Jim Macklin, one of our senior securitization analysts, wrote a piece that I thought was worth publishing. He is located in Sacremento, CA.
We consider our Constitution of the Untied States the law of the land under which all other laws must conform. This law of the land specifically and expressly provides for bankruptcy because it was obvious that without a way out, without a way of starting over, slavery and oppression would return to our shores. Here is what Jim wrote —
Here in America, we abuse our poor and call it the lottery, we neglect to discipline our children and call it building self-esteem, we allow the theft of our homes and refer to it as “allowing the market to self-adjust”, we elect people to public office who cannot balance their own checkbooks because the banking cartel tells us in the media that this is our only choice, and we reward laziness and call it welfare… I for one, am not contributing to the spectacle that we call the “Democratic process” any longer…instead, I will do my part in relieving the 1% of my share of the American dream by systematically encouraging every eligible person to file for bankruptcy protection, thus re-starting the debt basis from a given point and estopping the “creditors” from their orgy of taking everything from us…the ones who drive the bus! The wealthiest people in the world use the bankruptcy laws to their advantage every single day of the year and secretly hide the processes from the masses of eligible, hard working people who are the only ones who truly deserve the protections of this economic tool given to us centuries ago.
Don’t let the social stigma of “the B word” discourage you from exploring the untold benefits of a well strategized bankruptcy filing…talk about it at parties, question your local counselors and attorneys, smile and relish the thought of burying your un-wanted, un-payable debt service…the banks are not counting on a massive move to by the general public to the protections of the bankruptcy court because it is they who have espoused the “dangers” of personal bankruptcy filings…yet is also they who use and abuse these exact laws to their benefit. If everyone files for bankruptcy…everyone will also be available to garner new credit ratings and offers of credit in the future…or the banks will simply cease to exist…not a bad scenario for anyone…eh?
Why do you think that the banks are the only ones who publicly denounce the use of bankruptcy as a financial tool? Yet, only months after the confirmation of a plan in bankruptcy, the average debtor receives many new offers of credit. The banks cannot survive without you, America…start acting like you’re driving the bus…not being thrown under it. Do your part to kick-start the economy for the future generations of Americans…file Bankruptcy and force the politico to come to heel… or drag your financial chains down the road another few years until you cannot afford to eat or pay for health care…or are you already there?
jim
40 thoughts on “Are You Already There?”
These so called BK judges (which are only basically referees)are throwing chapter 13 cases out left and right. They force you to file chap 7.
tide is turning!! Good luck all!!
http://www.marketwatch.com/story/major-banks-governmental-officials-and-their-comrade-capitalists-targets-of-spire-law-group-llps-racketeering-and-money-laundering-lawsuit-seeking-return-of-43-trillion-to-the-united-states-treasury-2012-10-25
I bet if you paid your debt … that sure would help the Fed pay their loans back that they borrowed to fund yours for you. Yeah… Lazy, Alcoholic, FreeLoaden Deadbeat! Thats All for now Folks!
I already told you I dont accept sloppy seconds and I can not afford a large size. Your Debt of Half Million $$ is beond my simple ways of Living.
BTW…..Used & size only matters to used up losers with small pea sized ones like you…..
Shadowcat …..you sure are a pompous ass with no facts to back up any of your claims. You idiots really should open up & read your mail instead of shredding it …. Just because you ignore the discovery requests does not mean they do not exist….Oh well it makes for good packing material when you get evicted. BTW…..there are a lot more people paying attention to this treason than you think…you idiots really do live in your own little world.
Sure … Millions of Foreclosures and Your Going to Get Everyone To Yours How? Oh ….. Ok then. Your Advertising the Court Room Orgie …. Hop..Hop..Hop… You Better Get Started. Times a Wasting… p.s. ….. I wouldnt say anying about used or size thou…. …..Just Sayin….
What you mean is they cant find an Attorney who will represent a client who tells them and the Judge what the Law is and How things WIll Be Done. LOL …. Your an Idiot!
Sweetie, you dont know what you are talking about. You have not made it to discovery. And you wont …… You can tell yourself what you want … but you already “Dead in The Water”. You wont pay an Attorney …. because you already know it. Guess Your Home is not worth Saving ….. Oh Well … another one bites the dust because of an Idiot in a Bottle. For Anyone Else out there without an Attorney …. This would be a Good Time To Get One! If You Snooze…. You Lose! If you Booze…. You Loze….
I will be inviting the townspeople to my next courtdate and members of the media to witness what you are describing. By all means all Cook County residents should visit the 28th floor of the Daley Center and witness the treason that is going on in there $$$$…I have witnessed people leaving there in tears because they can’t find an attorney to represent them properly. It is a disgrace…..!
WHERE IS THE CHAIN…..? WHERE ARE ALL OF THE DOCUMENTS I REQUESTED IN DISCOVERY……? TICK TOCK TICK TOCK…..YOU CAN’T COME TO COURT AND ENTER UNDISCOVERED DOCUMENTS THAT I NEVER INSPECTED…..
& you know this goes way beyond the color of the ink…..the actual color of the ink is irrelevant…..the color of the ink also known as THE ORIGINAL WET INK PROMISORRY NOTE & ORIGINAL WET INK MORTGAGE are CODE WORDS FOR TIME TO PROVE UP THE CHAIN……
They Still Have the Note ….. The Origional Wet Ink! And They are Coming After the Money …. Tick..Tock..Tick..Tock… Get an Attorney! Time is Running Out Quickly!
Problem for you tinker-bell is you are out of majik Trix….You can’t just pull a rabbit out of your black hat when you are trying to STEAL SOMEONES PROPERTY…….WITHOUT AN ATTORNEY TO HELP YOU SCREW ME….YOU ARE A SICK PERVERT…!
You’ve run out of Straws … You keep demanding Blue Ink Copies….LOL! You are using words of someone guessing. Yep! I bet you dont know that each county in our state have recording requirements of colors of ink. They also vary state by state, but ours is by county. What colors of Ink does your county accept, Black? Blue? Red? only Black and Blue? All three? Tick…Tock…Tick..Tock… Get an Attorney!
Any one can come to court with convincing counterfeits…… a good laser copy of the originals…..It is the LEGAL ASSIGNMENT….that is part of the REQUIREMENT by law in the U.S.A. to prove PRUDENTIAL STANDING….RULE OF LAW….NOT THE LAW OF THE JUNGLE THAT GOVERNS FORECLOSURES….ALONG WITH _ALL_OF THE DOCUMENTS PERTAINING TO THE SO CALLED FINANCIAL TRANSACTION….& THE GENERAL ACCOUNTING LEDGER……PROVING THE ORIGINAL WAS PAID & WHERE OUR PAYMENTS WENT…….
THEN WHERE IS THE LEGAL ASSIGNMENT & WHY WAS IT NEVER RECORDED…….? THERE IS NO LEGAL FIX FOR THAT……..EVEN IF YOU HAD THE ORIGINALS……..THE TRUSTS NEVER EXISTED…….THAT MAKES YOUR ORIGINALS A NULLITY…….NULL & VOID…….!
Sweetie… You get those back when you pay up. And Yes they do have them… and Yes they can and will Produce them in Court Now …. It was just to Big of a Pain in their Ass Before to get them from the Vault and have the Shipped to every FC Hearing. The Banks were taken on their word before …… but all those old fcs that were never completed left them in a pickle when they took advantage of the courts trust. But that does not affect your case thou … Your wish will come True, they shall have it for you to see … but you dont get to keep it unless you pay. When you pay …. It gets stamped paid in full and sent to you. Your running out of Time ……. Tick…Tock..Tick…Tock…. Get an Attorney!
I AM TALKING ABOUT THE ORIGINAL BLUE INK ORIGINALS STAMPED PAID BY THE U.S. TREASURY DEPT…….NOT THE COPIES……THE COUNTERFEITS YOU PASSED AROUND & TRADED LIKE BASEBALL TRADING CARDS…..
NO……THAT WOULD BE YOU SHADOWCAT & ALL OF YOUR FED INVESTOR MINIONS & COHORTS……WHERE ARE OUR ORIGINAL NOTES & MORTGAGES STAMPED PAID BY THE U.S. TREASURY DEPARTMENT……??????? YOU CROOKS DON’T HAVE THEM BECAUSE THE FED DEFAULTED ON THEIR MORTGAGE ……YOUR INVESTORS TOOK OUR MONEY & RAN……! THEREFORE…..WE THE PEOPLE DEMAND OUR SATISFACTIONS……!
YES SHE IS!!!!
Anarchist communists hidden by liberal socialists, nihilists & atheists oh my…!
THE TRUTH IS SHADOWCAT…….WE THE PEOPLE ALREADY PAID FOR EVERYTHING UPFRONT AT THE ORIGINATION….. FUNNY THING ABOUT ANARCHISM….AND ITS USE OF SOCIALISM AS A WEAPON OF ROBBERY TO CREATE WEAPONS OF FINANCIAL MASS DESTRUCTION……..IT ACTUALLY PROTECTS THE AMERICAN PEOPLE WHO PAID FOR EVERYTHING UPFRONT…BECAUSE OF WHAT U.S. LAW REQUIRES OF THE ANARCHISTS…..IF THE ANARCHISTS DON’T PAY THEIR MORTGAGE…….THEY CANNOT OWN OUR PROPERTY OR OWN US…….THE ORIGINATION FRAUD COMMITTED BY THESE ANARCHISTS………THE FEDS DEFAULT ON THEIR MORTGAGE PAYMENT TO THE AMERICAN PEOPLE…. ACTUALLY ….LEAVES THE FED MIDDLEMAN ON THE OUTSIDE LOOKING IN……….WONDERING WHY THE TREASURY DEPT NEVER SECURED THEIR LEGAL LIEN……..? BECAUSE…..THE FED ANARCHISTS NEVER PAID FOR ANYTHING OF COURSE……! THAT IS WHAT THEY ARE TRYING TO HIDE……WITH COLOR OF LAW…….
@Insolvent…. RE: Your Statement …Applies to You To Idiot!
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IN ORDER TO OWN SOMETHING IN THESE UNITED STATES……..FIRST YOU HAVE TO PAY FOR IT……..
Barney Frank was just interviewed on CNBC by CFR member Maria Bartiromo……about the Obama administration suing CHASE…Frank said it is wrong for the OBAMA ADMINISTRATION to punish the shareholders of CHASE……What I see is the OBAMA ADMINISTRATION IS CREATING THE ILLUSION OF JUSTICE…….HERE IS WHY…..
Bloomberg news is now reporting BOFA is now being sued by the U.S. JUSTICE DEPT…….for mortgage fraud….The question I have is WHY ARE THEY STILL ALLOWING THE FED TO FRAUDCLOSE….? WHY IS THE FED STILL BEING ALLOWED TO CONDUCT BUSINESS AS USUAL IN AMERICA……? & IF THESE CASES ARE WON….WILL THIS MONEY BE RETURNED TO THE U.S. TREASURY DEPT. IN GOLD AND ISSUED TO THE AMERICAN PEOPLE IN OUR OWN CURRENCY VIA THE TREASURY THROUGH STATE BANKS FOR ALL HARM DONE TO US….? THAT IN TURN WILL ABOLISH THE FED .. IF NOT…..WHAT THE OBAMA ADMINISTRATION IS DOING IS MORE SOCIAL JUSTICE CRAP THAT SIMPLY GIVES THE ILLUSION OF RULE OF LAW…..& IS NOT RULE OF LAW AT ALL…..& JUST ANOTHER OBAMA DECEPTION….IN REALITY THESE LAWSUITS ARE JUST A VERY DECEPTIVE AND HARMFUL ILLUSION THAT BENEFITS THE VERY MASTERMINDS OF THIS ANARCHIST SCAM..
THE RULE OF LAW IN THE UNITED STATES OF AMERICA CLEARLY STATES……IN ORDER TO OWN SOMETHING IN THESE UNITED STATES……..FIRST YOU HAVE TO PAY FOR IT……..THAT IS WHY THE NEW WORLD ORDER IS DEAD ON ARRIVAL……THE FED NEVER PAID THEIR MORTGAGE……TO THE U.S. TREASURY DEPARTMENT……..THEY HAD 90 DAYS FROM THE CLOSING OF THE TRUST, TO PAY THEIR MORTGAGE …….THAT IS WHY THE TRUST WAS NEVER SET UP……TO HIDE THE ORIGINATION FRAUD BY THE FED……..THERE IS NO LEGAL OR MONETARY CORRECTION FOR THE ORIGINATION FRAUD…..THEREFORE…..THE FED ARE IN DEFAULT TO THE U.S. TREASURY DEPARTMENT……..THERE DEFAULT IS MASSIVE & CAN NEVER BE CURED…….THE FED ARE THE DEADBEAT DEBTORS TO THE AMERICAN PEOPLE…….THE FED ARE NO MORE THAN ANARCHIST, FREELOADING RENTING SQUATTERS WHO NEED TO BE EVICTED BY RULE OF LAW..
Shadowcat……..Did I just read that right…..? I WAS NEVER LENT A MORTGAGE……HOWEVER…..YOU ARE TELLING ME THAT YOU WANT TO BANKRUPT ME & LEND ME YOUR INSOLVENT MORTGAGE AND YOU WANT ME TO PAY YOU BACK YOUR INSOLVENT MORTGAGE…..? AFTER YOU DEFAULTED ON YOUR ORIGINAL MORTGAGE THAT YOU BORROWED WITH MY SIGNATURE….?
WILL SOMEONE PLEASE ARREST THESE ANARCHIST SHEISTER CROOKS…?
OUR SYSTEM IS NOT BROKEN……..THE ANARCHISTS SYSTEM SEEKS TO OVERTHROW THE UNITED STATES OF AMERICA…….THROW OUT THE FED CROOKS BY RULE OF LAW…..THEY HAVE NO LEGAL STANDING….
@SHADOWCAT……..PAY YOUR OWN BILLS……YOU ARE A CROOK & A FREELOADER…… YOU SAY YOU DON’T KNOW ABOUT MY TITLE ????? BUT YOU ARE TELLING ME TO GO ASK AN IMPOSTER WHO HAS NO RECEIPTS TO PAY THEM MONEY……. ?????? YEAH RIGHT……..I DON’T KNOW OF ANY SUCH U.S. LAW….. THAT LAW YOU SPEAK OF SOUNDS LIKE THE LAW O E O E O……THE LAW OF THE JUNGLE……& I DONT LIVE IN THE JUNGLES OF KENYA….
These are the animals these Anarchists have unleashed on America….the Anarchists imposters who wear clever disguises. These clever nihilists & “atheists” AKA THE GLOBALISTS….the self appointed rulers who never paid for anything and claim by the magic of THEIR PHONY RULES OF MUTUALISM& INVESTING GOVERNED BY TAXATION & THEIR LIES OF SOCIAL JUSTICE……THEY OWN YOU……FOR YOUR OWN GOOD…..IT IS ALL LIES…..BASED ON A THEORY TO MAKE THE PEASANTS BELIEVE THEY OWN EVERYTHING & THEY OWN YOU….BY THE METHODS OF MUTUALISM, TAXATION & STRATEGIC INVESTMENT STRATEGIES THAT TARGET EVERYTHING WE OWN AND PAID FOR…..AND OF COURSE…….THEIR RULES OF SOCIAL JUSTICE …..WHICH IS BELIEVING THEIR LIES WE WILL COLLECTIVELY…..COOPERATE……COMPLY & CONFORM TO THEIR RULES OF SOCIAL JUSTICE AND THEREFORE ACCEPT COMPLETE COMMUNISM WITH OPEN ARMS AS THESE THINGS ARE THE CORRECT SOCIAL FIX AND FOR THE GREATER GOOD OF MANKIND……THIS IS THEIR WARPED WET DREAM OF GETTING ALL OF MANKIND TO ACCEPT THEIR COMPLETELY COMMUNIST SOCIETY….ALL FOR THE BENEFIT OF THEMSELVES…… THEY WANT ALL OF US AMERICANS TO BELIEVE ……THEIR ROTTEN EGG OF GREED WHICH IS COMPLETE COMMUNISM CAN OWN NOT ONLY THE CHICKEN….BUT THE ENTIRE HEN HOUSE……..AND ITS ALL FOR OUR OWN GOOD…….! ITS ALL FRAUD FOLKS……THIS WAS ALL DEVISED BY EVIL GREEDY OLD PSYCHOPATHIC CONTROL FREAKS WHO NEVER PAID FOR OR BUILT ANYTHING……..THEY ARE USERS…..&…FREEDLOADERS WHO USE LIBERAL SOCIALISM TO BRAINWASH THE MASSES INTO BELIEVING ALL OF THEIR B.S HAS A BASIS IN U.S. LAW….WHEN IN REALITY….IT IS COLOR OF LAW …..THEIR THEORY OF SOCIAL JUSTICE……IS IN REALITY LAWLESSNESS…..THEY PROMISE THEIR SOCIAL JUSTICE LAWLESSNESS WILL PROVIDE PEACE & SECURITY……YET, IF YOU LOOK AROUND…..NO SUCH PEACE & SECURITY EXISTS……IT IS A QUITE DECEPTIVE FORM OF ANARCHISM THEY ARE USING TO TRY TO CREATE…..COMPLETE COMMUNISM…..THAT IS WHY THEY WANT YOU TO BEG THEM TO HELP YOU……BUT THEY NEVER WILL…..THEY WILL DISGUISE THEMSELVES AS SAVIORS BUT IN REALITY THEY WILL LEAVE YOU TO ROT IN THE STENCH OF THEIR ANARCHISM THEY CREATED BY ISSUING YOU THEIR WORTHLESS MICROCHIPPED MARK OF THE BEAST…THEY WANT US TO BELIEVE THEIR ANARCHIST LIES BECAUSE WHAT THEY REALLY WANT IS A GLOBE OF HUMAN ATM MACHINES…….MICROCHIPPED RENTERS OF EVERYTHING WE ALL PAID FOR…..BUILT WORKED FOR & OWN………A GLOBAL COMMUNE THEY ARE THE SELF APPOINTED RULERS OF……DON’T BELIEVE THEM….THEY WILL STEAL YOUR SOUL IF YOU BELIEVE THEM…..YOU WILL BECOME THEM…….DEMAND THE RULE OF LAW BE UPHELD & DON’T ALLOW THESE CROOKS TO MAKE YOU BELIEVE THE BIG LIE THAT YOU ARE A RENTER & A SQUATTER ON YOUR OWN PROPERTY THAT YOU PAID FOR…..THEY ARE DECEPTIVE CROOKS WHO HAVE NO RECEIPTS THAT PROVE THEY PAID FOR ANYTHING BECAUSE THEY DID NOT…….WE THE PEOPLE DID & WE THE PEOPLE OWN THIS PLACE…WE PAID FOR……BUILT …….AND WORKED FOR THIS PLACE…..THE UNITED STATES OF AMERICA…..THROW THE FED OUT BY RULE OF LAW………THE FED, THEIR MINIONS & COHORTS ARE THE RENTERS & SQUATTERS HERE………& THEIR LEASE RAN OUT THE DAY THEY TRIED TO STEAL OUR COUNTRY THAT WE THE PEOPLE PAID FOR……!
A book to watch out for
” the end of wall street ” Roger Lowenstein
Penguin press
And the wheel goes around
Come on this is. It the real answer. It’s all a bad bad wAy. The system is broken And so what then in another 20 years
Its a Little Early for the Bottle … isnt It? Why dont you focus on the article above and how it pertains to you. As far as I am concerned, we did not sign on for a Lawsuit, no debt., no BK … I dont seek damages. I do however seek Criminal Prosecution! No one is going to hold a Gun to My Husbands Head and say …. Request the Mod…. Then we will give you what you need to pay off your mortgage. We dont know anything about your Title. Mr Bankster Beware …. Risky Business! Risky! Risky! Risky! …. Grandma’s Cookie Jar is a #3 Piece Set! And Setting Right Next to Them is a Butcher Block …….. YEP!
i agree with you jim. right after my chapter 7 was discharged, i received tons of mail every day from creditor like capital one and 1st financial credit offering me a credit card. i got an instant approval of $ 30,000 from a car dealership many times. i always check my credit report twice already since 2010 when i received my discharged. my FICO is 646 as of today. i have better score than other friends who has an excellent credit but has a huge total debts. yes, BK gives you another start in life. BK attorneys makes their living out of BK esp. the trustee. i remember reading the enron BK, after their Bk, enron has 1 billion asset remaining but the lawyer’s fees ate their asset of $700 M.
Read about one of the liberal socialist methods the ANARCHISTS used to TRY and create COMPLETE COMMUNISM…..MUTUALISM……self governed by these ANARCHISTS and their RULES OF SOCIAL JUSTICE…… NOT THE RULE OF LAW IN THE UNITED STATES OF AMERICA……….THROW THESE COMMUNIST OCCUPIERS OUT AMERICA………! THE THEORY OF OCCUPY IS COMMUNIST……..IT IS THE RULE OF THE JUNGLE……THE WAY ANIMALS LIVE……..THEY DON’T OWN THIS PLACE…….WE THE PEOPLE DO…..! DEMAND THE U.S. CONSTITUTION……THE SUPREME RULE OF LAW IN AMERICA BE UPHELD REGARDING YOUR PROPERTY & NOT THE COMMUNIST, NIHILIST, ANARCHIST RULES OF SOCIAL JUSTICE…..THEIR LAWS OF THEIR COMMUNIST ANARCHIST JUNGLE BE ABOLISHED……!
READ ALL ABOUT THE ECONOMIC THEORY OF MUTUALISM …….AKA…. MUTUAL OF OMAHAS WILD KINGDOM HERE…….THE LAW OF THEIR JUNGLE…..NOT THE RULE OF LAW IN THE U.S……
http://en.m.wikipedia.org/wiki/Mutualism_(economic_theory)
Interesting read about the father of the philosophy of Anarchism, Pierre Joseph Prudhon, was a liberal socialist who believed by the economic theory of use – ownership possession which is the economic system of Mutualism & liberal socialism the Federal Government would own the peasants and the property of the peasants. He believed that property is the only power that can act as a counterweight to the state. He believed the “liberty” he pursued as the “synthesis of property & communism.” He believe that ownership of private property was the right of the FED and personal property….an OWNERSHIP SHARE IN THE CORPORATION OF THE FED ……..which is PROPERTY RENTERSHIP…… was the only right of the State & the peasantry….He believed the philosophy of ANARCHISM & the methods of MUTUALISM & LIBERAL SOCIALISM GIVING THE PEASANTS THE “ILLUSION OF FREEDOM” BY ALLOWING THEM TO BELIEVE THEY OWNED THEIR PROPERTY ….WHEN IN REALITY THEY ONLY WERE GIVING THE STATE & THE PEASANTS “A PIECE OF THE ROCK” would lead to COMPLETE COMMUNISM……He did not believe in RULE OF LAW but SOCIAL JUSTICE would govern their CRIME SPREE………he believed in the peasants & the State Governments SHARING…….NOT OWNING ANYTHING OF REAL VALUE……..& ONLY “PRODUCTIVE” MEMBERS OF SOCIETY” who “OCCUPIED” THE PROPERTY WOULD REMAIN IN THE PROPERTY…………He believed in PROGRESSIVE TAXATION as another method to COMPLETE COMMUNISM but warned the dangers of too much tax could lead to FEUDALISM between the FED….THE STATE & THE PEASANTS that THEIR METHODS CREATED…………HOWEVER……. THE U.S. CONSTITUTION……..AND U.S. PROPERTY LAW …….AND THE FRAMERS & FOUNDERS OF THE U.S. CONSTITUTION…….BLEW THEIR COMMUNIST THEORY UP WITH THE RULE OF LAW…….NOT THE SOCIAL JUSTICE RULES OF THEIR JUNGLE……..AND THEY SAID………YOU CANNOT OWN WHAT YOU ANARCHISTS NEVER PAID THE AMERICAN PEOPLE BACK FOR IN THE FIRST PLACE………..THAT IS WHY THE SUPREME RULE OF LAW ……THE U.S. CONSTITUTION……GOVERNS THIS LAND……..AND OVERRULES ALL OF THEIR COMMUNIST ……COLLECTIVIST THEORIES………& SOCIAL JUSTICE IS THE LAW OF THE JUNGLE……..& NOT THE SUPREME LAW OF THIS LAND……….THE UNITED STATES OF AMERICA……READ ABOUT THE ANARCHIST HERE……
http://en.m.wikipedia.org/wiki/Pierre-Joseph_Proudhon
@iwantmynvp
HERE YOU GO:
“…First, “certificate purchasers” are the banks themselves (security underwriters), and they only purchase a “pro-rata” share to a “pool” of cash flows —- that is all — they are NOT the mortgagee/creditor—the trust is assigned the loans from which the pass-through cash flows are derived—it is the DEPOSITOR (subsidiary), that owns the collections rights (they are not mortgage loans), and the Trust itself.
The “certificate purchasers” (the bank security underwriters (another subsidiary) themselves) then repackage the certificates to “pro-rata” cash flows into CDOs that are marketed to security investors — who are also never the mortgagee/creditor.
According to all PSAs — there must be a documented valid sale of the “loans”, with supporting Mortgage Schedule to the Depositor in order for any Trust to be valid.
There was never any valid sale of loans — and the loans were never actually loans — they were collection rights.
Second, since the “loan” refinances (subprime/alt-a), and jumbo new purchases were non-compliant and non-performing manufactured defaults, no funding at all was necessary (except for the cash-out for the loans).
The warehouse lines of credit never actually transferred any actual cash for funding.
These lines of credit were simply “credit lines” that the “Depositor” would provide to their correspondent lenders.
Once the “loan” refinance origination was completed the Depositor would then reverse the “credit” owed by the correspondent (originator). This never involved any actual deposit of cash proceeds —- the “funding” payoff check is never “deposited” into any bank account.
The check is routed to a security derivative clearing house — who then simply cancels the credit-line transaction.
Third, it is not productive to state that since someone else was actually making payments on the “loan”, “albeit” not the borrower, that the loan is not in default.
Courts do not care about this — they only care if the borrower is in default.
However, if the actual party does not come forward claiming that the debt is owed to them, and the actual party cannot prove how they came to own the collection rights — borrower does not owe the debt to anyone.
That party is never going to able to demonstrate that collection rights belong to them because they would have to divulge the above fraudulent process and that the “mortgage loan” from onset was not a mortgage but, instead, collection rights.
This admission would also mean that the “debt” is unsecured and can be discharged in BK.”
Filing in the bankruptcy court is marginal advice, unless you have that “well thought out plan”. without it, the exercise is of marginal value for protecting your home, although you do dispose of unsecured debt. In my view, the aggrieved has two other choices for protecting himself, both of which require “pro-active” undertakings. One is to file lawsuits against these predator pigs on wall Street. bury them in lawsuits.
The third approach was immortalized by Mr. Eastwood; you round up your two friends to protect your home. Then you post a big sign on your front lawn: “My home protected against gangster bankers by me and my two friends: Mr. Smith and Mr. Wesson. Trespassers will be shot. Survivors will be shot again.” Take a photo and send it along to your servicer, anonymously, of course.
Don’t be surprised if the mayor finds that a bit over the top. Sure gets the bankster’s attention, though: nothing like “Make my day, punk.” to focus the mind on the real parameters of the conflict.
Let me try that again. Keyboard issues …
It’s like this THE TRUST HAS GONE.
It depends on what the individual is willing to stand up for and the average joe needs educating about the real world they now live in.
It’s like this THE TRUST HAS GONE.
It depends on hat the individual is willing to stand up for and the average joe needs ducating about the real world they now live in
Why do you think they changed the BK laws before the collapse !!!!!