DO WE REALLY WANT TO LOSE CREDITORS IN CONSUMER TRANSACTIONS?

ALL EXISTING LAW AGREES WITH MY MAIN POINT: There is no basis for claiming you are a creditor unless you own the debt or represent someone who owns the debt. Since 2000 and maybe before that we have abandoned real creditors and steadily transformed administration, collection, and enforcement of alleged debts to include virtual creditors who neither own the debt nor receive the proceeds of collection. And there is no basis for claiming you are a servicer if you (a) maintain no custodial accounts and (b) you are not paying the money you collect to a creditor.

I HAVE WON NEARLY ALL CASES ON THE BASIS OF CHALLENGING THE EXISTENCE, OWNERSHIP, AND ENFORCEMENT OF THE ALLEGED DEBT. It’s a matter of court record.

AND YET — CFPB, FTC, AND SEC, ALONG WITH STATE AND FEDERAL COURTS, HAVE ALLOWED FOR THE “INSITUTIONALIZATION” OF VIRTUAL CREDITORS INSTEAD OF REAL ONES. Complaints to CFPB based upon challenges to the existence, ownership, and right to enforce the alleged debt result in gibberish answered from companies who have no knowledge and say nothing about the identity of the alleged creditor or the date of the transaction where value was paid one exchange for a conveyance of ownership of the alleged underlying obligation as required by Article 9§203 of the UCC adopted in all 50 states.

THE RESULT IS THAT ADMINISTRATION, COLLECTION, AND ENFORCEMENT OF THE ALLEGED DEBT RESULTS IN BONUSES, COMMISSIONS, AND OTHER COMPENSATION INSTEAD OF PAYING DOWN (REDUCING) THE PRESUMED LOAN ACCOUNT RECEIVABLE ON THE ACCOUNTING LEDGERS OF SOME COMPANY OR PERSON. Is this what we really want? Do we really want to ignore laws established over centuries?

BOTTOM LINE: THE BASICS OF ALL LENDING TRANSACTIONS HAVE BEEN CHANGED BEYOND RECOGNITION:

• There is no lending anymore.
• There are consumers who wish to be borrowers but there is nobody who wants to be a lender.
• There are inducements to issue a note, a mortgage or a security instrument in an auto loan — even though no loan account is ever established.
• Money paid to consumers is ephemeral — like a magic trick. The money paid to consumers is the inducement to sign the papers. But the virtual or pretender lender wants that money back.
• The consumer thinks he/she is buying a loan product but the “lender” is neither lending nor does it have any lending intent. The “lender” neither funds the loan nor does it have any risk of loss.

Posted in Corruption, discovery, evidence, Fabrication of documents, foreclosure defenses, Pleading, Servicer |