Livinglies's Weblog

It is no surprise that Black Knight, previously known by other names including but far from limited to DOCX and Lender Processing Systems, is one fo the central control entities for the Wall Street investment banks in what is generally referred to as “securitization” schemes in which false claims are made regarding the securitization (sale) of unpaid loan accounts.

Summer chic has done an incredible amount of in-depth research that adds meat to the bones of homeowners defenses and claims.

In this case she provides a step by step guide to understanding the whole process of how negative credit reports containing false information are sent to what appears to be third-party companies posing as credit reporting agencies.

Both the reports and the verifications (required by law upon request of the party claimed to be a debtor) are false because there is no unpaid loan account receivable owned by the company on whose behalf the report is made. Frequently there are other false statements such as criminal records that are nonexistent ($3 million verdict for homeowner).

Hence the credit report is the utterance of a false instrument, based upon information the CRA knows to be false, the use of it by any creditor or prospective creditor is unlawful because most users know the information is false, and all of that is happening “in-house.”

Namely Black Knight performs or manages each and every function of receiving, collecting, processing, reporting, payment histories, reporting negative credit events essentially to itself.

The net effect of this is that it raises interest rates for the so-called “debtor” and even eliminates the homeowner’s prospect of getting alternative financing — something that Wall Street is dead set on blocking.

Imagine what would happen if homeowners were able to obtain alternative financing to submit an offer to pay off the entire balance as demanded or a fair settlement amount.

Every such closing is subject to due diligence on the title chain and the credentials of the designated creditor. Nobody wants a satisfaction of mortgage from a party who does not own the underlying obligation that is alleged to exist. Such an instrument would be void.

Such investigations would result in the revelation that the party demanding payment was not entitled to receive it. And the securitization infrastructures that support infinite revenue and profits would collapse.

The further implication is that virtually all hoemowners whoa re making or who have made payments according to a schedule presenting to them at closing, would have a valid claim to recover the payments made on the same principle.

Neither the “servicer” nor the designated “creditor” had any right to receive such payments nor any authority to execute any proceedings or documents concerning the payments received from homeowners (or the sale of their property) or any right, title or interest to any debt, note or mortgage.

And if further investigation were permitted by the court, it would be discovered that there is no lending party anywhere in the securitization infrastructure or in what is presented as the lending infrastructure.

There is no party that is owed any money at the  close of the transaction cycle with the homeowner. They have all been paid from the sale of securities — payments that were not credited to the nonexistent loan accounts mostly because Wall Street was allowed to do that under current accounting rules. So they received the payment but did not credit or even notify the homeowner.

Hence we are left with a transction in which the illusion of a debt is created, administered and enforced by central control entities like Black Knight, who performs most of these tasks for most of the securitization schemes.

The  fabrication of documents, fake “Business records”, and false implied claims of economic loss serve as one of the sources of titanic bonuses distributed on Wall Street because collections from homeowners have no place to go.

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From Summer chic: We all owe her a deep debt of gratitude because she is relentless and accurate.

I continue my research on “credit reporting agencies” which are nothing but a scam to cover up the involvement of our old friends – Wall Street Banshists, Foley, Gravelle, Cogburn, etc

Filed under: foreclosure |