FRAUD STOPPERS PMA Mortgage Foreclosure Defense Blog Update May 2, 2017

 

The following snippets are from the affidavit of Walker F. Todd an attorney and legal officer for the legal Departments of the Federal Reserve Banks of New York and Cleveland.

Banks are required to adhere to Generally Accepted Accounting Principles (GAAP). GAAP follows an accounting convention that lies at the heart of the double-entry bookkeeping system called the Matching Principle.

This principle works as follows: When a bank accepts bullion, coin, currency, checks, drafts, promissory notes, or any other similar instruments (hereinafter “instruments”) from customers and deposits or records the instruments as assets, it must record offsetting liabilities that match the assets that it accepted from customers. The liabilities represent the amounts that the Bank owes the customers, funds accepted from customers.

In a fractional reserve banking system like the United States banking system, most of the funds advanced to merely transfer from one set of depositors to another set of borrowers.”

In classical economic theory, once economic exchange has moved beyond the barter stage, there are two types of money: money of exchange and money of account. Legal  tender  under  the  Uniform  Commercial  Code  (U.C.C.),  Section  1-201 (24).

(Official Comment), is a concept that sometimes surfaces in cases of this nature.  The referenced Official Comment notes that the definition of money is not limited to legal tender under the U.C.C.

Money is defined in Section 1-201 (24) as “a medium of exchange authorized or adopted by a domestic or foreign government and includes a monetary unit of account established by an intergovernmental organization or by agreement between two or more nations.

The relevant Official Comment states that the test adopted is that of sanction of government, whether by authorization before issue or adoption afterward, which recognizes the circulating medium as a part of the official currency of that government.

The narrow view that money is limited to legal is rejected. Thus, I conclude that the U.C.C. tends to validate the classical theoretical view of money. Read the entire affidavit here.

 

For more information on how the Uniform Commercial Code (UCC) can be applied to help you win a quiet title or wrongful foreclosure lawsuit click here: https://www.fraudstoppers.org/fraud-stoppers-secrets-winning-quiet-title-wrongful-foreclosure-lawsuit/

 

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If you are in foreclosure or you have lost your home to foreclosure and you want to sue for mortgage fraud or foreclosure fraud, FRAUD STOPPERS PMA can help you save time and money, and increase your odds of success, with a court ready Quiet Title or Wrongful Foreclosure lawsuit package. If you have received a Notice of Default (NOD) or a Foreclosure Notice (Foreclosure Complaint) and you want to know how to respond to the Notice of Default (NOD) or a Foreclosure Notice (Foreclosure Complaint) call FRAUD STOPPERS PMA today because our prove system can help you fight to save your home from foreclosure fraud and/or mortgage fraud. Our court ready Quiet Title Lawsuit Package or Wrongful Foreclosure Lawsuit Packages includes a turnkey complaint (petition for damages), Bloomberg Securitization Audit, Expert Witness Affidavit, Application for Temporary Restraining Order (to stop a foreclosure sale or stop an eviction), Lis Pendens (to cloud the marketability of the title to the real property), and Pro Se education material that can show you how to win a Quiet Title Lawsuit or win a Wrongful Foreclosure Lawsuit. This entire court ready Quiet Title Lawsuit Package or Wrongful Foreclosure Lawsuit Package is only $1495 and can help you save thousands of dollars in legal fees and help you increase your odds of success. For payment options or more information on this court ready Quiet Title Lawsuit Package or Wrongful Foreclosure Lawsuit Package please contact FRAUD STOPPERS PMA today at 844.372.8378 or open a case file for a Free Mortgage Fraud Analysis and Bloomberg Securitization Search to see if your current mortgage loan situation qualifies for a Quiet Title or Wrongful Foreclosure lawsuit here: https://www.fraudstoppers.org/free-mortgage-fraud-analysis/