Anyone who says that the banks will fix all this in a few months is seriously de

[midnight rambler]

"Anyone who says that the banks will fix all this in a few months is seriously delusional."

This is so huge as to be beyond comprehension at this time.

http://www.thestreet.com/story/10887663/1/foreclosure-fraud-its-worse-than-you-think.html

[midnight rambler]

Very interesting comment from the above link:

"The mortgage is still owed".
WRONG. Let's talk about how they, or *any public institution for that matter*, never loans a single cent for credit cards, mortgages, etc. All of these "foreclosure crisis" / mortgage stories pouring out are highly irritating for several reasons: they're spitting out falsehoods that unfortunately nearly everyone has bought and have been for decades, "hook line and sinker". These stories complain about document fraud while spouting something very rarely known -- that is, no one, I repeat NO ONE (on this entire site, for example), has EVER received a loan from a PUBLIC financial institution, be it bank or credit union or etc. I can hear the cries of incredulity already, unfortunately. But onward, without going into an insane amount of detail:

As for the money they "give" people for everything from credit cards to mortgages, they never do... As stated by Uniform Commercial Code §1-201(24) and §3-104 (the code that governs commerce), it is a person's signature put on a loan application, mortgage application, credit card application, or other promissory note which gives it value i.e. makes it money. The contract signed (promissory note) is converted into a "negotiable instrument" by a financial institution and becomes an asset on the institution's accounting books.

"Federal Reserve Bank of Chicago's publication Modern Money Mechanics, on Page 6 wrote: 'Of course, they do not really pay out loans from the money they receive as deposits. If they did this, no additional money would be created. What they do when they make loans is to accept promissory notes in exchange for CREDITS to the borrowers' transaction accounts.'" Uh huh. "Alex, 'What is 'monetized debt'?'"

"The day you signed your name to that paper buying your home you in that moment bought and paid for that home, it is yours on your signature and you owe no one for it (Law of the Land) and the the banksters tricked you into living a life of debt repeatedly paying them for something that you already own. They are making fiat money off of your signature and have been since mortgages came into being."

"They asked a woman a simple question: 'Did you get a loan from the bank?' It was over with for her. She said 'yes.' She never got a loan from the bank. Not only is she a liar, but she destroyed her own case. If she had said, 'I never got a loan from the bank. I sold them the Promissory Note, they gave me the money, I bought the house with the money and I paid them for the loan, but they never gave me the loan.' That would have been it. There is one sum certain, one lump of money (in this case, $500,000). Where did it go? It's only one lump sum. You sold them the Promissory Note."

Everyone also has the right to find this out for themselves by innocently asking a few questions and making requests, such as proof of the accounting (proof that they actually loaned you their funds) and asking for "the ORIGINAL instrument of indebtedness in its ORIGINAL form" for whatever public financial institution "you" "owe". For credit cards, mortgages, etc. the institutions will NEVER produce it, because it no longer exists. They'll throw everything they can except the original instrument of indebtedness in its original form, including the laughable "certified true copies" (forgeries). Asking for such documentation does no harm whatsoever, and one has everything to gain from doing so. They will eventually figure out what you're asking for and pull out every stall tactic they can come up with and throw an army of collection agencies and lawyers at you to keep you from seeing your request to their inevitable defaulting end, however, and if you get there in one piece, Sincere Congratulations, you beat the fraud monolith. At that point they cannot even go to court, for they will completely and utterly lose, and you're finally free from a debt that never existed.

In a short nutshell.

[palani]

Most of the real estate sales this past year are foreclosed homes. The problem is the bank may not have the capacity to sell a foreclosed home if they don't hold the originals of the mortgage or note. This puts a serious cloud on any home that ANY bank sells as the previous owners/buyers might just step in and take possession as the rightful owner.

Under these conditions my recommendation would be to avoid stepping into the middle of the fray to buy one of these "good deals" on foreclosed homes.

[Filthy Keynes]

In a short nutshell.


Very good explanation!

But what is a "Promisory Note"? And what is this note promising?

[Joe King]

In a short nutshell.


Very good explanation!

But what is a "Promisory Note"? And what is this note promising?
Isn't it "promising" to give back over time the bank credit they're extending to you?

All banks are doing is facilitating access to your own future credit, today. So that you don't have to save up little by little over 30 years to finally be able to buy a house.
i.e. hamburgers on credit today that has to made good on Tuesday.

It's getting to spend your own future earnings today, so that it's avaliable in the economy for you to be able to earn back so that you might then be able to make the prommisory note good and being charged a fee for the service.
Multiply that by a growing population over several decades and you get what we've had until you reach the point of debt saturation and the inability of those future earnings to keep up with past promises to pay.
Think of what happens when a pyramid scheme runs short of new "investors".

Which is where we are today.
Which is why the ptb are desperately seeking a bubble to inflate, and have always sought to expand the base.

[bellevuebully]

In a short nutshell.


Very good explanation!

But what is a "Promisory Note"? And what is this note promising?
Isn't it "promising" to give back over time the bank credit they're extending to you?

All banks are doing is facilitating access to your own future credit, today. So that you don't have to save up little by little over 30 years to finally be able to buy a house.
i.e. hamburgers on credit today that has to made good on Tuesday.

It's getting to spend your own future earnings today, so that it's avaliable in the economy for you to be able to earn back so that you might then be able to make the prommisory note good and being charged a fee for the service.
Multiply that by a growing population over several decades and you get what we've had until you reach the point of debt saturation and the inability of those future earnings to keep up with past promises to pay.
Think of what happens when a pyramid scheme runs short of new "investors".

Which is where we are today.
Which is why the ptb are desperately seeking a bubble to inflate, and have always sought to expand the base.

I confess to not having read the op, but based on the title and some of the following comments, I'm sure not one single thing, nothing would surprise me. If I saw indisputable proof that we had all been sold into 5000 years of debt repayment, I would say that would be par for the course.

In the short to medium term, I anticipate a serious attack on retirement savings.

[mamboni]

Don't worry: there's no limit to how much credit that can be created.

http://2.bp.blogspot.com/_wkgIzuqJM0w/THvFfY4HiOI/AAAAAAAAFqs/5DOXOuMKbMA/s1600/B+Key.jpg