Mortgage & Foreclosure Fraud
Banks Can’t Prove They Have the Right to Foreclose
- Lynn Szymoniak Gets $18 Million Exposing Robo-Signing Foreclosure Fraud
- Lynn Szymoniak Explains Robo-Signing of “Assignment of Mortgage”
- Your Mortgage Documents are Fake ~ by David Dayen at Salon.com (website article) “…banks resorted to fake documents because they could not legally establish true ownership of the loans when trying to foreclose.”
- 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 was announced in 2015, after JPMorgan was part of the 2012 settlement in which all the banks agreed to stop robo-signing practices. In this 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.” ~ 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.” (32-minute video)
Corruption in the Mortgage-Backed Securities Business
- Anonymous FBI Agent describes systemic corruption of such a complex nature that it must have been deliberately structured that way. (30-minute video hosted by ITNJ founder, Sacha Stone)
https://www.youtube.com/watch?v=Cfef469lVZU
Key time-stamps in this incredible interview:
8:35 $3 Billion fraud case at Taylor, Bean and Whitaker involved double- and triple-pledging of loans and phantom loans.
13:05 Shocking insights about how mortgages and banking work.
23:38 “For me, going into the CRIS account, which is the Court Registry Investment System, people have no understanding how the judiciary has been looped in on this and monetarily benefits…. You’ve got to get into the direct treasury accounts, find out how they’re embezzling money from the average citizen. That information is evidence that cannot be refuted.”
- Deliberate Implosion of the US Economy via Housing Bubble, Foreclosure Fraud, and 2008 Bank Bailouts
Catherine Austin Fitts, former Secretary of Housing and Urban Development under the first President Bush, on the Leveraged Buy-Out of the US Middle Class
https://www.youtube.com/watch?v=6nU7wGe2A6k
Key time-stamps in this incredible interview:
2:50 Three women in a small town all getting a bad deal from a Wall Street bank. Centralization destroying wealth vs. decentralization growing wealth in a local economy.
5:52 Explanation of “the Tapeworm ecomony”.
7:36 Total debt issued to finance the entire development of infrastructure in the USA from the time of the Revolutionary War until 2008, plus financing all the wars in between, was $12 Trillion. Then from 2008 to 2010, bank bailouts given to the banks totalled another $12 Trillion. This was a leveraged buy-out of the US economy. She calls it a financial coup d’etat.
9:59 The shift of ownership of capital, the end of sovereign governments. We are no longer governed by countries that work with each other, we are literally governed by private corporations.
10:20 Hollowing out of pension-fund assets and replacing quality assets with worthless paper. Because of shifting factory jobs overseas due to globalization, the only way to finance baby boomers’ retirement would be to fire up the engine of small business to create new industries and new types of jobs.
13:18 Instead of re-engineering from a manufacturing economy to a new technologies economy, we’re going to have a housing bubble. We’re going to get everyone to, instead of building new skills, run around and build bigger houses. Consumers were being encouraged to take on mortgage debt, auto loan debt, and credit card debt that they didn’t know they couldn’t afford. What was amazing was the government and the financial institutions knew consumers couldn’t afford the debt, and they encouraged people to take on debt when policies were being engineered that would cause their incomes to fall later on. Discussion of “material omission” and fraudulent inducement. “The vast majority of mortgages issued after 1996 were fraudulently induced.” The fraudulently induced mortgages were sold to the pension funds. So if we can’t pay off our mortgages, guess what happens to our pension funds.
16:38 Narco-Dollars for Dummies. How money-laundering underpins the US economy to the tune of $500 Billion to $1 Trillion of all dirty money, and even the most conscious and spiritually-centered investors are afraid to stop it. One of the biggest businesses in America is illegal drugs targeted at the children; that business makes everyone a lot of money. We are complicit in the genocide of the children of our neighbors.
21:37 The most dangerous part of GATT is the creation of a corporate right to create patents on life and own the food supply. Moving 50% of the people off the land into cities, away from being self-sufficient and eating healthy food to being dependent on corporations for genetically-modified food…. we’re talking about a kind of planetary slavery which is more horrible than anything we’ve ever envisioned.
23:28 Nothing more important to building a healthy civilization or a healthy economy than transparency. In a transparent, healthy economy, people make money by building peace and cooperation instead of war and destruction. If there’s no transparency, then crime pays. Example of lawsuit against RJR Nabisco for money laundering, and the owner, Henry Kravis, is put on the cover of a magazine as the next Warren Buffet. Well, no, he’s not; he’s the next mafioso.
31:06 In the Spring of 1997, the President of CalPERS, the largest pension fund in the country, heard Catherine Austin Fitts give a presentation on her vision about how to re-invent America, rebuild the American economy, and make a lot of money for the pension funds so there would be enough for the baby boomers’ retirement. He looked at her and said, “You don’t understand, it’s too late. They’ve given up on the country. They’re moving all the money out starting this fall.” So that fall, October 1997, beginning of fiscal 1998, $4 Trillion went missing. And Catherine Austin Fitts wrote story after story trying to get it into the public conversation about $2.3 Trillion missing from the Pentagon, $1 Trillion missing from HUD, $500 Billion missing somewhere else, and instead what was pushed into the public conversation was a story about government employees using govt credit cards for personal items, which was less than 1% of 1% of the $4 Trillion missing.
34:38 An investment either has a positive return or a negative return to the neighboring community. If investment decisions were made based on what had the greatest overall return to the community plus return to investors, rather than return to investors at the expense of community, the whole economy would take off in a positive way and create more wealth than most people could imagine.
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 reversed by a higher court, he was reprimanded for not following legal precedent.
