by Marvin J. Ramirez
Marvin J. Ramírez
“Banks DO NOT HAVE the original Promissory Note, they only have a copy of the note, and because they think they are gods, they can steal our properties with photocopies of original documentation. Banks did not lend us anything. The Federal Reserve Bank does not allow them to lend FEDERAL RESERVE NOTES. Your house is already paid with the original Promissory Note, when it was sold and created the funds for the original transaction. Banks, Title Companies, Trustees, Debt Collectors, judges know it, but they are all committing FRAUD to steal the funds from the note + your house. Together we can stop them,” said an email I received last week.
And statements like these have been circulating in the city and around the nation, making some property owners to take their cases to court, while others, in the real estate industry, have remained skeptical, preferring not to challenge the banks or the system, preferring to stay quite out of fear.
Another email recommends to homeowners to ask the banks questions before they continue paying for something they have already paid for. Does this sound a little bit like fantasy theory from Fantasy Island? Of course it does, but is reality.
And Walker Todd explains it below how is it that the banks, when they say they lent you money, actually they didn’t; what they lent you was their own credit, instead of real money – because there is no money in circulation (House Joint Resolution 192, April 5, 1933).
Todd, an attorney and economic consultant, is a visiting research fellow and instructor at the American Institute for Economic Research in Great Barrington, Massachusetts.
Between 1985 and 1994, Todd was assistant general counsel and research officer at the Federal Reserve Bank of Cleveland; before that was an attorney in the Legal Department of the Federal Reserve Bank of New York. Todd has been on four World Bank country missions and in 2004 organized a conference on World Bank and IMF reform.
And while this revelation is well known in the banking community as the banks’ dirty fraudulent secret, it is usually over-showed by corrupt judges, who often do not accept claimant’s defense that no money was lent, so they tend to rule in favor of the bankers. But this might start changing.
As the banking industry faces its biggest challenges in history amid a financial global crisis, the issue of where is the original note that the purported borrower signed is starting to be scrutinized by some mainstream media, which have declined to cover this banking fraud.
With a provocative headliner, “Facing foreclosure? Don’t leave. Squat,” the San Francisco Chronicle exposes the old trick of the banks of making money on the backs of consumers by demanding payment when in fact the borrowers signature created the money, created the money, meaning that the bank never lent their own money.
In her column published in the Chronicle on Feb. 4, Amy Goodman, the host of Democracy Now, a daily international TV/radio news hour airing on more than 700 stations in North American, explains what many real estate professional and consumers have ignored for most of theirs lives.
In the article, Goodman quotes Marcy Kaptur, the longest-serving Democratic Congresswoman, whose district faces an epidemic of home foreclosures and 11.5 percent unemployment, recommending to her constituency not to move out of their homes.
“So I say to the American people, you be squatters in your own homes. Don’t leave,” and criticizes the Congressional bailouts failure to protect homeowners facing foreclosure.
And the legal technicality that Goodman quotes Kaptur exploiting, is that the subprime mortgages that are now causing millions to lose their homes, “were made, then bundled into securities and sold and resold repeatedly, by the very Wall Street banks that are now benefi ting from the TARP (Troubled Asset Relief Program).
According to the article, the banks foreclosing on families very often can’t locate the actual loan note that binds the homeowner to the bad loan. “Produce the note,” Kaptur recommends to those facing foreclosure demands of the banks.
And adds: “Therefore, stay in your property. Get proper legal representation … [if] Wall Street cannot produce the deed nor the mortgage audit trail … you should stay in your home. It is your castle. It’s more than a piece of property. …
If you look at the bad paper, if you look at where there’s trouble, 95 to 98 percent of the paper really has moved to fi ve institutions: JPMorgan Chase, Bank of America, Wachovia, Citigroup and HSBC. They have this country held by the neck.”
As another email received at our newsroom states, “Remember they never gave you a loan. Ask for proof. Tell them, ‘I have no record of having received a loan from you.’ Request proof of a loan.”
They don’t have one. They have nothing. It’s a lie. AN ILLUSION. They don’t even have the Promissory Note any more. The story is the same with automobiles, credit cards, lines of credits, any bank “loan”, continued the email.
