Why You Need to be Thinking About GAAP

by Neil Garfield

For 15 years I have tried to get CPA auditors to enter the field of expert witnesses against the investment banks. While some have nibbled at the line, none have taken the bait or come on board. So homeowners and their lawyers must familiarise themselves with some basic accounting concepts to avoid the many trap doors and pitfalls the investment banks have set for them.

The premise here is that nobody has maintained a loan account receivable on any accounting ledger. That would be the account where debits and credits are posted, resulting in an adjustment of the value of the account. That is, in other words, the place where the loan can be found. That is the only place. Litigants have been mucking up their requests for information by asking for the wrong things. The simple truth is that the loan no longer exists on any accounting ledger.

 

There is only one way an entry is made on any ledger — a transaction has occurred and the ledger shows the debit from one account and a credit to another account. Each transaction has a paper trail usually starting with receipt or payment of money. So there is a wire transfer receipt, ACH receipt, or canceled check that will prove the payment along with some bill of sale or other documents describing the transaction in which a third party has agreed to the terms. This is how auditors prove up the financial statements that are published or used for loans, shareholders etc.

Auditors do not use the published statements from management. they look at the ledgers. And it is in the ledgers that virtually all foreclosures fail because there is no debt, there is no owner and there is no authority to administer, collect or enforce the “debt” that seemed to have been previously created — no matter how crazy or counter-intuitive that seems to be.

The rules for accounting are well-established over centuries and while there are tricks and gambits played by management, the basic rules have been in place for millennia. The application of those rules is now law adopted in all U.S. jurisdictions. And the short name for it is GAAP (Generally Accepted Accounting Principles).

GAAP are those principles recognized by the accounting profession and the SEC as the uniform rules, conventions, and procedures necessary to define accepted accounting practices at a particular time. GAAP principles are the official standards accepted by the SEC and promulgated in part by the American Institute of Certified Public Accountants (“AICPA”).

 

SEC Regulation S-X (17 C.F.R. § 210.4-01(a)(1)) states that financial statements filed with the SEC that are not prepared in compliance with GAAP are presumed to be misleading or inaccurate, despite footnote or other disclosures. SEC Regulation S-X requires that interim financial statements must also comply with GAAP, with the exception that interim financial statements need not include disclosures that would be duplicative of disclosures accompanying the most recent annual financial statements. 17 C.F.R. § 210.10-01(a)(5). Additionally, SEC registrants are required under SEC rules to maintain sufficient systems of internal controls to ensure fair reporting in conformity with GAAP. PA. Public School Employee Retuirement System vs. Bank of America see yesterday’s post for copy of complaint.

That is the law and no amount of argument can escape the simple fact that if someone is claiming an unpaid loan, it must exist.

It is under these laws that investors sue companies who gave them false information, that bankers charge bank fraud and that homeowners can claim and establish that their opposition in foreclosure has failed and refused to respond to statutory requests for information (QWR under RESPA and DVL under FDCPA), proper and timely discovery requests, Court orders requiring the response, and even grace periods for purging themselves of contempt.

 

They can’t respond because their clients won’t let them. And their clients (investment banks acting through intermediaries like purported “subservicers”), won’t let them because to respond truthfully would be to admit there was no claim.

The rules work simply after that. The entire premise of every foreclosure is the collection of a debt that is presumed to be owned by the claimant and which is unpaid and therefore causing the claimant to be damaged. Without the loan account receivable on a proper accounting ledger there can be no such claim and there isn’t. This is why the “Creditor” is never identified.

 

 

 

     
 

Foreclosure Daily News update ⋅ February 19, 2021

 
     
 

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Mortgage Fraud Daily NEWS update ⋅ February 19, 2021

 
     
 

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Lompoc Record

As the pioneer of the mortgage industry’s first truly automated verification of … pay (ATP) and mitigates risks associated with human error and document fraud. … “Mortgage lenders have been longing for an income and employment …

     
 
 

Lengthy postponement in Free State asbestos tender fraud case

TimesLIVE

It will be a lengthy wait before ANC secretary-general and former Free State premier Ace Magashule and his co-accused confirm or deny their …

     
 
 

Facebook, Google, Twitter CEOs will testify about misinformation before US Congress

Financial Post

“Whether it be falsehoods about the COVID-19 vaccine or debunked claims of election fraud, these online platforms have allowed misinformation to …

     
 
 

Plex begins beta testing integration with Apple’s TV app

9to5Mac

… send you notifications, and prevent fraud. The integration does not appear to be fully rolled out just yet. Sigmon reports that content he has stored on …

     
 
 

House Democrats want to raise another $1.2 trillion in taxes on the wealthy just by auditing them …

Business Insider

And increasing penalties on millionaires who put false information on their tax returns. Khanna’s bill could prove less controversial than proposals from …

     
 
 

Best free web hosting in 2021: Cheap gets expensive fast

ZDNet

… Some operators make money by selling link farms to spammers, or to sites hyping gambling or drugs, or to online scammers, or worse. Your site …

     
 
 

Telekom Slovenije reports 60% increase in cyber-attacks in 2020

Telecompaper

Also on the increase were targeted attacks on selected companies, by circumventing security mechanisms, as well as CEO fraud.

     
 
 

Financial Expert Marion G. Cuff, CFS®: Understanding Your Credit Report

The Pike County Courier

… especially for something significant like a mortgage, you’ll want to get and … Your report is inaccurate because of fraud, including identity theft Visit …

     
 
 

Why explainability is key to success in machine learning

The Paypers

We’ve come a long way from the old days of fraud prevention. … With ML used today in everything from mortgage application approvals to police facial …

     
 
 

Volume of loans granted could have “devastating” impact on traditional lending

Mortgage Introducer

The majority of commercial mortgage brokers think that it is unlikely banks and non-bank lenders will be able to meet the future needs of SMEs for a …

     
 
 

Natti Natasha pregnant: Who is the father of her baby, Raphy Pina?

Monsters and Critics

He has a previous felony conviction for mortgage fraud to which he pled guilty in 2016. Used for the like, share, comment, and reaction icons …

     
 
 

Attorney in Ace Magashule’s office when he was premier now in dock too

TimesLIVE

The three people who have been added to the asbestos fraud and corruption case have been named. They are Nozipho Molikoe, chief financial officer …

     
 
 

NatWest issues vital scam warning on passwords – ‘don’t make it easy for criminals!’

Daily Express

This time around, Jason Costain, Head of Fraud Prevention at NatWest sat down … Mortgage warning: SEISS is ‘red flag’ – impact of furlough & SEISS …

     
 
 

Google Stadia hit with class-action lawsuit over 4K game quality

MobileSyrup

“Google has done nothing to correct the false information concerning the power and resolution of the games available on Stadia and does not disclose …

     
 
 

Robinhood CEO calls on SEC to revise ‘outdated’ trading rules

Cointelegraph

… or other interests to the detriment of their customers is “absolutely false and market-distorting rhetoric.” Robinhood’s GameStop saga started on Jan.

     
 
 

Scientists are using AI to create artificial human genetic code

Digital Trends

Eventually, the generator is so good at creating fake versions of whatever it is attempting that the discriminator can be fooled. It’s no longer able to …

     
 
 

Jury convicts chef who made up kidnap story after skipping work

Swindon Advertiser

The 36-year-old denied perverting the course of justice and fraud by false representation. But jurors at Swindon … By October 2017, he was working in a Wanborough pub and struggling to pay his mortgage. He received news a …

     
 
 

‘Flip flopping’ & ice to cool down: Inside Mbuyiseni Ndlozi & Redi Tlhabi’s spicy exchange

TimesLIVE

Here is the fearless Ausi @RediTlhabi qualifying her condemnation of an instance of racist, fake, abusive & idiotic journalism. Truly heartbreaking …

     
 
     
 

Risk Management, QA and Fraud Prevention Forum | Mortgage Bankers Association

Mortgage Bankers Association

Risk Management, QA and Fraud Prevention Forum. Sep 19 – 21, 2021. JW Marriott Phoenix Desert Ridge Resort & Spa, Phoenix, AZ.

     
 
 

Fraud Analyst Job in Fuquay-Varina, NC at Right By You Mortgage Member FDIC – ZipRecruiter

ZipRecruiter

Easy 1-Click Apply (RIGHT BY YOU MORTGAGE MEMBER FDIC) Fraud Analyst job in Fuquay-Varina, NC. View job description, responsibilities and …

     
 

 

 

     
 

 

 
 

 

 
 

Crime Stoppers: Wanted Person of the Week

Fox 56

All of them related to theft by deception and theft of identity. If you know where Winfield is, Crime Stoppers wants to hear from you. Call the tip line at …

 

 

 

 
 

SD&G OPP investigate and warn of romance scam

The Review Newspaper

… of the Romance Scam, contact your local police service. You can also file a complaint through the Canadian Anti-Fraud Centre, Crime Stoppers at …

 

 

 

 
 

Police charge man in major fraud investigation

Mirage News

A 52-year-old man has been charged with 23 fraud offences as part of a … You can report information about crime anonymously to Crime Stoppers, …

 

 

 

 
 

South Dundas resident loses $45K to romance scam

Cornwall Seaway News

South Dundas resident loses $45K to romance scam … complaint through the Canadian Anti-Fraud Centre, Crime Stoppers at 1-800-222-8477 (TIPS), …

 

 

 

 
 

CRIME STOPPERS: Kamloops Wanted — February 18, 2021

CFJC Today Kamloops

Fraud x 9. Theft Under $5,000 x 3. ——. If you have any information on the whereabouts of these individuals, call Crime Stoppers at 1 (800) 222-8477.

 

 

 

 
 

South Dundas resident conned out of almost $45K via online dating site

Nation Valley News

“Recognize, Reject and Report Fraud,” police say. You can also file a complaint through the Canadian Anti-Fraud Centre, Crime Stoppers at …

 

 

 

 
 

SD&G OPP investigate reports of CRA scam

The Review Newspaper

SD&G OPP investigate reports of CRA scam … OPP at 1-888-310-1122 or Seaway Valley Crime Stoppers at 1-800-222-TIPS(8477) or you can submit …

 

 

 

 
 

Man facing charges after Durham police uncover counterfeit ID lab in Brampton

durhamradionews.com

Anyone with information about this incident is asked to call D/Cst. Smith at 1-888-579-1520 ext. 5281, or Crime Stoppers at 1-800-222-8477 (TIPS).

 

 

 

 

 

 

Now You Can Unlock the Power of Justice and the Rule of Law with FRAUD STOPPERS

 

Are you tired of being a victim of financial fraud, seeking the justice and legal remedy you deserve? Look no further – FRAUD STOPPERS is here to empower you with the comprehensive tools and support necessary for success. With a wide range of services tailored to your needs, we are your ultimate ally in the fight against fraud.

FRAUD STOPPERS Arsenal of Solutions includes but is not limited to:

  1. Audits & Investigations: Our team of skilled professionals will meticulously analyze your case, leaving no stone unturned in uncovering the truth. We employ cutting-edge techniques and resources to expose the fraud and gather irrefutable evidence. We are the only organization (to our knowledge) that can provide you with a Full Level 4 Bloomberg Securitization Audit and all the loan level data and trust information for all Government Sponsored Loans (GSE’s) and loan placed in private trust (shipped off shores) that do not report to the Securities and Exchange Commission (SEC).
  1. Expert Witness Affidavits & Testimony: Our network of esteemed experts will provide compelling affidavits and testify on your behalf, lending credibility and authority to your case. Their specialized knowledge and experience will strengthen your position in the legal battle.
  1. Turnkey Litigation Packages: We understand that navigating the complex legal landscape can be overwhelming. That's why we offer comprehensive litigation packages, equipped with all the necessary documents and strategies to mount a strong defense against fraudsters.
  1. Professional Paralegal Support: Our dedicated paralegals are committed to assisting you every step of the way. They will guide you through the process, offer invaluable insights, and provide crucial administrative support to ensure your case is well-prepared.
  1. Nationwide Attorney Networks: We have established a vast network of highly skilled attorneys across the country who specialize in fraud cases. Rest assured, you will be connected with a trusted legal expert who is passionate about seeking justice on your behalf.
  1. Legal Education and Training: At FRAUD STOPPERS, we believe that knowledge is power. That's why we provide comprehensive legal education and training resources, empowering you to understand your rights, navigate the legal system, and make informed decisions throughout your case.
  1. Debt Settlement Negotiations: Our experienced negotiators will engage with creditors on your behalf, striving to reach favorable debt settlement agreements. We will advocate for your interests, aiming to alleviate the financial burden caused by fraud.
  1. Private Lending: If you require financial assistance to support your legal battle, our private lending options can provide the necessary funding. Our trusted lending partners offer competitive rates and flexible terms, ensuring you have the resources to fight for justice.

 

And much more! Save Time, Money, and Increase Your Odds of Success with FRAUD STOPPERS' Proven Products and Programs

If you're serious about getting the legal remedy you deserve, FRAUD STOPPERS has everything you need to succeed while saving time, money, and increasing your odds of success. Our comprehensive range of proven products and programs is designed to streamline the process, maximize efficiency, and deliver results.

Time is of the essence when it comes to combating fraud, and we understand the importance of expediting your case. With our expertise and resources, we can minimize delays and ensure efficient progress. By leveraging our extensive experience in fraud investigations and legal strategies, you can navigate the complexities of the legal system with confidence, saving valuable time in the process.

We also recognize the financial burden that fraud can impose, and we are committed to providing cost-effective solutions. Our competitive rates for services, private lending options, and expert negotiation skills can help you save money while maximizing the value you receive. Rest assured that we strive to optimize your resources, enabling you to fight fraud without breaking the bank.

Partnering with FRAUD STOPPERS significantly increases your odds of success. Our proven track record and extensive network of experienced professionals ensure that you have the best possible resources at your disposal. From expert witness testimonies to strategic litigation packages and effective debt settlement negotiations, our carefully curated products and programs have a track record of achieving favorable outcomes. With FRAUD STOPPERS by your side, you can maximize your chances of holding fraudsters accountable and obtaining the justice you deserve.

By choosing FRAUD STOPPERS, you can save time, save money, and increase your odds of success. Our proven products and programs, combined with our commitment to your cause, empower you to reclaim your future. Take the first step towards justice by completing the form below.

Remember, with FRAUD STOPPERS, you have a trusted partner dedicated to saving you time, money, and increasing your chances of success. Let us fight by your side and help you put an end to fraud once and for all.

Our commitment to your success knows no bounds. We are constantly expanding our services and partnerships to provide you with the most effective tools in the fight against fraud.

Ready to get started?

Simply complete the form below to begin your journey towards justice. Once submitted, check your email inbox or email spam folder for detailed instructions on how to move your file forward.

Remember, you don't have to face fraud alone – FRAUD STOPPERS is here to champion your cause and bring you the justice you deserve.

Join us in the battle against fraud today!

After submission, check your email inbox or spam folder for detailed instructions on how to move your file forward to get the legal remedy you seek and deserve.

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Phone & Fax: 800-459-1215

Email

info@fraudstoppers.org

Hours: 24/7/365

 

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THIS SITE IS NOT INTENDED TO BE MISCONSTRUED AS LEGAL ADVICE. FRAUD STOPPERS is a Private Members Association PMA. FRAUD STOPPERS PMA is NOT a law firm, non-profit organization, or government agency.  FRAUD STOPPERS PMA does not operate in the public sector. Although this website is visible to the public  FRAUD STOPPERS PMA does not intend for any information contained in this website to be considered as legal advise.

The information about Foreclosure law and other legal information provided on this website does not, and is not intended to, constitute legal advice; instead, all information, content, and materials available on this site are for general informational purposes only.  Information on this website may not constitute the most up-to-date legal or other information.  This website contains links to other third-party websites.  Such links are only for the convenience of the reader, user or browser; FRAUD STOPPERS and its members do not recommend or endorse the contents of the third-party sites.

Readers of this website should contact their attorney to obtain advice with respect to any particular legal matter.  No reader, user, or browser of this site should act or refrain from acting on the basis of information on this site without first seeking legal advice from counsel in the relevant jurisdiction.  Only your individual attorney can provide assurances that the information contained herein – and your interpretation of it – is applicable or appropriate to your particular situation.  Use of, and access to, this website or any of the links or resources contained within the site do not create an attorney-client relationship between the reader, user, or browser and website authors, contributors, contributing law firms, or committee members and their respective employers. This site provides “information” about the law and is only designed to help users safely cope with their own legal needs. But legal information is not the same as legal advice — the application of law to an individual’s specific circumstances.

The views expressed at, or through, this site are those of the individual authors writing in their individual capacities only – not those of their respective employers, FRAUD STOPPERS, or committee/task force as a whole.  All liability with respect to actions taken or not taken based on the contents of this site are hereby expressly disclaimed.  The content on this posting is provided “as is;” no representations are made that the content is error-free.

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