Housing Prices Are Higher or Lower Depending Upon Who You Ask

Aug 30, 2012

THANKS FOR THE MIRACLES OF MODERN TECHNOLOGY. Post was lost during publication.

Summary:

As long as Judges refuse to hear the merits of the cases in the belief that the deadbeat borrowers are trying to get out of a legitimate debt, these foreclosures will go forward taking the housing market and the economy down with it. When they start allowing the borrower to demand what Federal law requires — production of the entire loan receivable account in all its parts and from every source that keeps records of where the money came from and where it went, foreclosures will grind to a halt. The reason is the most basic defense to any collection action: PAYMENT

Most homeowners want modifications. Their requests are routinely ignored and then reported as rejected when nobody actually looked at them, much less analyzed them nor communicated the offer to the creditor. The banks are in an impossible position: they claim they can file foreclosures as agents for the REMICS (that were routinely ignored by the banks), they can act as agents for the originators who were paid for the use of their name but never funded nor purchased the loans but that they are NOT the agents of the investors when it comes to money received from insurance, credit default swaps and bailouts.

The original money transaction was very simple. A group of pension funds put money into a large escrow account that ignored the “existence” of the REMICS. That is why the banks, as mere intermediaries, were able to get by without having assignments or any money exchange hands in the movement of the “loan” that was not supported by any evidence of an obligation. The note named the wrong payee and ignored the terms offered by the investor lenders. There neither consideration nor a meeting of the minds.

The only documentation of the real money transaction is the wire transfer instructions. All the other documents produced at closing were false reciting a transaction that never occurred. Borrowers were not at fault for this scenario. It was the banks who did it and they did it intentionally in order to trade in loans they neither funded nor purchased. Now they are taking most of the remaining value out of the foreclosed homes before delivering the crumbs that are left, along with the report of a huge loss that will slash pension benefits later. If they accepted modifications, they would be required to return trillions they received as 100 cents on the dollar based upon the losses of the banks resulting from defaults in mortgages. Those losses were faked. Any losses were those of the investors whose identity was stolen by their agents, the banks, in order to reap the reward and beat the loss.

Mortgages