Mark Harmon, in my opinion, is technically incorrect as quoted, in the Boston Globe, August 7, 2011 page A14, "They (banks and other lenders) loaned people money. It is not being paid back, and they need to be represented, and it is required that we represent them zealously."
First, there was no real money loaned to people. Credit was loaned. The homeowner's credit as a signed promise to pay, not the bank's, was loaned. Also, usually, over time the original lender sold or securitized the loan, clouding the title and creating a foreclosing "lender" that is not the originating lender. Second, it doesn't have to be paid back. Since no real money or depositor's money or actual consideration was loaned and since consideration is part of a legal contract, the original contract is illegal and unenforceable from the start. According to RICO, (Racketeer Influenced and Corruption Organization Act), there is no legal obligation to pay back money that was provided illegally! Third, bankers do not need to be represented by outside law firms; they already have the best lawyers. Try suing a bank for discovery! And fourth, as a warning to Harmon Law, don't be too zealous. Fraudulent statements brought into a court, according to the laws of Massachusetts, will be subject to huge fines.
Building an empire by conquest or stealing other people's homes and property has been going on for centuries. Harmon Law perpetuates that practice! You can stop them in their tracks by stopping your mortgage payment now and challenging these bankers and lenders in their fraudulent practices.
David Snieckus
Advocate for Public Banking
p.s.
Most of us do not understand the difference between money and credit and we have trusted bankers and lawyers and judges to be honest. Credit and money are different. Every homeowner, whether in foreclosure or not, needs to learn this, study this, and apply this if they want a home, free and clear. It's the American Dream!
Furthermore, the current lending system is unsustainable. Typically, the homeowners thought that they could repay the loan over time because of the continued growth of the economy as more people receive loans. Only when the economy is fueled by more and more loans, more and more jobs, more and more and more consumption of goods and services is there enough money to go around for these individual homeowners to repay the mortgage loan. What the homeowner doesn't know is that the economy is rigged for the inevitable foreclosure on some unlucky few due to: the contraction of the money supply when loans are called in or when loans are not easily made by banks or other lenders to creditworthy borrowers.
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