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Originally posted by die_another_day
"Sick Of Paying Your Mortgage? You May Not Have To Pay!"
It sounds like one of those ADs from a company saying that you can settle you IRS tax at 10% of the original.
Fact is, you borrowed money at set interest for 15-30 years.
You have to pay it back because it's BORROWED.
There are many people out there who shouldn't have bought $300,000 homes for a family of 4 at $50,000 annual income.edit on 10/13/2010 by die_another_day because: (no reason given)
Originally posted by Phage
reply to post by Chinesis
Ok. I'm looking at my Note. Not for the first time, but to provide an accurate quote:
I understand that the Lender may transfer this Note. The Lender or anyone who takes this Note by transfer and who is entitled to receive payments under this note is called the "Note Holder".
If the Note is transferred, my name as "Borrower" remains on the note and my payments now go the the new "Note Holder". Seems pretty clear. I don't think I'd be willing to pay an attorney to fight it. I would lose.
And yup, there's my signature agreeing to those terms.edit on 10/12/2010 by Phage because: (no reason given)
Originally posted by daptodave
reply to post by mnemeth1
What a dishonest, cowardly and dishonorable thing to encourage people to do... I guess the OP will start spouting garbage about armed takeover of government next. Fail.
Originally posted by epsilon69
Originally posted by Phage
reply to post by Chinesis
Ok. I'm looking at my Note. Not for the first time, but to provide an accurate quote:
I understand that the Lender may transfer this Note. The Lender or anyone who takes this Note by transfer and who is entitled to receive payments under this note is called the "Note Holder".
If the Note is transferred, my name as "Borrower" remains on the note and my payments now go the the new "Note Holder". Seems pretty clear. I don't think I'd be willing to pay an attorney to fight it. I would lose.
And yup, there's my signature agreeing to those terms.edit on 10/12/2010 by Phage because: (no reason given)
Hello Phage, if Citi bank holds my mortgage originally but sells it to Goldman Sachs who bundles it up with 50,000 other mortgages and sells it to some Japanese company who goes bankrupt and the company it owes the money to doesn't want the derivative because it is full of garbage mortgages and some good ones (yours) then my question Phage is who do i make my mortgage payments to?
Its sickening. Its just like that too just exactly what Dick Durbin blurted out.
Wall Street Owns Congress
From the Bank of England forward all the governments of Europe had central banks for a very good reason. The kings and princes of Europe had learned from hard experience that they could raise the taxes of their subjects only so high and then they had a revolt on their hands and they tended to lose their jobs (and heads). It appears that that natural level was about 40-43%; people will tolerate taxes up to about 40-43% and then they start digging in their heels and they just won't allow it to go any further. But with the central bank mechanism in place the lid was off. Now these governments could tax their people 50%, 60%, 70% and in some cases 80% of everything they produced and they did not have a revolt on their hands. They did not have resentment because the people didn't know that they were paying a tax. They knew that prices were going up, but they didn't understand why, they didn't know who was getting their lost purchasing power.
People who purchased homes they can't afford have and created this foreclosure problem are going to try and get their homes for free?
Senior investors, who are typically financial institutions, own the AAA tranches that are insured against default by AIG, and they WANT to foreclose on the Middle Class so that insurance payments kick in. Conversely, the junior tranche investors want workouts with homeowners because their investment is not insured.
“To ensure that the mortgage servicer pushes default instead of workout, the servicer is paid double (50 basis points versus 25 basis points) by the MBS to service a loan in default. Why do you think your servicer tells you that you must be in default before it will consider a mortgage modification, a practice known as invited default?
“Simply put,” says Parker, “the government bailout of AIG has actually encouraged foreclosures because the taxpayers continue to fill AIG’s coffers with enough cash to pay out insurance on defaulted home loans.”
www.realtytrac.com...
Contract law is the law of both the world and to some extent consciousness at large. Simply stated, to get something you must give something, and the deal must be VERY clear to all parties involved with no effort to deceive included.
Most folks believe the bank lends you money and you sign and contract, a contract you can't understand and don't have time to fully read, that says you'll pay them back with interest. Fair enough, but that isn't how it works, that is a lie.
Defendant Jerome Daly opposed the bank's foreclosure on his $14,000 home mortgage loan on the ground that there was no consideration for the loan. "Consideration" ("the thing exchanged") is an essential element of a contract. Daly, an attorney representing himself, argued that the bank had put up no real money for his loan. The courtroom proceedings were recorded by Associate Justice Bill Drexler, whose chief role, he said, was to keep order in a highly charged courtroom where the attorneys were threatening a fist fight. Drexler hadn't given much credence to the theory of the defense, until Mr. Morgan, the bank's president, took the stand. To everyone's surprise, Morgan admitted that the bank routinely created money "out of thin air" for its loans, and that this was standard banking practice. "It sounds like fraud to me," intoned Presiding Justice Martin Mahoney amid nods from the jurors. In his court memorandum, Justice Mahoney stated:
Plaintiff admitted that it, in combination with the Federal Reserve Bank of Minneapolis, . . . did create the entire $14,000.00 in money and credit upon its own books by bookkeeping entry. That this was the consideration used to support the Note dated May 8, 1964 and the Mortgage of the same date. The money and credit first came into existence when they created it. Mr. Morgan admitted that no United States Law or Statute existed which gave him the right to do this. A lawful consideration must exist and be tendered to support the Note.
The court rejected the bank's claim for foreclosure, and the defendant kept his house. To Daly, the implications were enormous. If bankers were indeed extending credit without consideration – without backing their loans with money they actually had in their vaults and were entitled to lend – a decision declaring their loans void could topple the power base of the world. He wrote in a local news article:
This decision, which is legally sound, has the effect of declaring all private mortgages on real and personal property, and all U.S. and State bonds held by the Federal Reserve, National and State banks to be null and void. This amounts to an emancipation of this Nation from personal, national and state debt purportedly owed to this banking system. Every American owes it to himself . . . to study this decision very carefully . . . for upon it hangs the question of freedom or slavery.
Needless to say, however, the decision failed to change prevailing practice, although it was never overruled.
ustice Mahoney, who was not dependent on campaign financing or hamstrung by precedent, went so far as to threaten to prosecute and expose the bank. He died less than six months after the trial, in a mysterious accident that appeared to involve poisoning.4 Since that time, a number of defendants have attempted to avoid loan defaults using the defense Daly raised; but they have met with only limited success. As one judge said off the record:
If I let you do that – you and everyone else – it would bring the whole system down. . . . I cannot let you go behind the bar of the bank. . . . We are not going behind that curtain!
The best historical analogy to the current system of home ownership based on mortgage loans written at these rates of interest is the medieval feudal system where the peasant's right to occupy their land/home was conditioned on paying the lord who lives in the castle on the hill a large portion of the peasant's work product. Things have changed very little over the centuries. The only difference is in how the peasants of today are conditioned to accept the current system as being "the way things are" much like the air they breathe.
From the Bank of England forward all the governments of Europe had central banks for a very good reason. The kings and princes of Europe had learned from hard experience that they could raise the taxes of their subjects only so high and then they had a revolt on their hands and they tended to lose their jobs (and heads). It appears that that natural level was about 40-43%; people will tolerate taxes up to about 40-43% and then they start digging in their heels and they just won't allow it to go any further. But with the central bank mechanism in place the lid was off. Now these governments could tax their people 50%, 60%, 70% and in some cases 80% of everything they produced and they did not have a revolt on their hands. They did not have resentment because the people didn't know that they were paying a tax. They knew that prices were going up, but they didn't understand why, they didn't know who was getting their lost purchasing power.
It was a nifty arrangement for these governments. It was at that point in history that governments' wars began to heat up. They always had wars but they were relatively small things because wars are expensive and the people won't pay more than 40% for everything including wars. But now that they had a way to tax higher than that, they could engage in very expensive wars. It's at that point in history that Europe plunged headlong into continuous war and big, very, very expensive wars. The people paid for them uncomplainingly through the process of inflation.
www.bigeye.com...
With World War II, America saw its agricultural system intentionally subjected to political policies that radically transformed it. What was once a decentralized system that provided a means to self sufficiency and independence for tens of millions of farmers was purposefully centralized into a capital-intensive fossil-fuel dependent system that restructured local economies, permitting their wealth to be extracted by what are now transnational cartels dedicated to the so-called free market and globalized trade at all costs.
This transformation was the result of organized plans developed by a group of highly powerful “ though unelected “ financial and industrial executives who wanted to drastically change agricultural practices in the US to better serve their collective corporate financial agenda. This group, called the Committee for Economic Development, was officially established in 1942 as a sister organization to the Council on Foreign Relations. CED has influenced US domestic policies in much the same way that the CFR has influenced the nation’s foreign policies.
CED determined that the problem with American agriculture was that there were too many farmers. But the CED had a solution: millions of farmers would just have to be eliminated....
Over the next five years, the political and economic establishment ensured the reduction of "excess human resources engaged in agriculture" by two million, or by 1/3 of their previous number.
Their plan was so effective and so faithfully executed by its operatives in the US government that by 1974 the CED couldn’t help but congratulate itself in another agricultural report called "A New US Farm Policy for Changing World Food Needs" for the efficiency of the tactics they employed to drive farmers from their land.
The human cost of CED’s plans were exacting and enormous.
CED’s plans resulted in widespread social upheaval throughout rural America, ripping apart the fabric of its society destroying its local economies. They also resulted in a massive migration to larger cities. The loss of a farm also means the loss of identity, and many farmers’ lives ended in suicide [6], not unlike farmers in India today who have been tricked into debt and desperation and can see no other way out.
Originally posted by crimvelvet
reply to post by daddio
Your signature creates the authority for the FED to print the "money" FOR YOU, TPTB steal it and then tell you that you owe THEM with interest....... So how do the rich get richer and we get dumber........, by our own ignorance and stupidity. Stop feeding the machinations.
I had read somewhere recently that the Federal Reserve Act of 1913 had a renewal date of 99 years. Do you know anything about that?
(I am assuming you have read A Primer on Money by the House Committee on Banking and Currency and other goodies so you might have the link.)
Originally posted by Chinesis
Originally posted by queenofsheba
The answer is Yes- I know what I am getting into when I sign my name to something, especially something as important as the biggest loan of my life; a mortgage.
You (unfortunately) don't know how the system works.
Example of my claim:
-You don't (ever) own your home.
-You are allowed to live in it, and maintain it.
-YOU pay property taxes which means you don't truly own anything.
-You pay rent to have that house on that land.
-You don't even own your own car, honestly you don't.
Repeat after me: "I am free."
I'm a pretty responsible adult. I have four lien-free titles on all four of my vehicles (payed in full). Who owns them, then? Is someone gonna come and take them? When my house is payed for in 8 years who will own it then? Yes, there are property taxes that need to be paid and I don't have a problem paying them. When I go to sell you mean I don't keep the money? Yes, there are taxes to pay. That's life. If you're saying no one is truly free because we all have to pay taxes for the society we live in and all that entails, I get that. Don't assume to know I don't know how the system works.