The “Debt” rabbit hole

Neil Garfield
Nov 17

Take care to distinguish what contract you’re talking about. If you receive money, the law says you must give it back unless it was payment for something or it was a gift. In that sense, the law imposes a contract on people even if they are not thinking about or writing a contract.

In fact, even if there is no agreement on giving it back, the other person can and will force you to do so. That is what is called “debt.” It is something that is created by law — i.e., by legislative action signed into law by the governor of the state. It is NOT the note, it is NOT the mortgage, nor the “payment history.”

There are three types of contracts from a procedural point of view:

First is the contract imposed by law, even if the parties don’t want to consider their interchange a contract.

Second, an oral contract may or may not be enforceable, depending upon the jurisdiction’s laws. Certain contracts are considered unenforceable if they are not in writing. That does not completely erase liability under the equitable or legal doctrine, but it does prevent anyone from “suing on contract.”

Third, there are contracts in writing that may or may not be enforceable, depending upon the laws of the jurisdiction in which the contract was executed. So if the contract violated public policy or a statute, it is probably not enforceable. NOTE: Being unenforceable does not zero out liability. Under doctrines like unjust enrichment, the other party can still collect. But they cannot enforce the terms of the written or oral agreement.

The debt is created, therefore, by the receipt of the money — not the execution of any contract intentionally or unintentionally. This is important because the “thing” in a contract is the subject of the contract. The debt is either created or not by action, not by words.

My point here is that the banks want us to talk about debt because they say it is a debt, not because it IS a debt. And they are leveraging our ignorance into direct and implied consent for their securities transaction even though they never told us about it.

Their intent was not to make a loan. Nobody in the entire securitization infrastructure wants to own any unpaid loan account receivable because that would make them either a lender or a successor lender. AND THAT would expose them to all types of liability for violations of federal and state lending and servicing laws. They intended to control the transaction, not own it.

The first step in making a claim is that there must be a foundation for the claim. The bank lawyers focus strictly on the paper documents and argue that the debt was created by executing documents. However, there was no intent (on their part) to become lenders or successor lenders — and no intent to create or maintain an unpaid loan account on the books and records of any company.

They successfully substituted a “payment history” under the name of a third party who had no role in the production of that history. By accepting the payment history as evidence of the loan account, homeowners and their lawyers encouraged the judges to accept it too. In doing so, everyone arrived at the same conclusion: that there was a default despite the absence of any unpaid loan account on which someone (anyone) had suffered a “default.”

Foreclosure is strictly about the satisfaction and release of an unpaid debt. It is not about allowing anyone who knows something about you to force you to make payments or else lose your home. There is no default without injury. And there is no injury without an unpaid loan account that has been reduced in value because of a gap in scheduled payments. And there is no evidence of such injury until you see the unpaid loan account — not the payment history.

If you stop making payments you don’t owe, that is not a default. If you stop making payments to someone who does not own the alleged or implied debt, that is not a default unless the creditor has contacted you and told you that they own the debt and designated in writing that you should pay a third party.

Anyone announcing a default is at least implying that there is such an unpaid loan account. You are entitled to get corroboration of that implied assertion. You won’t get it because there is no such account in most cases.

In the case of a foreclosure, there must be an unpaid debt owned by the claimant — i.e., someone who has paid value for it. No jurisdictions in the U.S. allow for the transfer of the title to a mortgage lien without a concurrent conveyance of the underlying debt. That means an actual transfer of the debt. And for that to happen, the debt must exist. Without that, the instrument of transfer (i.e., assignment) is considered in all U.S. jurisdictions as a “legal nullity.”

A legal nullity is something that the laws refuse to acknowledge even though it is written or something happened.

The above leads to my fundamental premise that nearly everyone is ignoring.

Suppose there was no intent to become a lender and no intent to create and maintain an unpaid loan account as an asset on the books and records of some creditor. What was the nature of the payment that arrived at the closing table when the transaction originated?

It can’t be called a “loan” just because one side thought it was a loan (homeowner). The most basic concept of contract law is the requirement of the meeting of the minds.

The other side wanted to keep the ability to enforce “as if” the transaction was a loan, but they wanted no part of owning it or being subject to lending or servicing laws.

Further, it is apparent that their business plan was not based on generating revenue or profit from the interest paid. It was based almost entirely on selling securities whose only value depended upon market forces and discretionary promises from the underwriters (who were also issuers). Secondarily it was based upon their continued success in the enforcement of “virtual loan accounts” through collection and foreclosure (distributing the proceeds as revenue and profit instead of a credit against any loan account).

I, therefore, arrive at the only possible conclusion: the payment received at the closing table (assuming there was a payment received by the closing agent) was an incentive payment to the homeowner to execute loan papers even though there was no loan.

This made the homeowner an unwitting issuer in a securities scheme for which they received a payment that was required by the “loan papers” to pay back and, adding insult to injury, requiring not only a return of the fee they received but also a surcharge that was called “interest.” the compensation.

My analysis leads me to conclude that homeowners are continually being cheated out of legally required financial participation in a securities sales scheme that could not exist without their cooperation. Further, they are not given due consideration for their actions in support of the scheme simply because the investment banks don’t want homeowners to share in the incentives, revenues, and profits.

Iceland recognized this at the time of the 2007-8 collapse. They addressed it and ended their recession in 3 months. They sent the key players to prison and reduced household debt across the board by 25%. This created stimulus to their economy without spending one dime and forced the banks to accept at least part of the losses created by pumping up prices far beyond the value of the properties affected. We spent trillions of dollars in stimulus to offset the hole in our economy created by this fraudulent scheme. Our recession lasted for 10 years.

The bottom line is don’t fall into their rabbit hole of “virtual debt.” The debt is not a piece of paper. The debt, if it exists, can only exist if the party who gave you the money intended to start a loan relationship — not because that was what you were seeking.

And if someone seeks to enforce the “debt” against you, make sure it actually exists on the books of the designated creditor or claimant as an asset on their books — not just as a record of payment on the report issued under the name of some third party who played no part in producing that report.

 

     
 

Foreclosure Daily update ⋅ November 17, 2022

 
 

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ANCE WITH SECTION 15-1701(C) OF THE ILLINOIS MORTGAGE FORECLOSURE LAW. … IS HEREBY GIVEN that pursuant to a Judgment of Foreclosure and Sale.

 

 

 

 

 

 

 

 

 

 

 

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FRAUD STOPPERS Daily update ⋅ November 17, 2022

 
 

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Police seek tips on man, woman in Pontiac retail fraud – Detroit News

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Anyone with information about the suspects or the incident should call Crime Stoppers of Michigan at 1 (800) SPEAK-UP. cramirez@detroitnews.com.

 

 

 

 
 

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Anyone with information can submit an anonymous tip to Crime Stoppers at 800-Speak Up. fraud-3.jpg Oakland County Sheriff’s Office.

 

 

 

 
 

Reward offered for tips related to credit card fraud at Home Depot – The Oakland Press

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Crime Stoppers pays a reward of up to $1,000 for information leading to an arrest. suspects’ images Oakland County Sheriff’s Office is offering a …

 

 

 

 
 

Crime Stoppers Daily Most Wanted: Cody Branche Boyajian – KMPH

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Our Valley Crime Stoppers Daily Most Wantedis Cody Branche Boyajian.38-year-old … John Vartanian is wanted on a Felony Warrant of Fraud.

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Crime Stoppers 11-16-22 | Fighting Crime, One Call at a Time – WBBJ-TV

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IRS contractor gets more scrutiny in congressional report – FOX23 News

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… for the Internal Revenue Service exaggerated the amount of money being lost to pandemic fraud in an apparent attempt to increase demand for …

 

 

 

 
 

Police: Community tip leads to arrest of teen wanted for Shirley school break-in

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“Following the issuance of a Crime Stoppers Alert on this case, … Former Stamford Democratic party chairman sentenced in voter fraud case.

 

 

 

 
 

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“While rogue individuals could of course seek to engage in fraud or identity theft, we are confident in our company’s strict compliance policies …

 

 

 

 
 

Ten fraudsters arrested in Mildura as part of joint ATO investigation – Mirage News

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Police will allege those arrested were engaging in fraudulent activities, … Crime Stoppers on 1800 333 000 or visit www.crimestoppersvic.com.

 

 

 

 
 

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Greater Victoria Crime Stoppers wanted list for the week of Nov. 15 – Oak Bay News

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By MICHAEL R. SISAK and LARRY NEUMEISTER Associated Press. NEW YORK (AP) — The Trump Organization’s longtime finance chief has testified at trial …

 

 

 

 
 

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Appeal to find woman missing from north-west Sydney – Latest News – NSW Police Public Site

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Hamilton man charged in alleged $185,000 fraud scheme at Mapleview mall in … police at 905-825-4747 or Crime Stoppers at 1-800-222-TIPS (8477).

 

 

 

 

 

 

 

 
 

Mortgage Fraud Daily update ⋅ November 17, 2022

 
 

NEWS

 
 

Sheila Klostermann: How Economic Cycles Change the Mortgage Fraud Landscape

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PERSON OF THE WEEK: Although it’s nowhere near as prevalent as it once was, mortgage fraud continues to persist in a small fraction of loan …

 

 

 

 
 

Study: Cost Of Mortgage, Other Financial Fraud Rising – NMP

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Costs are going up, from buying a house, to getting a mortgage, to picking up a gallon of milk. You can add the cost of fraud to the list.

 

 

 

 
 

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… defrauded a Florida company in an accounts receivables scam, and also the U.S. government through Payment Protection Program (PPP) loan fraud.

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MBA: Mortgage Credit Availability Dropped by Half a Percent in October – MortgageOrb

MortgageOrb

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CFPB report flags pandemic-related issues in deposits, mortgage servicing

ABA Banking Journal – American Bankers Association

COVID-related issues were also observed in mortgage servicing … mortgage servicing Nov 16 Survey finds fraud costs rising for banks Nov 16 FSB …

 

 

 

 
 

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Consumer Financial Protection Bureau

The CFPB found that Carrington failed to implement many protections, provided to borrowers with federally backed mortgage loans who were experiencing …

 

 

 

 
 

Annual LexisNexis Risk Solutions Report Finds Fraud Costs up to 22.4% from Pre … – PR Newswire

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The costs for credit and mortgage lending firms remain above … According to U.S. loan companies, each $1 in fraud losses costs $4.08.

 

 

 

 
 

Podcast: Something old, something new in payments fraud | ABA Banking Journal

ABA Banking Journal – American Bankers Association

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Warnings of Medicare fraud mount; here is how to avoid it | Financial Post

Financial Post

… a range of fraudulent and misleading marketing practices used to sell … by higher gasoline prices and mortgage interest, Statistics Canada.

 

 

 

 
 

Russell Laffitte’s family leads testimony against him in federal bank fraud trial – WCIV

WCIV

Lowcountry bank fraud suspect Russell Laffitte was left virtually buried … loan scam that included quite a lot of “robbing Peter to pay Paul.”.

 

 

 

 
 

Think You Know How to Spot a Scam? New Visa Report Finds That Even Savvy Consumers …

Financial Post

… driven by higher gasoline prices and mortgage interest, Statistics Canada … traps cited in Visa’s ‘Fraudulese: The Language of Fraud‘ report.

 

 

 

 
 

ID.me Overstated Jobless Fraud to Win US Contracts, House Finds – Bloomberg

Bloomberg.com

Tech company ID.me misled US officials and the public about processing delays and the scope of fraud in the unemployment insurance system, …

 

 

 

 
 

Money Then & Now: The Seedy World of Online Stock Scams

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Cost of fraud has risen sharply for Canadian financial firms | Wealth Professional

Wealth Professional

Many of these risks relate to identity fraud, especially with new account opening increasing. Canadian lending firms and US mortgage lenders saw the …

 

 

 

 
 

Secure Insight Launches WINN: Warehouse Bank Wire Verification Tool – EIN News

EIN News

… including wire fraud were present in almost 50% of all loans closed in 3d Q 2022 according to a recent article in the National Mortgage News.

 

 

 

 
 

CONSUMER ALERT: AG Carr and the Better Business Bureau Warn Georgians Not to Fall …

Georgia Attorney General – Georgia.gov

ATLANTA, GA – Attorney General Chris Carr and the Better Business Bureau (BBB) of North Georgia are recognizing Nov. 16, 2022, as Utility Scam …

 

 

 

 
 

Rent Growth Slows; Still Up 8% YoY – DS News

DS News

The Rising Cost of Mortgage Fraud. 8 hours ago … Daily Dose; M Daily (Mortgage Lending & Housing News). Association …

 

 

 

 
 

New Hampshire town’s vote oddity was human error, not fraud – Times Union

Times Union

CLAIM: Democratic Sen. Maggie Hassan received 1,100 votes in a New Hampshire town with only 700 residents, suggesting fraud.

 

 

 

 
 

Mass. homebuyers pay hidden fees to lawyers for title insurance, with no state oversight

WBUR

It’s a scam, not just in Massachusetts. … She was instead able to spend money to lock in a low fixed mortgage rate of 2.25%.

 

 

 

 
 

Positive Pay Helps Co-ops and Condos Prevent Fraud – Habitat Magazine

Habitat Magazine

It’s also possible to place a maximum amount on recurring transfers to such approved vendors as Con Edison, Verizon or a mortgage lender.

 

 

 

 
 

45% of Indian cos report cybercrime as 2nd biggest fraud after customer frauds: PwC report

TechCircle

… the second biggest fraud after customer frauds (47%) involving mortgage, … recent report titled: ‘Global Economic Crime and Fraud Survey 2022′.

 

 

 

 
 

U.S. IPO Price Pops Prompt Fraud and ‘Pig Butchering’ Warnings – US News Money

US News Money – U.S. News & World Report

Some investors harmed by the pump-and-dump schemes appear to be victims of an evolving social media scam called “pig butchering,” Finra said. “These …

 

 

 

 
 

Propped Up on Data – CoreLogic®

CoreLogic

… industries of real estate insurance and mortgage with all the capabilities and solutions and products we bring to bear to those industries.

 

 

 

 
 

Banks Seek to Reassure After Crypto Turmoil – Banking Exchange

Banking Exchange

Mortgage Firm Closure Spells Headache for Sterling Bank · Summary of Recent FDIC Guidance on Multiple Re-Presentment NSF Fees … AML & Fraud …

 

 

 

 
 

Considering a reverse mortgage? Read this first – MSN

MSN

A reverse mortgage allows homeowners age 62 or older to tap equity without making a mortgage payment on the amount they borrow.

 

 

 

 
 

Broken Record? Credit Card Metrics Surge Again

PaymentsJournal

Mortgage debt amounts to a large chunk of the total volume, at $11.7 trillion, … On-demand Webinar: Understanding First Party Fraud Chargebacks.

 

 

 

 
 

Two Nigerian athletes face 10 years jail terms in U.S. for wire, mail fraud

The Guardian Nigeria

Former Nigerian jumper, hurdler and sprinter, Seigha Porbeni, is sad over the travail of African Games 100m champion, Raymond Ekevwo.

 

 

 

 
 

A fixer upper? Candidate for demolition sells for $2.3M in Cambridge. – Boston.com

Boston.com

The house, built in 1854, was involved in a real estate scam in 2018 when … prison earlier this year in connection with a mortgage fraud scheme.

 

 

 

 
 

Secure Insight Launches WINN: Warehouse Bank Wire Verificati… | MENAFN.COM

menafn

National Wire Information Network Designed to Thwart Wire Fraud … accurate risk reports to help them prevent mortgage fraud by bad actors, …

 

 

 

 
 

Gov’t Is Tackling Fraud Wrong Way, UK Watchdog Warns – Law360

Law360

The audit watchdog says in its report that the government has launched overlapping strategies to combat fraud and economic crime and has not …

 

 

 

 
 

Rising rates spur renewed interest in vendor take-back mortgages – The Globe and Mail

The Globe and Mail

A buyer who tries to deceive the first lender may be accused of mortgage fraud. When he’s representing the seller, Mr. Zinati steers most clients …

 

 

 

 
 

Downsizing – could less be more? – Lloyds Bnaking Group plc

Lloyds Banking Group

With mortgages or rent often being the largest single household expense, finding ways to reduce them could help those feeling the financial squeeze.

 

 

 

 
 

Credit Card Lost (or Stolen): How to Prevent Identity Theft – Supereasy.com

Supereasy.com

Check out this post to see what you can do to avoid card fraud and identity … a fraudulent line of credit (HELOC) or a reverse mortgage scam.

 

 

 

 
 

Rocket Stock Plunges After Downgrade – National Mortgage Professional

National Mortgage Professional

Rocket Companies’ stock has taken a sizeable fall in the last couple of days after an analyst suggested traders sell their holdings.

 

 

 

 
 

Trump Organiazation’s ex-CFO is on the stand for another day at tax fraud trial – NPR

NPR

… ex-CFO is on the stand for another day at tax fraud trial … homebuyers lose deposits of $10,000, $20,000, or more due to high mortgage rates …

 

 

 

 
 

Top Scam Target? Active-Duty Military and Vets | Florida Realtors

| Florida Realtors

While it can be inconvenient to freeze credit, it’s a great way to prevent cybercriminals from opening credit cards, taking out a mortgage or …

 

 

 

 
 

September sees house price increase by 9.5% – Mortgage Finance Gazette

Mortgage Finance Gazette

House prices in the UK went up by 9.5% on an annual basis in September, show figures from the Office for National Statistics (ONS).

 

 

 

 
 

Kogi High Court uncovers N4.8m fraud, fake tellers in state judiciary – The Guardian Nigeria

The Guardian Nigeria

Kogi State High Court has uncovered N4.8million fraud allegedly carried out by some judiciary workers in the state. This was disclosed.

 

 

 

 
 

Van Pelt Is a Nice Senator – Guardian Liberty Voice

Guardian Liberty Voice

According to her, she passed a law that helps fight against reverse mortgage fraud. One of the themes of our meeting was activism work.

 

 

 

 
 

PennyMac Mortgage Investment Trust Declares Fourth Quarter 2022 Dividends for … – Business Wire

Business Wire

PennyMac Mortgage Investment Trust (NYSE: PMT) announced today that its … the Company’s ability to detect misconduct and fraud; developments in …

 

 

 

 
 

Police Blotter 11-07 to 11-13 | Northampton Township Police Department

Bucks County | CRIMEWATCH PA

Complainant contacted patrol to advise of a possible fraud. Complainant reports they received a letter from Rocket Mortgage denying a home loan …

 

 

 

 
 

PennyMac Mortgage Investment Trust Declares Fourth Quarter 2022 Dividends … – Yahoo Finance

Yahoo Finance

WESTLAKE VILLAGE, Calif., November 17, 2022–PennyMac Mortgage … the Company’s ability to detect misconduct and fraud; developments in the …

 

 

 

 
 

Major bank backs national ID scheme to quell cybercrime | Mortgage Professional Australia

Mortgage Professional

… recently around cyberattacks and identity fraud,” Mentis said. Last week, the NSW government announced plans to introduce digital ID systems.

 

 

 

 
 

Greater Commercial Lending Appoints Former SBA Senior Loan Underwriter as … – StreetInsider.com

StreetInsider.com

At Brillient, Powell led a nationwide team, managing SBA loan operations, credit administration, improved credit risk, fraud reporting and loss …

 

 

 

 
 

Inflation reaches 11.1% in October: ONS – Mortgage Finance Gazette

Mortgage Finance Gazette

Loan.co.uk chief executive Paul McGerrigan adds: “Despite wages rising at their fastest rate for more than 20 years, they are still unable to keep …

 

 

 

 
 

Holiday Scams: Big Ones to Watch Out For & Expert Tips to Protect Yourself

GOBankingRates

One present that most people won’t want to open this year — a notice from your bank or credit card that you’ve been scammed out of money, …

 

 

 

 
 

Beverly Hills Man Convicted for Health Care Fraud Scheme – Patch

Patch

A Beverly Hills man faces sentencing in February for his role in a $723,000 health care fraud and prescription drug diversion scheme.

 

 

 

 
 

Denver Firefighter Michael Chalchesa Arrested For Insurance Fraud, Fired – Patch

Patch

Denver Police Department officers took Michael G. Chalchesa into custody Thursday on four felony counts of insurance fraud. Chalchesa’s employment …

 

 

 

 
 

Why Open Banking is the key to revitalising the mortgage sector – Nordigen

Mortgage Solutions

In the context of mortgages, it enables consumers to share bank account and transaction … slow and delayed processes, and higher risk of fraud.

 

 

 

 
 

Scam Alert: Special Grants for Veterans? | Local News | carriagetownenews.com

Carriage Towne News

This alleged program may be loan forgiveness, mortgage aid, or even a “grant” meant to pay living expenses. No matter the offer, …

 

 

 

 

 

 

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