A little over six months ago, negotiations over the mortgage settlement concluded with a 49 state agreement to address robosigning and other predatory mortgage servicing and foreclosure practices. This was a pivotal moment, because it was possibly the last leverage point to look into problems with the securitization process that led to the financial crisis. One theory around the settlement negotiations is that it was a PR move designed to make politicians look good in an election year, without costing the banks anything. To this end, one of the core objectives was to have organized groups issue statements of praise, or at least not condemnation, upon signing of the settlement agreement.
This put pressure on the organized liberal establishment, which had found it difficult to reconcile their desire for a solvent middle class and their support for bailout-friendly politicians like Barack Obama. And so, a good amount of organizing energy was spent maneuvering between two different objectives, the desire to have some sort of remediation for the foreclosure crisis, and a desire to have President Obama reelected. As a result, most of the organized infrastructure decided to praise the settlement, sometimes with aggressive words like “monumental” and sometimes with faintness, with the use of terms like “first step” and “down payment”. There were some, however, who made arguments that the settlement was a bad deal, that it shouldn’t have been signed.
I’ve compiled a series of statements issued upon the signing of the settlement, so you can see the extent of the media framing fight that took place upon its signing. It’s also useful to show who was right and who was wrong. By and large, there have been no acknowledgments of error from anyone.
Statements of Support
Most of the Democratic leaders – like Nancy Pelosi, Steny Hoyer – approved of the settlement.
Today’s settlement provides compensation for foreclosure victims without requiring individuals to waive their legal claims. While banks must be made to pay more to help homeowners, the settlement includes needed principal write-downs so homeowners can stay in their homes.
“This monumental settlement is a strong step towards assisting the millions of current and former homeowners that were exploited, discriminated against and taken advantage of by major mortgage servicing banks,” said NAACP President and CEO Benjamin Jealous. “The principal reductions, refinancing and other relief will provide desperately needed relief. Moreover, the creation of new mortgage servicing standards, including increased notice and documentation requirements during foreclosure and measures to deter community blight will initiate a new and important relationship between borrowers and lenders and help advance the much needed protection of homeowners in the future.”
National Council of La Raza (via email):
“NCLR (National Council of La Raza) worked tirelessly alongside advocates, housing counselors, and champions within the administration and the Attorney General coalition to reach a strong settlement, which provides critical relief to families who have fallen through the cracks,” stated Janet Murguía, NCLR President and CEO. “The Attorneys General and the administration deserve a great deal of credit not only for giving immediate help to struggling homeowners but for also securing changes to the mortgage servicing system which will prevent these kinds of problems in the future.”
The National Consumer Law Center:
The new standards “move the ball significantly forward,” says Alys Cohen of the National Consumer Law Center. “But much will depend on how (the agreement) is carried out.” Homeowners be reviewed for loan modifications before the foreclosure process starts. “That’s a game changer,” Cohen says.
Rebuild the Dream (run by former White House Advisor Van Jones):
Today, a $25 billion settlement will be announced in which big banks pay up for a portion of their bad deeds in the home foreclosure crisis. For what it is, this settlement is a step forward, and we are glad to see a small trickle of relief for some victims of the banks’ most irresponsible and fraudulent behavior. However, we must remember that this settlement addresses only a very limited set of fraudulent behaviors and helps only a fraction of the millions of underwater homeowners and foreclosed families who continue to bear a tremendous amount of pain and injustice.
We honor the hard work of New York State Attorney General Eric Schneiderman and others, including many grassroots progressive organizations, who fought courageously to prevent a total sweetheart deal for the banks.
“While we have always believed that a full investigation of banks should precede any deal, this foreclosure deal accomplishes our central goal: severely limiting legal immunity for banks so multiple investigations into the role of banks in crashing the economy and housing market can proceed unimpeded….“While the settlement is imperfect and key details have not yet come to light, the terms are greatly improved thanks to the leadership of Attorney General Eric Schneiderman of New York, along with Attorneys General Kamala Harris of California, Catherine Cortez-Masto of Nevada, Beau Biden of Delaware, Martha Coakley of Massachusetts, Lori Swanson of Minnesota.Because of their strong efforts to stand up to Wall Street on behalf of homeowners in their states, and because of the efforts of progressive organizations nationwide, there is no question that this is a better deal forhomeowners and taxpayers today than when negotiations began.”
“The $25 billion settlement is only a down payment on what major banks like Wells Fargo need to pay to fix the damage they wrecked upon homeowners, our communities, and our economy,” said Steve Fletcher Executive Director of Minnesota Neighborhoods Organizing for Change (NOC). “Attorney General Lori Swanson was 100% right to demand that the settlement not let the banks off the hook for all of their misdeeds that led to the foreclosure crisis.”
The deal announced today is too small. It falls far short of providing real justice for homeowners and American families. The estimated $10 – $20 billion for principal reduction is a small drop in a big bucket in comparison to $700 billion in total negative equity. The reported $1,800 restitution payment for those who already lost their homes is just a tiny fraction of the wealth stripped from so many families, especially families of color. That’s why PICO will continue to fight to ensure that the current deal is just a down payment on a much larger settlement that does justice for American homeowners harmed by the big banks’ criminal activity.President Obama has publicly acknowledged that allowing underwater homeowners to get out from under the debt they are living with is key to rebooting the economy. The Administration’s new Mortgage Fraud Task Force will keep the investigation into illegal practices alive. And the pressure continues to mount on Fannie Mae and Freddie Mac to stop allowing the big banks hide behind their opposition to doing principal reduction.
Funding for legal services
As part of the recently passed New York State budget, Attorney General Schneiderman committed $15 million from the multi-state settlement to foreclosure prevention, housing counseling, legal services, and other related programs. Separate from the multi-state settlement, Attorney General Schneiderman directed a total of $3 million from two separate settlements to fund legal services for homeowners in foreclosure or at imminent risk of foreclosure. State funding for these programs under the state Foreclosure Prevention Program was set to expire on April 1st and will now be able to continue.
In January, Attorney General Schneiderman directed a $1 million allocation of unspent dollars from a 2006 settlement between the Attorney General’s Office and Ameriquest Mortgage, Co. to foreclosure prevention services. Funds will be distributed through an expedited RFA process to non-profit legal services and legal aid organizations to provide direct legal services to homeowners in foreclosure or at imminent risk of foreclosure. These funds will allow critical services that would otherwise be lost to continue across the state.
The following are statements from individuals dealing on the ground with foreclosure crisis regarding the Attorney General’s commitment in the budget:
Meghan Faux, Director of the Foreclosure Prevention Project at South Brooklyn Legal Services, said, “This funding is truly a lifesaver. Without Attorney General Schneiderman’s intervention, funding for foreclosure prevention services would have expired and homeowners in need of assistance would have been abruptly cut off. Now, countless families across New York will have access to the legal services and housing counseling they need to save their homes and stabilize their community.”
Anne Erickson, President and CEO of the Empire Justice Center, a statewide legal services organization working to combat foreclosures in New York State, said, “New York’s Attorney General worked tirelessly to ensure that the funding secured through this national settlement is used in the true spirit for which it is intended – to help fight the epidemic of foreclosures across the country and to do so by funding on-the-ground services for homeowners at risk of losing their homes. Because of Attorney General Schneiderman, New York’s most vulnerable homeowners will not lose access to vital and effective services that provide the last line of defense against avoidable—and often wrongful—foreclosures. This is a major victory for struggling homeowners facing foreclosure in every corner of New York State, and we deeply appreciate the Attorney General’s strong leadership on this critical matter.”
Christie Peale, Executive Director, Center for NYC Neighborhoods, said, “This is great news. Thanks to Attorney General Schneiderman’s leadership, critical foreclosure prevention programs will not have to close their doors to New Yorkers in need. The loss of these services, coupled with gaps in regional funding, would have been devastating to struggling homeowners and communities throughout New York State. On behalf of the CNYCN Network of foreclosure prevention providers and the homeowners we all serve, we are grateful to AG Schneiderman for the lifeline that this funding provides.”
Durrant McKie, homeowner from Southeast Queens, said, “As a homeowner who was facing foreclosure, I can say firsthand that we would not have survived if it weren’t for the help of the Foreclosure Prevention Services Program. Our housing counselor ensured that we did not lose our home and that our rights were protected throughout this difficult process. I applaud Attorney General Schneiderman for making sure other families can fight back, and get the help they deserve.”
The following are statement from individuals dealing on the ground with the foreclosure crisis regarding the Attorney General’s provision of funds from the Ameriquest settlement:
“We are incredibly grateful to the Attorney General for supporting the Foreclosure Prevention Services Program,” said Mark Ladov, Counsel for the Brennan Center’s Democracy Program. “This program has a strong track record of improving outcomes for working families at risk of losing their homes, and is a critical investment in New York State’s economic recovery. Attorney General Schneiderman’s intervention helps ensure that this vital work will continue. We look forward to working with the Attorney General to aid struggling families and address New York’s foreclosure crisis.”
“Homeowners across this state are struggling in these tough economic times. We owe a debt of gratitude for Attorney General Schneiderman’s bold action that will give the working families in our community a fighting chance,” said Darius G. Pridgen, Senior Pastor of the True Bethel Baptist Church and Member of the Buffalo Common Council. “By allocating resources for foreclosure prevention services, the Attorney General has once again stood up for those who need our help the most.”
“We applaud the Attorney General for making funds available to the Foreclosure Prevention Services Program and providing legal assistance agencies an opportunity to continue providing direct assistance to homeowners in default and foreclosure,” said Deborah Boatright, Northeast Regional Director, NeighborWorks America. “The Attorney General’s smart, bold action will make a real difference in the lives of countless New Yorkers who are struggling to get by and hold on to their most precious possession.”
“Attorney General Schneiderman must be applauded for funding legal services to help struggling homeowners facing foreclosure,” said Rev. David K. Brawley, Senior Pastor, St. Paul Community Baptist Church. “Communities like East New York, Southeast Queens, Mount Vernon and other neighborhoods throughout the state have been hit hard by the mortgage crisis, and this bold action will protect hundreds of families who are at risk for teetering over the edge. The Attorney General understands the depth of this problem, and has come up with a creative way to help safeguard our state’s future.”
In March, Attorney General Schneiderman directed another $2 million from the settlement with Steven J. Baum P.C., and Pillar Processing, LLC for the same purpose. Again, these funds are replacing funds that were set to run out and allowing legal services providers to keep their doors open.
The following are statements from individuals on the ground dealing with the foreclosure crisis regarding the funding for legal services from the Baum settlement.
Rebecca Case-Grammatico, Senior Staff Attorney, Empire Justice Center said: “Empire Justice Center applauds Attorney General Schneiderman for his successful settlement with the Stephen J. Baum Law Firm and his continued support for advocates assisting homeowners facing foreclosure. We truly appreciate that settlement funds from this case will be committed to providing much-needed funding for legal services to help correct the injustices in many of these cases which are still pending in the courts. We look forward to continuing to work with the Attorney General to deliver justice for the homeowners of New York.”
Elizabeth Lynch, Staff Attorney, MFY Legal Services said: “We applaud the Attorney General’s leadership in making these entities accountable to the people of New York State. For too long, foreclosure law firms like Steven J. Baum P.C. have wreaked havoc on homeowners, and this settlement sends a signal that New York State will not tolerate such improper conduct. But Steven J. Baum is not off the hook yet. MFY represents a class of people adversely affected by his deceptive practices and our clients look forward to vindication of their rights.”
30 comments
Comments are closed.
If the goal of the settlement was to abet the banks’ “extend and pretend” strategy, then Schneiderman’s channeling of some of his share of the proceeds needs to be seen for what it is: another way to choke off the foreclosure pipeline (temporarily) so that the artificially enhanced RE market doesn’t crash. At least not before the November elections.
Foreclosure prevention and remediation strategies are a sick ruse. They give families false hope (we’ve submitted another form on your behalf, the sheriff isn’t coming tomorrow) while drawing out the housing recovery by years. It is sick. But it does funnel plenty of money to core Dem constituencies: legal aid, community services, etc. in the runup to a close election.
Come November, kids, all bets are off.
This is not about November, or at least not this November (Obama will undoubtedly win New York State easily), this is about Schneiderman’s own political operation, likely for governor when Cuomo runs for President in 2016.
Stop the Foreclosure, by simply going to the Court House. Picket the facts… Make sure if you have a CLOUDED TITLE that is at the top of your Sign.. The Sale can not be conducted with a CLOUDED TITLE. I have stoped Foreclosure on my home for 3 years by doing this thanks to the Information given to me at the Courtyard by one of the People selling my home… They Said You cant say Clouded title, That stops all sales.
Like so many other people, we are stuck in the mortgage crisis. We hired an attorney a long time ago to try to help us get a modification on the home loan. All the attorney has done after collecting his initial fee upfront is delay the foreclosure. Our attorney has on several occasions try to talk us into short selling our home. Who is he working for, us or the bank? We are the one to pay him for assistance in getting a modification to save our home, not for assistance in losing our home. After a year of being in limbo, the attorney claimed that he had used up the retainer fee and needed more money. Like idiots, we paid in good faith that the modification was getting close. Since then, we have been told constantly that it is sitting in the bank’s underwriting department. We have contacted the bank’s loan service officer for our loan and they have asked for us to send paperwork. We send it then hear nothing. When we call back to find out what is going on, the service officer tells us that we need to send the paperwork again. This has happened over and over again. It appears that the bank is just stalling the process to make us look even worse for being further behind. We wanted this settled a long time ago. It hasn’t been us dragging our feet.
Yesterday, I started looking at a lot of websites about the different government programs that have been enacted to help people save their homes. It is great that some of these programs have helped some people. But they don’t help everyone. Turns out, from what I have found, it appears as if Suntrust Bank does not participate in any of the government programs. This really has me scared. Our loan is through Suntrust. If they are not participating in any of the government programs, it makes me suspect even more that all they are doing is delaying our process to make us further behind to make their case look better. Due to our fear of losing our home, we created a fund in order to try to save our home. I’ll post a link to it at the bottom. If you are able to help contribute, great, we thank you deeply. If not, you can still help by referring other people to our link. You can post it on Facebook and/or post it in your blogs. Any way that you can help get it out there, more people will see it and our chance of saving our home will be greater. We all know that we have a country full of awesome, caring, wonderful people with big hearts. In fact, there are people all over the world with big hearts. We have all heard stories in the media how people donate money all the time to complete strangers. If a lot of people from all over donate even a small, tiny amount, the sheer number of donations will add up and make a tremendous help.
Thank you in advance,
Scott and family
http://igg.me/p/227440?a=998738
The word “securitization” is never mentioned. Not even by Schneiderman. Leads me to believe it is one big hedge for the banks.
Thanks for such useful reminders of recent history. It’s hard not to think of “innocent and useful idiots” as the major problem.
I’m going to ask a simple question that has been bugging me. Please bear with me:
I understand THAT the banks have gone on a rampage of fraudulent foreclosure, but I don’t understand WHY. What value is there in obtaining title on rapidly devaluing real estate? Another way of putting this: what would have happened to the banks and their balance sheets (and a bank really is just a balance sheet, right?) if there had not been this massive foreclosure fraud?
Also, what would have happened to the banks had HAMP been real?
This is simple.
(1) The title to the land is worth *something*.
(2) What the banks have right now is worth *nothing*.
What the banks have right now is “mortgages”. But consider the case where the homeowner can’t afford to pay. Then the banks are not getting anything. At all. Since the banks don’t have any paperwork to prove that they actually have the mortgages, they are in danger of ending up with *literally* nothing. This has already happened several times — cases where the homeowner ends up with their home free and clear and the bank ends up with *nothing*.
Rather than end up with nothing at all, the banks would rather have depreciating land. If they can manage to steal it and then sit on the title long enough to claim it by the old maxim “possession is nine tenths of the law”.
Note that the banks don’t always accelerate fraudulent foreclosures when the homeowner/sucker is still sending money in. If you want to know why they institute fraudulent foreclosures when they are still getting money from the homeowner… that’s a more complicated question and involves institutional stupidity. They’ve turned it into a “foreclosure mill” operation so they don’t notice when it’s losing them money.
As several commenters have noted, the reason people get foreclosed on even though they’re still making payments is due to the conflicting interests of the various parties involved.
For example, the company that services the loan makes more money by foreclosing that it does by accepting partial payments. Working out a deal with an underwater homeowner devalues the asset that went into a securitized bundle, causing (expensive) problems. Easier to foreclose, as the securitized bundle probably has rules about that, and insurance will cover that loss.
I think Neil Garfield might be able to shed some light on this subject in his post today:
http://livinglies.wordpress.com/2012/08/30/why-modifications-of-mortgages-wont-solve-anything/
I’m still waiting for ANY response to my filing against Chase with the OCC which was filed back in December 2011.
What is not being mentioned is that it is the servicers that are foreclosing, ostensibly on behalf of investors who own the securities, but in actuality they are foreclosing because it allows them to collect tidy profits. In short, the servicers make more by foreclosing, hence, regardless of whether its good for the investors, they are foreclosing. End of story.
You are assuming the banks hold the mortgages on their books. In the overwhelming majority of cases, the mortgages were securitized. The banks don’t own them. They are merely agents who service them.
They are paid to foreclose. It’s more profitable to them than modifying the loans.
Finnucane
” I understand THAT the banks have gone on a rampage of fraudulent foreclosure, but I don’t understand WHY. ”
Simple, the banks you mention aren’t your father’s banks that made the loan and held the mortgage, they aren’t really banks; they are owned by banks and have similar names, etc but they are service companies, something that did not exist in your father’s day. The service companies make money by legal and illegal fee collections when a house is in forecloser. And “forecloser” is also not your father’s forecloser, now it is simply a rent extraction process.
Nathanael
Banks don’t want the land, “banks”, when they are separate from the service company above, will eventually take ownership of the house and sell it to family and friends, or to investor marks via securitization of foreclosed houses into rental units.
YankeeFrank is close to the mark, just don’t confuse banks of your father’s with today’s banks and service companies.
When building mortgage backed securities what the banks do is lend the original sum of money, then “sell” that debt to a third party but stay in the loop as the “servicer” of the debt. Thus, once these two transactions are completed the bank is no longer holding the debt they, in theory, only collect fees for managing the debt on behalf of the securitor. In theory the bank actually holds nothing having passed the note and title on to the securitor. Thus they profit as long as the debt remains outstanding and the fees are paid.
In practice this made banks eager to generate loans and to pass off the risk. In practice, as discussed here, the banks also failed to properly hand off, or even maintain, the notes (see MERS) as a consequence the securitor does not own the home or even half the home, they have nothing.
This state of affairs means that the banks have generated a large number of bad documents (Fraud) which they then passed on to securitors. As a consequence they should be liable both for criminal penalties as well as civil ones. The mortgage settlement was about avoiding that side of the problem.
On the other side of the coin the banks do not get their fees if homeowners cannot pay. In a rational world they or rather the securitor would seek to modify the mortgage to get something. But since the banks do not hold the title they have no interest in maintaining the securities, only the fees that come with servicing the mortgage or foreclosing on it.
They don’t actually want to hold the mortgage. This is why many banks are kicking people out of their houses but refusing to complete the seizure because they can get the fees for foreclosure without having to handle the house itself.
Thus yes, banks are balance sheets. After the initial transaction the sheet can be extended only by fees and harmed only by prosecution or realistic home valuation. Thus the banks are acting to protect themselves. And our elected class are helping.
They collect the mortgage insurance payment only when they foreclose. They don’t really want the house, they just want a large piece of money to help keep them afloat. BofA just gave away 1,000 homes.
So the bank has been paid by investors and now the insurers. The investors, having been screwed out of any legal position, having not received their promised paperwork, aren’t getting the PAYMENTS or the HOUSE. The bank is getting your house for free.
None of these mortgage bundlers like Goldman, have transferred the Note through to the investors. How would they be able to sell your house more than once if they did something like that. Fannie and Freddie don’t have the NOTE either. (We aren’t talking the morgage here.) Robo-signing was invented to cover the fact that none of the “servicers” foreclosing have a legit NOTE.
If everyone, even those not in foreclosure, went into court and asked for a Suit to Clear their Title, it would be demonstrated that the only person who can prove he has any interest financially in his home would be the BUYER. That is why, over the next 5 to 10 years there will be millions of Suits for Clear Title.
When the MERS system and securitization bundlers sometimes realized that what they had done to the title registration and home ownership system in this country emails between traders reminded, that after the system crashed (now), “We won’t be here”.
I stopped reading at “….who fought courageously to prevent a total sweetheart deal for the banks…”- van jones.
Can we solicit the wit at NC for similarly limp revised historical quotes, ie. “Today, Dercember 7th, 1941, a day which will be a little annoying to remember……”
It’s Friday, go to town NC.
This country has been sold, taken over, ripped out of our hands.
Yea Matt! The hall of shame record-keeping at Naked Capitalism will keep future historian-morticians rolling their eyes and shaking their heads in disbelief. Yuck, what a ‘monumental’, brown-nosed embarrasment the NAACP is, worming its obsequious way into the plantation manor.
But, unlike ‘Monday’ above, I read way too far. And so, the audacious-balls award must go to Schneiderman’s propagandist, Danny Kanner, for daring to crow about the pathetically, ridicuously-, despicably-embarrassing, paltry tokens scattered to the peasants. Really, a whole $3 million for legal aid? Why, that’s $60,000 per state, probably more than $50 for each unworthy supplicant and still enough left over for Oliver to get an extra half ladle of gruel. Why so squanderous? Doesn’t he know there’s a budget crisis, a fiscal cliff dead ahead?
I wonder if Kannner wrote any of this with a straight face. From grateful reverends and the Empire Justice Center, which “applauds Attorney General Schneiderman . . . ” Statements like that from so many veal-pen suckups reads like badly-rehearsed parody rather than the tragic reality that it is. This is horrifying; much worse than I could imagine.
Thank you, Matt Stoller.
The way I read the Danny Kanner, Eric Schneiderman’s communications director’s response is that a whole raft of bureaucratic cohorts were gifted a cash stream to bill against. As far as any material aid for at risk or wronged mortgagees, I see none of substance.
Elizabeth Lynch, Rebecca Case-Grammatico, Meghan Faux, Anne Erickson, Christie Peale, Mark Ladow, Deborah Boatwright, Ashley Dupré. They all let the AG keep his socks on.
Client Number Zero
OT: I’m waiting waiting waiting for the rest of the private equity series. Where is it?
as if we did not see this half-ass deal coming obama you should be ashamed of your self, sure your for the middle class not the big banksters that fund you,fuck you, grand son of white slaves!
davidjmicheljr@gmail.com just in case you want to comment.
National Council of La Raza has become a shill for banks—they get a lot of their budget from major banks so its not surprisiing that Janet M does their bidding. Just a few months ago she was going on about what a great investment houses are–this despite than hispanics have taken the biggest hit as a group since 2008. Its become an organization that takes corporate money so that corporations can say they are doing something for latinos but alas the organization has done nothing for latinos expcept perhaps aid the bank in victimizing them.
Here’s my press release to WA AG:
You caved on everything.
You caved on holding the banks responsible for forgery and notary fraud that I proved there was in King County.
You caved on holding the trustees accountable for their massive misdeeds. You caved so much that your own campaign staff took massive campaign contributions from Lance “the Pig” Olsen and his wife and other pigs within Northwest Trustee Services. Boy, you scrambled to give that money back in a hurry.
You caved on holding the banks accountable.
And finally, you caved on the distribution of the money.
I am glad that you will not win the Governorship. You shouldn’t.
“The Banks” are not the real party in interest. Fannie, Freddie, USDA, VA, they own well over half the mortgages, private trusts and investor groups on the bulk of the rest. “The Banks” merely act as aggregate debt collectors in a worldwide ponzi scheme, happy to collect mortgage payments from the dopes that still mail them in and ever able to conceal the increasing number of mortgages that are not being paid with the payments coming in….”The Waterfall” still falls, the lower tranche holders are only feeling it now. Are you still buying the Fannie/Freddie taxpayer “subsidy” of only $350 billion? Ha, come down to Floriduh and just see how the principal of those trusts (the homes that allegedly secure the mortgage) decay in the insect and humidity infested swamp that our nation has chosen to invest in. Time for us all to change the focus, change our language to reflect reality…fascism is the fusing of corporate and state interest. Fannie and Freddie are us, the US taxpayer..skimmed and scammed by the banks…all working against us….
So of course the real question is….will any of those groups stand up, issue new statements and admit they were scammed? Neither foreclosure nor bank tyranny was mentioned at the GOP circus….will the Dems say a word? Other than Grayson, the Dems have been pretty quiet on the whole subject area…but can you imagine a world without the corrupting power of Goldman campaign contributions….battling the banks might have actually been a platform of the middle class defending Democratic party…..if only.
And as a sign of how bad things are we now have communities exploring seizure of properties see:
http://www.huffingtonpost.com/2012/09/01/eminent-domain-mortgages_n_1836710.html
Let’s just put this confusion of securitized mortgages to Rest & Wake the people Up.
1. They’re trying to confuse the people..
2. The Banks & other high powers along with the courts are trying to drift the people away from the United States Constution which protect the people first land liberty & property.
3. In the Constitution it contain Treaties, Land Patents which is the superior Law of the land that can’t be overturned.
4. The 25 Suprime Banks in the Bubble Era were the lenders that wrote the contract with the homeowners.
5. Your promissory note was a contract between you and your lender PERIOD. No one else, and don’t be fooled.
6. No ONE else had the power to foreclose, but only that Subprime lender.
7. Your Subprime lender bank did sell your to Wall Street.
8. In your promissory note it didn’t say anything about it being converted to stock, or a securitized asset certificate, or placed into a trust.
9. Wall street is a Stock market and your Subprime lender has broken that contract when it violated and sold it to the stock market Wall Street.
10. That means a Breech of Contract meaning the contract is unenforceable. VOID
11. Now Wall street had your personal info and converted the mortgage into a securitized stock certificate.
12. If this was the case Wall street is not a Bank, but it now had your info, but it didn’t foreclose on you.
13 Your Subprime lender just got paid by selling your mortgage to Wall Street.
14 Your Subprime bank lost the right to foreclose on you because they breech your contract and they were also paid.
15 So technically NO one can foreclose because the CONTRACT broken
16 Those Subprime Banks are ALL listed in the SEC which is Securities Exchange Comissions, which is proof that these mortgages are securitized.
17. Now your Subprime lender is out of business, they can’t foreclose
18 The statue of limitations to collect a debt is 4 years and they have missed the boat
19 Once your Subprime bank sold that mortgage it was impossible for them to assign to ANY 3rd party bank
20 There’s the mystery to your ROBOSIGNING
21. The debt was paid for by the TARP in 2008 and Satisified
22 So why are the the 3rd party banks stealing homes? 23because the Courts pension and retirement are paid for by the banks.
24 This is a conflict of Interest.