Sick Of Paying Your Mortgage? You May Not Have To Pay!

I am not giving advice here, but it looks from the news today that all 50 States are investigating the fraud.
So anyone who is in need should now be able to turn to the State AG Office for information, to report your lender etc.

And if they are found to be fruaudulent, this is some very interesting news!

The gist: industry folks are getting really nervous that all this robo-signing and document fraud could infect the entire housing finance ecosystem.

She cites Georgetown Law Prof Adam Levitin who recently went on a Citigroup call to discuss the issue with investors.

Here's what he tells Olick about a possible nightmare scenario as it pertains to regular mortgage situations -- not just foreclosures:

The mortgage is still owed, but there's going to be a problem figuring out who actually holds the mortgage, and they would be the ones bringing the foreclosure. You have a trust that has been getting payments from borrowers for years that it has no right to receive. So you might see borrowers suing the trusts saying give me my money back, you're stealing my money. You're going to then have trusts that don't have any assets that have been issuing securities that say they're backed by a whole bunch of assets, and you're going to have investors suing the trustees for failing to inspect the collateral files, which the trustees say they're going to do, and you're going to have trustees suing the securitization sponsors for violating their representations and warrantees about what they were transferring.

If this were to come to pass -- and plaintiffs lawyers will certainly be eager to show that their clients were paying the wrong mortgage holders -- the value of all instruments (including the performing ones) could plummet.

______beforeitsnews/story/213/834/Wall_Street_Begins_To_Fear_Nightmare_Foreclosure-Gate_Scenario_Where_All_Of_Housing_Finance_Is_Wrecked.htm l

www.businessinsider.com...

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.)

Personally,

I think it would be grand if everyone stopped paying their mortgage. Will the banks foreclose every property? If so, how long do you think that will last?

It will crash the system and give us grounds to build something new and better.

We have more than enough homes to house everyone in this country. We have materials to build a better future. What stops us? MONEY.

Money, the illusion that you have more wealth in this society than your fellow man, based on your contribution and weighed by a manipulatable system of supply and demand.

For the record, I believe in only one law. Love each other.

My home is in foreclosure. While I was living in it, I put a homeless man up with his kid till he got back on his feet. I am now going on my second tenant renting it out for free to those who need a place till they get stabilized.

Screw the banks. They pushed a button to create symbols which represent wealth. The real wealth was the builders, the lumberjacks, and the manufacturers who put in actual labor to produce the home. They would still be working if the banks hadn't manipulated the housing prices.

FYI I was a Real Estate Broker in the State if NC in 2006. I got out when I saw how corrupt the system is.

With Love,

Your Brother

reply to post by OutKast Searcher

If in your example...you loan me 10k, and I agree to pay you back, and I agree that you can sell that loan to someone else and I will pay them back, and that you have to notify me if you sell it....and you sell it and notify me, then they sell it and notify me, then so on and so on...then I should already be paying Bob. And in your example...it's not that the banks don't have the notes...it is just that it takes a while to locate it. Big deal.

Take responsibility for your actions.

If you EARNED that money as payment for your labor building a house and then lent me that cash representing YOUR labor, then of course I have a moral obligation to pay you the money.

HERE IS THE REAL QUESTION
If you went down to the basement copied a bunch of hundred dollar bills and handed them to me, do I still have the moral obligation to pay you the money in cash that represents my labor for making shoes?

Because THAT is exactly what a bank does, only they do not even bother with the labor involved in counterfeiting the bills.

Money is Created by Banks: Evidence Given by Graham Towers
freedomprime.blogspot.com...

Some of the most frank evidence on banking practices was given by Graham F. Towers, Governor of the Central Bank of Canada (from 1934 to 1955), before the Canadian Government's Committee on Banking and Commerce, in 1939.

Q. But there is no question about it that banks create the medium of exchange?
Mr. Towers: That is right. That is what they are for... That is the Banking business, just in the same way that a steel plant makes steel. (p. 287) The manufacturing process consists of making a pen-and-ink or typewriter entry on a card in a book. That is all. (pp. 76 and 238) Each and every time a bank makes a loan (or purchases securities), new bank credit is created — new deposits — brand new money. (pp. 113 and 238) Broadly speaking, all new money comes out of a Bank in the form of loans. As loans are debts, then under the present system all money is debt. (p. 459)

Q. When $1,000,000 worth of bonds is presented (by the government) to the bank, a million dollars of new money or the equivalent is created?
Mr. Towers: Yes.

Q. Is it a fact that a million dollars of new money is created?
Mr. Towers: Yes. (p. 286)


Q. Will you tell me why a government with power to create money, should give that power away to a private monopoly, and then borrow that which parliament can create itself, back at interest, to the point of national bankruptcy?
Mr. Towers: If parliament wants to change the form of operating the banking system, then certainly that is within the power of parliament. (p. 394)

If that does not jar you how about this?

With two-thirds of everyone's personal income taxes wasted or not collected, 100 percent of what is collected is absorbed solely by interest on the Federal debt and by Federal Government contributions to transfer payments. In other words, all individual income tax revenues are gone before one nickel is spent on the services which taxpayers expect from their Government www.uhuh.com...

NOTE: Transfer payments are the cost of transferring money between banks. The US tax payer got stuck with that tab too, not the banks. Still think the USA does not have a “privileged” class??

Still do not believe the Banksters, politicians and Corporate CEOs are robbing the people blind?

In 1976 A typical American CEO earned 36 times as much as the average worker. By 2008 the average CEO pay increased to 369 times that of the average worker. timelines.ws...

This is more complicated.
The typical American CEO is not about to take a pay cut, so he is actually paid MORE in “buying power” compared to 1976 while the rest of us are now paid a third of what we were paid in 1976. The price of gold indicates the steady devaluation of the US dollar as it's purchasing power is diluted by the ever increasing supply of fiat money.

In 1976 gold was $124.74/oz the money supply was $113 billion and the Min. Wage was -$2.30
in 2009 gold was $1,020/oz the money supply was $1663 billion and the Min. Wage was -$5.85

Because money is not capital, that is WEALTH, Mises concluded that an increase of the money supply confers no identifiable social value.

When new money is created it does not appear magically in equal percentages in all people's bank accounts or under their mattresses. Therefore money spreads unevenly, and this process has varying effects on individuals, depending on whether they receive early or late access to the new money

It is these losses of the groups that are the last to be reached by the variation in the value of money which ultimately constitute the source of the profits made by the bankers and the groups most closely connected with them. Mises on Money

Did you get that? This is the key point. When money is devalued the first pigs to the trough steal the wealth of the late comers. Newly printed fiat money does not create new wealth it just transfers it from the poor, who are always the last to the trough, to the rich.

I somewhat regret getting involved in this thread as I could care less if a few people end up living rent/mortgage free in a home they are going to have trouble selling due to title issues.

I think that the issue most relevant is the document fraud and fraud against the buyers of MBS. I believe that reason that they are unable to produce the original paperwork, is that it was destroyed, shipped offshore,or whatever, to keep the massive fraud from securitization from blowing up in their face. Fraud at any point in the chain should result in the note being put back to the entity that created the fraud. Many of the originators are already bankrupt so the next person in the chain would be either the warehouse lender or whoever securitized it. The main securitizers and warehouse lenders are the tbtf banks. The MBS holders are the one who should have the rights to both receive the payments and initiate the foreclosure process. What is being found out is that the assignments to the trusts were not done properly. Due to some arcane tax regulations, all MBS trusts must have the assignmemts in a certain timeframe. MBS holders should therefore put these back to whoever sold faulty instruments to them, and sue them for fraud. If you think that the only people holding these MBS are just other financial entities you are dead wrong. The main buyers over the past decade have been pension funds. Other holders you might be interested in are money market funds, stable value mutual funds, and of course fannie and freddie. Fan/fred probably hold several trillion in these MBS BY THEMSELVES. Do you think that the banks that only exist today through the extortion of the taxpayer through tarp, accommodative interest rates from the fed, and other backdoor bailouts ( like AIG) could absorb several trillion in put backs without another bailout?

I do understand the anger that people may feel when they see the possibility of someone getting out of a mortgage and staying in the house. BUT THAT IS AT BEST A SIDESHOW, I AM GOING TO RESERVE MY ANGER FOR THE INSTITUTIONS THAT EITHER THROUGH CRIMINAL NEGLIGENCE,OR DOWNRIGHT MALFEASANT FRAUD, BROUGHT ABOUT A CHAIN OF EVENTS WHERE SOMEONE GETTING A "FREE HOUSE" COULD EVEN HAPPEN.

reply to post by jefwane


you rock.

I just wanted to let you know.

Originally posted by OutKast Searcher
I don't know why anyone would...but just in case...PLEASE people...DON'T listen to the OP.

Because once they find the original note...you will be defaulted...and trust me...they WILL find the note. They may not have it on hand to show you right away...but please please please don't think that means you don't have to pay your mortgage.


OP...you are dangerous...because you spread misinformation.

I can understand completely what the OP is saying! I also can understand where Outkast is saying. I can tell you from experience that they have not a clue were my note is! They have been looking for it for 7 months. Going court next week over it. I will keep you posted on the outcome. I was just looking for a modification with B of A and they told us that we had to be at least 2 months behind in out Mortgage payments to Qualify for th eprogram, so we abided by that and are only 2 months behind but struggling. If there was poster child for a modification our family would be it! Not going to go into all the medical issues, layoffs and deaths that have occured in the past year, but you can get the picture. They have jacked us around for over a year now and are foreclosing on us because we are 2 months behind, which they told us we had to be to qualify! Lost paper work( sent 7 times. Approved for the modification signed the papers. Only to be served on the next day with a forclosure notice. Then the next week receive a welcome package from them requesting us to send in more paper work so that they can start the process! THE CONTACT NUMBER TO CALL ON OFFICIAL B OF A LETTER HEAD WAS A PHONE SEX CHAT LINE! Look i'm not looking for a free mortgage just a fair loan. We payed 305k for house that is now worth 235k! See were im going with this? This is happening to people over and over! let here your replies guys. Should be interesting!

Sick of paying for food, clothing, or other items? You may not have to!

It’s simple!

First, figure out a way to steal what you want, and then just steel it!

If they can’t prove you stole it, then you didn’t steel it! Let's face it you were owed that thing you wanted, no matter how large or small the item is!

A big greedy evil corporation like WallMart doesn't need their stuff or their greedy profits. How dare they make up to 60% profit on each item they bought from a factory when the poor little guy in this country that has to pay all that profit!

Just steel the stuff! Don’t feel guilty because they already make too much money off you anyway! It doesn’t matter that you walked into the store willingly for the item originally. It’s right there in front of you, so just take it! You deserve the very best and there is NO reason you should pay for it or anything else for that matter!

Start small with a candy bar, then work your way up to clothing, or maybe even a big screen tv. When you are ready, I’ll show you how you can get a WHOLE HOUSE for free! 100 thousand, 200 thousand, even a million dollar house can all be yours for free, by just steeling it!

It’s the newest craze! Why go through the middle man of having the government steeling money from the working middle class people via over-taxation, and going through the bureaucratic red-tape of qualifying to have them redistribute that stolen money to you via mortgage recalculations and time-consuming things like that.

And besides, you still have to pay something that way. This is so much better! Just get your house for free the American way, by steeling it!

Sarcasm rules! You people are pathetic! It's getting close to the point where there is no ethics or morality left in the world. Would your grandmother be proud of you?

Originally posted by mnemeth1
If they don't have the note, it is highly unlikely they will be able to produce it at some future date.

I'm sure there is a warehouse somewhere with all of these missing notes. It will be found.

When I read the OP I knew it reminded me of soemthing I had saw recently. I have just found this again, don't know if it has been mentioned yet; apologies if it has.

BofA halts foreclosures in all 50 states

Source (One of Many)

Bank of America Corp., the nation’s largest bank, is stopping sales of foreclosed homes in all 50 states as it reviews potential flaws in foreclosure documents. The company had previously said it would only stop such sales in the 23 states where foreclosures must be approved by a judge. The move comes amid evidence that mortgage company employees or their lawyers signed documents in foreclosure cases without verifying the information in them. “We will stop foreclosure sales until our assessment has been satisfactorily completed,” company spokesman Dan Frahm said in a statement. “Our ongoing assessment shows the basis for our past foreclosure decisions is accurate.”

reply to post by mnemeth1


Thanks for posting this helpful site. I filled it out today and sent an email to my loan agent. We'll see what happens. I'll keep you guys updated.

Sure, in all honesty and principle I owe the money. It might seem like me trying to loop-hole scam the banks, but at this point I think many ATS members know the corruption and power grabs by the mega conglomerate banks. I'm doing this as a hope for retribution to the whole banking and central banking plans for world domination through bankrupting people and the governments.

reply to post by babybunnies

Actually, you got it backwards.
The BORROWER borrowed money "on their honor" that they will pay the money back, and the bank lent it to them on their word and the collaterol of their house. The bank was honorable in making the loan.
The BORROWER is in dishonor by not repaying the mortgage, lent to them in good faith by the bank. The Bank is holding up "their honor" by foreclosing on the home, which is what they told the borrower would happen if the loan wasn't repaid, as until the loan is repaid, the bank owns the home as collaterol.

Simple financing economics 101.

WRONG WRONG WRONG

Look at my above comment. The banks have been stealing from the poor and middle class for the pass hundred years or more. The Banks lend you "Fairy dust" not real money and you pay it back in sweat.

Once people figure out that the whole banking industry is nothing but the biggest scam in history, then maybe we can straighten out the mess they have made.

Educate yourself! Do not be a slave to the banks.

reply to post by crimvelvet


star for you education is the key

i think the reason the jfk was killed was the red back
a currency of the people and for the people instead of banks
it was signed into law but never printed
i wounder if the banksters had him killed
as the coinage of money is the one right that gives control over all things politics included

i care not who makes the laws as long as i can control the money supply all else is controlled

xploder
ps the money as debt (fiat currency)
makes slaves of us all
slaves to interest and to inflation
remember these banks dont lend money
they lend a promise to pay from our own credit and they charge us interest on our own money

Possession is 9/10 of the law.

You either have to physically possess the dwelling,or the note that represents it.

In most cases,the bank possesses neither.

But the guys running you out of your house have guns.

Originally posted by JonInMichigan
Sarcasm rules! You people are pathetic! It's getting close to the point where there is no ethics or morality left in the world. Would your grandmother be proud of you?

Don't worry my friend. The Economic collapse is coming for you too, unless you are in the military or work for the government.

In time you will be able to tell who was the thief and who was the victim of thievery.

Your perspective changes as your view widens.

With Love,

Your Brother

The news is exploding now to in the Netherlands, We have also banks with large American interests, not to mention the pension funds, nobody knows how much of these derivatives are in there portfolio..

This is gonna be big,

I think the only way this can be "saved" is to pass a special law.
Somehow i just hope the whole banking and housing systems collapse.

reply to post by chiponbothshoulders
Don't allow yourself to be anyone's surety.

I find it hard to believe anyone could bring up ethics or morality when it comes to the banking system.

Power Corrupts,Absolute power corrupts absolutely.

Don't think too hard,just dust yourself off and hurry away.........

reply to post by mnemeth1


Well...Here's the fallout 'good news'...

with all this foreclosure fraud, & the Robo-mortgage papers @ 99% fraud....it become clear that the mega-financial players... JPMorgan, BofA, GS, most all the other parts of the sleazy dozen Market Makers

are going to have to roll back the anticipated $144,000,000,000. in bonuses they formerly had planned on distributing to the jerks that concocted MERS and the subsequent toxic paper thats' worth diddle now.

This foreclosure fraud...cannot reasonably be upheld by the courts--- or else open rebellion and anarchy will ensue... the govt has to ease into prosecuting many elites if they are going to make any degree of judgement making the homebuyers entangled in forking over more money to the corrupt bankers or else losing their dwellings to govt sanctioned crooks & fraudsters known as Wall Street Elites


might the supreme court judgement to free deed some 80% of all mortaged homes be the 'tipping point
that the webot and TWZ forecast for the Nov 8-12th timeframe?

++++++++++++++++++++++++++++++++++++++

NOTE...i added this populist thought...after the post already had two stars: sorry
if the star givers are now wanting to retract their endowments to the post

Yay if we the people get just returns from the sleazy WallStreet bankers that took the economy for a $12.5 trillion (& counting) ride already...let then sell their yachts & summer or Spring or winter retreats to wealthier elites & come eat $1 meals at big-Macs like the rest of us peons

reply to post by St Udio


I must say amen to St. Udio. If providence is with us this could possibly be the lever to claw back so much that was stolen from everyone not an investment banker over the past decade.

It looks like the trillions from tarp and other bailouts barely bought two years of time before the cashflow into the mbs failed. Hopefully now we will see some prosecutions and real jail sentences. I'm being an optimist here today.