The Mortgage fraud & more

[Bushpig]

As a follow on from my previous mention of posting up some exploits of recent years I offer this interview by Freeman Michael of freetheplanet.net as an explanation of the Mortgage/Banking fraud going on globally.  May it be of assistance to you and your loved ones.

http://www.lawfulrebellion.org/2011/09/14/the-great-mortgage-illusion/

Booosh

[Stonehenge]

Mortgage loans are a way for people to buy expensive things they need such as a house. If everyone had to save up the money first, few sales would be made. The same could be said about buying a car or other things. Getting over one's head in debt can be through no fault of the borrower. They might lose their job, have a major illness, etc. I don't think we can blame everything on the banks. They are providing a service and if they are greedy, its up to each of us to read the fine print and refuse to sign if things aren't right.

[Bushpig]

Of course the customer/Mortgagor has some responsibility for ensuring they understand the nature of the contract they are entering into however we have all been lied to on a grand scale with the Mortgage Fraud.  The nature of the modern business of banking is not disclosed upon entering these contracts with banks and thus one can be forgiven for entering them, the responsibility now lays with those subject to the Fraud to not be apathetic and ensure that we amek our fellow man aware of the nature of this fraud for the benefit of all.

Stonehenge.. did you listen to the interview?

Booosh

[Stonehenge]

I don't have time for that. If they can't clearly summarize what is wrong then they probably aren't clear on it themselves. Its caveat emptor, the buyer must beware. If they don't understand the contract, go to an attorney, dont just assume everything is fine.

Most fraud was done by borrowers overstating their income. Banks, in their greed, did not do their due diligence in vetting the borrower. They then sold the paper to fannie mae, freddy mack, etc.

[Bushpig]

With all due respect my friend, whilst the intent of your comments were entirely benevolent they do show a lack of understanding on the nature of the fraud.  I invite comments from those whom wish to discuss the material presented, as opposed to comments from those who have not the time to view.

Booosh

[Stonehenge]

Why don't you explain the fraud then? If you understand it then you can do that easily. If not, then you may be a victim of bafflegab. I'm not saying there was no fraud, certainly there was some.

[Bushpig]

Hey Stoney, you'll have to excuse the delay in reply.

The Mortgage fraud is a whopper and although its so simple, the fact is we receive very littlle information regarding the money system we live in.

So it is a fraud because the alleged lender (Mortgagee  - the bank) does not have any money to lend only credit they create after obtaining from the alleged borrower a negotiable instrument in the form of a promissory note. 

Based on this negotiable instrument they forward credit to fund the purchase of the property/land.  You see,  this is a swap, the giving of a negotiable instrument (Promissory note) and the bank giving credit to use in the system.

So you may think the promissory note requires 'paying'.  Well i would ask 'with what' ? 

In the modern system of banking the promise to pay is the payment.   

The alleged borrower (Mortgagor) also completes a Deed that acts as security for the alleged loan.  This also conveys an irrevocable power of attorney to the bank to do whatever they please.  It is possible this Power of Attorney is used to create the negotiable instrument used to fund the alleged loan.


So you see the alleged borrower is actually the lender.  It is all upside down and inside out.

In Albion (Britain) the last few years has seen much research into this and many claims have gone into the Courts against the banks.  The Courts will not use their powers to ask a single bank to disclose their accounts to prove us wrong once and all.  There is not a single Mortgage contact I have seen that complies with the statutory provisions.  The banks, courts and police are all breaking the law when repossessing peoples homes. What has been learnt thus far is that the Courts are going against the law to cover up the fraud.  There is much cognitive dissonance but a big share of corruption in their also. 

I can go into much more detail regarding English Law and Mortgage fraud if you have sincere questions.

I would also point all interested parties to:

http://freetheplanet.net/   (right hand side menu titled bankerbusters)


Booosh







 

[Bushpig]

The deed is also void as the mortgagor cannot place a charge on a property he does not yet own (the bank do not release the funds to purchase the property until the deed has been executed).  The bank are guilty of pressurising Mortgagors to do this.

Booosh

[dendro]

Mortgage fraud at the point of sale has been disastrous for us all.

But the even bigger fraud has been the creation and sale of mortgage derivative instruments by the hybrid banks/finance houses like Goldman Sachs. These derivatives were sold to other banks, investors and investment houses all over the world.

But not only were a lot of the mortgages illegal, overvalued and over-rated, the Wall St. houses compounded the crime by bundling the same bad mortgages multiple times across multiple instruments. Essentially, the same mortgage was being sold to multiple buyers, much like the electronic and paper precious metals market sell the same bar of gold multiple times to multiple buyers.  There is no underlying asset! Good luck trying to take physical delivery in these markets.

When the EU and other banks realized how they had been swindled by Wall St., they demanded their money back, or else. The trillions in bailout money given by the FED to the Wall St. firms was then paid out to EU investors (banks) in the buyout of the toxic paper.  This has also had the effect of hiding the felonies, allowing the Wall St. bosses and their companies to walk free.

The waves of risk and fear generated by these crimes are still destabilizing the credit markets worldwide, as we see daily.  All part of an effort to tear down the current currency system and bring in a new world currency.

Now, who's ready for some world war? 

[Bushpig]

Hey Dendro,

Thankyou for your contribution,

You are right in what has happened but I am not convinced it is the 'bigger fraud' though it is certainly part of it all.  It is however the one that has gathered most of the mainstream interest, often to the detriment of the fact that each mortgage from the outset is fraudulent before they are even bundled up and sold on in packages to investors.

There are fantastic things happening over in America regarding this and for those who care to look into it may find the opportunity to free themselves from this major aspect of debt slavery.

Booosh

[Stonehenge]

This is all very interesting and the english system may work a bit different than our own. However, this is very different than selling a bar of gold for example that does not exist. Fraud occurred in some overvalued appraisals. The values obtained were based on recent sales of other overvalued properties. An item is worth what people will pay for it whether gold or a house.

In our system, banks made the loan and then sold the mortgage to fannie mae or freddie mack. They then bundled the mortgages and resold them to investors who got burned. Some banks held the mortgages and were themselves burned when the r/e market crashed. To the best of my knowledge, no property was sold to more than one buyer at the same time. They were resold multiple times in some cases but that does no make the transaction illegal.

A deed is simply a bill of sale for a property. The seller, not the buyer executes the deed transferring the property to the buyer. When a bank loans the money they get interest in the property and the right to resell the debt which is then considered an asset. This may sound confusing but a contract saying the borrower will pay x amount per month at y rate of interest, clearly has value and can be sold. This all  would have worked out fine had the real estate and job market not tanked nearly simultaneously along with the stock market. The buyers were willing and happy participants until they stopped making payments. Who was it that committed the fraud?

[Bushpig]

Hey Stoney,

Question:

What do the banks loan & where did they get it from?

Boooshpig

[Stonehenge]

Banks loan money which they get from a variety of sources. Usually it comes from deposits. Banks can also borrow money from the fed.

[Bushpig]

Hey Stoney my friend, sorry for delay in reply... away over yule with no internet ..a strange experience these days.

My understanding differs from yours somewhat.  I'd go so far as to say that the fundamentals are not understood by many people, it is just simply not taught as part of our education (for reasons that will become obvious).  Yes the banks can obtain money from the central banks (the Fed just like the Bank of England are in fact private but that is another story).  But the credit you and me have been extended when getting loans, mortgages and the like are not taken from deposits made by other people. 

When looking for a simple way of explaining this I came across this video, I feel watching this 10 minute video will begin to explain the basic concepts.  I can then further detail it:

http://www.youtube.com/watch?v=vm3DixfL9o0

Hope you had a cool festive/holiday time.


Booosh

[Stonehenge]

I got the message "video not found". I'm sure there are lots of things i dont know about banking. I rather doubt there are any earth shaking secrets out there, not likely in a u tube video.

I'm puzzled that you say the fed is private. It is a consortium of publicly run but privately owned banks, from what i gather. There is a lot of secrecy surrounding them and they have not been audited. Are you saying the banks do not lend out the deposits they receive? They have other forms of investments they can dabble in but lending is their main business. What then do they do with the deposit money if it isnt lent? I'm sure if they could make a fraction of a point on money they borrow from the fed they would do that. Perhaps you cold explain your theory since the utube seems to be out? Does it involve aliens and conspiracies? I like those theories.