and donate as much as you feel you can afford.
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Neil F Garfield, MBA, JD, 74, is a Florida licensed trial and appellate attorney since 1977. He has received multiple academic and achievement awards in business and law. He is a former investment banker, securities broker, securities analyst, and financial analyst.
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2 Responses

  1. New Trail of Tears (aka “foreclosures”) , but now for for the entire American Nation. History repeats itself, in the uglier manner.

    At the beginning of the 1830s, nearly 125,000 Native Americans lived on millions of acres of land in Georgia, Tennessee, Alabama, North Carolina and Florida–land their ancestors had occupied and cultivated for generations. By the end of the decade, very few natives remained anywhere in the southeastern United States. Working on behalf of white settlers who wanted to grow cotton on the Indians’ land, the federal government forced them to leave their homelands and walk hundreds of miles to a specially designated “Indian territory” across the Mississippi River.

    Now replace white settlers with Wall Street Banks; and 125,000 Native Americans with over 20 million average Americans – you will get the same picture.

    Over 20 million people were forced from their homes from 2002 to present time after they performed financial services for Wall Street Banks – with negative compensation for work and stolen down payments.

    Yeap, plain and simple FRAUD and INVOLUNTARY SERVITUDE for Wall Street Banks by literally the every American

    And The Government is promoting, enabling and cover for this biggest crime against humanity on every corner.

    THEY (the government ) are feeding into a myth that is dragging down our national economy, not homeowners who are crime victims

  2. Neil , you are getting more concise and succinct with every subsequent post you make.
    Maybe by June or July the explanation will be just 3 or 4 sentences. Nice post!

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