RE: Reuters, “Bank of America liable for Countrywide mortgage fraud” reuters/article/2013/10/23/us-bankofamerica-hustle-idUSBRE99M14B20131023 Hooray! Now what about the poor slobs like me that got sucked into mortgages as the Federal Reserve suppressed interest rates, created a bubble, thereby having sucked people into mortgages and made it impossible for them to pay? There was clearly a conspiracy involving the Bush administration, big banks and mortgage companies, the Federal Reserve and members of Congress to: 1. Use the Federal Reserve’s power of inflation (monetary expansion) to expropriate the value of citizens’ wages.(1) 2. Use the Federal Reserve’s power of inflation to expropriate the value of citizens’ investments.(2) 3. Use the Federal Reserve’s power of inflation and Congress’s power of legislation and appropriation to divert trillions in real capital from its natural course as would be directed by the market into massive malinvestment creating a short term boom in certain sectors while other important economic sectors ended up underfinanced. 4. Use the Federal Reserve’s power of inflation to create an economic boom and with it a false sense of prosperity and high employment so that people would be willing to enter into debts they otherwise would not take on. 5. Use the Federal Reserve’s power of inflation to drive down interest rates to unrealistic levels, such as 1% or less, to suck people into imprudent leveraging much of which they had no choice on because their the equity in their savings and wages was being destroyed. 6. Use the legislative power of Congress to modify the laws to make it APPEAR there was a great advantage in taking out the secured loans when in actuality in the long run they would result in the loss of real equity. For example, tax deduction for mortgage interest. At the same time revising mortgage and bankruptcy laws so that if you got only a little behind you found yourself in a financial tailspin from which it is almost impossible to recover until you lose everything. 7. Use the legislative power of Congress to suspend or modify normal legal protections for both the borrower and the lender for the alleged purpose of making homes affordable for more people but for the actual purpose of sucking them into imprudent debt so the banks could get both the mortgage money and interest from them and then seize the home and re-sell it for full. 8. Use the prestige of the White House and intensive advertising campaigns to suck people into these loans. 9. Once having sucked people into these loans, the banks could profit from the interest as long as the debtors could pay. 10. Use the Federal Reserve’s power of inflation to create an economic depression so many debtors would be foreclosed thus the banks could keep the money received in payment, plus resell the homes or businesses and receive the full value of them plus any interest payments on the new mortgage. 11. Having rendered thousands, maybe millions, unemployable, the banks could seize their homes in foreclosure. 12. And further, set up a bunch of government-funded subsidies so the banks cannot lose on the mortgages even when foreclosed. 13. And finally the banks set up arrangements where they could re-sell the same mortgage note over and over to many different investors at the same time failing to register the change in the note holder with the County Clerk or Register of Deeds as required by law in virtually every state. The banks were able that way to pocket the money from the re-sale of the note to either investors or “Fannie Mae” or “Freddie Mack” leaving the either the other investors or the taxpayers on the hook for any losses in the default. What we clearly have is either: 1. A bunch of contemptible inflationist crackpots in charge of U.S. fiscal and monetary policy who are disciples of such cranks as John Law (1671-1729), Pierre Joseph Proudhon (1809-1865), Benjamin F. Butler (1818-1893). William H. “Coin” Harvey (1851-1936), Silvio Gesell (1852-1930) , and John Maynard Keynes (1883-1946) or. 2. A deliberate criminal conspiracy to use Fed and large bank funny money created out of nothing to steal as much real wealth as possible from the American people. Keep in mind that banks make their money on interest. Normally this is economically healthy provided the loans are financed from real savings. But when financed by funny money created from nothing, harmful results must follow. We have three centuries of experience demonstrating that going back to the Founding of the Bank of England in 1694 and the Mississippi and South Sea Bubbles which blew up in late summer of 1720. The conspiracy involved, from the bankers’ point of view, an attempt to draw as many Americans as possible into a state of permanent un-pay-off-able debt so they could collect the interest and/or seize property in the event of default. Conspiring to put people into such debt-slavery, called “peonage” is clearly a violation of the XIII Amendment. Simultaneously sucking people into credit card debt, mortgages and other debt while destroying the job market and conspiring with the central bank and the government to do so is NOT ethical banking. B of A and the late Countrywide Homeloans have been proven time and again to be a bunch of notorious liars. Why anyone believes them about anything in beyond me. The lies go on as Bank of America sold my note to Nationstar Mortgage without bothering to tell them that a HAMP loan modification agreement had been entered into between Bank of America and myself February 2, 2013. I have been fighting Nationstar to get that agreement recognized. But what REALLY got me angry is that Bank of America tried to wriggle out of the agreement by claiming the notary and I put different dates on my signature on the agreement. They argued that, since we had signed on different dates, the notary cold not have actually witnessed the signature. What actually happened is that I spelled out “February 2, 2013” while the notary abbreviated the date “2/2/13” in the narrow line she was allowed to enter the date! Anywhere I have been “February 2, 2013” and “2/2/13” ARE the same date!!!!! Unless, of course, they are arguing the notary notarized the agreement on February 2, 1913—a century before it was drawn up and decades before either I or the notary were born!! This is just a personal example of the slimy procedures followed by Bank of America. Refer also to David Daven, “Bank of America whistle-blower’s bombshell: ‘We were told to lie’” salon/2013/06/18/bank_of_america_whistleblowers_bombshell_we_were_told_to_lie/ DO NOT DO BUSINESS WITH BANK OF AMERICA!!!!!!! Whenever I investigate Mortgagegate, the name of former Rep. Barney Frank (D. Bank of America—er—Massachusetts) keeps coming up. Oh how I would like to get Mr. Frank on the stand under oath!!!!! To show I am not down on bankers as a class, I would like to point out I have been generally happy with the service I have received from Huntington National Banks which bought out what way back when was Mount Clemens Savings Bank. I have also been happy with the service I have received from Alliance Catholic Credit Union.
Posted on: Thu, 24 Oct 2013 15:08:25 +0000
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