Domestic Terrorism by ONE WEST BANK
How the Banking Industry Plundered U.S. Real Estate
A civil and criminal conspiracy was successful and the American middle class watched helplessly as US banks and other so-called "lenders" initiated a plan the eliminated the equity, savings and security of the American homeowner. Here is how they did it.
On 10/5/06, I signed the Promissory Note. (see Documents). That night the note was sold. The original "lender", MortgageIT, was actually a broker and sold the note to IndyMacBank, naming MERS as their "nominee". The loan was immediately placed into Lehmann's Pooling and Servicing Agreement. This agreement was registered with the SEC as a REMIC or Special Purpose Vehicle for tax purposes.
They appointed AURORA as the Master Servicer, US Bank as the Trustee, and IndyMac Mortgage Services became the "Servicer". Once this REMIC was established, it was converted into a security along with thousands of other loans, and traded on Wall Street. Read that again. My loan was converted into a stock and is no longer a loan. It is now owned by thousands of shareholders in probably many countries.
When my loan was converted to a stock, it lost its usual properties. Once it became a stock, it forever has lost its security including the Deed of Trust and the ability of the lender to ever foreclose. A loan is a negotiable instrument covered by the Uniform Commercial Code. The only way a bank can foreclose on a property is if they are the Real Party in Interest. Once the loan was sold, the lender no longer is a Real Party in Interest and can no longer claim such status.
Once the loan was converted into a stock it was not only no longer a loan, but the existence of both the stock and the loan at the same time is a definite no-no, securities fraud also known as "double dipping". My note is now a stock and governed by SEC rules. It is legally no longer a note and since it no longer exists as a note and the Trust was created to secure that Promissory Note that no longer exists, THE TRUST IS INVALID AND SECURES NOTHING.
Since the so-called Lender in my case has foreclosed on the Deed of Trust, which has no Note to secure, the Deed of Trust is invalid and the Lender's right to foreclose is gone. In other words, the Lender has illegally foreclosed on my home and I can't get an attorney with enough guts to fight them or a judge who isn't in bed with the banking industry.
That is my story.
On 10/5/06, I signed the Promissory Note. (see Documents). That night the note was sold. The original "lender", MortgageIT, was actually a broker and sold the note to IndyMacBank, naming MERS as their "nominee". The loan was immediately placed into Lehmann's Pooling and Servicing Agreement. This agreement was registered with the SEC as a REMIC or Special Purpose Vehicle for tax purposes.
They appointed AURORA as the Master Servicer, US Bank as the Trustee, and IndyMac Mortgage Services became the "Servicer". Once this REMIC was established, it was converted into a security along with thousands of other loans, and traded on Wall Street. Read that again. My loan was converted into a stock and is no longer a loan. It is now owned by thousands of shareholders in probably many countries.
When my loan was converted to a stock, it lost its usual properties. Once it became a stock, it forever has lost its security including the Deed of Trust and the ability of the lender to ever foreclose. A loan is a negotiable instrument covered by the Uniform Commercial Code. The only way a bank can foreclose on a property is if they are the Real Party in Interest. Once the loan was sold, the lender no longer is a Real Party in Interest and can no longer claim such status.
Once the loan was converted into a stock it was not only no longer a loan, but the existence of both the stock and the loan at the same time is a definite no-no, securities fraud also known as "double dipping". My note is now a stock and governed by SEC rules. It is legally no longer a note and since it no longer exists as a note and the Trust was created to secure that Promissory Note that no longer exists, THE TRUST IS INVALID AND SECURES NOTHING.
Since the so-called Lender in my case has foreclosed on the Deed of Trust, which has no Note to secure, the Deed of Trust is invalid and the Lender's right to foreclose is gone. In other words, the Lender has illegally foreclosed on my home and I can't get an attorney with enough guts to fight them or a judge who isn't in bed with the banking industry.
That is my story.
We have not been provided with a copy of the ‘Original ‘wetink’ Note, front and back with all attachments, certified by the custodian to be a true and correct copy of the original, with further certification that they hold the original. Without that certification, we cannot assume who has the original, as there have been many cases where lenders have lost Notes or
pledged them for borrowing or sales, and no longer hold an unrestricted ownership of the Note. Without knowledge of whether the Note and Deed have or have not become bifurcated*, we cannot confirm that the foreclosure in the case at hand, would or would not be legal under applicable law.
As to the Bifurcation issue, it is clear that the Note’s transfers are not in order, the multiple endorsements (allonges) in transferring the Mortgage into the Securitization renders that attempt defective, giving this securitization No Standing to proceed with the Foreclosure and Sale of his piece of real property. I am confident, upon appeal I would prevail.
*Bifurcated
In Carpenter v. Longan 16 Walls. 271, 83 U.S. 271, 274, 21 Led. 313 (1872), the United States Supreme Court stated,
“The note and mortgage are inseparable; the former as essential, the latter as an incident. An assignment of the note carries the mortgage with it, while assignment of the latter alone is a nullity.” The obligation can exist with or without security but a security interest cannot without the underlying existing obligation ... so if all you get is the mortgage and not the note, that's pretty much worthless, or you have a Note without collateral.
pledged them for borrowing or sales, and no longer hold an unrestricted ownership of the Note. Without knowledge of whether the Note and Deed have or have not become bifurcated*, we cannot confirm that the foreclosure in the case at hand, would or would not be legal under applicable law.
As to the Bifurcation issue, it is clear that the Note’s transfers are not in order, the multiple endorsements (allonges) in transferring the Mortgage into the Securitization renders that attempt defective, giving this securitization No Standing to proceed with the Foreclosure and Sale of his piece of real property. I am confident, upon appeal I would prevail.
*Bifurcated
In Carpenter v. Longan 16 Walls. 271, 83 U.S. 271, 274, 21 Led. 313 (1872), the United States Supreme Court stated,
“The note and mortgage are inseparable; the former as essential, the latter as an incident. An assignment of the note carries the mortgage with it, while assignment of the latter alone is a nullity.” The obligation can exist with or without security but a security interest cannot without the underlying existing obligation ... so if all you get is the mortgage and not the note, that's pretty much worthless, or you have a Note without collateral.