I am suing Citimortgage.....follow along as I hang these bastards.

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posted on Dec, 3 2010 @ 12:45 AM
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Originally posted by lostviking
reply to post by CookieMonster09
 

Dear CookieMonster,

I too am against the 'entitlement mentality' that is rampant in this country. However, when banks break laws they should be punished accordingly. When people, like me, suffer a setback, and attempt to make it right.....the big banks are so incompetent, and so corrupt there is no justice. The TARP money that came from tax payers, never helped anyone it was set out to help.

TARP and the new QE2 are bailouts for companies that have dug themselves into the abyss. What is the first thing these big corporations do with the government assistance (0.04% interest loans)? Go out and buy more banks so that they can become larger, more bureaucratic and too big to fail. It is time to let capitalism prevail, and to allow mismanaged banks to become insolvent. While were at it, let's end the Fed. We can unwind this mess that has taken 80 years to become this unmanageable.


That is all part of the scam. Is NO ONE paying attention here?www.save-a-patriot.org...

David Rockefeller is CEO of MOST of the corporations that GOT bailout money.....WHY DO THEY NEED TO BE BAILED OUT? And there IS no money!!!!!



The Promissory Note To Pay Our Debts
HJR-192 of June 5, 1933 is the promissory note (the promise of Abraham) the
government issued to balance the exchange to credit the people. The Promissory note is on
the debit side of the United States Governments ledger, which was a debited from their
credit, created by the Executive Order of April 5, 1933 when they took the gold out of
circulation. Public Policy is rooted in HJR-192 and is Grace that creates our exemption.
This is your temporal saving grace. Under grace, the law falls away to create a more perfect
contract. Public Policy removed the people's liability to make all payments by making a
contract null if it required the payment to be in substance, because the people didn't have
any money to pay with. All that must be done now is to discharge the liability. Pay and
discharge are similar words but the principles are as different as Old and New Testaments.
The word "pay" is equated with gold and silver, or something of substance like a first-born
lamb, which requires tangible work to be invested in it to remove the liability because an
execution must occur. The word "Discharge" is equated with paper, or even more basic,
simple credits and debits, that exist on paper only, like the slate held by the agents/angels
of heaven that get swiped clean. You cannot pay a bill with a bill and you cannot pay a debt
with a debt. What HJR-192 did was, remove the liability of an obligor (someone obligated to
pay a debt) by making it against Public Policy to pay debts. All that needs to be done now is
discharge the debit with an appropriate credit "dollar for dollar." Debt must be discharged
dollar for dollar in the same sense, as sin was discharged on the Cross. The moment a debt
exists, it must be written off. The catch is, we can't write off the debt because we are not in
possession of the account in deficit; our fiduciary agent is in possession of the account so
we must provide him with the tax return (by the return of the original offer) so the fiduciary
can discharge the liability through their internal revenue service (the bookkeeper). Most feel
that when the money was taken out of society, the people became the slaves, this is not
true, the people were freed from every obligation that society could create thus freeing the
people from any obligation which they may incur simply because we cannot pay a debt. Ask
yourself the question, What are you charging me with? And how do you expect Me to pay?
Simply said, there is no money, plain and simple for me to make the payment with and on
top of that, if I were to pay, who is paying Me to pay that guy and who's paying that guy and
so on... Public Policy is the supercedious bond because it limits our liability to pay. It is the
more perfect contract because it operates on grace to pay our debts after we have done all
that we can. We go as far as we can to fulfill the obligation (acceptance and tax return) and
after we have done all we can, mercy and grace kick in being our exemption to make the
payment. Grace creates our exemption in the industrial society so long as we accept the
charge.

When will people wake up?



"FEDERAL CHILDREN"
ARE WE 0WNED BY THE GOVERNMENT?
In 1921, the federal Sheppart-Towner Maternity Act created the birth "registration" or what we now know
as the "Birth Certificate". It was known as the "Maternity Act" and was sold to the American people as a
law that would reduce maternal and infant mortality, protect the health of mothers and infants, and for
"other purposes". One of those other purposes provided for state agencies in overseeing of it's operations
and expenditures. What it really did was create a federal "birth registry' which exists today, creating
"FEDERAL CHILDREN" .

This government of "Parents Patriae”, now legislates for American children
as if they are owned by the federal government. Through the public school enrollment process and
continuing license requirements for most aspects of daily life, these children grow up to be adults
indoctrinated into those things necessary to carry our activities that exist in what is call a "free country”.
Before 1921, the records of births and names of children were entered into the family bibles, as were the
records of marriages and deaths. These records were readily accepted by both the family and the law as
"official records”. Since 1921, the American people have been registering the births and names of their
children with the government of the state in which they are born, even though there is no federal law
requiring it. The state tells you that registering your child's birth through the birth certificate serves proof
that he/she was born in the united States, thereby making him/her a United States Citizen. For the past
several years a social security number has been mandated by the federal government to be issued at birth.
The social security number is one of those "other purposes". It serves as a means of lifelong tracking of
the one whose name is on the birth certificate.


loveforlife.com.au...

READ IT!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! Take the damn time to READ IT!! Come on people, let's put a stop to this insanity for good!!

I have done this as have millions of others, the Elite are very afraid of everyone doing this. DO IT!! It's very simple if you use an open mind and can comprehend or phathom what has taken place. Please take the time and read the book and share it with everyone.
edit on 3-12-2010 by daddio because: spelling




posted on Dec, 3 2010 @ 01:09 AM
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Originally posted by daddio

Originally posted by lostviking
reply to post by CookieMonster09
 

Dear CookieMonster,

I too am against the 'entitlement mentality' that is rampant in this country. However, when banks break laws they should be punished accordingly. When people, like me, suffer a setback, and attempt to make it right.....the big banks are so incompetent, and so corrupt there is no justice. The TARP money that came from tax payers, never helped anyone it was set out to help.

TARP and the new QE2 are bailouts for companies that have dug themselves into the abyss. What is the first thing these big corporations do with the government assistance (0.04% interest loans)? Go out and buy more banks so that they can become larger, more bureaucratic and too big to fail. It is time to let capitalism prevail, and to allow mismanaged banks to become insolvent. While were at it, let's end the Fed. We can unwind this mess that has taken 80 years to become this unmanageable.


That is all part of the scam. Is NO ONE paying attention here?www.save-a-patriot.org...

David Rockefeller is CEO of MOST of the corporations that GOT bailout money.....WHY DO THEY NEED TO BE BAILED OUT? And there IS no money!!!!!



The Promissory Note To Pay Our Debts
HJR-192 of June 5, 1933 is the promissory note (the promise of Abraham) the
government issued to balance the exchange to credit the people. The Promissory note is on
the debit side of the United States Governments ledger, which was a debited from their
credit, created by the Executive Order of April 5, 1933 when they took the gold out of
circulation. Public Policy is rooted in HJR-192 and is Grace that creates our exemption.
This is your temporal saving grace. Under grace, the law falls away to create a more perfect
contract. Public Policy removed the people's liability to make all payments by making a
contract null if it required the payment to be in substance, because the people didn't have
any money to pay with. All that must be done now is to discharge the liability. Pay and
discharge are similar words but the principles are as different as Old and New Testaments.
The word "pay" is equated with gold and silver, or something of substance like a first-born
lamb, which requires tangible work to be invested in it to remove the liability because an
execution must occur. The word "Discharge" is equated with paper, or even more basic,
simple credits and debits, that exist on paper only, like the slate held by the agents/angels
of heaven that get swiped clean. You cannot pay a bill with a bill and you cannot pay a debt
with a debt. What HJR-192 did was, remove the liability of an obligor (someone obligated to
pay a debt) by making it against Public Policy to pay debts. All that needs to be done now is
discharge the debit with an appropriate credit "dollar for dollar." Debt must be discharged
dollar for dollar in the same sense, as sin was discharged on the Cross. The moment a debt
exists, it must be written off. The catch is, we can't write off the debt because we are not in
possession of the account in deficit; our fiduciary agent is in possession of the account so
we must provide him with the tax return (by the return of the original offer) so the fiduciary
can discharge the liability through their internal revenue service (the bookkeeper). Most feel
that when the money was taken out of society, the people became the slaves, this is not
true, the people were freed from every obligation that society could create thus freeing the
people from any obligation which they may incur simply because we cannot pay a debt. Ask
yourself the question, What are you charging me with? And how do you expect Me to pay?
Simply said, there is no money, plain and simple for me to make the payment with and on
top of that, if I were to pay, who is paying Me to pay that guy and who's paying that guy and
so on... Public Policy is the supercedious bond because it limits our liability to pay. It is the
more perfect contract because it operates on grace to pay our debts after we have done all
that we can. We go as far as we can to fulfill the obligation (acceptance and tax return) and
after we have done all we can, mercy and grace kick in being our exemption to make the
payment. Grace creates our exemption in the industrial society so long as we accept the
charge.

When will people wake up?



"FEDERAL CHILDREN"
ARE WE 0WNED BY THE GOVERNMENT?
In 1921, the federal Sheppart-Towner Maternity Act created the birth "registration" or what we now know
as the "Birth Certificate". It was known as the "Maternity Act" and was sold to the American people as a
law that would reduce maternal and infant mortality, protect the health of mothers and infants, and for
"other purposes". One of those other purposes provided for state agencies in overseeing of it's operations
and expenditures. What it really did was create a federal "birth registry' which exists today, creating
"FEDERAL CHILDREN" .

This government of "Parents Patriae”, now legislates for American children
as if they are owned by the federal government. Through the public school enrollment process and
continuing license requirements for most aspects of daily life, these children grow up to be adults
indoctrinated into those things necessary to carry our activities that exist in what is call a "free country”.
Before 1921, the records of births and names of children were entered into the family bibles, as were the
records of marriages and deaths. These records were readily accepted by both the family and the law as
"official records”. Since 1921, the American people have been registering the births and names of their
children with the government of the state in which they are born, even though there is no federal law
requiring it. The state tells you that registering your child's birth through the birth certificate serves proof
that he/she was born in the united States, thereby making him/her a United States Citizen. For the past
several years a social security number has been mandated by the federal government to be issued at birth.
The social security number is one of those "other purposes". It serves as a means of lifelong tracking of
the one whose name is on the birth certificate.


loveforlife.com.au...

READ IT!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! Take the damn time to READ IT!! Come on people, let's put a stop to this insanity for good!!

I have done this as have millions of others, the Elite are very afraid of everyone doing this. DO IT!! It's very simple if you use an open mind and can comprehend or phathom what has taken place. Please take the time and read the book and share it with everyone.
edit on 3-12-2010 by daddio because: spelling


Pretty much this. This has come around ATS all the time, and everyone just puts the shutters on. I guess they are still not ready. Its all credit/debt and discharging. Theres no real money, the only debts are old world debts say for example before 1933 when the USA and Canada went bankrupt.

You will moan about how theres no proof for this, well its all right there you just dont understand it. This is how governments and other corporate agencies walk all over you and do anything they want because you gave consent. Become the creditor and reclaim your sovereignty.

How in the world do you think they took 'your' kids away if you are their rightful parent?, or seized 'your' house? or 'your' bank account? You associated everything you hold in your possession under JOHN DOE.

Governments just dont have god powers people, how do you think they gained this power? From your own free will, remember, we created them, they serve us, they stand under us.

PS: a sovereign citizen doesnt exist, you are either a sovereign, or you are a citizen.



posted on Dec, 3 2010 @ 01:21 AM
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reply to post by lostviking
 


go kick some ass. s&F



posted on Dec, 3 2010 @ 10:22 AM
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reply to post by lawlb0t
 


Well put, an armed Citizen is a Sovereign, an unarmed citizen is a subject. The capital "C" is imperative in legal proceedings. This is the noun and adverb stuff, the magic language. If you are a noun, then YOU have the authority, if you are not, then you are a subject and fall under corporate policy. Nice to see others get it.



posted on Dec, 3 2010 @ 11:45 AM
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Originally posted by Volcanogrills
I, for one, am tired of the FIAT money system. I believe, although it would cause a depression for a while, that we ought to go back onto the gold standard. I also believe that the mortgage "Crisis" and everyother "crisis" is based on greed.. Money that seems to always come from the "middle class"



The problem is not that we have a fiat monetary system, but WHO owns/controls it; in other words who issues a nations currency. If a representative government had the actual issuing authority(rather than just providing printing service to the private FED via the US Treasury) then the government would barely have to tax anyone, including corporations. The prime rate collected from first hand debtors(such as commercial banks) would offset all or most government expenditures so taxation would be very low and no government would be in debt trillions of dollars.



posted on Dec, 3 2010 @ 12:18 PM
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Originally posted by nightbringr
The second is that fact that you solicited as you say many lawyers because they turned you down. Laywers are notoriously greedy and tend to take anything they believe they can win. Perhaps there is a reason they turned you away.

Be honest, were ALL you payments made on time?


It used to be that you needed to miss AT LEAST three successive payments before the bank EVEN CONSIDERED to foreclose on you, whether you borrowed for a car, house, boat, etc! Now someone misses one payment and they get shafted?

What happened to re-negotiating loan terms? If someone can't make the previously agreed payments why should they have their house foreclosed&auctioned away rather then simply adjusting the payment plan and carrying on?

The banking complex gave us loose lending habits and government encouraged them to do so under "everyone is entitled a home" BS even if you make half what you should with no collateral. Then mortgage companies sold these questionable promisorry notes to wall street and they bundled them up into CDS, insured by AIG as AAA investments.

How could moodys possibly classify these CDS as AAA is one of the burning questions because it ultimately MISLEAD investors(sorry I should of said las vegas gamblers) into thinking they could make easy money with barely any risk.

The more I look at this fiasco the more I realise it was a planned catastrophe, along with 9-11, to help advance nafta into the NAU(north america union) and eventually give us the AMERO currency which will strip canada, usa and mexico of their "national" currencies.



posted on Dec, 3 2010 @ 01:16 PM
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Originally posted by CookieMonster09
reply to post by lostviking
 


Sorry to hear about your misfortune, Lost Viking. However, for every honest person that falls behind on their mortgage for a legitimate reason -- such as a medical condition, or a temporary job loss, etc. - there are hundreds of crooked borrowers, builders, and mortgage brokers that were deliberately manipulating the banking system for fraudulent purposes.

Mortgage fraud was rampant - The mortgage broker and borrower both sought to defraud banks by inflating the borrower's income on the loan application, doctoring credit reports, etc.


Oh please, the person/institution/corporation lending money is ALWAYS RESPONSIBLE for losses incurred.

You take risk, some times you win and some times you lose. Banks took LOTS OF UNNECESSARY RISK due to greed and they lost. They deserve no bail-outs or sympathy...nothing...NADA!!!


Originally posted by CookieMonster09
And now everyone that does pay their mortgage on time pays the price in the form of decreased home values and a stale real estate market that won't correct itself in many, many years. Not to mention that these are the same borrowers that lied on their loan application. You'll get little sympathy from me - Sorry.


House values have always fluctated according to supply and demand. This time, however, banks and wall street have caused an over-abundance of real estate and since the economy in general is borderline depressive there is no way in hell the demand will ever catch up.

That means very low prices for house-flippers to capitalise on and many non-liquid banks either going under or being bought by bigger banks, which means less future competition! The strong&smart not only survive each financial armaggedon, but they thrive in such conditions.



Originally posted by CookieMonster09
Those that do pay their mortgage payment through these very tough economic times, and have suffered job losses and ill health and wage cuts, have strong character and honor their commitments. If they were ever to be unable to afford the house, they would do the honorable thing and turn in the keys and try to make honest amends with the bank to bring resolution to the matter. They wouldn't hide behind Mickey Mouse games, dishonest lawyers, and funny games. They wouldn't trash the bank's collateral - the house itself - like so many people do when they lose their homes.


WHAT AN ABOMINATION OF LIES!!! Fact of the matter is you CAN"T win ANY lawsuit against ANY bank because 99%(except declaring sovereignty, which in itself is nothing short of a bad joke) of the laws favor the banks and wall street firms. Its a crooked capitalist system for a crooked capitalist nation...........



posted on Dec, 3 2010 @ 01:37 PM
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"Lehman was brought down primarily by selling liar's loans. It was the biggest seller of liar's loans in the world.

And when we look at these liar's loans, we find 90% fraud.

90 percent, and we find that most of the frauds are not induced by the borrower, but they're overwhelmingly done by the loan brokers"

Cookiemonster you a misinformed about the facts related to the mortgage mess. I suggest you read my thread in my signature...if you have the time. You may find it enlightening.



posted on Dec, 3 2010 @ 03:30 PM
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Well, as countless other people are, I'm rooting for you buddy.
Society, money, and government:



posted on Dec, 3 2010 @ 05:15 PM
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reply to post by lostviking
 


Unless the government applies jail time to board members, executives, managers for so many cases of misconduct, inappropriate record keeping etc, nothing will ever change. The only that is guaranteed is more tax payers money thrown at supporting board members lifestyles.



posted on Dec, 3 2010 @ 05:48 PM
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Maybe something you need to consider.

Where do Judges invest their $ so they will be "safe" and provide a god rate of return?

Answer = MOSTLY into BANKS! (And not just as savings with interest but into bank shares for dividents and an increased share price).

So anyone who thinks they are going to take on a bank in court is plum loco.

No Judge in his right mind is going to find against a bank (or other corporation into which they invest their money) and see his share price plummet or his interest rate cut or his dividend chech halve or dissapear altogether.

Get real!

Are some Lawyers / Solicitors corrupt crooks cheats and liars?

Undountedly YES is the answer.

And those corrupt crooks cheats and liars of Lawyers / Solicitors - go on to become corrupt crooked cheating lying Judges!

Combined with Corrupt lying cheating Politicians and bankers - and Accountants and police they form whats known as crime rings!

And whay is it called a "ring"...

Because a ring is a circle and every part of a circle is bent!

Therein lies todays lesson on banks, corporations, Judges, Politicians, bankers, Police, Lawyers, and accountants etc.

And we wonder why society is screwed!

Cheers!.



posted on Dec, 3 2010 @ 08:45 PM
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reply to post by thegoodearth
 


I have stated before that the entire mortgage meltdown was orchestrated deliberately so the government could confiscate as much private property/real estate as possible. I find it hard to believe that everybody, from the Senate Finance Committee on down to the lowlife applying for a loan he couldn't afford, had no idea that giving money to people with poor credit and/or low income would be high-risk.

Why do you think the government was so quick to bail them out? The whole thing was shoved down their throats by Barney Frank and Chris Dodd. They played the race card and used threats to force bankers to loan money to indigents. This was not an accident. I wouldn't be surprised if banks were getting kickbacks by way of "earmarks" for every foreclosure they initiate.



posted on Dec, 3 2010 @ 10:23 PM
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I admire your stand against this tyranny. I would recommend you seek out a copy of "The Secret Bankers Manual" by Tom Schauf, it may shed further light on your predicament.



posted on Dec, 4 2010 @ 12:51 AM
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Looking forward to the OP's comment's. None so far... Then again any and all court process(unless it's for travel tickets) take months to years to finish.



posted on Dec, 4 2010 @ 01:22 AM
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reply to post by Damacles
 
Thank you to all of ATS. You have no idea what your support means to me. I pray to prevail, so that I can post my case in it's entirety, and free my fellow man. If anyone broke the law, it was the banks. Greed so rampant, anyone with a social security card and a pulse could get a home mortgage.

For the record, I have paid off 12 homes over 25 years. On average, I pump about 100k every three years into a property (or did....I will never support these thieves again with my blood, sweat and tears). I have paid off a total of 1.9 million dollars in mortgages.

Yet, Citimortgage would rather take my home, throw me and my four children out on the street, take my 200k in equity; than uphold my repayment plan they approved, or even when they revoked it without reason, work with me. Let me tell you all something- I logged call after call, I was hung up on, verbally abused, lied to and blown off. I have to tell you that Mary Meyerhoff at Citi, in executive services was only one of two people I spoke to at Citi over two years that was intelligent and ethical. Every other person didn't want to be bothered. It was too easy to transfer my call around the loop. If you want Mary's number pm me....she was a woman of honor in this convoluted cluster-f of epic proportions.

Anyways, I am taking all of this to heart; and I hereby declare myself as a Sovereign. This event has changed my life. My priorities have shifted. Gone is the uppity, consumer-driven yuppie. Gone forever.

FYI. I have a friend who is trying to get a mortgage right now.......and despite a solid credit score, a great job, and years of stability, he is being harassed by the underwriter. Yesterday he had to have the registrar of his kid's school print out affidavits that his kids were enrolled in school.....just to get an FHA loan! He said he had to prove how many people were going to live in the house. He said the pendulum had swung so far the other way, that getting a loan is like the grand inquisition. He said it was the most invasive, degrading experience he has had. He said he thought they were even pulling a criminal background check on him. Wow.

I believe we should look at peer lending with the equity in the property being the security...along with other assets. That is truly the way to lend, based on the underlying asset of the loan. I would prefer that the credit bureaus be dismantled, and that people go back to the day of down payments. With 25 percent down, and knowledge of the asset, I would lend to people directly. If I win this case, I plan to do just that. People would then learn to live within their means, pay off their homes earlier, and have much more freedom in their lives. We have been conditioned to think we need so much more than we do. We need to revise our thinking. Once we do this, the lenders will be less likely to manipulate us, they will be less powerful, and make less money off the sweat of our backs. We have the power people. We can find alternatives, and we must.



posted on Dec, 4 2010 @ 01:37 AM
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reply to post by MITSwagger
 

Hi MITSwagger.....I can give you a little FYI on my case. Discovery is all about securitization, illegal transfers, division of the asset (the mortgage ALWAYS follows the note), pooling and Citi's flat out refusal to provide information requested via numerous qualified written requests.

If I was going to pay off the loan, I sure as hell wanted to know who had my loan, what the fees were, and how payments were applied to the loan. I think in the past, I trusted my mortgage servicer, and I never even contemplated the fact that my amortization schedule might not be right, or payments were misapplied due to escrow issues.......I think we all just made the payment.

The colossal issue now is that hardly any of us, who has had a loan since 2000, has a confirming loan. There are millions of homes now where banks have no legal standing to either collect the mortgage, or to foreclose. It wasn't anything that WE as consumers did or didn't do. There are laws on how a loan can be transferred and sold. These laws have been applicable since the early 1900's. These laws were ignored. Not only that, when you signed your mortgage the bank didn't provide that money to you. They simply created the money. Where was that disclosure?????



posted on Dec, 4 2010 @ 01:44 AM
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reply to post by General.Lee
 

General, just think of the MONEY was made from the entire industry. Homes, Construction, Lenders, Materials, Equipment, Landscaping.......back then we were building like Ants on Adderall! When that industry slowed after a 15 year building frenzy....war became the replacement industry. Maybe I'm crazy, but without the wars in the middle east, our economy would have came to a screeching halt. War is a recession-proof industry if there ever was one. Maybe when the economy starts picking up again, we will go back to minding our own business. Imperialism means big dollars, whereas, domestic policy just doesn't generate the cashflow.



posted on Dec, 4 2010 @ 01:46 AM
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reply to post by ianmoone1
 

Your probably right Ianmoone1...but the heavens smiled on me. I got the best judge I could have gotten. I have read his case-law, and he appears to be one of the more ethical men on the bench.



posted on Dec, 4 2010 @ 05:23 AM
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I really dont know much about banks and the economy, but i know enough to know they are fairly corrupt.
You will learn alot in this life lesson, so try to stay optimistic no matter how bad it looks.
You and your family will get there in the end



posted on Dec, 4 2010 @ 09:01 AM
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Oh please, the person/institution/corporation lending money is ALWAYS RESPONSIBLE for losses incurred.


Hardly. A bank can do all of their due diligence, and conduct a thorough credit investigation and analysis, and still be defrauded by a criminal borrower. It happens all the time.

Why do you think all these banks are failing? The main reason is mortgage fraud. Some of it was quite sophisticated. And we have numerous examples in the press. Mortgage fraud was rampant, and accounts for a very significant number of defaults.

Sure, there are instances where a legitimate borrower lost their job, or came down with a serious medical condition that put them in hardship. These are instances where the situation is, naturally, quite unfortunate. However, this, too, is not the bank's fault. How were they to know that you were going to have a heart attack, or lose your job?



House values have always fluctated according to supply and demand.


Nonsense. Housing values have appreciated year-over-year for decades until this most recent debacle. We haven't seen housing values decline by 50% or more since the Great Depression. I don't know what country you are living in, but here in the United States, this is quite common to see houses lose 50-60% in value from their peak market price just a few years ago.




WHAT AN ABOMINATION OF LIES!!! Fact of the matter is you CAN"T win ANY lawsuit against ANY bank because 99%(except declaring sovereignty, which in itself is nothing short of a bad joke) of the laws favor the banks and wall street firms. Its a crooked capitalist system for a crooked capitalist nation...........


Sorry, but it's the best system we have. Communism has utterly failed. Just ask the millions that died in the Gulag Archipelago.

The sad fact of the matter is that borrowers have engaged in criminal activities --- such as trashing the collateral, stealing light fixtures, and utterly destroying the inside of some of these houses. It's not uncommon for the bank to have to spend tens of thousands of dollars in repairs to fix the house. And, even then, it's extremely difficult to sell the house in this market. The bank takes a bath --- They paid $500,000 for a house that is now worth $200,000.




90 percent, and we find that most of the frauds are not induced by the borrower, but they're overwhelmingly done by the loan brokers" Cookiemonster you a misinformed about the facts related to the mortgage mess. I suggest you read my thread in my signature...if you have the time. You may find it enlightening.


Your very own words betray your misunderstanding of the difference between a mortgage BROKER and a bank. The two are not the same. A mortgage broker is most emphatically NOT the source of funds. The bank IS the source of funds.

Banks were defrauded by borrowers and mortgage brokers that submitted fraudulent credit applications. You can call that "predatory lending", but I assure you, most borrowers were all too happy to borrow more than they could afford out of sheer greed.

And the "predatory lending" practices were done primarily by mortgage BROKERS, not the banks themselves. These were the same brokers touting Interest Only loans, Zero Down Payments, and fast, easy credit approvals. These are the same brokers that inflated income and doctored credit reports submitted to the banks. You only had to turn on your radio or TV to see that it was mortgage brokers, not banks, that were advertising these bogus sub-prime mortgage loans.

It's funny, actually. Quite comical. The banks get defrauded, and the whole banking system practically collapses due primarily to mortgage fraud and sub-prime borrowers. The banks get stiffed. And then the very same people that committed the fraud against the banks, are the same ones clamoring that it's really the bank's fault that this whole mess occurred in the first place. How ironic is that?

You can't have loose lending and a stable banking system. Too many borrowers had a selfish, egotistical, entitlement philosophy that they "deserved a dream home" without having the character to responsibly own a home, let alone the financial standing and creditworthiness to keep and maintain the monthly payments.

And, yes, this will ultimately lead to a one world bank, and a single currency. The politicians preyed on your stupidity and greed. And the American borrowers bought the story -- hook, line and sinker.
edit on 4-12-2010 by CookieMonster09 because: (no reason given)





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