~ Galactic Human ~
SIGN UP FOR THE NEW SECURE CREDITOR WEBINAR DEADLINE IS DECEMBER 1st 2016 GO TO http://www.securecreditor.com or email us at email@example.com
~ Galactic Human ~
SIGN UP FOR THE NEW SECURE CREDITOR WEBINAR DEADLINE IS DECEMBER 1st 2016 GO TO http://www.securecreditor.com or email us at firstname.lastname@example.org
Wells Fargo Bank received the Federal Reserve Codes for Republic accessibility to funds tonight at 9:30pm EDT.
The world now awaits China to announce their gold holdings in Beijing sometime after 12:01am CST (midnight EDT).
This act will award the Chinese Yuan full access into the IMF’s basket of global reserve currencies known as SDRs (Special Drawing Rights), replacing the USD as the world’s most influential global currency.
This subtle press release will automatically invoke the gold standard imbedded in the UN’s Paris Agreement (because it is expected to simultaneously ratify) and begin our final release protocols for both the global currency reset / Republic’s revaluation of USN currency.
At 02:00am EDT all Reno sub group leaders are expected to gain 100% access to their newly revalued USN accounts for immediate disbursement. That includes the Admiral’s Group.
Shortly thereafter, Wells Fargo and Abbot Downing have been told to expect 800# release authorization which kick starts their 7,000 Privately Negotiated Exchange(PNE) off-site location.
Chosen Ones (CO) are expected to start flowing in for appointments anytime at or after 03:00am EDT. CO redemptions will go on for at least 6.2 days and maybe longer (make your appointments ASAP).
es the ZIM rates are really as high as predicted. It’s wise to start dealing with this new reality moving forward versus having no emotional momentum prior to your appointment. Meaning, start letting this whole insane concept finally be real. Like real, real. Really!
Remember to focus on love during your redemption appointment and you’ll be just fine. It’s ok to surrender constantly because the moment is bigger than your knowledge or ego. It’s ok to pray for guidance. It’s ok to detach from the numbers and allow complete strangers to walk you through every detail. It’s ok to receive this earthly gift as Heaven mana because that’s exactly what it is. And it’s ok to evolve into your human angel on the spot, or do so later at your own pace, in your own way, with your own greater good objectives.
Know you were created for this precise moment in history–there’s no other explanation for what’s happening now. So be fearless and boldly claim your divine task with heroic certainty, positive energy, deep humility and most of all unbridled joy.
Miracles can and do happen people. The RV was just yours:) Sobeit.
God is with us.
Psychologically the human brain can only process so much information at one time. Thus, to accomplish decades worth of structural macro geopolitical, geofinancial changes all in the same day, same hour even, is a wise strategy because it’s literally an inconceivable series of events to the casual observer.
Try learning calculus in a day and you’ll understand the GCR/RV roll out strategy instantly.
So yes we expect everything GCR/RV related to just “snap” into place today. And the changes to be so dramatic, so vast, so global that no one will know exactly what to make of it all… and just go about their business per usual because it’s “above their pay grade.”
China has yet to publicly release their gold holdings announcement which we were told would happened early on Thursday morning. This event qualifies China and its Renimbi for IMF SDR basket inclusion on October 1. Snap.
The Paris Agreement is expected to ratify at exactly the same time, as Russia turns in their documentation to the UN Secretary General. This puts into force/implements the gold standard legally and globally. Snap.
UN Operational rates then are public ally revalue per the Paris Agreement ratification which will then forces global markets to adjust all currency rates. This technically and openly reveals the RV. Snap.
The US Congress went ahead and passed a temporary spending bill last night in the wee hours. This was done in preparation of the coming RV on Thursday, as only after the RV can such a bill even be fulfilled because of Republic / USN implementation. Snap.
Will anyone even notice?
Will anyone really care?
Will anyone weep for joy?
A chosen few, maybe. But the vast majority of humanity will have no concept as to the scope or significance of what’s happening. It’s just too big. It’s just too too real. Which makes era transition just too uncomfortable to contemplate. So they ignore it. Brush aside massive global changes instead of researching their world, playing catch up.
Mediocrity and irrelevance is just such an easier house to live in–not much upkeep.
It’s as if human mental curiosity has been turned off due to the heavy and constant subconscious programming (media, entertainment, food, pharma, etc.)… and whenever real truth is presented, it appears as inconceivable noise, a conspiracy against the norm, a random irritant versus a truly meaningful enlightening moment.
Here’s a short animated video that speaks to what you are probably experiencing now as a currency holder, especially ZIM holders:
Such deep rooted psychological conditioning is so strong, so culturally ingrained by cabal minions over the centuries that they’ve literally managed to reconstitute our DNA.
This is the real reason why humanity desperately needs a reset. We’re in an invisible war for our cellular sovereignty.
Our real truth must be restored again so we can evolve as God desires us to, not as the cabal has orchestrated our genetics. As a species we are soooooooooooo much more than we’re being led to believe is even possible.
Ok i could see lot of Request for Re-posting the Link Below, but if i do change date.. the Old article will disappear.. so am Re-posting as Part 2 of More on How the BANKS fooled the World in-to Debts… also included a VDO from Zeitgeist & Taj Tarik Bey…. Remember Only God can create something out of nothing ! Banks are illegal you don’t owe them nothing !
Guys Fight the Fraud banksters Tooth& Nail and Knock em out..fight for your right !
:::::Pls Check Part 1 of the same Article & others::::
~ Galactic human ~
Judge in Court Case Admits Banks Never Loan Money
This stunning news clip from New Zealand TV station ‘Seven Sharp’ confirms the revelations shared by ‘The Money Masters’ and other such pioneering thinkers and researchers who have long sought to bring forward the truth about how money works. The is as stunning as it is simple: whenever you apply for a loan or a mortgage THE BANK YOU APPLIED TO CREATES THE MONEY OUT OF NOTHING. It is not lent to you from the banks’ holdings, it is not borrowed from other accounts. It simply is entered into a bank account digitally and from that day forth you are contractually responsible for paying back the created money PLUS all the interest that accrues. This fiat currency is destroying the confidence, trust, and agreements that we hold with one another and with merchants on a daily basis by corrupting the medium of exchange that we all collectively agree to use.
Many will go on to expound the details of promissory notes, double entry bookkeeping and all sorts of other confusing details, but it is essential that this video or the source for it at Seven Sharp should be shared with every one you know. Please, take 5 minutes now to share this video and explain why it is so important that everyone knows that the banks are hoodwinking the people and it does not need to be this way any more. For more on how we can achieve a fair financial policy of interest-free currency, see the Writ of Mandamus article here
Fight the Bank Mortgage Foreclosure Fraud – We are a Mortgage, Note, Loan Securitization http://www.1RealEstateHomes.com, and Foreclosure Education company and we can and do offer educational and legal mortgage, securitization, foreclosure defense, and mortgage loan information and attorney drawn letters and forms that work to get you a Satisfaction of Mortgage with a Corrective Warranty Deed to your property in less than 90 days.
Honors to those responsible for uploading this video and Honors to a true Master and Adept; Taj Tarik Bey. This video clearly demonstrates one of the reasons I love Taj Tarik Bey. This is about the third time I’ve viewed it and there’s always a new realization each time.
Part 2 VDO
Check Website : The Mortgage Myth
WoW the BIG BANK SCAM are finally coming out in-the-Open, i remember going thru OPPT documents 2 years back were-in Heather said, that NO LOAN is ever Made??, its all a FRAUD, and U R The VALUE not the MONEY!! and then-on with a new concept abt i-Open Banking System Sayin ” You R The Bank / You R the Value” statement hav allways impacted me since there-on and has opened my Views to a Whole New World of SCAMs & that we as a PEOPLE have been FOOLEDD BIG TIME…… GH
Also Check My Earlier post : How the Banksters Steal Your Wealth Using the Modern Banking System
~ Galactic human ~
In reference to the lawfulness of the “greenback” currency of the Union, this issue involved not one single case but a multiple of cases spanning some 15 years. Before delivering any opinion wherein a challenge to the constitutionality of the Legal Tender Acts was concerned, the U.S. Supreme Court rendered certain opinions in cases related to this issue. In Bronson v. Rodes, 74 U.S. (7 Wall.) 229 (1869), the Court held that a bond requiring payment in specie coin could not be discharged by paying “greenbacks.”
Banker Admits in Court that Banks Actually Loan Nothing
This is an actual court transcript – an interview with a banker, who is under oath, about a foreclosure. The banker was placed on the witness stand and sworn in. The plaintiff’s (borrower’s) attorney asked the banker the routine questions concerning the banker’s education and background. Then this conversation followed:
Attorney ( Lawyer ) in RED
Banker in Blue
The attorney asked the banker, “What is court exhibit A?”
The banker responded by saying, “This is a promissory note.”
The attorney then asked, “Is there an agreement between Mr. Smith (borrower) and the defendant?”
The banker said, “Yes.”
The attorney asked, “Do you believe the agreement includes a lender and a borrower?”
The banker responded by saying, “Yes, I am the lender and Mr. Smith is the borrower.”
The attorney asked, “What do you believe the agreement is?”
The banker quickly responded, saying, ” We have the borrower sign the note and we give the borrower a check.”
The attorney asked, “Does this agreement show the words borrower, lender, loan, interest, credit, or money within the agreement?”
The banker responded by saying, “Sure it does.”
The attorney asked, `”According to your knowledge, who was to loan what to whom according to the written agreement?”
The banker responded by saying, “The lender loaned the borrower a $50,000 check. The borrower got the money and the house and has not repaid the money.”
The attorney noted that the banker never said that the bank received the promissory note as a loan from the borrower to the bank. He asked, “Do you believe an ordinary person can use ordinary terms and understand this written agreement?”
The banker said, “Yes.”
The attorney asked, “Do you believe you or your company legally own the promissory note and have the right to enforce payment from the borrower?”
The banker said, “Absolutely we own it and legally have the right to collect the money.”
The attorney asked, “Does the $50,000 note have actual cash value of $50,000? Actual cash value means the promissory note can be sold for $50,000 cash in the ordinary course of business.”
The banker said, “Yes.”
The attorney asked, “According to your understanding of the alleged agreement, how much actual cash value must the bank loan to the borrower in order for the bank to legally fulfill the agreement and legally own the promissory note?”
The banker said, “$50,000.”
The attorney asked, “According to your belief, if the borrower signs the promissory note and the bank refuses to loan the borrower $50,000 actual cash value, would the bank or borrower own the promissory note?”
The banker said, “The borrower would own it if the bank did not loan the money. The bank gave the borrower a check and that is how the borrower financed the purchase of the house.”
The attorney asked, “Do you believe that the borrower agreed to provide the bank with $50,000 of actual cash value which was used to fund the $50,000 bank loan check back to the same borrower, and then agreed to pay the bank back $50,000 plus interest?”
The banker said, “No. If the borrower provided the $50,000 to fund the check, there was no money loaned by the bank so the bank could not charge interest on money it never loaned.”
The attorney asked, “If this happened, in your opinion would the bank legally own the promissory note and be able to force Mr. Smith to pay the bank interest and principal payments?”
The banker said, “I am not a lawyer so I cannot answer legal questions.” The attorney asked, “Is it bank policy that when a borrower receives a $50,000 bank loan, the bank receives $50,000 actual cash value from the borrower, that this gives value to a $50,000 bank loan check, and this check is returned to the borrower as a bank loan which the borrower must repay?”
The banker said, “I do not know the bookkeeping entries.”
The attorney said, “I am asking you if this is the policy.”
The banker responded, “I do not recall.”
The attorney again asked, “Do you believe the agreement between Mr. Smith and the bank is that Mr. Smith provides the bank with actual cash value of $50,000 which is used to fund a $50,000 bank loan check back to himself which he is then required to repay plus interest back to the same bank?”
The banker said, ” I am not a lawyer.”
The attorney said, “Did you not say earlier that an ordinary person can use ordinary terms and understand this written agreement?”
The banker said, “Yes.”
The attorney handed the bank loan agreement marked “Exhibit B” to the banker. He said, “Is there anything in this agreement showing the borrower had knowledge or showing where the borrower gave the bank authorization or permission for the bank to receive $50,000 actual cash value from him and to use this to fund the $50,000 bank loan check which obligates him to give the bank back $50,000 plus interest?”
The banker said, “No.”
The lawyer asked, “If the borrower provided the bank with actual cash value of $50,000 which the bank used to fund the $50,000 check and returned the check back to the alleged borrower as a bank loan check, in your opinion, did the bank loan $50,000 to the borrower?”
The banker said, “No.”
The attorney asked, “If a bank customer provides actual cash value of $50,000 to the bank and the bank returns $50,000 actual cash value back to the same customer, is this a swap or exchange of $50,000 for $50,000.”
The banker replied, “Yes.”
The attorney asked, “Did the agreement call for an exchange of $50,000 swapped for $50,000, or did it call for a $50,000 loan?”
The banker said, “A $50,000 loan.”
The attorney asked, “Is the bank to follow the Federal Reserve Bank policies and procedures when banks grant loans.”
The banker said, “Yes.”
The attorney asked, “What are the standard bank bookkeeping entries for granting loans according to the Federal Reserve Bank policies and procedures?” The attorney handed the banker FED publication Modern Money Mechanics, marked “Exhibit C”.
The banker said, “The promissory note is recorded as a bank asset and a new matching deposit (liability) is created. Then we issue a check from the new deposit back to the borrower.”
The attorney asked, “Is this not a swap or exchange of $50,000 for $50,000?”
The banker said, “This is the standard way to do it.”
The attorney said, “Answer the question. Is it a swap or exchange of $50,000 actual cash value for $50,000 actual cash value? If the note funded the check, must they not both have equal value?” The banker then pleaded the Fifth Amendment.
The attorney asked, “If the bank’s deposits (liabilities) increase, do the bank’s assets increase by an asset that has actual cash value?” The banker said, “Yes.”
The attorney asked, “Is there any exception?”
The banker said, “Not that I know of.”
The attorney asked, “If the bank records a new deposit and records an asset on the bank’s books having actual cash value, would the actual cash value always come from a customer of the bank or an investor or a lender to the bank?”
The banker thought for a moment and said, “Yes.”
The attorney asked, “Is it the bank policy to record the promissory note as a bank asset offset by a new liability?”
The banker said, “Yes.”
Myunhauzen74 of Youtube works hard to bring us new info on the UFO around the sun in SOHO/NASA photos every week and they never cease to amaze me. For instance the cube is caught near the surface of the sun and has a bright orange glow probably from the heat shield absorbing the suns energy. NASA has never commented on the UFOs seen because if they did so, it would draw the publics attention onto it, causing a lot to discussion and research into the topic. Thats not what NASA wants. Out of sight, out of mind, right? SCW
Myunhauzen74 UFO Site: http://x-u-f-o.blogspot.tw
LET´S MAKE EVERYTHING FREE – Free yourself with your imagination — it´s your power
CREDIT VISIT AND ABO YT CHANNEL: FreeWorldCharter
The GERMAN Video version you find here:
OTHER LANGUAGES FIND HERE under the top line “help us”
Please read and sign The Free World Charter today at:
The Free World Charter is a set of principles that have the potential to optimise life on Earth for all species, eradicate human poverty and greed, and advance progress exponentially.
Neither political nor religious, the ten short principles of the Charter could form the foundation of a new, advanced society that uses no money, is free, fair and sustainable. They are based solely on common sense, Nature and survival.
This is our world, and we can solve many of our problems today and have a better society, by following just a few simple rules of Nature.
Read and sign the Charter:
Join our Facebook page for discussion:
🙂 Funkthatthing! Simply feels good 🙂
Published on Apr 23, 2013
Debt is like a disease that can enable us from living a happy and normal life by taking control over our lives. Most of us don’t even know how we end up in the situation we are in. Buying every thing we own with credit has become our culture. But don’t let debt control your life any more. You can take over your life again. Imagine life with out debt!
“Groundbreaking” Documentary About The Healing Power Of The Earth (2013)
This captivating documentary follows a National Geographic filmmaker who finds relief from pain and aches using the earth as a healing conduit source of free electrons. Helping his community in Alaska, he expands his circle of people who are eager to learn about the effects of grounding. Featuring David Suzuki, Clint Ober, Dr. Mercola, and other leaders, naturalists, and health visionaries.
Full length Documentary
Many people have asked about the documents that Heather spoke about two months ago, specifically the documents that will outline the current financial system and how it works vs the “New” financial system (ie: the Universal Value Exchange System) and I Value. Over the course of the past couple of months more and more information, intel, and absolute data has become available on this. Each step of the process of has become very clear- to the point of extreme clarity- and as each piece of the puzzle makes itself visible the documents are edited and changed to reflect that information.
Several months ago the following patent was made visible- and we’re pretty sure it was back-dated to cover their asses. Since then a huge amount of data has been released. Here’s the thing: Even with all the shenanigans that are constantly going on within the corporate governments, the world of finance, industries like big pharma and big oil, etc…. they HAVE to be transparent in some way, shape or form. They MUST make it known and available to the public to know what they are doing. Of course, they don’t actually want you to KNOW what they are doing, so these pieces of information and data are hidden in ways that are not apparent, with no fanfare or sign posts to direct you to the information, and the information is many times hidden behind elusive language and wording that is not easily understood. So finding the information takes a lot of digging in places like the UCC, the Patent offices, various government agencies, etc…. Not easy to say the least. The other place that you can find them outing various information they need to make public is, believe it or not, Wikipedia! They do an amazing job of hiding in plain sight pieces of the information puzzle in such a way that the vast majority of the public wouldn’t connect any dots at all.
…. unless you happen to know what dots to look for ;>)
Today I am posting the patent that has been put forward by VISA (yes, the credit card company) for the “Universal Value Exchange”….. sounds familiar, eh?
……. I do love it when they make it absolutely transparent and blatantly show what it is that they are planning. The “Universal Value Exchange”…… “Universal” is pretty damn straight up in your face and crystal clear. The words that I LOVE though are “VALUE” and “EXCHANGE”… ’cause you know…. we’ve been talking about exchanging Value all year!! I have to wonder if they’ve thought about just how much information they’ve released just with the name of their new system alone, eh?
Below is the original patent filing. Under that is a blow up of the little tiny diagram they have in the document- and THIS is the most enlightening part of the whole document to me as I’m a very visually oriented person. So, start with looking through the patent for the Universal Value Exchange, then we’ll take a good look at the diagram and I’ll illuminate some very important points in the diagram. ….
The dotted line boxes around the Exchange and Bank squares are also an indication of change, because by using the dotted line, they are giving you a choice.
Looking and the diagram of the Current Financial System you can see that there are no options, no choices to be made….. you are dealing with a closed system. The pieces that are in grey are the parts that they don’t tell you about, ie: that YOU are the Value, and that the controller of the Currently Financial System is STILL the Universal Value Exchange system!!!! They just dropped out the upper box into the lower box in the middle of the UVE so that you’d think that it’s a “New” financial system!! Same girl, Different party dress, to quote Heather, lol.
Here is my “interpretation” of the patents UVE diagram…. with the missing component drawn in, in grey:
They don’t tell you that YOU are the VALUE- which of course is the really big biggie- and they don’t tell you about where your value is going, ie: who the real “controllers” are, and where exactly they are located!!!
I don’t know about you, but I have a serious problem with both of these points.
…… VERY interesting word, don’t you think?
And So It Is Done
Please view Part 1 Are you a Victim of Securitization? here:
Beginning of the investigation by a determined and polite South African Journalist, Peter Moyo as a part of a Documentary with SABC3’s Special Assignment!
KEEP IN MIND:
If you sign(ed) for a financial loan then you are likely to be or have been a SECURITIZATION victim!
Download your copy: http://www.youtube.com/watch?feature=player_embedded&v=S1C22qtP_Ec
Published on Aug 23, 2013
Episode 2 in the “Bank Securitisation” and “Special Purpose Vehicle (SPV)” series from SABC’s Special Assignment team. With Peter Moyo. Aired on 22nd August 2013
Little by little the lies and secrets are being revealed to the unaware public who have not bothered themselves to research important issues and “accepted” legal concepts.
Aired on South African Broadcasting Corporation, channel 3 (SABC TV3) on 30 may 2013
Published on May 30, 2013
A journalist battles to find answers to whether his mortgage has been securitised, and speaks to other victims of this fraudulent act by the banks. Raymont Dicks (who has been a stalwart at New ERA –
in the South African public’s quest to get facts from the banks) also shares some thoughts about the legal aspects of this scheme the banks are running.
Definition of ‘Securitization’
The process through which an issuer creates a financial instrument by combining other financial assets and then marketing different tiers of the repackaged instruments to investors. The process can encompass any type of financial asset and promotes liquidity in the marketplace.
Mortgage-backed securities are a perfect example of securitization. By combining mortgages into one large pool, the issuer can divide the large pool into smaller pieces based on each individual mortgage’s inherent risk of default and then sell those smaller pieces to investors.
The process creates liquidity by enabling smaller investors to purchase shares in a larger asset pool. Using the mortgage-backed security example, individual retail investors are able to purchase portions of a mortgage as a type of bond. Without the securitization of mortgages, retail investors may not be able to afford to buy into a large pool of mortgages.
A 34 year old journalist has single handedly exposed a deceitful scheme involving the major South African banks.
Peter Moyo from SABC3’s Special Assignment is a hero.
Maintaining journalistic integrity at all times, Peter and his camera man, Casher, flew around the country to examine every side of the story. The result:
THE NATIONAL CREDIT REGULATOR: HUMILIATED
THE SOUTH AFRICAN SECURITISATION FORUM: HUMILIATED
THE SOUTH AFRICAN RESERVE BANK: HUMILIATED
THE BANKS AND THEIR LAWYERS: EXPOSED!
A secret and devious scheme, called securitisation, is being run by the banks and their lawyers. They have illegally repossessed homes, cars and stolen our livelihoods. This kind of underhanded activity has placed this country in a serious economic crisis.
The combined intellect and resources of the South African legal system, and those government institutions specifically set up to monitor this kind of thing, achieved absolutely nothing. In fact, the banks and the Judiciary are actively trying to punish NewERA for bringing this evidence to their attention. [See here.]
Yet, in just one month, a lone journalist has researched, understood and exposed the cover-up.
The implications are wild. If the banks are not disclosing this scheme in their financial statements, then this may be so serious that it could involve criminal action against their directors. This is just the tip of the iceberg.
Peter Moyo, you are a testimony to South Africa. You are the kind of investigative journalist that freedom fighters twice your age fought so hard to cultivate. On behalf of the New Economic Rights Alliance, we congratulate and solute you.
Watch part 1 of Special Assignment here: http://www.youtube.com/watch?v=SbCxTy3cnvw
A Complaint Rampage
We, the people, are supporting Peter by going on a complaint rampage. Complain to the NCR here. Demand a Commission of Enquiry from the minister here. Complain to the JSE here and expose the scheme to the FSB here. Demand transparency from your bank here and, finally, complain to the banking ombudsman here. Make your voice heard. The truth is out. Send this letter to the world.
…and, while you are about it, send a message to SABC3 here congratulating them and Peter for producing this story.
THE NEW ECONOMIC RIGHTS ALLIANCE
PS. For further research, see:
First, a regulated and authorized financial institution originates numerous mortgages, which are secured by claims against the various properties the mortgagors purchase. Then, all of the individual mortgages are bundled together into a mortgage pool, which is held in trust as the collateral for an MBS. The MBS can be issued by a third-party financial company, such a large investment banking firm, or by the same bank that originated the mortgages in the first place. Mortgage-backed securities are also issued by aggregators such as Fannie Mae or Freddie Mac.
Regardless, the result is the same: a new security is created, backed up by the claims against the mortgagors’ assets. This security can be sold to participants in the secondary mortgage market. This market is extremely large, providing a significant amount of liquidity to the group of mortgages, which otherwise would have been quite illiquid on their own. (For a one-stop shop on subprime mortgages, the secondary market and the subprime meltdown, check out the Subprime Mortgages Feature.)
Furthermore, at the time the MBS is being created, the issuer will often choose to break the mortgage pool into a number of different parts, referred to as tranches. These tranches can be structured in virtually any way the issuer sees fit, allowing the issuer to tailor a single MBS for a variety of risk tolerances. Pension funds will typically invest in high-credit rated mortgage-backed securities, while hedge funds will seek higher returns by investing in those with low credit ratings.
The 2011 lawsuit was filed in U.S. District Court in both North and South Carolina, by a white-collar fraud specialist named Lynn Szymoniak, on behalf of the federal government, 17 states and three cities. Twenty-eight banks, mortgage servicers and document processing companies are named in the lawsuit, including mega-banks like JPMorgan Chase, Wells Fargo, Citi and Bank of America.
Szymoniak, who fell into foreclosure herself in 2009, researched her own mortgage documents and found massive fraud (for example, one document claimed that Deutsche Bank, listed as the owner of her mortgage, acquired ownership in October 2008, four months after they first filed for foreclosure). She eventually examined tens of thousands of documents, enough to piece together the entire scheme.
A mortgage has two parts: the promissory note (the IOU from the borrower to the lender) and the mortgage, which creates the lien on the home in case of default. During the housing bubble, banks bought loans from originators, and then (in a process known as securitization) enacted a series of transactions that would eventually pool thousands of mortgages into bonds, sold all over the world to public pension funds, state and municipal governments and other investors. A trustee would pool the loans and sell the securities to investors, and the investors would get an annual percentage yield on their money.
In order for the securitization to work, banks purchasing the mortgages had to physically convey the promissory note and the mortgage into the trust. The note had to be endorsed (the way an individual would endorse a check), and handed over to a document custodian for the trust, with a “mortgage assignment” confirming the transfer of ownership. And this had to be done before a 90-day cutoff date, with no grace period beyond that.
Georgetown Law professor Adam Levitin spelled this out in testimony before Congress in 2010: “If mortgages were not properly transferred in the securitization process, then mortgage-backed securities would in fact not be backed by any mortgages whatsoever.”
The lawsuit alleges that these notes, as well as the mortgage assignments, were “never delivered to the mortgage-backed securities trusts,” and that the trustees lied to the SEC and investors about this. As a result, the trusts could not establish ownership of the loan when they went to foreclose, forcing the production of a stream of false documents, signed by “robo-signers,” employees using a bevy of corporate titles for companies that never employed them, to sign documents about which they had little or no knowledge.
Many documents were forged (the suit provides evidence of the signature of one robo-signer, Linda Green, written eight different ways), some were signed by “officers” of companies that went bankrupt years earlier, and dozens of assignments listed as the owner of the loan “Bogus Assignee for Intervening Assignments,” clearly a template that was never changed. One defendant in the case, Lender Processing Services, created masses of false documents on behalf of the banks, often using fake corporate officer titles and forged signatures. This was all done to establish standing to foreclose in courts, which the banks otherwise could not.
Szymoniak stated in her lawsuit that, “Defendants used fraudulent mortgage assignments to conceal that over 1400 MBS trusts, each with mortgages valued at over $1 billion, are missing critical documents,” meaning that at least $1.4 trillion in mortgage-backed securities are, in fact, non-mortgage-backed securities. Because of the strict laws governing of these kinds of securitizations, there’s no way to make the assignments after the fact. Activists have a name for this: “securitization FAIL.”
One smoking gun piece of evidence in the lawsuit concerns a mortgage assignment dated Feb. 9, 2009, after the foreclosure of the mortgage in question was completed. According to the suit, “A typewritten note on the right hand side of the document states: ‘This Assignment of Mortgage was inadvertently not recorded prior to the Final Judgment of Foreclosure… but is now being recorded to clear title.’”
This admission confirms that the mortgage assignment was not made before the closing date of the trust, invalidating ownership. The suit further argued that “the act of fabricating the assignments is evidence that the MBS Trust did not own the notes and/or the mortgage liens for some assets claimed to be in the pool.”
The federal government, states and cities joined the lawsuit under 25 counts of the federal False Claims Act and state-based versions of the law. All of them bought mortgage-backed securities from banks that never conveyed the mortgages or notes to the trusts. The plaintiffs argued that, considering that trustees and servicers had to spend lots of money forging and fabricating documents to establish ownership, they were materially harmed by the subsequent impaired value of the securities. Also, these investors (which includes the Treasury Department and the Federal Reserve) paid for the transfer of mortgages to the trusts, yet they were never actually transferred.
Finally, the lawsuit argues that the federal government was harmed by “payments made on mortgage guarantees to Defendants lacking valid notes and assignments of mortgages who were not entitled to demand or receive said payments.”
Despite Szymoniak seeking a trial by jury, the government intervened in the case, and settled part of it at the beginning of 2012, extracting $95 million from the five biggest banks in the suit (Wells Fargo, Bank of America, JPMorgan Chase, Citi and GMAC/Ally Bank). Szymoniak herself was awarded $18 million. But the underlying evidence was never revealed until the case was unsealed last Thursday.
Now that it’s unsealed, Szymoniak, as the named plaintiff, can go forward and prove the case. Along with her legal team (which includes the law firm of Grant & Eisenhoffer, which has recovered more money under the False Claims Act than any firm in the country), Szymoniak can pursue discovery and go to trial against the rest of the named defendants, including HSBC, the Bank of New York Mellon, Deutsche Bank and US Bank.
The expenses of the case, previously borne by the government, now are borne by Szymoniak and her team, but the percentages of recovery funds are also higher. “I’m really glad I was part of collecting this money for the government, and I’m looking forward to going through discovery and collecting the rest of it,” Szymoniak told Salon.
It’s good that the case remains active, because the $95 million settlement was a pittance compared to the enormity of the crime. By the end of 2009, private mortgage-backed securities trusts held one-third of all residential mortgages in the U.S. That means that tens of millions of home mortgages worth trillions of dollars have no legitimate underlying owner that can establish the right to foreclose. This hasn’t stopped banks from foreclosing anyway with false documents, and they are often successful, a testament to the breakdown of law in the judicial system. But to this day, the resulting chaos in disentangling ownership harms homeowners trying to sell these properties, as well as those trying to purchase them. And it renders some properties impossible to sell.
To this day, banks foreclose on borrowers using fraudulent mortgage assignments, a legacy of failing to prosecute this conduct and instead letting banks pay a fine to settle it. This disappoints Szymoniak, who told Salon the owner of these loans is now essentially “whoever lies the most convincingly and whoever gets the benefit of doubt from the judge.” Szymoniak used her share of the settlement to start the Housing Justice Foundation, a non-profit that attempts to raise awareness of the continuing corruption of the nation’s courts and land title system.
Most of official Washington, including President Obama, wants to wind down mortgage giants Fannie Mae and Freddie Mac, and return to a system where private lenders create securitization trusts, packaging pools of loans and selling them to investors. Government would provide a limited guarantee to investors against catastrophic losses, but the private banks would make the securities, to generate more capital for home loans and expand homeownership.
That’s despite the evidence we now have that, the last time banks tried this, they ignored the law, failed to convey the mortgages and notes to the trusts, and ripped off investors trying to cover their tracks, to say nothing of how they violated the due process rights of homeowners and stole their homes with fake documents.
The very same banks that created this criminal enterprise and legal quagmire would be in control again. Why should we view this in any way as a sound public policy, instead of a ticking time bomb that could once again throw the private property system, a bulwark of capitalism and indeed civilization itself, into utter disarray? As Lynn Szymoniak puts it, “The President’s calling for private equity to return. Why would we return to this?”
Update: This story previously suggested that banks settled this lawsuit with the federal government for $1 billion. That number is actually the total for a number of whistle-blower lawsuits that were folded into a larger National Mortgage Settlement. This specific lawsuit settled for $95 million. The post above has been changed to reflect this fact.
Australian Government Charged with Treason
August 16, 2013
In complete transparency, as of this post I have not had a chance to vet out this story. The pdf link at the end of the article is nearly 150 pages worth of material. If this checks out it’s most definitely a major story. The last paragraph is what really stuck out for me. ~BK
High ranking members of the Australian Government including Kevin Rudd, Julia Gillard and Tony Abbott are facing charges of treason in the Australian Federal Court.
The prosecution was brought against Rudd and Abbott as well as the Australian Electoral Commission by Brian Shaw after the Oath of Allegiance and reference to the British Crown were removed from Australian laws.
“Mr Kevin Rudd did have actual knowledge of the fact that the Crown and Monarch had been removed without any referendum whatsoever and that Julia Gillard and others had been charged [with treason].”
“The defendant (John Howard) within the Commonwealth of Australia during the period 1st January 2004 up to and inclusive of the present date did commit the offence of Common Law Treason…”
Mr Shaw alleges senior Australian Politicians and Judges committed or concealed treason, particularly related to the removal of reference to the Monarch in Western Australia.
He also alleges that all birth certificates in Australia are turned into Bonds which are traded on the global stock market, a form of Human Trafficking according to the affidavit.