Friday, November 12, 2010

VERY SCARY VIDEO: Mortgage Fraud Deposition

You have got to Love this deposition [from the standpoint of foreclosure defense].

EDITOR'S NOTE: Actually we have to  hate this video. Our entire legal system, property titles, contracts and business practices are under siege. We are a country that has been occupied and currently a battle for control of our destiny --- individually for each citizen and as a country --- is underway. And despite the revelations and disclosures, we are very far from winning. The widespread use of Wall Street money at the Federal and State level is going to be used to push a "reset" button that validates every illegal act that has been committed and will put in doubt, for all time to come, whether anyone can ever trust a transfer of property --- real or personal --- ever again. This will put us in the same category as third world nations where the risk of nationalization and just plain theft is legalized and accepted by those with authority to do it. The IMF and World Bank have been warning us about this for decades. Now the time has come for us to move one way or the other.

The guy in this video is clearly a fairly decent guy trying to tell the truth as best as he knows it. He was put in the position of signing documents without any clear understanding of how he could be authorized to sign on behalf of more than 20 different major institutions. He had no no understanding or no clear understanding of the effect of any of the documents he was signing. You'll see where he says that he doesn't know what an assignment is or what it does. He was used as a pawn in a vary large scheme wherein the people pulling the levers were in a command room that consisted of a process rather than a place. Wherever you look, that is where they are not.

The central point that should be the focus of this effort is whether the mortgages were valid, whether the notes were valid, and who were the real parties to the transaction in which money was advanced by investors and borrowed by borrowers, with securitization participants (co-venturers) biting off pieces of the investor money as it traveled down the securitization chain. This is BOTH a procedural and substantive issue. Perjury, forgery, fabrication, lack of authorization are all bad things that threaten the integrity of our system of commerce and our legal system. But the larger threat is the very real fact that the party who physically advanced the money that was loaned to the borrower is not mentioned in any of the loan documents.

This IS a case of the note split from the mortgage. That would be bad enough, because it would still allow disinterested parties to claim an interest in the receivable or the property. The larger problem is that this is a case where there was a wholesale split of the obligation from the note and the mortgage.

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