An Exchange On Securitized Debt Obligations Between Jim and Yra

Jim Sinclair's Mineset ^ | October 5, 2010 at 2:45 pm | Jim Sinclair/Yra Harris

[Razzz42]

The following is an exchange between Yra Harris and I on the securitized debt obligations of home mortgages.

Yra Harris: The Kentucky court issue is just another case. Two years ago a federal court ruled against a Deutshe Bank foreclosure claim on the same grounds. To blow my own horn, in the book "Inside the House of Money" I was interviewed and warned that this securitization was going to be a major issue. Greed blinds those who only see short term green.

Jim Sinclair: Agreed, but Kentucky is a Rico action and class action suit. That is why it is so important.

Yra Harris: Yes that is true, but it is interesting at the same time that JP Morgan and Bank of America step back from foreclosures

Jim Sinclair: That is because the entire thing is a bag of worms. That is the collateral for securitized debt obligations based on just these same mortgages.

This is huge, simply huge.

Yra Harris: For that is how Wall Street has truly raped Main Street.

Jim Sinclair: Yes and think of all the public pensions stuffed with this crap

Jim Sinclair: The RICO (organized crime) statute in a civil suit is usually used to force a settlement. If the banks lose under RICO they sacrifice ALL their assets.

The key to RICO in a civil suit is to prove a PATTERN. Listen to the video posted today and the pattern screams at you.

The only logical settlement here is to void the foreclosure. Keep in mind this is a class action. It could sign up 100,000 complaints if that is desired by the attorneys.

This suit, if successful, will be repeated all over the US...(continued below)

[Razzz42]

(continuing)...The Deutsch Bank suit occurred in a vacuum without the PR this is going to get in publications like the New York Post and Rolling Stone.

Each time that happens an item of collateral on the securitized debt publicly dies. That is why this is dynamite that people will realize very soon. This is one reason gold is up hard today.

The guys that made securitized debt are buying gold by the ton because they know what it means in the form it has surfaced yesterday.

They are in touch with many major producers.(end)

How many people know what they are talking about? Raise your hand if you do.

[Neidermeyer]

If you have a securitized mortgage stop paying immediately ,, get lawyered up with a lawyer that “gets it” and make your regular payment to an escrow account that you control... Throw QWR’s at your “lender”/servicer demanding a full accounting of where funds are disbursed to and the name of the true lender ... Sue for quiet title ,, make them prove they own the debt.. they can’t...

If you don’t do that or something similar be prepared for Obama to do something legislatively to “save” Fanny and Freddie from all the unenforceable debt they bought and can’t “put back” on the banks.. You didn’t create the unenforceable contracts ,, you have no obligation to undisclosed parties to your note. You’ve already paid for your mortgage through the debt Obama and Bush put on your heads through the HAMP , TARP , the AIG bailout and much more.

[Chunga85]

Beware...another legislative demon lurks. While we're all focused on GMAC, BOA, etc....HR 3808.

Interstate Recognition of Notarizations Act of 2009

snip>

H.R. 3808 would require that all federal courts recognize lawful notarization made by a notary public licensed or commissioned under the laws of a state other than the state where the federal court is located if:

(1) such notarization occurs in or affects interstate commerce; and

(2) a seal of office, as a symbol of the notary public's authority, is used in the notarization; or in the case of an electronic record, the seal information is securely attached to, or logically associated with, the electronic record so as to render the record tamper-resistant.

snip>

Meet you new Notary...

[Para-Ord.45]

bm

[Razzz42]

Close enough. How this type of fraud is used to punish taxpayers further, I don’t know but they will try.

[Razzz42]

Your tagline covers it. Thanks for the link.

[Razzz42]

bm = ?

[Razzz42]

3 replies, sad. We’ll see how the mainstream media handles this, for that will be the government talking or maybe try and bury it.

[Para-Ord.45]

BM= book mark

If the RICO style lawsuits start flying I can repost this post elsewhere on the net and say, “ they predicted it” :-)

[Razzz42]

BM: wasn’t sure.

There is no secret of events in the RE world and Courts concerning banks using over-the-counter derivatives to leverage mortgages. Spot gold and silver are just an indicator that something is terribly wrong.

The conversation above was only about if/when it goes mainstream press, all hell would break loose.

[happygrl]

Here’s another belated reply.

I get the gist of it: banks foreclosing can’t prove they have the mortgage note, as it was bundled with other mortgages and sold off.

The foreclosed property owner has the right to see the paper in question.

The result is that this is the final coup de grace to the financial system.

The traders know it and are buying gold to cover their losses and the demands of the banks.

The whole system is coming down, as was predicted here on FR by many in Setember 2008.

I have no financial background, justa Free Republic education;-)

[Razzz42]

Better late than never.

You are getting there. Not only those subject to foreclosure have a right to see the supporting documents for a note/deed but also the ones making timely payments on their mortgage. Exactly where/who are the payments going to if there is no legal note/deed?

Gold and silver are going up in price because the fraudsters know the only way to save banks is by printing more money to throw at the situation, making the US dollar even less in worth thus making physical precious metals a safe haven play until this sorts itself out.

Since you are coming along in your schooling and can comprehend what you are reading, try reading this link....

.... http://jsmineset.com/# ....