Quiet Title Actions, Multiple Scenarios and Suspected Court Overreach

Deadly Clear May 3 Reblogged from Clouded Titles Blog: (BREAKING NEWS, OP-ED) — The author of this post is a paralegal and trial consultant to attorneys on chain of title issues. The article is designed to educate and is not to be construed as legal advice or to attempt to draw any legal conclusions of law. A Supreme Court of Iowa case came into my inbox this morning and after reading its 14 pages, it became a relevant topic for discussion here. Read more… 977 more words Excellent post. Yes, homeowners need education! Homeowners are waking up as 2020 election fraud tactics using patented computer algorithms, bribed politicians and judges, forged ballots and stuffed ballot boxes mirrors foreclosure fraud in so many ways. It’s not hard for a homeowner facing foreclosure to understand how rigged and corrupt the entire system had become. Just like school loans (ARS), mortgages (MBS) were UNREGULATED DERIVATIVES that need to be wiped entirely off the books because of the swamped fraud and corruption for which they were created.

 

Mortgage Fraud Daily News Update ⋅ May 10, 2022
NEWS
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COVID-19 relief fraud led to billions in taxpayer-funded Paycheck Protection Program loans lost Fox Business Horowitz said there are major areas where the government failed to initially enact safeguards against fraud in the PPP loan program.
Homebuyer gets fake email from her ‘attorney’ - Lexington Herald Leader Lexington Herald Leader How to prepare for a mortgage loan … continues to be competitive, officials urge people to be cautious of scams tied to mortgage closings.
Georgia Governor Signs New Mortgage Licensing Law National Mortgage Professional … no felons could work for a company originating mortgages in the state, … “Georgia had historically been challenged by rampant mortgage fraud …
Bloomsburg Man Sentenced To 18 Months Of Imprisonment For $430,000 Fraud Scheme … Department of Justice … including use of the funds for employee payroll, mortgage interest, … Over $350,000 of the fraudulent proceeds was used to purchase Bitcoins …
Caliber Home Loans says competitor raided over 80 employees | National Mortgage News National Mortgage News Fraud experts are concerned that credit washing, in which borrowers make false claims about being victims of identity theft, is making its way into …
More homebuyers opt for adjustable-rate mortgages, along with the risks - NBC News NBC News Amid rising interest rates and record home prices, more homebuyers are opting for adjustable-rate mortgages. Are they worth the risk?
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The current challenges to increasing the homeownership gap - HousingWire HousingWire The extent of the mortgage-fraud problem and its national reach can be gleaned from DOJ press releases. When will housing inventory recover? Finance …
What Is A Pyramid Scheme? – Forbes Advisor Forbes Similarly to MLMs and Ponzi schemes, a pyramid scheme is an illegal financial scam masquerading as a legitimate business.
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3 convicted in $20M California drug treatment fraud scheme - Times Union Times Union Employees also submitted fraudulent documents and forged students’ signatures to falsely show they had attended counseling sessions, then billed the …
Laxalt, Brown clash over voter fraud in GOP Senate race - Times Union Times Union RENO, Nev. (AP) — Republican Senate hopefuls Adam Laxalt and Sam Brown clashed Monday…
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Philly cheesesteak shop founder, son plead in tax fraud case - Seattle PI Seattle PI Philly cheesesteak shop founder, son plead in tax fraud case. May 9, 2022 … Local News Home and mortgage prices in Seattle are up, but so is.
Obituary and funeral service: Arnold D. Wallace, 91, of Loganville - Monroe Local News Monroe Local News … another complains family is looking at him strange · Fraud Alert: GBI Makes Arrest in Mortgage Closing fraud investigation.
IIPR Investors Have Opportunity to Lead Innovative Industrial Properties, Inc. Securities … - Benzinga Benzinga … announces that investors with substantial losses have opportunity to lead the securities fraud class action lawsuit against Innovative Industrial.
Judge Peter Zahra dies after suffering a stroke, days into fraud trial of Guy Sebastian’s ex-manager ABC As ordinary Australians racked up huge mortgage debt, the ‘big four’ banks reaped $14.4b in profits. Graphic of Australian Bank logos on houses …
Architectural Interior Millwork seeks staff for its new facility in Monroe – Your Local News Monroe Local News … Fraud Alert: GBI Makes Arrest in Mortgage Closing fraud investigation · UPDATE: Lawrenceville man arrested after weekend shooting at Target in …
Commercial Payments Fraud and Fraud Prevention Strategies Report 2022: The Impact of … Benzinga Dublin, May 10, 2022 (GLOBE NEWSWIRE) — The “The Cost of Fraud: B2B Payments Experience 10% Increase During the Pandemic” report has been added …
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Pixalate introduces next generation patented IPv6-enabled Ad Fraud protection API … - Benzinga Benzinga LONDON and PALO ALTO, Calif., May 9, 2022 /PRNewswire/ — Pixalate, the global market-leading fraud protection, privacy, and compliance analytics …
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Student Loan Debt Could Top $3 Trillion – Here’s One Reason Why | GOBankingRates GOBankingRates Student loan forgiveness has been in the news spotlight for two years. … Loan Forgiveness Scams on the Rise — Avoid Being a Victim of Fraud.
3 convicted in $20M California drug treatment fraud scheme | AM 870 The ANSWER AM 870 The ANSWER LOS ANGELES (AP) — Three people have been convicted in scheme to bilk California’s Medi-Cal system out of nearly $20 million by submitting phony …
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Lawyer disbarred years after GTA clients lost $7.7M in syndicated mortgages | CBC News CBC In a syndicated mortgage a borrower — in this case Black Bear Homes … Fraser was previously convicted of 28 counts of fraud over $5,000 in 2008 …
FRAUD STOPPERS Daily News Update ⋅ May 10, 2022
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Former UK employee falsely spent over $250000, facing charges of theft and fraud - WDKY WDKY According to a 2020 internal audit, Carpenter was said to have spent nearly $243000 on 84 phones, 55 MacBooks, and 22 iPads from April 2017 …
Laxalt, Brown clash over voter fraud in NV’s GOP Senate race - Midland Reporter-Telegram Midland Reporter-Telegram He said Laxalt failed Nevadans by failing to investigate voter fraud when he was … Cold Case: Crime Stoppers continue search for missing woman.
Man wanted by LSP for automobile insurance fraud - BRProud.com BRProud.com Anyone with information is urged to contact Crime Stoppers at … Man wanted by State Police on an automobile insurance policies fraud charge.
Gunman Kills NYPD Employee, Shoots Neighbor Who Came to Check on Her: Cops - NBC New York NBC New York Queensgun violenceCRIME STOPPERSshootingRidgewood · Fraud: The Crime You Pay For … Promoted By New York Alliance Against Insurance Fraud …
Vehicle leads Shawano County deputies on a chase | Crime & Courts | waow.com WAOW New information released as Amber Alert continues for Major Harris. Updated Oct 19, 2021. Marathon Co. Crime Stoppers: Theft and credit card fraud.
City of Ottawa recovers stolen $558000 after fraud scheme involving Salvation Army - CKPGToday.ca CKPGToday.ca OTTAWA — The City of Ottawa’s treasurer says the municipality has recovered more than half a million dollars it lost in a fraud scheme carried out …

 

Crime Stoppers seeking info on theft and credit card fraud - NewsBreak NewsBreak … Champaign County Crime Stoppers is seeking assistance from the public regarding a theft and credit card fraud that happened on April 24.

 

foreclosure Daily News Update ⋅ May 9, 2022
NEWS
Brooklyn’s Iconic Bossert Hotel on Verge of Foreclosure - The Real Deal The Real Deal Brooklyn’s iconic Bossert Hotel facing foreclosure. Once cheered as the “Waldorf-Astoria of Brooklyn,” Brooklyn Heights landmark remains closed.
Massachusetts grandmother lost her savings to tax foreclosure law | The Hill The Hill Lawsuits in various states challenge the constitutionality of predatory tax foreclosures as government-sponsored home equity theft. When Deborah Foss, … Foreclosure Actions in New York: Obtaining a Foreclosure Judgment | Practical Law - Westlaw - Westlaw Information about the Legal System - Foreclosure Prevention - Consumer and Debt - Legal Aid Services of Oklahoma Local Courts - The Legal System - Foreclosure Prevention - Consumer and Debt - Legal Aid Services of Oklahoma Full Coverage
County tax auction to primarily be online | News, Sports, Jobs - Observer Today Observer Today For the first time, the Chautauqua County Tax Foreclosure Auction will primarily be online. During the Chautauqua County Land Bank Corp. meeting … - jocosheriff.org Foreclosure and Personal bankruptcy - What Each and every Person Experiencing … - Procommun - Procommun bpi foreclosed properties philippines 2022. Foreclosure-Rizal April 20, 2022 Bank foreclosed … - tl-zeltverleih.de Full Coverage
Mortgage Delinquencies Hit Lowest Level Since Q4 2019 - RISMedia RISMedia The foreclosure starts rate remains below the quarterly average of 0.41 percent dating back to 1979. The non-seasonally adjusted seriously delinquent …
U.S. Mortgage Delinquency Rate Dips in Q1 - WORLD PROPERTY JOURNAL Global News Center World Property Journal The expiration of pandemic-related foreclosure moratoriums led to a modest increase in foreclosure starts from the record lows maintained over the …
Cash home sales increase in D.C. - Axios Washington D.C. Axios That’s the highest level we’ve seen since the post-crisis years when a lot of home sales were foreclosures, Salmon writes. nqpj - kennelcrew.ru Full Coverage
Tax errors took everything from a disabled Charlotte woman and left her sleeping in a parking deck Charlotte Observer Instead, the foreclosure sale — and Ryan’s removal from her home five months later — capped off a period in which every legal safeguard designed …
Erie County land bank breathing new life into vacant, dilapidated properties in Western New York WGRZ The group deals with issues of vacancy, blight, and abandonment by acquiring properties, mostly through tax foreclosure sales. Foreclosure Cleanout Services in NYC - Junk Removal in Brooklyn, Queens, Bronx, and NYC - Just Rubbish Removal Full Coverage
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First Financial Bank vs William Talaber | Legal Ads | sullivan-times.com Sullivan Daily Times The nature of the suit is the foreclosure of a mortgage upon the property located in Sullivan County at 735 South Section Street, Sullivan, IN, …
Home sales plummet, foreclosed property in New York: Evergrande update The Bharat Express News Home sales plummet, foreclosed property in New York: Evergrande update … (Bloomberg) – Sales of new homes in 23 major Chinese cities fell 33% by area …
WOCAP names assistance programs - Delphos Herald Delphos Herald Foreclosure Prevention. • Predatory Lending Prevention. Classes will be held from 1-4 p.m. June 7, 8, 14 and 15 and from 10 a.m. to 1 p.m. July 12 …
Newburgh seeks ‘innovative’ developer to reimagine an eyesore at its West End gateway Times Herald-Record When remediation is finished, the city plans to complete the tax foreclosure process. The property’s title would then be transferred to the new …
The Housing Market Is Passing an Inflection Point This Spring, on the Way to More Balanced … Zillow That keeps people’s current bills affordable, and will prevent a foreclosure wave like the one that helped cause the housing market to spin out of …
Stockton, Winterport to collaborate on broadband - Waldo County VillageSoup Republican Journal The Select Board granted two taxpayer foreclosure requests involving properties that recently were foreclosed upon; the owners have come up with …
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Mortgage Fraud Daily News Update ⋅ May 9, 2022
NEWS
Credit washing creeps into the mortgage space National Mortgage News Fraud experts are concerned that credit washing, in which borrowers make false claims about being victims of identity theft, is making its way …
Hild awaits judge’s ruling after lawyers spar over acquittal or new trial - Richmond BizSense Richmond BizSense Michael Hild, who was found guilty of fraud, is seeking acquittal or a new … at his now-defunct Chesterfield mortgage firm Live Well Financial, … Find Top Marble Falls, TX Civil Mortgage Loan Fraud Lawyers Near You | LawInfo Attorney Directory - LawInfo Find Top Hayden, AL Civil Mortgage Loan Fraud Lawyers Near You | LawInfo Attorney Directory - LawInfo Full Coverage
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Use of ‘Bank of Mum and Dad’ doubles since 90s, YouGov poll finds - Mortgage Finance Gazette Mortgage Finance Gazette … their parents as ever-increasing up-front sums required for a mortgage are unachievable for many, according to the latest data from YouGov.
Average two-year fixes break 3% for first time since 2015 | Financial Reporter Financial Reporter Average mortgage rates continue to increase against a backdrop of rising energy bills and price rises on the high street. MLO Exam - Chapter 6 - Ethics Flashcards | Chegg.com - Chegg Full Coverage
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MERS and the problem of false agency

Posted on April 19, 2022 by Neil Garfield

Since the beginning of this century, The initial transaction with homeowners was the product of multiple layers of paperwork, most of which were neither identified nor accessed by consumers or their professional advisers.

Here is the deal:

As was typical during the “securitization” era, the application for a loan is received as the commencement of the transaction. It is not the “closing.”

From your perspective, you asked for a loan, and you were given false paperwork for you to read and sign. From the perspective of the disclosed counterparty to your transaction, the originator was merely paid a fee for the service of selling the transaction to you as a “loan.”

The funding for your transaction is an elaborate scheme unto itself. Once the paperwork is completed by the investment bank, the investment bank borrows the amount of money needed to pay homeowners at or near the time of closing. There is frequently a waiting period after what the homeowners perceive as a loan closing. This is the final check to make sure that there are not multiple entities named as Plaintiffs or beneficiaries on mortgages and deeds of trust respectively.

The loan from, for example, Credit Suisse, is collateralized by the impending sale of certificates to investors. The certificates do NOT represent any status as beneficiaries of a trust nor any status as a creditor to whom the homeowners ‘payments set forth on the homeowners’ note are payable.

Payments of money to the investors are discretionary but they usually are made by the investment bank regardless of whether or not any homeowner makes a scheduled payment on the schedule described in the promissory note issued by the homeowner. Investors were sold and contractually accepted the idea that they and no right, title or interest to any homeowner payment, legal debt, underlying obligation, note, or mortgage (or deed of trust).

So investors are paid not by homeowners but by various undisclosed intermediaries who have access to the funds paid by homeowners and access the funds generated by sales of certificates that are frequently mislabeled as Mortgage-Backed Securities. The fact the payments are frequently made as “Servicer advances” (as though the money came from companies who were named as “servicers” is the foundation for framing this deal — taken as a whole — as at least part of the PONZI scheme.

The sale of the certificates pays back the loan to Credit Suisse, plus a fairly large (e.g. 30%) profit partly directly arising from a yield spread premium (the difference between the amount of money paid by investors for unsecured IOUs from the investment bank and the amount paid to homeowners. Additional money is generated as the proceeds or revenue of either sale of the additional derivatives securities created and issued by the investment bank.

The problem for laypeople or even lawyers is that there is a choice between whether to analyze your transaction from the perspective of what you were seeking or whether to analyze the group of transactions from the perspective of the securitization scheme, without which there would have been no homeowner transaction. The consensus in the media and courtrooms is to simply analyze the transaction from the perspective of what the consumer wanted when he or she applied for a loan, regardless of where that is an accurate description of the transaction.

Contemporaneously with the origination of the transaction, several things are happening. In broad strokes, they are divided into the money trail and the paper trail. In the paper trail, none of the documents correctly identify or describe a transaction much less “memorialize” any transaction. Because everyone has received all the money they intended from participation in the “securitization” scheme the essential ingredient of a loan account receivable is eliminated thereby making nobody the “lender.”

Simply stated, since there isn’t anyone who maintains any record on the accounting ledger of an account receivable owed by you, there is no creditor. Nonetheless, in order for the securitization scheme to work (justifying more sales of certificates and other derivatives to investors), it must appear as though (a) an underlying obligation is created, owed to a specifically named lender and (b) that it has been transferred to a named business entity with caveats on the sale — namely that there is no warranty of title to the claims against homeowners.

When the origination cycle is complete, the status of the transaction is that there is no counterparty who has a stake in the viability or success of that transaction because nobody loses money if the homeowner does not make a scheduled payment — one that I maintain is simply not due to anyone. The absence of a lender — and all that entails under law — means there is no loan. The finance side of the transaction knows this but sets out to create a false paper trail to make it seem like “this is a standard mortgage loan” or ” this is standard foreclosure action.”

The financial community in coordination with lawyers willing to play the “game” used strategies and tactics to not only make it appear that the transaction was a loan but to actually have the court presume that the transaction was a loan and that the complaining party has hired counsel to seek a remedy. The status of such claims is always this: there is no obligation, loan account, or other claims for money allegedly due from the homeowner.

The primary tactic utilized by the financial community is the volume of paperwork. the thicker the pile of paperwork the more likely it is that a layperson sitting on the bench, will conclude that the transaction was real as a “loan.” And that is why we witnessed the birth of a major industry — creating false, fabricated, backdated documentation making it appear that several brand name institutions were trading, purchasing, and selling the “loans”. In reality, no such transactions existed, but the paperwork said the t transactions had occurred.

Considerable effort and coordination were devised by the financial sector to mislead the court system and they did so successfully in most cases. But even a casual look at your chain of title for the mortgage or deed of trust reveals inconsistencies in the paperwork especially when one realizes that the signature block one each document is on behalf of entities that (a) don’t exist at all, (b) exist but are irrelevant to the transaction and (c) are unclear from the face of the document.

Your case is almost certainly closely aligned with the typical playbook of strategies and tactics. Examining the document assignment of mortgage you find what is typical:

No consideration. the law requires that value be paid by the claimant before it can file suit to enforce the claim. But that law does not impact the ability of the foreclosure players to make false claims of authority to administer, collect or enforce in correspondence, notices, and statements.
“Corrective instruments” that correct nothing in order to establish more paper volume.
Execution of assignment by a business entity that has no right, title or interest in the alleged obligation. For example, MERS is used to launder titles.

People from FINTECH companies regularly access the main servers that are maintained by MERS for the sole purpose of getting themselves automatically appointed, without board resolution, as an officer of MERS.
MERS always is described as the nominee for the specifically named “lender” who is just an originator selling a financial product as described above. MERS is used as a cover-up. It effectively hides the title gap in plain sight.

The execution of an assignment or corrective assignment presumes that it is acting as an agent for whoever is currently named as the current claimant, beneficiary, or Plaintiff. But no such agency exists in fact or at law.
The execution of a security instrument (mortgage or loan) by a self-proclaimed “servicer” (which performs no servicing duties with respect to receipts data processing and disbursement of money from homeowners) on behalf of a new entity appointed to be the claimant, beneficiary or Plaintiff. But the execution of the assignment by MERS on behalf of Countrywide after the collapse of countrywide. it does not exist.
And Bank of America did not acquire any ownership interest in any homeowner transactions because countrywide didn’t own any such interest.

So while Bank of America was a successor to Countrywide, the foreclosure team is relying on appearances — in order to get the court to presume that the merger created a transfer of the ownership of the unpaid nonexistent loan account receivable of the mortgage rights from Countrywide as originator to Bank of America.

In such mergers, there is no Mortgage Loan Schedule, nor any written assignment of mortgage. Since the law requires the assignment, the presumption that the transfer could occur without an assignment of mortgage is erroneous. But that fact will not stop foreclosure unless it is aggressively contested.
The document is supposedly executed by someone calling themselves an “assistant secretary.” But note that it does not say that the signor was the assistant sectary of MERS.

Every time there is mention of MERS it includes the phrase “its successors and assigns” such that it is unclear from the grammar utilized whether there is a successor to MERS or a successor for the principal in the agency agreement between MERS and the originator (Countrywide in this scenario).
But there is no succession to either one unless (a) someone bought or merged with MERS or (b) someone bought loan accounts receivable from Countrywide. Such a sale would’ve been impossible because, by the time of the merger, Countrywide had only reserved “servicing rights” which really only meant the claim to receive “servicer advances” upon liquidation of a foreclosed property. So there is no MERS successor and there is no Countrywide successor as it relates to either the actual pr presumed transfer of the alleged underlying obligation.

Any endorsements are undated. Under current law, this means that parole evidence must be offered to prove that the promissory note was transferred and delivered to the party named as claimant, beneficiary, or Plaintiff.
Documents requiring the signature of the homeowner are in most cases completely fabricated even if the homeowner did sign similar documents. This has been sued to change the fact relevant to execution and delivery of the promissory note that in approximately 95% of all cases is destroyed within days of the time of closing that transaction with the homeowner.

This becomes clearer when the homeowner is able to lay hands on the original note at least as an original, and when the original note contains coloration of signature or other marks that do not appear on the refabricated note made by electronic manipulation of images.

The foreclosure mill will often utilize such fabricated documents even when they contain glaring facially invalid errors. For example, where a parent was the owner of the property and signed the “mortgage” paperwork, the instructions received by the law firm are turned into correspondence, notes, statements, and pleadings that reflect the grantors under a deed of trust or the mortgagors under a mortgage instrument become the heirs or successors to liability under the note.

Why You Should Never Make an Admission to a Contract of Indebtedness

 

We understand the operating documents of the Pooling and Servicing Agreement and if the security evidence by the mortgage security instrument, conveyed with the tangible note negotiation, before the cut off data of the REMIC.

We are absolutely familiar with how you would sit down and break down a true sale from party A from party B to convey the security and to maintain the fiduciary duty under the Common Law Deed of Trust to release and reconvey, release and reconvey, to maintain clear and marketable title.

So, we know the foundation under the UCC for that.

Then, we also understand the underlying arguments that the banks and their attorneys use against people making securitization foreclosure defense arguments, which may have done a proper statement of fact as to what’s required to accomplish a true sale between all these parties and maintain perfection over the lien.

However the banks and their attorneys are going to succeed by not having a Chain of Title, by stating that they negotiated the note in Bearer Form under Article UCC 3205 Sub section B with no payee named as a bearer instrument.

This essentially gives them a purported temporary perfection of the original holder, while they physically transfer the instrument, by daisy chain, which doesn't require for them to maintain a Chain of Title, until the instrument is specially endorsed.

This is how the banks and their attorneys beat almost everybody from New York to California on standing, and whether or not they had a secured interest over the lien; because nobody has a the way to argue against whether or not they made the instrument of bearer paper and physically negotiated it, because they weren’t required to maintain a Chain of Title in that aspect.

So that’s how the banks and their attorneys are able to win nine times out of ten. Because what they're saying is that in the negotiation under 3205 B, the security followed the note, whenever the custodian of record received the instrument prior to the cut-off date, making the note and the security securing trust property before the cut-off date.

That's how the banks and their attorneys are able to beat you.

So let’s reverse engineer this, let's take that note all the way back to the closing, and reverse the whole concept and transaction.

What you have to be able to show is that you have one purported transaction, concealing the realistic transaction.

Did the lien’s beneficial interest maintain perfection, and was it therefore eligible to be negotiated with the note in that capacity, as statutorily required?

However what that would require that you were the actual creditor and that you actually made that note as a maker issuer, for the purposes of being the beneficiary of the debt that was created.

This is what the banks and their attorneys want you to believe in the matter of equity:

1. That your signature was as a maker issuer and therefore created value to the instrument
2. You negotiated with the party that you sat down at closing with
3. They accepted the instrument by negotiation
4. They were a federal reserved depository institution that could accept article three instruments by deposit
5. They gave you consideration in the form of cash, not Ultra Vires, for your promise to pay instrument executing an underlying indebtedness contract

 

Well in an IRC 1031 Like Kind Exchange, Table Funded Securitized Mortgage Loan Transaction that didn't happen. That did not happen; that negotiation, acceptance and consideration is not what a table funded securitization transaction is!

 

So the money is not created from your signature, negotiated and then the note negotiated between state to state physically, that doesn’t happen in a table funded transaction. Rather it's in direct reverse engineer - the money was created from the sale of the certificates and the special deposit, special purpose vehicle on Wall Street.

They take the certificate holders funds to the securities to special deposit the pool of assets. That pool of assets is used in the SPV alternative investment opportunity through the warehouse line of credit, and that's what the sponsor bank is using as the table funding credit in the transaction itself.

So yes, we would have some arguments like robo-signing and the improper negotiation, transfer, and delivery of the mortgage loan contract all the way through the securitization scheme, as part of the material defects found in the transactional scheme itself - but what we don't want to do is provide any language as an admission to you being the account debtor.

You also want to make sure you understand what is meant by using terms like the “alleged debt”, because you're going to piss the Judge off, really badly; a lot of people do it. Because, they don't know how to speak to the transaction as it relates to what that means.

So let me give you the perspective that the Judge is going to have. The Judge is only looking at the intent of the contract. So all the little details, the semantics of this right now, the first thing the Judge is going to do, is look at it from a cursory equity standpoint.

Q: Did you intend to get a home

A: Yes

Q: Are you in a home?

A: Yes

Q: Okay, so you're in the collateral.

A: Yes

Q: Okay and did you intend whenever you went to go get the home to get an obligation or a loan associated to that.

A: Yes

Okay, yes that's obvious or else you wouldn't be in the collateral

Q: Okay so you're in the collateral - an obligation exists - and you also pledged a lien to encumber your property to secure that obligation, so that if you couldn't perform on the contractual payment obligation the holder of the obligation would have the lien to enforce, do a foreclosure sale to enforce an ultimate means of collection.

A: Yes.

Okay. So just looking at the intent of the contract, you are in the collateral, you know that you signed something at the closing- there's an obligation – and it's in default.

The institutions claiming to be the holder of that obligation and to be the secured party of record via an assignment of the security instrument perfected in public record.

Are there any other parties that are involved in this transaction?

No!

And if some other financial institution was holding an obligation and saw that deed of trust or signed with a deed of trust recorded on public record, they would immediately file to acquire the title and they would be there defending their right to the obligation and the collateral itself.

So because there's no other financial institution showing up claiming to be the holder and to having a subsequent assignment of deed of trust or mortgage recorded for enforcing through a foreclosure action - than nine times out of ten - the Judge is going to give the party holding the obligation the benefit of the doubt as a matter of the intent of the contract.

So, in terms of the intent of the contract, this is where it becomes so viable for you to understand, what your capacity into the transaction is.

When the judge ask you:

“Did you sign the note - in the effort to get the collateral?”

Your answer is “Yes.” - But you need to be able to specify the answer to yes as “well yes your honour but I’m not the account debtor. I signed into this transaction as an accommodation party or guarantor. The party that I signed as a guarantor for, made available the obligation through a securitization transaction without my knowledge and purportedly negotiated the security evidence by the deed of trust/mortgage lien that I pledged to them, uniquely, to secure these receivables in this transaction as well.

What I need to know your honour is does my lien secure the tangible contractual obligation or does it secure the receivables?”

The answer to the receivables is no. You cannot attach article 9 to the UCC receivables (securities) to enforce a lien on real property. A lien on real property under revised article nine is not secured by a lien on real property, so article nine does not fit the common law argument that the transfer of an obligation carries the beneficial interest of the lien and the lien itself.

Here is the lie that the banks almost always defeat homeowners with.

"Here's a copy of the note your honour, the security follows the obligation we all know that."

Yes, that’s accurate, under common law and U.S. Supreme Court. Carpenter v. Longan (1872) the note and mortgage are inseparable; the former as essential, the latter as an incident. An assignment of the note carries the mortgage with it, while an assignment of the latter alone is a nullity.

Furthermore under revised article 9 of the Uniform Commercial Code (UCC) the banks do not necessarily have to record each transfer of the mortgage loan contract in public records; all they have to do is, in essence, be in possession of the note and they can claim rights to enforce it.

Therefore you need to be able to be able to explain (and prove) how your capacity is to the obligation. “Your honour I am not the account debtor. I was a guarantor to this party. I am not a guarantor to everybody else that claims to be the holder of the obligation"

And it’s their capacity of an accommodated party to the certificate holders on Wall Street. They're not the real creditors. Their job is to put the certificate holders into funds associated to your payment string.

All of this is predicated on laying the proper order of operations, in line with statutory capacities, that clearly part and parcel and separate the root question of: Does revised article nine and liens on real property secured defaulted receivables in a securitization transaction?

That's your root question.

You just have to be able to have it all put in the proper sequence in statutory capacities, as it relates to your state, and what took place in order to defend the lien itself the property.

 

How have you been harmed?

 

In pre-foreclosure it's not so much that you've actually been harmed, it's whether or not they have clean hands in the transaction. So this, at its root is an Equitable Estoppel issue. In the like kind exchange transactional scheme there is a senior secured party and a junior secured party – the originator of the loan (named on the note as the lender) is the senior secured party, and the trustee for the REMIC trust is the junior secured party.

But it's one transactional scheme, its one organism, so you have to be able to show that they - in the race of diligence - that the junior secured party made sure that the originator recorded that underlying security of trust, so they could perform the rest of the transaction. But ten years later upon default of the receivables, to cause an assignment of the beneficial interest of evidence about your underlying security instrument, that security instrument doesn't maintain perfection from now, until infinity. You can lose perfection over that lien.

So, having the proper capacity, order of operations, and then statement of facts of how they lost perfection, and to show that it is inequitable for the holder of the receivables to attempt to cause an assignment of the underlying security instrument, because they were only negotiated the receivables, with unclean hands. That’s what you have to show that they don't have an equitable claim to.

Hypothecation is a third party pledging collateral on your behalf. So, let's say for instance, if you pledged the real property to the originator party on the ten thirty one exchange transaction scheme you specifically gave legal title to that party. Not to the trustee under that instrument, and the beneficiary of the security instrument. The beneficiary of the security instrument then in turn pledged a separate and subsequent value - which is the proceeds of the real property.

Let me give you an example. Consider a wheat field. The land is the real property, but the Wheat and the Harvest are the proceeds of the real property.

In this securitization transaction the original secured party is granting the proceeds, the actual required collateral to the real property and hypothecating that proceed as the payment intangible, which is the transferable record on the obligation.

So, you have to be able to show that it's under revised article nine; it does not apply to liens on real property. It may apply to title loans, student loans, and unsecured obligations, but it does not apply to liens on real property.

Remember, it's either you sold the contract in its entirety to a successor and interest through a true sale; or you sold the underlying tangible value of the contract.

Remember when people paid off their loans and they received their notes and their deed back, and they would have deed burning parties?

That doesn't happen anymore because that transactional scheme where that was your note, that you made and negotiated with a bank that could accept it, deposit it, and give you real money for a loan so you could purchase the property. That’s the savings and loan model.

In that transaction the bank you contracted with actually risked giving you real money, and was going to hold that thirty year instrument until its full rate of return. Its portfolio division wanted to buy that obligation and they underwrote you as your credit worthiness and they gave you the loan. You had skin in the game, you qualified financially and they were willing to take a risk on you. That was a real contract between you and the bank.

But what happened with the securitization bubble is they lifted the Glass–Steagall Act and the Gramm Bliley Leach Act and they made way for this transactional scheme were they could divert the risk of creating the money, which was done by lying and cheating the certificate holders through a perspective supplement which was pre-fabricated on the yield spread of those securities, under the nineteen thirty three, thirty four Security and Exchange act.

So they went to Standards & Poor’s and they got all those credit enhancements and they pre-sold those securities. Well that’s what the special deposit is for the REMIC trust, the trust vehicle; the special purpose vehicle. So, through special deposit, they generated those funds with the sale of the securities, that’s what makes the credit swaps available for the sponsor bank, to work with the originator to the table fund transaction.

Once you’re able to understand the blue print of the transaction and then you set the order of operations in place, and then you couch the interested parties, and then couch their capacity, and then what are they negotiating and what’s its statutory intangible interest, and what governs that, and once you set the mouse trap in place, and it can follow the order of operation it’s not that complicated.

To get to the root question you just have to be able to see all of that and to be able to understand the root question.

The root question is “in what capacity did you sign the note (as maker/issuer) or as an (accommodation party/guarantor)?