by marvin J. Ramirez
Marvin J. Ramirez
A Senator and a Mayor are urging passage of a legislation for brokers and lenders, since according them, to fix the real estate crisis that is putting and threatening millions of people to lose their homes and be evicted out on the street. But I don’t understand what got to do the behavior of the brokers and lenders with the real situation that is causing the eviction of millions of people by the banking industry. Although the situation is a lot more complicated to explain in this short article, I will try by best to give you an idea.
Just recently, U.S. Senator Dianne Feinstein (D-Calif.) and Los Angeles Mayor Antonio Villaraigosa called for Congress to pass legislation to create national licensing and oversight standards for mortgage brokers and lenders.
“The subprime mortgage brokerage and lending business is like peeling the skin of an onion,” Senator Feinstein said. “As you peel it back, you find that there are fraudulent and unethical practices.
“You find that often an individual’s financial qualifications to own a home are not verified. People are given mortgages they cannot afford. They are not informed about rate resets…”
However, what these two politicians are ignoring is that unless they hit on the real target: the banking fraud, nothing is going to be fixed.
According to an article on banking, when a person enters into a contract with a bank to borrow money to pay for a home, you don’t really get a loan.
This happens when the “borrower” signs a promissory note, let’s say for $400,000. The bank deposits the note into its books in the amount of the note, and this is transformed into the $400,000 that supposedly it lent you. Which means, that every person who has bought a house until now, the house has been paid. So nobody really owes any money for their mortgage. Believe it or not, this is the truth.
According to an anonymous author, the secret involves two kinds of money. Legal tender- cash- money and non legal tender-money like checks and credit cards. The bank’s own publication claims that money does not have to be issued by the government or be in any special form. According to the bank’s manual, money is anything that can be sold for cash and that the banks accept as money.
The loan agreement you sign is sold to investors wanting interest. If you do not pay the interest, they foreclose and collect the money. The loan agreement can be sold for cash and the bankers use the loan like non-legal tender money. In about 99 percent of the time, the bank almost never has the original note that you fi rst signed to obtain “the loan.” And to prove this case – if you haven’t refinanced your loan – go to your bank and tell them you want to pay your entire loan off, and demand fi rst that they return your promissory note. They will tell you that they can’t give it to you. And this is because they already sold it; therefore, if they don’t produce the original promissory note, you don’t have to pay a penny to the bank, and you don’t owe them a cent.
This is what Dianne Feinstein and Mayor Villaraigoza, either don’t know or don’t want to tell you because exposing the fraud will hurt them politically.
If you want to receive a copy of the article, The Great Banking Deception, to learn more about this subject and help you fight foreclosure, please send us an email with your name at: marvinrami@aol.com.
