Ignorance of the Courts and Bliss for Banks

A recent Ohio Court decision makes it clear how courts are clueless and biased. They still asume, despite so much evidence to the contrary that the “Chain” asserted by the banks exists.

Hat tip Bill Paatalo

The obligation under the note has not disappeared simply because Fannie Mae is not the party entitled to enforce it.  Where the foreclosing party cannot prove its entitlement to enforce the note and mortgage, and hence is forbidden the possibility of foreclosure, the party’s only remedy is to pass assignments back to the entity from which the obligation was purchased, and so on, until it reaches the party who is entitled to enforce it.

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In nearly all cases the originator (a) never existed, (b) has ceased to exist or (c) now disclaims any interest in the debt, note or mortgage. All of that is possible only because the loan origination or purchase was funded directly from investor money — separate and apart from the alleged “trust.”

Such entities either never owned the debt or forcefully disclaim any interest or claim on the debt. Hence the debt really has been severed from the note which means that the debt is severed from the mortgage. That is the whole point of the fake securitization scheme of the banks. That is how they were able to intervene between investors advancing money and homeowners taking money.

The mortgage was written to secure the note, not the debt. Read them carefully. The presumption of ownership of the debt by virtue of “ownership” of the note is root strategy of the banks. It is the main cause of presumptions of facts that are not true.

The problem for homeowners is that courts erroneously presume that somewhere in that haze of smoke and mirrors there is a real creditor who owns the debt via judicial norms that have existed for centuries. The courts don’t ever pretend to know the identity of that creditor.

The banks knew that the courts would make that assumption and hence proceeded to perpetrate a series of fraudulent acts on American investors, government, taxpayers and homeowners and foreign investors who bought derivatives or synthetic derivatives based upon ownership of the debt, collateral for repayment and clear repayment terms. None of those ever existed. The terms of the repayment recited on the note were NEVER the terms of payment to the investors, or the fictitious trust.

And so you get pronouncements like the one quoted above in which the court presumed that there would be someone who (a) was entitled to receive the possession and thus presume the right to enforce the note and therefore presume the right to foreclose the mortgage or deed of trust and (b) who was willing to receive it and enforce it.

Both assumptions are actually false.

It never occurred to this court and maybe not even the lawyers involved that the misrepresentation of the ownership was intentionally false and distracted the court into confirming yet another ruling in which banks get the benefit to the detriment of both investors and the borrowers. In none of these cases are the investors nor the named REMIC Trusts or Trustees ever getting the proceeds of foreclosure.

8 Responses

  1. Yes Roger – and to Anon — Many tell me the government knows all. When the crisis hit, Bernanke told Congress – “There is no money to help all the homeowners.” Instead, they chose to help the TBF banks. HAMP was a failure, and allowed an avenue to conceal. Yet, if something is not done the fraud will persist and get worse. It is not over.
    .

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  2. These may be the reasons why investors are lacking confidence in American systems and stock markets are going down almost everyday. Who would invest money in this country when they see banks do crooked things and many things are fake? These facts may be very well known to the world in this social media age. Banks must give damages to previous homeowners who lost their homes through illegal or questionable foreclosures and then, perhaps, investor confidence may rise up slowly. Otherwise, we may be looking at another recession and wave of new foreclosure.

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  3. The problem is the Lawyers Board, the Courts, and the Attorneys General are continuing to feign ignorance of the title problems and phony assignments and allonges.
    These are forgeries transmitted by wire and mail used to separate homeowners from their property.

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  4. Start with the warehouse lender. If you had any now defunct “lender” – you had a warehouse lender. They owned the collateral. What did they really do with it?

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  5. Seems the court is providing requirement to have chain of title.

    “…party’s only remedy is to pass assignments back to the entity from which the obligation was purchased, and so on, until it reaches the party who is entitled to enforce it.”

    If assignments fail no authority

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  6. Should Read.
    (Entire process was done Online…)

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  7. BOA was originator. (Entire process done until actual closing.) Don’t believe they even lended a penny. We had $100,000 hard money deposit. Where did that go ?? Not to the seller !! Freddie Mac states after the fact they were investor/owner of Loan since the beginning. Name nowhere on any closing documents and/or fraudclosures documents.(although they did show up in 2-3 modifications they sent they the years) and their website states they “own” the loan. Finally the Boa NA. BAC Homes and now SLS Servicing shell game is the newest Red Flag.

    I will always state forever. The fraudclosures are theft.
    The Debt is UNSECURED!!!!

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  8. Yes Neil — except – investors did not fund anything. Investors are NEVER direct lenders – this would be a TILA violation. The defunct lenders were provided warehouse credit lines from TBF for escrow at closing. Unless the loan is immediately, or shortly thereafter, sold to the secondary market (a trustee – not a trust) the loan is considered to be table funded by the stated lender. This is a violation of RESPA if the actual warehouse lender is not disclosed.

    These loans were never validly sold to any secondary market, because in order to be a valid securitization, the loans must first be recorded on a balance sheet. Whose balance sheet were the origination loans recorded on? The defunct mortgage “stated” lender who was in effect only a correspondent lender for the warehouse lender? The warehouse lender itself? The trustee, if loans was claimed to be sold to secondary market? The servicer? The security underwriter for the claimed trust? Whose balance sheet? The trust itself (which is useless without representation)?. The Depositor? NONE.

    Yes – separation of mortgage from lien from debt. All the trusts ever contained were fake liens.

    Liked by 1 person

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