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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

 
     
 

Foreclosure

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GreenPath and Homeownership Preservation Foundation Helps COVID-19 Affected Homeowners …

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Mortgage Fraud Daily NEWS update ⋅ February 19, 2021

 
     
 

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FormFree’s Expanded Income and Employment Verification Covers 85% of Working Americans

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).

 

 

 

 

 

 

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