Gretchen Morgenson Weighs in On Wall Street Corruption: "Two Judges Who get It About Banks"

For more information on UNDOCUMENTED LOANS please call 954-495-9867 or 520-405-1688

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Competing Transactions:

The One Banks Use Which never Existed

vs

The Real Loan that was Undocumented

You may have noted that in response to my articles and briefs, banks don’t argue with the premise that they have no original money transaction; instead they argue that there doesn’t need to be one. I disagree. For those of you who have been reading my articles over the last week, you will see some familiar comments and facts in this New York Times article. The deeper questions have yet to be asked in mainstream media — why was it necessary for the banks to fabricate documentation — that is, if the transactions they are claiming to enforce were real? My only answer is that the transaction they are claiming to document never existed.

If the transactions represented by banks actually existed, they would never have needed to fabricate documents with forged, robosigned signatures. The fabricated, back-dated, forged, robosigned documents and now robo witnesses are corroboration for the irrefutable conclusion that there is no underlying transaction with the banks. This entire fiasco is simply based upon greed and opportunity.

The banks saw an opportunity to use other people’s money for their own benefit and to the detriment of everyone else involved. They converted themselves from intermediaries, which is their primary role for which they are licensed, to the principal. It is as simple as this: imagine your bank claiming to won your TV set because you signed a check payable to the store that sold it to you. The bank claims they were the real party in interest and they can enforce the warranty on the TV against the manufacturer and even take your TV away from you because “they own it.” What Judges are missing is that banks are intermediaries. They are a middleman not the actual player; but Banks have convinced the court that they are the principal player and that even if they are not the principal real party in interest, it is irrelevant. If we were to keep moving down this path, the entire fabric of our laws concerning contract and negotiable paper will be destroyed.

And the fact that their puppets happen to be named at the closing of the loan does not mean those puppets did anything except look cute. If the money came from someone else, then the paperwork should have disclosed that and more importantly the note and mortgage should have been made out in favor of the source of funds.

The assumption that it is none of anyone’s business how the banks securitized mortgage loans is just plain wrong, and just plain dangerous. It opens the door to far more trips into the moral hazard zone. Judges have been assuming that the note and mortgage were made out in favor of a properly constituted representative of the party who was the source of funds or they are assuming that the numerous parties involved in the loan closing were somehow in privity with the sources of funds. This is not true and obviously not based upon any evidence presented anywhere; but as Judges loosen the ropes that bind us and allow inquiry into the money trail, they will discover, to their horror, that the originating transaction was actually undocumented and the one described by the banks never existed.

The problem the Judges are having is an old one now — well if the party named on the note and mortgage didn’t loan money to the borrower, then who did loan money to the borrower? And the answer has been “I don’t know, but they are out there.” That has been an unsatisfactory answer caused by the failure of the same courts to enforce reasonable discovery requests seeking exactly that information. Hence the frustration of foreclosure defense work for lawyers.

When it comes to writing about Wall Street corruption, Gretchen Morgenson gets very little support from her Employer, the New York Times. If you want to give her more leverage to write more of these articles then start writing letters to the editor and comment on her articles when it deals with Wall Street corruption.

Here is the link to her article: Two Judges That Get It — Gretchen Morgenson

Tags: Fabrication of documents, Wall Street Banks, Wall Street Corruption, Wells Fargo, Which Transaction?
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