6th Circuit Court of Appeals Rules FDCPA Applies to Foreclosures

OPINION APPLIES TO BOTH JUDICIAL AND NON-JUDICIAL STATES

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EDITOR’S ANALYSIS: The Fair Debt Collection Practices Act (FDCPA) 15 USC Sec 1692, has been treated as “off-limits” in mortgage foreclosure actions. The principal thrust of the action is to protect consumers from unfair practices and to prevent debtors from paying a “collector” and finding out they still owe the money because the “collector” was a sham operation. The opinion of many trial judges based upon some appellate decisions was that the FDCPA expressly excluded foreclosure actions.

In this Opinion, the 6th Circuit Court of Appeals, using common sense and basic rules of statutory construction, came to the opposite opinion and it would appear that the opinion will be followed in most states. As it is, anecdotal evidence from Connecticut and other states suggests that trial judges were questioning the legal theory that foreclosures were not about the collection of money.

“Chase and RACJ fraudulently concealed the fact that Fannie Mae owned the loan, and that the original note was not lost or destroyed and was being held by a custodian for Fannie Mae’s benefit. The complaint named plaintiff Lawrence Glazer as someone possibly having an interest in the Klie property, and RACJ served Glazer with process. Glazer answered and asserted defenses. He also notified RACJ that he disputed the debt and requested verification. RACJ refused to verify the amount of the debt or its true owner.”

DENY AND DISCOVER: It is the failure to verify the very thing that lies at the heart of foreclosure defense, nullification of instrument aimed at the mortgage and note, that makes this opinion so powerful. BY re fusing to verify the true owner or the amount of the debt, RACJ was attempting to get around normal due process — that the charges against the debtor be clearly stated and verified. Allowing violations of the FDCPA under the mistaken notion that foreclosure is not about the collection of money allows the collector to finesse the issue of who owns the loan and how much is due. This opens up discovery against the Master Servicer, Subservicer, investment banker, Trustee of the Trust and the trust itself to determine if the trust even exists.

“we hold that mortgage foreclosure is debt collection under the Act. Lawyers who meet the general definition of a “debt collector” must comply with the FDCPA when engaged in mortgage foreclosure. And a lawyer can satisfy that definition if his principal business purpose is mortgage foreclosure or if he “regularly” performs this function. In this case, the district court held that RACJ was not engaged in debt collection when it sought to foreclose on the Klie property. That decision was erroneous, and the judgment must be reversed.7″

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62 Responses

  1. Ray Shelton, on December 19, 2013 at 12:20 am said:

    US Bank and SN Servicing has submitted Forged documents in our federal bankruptcy case too and we will never stop perusing them in court for damages. We are also asking our Federal judge to prosecute their current attorney out of Jacksonville Florida who continued to defend this case knowing that forged document are before a federal court. All the offending parties at SN Servicing and their attorneys are committing a serious crime against our country. We have filed a formal complaint with the FBI and the US attorney general and many great Judges all across this nation are finally stopping them from this kind of fraud on American families. US Bank and SN servicing and their attorneys are also violating a serious consent order that was to protect the people from these crimes but they could care less. Please feel free to have your clients join a class action suit so that we can end their behavior with a multi billion dollar punitive damage suit. Join us, call Ray Shelton in Florida at 352 274 8467

  2. I agree Mario….it’s half past the monkey’s Ass….and no ones putting up a fight…..WTF…?

  3. This year we will see more foreclosures than ever before so get ready to do something

  4. It is apparent we are living just like in the days of Noah. There is no excuse for it in this day and age. I guess that means most people never learn. That is the only way the same crooks keep getting away with scamming everyone over and over again. The masses have been severely brainwashed into believing seeing the signs is fearmongering and crazy conspiracy theories. That is unfortunately how this evil works…..by Secrets, lies and deception it defrauds by mind control.

  5. I know it is the investors like that crook GEORGE SOROS who are running around the country buying up all the water rights to our natural resources and the criminal traitor politicians who are allowing that fraud and are robbing us to. Since Rahm Emanuel took office, the prices of everything have skyrocketed. Goddamned crooks and robberbarons is all they are.

  6. Then don’t read my comments Deborah, that’s all I can tell you. I will not allow you to deter me from my mission to expose all these crooks.

    Back to the scam….we are now paying $700.00 dollar waterbills in our town for 3 months usage. These waterbills have doubled in the last six months. We live 30 minutes from Lake Michigan….we are being robbed ….the next town over, 5 minutes away they are paying $13.00 a month for water.

  7. Tongue in cheek stripes
    But youpost tooo much what good will it do
    10 posts 50 posts. I understand your viewpoint i cant say its unfounded just dont try to forcefeed save your energy.
    Im not going to go back at you again since i support your right to post.

  8. 10 posts a day Deborah…? You want to put limits on peoples rights to free speech……? That is not only quite evil and deceptive but, that is extremely communist.

  9. In a conspiracy this vast and criminal, all information you can find out and add is relevant and helpful.

  10. Resocialism of insolvent debt is robbery that will bankrupt the American people and create Totalitarianism by these crooks.

  11. Everyone does have a right to their opinion. Like minded, obviously and thankfully not so much. That’s a Constitutional Republiç. Noisy, loud and very opinionated.

    Joe, MERS wishes we believed they owned the country but MERS is a computer data base and therefore, MERS does not own anything.

  12. Joe
    Irs has issued guidance on principle reduction
    See foreclosurefraud site i cant make link post

  13. I started here when i had no where else to go
    I learned from here and spread my wings and did what i thought was right for my own set of circumstances because in the end each of us are in fact taking on the fight if our lives. I felt felt there were like minded people on here there still are overall but the criticizing comes from sheet and utter frustration of that i am sure and ukg is a trooper. Everyone has the right to a view point doesn’t matter who is right or wrong
    Take it or leave it.

  14. That post was about a story I read about principal reduction

  15. Sorry the previous post does not have anything to do with Neils story.

  16. Another scam by the united states government. How many scams is that . Let’s see the $26 billion settlement,then there was that scam with the occ,then the $8.5 billion settlement ,ENOUGH IS ENOUGH. PLUS YOU CAN NOT DO ANYTHING TO A LOAN IF ALL THE ORIGINAL DOCUMENTS ARE GONE. THE BANK OR SERVICER DESTROYED EVERYBODIES DOCUMENTS IN THE HOLE USA THERE GONE FOR GOOD. THEY HAD TO. THEY DIDN’T WANT ANY TRAIL TO THE BIGGEST PONZI SCHEME IN THE USA. THEIR IS NO OWNER TO EVERYBODIES HOUSE IN THE UNITED STATES .Everybodies house has mers. ONCE THERE IS MERS INVOLVED THATS IT YOU WERE SCAMMED THE BANK OR SERVICER GOT PAID ALREADY FOR YOUR LOAN. EVERYBODY IN THE UNINTED STATES IS PAYING A NOBODY. THEY ARE PAYING A SCAM ARTIST. WHEN IS EVERYBODY GOING TO WAKE UP. EVERYBODY SHOULD WRITE A SIMILAR LETTER TO THERE ATTORNEY GENERAL AND MAYBE STOP PAYING THERE MORTGAGE UNTIL THE UNINTED STATES GOVERMENT STOPS HELPING WITH THE COVER UP AND MAKE THE LITTLE SCAMMERS SAY THE TRUTH THAT YOUR LOAN WAS PAYED OFF AND SEND THEM TO JAIL WITH THE LITTLE JUDGES,CONGRESS IDOTS AND GOVERNMENT IDOTS AND OBAMA IDOT THAT THE BANKS GAVE MONEY TO TO STAY QUIET AND THAT ARE HELPING THEM WITH THERE SCAM. THEY MANIPULATED THE SCAM SO MUCH THAT YOU GONNA NEED 10 COLUMBOS TO PUT THE PUZZLE PIECES BACK TOGETHER. MISS ONE PAYMENT AND THEY WILL FORECLOSE ON YOU. THIS COUNTRY IS OWNED BY MERS.

  17. Are the enemy trolls retreating because it’s getting a bit nippy in hell..? Funny thing about RULES FOR RADICALS…..it can also have the opposite effect…..it can make people have a direct and opposite reaction to the reaction intended …. bye bye UKG…& nice try..but you underestimated your enemy….

  18. Good information from the book entitled…HOW EVIL WORKS by DAVI KUPELIAN….

    Obama said of his years steeped in Marxist Alinsky radicalism…”It was that education that was seared in my brain. It was the best education I ever had, better than anything I got at Harvard Law School.”

    Alinsky’s last and most famous book, RULES FOR RADICALS, lays out his system for seizing power-tactics that are basically amoral, just as one would expect from a Marxist thinker for whom any method, no matter how unscrupulous, is “moral” if it accomplishes the intended goal.

    The single most important operating principle behind Alinsky’s methods, the one that makes the rest of them work – namely -INTIMIDATION – is increasingly the modus operandi of today’s government. To put it bluntly, for Alinsky’s “community organizing” rules which were “seared into my brain” to really work, the general public must be made to feel intimidated, upset, frustrated, and hopeless. Alinsky explained why:

    Any revolutionary change must be preceded by a passive, affirmative, non-challenging attitude toward change among the mass of people. They must feel so frustrated, so defeated, so lost, so futureless in the prevailing system that they are willing to let go of the past and change the future. This acceptance is the reformation essential to any revolution.

    That’s you: YOU are supposed to feel “defeated” and “lost,” and the radicals’ efforts are directed at making you feel that way.

    But what if you’re a fighter and stand up to would-be revolutionaries abuse and usurpations of power? Then you are to be attacked. Here is Alinsky’s rule number five: “Ridicule is man’s most potent weapon. It is almost impossible to counterattack ridicule. Also it infuriates the opposition, who then react to your advantage.”

    What is the purpose behind making people “react to your advantage”? According to Alinsky “The enemy properly goaded and guided in his reaction will be your major strength.” This statement capsulizes a major operating principle of evil….. It’s the reason why little children can be turned into jihadists and why jihadists can cause Westerners to become to submissive, and why dictatorships can so easily take hold of a country, and why so many of us take legal and illegal drugs to feel better, and why government continues to grow out of control: when we’re intimidated and upset, when we emotionally overreact, we’re losing the battle.

    Saul Alinsky dedicated RULES FOR RADICALS to “the first radical” on the dedication page of his first edition:

    Lest we forget at least an over-the-shoulder acknowledgement to the very first radical: from all our legends, mythology, and history (and who is to know where mythology leaves off and history begins-or which is which), the first radical known to man who rebelled against the establishment and did it so effectively that he at least won his own own kingdom – Lucifer.

    It seems Alinsky, just like the “very first radical” who inspired him, knew if you can make people upset and frightened, you gain powerful and mysterious leverage in implementing your agenda.

  19. then I’d turn into a computer junkie like the nitwit. nevermind. Let’s go to Karen Pooley’s place. bye.

  20. If we move over to my facebook page, I can block posts, right? I’ll be right back……

  21. IN the words of the one and only Arthur Fonzarelli…
    “Let’s BLOW this POPSTAND!”

    everything here is old news anyway, folks. there is no coverage coming from the editor anymore. relevant, recent decisions are posted by readers, not LIVINGLIES. most foreclosure blogs are dead, obscure relics of what were powerful tools of homeowner defense. people get tired. very sad to have watched this place deteriorate. no money, no time.
    So where do you go? LoanSafe is a nightmare. Lots of info, but I could never really find my way around to current, relevant threads. 4closure fraud does a great job. 4closurefraud seems to gather the most the fastest. the girls at the Foreclosure Hamlet are still rockin’; Weidner and Barnes. Florida is a proving ground for many title theory arguments. Similar to WI.

    Neil must be too busy doing securitization audits and real legal work to monitor what’s happening here. This place can’t be paying any bills. not anymore. and there HAVE to be COSTS.

    And don’t think what’s happening here isn’t intentional. Who the hell can spend all day typing shit into the computer? Certainly no one person (other than a sad, strange, lonely little troll) can dedicate their life to disrupting others who are trying to save their homes from foreclosure. I don’t understand. And please, don’t bother agreeing with me. I’m sure I speak for many of you.Anyone who has been here for any length of time knows who I am, where I started, and where I’m going.

    Any good thread will be disrupted here until the host steps in to take control.

  22. HFC just reopen my 3 year discharged BK case in order to redact and restrict public access to their proof of claim. What shenanigans are they up to?
    They claim no substantive changes will be made. They calim that the proof of claim contains personal information, which it does not.

    And worse they may have re-aged my bankruptcy and ruined my emerging credit.

    This was done as an ex parte motion giving me no notice or opportunity to object.

    any comments. What should I do? any other experience. I am sure I am not the only person out there they are doing this to.

  23. Nice UKG… Thank You for Sharing. Oh… I got a giggle out of your disclaimer.

  24. Yes poppy I agree they create their own bad vibes. Like these trolls. There is a big difference between sharing information and shooting information. This is the information super highway right…? We take what we can use and move on. I have found ALOT of good and useful tips and information on the blogs. That is really what it’s all about, excercising our right to speak freely. You can learn a lot of things that way.

  25. I am no religious fanatic either poppy but I do believe in a greater good. I do believe there is value in what the Catholic church taught me. I believe we were being prepared for what was ahead. Everyone has there own take on religion. I think religion is what you come away with in your soul. The Catholic religion fulfilled that for me. It warned me about both good and evil in the world. Even if there are some really evil elements in there, there is value to that lesson as well.

    I don’t defend the evil elements within the church. Those things do exist there and everywhere. I am thankful I was taught to recognize evil and all of its evil works . I am trying to alert people by exposing this evil and its evil machinations. If I walk alone, so be it. The truth is usually stranger than fiction….and scarier too. Not knowing the truth is a hell of a lot scarier to me but, that’s me. The truth is not for the faint of heart….that’s why people generally don’t pay attention to warnings and party until its too late. I sure hope that does not happen but unfortunately, there are ALOT of people not seeing the light. It’s sad but true.

  26. @ stripes

    yes, I am roman Catholic, baptized and all that and went to Catholic school. All I can tell you is; I have moved far from organized religion for my own personal reasons.

    Spiritual yes, religious, not so much. The flaws in their teachings and rhetoric are rather zealous and limiting to exclusion of other ideas and teachings, which actually offend me.

    There are lot of bad people in the world, but they will reap what they sow. Karma’s a bitch.

    I agree with much of what you say about our government cover up and enabling…absolutely! I suppose one could call them demons…I prefer sociopaths, in dire need of institutionalization or a prison uniform, with shots of heavy psychotropic drugs on a regular basis, and a daily dose of shock treatment sounds good to me. I’d apply for the position.

    The “indoctrination” of our children is present, Monsanto poisoning our food supply, endless Billion dollar bureaucracies that are incompetent, “scare tactics” to move us into more government controls (not protection)…I really get it, but things have replaced values. It brings me to; most people know the cost of everything, but the VALUE of nothing.

    I choose not to be one of THEM! Some days it is very difficult, as I am pretty slick and have the goods to lie and cheat, but I always ask myself, how would I like it, if were done to me. The answer is always the same.

    My Piece.

  27. how bout ground rules of no more than 10 posts a day, that way those that have good useful info to help our cases can make it count and not chitty chat too much, love to chitty chat but 10 posts should cover all of us.

  28. . There is case law that excludes suing or charging the lawyers in the case at bar , and holds that such charges be brought AFTER the case is adjudicated. Charging the bank firms under RICO or state racketeering laws, forgery, wire fraud, filing fraudulent/forged documents is the now the necessary language to be used. FDCPA catches them MASQUERADING as RPII. You have to claim that the actions of the lawyers are ongoing, post 49stateAGbash, and keep countering with facts, documentation, and case law. Bank law firms are relentless in paper pushing.
    see image for disclaimer.

  29. @ E. ToLLe

    Don’t misunderstand my intentions; I am not personally defending anyone here. She has a right to rant I guess, just like everyone?

    FYI: I have been on here for quite some time and changed my screen name due to some of the insults and “personal” attacks. Enraged was one of the issues. For me, I have enough drama, I do not need anymore.

    I would agree many of the comments have no relationship to the problems at hand…I could engage some of this, but prefer not too.

    No ax to grind here…too close in my own legal wranglings. Am making some headway and don’t want the distractions, honestly.

    I may have a lot to share…court is nearing. If we gain any traction I will certainly share.

  30. I am of the belief you can never expose evil enough. I know that is what put me here. Therefore, exposing evil is my mission.

  31. Poppy ….you said you are Catholic…..then you should not doubt evil like this exists. I swore to God I would reject Satan and all of his evil works and I took that oath seriously. Now I know why. I believe we were all being prepared for this spiritual war. I firmly believe there is undeniable evidence that fraudclosure and all of this manufactured crap is really a war on our souls.

  32. I cant hear You… say What? Oh … are you mumbling about paying taxes. I agree, you should always keep them paid.

  33. Poppy….This nonsense is what the Shadow Government calls employment. They are all shooting blanks because the truth does not lie….Communist Controlled opposition does not work against our true Constitutional Republic.

  34. So.. how does this help anyone save their homes Stripper? And I am still awaiting a response on how much the IRS is on your tail for. You know they can get a lien to .. Right?

  35. How did the attorney establish clearly the fact that an ‘entity’ was holding he note for Fannie Mae, the true owner? A securitization search? Aka chain of title? The bank said the note was lost…..so it wasn’t the bank giving up the info….who was it, and how? Its been believed unless the person is a “special witness” that The info was not permissable in court.

  36. Since I’m on the playground with mental midgets with the mental capability of 6 year olds…Sticks and Stones..

  37. Hey evil troller……people generally don’t like liars and foul language and name calling makes you sound stupid and ridiculous. Kind of sounds like you get your GED and your education on the black market …better trolls please…sounds like these trolls are xannied out…

  38. LOL..boo frickety hoo…..Apparently hell hasn’t frozen over yet….ALL the trolls have come out to play. No one light a match….! GUESS WHAT TROLLS…? CITIZEN BLOGGING IS MY JOB UNTIL HELL FREEZES OVER…..

    Hmmm..what could I have said that unleashed all the commie demons from hell…?!

    Could it be THE GENERATION OF INSOLVENT MORTGAGES THE J.P. MORGAN CHASE BANKSTER WAS TALKING ABOUT….?

    OR THE LIBERAL (COMMIE) MEDIA TRYING TO STEAL OUR SECOND AMENDMENT RIGHTS…?

    PICK YOUR POISON TROLLS….AND SUCK IT UP BECAUSE YOUR EVIL OWNER CAUSED THIS MESS..

  39. @ Poppy, not sure why you’re a constant defender of assvent, especially odd seeing as you both came on here at the same time, but I have no gripe with you. You add enlightening thoughts to the discussion.

    This other character is so obviously either #1) a paid shill doing everything to disrupt meaningful discussion, or #2) a complete idiot who has nothing whatsoever to add to any intelligent discussion concerning foreclosure. If you’ve read just one of her silly-assed rants, you’ve read them all. Over and over again.

    This blog, in reality, has nothing whatsoever to do with the constitution, communism, the Rothschild family….what’s really on stage here is how to deal with judges who are ruling from the bench, and how to deal with that. Or about clues as to how to trip up the servicer claiming to be the hidc. It’s very law specific. The owner of the site has never once conjured up thoughts about global conspiracies. There are plenty of sites out there for that. Not this one.

    Assvent knows nothing about any of this…she adds nothing to the mix. She subtracts. Is she your cousin? Niece? Idiot savant sibling? Can you please teach her how to disable the cap key? Or better yet, reach behind her while she’s drooling on the keyboard and hit that 0-I key, you know….the kill switch? Do it! For the sake of humanity! Just do it.

  40. Some people have a really difficult time minding their own business…

  41. DITTO, Enraged/christine…only bullies gang up on people.

    And you’re all for the Amendments, right? How about respecting the First one…and let everyone else have their own opinion. Try it?

    stripes can be a bit much, with demons and all that, but she does have a right to her opinion…as do you.

    Oh, I forgot your’s is much more refined and purposeful…hence; superior in importance.

  42. “Stripes/ivent, what in Gawd’s name would make you think we give a shit about what you’re watching on TV? Or that we await your every conclusion?”

    What “every” conclusion? There’s just one. Jut a single, lonely one. Just because it appears alternately in all caps, all lower case or a mix of both doesn’t change that sad, pathetic fact. That excuse for a brain can only hold one idea at a time. Just like a robot. Even my cell phone is smarter than that!

  43. Oh My Heavens UKG …ROFLMAO! Forgive Me! hahahahahahahahahahahah … I can not stop laughing. teeheeheehee. Oh My Gut Hurts! Back to Business … for the most part she is right about the UCC, I will give her credit for that …. but after that she fell of the boat and has since run out of common sense.

  44. If I had to take a guess … I would guess the IRS is on her butt, she was self employed. What do you say to that Stripes. Am I right?

  45. stripper/assvent (I like that one!)
    do you have anything to contribute that’s not just…shit? I quit posting because I don’t have anything to add that’s relevant, other than saying “You suck!” And before you call me a “bankster”, or a “shill”, or anything else, let me say this: you should get a job. It can be rewarding. Maybe you can go down to the Greyhound Bus station and announce where the buses are going. Or go to the hospital and get a job putting wheels on miscarriages.

  46. Stripes/ivent, what in Gawd’s name would make you think we give a shit about what you’re watching on TV? Or that we await your every conclusion?

    I’ll keep on you until one of us gets kicked off of here, which is highly unlikely given Neil’s lack of intervention. Neil’s blog moderation reminds one of Breuer – Holder’s Wall Street enforcement….zero to non-existent. I’d have not only kicked your ass a terabyte away by now, I would have planted a virus on you that would turn you inside out and make you beg for mercy.

    You are a waste of a PC. Not to mention a mind.

  47. Folks – WE HAVE ENOUGH TO READ – with cases, articles, commentary, legal fodder, etc. Please keep out the high school bantering – it’s really embarrassing when we go to share these pages with professionals and they shrug it all off as being ‘trolling’ instead of recognizing the inherent value of these pages – keep the level of professionalism as high as possible – keep conversations about law, articles, etc., in an academic, scholarly fashion – and please leave the locker room boogers in the lockers – thanks – NO POLITICAL IN FIGHTS – KEEP PERSONAL POLITICS OUT OF THESE PAGES!!!

    Please – if you notice we’ve lost a lot of really talented and smart contributors who don’t take this site seriously because of these childish remarks – please if you can’t curb your snarkiness then go somewhere that wants to read it.

  48. Kudlow and guests discussing the stagnating middle class “myth”….It may be manufactured, but it is no myth.

  49. re: “I don’t cry to Neil like a sniveling coward. I fight my own battles”. ME>>>You are losing the War fighting your own battles, why would you try to lead others down the same path? You need to get a job and fast! Pay this Attorney friend of yours you speak so highly of and Pay your Taxes! Anything short of that is an admission you are already dead in the water and all we are hearing from you is gasping.

  50. I don’t cry to Neil like a sniveling coward. I fight my own battles.

  51. I am aware this entity that is insulting me is evil. I say bring it on. I don’t fear it, because I know the truth. Lie is all they do.

  52. Cram it cristine & cry me a river …… WHO are you is the real question …? You can’t match wits with the truth. The FED are robberbarons…a strawman proxy for the rich. THE TRUTH IS ….The FED and their criminal friends on Wall Street created A QUADRILLION DOLLARS IN CRIMINAL FRAUD COUNTERFEITING AND FORGING OUR SIGNATURES AND NO ONE CAN PAY FOR IT EXCEPT FOR THEM…& THE FED OWES THE U.S. TAXPAYER’S AN INNUMERABLE AMOUNT OF GOLD….

  53. Birds of a feather… This is really amazing, that pack mentality. Once again, no one rung you.

  54. And you are Enraged, same thing happened to you for insulting people and outing them. Double standard Neil…?

  55. “… OF INSOLVENT MORTGAGES”. I read that somewhere…

    Neil, in case you had any lingering doubt, Stripes IS the Ivent specimen.

    Then again, in maggot-feed’s world, 300M x 1M = 300M…

  56. Not good enough Neil…falsified paperwork must also play into the decision. Fraud on the court is a crime! Lest not forget the statute of limitations on the debt, if there is an actual debt. If Fannie or Freddie didn’t lend the money they have NO right to collect anything…and they don’t! ……….but it’s a beginning for the courts.

  57. Maybe everyone needs to put down the politicians drug called fear.

  58. Bleeding heart liberals want your guns. Moms against the second amendment whining on Bloomberg that their beliefs and fraudulently induced fear, should infringe on everyones legal right to bear arms.

  59. Like Neil is trying to explain in this article, …. the Majic Questions are To Whom is the debt owed to and how much is owed. Its quite simple really …

  60. No Stripes… It buttwipe language for … We screwed up the titles, not just your credit rating. There is still an unsecured debt to pay. Get A Grip!

  61. David Kelley global asset strategist from J.P. MORGAN also said ….we are going to end up with a generation of UNREFINANCEABLE MORTGAGES……BANKSTER SPEAK FOR A GENERATION OF INSOLVENT MORTGAGES….MWAHAHA..!

  62. J.P MORGAN asset manager being interviewed on BLOOMBERG..he said …the “mismatch” between the “reserves” on the FEDS balance sheet compared to assets is going to be a problem in the future and the FED might eventually running at a loss. He said the FED is at a great advantage because they can print money (rob us) and it is all being done electronically (fraudulently).. THE TRUTH….THE FEDS BOOKS ARE COOKED… THAT IS WHAT THEY ARE HIDING ….THIS WAS ALL DONE FOR THE BENEFIT OF THEIR GREEDY OWNER….the one evil. SCREW THEM…They don’t own anything….that is also what their hiding.

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