Wednesday, April 21, 2004


The Rumor Mill News Reading Room

The Rumor Mill News Reading Room
Posted By: CliffMickelson
Date: Monday, 19 April 2004, 8:13 p.m.
In Response To: THE COMING GREAT FORCLOSURE (CliffMickelson)
Hi Cliff:
You are correct....the Banksters are PLANNING on Nationwide foreclosure. However, it should be known by the borrowing public that Banksters and other Lenders have jeopardized their postiton as a 'holder in due course' for some rather glaring reasons.
I was involved in the Banking Industry, serving as a V. P. and Chairman of the Investment Committee for 4 years. This was a De Novo State Chartered Commercial Bank which I organized, along with 11 other Incorporators whom I selected.
Here's the skinny. When a Bank writes a Treasuruer's Check to cover a Mortgage, it is a BAD CHECK. Here's why.......Banks write many checks every day, however, they fail to keep sufficient cash (FRN's) in their vaults to cover the checks written daily. This is known as 'check kiting', compounded by the fact that another Bank recieving this Check for payment accepts it without question. If you or I tried to do this, we would be in jail momentarily. Additionally, the loan involves no 'money' whatsoever, the loan is created out of thia air by a mere bookkeeping or computer entry. It's the old story, repeated decade after decade, that when one goes into a bank to borrow money (for whatvever reason) the implication is that one is actually borrowing money.....not so, it is a mere 'credit bookkeeping entry loan' secured by the Borrower's signature and pledged collateral. There is NOTHING of value put at risk by the Lender.
Enter 'good faith', a necessary part of any valid loan transaction. In this instance, 'good faith' is ASSUMED by the Borrower...he/she assumes they have borrowed 'money' when in reality they have given the phoney loan validity by THEIR giving value to the Bank (signature and collateral via a Mortgage and Promissory Note). The Promissory Note says the Bank can foreclose if payments are not received on schedule. Further, many Promissory Notes contain an 'acceleration clause'which means the Bank can 'call' the Note anytime it desires to do so, without Notice....the full remaining balance is due right now!
So where is the 'good faith'? There is NONE on behalf of the Bank/Lender who has nothing at risk, yet can take the Mortgaged property at a whim.
Further, because a Bank/Lender puts nothing at risk (just a simple bookkeeping/computer entry)it is not qualified to be a 'holder in due course' as it has given nothing of value and is charging interest on NON-EXISTANT funds!
It is time for the American Debtor Public to be aware of the sham to which they are an unwitting party.
The same analogy applies here as it does with Statutory Law (color of law) and FRN's (colorable money)....both appear to genuine but are absolute fakes. Loans of credit by any Lender is a fraud upon it's face and like a counterfeit $100 bill, when the faud is discovered, it ceases to have value. The issie of fraud was addressed early in our History by the U.S. Supreme Court in U.S. v. Throckmorton, 98 at 61, Page 65 which states: "Fraud, vitiates the most Solemn Contracts, Documents and even Judgements"
There you have it, my friend. It was for my fighting the issues contained herein in State and Federal Courts nearly 20 years ago that brought the wrath of the Fed's and State goons upon my head, for which they summarily threw me in jail for exposing their 'code of ethics'. En masse, it would be a different story. We should 'get the word out' ASAP.
Kindly, WB

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