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Loan Fraud: How the banks and loan companies (along with Congress) cheat us out of our wealth!
(See our Resource Library for documentation on foreclosure fraud and steps you can take to protect yourself, whether you are in foreclosure or not.
In the corporate world of finance, there is a fraud taking place daily that is unconscionable beyond words. It unfolds in the following manner and the mechanism is the same with all types of "loans," credit cards accounts, mortgages, etc;
John Doe sees an ad for loans. He wants to purchase a house. He contacts the advertiser and asks about such loans. He receives all the usual dialog and facts about them having money to provide him for the purchase of a house.
The paperwork is drawn up, signed and then the contractual fraud is instituted. In fact, the company has no real assets of value which is "loaned" to anyone, such as gold, silver, or other assets which are provided to the borrower in which he passes on to the seller of the house to "buy" it... called "financial consideration." In other words, the "loaner" has no capital at all at risk and is actually loaning you your own money, and as a middle man, reaps trillions from the ignorant public.
In reality, when the borrower signs on the dotted line, it is "THIS" event which actually "creates" the "loan" by being provided to the Federal Reserve as the "collateral" for the funds the bank or loan company receives to give you. In other words, the advertiser is committing fraud by claiming to have "funds" which they can "loan" when it is your or my own signature which brings the funds into being. The fraud doesn't end there. The creating of the fiat "loan" using your or my own signature as the collateral for the loan is then handed to you or me as if it was coming from an actual pool of money some one else has and is "risking," and upon which they now add interest to. The average American pays interest on such fraudulent loans for most of their lives, and these loans are of no actual risk to anyone but the buyer because they can lose their house, car, etc., if they do not pay the loan off.
Our government, along with Congress, has allowed this scam to flourish for selfish reasons. The government has the authority to create money. This power has been illegally handed to the Federal Reserve and allows this private corporation to literally steal our money. Congress loves to spend money, and they hate to raise taxes because this gets people's attention and they can lose their cushy jobs. By supporting this huge fraud, Congress can "borrow" as much money as they like and NOT have to raise taxes. The problem is, this IS a tax on all Americans... just a hidden one.
How can a nation spend hundreds of billions of dollars on a war in Iraq, and NOT raise taxes? Easy. They borrow it using OUR assets, every American born, and our ability to work, as collateral on this debt, and they sell this debt to other nations, thereby selling us all out and placing a debt burden impossible to repay short of complete loss of all American assets to go toward this national debt. Diabolical in nature.
Keep in mind that Congress is doing this unconstitutionally, and allows the loan fraud to continue as cover for their own theft of our funds and assets. The IRS is also allowed as cover to give American's a facade that "taxes" are needed to pay for government services. Imagine how people would begin to think if the IRS (illegal) were NOT implemented as cover. "Where is all this money coming from that the government is spending," we would ask. We were given a tax burden that is unnecessary for running government as deception and obfuscation of the truth. Our government is selling us out daily to international interests, and they do it willingly. Is this not treason in its purest form?
If this wasn't bad enough, there are "debt buyers" across this country, attorneys, banks, etc, that will actually purchase people's loans and credit card accounts at cents on the dollar, and go after them. This, too, is fraud and violates contract law, among other laws. Why is this fraud? Because when a credit card or loan is "written off," it is actually paid for through insurance, or simply dissolved. This means the contract is no longer in force, but debt buyers buy these loans and try to re-establish the contract under fraud. It is a scam that goes on across this nation daily, but there is recourse to stop them in their tracks, but it isn't easy since they will fight this so it doesn't get out. Stay tuned!