Gonzalo Lira On What Brian and Ilsa Said To Their Bank: “Show Me The Note”

Tyler Durden's picture

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Oh regional Indian's picture

The PTB have an end game in this one. Like they have had for all their scenario planned model driven decisions on the macro level till date.

Do not underestimate your opponent.

We have not seen anything yet. The power to set laws is controlled by whom again?

This is actually just kabuki...



cossack55's picture

If this is Kabuki, can I be a bit player.  I would love to get on this stage.  Got to go call my lawyer.

Buzz Fuzzel's picture

I don't think so.  Just because the Bank can't show the note does not make the home the property of the people who are occupying it.

If you have never lived in a lawless time in a lawless land get ready for the shock of your life.

The Rogue Economist's picture

Agreed, the history of payment et. al., could be used to reasonably establish a debt agreement, but without the note, it would likely only prove an unsecured debt, with no right to foreclose in the event of default. That would be enough to scare a bank exec right there.

A bigger concern is if the national government enacts new laws to reestablish the chains of title, which would effectively say that they believe the banking crisis to over ride more than 200 years of states' property rights while quietly saying that they don't need the interstate commerce excuse anymore to impose regulation on the states.

And that would be a huge deal.

66Sexy's picture

i think this bears repeating:


"Then, they and I both discovered that a lot of the people who were initially said to qualify for HAMP in fact did not qualify—they were added to the program so that banks and servicers could collect Federal government bonuses, then bumped off the program once their three-month “trial mod” was over. "


fuckin banks.

Mr Lennon Hendrix's picture

The power to set laws?  Just the question begs for a solution but there is no solution, because there was no problem in the first place!  It is not to, 'not have fear' but not to fear fear.  Fear is in the anxiety and it will be in the light, but we must understand that it is in our power to know, because we at first do know, we do understand.  For it is our power.

AcidRastaHead's picture

Allow me to elucidate: The fear is in the anxiety which is the path to the light and therefore power.  Now look over there into the light, yup that's power and fear holding hands and wearing overalls.

whatsinaname's picture

But as Bruce K. has posted last week, what's to prevent WF from nullifying the mod that they gave to this couple ? If WF does that what is their recourse ? Walk out as they most likely were gonna do anyways ?

Hdawg's picture
by Hdawg
on Mon, 10/18/2010 - 12:52


just doing god's (cough Rothschild's) work.


This site is a conspiracy.


by Hdawg
on Mon, 10/18/2010 - 12:54


forget all the other anti-zionist noise...this is the truth.

kathy.chamberlin@gmail.com's picture

well, i learned about ask to see the note, more than a year ago. i asked everyone but was totally avoided. i wrote to the Colorado FBI about my mortgage fraud that occurred throughout my entire buying process of real estate contract. i was using words like title fraud, mortgage fraud everybody looked at me like i was the criminal saying those are pretty harsh words and accusations. yea, that is what this country reacts to, me blatantly using the correct english language to describe what happened to me. i learned all this by reading livinglies.com. professional people that get license in colorado are suppose to adhere to a standard or code of ethnics. that is why i was accussing Chase of fraud and i wanted a title and mortgage forensic done on my loan. they just ignored me. then evicted me from my condo by entering  through the front door on dec. 28, 2008 and changing the locks and putting a lock box on my door without telling my attorney who was working with them the code. can you imagine if i could take this to a court, cause it is also elder abuse. i just start to go back into my deep depression when i read this story about this couple. at least they have each other. all my friends deserted me and my daughter because they thought i was the criminal. well it is good to know i can start talking about my experience and maybe it can help someone. i have been so embarrassed for the last three years of my life because of my mistakes buying this toxic fume condo, i just stopped communicating with people cause i don't hang my wash outside to dry. oh brother.

Bryan's picture

I'm sorry if you went through that mess, especially as a single mother (and senior?).  But your story doesn't sound like one that would come from someone whose avatar is a pair of braless boobs.

percolator's picture

Grandma Kathy is just showing off what her cash out re-fi bought her.

The Navigator's picture

You assume to know something by her avatar? - Not cool, but cruel when you "kick 'em when they're down". How about a little compassion.

Temporalist's picture

Kathy that is the best thing I've read from you...and saddest.

Buck up your time will come and things will get better.  Fuck those people that didn't listen and the bankers and your so called friends. 

Hold your head high for being right and watch as everyone else around you learns what you already knew but were defrauded on.

Pituary Retard's picture

More like Bukaki.  This time the commoner gets to make the money shot.

Mr Lennon Hendrix's picture

Yeah that is right!  The banks are here to steal your real wealth!  The same question that was asked about the note should be done about monie.  Do not use the banks ways, ever!  Take your homes and your wage and your monie back! 

Victorio's picture

Exactly, show them no mercy.  Certainly they do not deserve to be treated with any decency, or perhaps as much decency you would show a granny looting grifter theif. 

bugs_'s picture

There must be an internal "high priority" escalation path for any customer that mentions their note.

kengland's picture

Where the hell did the money go after the foreclosed house was sold? Still haven't answered that question.


I suppose it would behove the bank to funnel the proceeds back to the "trust" in order to right each one off as a potential put back but I doubt it. I want an accounting of the proceeds for the last 3 years

RobotTrader's picture

It's only a matter of time before the mortgage industry is nationalized via a Fed takeover of MERS.

Too close to the election, and Bernanke absolutely will not be embarrassed by a crash in the XLF the last 20 days into November.

FEDbuster's picture

Then it will become a federal vs. state issue.  States have traditionally made laws regarding real estate.  I cannot imagine a situation in which the states will rollover and give property rights up to fedzilla.  Of course they could say that states that don't give control of real estate law up, will not be able to participate in any federal mortgage programs.  The 800 lb. fedzilla would use the power to print "money" to once again pimp slap the states into submission.

FEDbuster's picture

You don't think the federal government would like to have control of real estate law?  Explain the "trolling" comment.

They have taken all kinds of powers from the state with the threat of cutting off the money flow, why would real estate be exempt?

Crime of the Century's picture

Meredith Whitney just released a forensic evaluation of the states entitled "Tragedy of the Commons". Basically it says, states might do whatever they're told because they can't make it without Uncle Ben. Look for a quid pro quo on the mortgage mess.

NotApplicable's picture

Ding, ding, ding, Winnah!

Given that all states are insolvent due to pension funds alone (regardless of asset "quality"), they will certainly roll over and play dead for the right payout amount. Not to mention, at least half of the states are on the hook to the Treasury for unemployment funds. They have no choice other than to rely on Uncle Sugar.

Besides, the voting sheeple love it when states are subdued under the guise of federalizing a problem in order to make a "fair" solution across all fifty states.

B9K9's picture

Not you - Robo. He's throwing out ridiculous scenarios in order to justify his cynical portrayal of the Fed's boundless 'power'. Anyone hanging out @ ZH (and has image posting rights) is just like everyone else in terms of understanding what's goin' down. But in order to gin up reactions, he's got to bait readers. Hence, the trolling remark.

Now, whether or not fed.gov wants to take over more state responsibilities is debatable. The only reason they were able to pass O-care was that the Dems presented themselves as a reform party in 2008. Fool me once, shame on you, fool me twice, shame on me. If the 112th Congress reneges on their reform platform, I'm not sure anyone is going to want to be around to see the fireworks.

Rather, all the new Congress has to do is nothing, and the whole shabang finally comes down. These things tend to go in cycles - the banker-govster crime syndicate is done. It's time to come to grips with what comes next, not indulge in some fantasy about how they are so omnipotent that they will crush all before them without resistance.

Careless Whisper's picture

MERS has no employees! It is just a web site that allows for the transfer of mortgage notes in a parallel universe.

Ned Zeppelin's picture

Fedes have power under Commerce Clause to nationalize the mortgage and foreclosure process.  Just need CONgress to act.  They will validate otherwise non-compliant transactions, even retroactively.  As long as the "deadbeat borrowers" drum keeps a-beating, which if you recall was first beaten on by Santelli on CNBC, and started the Tea Party movement, this will fly.  This legislation will also allow another time window for REMICs to be fixed. Oh, and that pesky electronic notarizations act will pass as part of it.

What it won't repair is where the same mortgage was sold twice or more.

B9K9's picture

Just need CONgress to act.

OK, let me get this straight. Are you suggesting that the new Congress, which just happens to be running on an anti-TARP platform will, once sworn into office, turn around and:

  • Authorize Ben to print $trillions to purchase compromised MBS?
  • Destroy the dollar and drive gas over $5/gallon?
  • Weaken our mission objectives in the ME?
  • Further undermine states' rights? AND
  • Once again save the hated TBTF?

Ain't gonna happen Charlie - and I have one FRN I have promised to eat if it does. Realistically, this is all that has to happen once the 112th is seated: nothing. Doing so will then launch this cycle:

  • Ben is told to knock off QE ... or else
  • Dollar strengthens, driving gas below $2-3/gallon
  • Improve our mission objectives in the ME
  • Provide greater support to states' rights, AND
  • Destroy once and for all the hated TBTF

Edit: Or are you suggesting a lame duck Congress does something of monumental significance in its last two months following a historic shellacking?

Mad Mad Woman's picture

It's going to happen in the lame duck Congress. They're going to rescue the fraudsters with new legislation that will pass so quick it will make your head spin.

FEDbuster's picture

B9K9, I admire your faith in politicians to solve problems and control situations.  With the single exception of Ron Paul, I have no such faith in any of them.  If you think the whores are going to stand up to their pimps this time around, I think you will be sadly disappointed.

On the bright side FRNs go down much easier than gold coins (you know you can't eat em).


fxrxexexdxoxmx's picture

 I cannot imagine a situation in which the states will rollover and give property rights up to fedzilla

Put a couple billion dollars of fed money tied to following the rules they make and states will trip over themselves to get it. No matter how unlawful or damaging to the electorate. One billion, of the billions, will go straight into the pockets of local politicians explaining that we must accept the new law. SEIU, UAW, NEA, AFL-CIO, get their cut first

California would kill you for 25 cents. Union bosses for 2 cents

Oh regional Indian's picture

"It's only a matter of time before the mortgage industry is nationalized via a Fed takeover of MERS."

Spot on Robo. That is what I was trying to allude to, they have all the bullets and the guns, regulatory, legislative, military, business.....

C'mon folks. It's definitely tipping time, but not as chaotic to PTB as it seems to us, down here.



B9K9's picture

Look, India got lucky by sitting around and waiting for the Brits, who had just been bled to death, were dealing with the same stuff in Palestine, and were operating in a post-Buchenwald world, to just get up and walk away from the sub-continent.

Evidently you didn't stay here long enough to meet any of the brawlers who are descendants of the same people who physically kicked out our prior masters. While admittedly the country has changed a lot, there are still a significant number of Americans who think this way:

Men, this stuff some sources sling around about America wanting to stay out of the war and not wanting to fight is a lot of baloney! Americans love to fight, traditionally. All real Americans love the sting and clash of battle. America loves a winner. America will not tolerate a loser. Americans despise a coward; Americans play to win.

Oh regional Indian's picture

B9, not sure where you came up with that idea and tone.

Since you have, I'll say this... brawlers don't win wars. They win brawls.

Real world is different from UFC and brawling.

Warriors win wars.

And I'll tell you what, I stayed long enough to see that wrriors were in short supply there. As they are here, in India, as well. 

No need to get all Jingoistic on me.



B9K9's picture

Sorry, it's just that when someone suggests yet another state takeover by the federales, it demonstrates either too much hyperbole or plain ignorance.

Rather than further usurpation of states' rights, the trend is actually reversing. O-care is now being challenged on a federal basis; whether or not it survives is moot, because it will eventually be repealed simply due to lack of funds.

The trend is deflation, which means order (ie the center) is disintegrating.

robobbob's picture

"Men, this stuff some sources sling around about America wanting to stay out of the war and not wanting to fight....Americans despise a coward; Americans play to win. "

General Patton, May 17th 1944 to the assembled American D-Day forces


they brawled rather well I think, and yes, Americans talk this way in real life SHTF moments

If you are not a US citizen, you get a pass for not knowing quintessential moments in great American speeches-even if re-enacted in famous movies

B9K9's picture

I enjoy the way you play devil's advocate with yourself. The problem is, ZH gets many readers who may believe that you're sincere about what you're writing. So, to clarify the issue for these readers, what Robo is actually saying is this:

Neither Congress or Bennie & the Fed are going to do anything before 11/2, other than attempt to maintain the status quo. That is, small scale QE in the form of POMO & front-running the mortgage mess PR aka "nothingburger".

Depending on the outcome of the election, if the TEA party sentiment (expressed as anti-incumbent) captures large gains, nothing is going to be done by a lame duck Congress nor Ben, other than try and eke out another 2 months of the same old, same old.

The reason neither Congress nor the Fed won't do anything drastic is because they know they are literally playing with fire. IOW, they aren't the only game in town, because there's this other guy down the road who goes by the name of Mic that just might get involved.

You see, he's taken this pledge about enemies, foreign & domestic, that just might get a hearing if gas ends up north of $4-5/gallon. (Stations around SoCal are now up to $3.25+ in some spots.) Secondly, he's got his own operational issues that require the $USD to remain some semblance of value. Trash the dollar, compromise mission objectives ... um, I don't think so.

If fed.gov & the Fed had all the power they claim, or that some people seem to think they actually have, we wouldn't even be here in this situation right now would be? The truth is, the ingenious model the banking state devised is going all to shit, and there's nothing they can do to stop it.

We're melting! Melting! Ohhhhh, what a world, what a world! Who would have thought that some little serfs like you could destroy our beautiful wickedness. Ohhhhhh!!! No!!! No!!! We're going. Ohhhhhhh. Ohhhhhhhhhhhhh...."

ATG's picture

Can't fool Mr Market.

Banks down -27% since failed QEII first began.

Targeting -40% and then some


whatsinaname's picture

Robo your tone has shifted lately ? Time to trade the other way around now ? Kudos to your strategy all year around. Wonder if the watershed moment is coming to the markets come November..

Rotwang's picture

Hey Robo,

It all depends on what mortgages (dependencies) are leveraged on.

So much restructuring in society has taken place since actual land was conveyed for money and consideration. That's why we have 'REAL ESTATE'.

Which is a construct built upon an edifice.

But 'REAL ESTATE' and 'land' (the stuff that humans can kiss the dirt of) are not synonoumous. Why don't you dig it out?


Ricky Bobby's picture

Maybe this MBS cluster will be the spark to a real honest to God Rebellion. What if? The little people just decided one day to not pay the mortgage and in addition clog the courts with legal resistance.

kathy.chamberlin@gmail.com's picture

the courts are already cogged my court date was 13 months out from when my attorney applied. imagine.

diesel1104's picture

I agree with your assessment 100%.  

weinerdog43's picture

Well done Gonzalo, but one quibble.  I think you need to be a little more clear about how/why Brian & Ilsa came to have a mortgage in their 'mid to late 60s.'  It is one thing to have to mortgage the house to afford critical medical care.  It is quite another to be buying a house w/a 30 year note at age 60 with the hope of flipping it for one's retirement 'savings'. 

sethco's picture

now why would they ever think they could do such a thing? Why were they allowed to? let's get to the root of the problem...

FEDbuster's picture

Shouldn't there be a law that no one over age 50 can get a 30 year mortgage.  What we need is more laws to solve these problems.  (sarcasm off)

blunderdog's picture

This view seems odd to me.

MANY older people have mortgages with terms longer than they may expect to live.  There's nothing wrong with such a circumstance.  Life insurance benefits sufficient to cover the outstanding lien address the problem of a death, and low mortgage expenses which can be covered by predicted SocSec and pension payments ensure that payments can be made until liquidation or death.

Admittedly, most buyers didn't likely expect housing prices to drop off a cliff, but that's not at all relevant to the ultimate "settlement of all accounts." 

The net effect of this situation is just to reduce the size of the estate as passed on to heirs.

What business of that is anyone else's?