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If Provable Greed Caused Your Mortgage Trouble, Occupy Your Own Home

By       Message David Snieckus       (Page 1 of 2 pages)     Permalink    (# of views)   2 comments

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In keeping with the spirit of The OCCUPY"'s a great article I wrote.



LADIES AND GENTLEMAN,   as you may very well know, we have a private, monopolistic, toxic, predatory monetary system that has corrupted many politicians, various appointed Civil Servants, officers in the Military Industrial Complex, executives in Multinational Corporations, including Bankers and their not-to-be-trusted Appraisers, Lawyers, Brokers and Real estate Agents.

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One of the most predatory frauds is illegal foreclosure.

From my research into foreclosures, I found that the banks have traditionally loaned credit/money they didn't have and collected 2.5 times the value of the loan over 30 years and were regulated by the Glass-Seagall Act of 1933. That bill was to hold banks accountable and prevent them from gambling with depositor's money so that the banks could NOT trade their assets on Wall Street.

That all changed in 1999 with the repeal of the Glass-Seagall Act and the introduction of the Gramm-Leach-Bliley Act. This bill allowed banks to package securities. They could take a mortgage loan and change it into stock to be sold on Wall Street. So instead of waiting the customary 30 years to get 2.5 times the value of the loan, they got 1.05 to 1.5 times their money immediately be selling mortgage backed securities.

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Investors investing in stock bought the lender's securitized loans and, voila, no more bank-owned loans!

Since 1999 the banks knew these loans were destined for Wall Street, so they slacked off on their strict lending underwriting. Just about anyone who could sign a note was given a loan.

Since these loans were irreversibly changed into stock, the homeowner's original loan no longer exists as an enforceable contract in court! (Notice the decline in foreclosure applications in the news.) According to Vince Khan, the author of Foreclosure Defense Guidebook, "Once a loan is closed, it quickly gets put into a PSA (Pooling and Service Agreement. This is then registered with the SEC (Securities and Exchange Commission) as a REMIC Trust ( Real estate Mortgage Investment Conduit)" Once this REMIC if formed, it gets converted into a security that is traded on Wall Street"Your loan is now owned by thousands of shareholders all over the world.""He adds, "furthermore, the state of the loan is changed. YOUR LOAN HAS BEEN CONVERTED INTO STOCK"..Once a loan has been securitized, it forever loses its security, i.e, the Deed of trust or the ability for the bank to foreclose on your home."

"A loan is what's called a negotiable instrument. There are laws governing negotiable instruments called the Uniform Commercial Code. Specifically, the right for a bank to enforce and foreclose on a property is subject to the claimant being a real party of interest. For the party to be as creditor of a negotiable instrument there needs to be a proper chain of endorsement from the original lender to the party wishing to enforce the note. If the loan has been sold, then the bank can no longer claim they are a real party of interest.

A negotiable instrument can only be in one of two states when it undergoes securitization, not both at the same time. It can either be a loan (and treated and governed as such) or a stock (and treated and governed as such.) Once it is traded as a stock, it is forever a stock. It is treated as stock and regulated by the SEC as a stock."

In conclusion: No bank can foreclose! Any attempt to foreclose is FRAUDULENT because in court neither the bank nor the investors are the real and beneficial party of interest! To attempt to foreclose without standing is FRAUD on the court! ( Note the current drop in foreclosures!) 

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Finally, according to various progressive economists, banks cost household nearly $20 trillion in wealth by causing bubbles and bursting them. Now, banking executives, mortgage servicers, appraisers, broker companies, and law firms have perpetuated a fraud (knowingly or unknowingly) and have gained substantially from the foreclosure scam.

With that in mind, I petition you to send a great message to the bankers who have lied to you, the American people, and committed fraud on your country and its courts; courts that should be courts of law, not courts of men.

WHAT TO DO? Declare for yourself your home free and clear of any fraud! A free home that you can occupy with NO MORE mortgage payments!

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BIOGRAPHY for David Snieckus 2009 David Snieckus is a graduate of the world renowned Kushi Institute and has been practicing macrobiotics since 1977. Currently Mr. Snieckus is a Macrobiotic Counselor, Coach and Chef who resides in Newton. MA. For (more...)

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