THE TRUTH ABOUT THE MONEY

Dan Edstrom, Jim Macklin and Attorney Charles Marshall rejoin me on the show tonight to talk about one particular subject — explaining why “servicers” undermine the modification process and wherever possible fight against receiving money from the alleged borrower. As one Judge in Broward County, Florida recently mused out loud in the courtroom — “It used to be that banks wanted the money. Now they don’t. Why is that?”

The plain truth is that the servicers are not creditors. And because the alleged “loans” were not acquired by the Trust, their authority to act like servicers and trustees are nonexistent. [AND that is why they are resorting to empty powers of attorney — having realized that we are on to the fact that the REMIC Trust was completely ignored]

BUT even though they are NOTHING in relation to the “loan” or the homeowner, they assert a right to collect servicer advances as though those advances are secured. They are not secured. If the “creditor” on the mortgage or deed of trust makes those payments or if an agent makes payments out of an account that contains the creditor’s money for insurance, taxes, and other expenses covered by the mortgage or deed of trust, then of course the advances are secured by the mortgage or deed of trust.

BUT if the servicer is making payments from its own account or from the account of some third party who is a stranger (neither creditor nor authorized agent) then the payments are volunteer payments that are NOT secured by the mortgage or deed of trust. When you add to that fact that the servicer is making advances out of a reserve fund consisting of investors’ funds but not covered by any agreement because the Investment Bank intentionally avoided the REMIC Trust, then the truth emerges