Residential Funding Real Estate Holdings, LLC – Option One Mortgage Corporation

from June Reyno:

Once all of this information has been compiled with all their names, titles, addresses, signatures, company affiliation– we should then begin submitting these (i.e. notary public signatures) to various state agencies for confirmation and verification that these “people” are actually who say they are on the paper closing statements (if it can be found) along with the foreclosure processing paperwork from the mortgage servicers. The real class liars in the industry.

These notary public “signatures” can in fact be confirmed because they must be registered with the State Dept. We can demand a “viewing” of that persons’ notary journal in their possession at all times and no one elses. And, whether the named person as it is typewritten in the foreclosure dcouments…”Vice President” who signed payoff statements from the Bank actually holds that “typed in” title and whether they were actually and physically present at the time the notary public verified identification of that person.

By the looks of the hundreds of fradulent paperwork I have personally examined thus far and viewing the names of people pushing foreclosure we do mistakenly think (and the judges mistakenly think this way too unfortunately) that nothing except hard, cold cash green money was exchanged at the closing table to purchase the collaterallized debt obligation. No such thing with securitization is there?

I’m betting with the sensible majority that no one ever paid or had any kind of “liquid cash” to show at closing and that it is by paper appearance only to convince and mislead others that these impostors paid for the property they actually stole from the homeowner upon foreclosure and that the investor was similarly ripped off who put up the money so that only a select few companies by design (going back decades + could line their pockets in the future with billions and billions of $$$ in profit to throw into their corporate treasure chest collected from suffering hardworking middle income American taxpayers!

A perfect example of equity stripping is our San Diego home we lived in for 20+ years. It was foreclosed on 2 years before and we didn’t know it because we sought bankrutpcy protection. We were evicted from our home and thrown out on the street by the foreclosure mill lawyers hired by the Bank and their realtor cohorts March 14, 2009. They succeeded because the pretender lender submitted false forged documents to the court and the Judges.

We purchased the house for $192,900 in July 1989. Our principal balance was reduced to $164,000 under a new loan with Washington Mutual. Throughout the refinancing period in which we borrowed from our equity period we were paying an average amount of about $1,500-$2,500 per month over the course of 20+ years. In April 2006, our house came in on an inflated appraisal value of $650,000. From that, we drew out about $34,000 on equity at refinance which all went back to the economy and for the purpose of preserving our good credit standing with our creditors. The principal balance came to $588,000 according to Option One Mortgage Corporation. Residential Funding Real Estate Holdings, LLC unlawfully purchased the property without notice by bidding against themselves on the auction (again without our knowledge and we were under bankrutpcy protection) for $361,200 when they foreclosed and assigned the house to Litton Loan Servicing/Option One Mortgage/Quality Loan Servicing San Diego. In March 2009 (when I was unlawfully charged with trespassing, vandalism and re-entry of property believing we were protected under the the BK laws and after and unlawful Judgement from the UD Court and was placed under arrest by the San Diego Police Dept.) Island Source II, LLC purchased the house for $211,500 (claiming they are [innocent] Bonafide Purchasers of value under CC 1161(a) for $211,500.

This month, March 12, 2010 Island Source II, LLC dba: Homecomings Financial Network in Minnetonka MN sold it to “InSource Financial Services, Huntington New York”, again, and again in violation of the Bankruptcy automatic stay; selling and transferring this time to a community homebuyer for $385,000 despite our opposition noticesand letters stating our intent to preserve interest filed with the County Recorder’s Office. The Judges [innocently] joined in on the pretender lenders fraud upon the court. Later, our appellate lawyer whom we trusted followed them to go against our interest and helped them to continue living the lie.

We were stripped of $450,000+ in equity.

Is this you?

Our house payment at last refinance in May 2006 $3,919.60 then in April 2008 the ARM adjusted to $5,800.00 monthly payment. Whaaat! Our house was sold and wrongfully foreclosed like millions of other American families who were steered into securitized mortgage loans without their knowledge but no Judge or the court or law enforcement cared enough to help us correct these hurtful and malicious acts.

Where was our “Fiduciary ” Trustee as named in our mortgage contract that should have been of our choice to explain the terms of our mortgage contract to us at the closing table?

Foreclosure Defense: Fraudulent Appraisals, Teaser Rates, and Manufactured Defaults: Boons to Borrowers in Defending Foreclosure

Fraudulent Appraisals, Teaser Rates, and Manufactured Defaults: Boons to Borrowers in Defending Foreclosure
As more and more lender misconduct hits the Internet airwaves and more of us continue our investigation into and scrutiny of the practices of originating lenders and their downline successors, certain themes are developing which give rise to numerous defenses to mortgage foreclosure actions. Three such issues are discussed here which are not mutually exclusive; which are “inextricably intertwined”; and which, when properly presented, may force a foreclosing party to bring additional parties into a foreclosure action, each of which is not only a potential additional “settlement pot” for the borrower’s claims, but also, on playing the “blame game”, can provide the borrower with free information to bolster the borrower’s claim as well.
The first is the fraudulent appraisal, particularly in foreclosure actions involving equity lines of credit (also called home equity lines of credit or “HELOC”s) and refinance transactions where “cash out” is provided to the borrower. It goes without saying that a mortgage loan of any type depends in material part on the outcome of the appraisal of the property, which directly affects the loan-to-value (“LTV”) which percentage is used to calculate the maximum amount of money which can be disbursed as a “cash out” on a refinance, or amount of credit line which is extended on a HELOC. Given the literature concerning the tremendous pressure by the investment bankers to get mortgage loans signed up so that they could be sold to an aggregator and then bundled and used to “back” a “mortgage-backed” security, it was incumbent upon the appraiser to make sure that the appraised value of the property came in at the right number to close the loan, whether the appraisal was accurate or not. What is being learned is that a great many of these appraisals were inaccurate, misleading, or outright false and based not on true “comparable sales” as required for a proper appraisal.
The second is the so-called “teaser rate” in Adjustable Rate Mortgage (ARM) loans. Literally hundreds of thousands of these loans, made to borrowers with unproven, dubious, little, or no income, “teased” or lured the borrower in with a promise from the mortgage broker or “lender” that the interest rate on the loan would be small for the first couple of years before it would go up, but with the attitude that “Hey, don’t worry, your property keeps going up in value, so by the time the new rate kicks in, you will have more equity and you can just do another ARM for a low rate”. What the mortgage broker and lender knew, however (but which was not disclosed to the borrower) was that the loan was only qualified for the borrower, in view of the borrower’s unproven, dubious, little, or no income, on the “teaser” interest rate, with the “lender” knowing that the borrower, once the “new” rate kicked in, DID NOT AND COULD NOT qualify for the loan and would not be able to make the increased mortgage payment based on the borrower’s income. As such, a default was built into the loan from the outset. But hey, no matter, as the originating “lender” had no intention of keeping the loan anyway, that would be someone else’s problem later on and down the line.
Which brings us to the effects of the manufactured default. Teaser rate loans to borrowers with unproven, dubious, little, or no income were doomed from the start. The originating lender knew or had to know that a default upon instance of the new and higher interest rate on the loan was almost inevitable, but hey again (to my friend purchasing these loans), YOU CAN FORECLOSE ON THE PROPERTY, SO YOU ARE PROTECTED!  This line had to have been repeated down the line at least through the first few layers of resale of the loans before bundling and being used as alleged “backing” for a “mortgage backed security”, when it really didn’t matter anymore except to those who now seek to foreclose on something they may not really even legally own or have rights to, and is probably not worth what the lender said it was worth.
So now, as a hypothetical (based on existing facts from certain pending cases), mortgage broker sucks in low-income borrower to take a cash-out refi on his house on a 2-year ARM with a low initial interest rate. Mortgage broker convinces borrower that Bank A has the best deal for borrower and that loan WILL be approved shortly despite no proof of borrower’s income, or on whatever income figure borrower claims (also known in mortgage parlance as “stated” income). Mortgage broker and Bank A make sure that appraiser inputs the “right” value for property on the appraisal so that the proper LTV is met to make the loan work even if true comps are not available. Bank A makes loan and immediately sells off mortgage to aggregator who in turn sells it off to investment banker in bundles for mortgage-backed-securities purposes. Bank A sells off right to “service” the loan to Servicing Agent, which collects payments from borrower, who defaults when teaser rate expires. Although there are numerous legal issues in this process, the focus here is on the interplay of the effect of the fraudulent appraisal, teaser rate, and manufactured default as they relate to assisting the borrower defending a foreclosure.
Servicing Agent now sues borrower for foreclosure claiming default in payment. Borrower defends against the Servicing Agent (as the purported “lender”) and asserts claims against Servicing Agent for lender liability, violation of lending laws, and other remedies. Servicing Agent claims “not me”, then looks to see who it can blame for borrower’s claims, and is thus forced to bring in Bank A, appraiser, and mortgage broker, who are each going to cry “not me” as well and start pointing fingers. The beauty of this is that the Servicing Agent has now provided the borrower with several other parties to seek relief from and has also provided the claims to be asserted against these additional parties. Further, one or more of these new parties may agree to “cooperate” with the borrower by disclosing the truth in exchange for a quick settlement either directly or through their professional liability insurance carriers rather than risk the potential of an adverse Final Court Judgment being entered against them and/or a professional license suspension or revocation, or loss of professional liability insurance coverage.
Given the enormity of the resale/aggregation/bundling/securitizing of mortgage loans and the myriad legal issues involved in the broad scheme of these transactions, a borrower threatened with foreclosure should never be shy to seek an opinion as to their potential defenses from an attorney who has a working knowledge of the pertinent concepts and how they operate in synergy to the benefit of the borrower. The investment in obtaining such an opinion could literally save the roof over the head of you (the borrower) and your family.
Jeff Barnes, Esq.

Bankruptcy: Chapter 13, RISING PRICES and Foreclosure Defense


the government is charged with reporting on inflation when it has a vested interest in keep the reported inflation low both for political and financial reasons

The job of the Petitioner in bankruptcy to get a modification of the Chapter 13 plan is therefore double-whacked because of (1) a presumption against him which requires him to show a significant change in circumstances and (2) inaccurate government statistics which call you a liar when you say your basic expenses have shot up 25% just because of inflation.

Homeowners with ARM financing on their homes are triple whacked when the resets kick in. Those people in bankruptcy already should tell their lawyers to file an adversary proceeding based upon violations of TILA and RESPA. There are a number of steps you need to follow (see many posts and links on this blog) before you can file suit.

BKR attorneys are struggling with clients who are complaining that their payment plan is being negatively impacted by the surge in the cost of living. This surge has been understated by, for example, publication of the Consumer Price Index and other indices that are used to set increases in government and pension benefits like social security.

Thus the government is charged with reporting on inflation when it has a vested interest in keep the reported inflation low both for political and financial reasons. If they report it accurately, the government expenses will go up. Up until now, the fact that this was at the expense of the recipients of those benefits (which they paid into and are now being short-changed) has been felt, talked about but largely ignored. That too is coming up front and center. McCain’s statement “I’m not very good on economics” better change to “I just studied up on economics and it is very interesting, Here is what I learned.”

When inflation was comparatively low, even though understated. there wasn’t much conflict. Now, however, the basket of items used for the CPI is literaly out of touch with the real life experience of most Americans — something that Obama has started talking about and which McCain unfortunately doesn’t seem to know or care to know. 

The job of the Petitioner in bankruptcy to get a modification of the Chapter 13 plan is therefore double-whacked because of (1) a presumption against him which requires him to show a significant change in circumstances and (2) inaccurate government statistics which call you a liar when you say your basic expenses have shot up 25% just because of inflation. 

Homeowners with ARM financing on their homes are triple whacked when the resets kick in. Those people in bankruptcy already should tell their lawyers to file an adversary proceeding based upon violations of TILA and RESPA. There are a number of steps you need to follow (see many posts and links on this blog) before you can file suit.

MOST BANKRUPTCY LAWYERS ARE LARGELY UNFAMILIAR WITH TILA, RESPA AND OTHER CONSUMER PROTECTIONS AND THUS MISSING THE LARGEST POTENTIAL BENEFITS TO THEIR CLIENTS. If YOUR lawyer does not know this field then get help elsewhere. For example:, where you can get help on all the steps before filing suit and even get a referral to someone who can assist your attorney in filing the adversary proceeding. 

From another site where the attorneys appear to be knowledgeable but I know nothing about them —-

Rising prices give rise to chapter 13 plan modifications

What do rising gas and food prices have in common? They both eat up a substantial part of your monthly budget. And if you filed chapter 13 within the past few years, you submitted a plan of monthly payments based on a budget before gas and some food prices doubled. It may be time to modify that old plan. How so, follow this.

Your Schedule J lists your projected monthly expenses. Your monthly plan payment is calculated based as a factor of those expenses. It may be possible to file an amended Schedule J to account for today’s increased costs. As your expenses rise, your monthly disposable income decreases and your monthly plan payment may decrease as well. So, instead of paying money to your unsecured creditors, you might be able to free up some cash to use for your personal monthly expenses.

Your bankruptcy attorney can advise you whether you qualify for a lower payment. Dial that number before the cost of a phone call goes up

Mortgage Meltdown: Reverse Negative ARM With Equity Kicker is Answer

Strategies for Living in a Failing Economy: Break the Bond of Mortgage and Note

While You Deal with Foreclosure and Eviction: Buy time and Make Money

Time for States and People to Act Now — Don’t Wait for Federal Government

Even while the Bush administration and bell ringers on Wall Street attempt to maintain the appearance of business as usual, the underpinnings of the entire U.S. economy are coming unglued and taking the Euro Union with it. Oil prices are up in U.S. dollars by 350%, up in Euros by 200%, and up in gold by 0% — that’s right. If you held gold when the price of oil started its meteoric climb in dollars, you would be sitting in the same position as before (no loss of purchasing power, oil would cost the same as before). If you held Euro’s, you would have lost ground, but only about half the ground lost by 300 million Americans who perform commercial transactions in dollars.

Besides the obvious importance of this to investment strategies, the consequence for every day American lives has been bad and is now turning catastrophic. The net buying power of the average American has been going down persistently for more than 20 years and the loss is likely to accelerate to hyper inflation levels that were unheard of in the lifetimes of most people living today.

The CDO (free money) scheme hatched on Wall Street where they created money and moved the risk away from those who were granting loans, opened the barn door and all the horses left. The scheme probably worked far better than they ever imagined it would — and far worse. The net effect is that tens of trillions of dollars have been moved like the water moving out from the beach before the tsunami hits. And now, like everything else, the pendulum starts swinging the other way. When the wave hits, it will bury some of the best companies along with the worst, and it will forever shake-up the way we conduct our commerce, monetary policy and political regulation of financial markets. Firing a bunch of CEOs isn’t going to cut it. Neither will sending them to jail, although they certainly deserve it.

And attempting to hold back the forces of change by avoiding the benefit to undeserving buyers/borrowers falls flat in view of the enormity of this worldwide fraud. Frankly, I don’t care if some people get an undeserved benefit and I don’t care if whether some people get fired or go to jail. What I care about is finding a way out of this mess — a solution that works, even if it means getting the people involved who created the mess or who should have known better. 

Current estimates now show a $10,000 decrease in the value of all homes that are near areas with high rates of foreclosures. So if you live in an area where there are 10,000 homes and 1500 of them are foreclosed, the 8500 other homes will sustain an $85 million loss. But the government and Wall Street reports only the loss in the foreclosures which is only part of the value of the 1500 homes that were foreclosed. So the government and Wall Street might report a loss of $5 million when in fact the direct economic effect is $85 million and the indirect economic effect caused by loss of consumer purchasing power is over $400 million. Multiply that times tens of thousands of communities all over the country and the world and you get a picture of how big this REALLY is.

So if you read the previous posts on strategies for dealing with eviction and foreclosure, here are a few pointers about why you should fight and why you will win if you take the fight to them.

IF THEY HAVE NO LIEN, THEY CAN’T EVICT AND THEY CAN’T FORECLOSE: A legal objective would be to separate the mortgage lien from the note in the transaction that you signed. This can be done in state court, bankruptcy court or by local government enforcement filing an action to help everyone stuck with this mess. By alleging fraud and other torts relating to the execution of the original documents, you form the basis of a “quiet title” action that can result in extinguishing the mortgage lien. This will still leave the note, but the note can then be adjusted downward either by negotiation, mediation judicial declaration or cram-down in bankruptcy. By separating the lien from the note, the right to foreclose and evict is permanently removed. They can’t evict and they can’t foreclose. Yes you probably need a lawyer to accomplish this, but you can probably find considerable help from a city, county or state attorney who is looking at state revenues dropping like a rock.

Reverse Negative ARM With Equity Kicker is Answer

Your only hedge against the massive inflation that is in process is the house you were cheated into buying. And the only hedge that CDO investors have against total or near total loss is to maintain a deal where recovery in full or nearly in full is possible. And this is the only hope for the intermediaries — developers, mortgage brokers, appraisers,  “lenders”, investment bankers, and retail securities brokers and institutional sales agents. The entire transaction must be recast to (1) stop the tide from coming back in caused by defaults and losses to CDO holders, (2) provide a reasonable period of time for recovery (sell-out of housing inventories), (3) provide a reasonable period of time for growth (normal demand-pull inflation), (4) provide a reasonable probability for recovery of investment in CDO securities and (5) provide a low but acceptable return to CDO holders while this mess gets cleaned up.

In order to make this happen, all the players — including culprits and ne’er do wells — must cooperate and will cooperate because they have everything to gain and nothing to lose. Lower mortgage payments to teaser rates or keep them there if they have not been reset. Keep it simple and gradually adjust it upward on a very slow schedule spanning 10 years. Eliminate negative amortization — except if the house is sold for more than the price paid. Provide an equity kicker to CDO holders that allows participation in the proceeds of sale over the adjusted principal borrowed. Adjust the original principal borrowed downward by 15% of the price of the house. 

Meanwhile, holders of gold reserves should be paid a fee for allowing issuance of gold redemption certificates that are issued as currency in the areas hardest hit by the meltdown. The spread of the new currency(ies) might occur in areas not directly impacted by the meltdown. Dollars will trade freely, but after some wild gyrations will find an equilibrium in parity with gold. Eventually a complete return to fiat money is possible but more likely, parallel currencies are likely to continue for quite some time. Hyper inflation will be mitigated, and the dollar, now headed for extinction might be saved. No guarantees, mind you, but it is worth a try. 

This writer, under the sponsorship of General Transfer Corporation has offered a prospectus to government leaders all over the country for the creation of two new entities immediately: The Interstate Finance Commission for regulation and the Interstate Currency Network, that will (a) make arrangements for issuance of gold redemption certificates as currency and (b) regulate the electronic funds networks who until now have operated as quasi-governmental entities with no accountability to the government, merchants taking electronic payments (credit, debit, ATM) or the consumers. 

The Federal government has demonstrated its lack of relevance and lack of power to do anything about this mess. By the time the next president and the next congress is sworn in, the damage will be irreversible. The people an the states must act immediately under the powers vested in them by the U.S. Constitution, forming regional coalitions and cooperating groups to facilitate and if necessary coerce the parties in cooperating with these remedies.

If you agree, send a copy of this email to your local government officials and newspapers. 

Mortgage Meltdown: Credit Union and Community Banking is the Answer

Thank you all for your comments and suggestions. Very good thinking going on out there. The Garfield Handbooks will be completely ready to start downloading in about 3 weeks. I’ll keep you advised. We will be taking PayPal, Visa and MasterCard. Possibly American Express and Discover as well. We are presented with two issues that are sucking the economic and social life out of local areas and channelling the money into the hands of a few people. It is no accident that real estate in New York City is booming. That is where all our money went. And it won’t be any surprise when the market crashes there either — when it comes time to answer for what they did.In a fax and mail transmission to the governors, attorney generals, and local government officials of many states, combined with a cross country tour to meet with them, I am proposing plans for the establishment of two non-federal interstate agencies: The Interstate Finance Commission and the Interstate Currency Network. If we can get some traction on these programs, we can mitigate the dangerous, probably catastrophic effects of the credit crisis and mortgage meltdown on the local level. 

The first thing we have to do is freeze the entire legal process of foreclosures, with certain exceptions that have nothing to do with the predatory and deceptive practices employed to impoverish and enslave the middle class. 

The second thing we have to do is set up emergency regulations creating a new instrument that will replace the mortgage and note that currently exists on most homes that were purchased in the last 6-7 years. This instrument would provide for payments of interest and principle on a sliding scale, payments of utilities and other maintenance expenses of the home, and a commitment to remain in the home for at least 5 years. The instrument, technically dubbed a reverse negative adjustable rate collateralized debt obligation, would allow the lender or source of funds or holder of the risk to participate in the appreciation of the real estate on any amount of proceeds of sale or refinance over the original purchase price expressed in today’s U.S. dollars adjusted for an average of government indexed inflation and real inflation. 

The arrangement would last for a maximum of 10 years after which the deal would revert to the original contracts and instruments, with the right to enforce. The assumption here is that normal demand-pull will increase value and prices in real terms such that the actual value of the real estate is in excess of the original purchase price. This would eliminate write-offs for holders of CDO’s and an opportunity for everyone to recover their current paper losses. The program would be retroactive to January 1, 2007. No participant would be subject to criminal prosecution, civil claims or damages. (Amnesty program, because the perpetrators are participating in the solution).

The third thing is to set up new regulations providing for accountability and meaningful enforcement and penalties to lenders, title companies, mortgage brokers, appraisers, investment bankers and retail securities brokers for non- disclosure and participation in kickbacks, rebates or sharing in yield-spread premiums. as well as inflating prices and approving loans based upon the ability of the lender to earn a fee rather than the ability of the borrower to pay the loan.

The fourth thing is to enact emergency provisions that reduce the ability of credit card issuers to levy and enforce fees and usurious interest payments.

The fifth thing is to set up and order procedures that would enable community banks and credit unions to gain greater share of the market for deposits. Benefit programs for State and Federal Sources should be distributed into deposits to community banks and credit unions in a network that works much the same as present payment systems. Host computers could be established to to deliver benefits, but existing infrastructures of gateway, intercept and national network processing could easily handle this feature. Local money would be kept locally where it would be distributed. In addition, emergency enactment overriding the network prohibitions against use of terminals that emulate or duplicate ATM functions, such as Point of banking and Cashless ATM (dubbed ATM Scrip by some industry insiders) should allow local financial institutions to compete with larger institutions in providing convenient electronic access to cash for far lower costs. Current private network regulations require huge expenditures by community banks and credit unions to deploy ATAM technology which favors only the large institutions who lock out the small banks and credit unions from fairly competing with them.

Sixth allow small financial institutions to convert turnaway customers to prepaid cardholders. The logistics would be easy for any bank to do it. Allow outsourcing for program management and risk management vehicles. 

If a person does not qualify for a regular account, the FI could start one anyway. In the first permutation, they don’t give him the R&T, or the account number, and they don’t give him checks. They just give him a card. The account number is only known to the bank. If they want to include direct deposit, it might get a little more dicey but there is a digital field that identifies the transaction as check or EFT. The processor could simply deny all check transactions. In fact, the arrangement could be that that the employer gets the routing and transit and account number and the employee doesn’t. This could lead to further cross marketing products with the employer.

If the bank or a third party wishes to offer overdraft protection, this will require some technical changes but not much. The accounting for the overdraft and the automatic direct deposit repaying the loan can be handled by either an outsource provider or the bank’s processor. 

This gives the bank the opportunity to build relationships with both individuals and employers. Loans tend to become decentralized even they continue to use FICO, providing they emphasize face to face relationships which we all know reduce defaults. 

Later, when the portfolios are proven, an association could be formed that pools the risks of defaults and decreases the costs attendant to the creation, maintenance and expansion of the program. This association could be expanded into an EFT network and probably should be,  by simply making all participants automatic members of the network. 

On derivative security (distribution of risk) I would not throw out the baby with the bath water, although I certainly would not present it as an option at this time. But at some point, through CD’s that offer higher interest rates because of the higher profits in the local banks, or even an investment pool that is offered within each state, you satisfy the main purpose of decentralized banking — keeping deposits, loans, creation of money, and economic growth local. The argument that local economies had the life sucked out of them by big banks and big business is going to get a lot of traction right now even if there are some arguments against it.

By increasing revenues and decreasing risks, a rewards program could be established for saving on the issuance of prepaid cards. And local merchants could participate in a generic loyalty program associated with the local banks. Then of course we add the Cashless ATM, and we have a much more level playing field for competition between banks and credit unions and between small Financial institutions and large financial institutions. (By the way, in Nigeria and other parts of the world, the ATM Scrip ATM is the machine of choice, works very well, and the customers and merchants are very happy with it. See current issue of The Economist.)

The great likelihood is that the party is over for the credit card companies, the mortgage brokers, the appraisers, the construction lenders, the investment bankers and the retail brokerage companies. This plan, which requires very little tinkering with the technology currently in use is one step in the direction of recovering from the currency and inflation disaster that is already in process. 

More on the currency network in the next post.

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