Tonight! Don't Admit Anything! Don't Assume Anything! The Neil Garfield Show 6PM EDT 3PM PDT

When you allege that you entered into a loan transaction with XYZ corp you are admitting that they loaned you money. In most cases that isn’t true, but you are stuck with your admissions thus admitting the validity of all subsequent assignments and endorsements. This is how the foreclosure mills win — not with the facts but with your admissions of things that are not true. 

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One of the frustrating things about reading reports prepared by people who call themselves forensic examiners is their continual explanation of the content of false documentation. They are assuming facts about which they know nothing and using that report in support of your defenses or allegations can result in admissions against interest.

Such admissions by lawyers and pro se litigants are the main reason why foreclosure mills win. And people make such admissions against interest because they have not mastered the counter-intuitive nature of the securitization process.

Specifically that the securitization of residential mortgage debt was in reality an exercise in converting assets of investors and borrowers to revenue of the brokers.

Foreclosures are just another part of that process of revenue production. Foreclosure have nothing to do with paying off the debt — a fact which is completely lost on borrowers, their attorneys, the courts and even many people in foreclosure mills.

Once upon a time stockbrokers or investment banks made a commission which was just a  fixed fee or a small percentage of the value of the trade that they facilitated for their clients. Now they have upended that paradigm by converting their client’s investment entirely to the ownership of the stockbroker or investment bank leaving the investors with empty promises and leaving borrowers with nonexistent lenders.

When it comes time to foreclose, some lawyer or company issues a declaration of default giving the impression that they represent the owner of the debt or that they represent someone who represents the owner of the debt. They don’t. It’s all a lie.

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