Banks Can’t Prove They Have the Right to Foreclose
Your Mortgage Documents are Fake ~ by David Dayen at Salon.com
“…banks resorted to fake documents because they could not legally establish true ownership of the loans when trying to foreclose.”
Lynn Szymoniak Gets $18 Million Exposing Robo-Signing Foreclosure Fraud
Lynn Szymoniak Explains Robo-Signing of “Assignment of Mortgage”
U.S. Breaks Down $9.3 Billion Robo-Signing Settlement~ by Ronald D. Orol at MarketWatch
“The settlement includes $3.6 billion in cash payments to 3.8 million borrowers, some of whom went through foreclosures.” Those sound like big numbers, but do the math…. Each of those 3.8 million borrowers got a check for less than $1,000. And the banks have not stopped robo-signing.
This $50M settlement has just been announced in 2015, after JPMorgan was part of the 2012 settlement in which all the banks agreed to stop robo-signing practices. In this new settlement, “The bank agreed to make changes to its technology policies, procedures and internal controls to ensure the problems identified in the settlement do not happen again.” Wait a minute, didn’t they agree to that in the last slap-on-the-wrist settlement?
Your Signature Created the Money for Your Mortgage
Most people believe that when a bank loans you money for a house or car or student loan, they are moving existing money from their reserves to fund your loan. That turns out to be completely untrue. Banks create the money out of thin air by typing the amount of your loan into your account, based on your signature.
In contract law, a true loan means something of value possessed by someone was borrowed by someone else, who promised to return it at a future date. Because mortgage, car note, and student loan lenders did not actually “have possession” of the money before loaning it to you, the lenders do not have the right to ask for return of anything of value that was in their possession before you signed for the loan. The exception would be if the lender could prove prior possession of the funds three transactions back, showing the funds were not ill-gotten gains via money-laundering or some other scheme.
Bancorruptcy ~ Banks Create Money Based on Your Signature, So You Are the Value
Money is created when loans are made, and not before. Your signature on a loan application is securitized. Original Issue Discounts result from the depositing of your Promissory Note with your Signature. Then banks, as an Accommodation Party, withdraw those funds from the Central Banks and “loan” it to you. But wait, it wasn’t created until your signature allowed it to be created….
Fountain Pen Money by Uwe Schafer
When Uwe Schafer discovered that his entire career as a mortgage broker was based on fraud, he quit the next day. This is his story of trying to get the Australian courts to prove they are entitled to collect on his “mortgage.” Details and documents from Uwe Schafer’s extensive research are posted here: FreeSpeechAustralia.org
Your Mortgage Contract Is Patented, Trademarked, and Sold Multiple Times
When Ken Dost‘s home fell into foreclosure, he began using his background in architecture to map out where his mortgage went. One bit of data Ken discovered during his research was that SEC Auditor Raja Patel had already researched his own $500,000 mortgage, and discovered it had been sold, copied, and resold, until it eventually turned into $93 million dollars worth of securities and derivatives.
Ken Dost was featured on the Adventures Into Sovereignty show on March 20, 2015
and sent a detailed topic synopsis before the show, provided below this video.
Synopsis by Ken Dost:
When a mortgage borrower puts pen to paper and signs the Fannie/Freddie Standard Uniform Instrument, that is to say, the mortgage loan agreement, the assumption is there is an approval for a mortgage loan, from a lender to purchase real property. The greater assumption is one steeped in paradigm and one of pride, achieving the ‘American Dream’ to which they can now call themselves a homeowner.
The 21st century reality however is the paradigm is dead; a mortgage to real property is nothing more than a legal fiction, a ‘pretend’ mortgage to real property. This was by the banksters along with the government’s intent and design, to make us believe in something that no longer exists. For what purpose, you say? The theft of all ownership of course, not just of the real property collateral, but all property, personal and intellectual, currently owned or that ever will be owned.
Our perception is the mortgage (Deed of Trust/Note) is immediately sold to an investment bank who aggregate the mortgage into a pool with other mortgages, establishing an SPE into which the pool is transferred and from which certificates are issued and sold to investors. —–True? not entirely.
The fact of the matter is that the originator/pretend lender does not actually sell anything, rather merely pledges the alleged loan, in other words, the alleged mortgage loan is ‘held for sale’….It is ONLY upon default that the alleged mortgage loan’s “first sale” actually occurs…Stated another manner, the Assignment of Deed of Trust is the first sale – that is too say the putting back together of title and note, which though in fact was never together to begin with because the ‘option’ to purchase the defaulted loan was sold before a borrower ever signed the documents.
The option holder (broker) has control of the note and may and does sell it time and time again…. Imagine making 1000 copies of the executed note, putting them in a box and shipping it off to Borders Bookstore. The box is unpacked, labeled with a price tag and put on the shelves for sale – no different that a copyrighted work…except in this case the mortgage is a derivative and the broker is the holder of that copyright derivative.
Ownership of copyrights can be transferred either by operation of law or by a written instrument. 17 U.S.C. § 204(a) (2000). Courts have interpreted “transfer by operation of law” to mean “transfers by bequest, bankruptcy, mortgage foreclosures, and the like.” Taylor Corp. v. Four Seasons Greetings, L.L.C., 403 F.3d 958, 963 (8th Cir. 2005) (citing Brooks v. Bodes, 230.781 F. Supp. 202, 205 (S.D.N.Y. 1991).
As a matter of law, authors and owners of copyright immediately possess the exclusive rights to reproduce, distribute, perform, and display copyrighted works and to prepare derivative works based on them. The Computer Software Copyright Act of 1980 amended the Copyright Act of 1976 to include “computer programs.”
The Fannie/Freddie Standard Uniform Instrument is a copyrighted work of a computer program which becomes a derivative upon the borrowers signing of the agreement. The banksters are thus unjustly enriching themselves many times over, selling an alleged mortgage loan they do not even own….The broker’s future fees and compensation are realized upon default with the actual first sale, which he collects on with the liquidation of the collateral.
The Curious Problem of the Deed of Trust Foreclosure
Judge Arthur Shack ruled in favor of homeowners in a case with clear evidence of Robosigning and other irregularities in the processing of mortgage and foreclosure documents. Not only was his decision was reversed by a higher court, he was reprimanded for not following legal precedent.