RYAN XU QUOTES FROM AMAZON MOVIE:
- How did money come into being & how does it work? That’s an unpopular Subject called "The Austrian School of Economics." He proposed a totally different framework that money is just something imagined by people to make the world operate more efficiently.
- 2009 The global currency system is flawed; Before bitcoin I think I was in favor of the gold standard but after I saw bitcoin and did some research I think I’ve already become a believer.
- One of the earliest bitcoin investors in China.
- 2014-2015: Everyone was shutting down...If we also shut down then this might really be the end of bitcoin because there were no more minors to work for it no more security protections so we thought that as bitcoins believers we had to fight until the last moment. We’ve always believed that it would change the world.
- We wanted to be the first bitcoin company in the world to do an IPO.
Hello:
- My name is Gene and along with many others I have met along my path are here for one reason alone; to help you create the best Life possible using your power thru crypto.
- We Specialize In:
- Managing Crypto Accounts within a Community.
- Trading & Managing Alt-Coin Accounts.
- Training You & Personal Development.
- Obtain enough Crypto & you can create the life that you always dreamed of & spend all your time finding your passion.
- I have a wealth of experience, including 43 years in business & 30 years in being a father of Five Home-Schooled Children.
- I have been on a 60+ year journey. Many many stories, and from my current awareness, all GOOD and PERFECT. Nothing in your life is bad, it's all good...we just have to look at all things from that angle. You are exactly where you are supposed to be.
- Thru this time I have accumulated a TEAM, & acquired a knowledge of Money & Crypto that is off the charts and am happy to provide some of that here on this site for free.
- Inside yourself you have all the tools, ideas, and knowledge to accomplish your vision in your time here. We are here to show you how to access all of your gifts.
- Life is a journey to be filled with Love, Joy, & Happiness. Suffering and lack of abundance was never meant to be a part of it but it can be a great teacher.
- MY PASSION?? Is to Help You Produce Yours.
- MANY BLESSINGS TO YOU FOR READING THIS AND YOUR INTEREST....PASS IT ALONG.
THIS IS A MAJOR POINT TO PONDER & BACKS UP MY PREDICTIONS:
Bitcoin On Jan. 3, 2009, an anonymous developer called Satoshi Nakamoto made history when they released the Genesis Block, the original block containing the first 50 bitcoins, onto Sourceforge. Unlike any of the 502,000+ blocks that came after, Nakamoto left a message in the code of the block:
"The Times 03/Jan/2009 Chancellor on brink of Second Bailout for Banks"
That line comes straight from the headline of a London Times article dated Jan. 3, 2009, which detailed banks being bailed out by the British government. While Nakamoto never clearly stated the meaning of the message, many have interpreted it as a reference to why Nakamoto developed Bitcoin: to cut out the banks and middlemen that he saw as corrupt and unreliable, electing to create a more people-driven currency.
The origin of the Genesis Block is as shrouded in mystery as Nakamoto himself, with questions remaining about why the bitcoins within the original block remain unspendable, why the subsequent block took six days to mine, and why people still transfer bitcoin into the Genesis Block.
"The Times 03/Jan/2009 Chancellor on brink of Second Bailout for Banks"
That line comes straight from the headline of a London Times article dated Jan. 3, 2009, which detailed banks being bailed out by the British government. While Nakamoto never clearly stated the meaning of the message, many have interpreted it as a reference to why Nakamoto developed Bitcoin: to cut out the banks and middlemen that he saw as corrupt and unreliable, electing to create a more people-driven currency.
The origin of the Genesis Block is as shrouded in mystery as Nakamoto himself, with questions remaining about why the bitcoins within the original block remain unspendable, why the subsequent block took six days to mine, and why people still transfer bitcoin into the Genesis Block.
Hello:
- My name is Gene and along with many others I have met along the way are here for one reason alone; to help you create the best Life possible using your power thru crypto.
- We are capable of:
- Trading & Managing Crypto Accounts.
- Training You & Personal Development.
- Bringing You Into Our Community of Over 600,000 crypto people.
- Trading & Managing Crypto Accounts.
- Obtain enough Crypto & you can create the life that you always dreamed of & spend all your time finding your passion. Crypto is actually that powerful.
- I have a wealth of experience, including 43 years in business & 30 years in being a father of five home-schooled children.
- We have been on a 60+ year journey. Many many stories, and from our current awareness, all good and PERFECT. Nothing in your life is bad, it's all good...we just have to look at all things from that angle. Thru this time I have accumulated a TEAM, & acquired a knowledge of money that is off the charts and am happy to provide some of that here free to you on my site.
- Inside you have all the tools, ideas, and knowledge to accomplish your vision in your time here. We are here to show you how to access all of your gifts. Life is a journey to be filled with Love, Joy, Happiness. Suffering and lack of abundance was never meant to be a part of it but it can be a great teacher.
- OUR PASSION?? Is to help you produce yours.
- MANY BLESSINGS TO YOU FOR READING THIS AND YOUR INTEREST....PASS IT ALONG
CURRENT DEBT OF THE TOP TEN BANKS
- What $1 Trillion Dollars Looks Like.
- $1.5 Quadrillion in Derivatives Debt Owned by the top 10 Banks is 1,500 of The Building Size Stack.
- The Height of a Stack of One Billion One Dollar Bills Measures 358,510 Feet or 67.9 Miles.
- The Height of a Stack of 1 Trillion One Dollar Bills Measures 67,866 miles. This Would Reach More Than One Fourth of the Way From the Earth to the Moon.
- The Height of a Stack of 1.5 Quadrillion One Dollar Bills Measures 101,799,240 Miles. This Would go to the Moon & Back 213 Times!!
BLOCKCHAIN & CRYPTO
- BLOCKCHAIN…THE FASTER INTERNET
- CRYPTO = STOCK BUT HAVE TO SELL IT
- 21 MILLION BITCOIN = $210 TRILLION MONEY SUPPLY
- 8 DIGITS EACH SIDE DOWN TO 1 SATOSHI
- PUT IT IN A WALLET WITH A KEY TO PROTECT
- CANT COUNTERFEIT OR STEAL IT THEREFORE CRIME DROPS
- NFT's EVERYTHING IS INDIVIDUAL NOTHING STOLEN
- PROOF OF WORK $10K BITCOIN ELECTRICITY COST TO MINE
- PEER TO PEER WE ARE THE BANK
- EVERY FOUR YEARS IS A HALVING
1963 JFK vs. Federal Reserve
On June 4, 1963, Executive Order 11110, was signed by President John Fitzgerald Kennedy. When he signed this Order, it returned to the federal government, specifically to the US Treasury, the Constitutional power to create and issue currency -- money -- without going through the privately owned Federal Reserve Bank. The Christian Common Law Institute through the Federal Register and Library of Congress, has concluded that President Kennedy's Executive Order has never been repealed, amended, or super-ceded by any subsequent Executive Order. In simple terms, it is still valid.
On June 4, 1963, Executive Order 11110, was signed by President John Fitzgerald Kennedy. When he signed this Order, it returned to the federal government, specifically to the US Treasury, the Constitutional power to create and issue currency -- money -- without going through the privately owned Federal Reserve Bank. The Christian Common Law Institute through the Federal Register and Library of Congress, has concluded that President Kennedy's Executive Order has never been repealed, amended, or super-ceded by any subsequent Executive Order. In simple terms, it is still valid.
1952 Internal Revenue Service Created
In 1952, President Harry S. Truman called for a comprehensive reorganization of the Bureau of Internal Revenue. The agency officially became the Internal Revenue Service on July 9, 1953.
The IRS began the “Teaching Taxes” program by mailing a tax kit with teaching text, enlarged copies of tax return forms and regular return forms to 30,000 junior and senior high school principals. By 1959, the IRS offered public service announcements to television and radio stations throughout the entire year.
In 1952, President Harry S. Truman called for a comprehensive reorganization of the Bureau of Internal Revenue. The agency officially became the Internal Revenue Service on July 9, 1953.
The IRS began the “Teaching Taxes” program by mailing a tax kit with teaching text, enlarged copies of tax return forms and regular return forms to 30,000 junior and senior high school principals. By 1959, the IRS offered public service announcements to television and radio stations throughout the entire year.
1935 Income Tax
On August 14, 1935, Franklin D. Roosevelt signed the Social Security Act. Employees originally paid one percent of the first $3,000 of their salaries to finance the benefits. The law required a new system of tax withholding, which the Bureau of Internal Revenue had to collect and turn over to the Social Security Trust Fund.
It also created an unemployment compensation program and laid the foundation for modern payroll withholding which has increased and continued until today.
On August 14, 1935, Franklin D. Roosevelt signed the Social Security Act. Employees originally paid one percent of the first $3,000 of their salaries to finance the benefits. The law required a new system of tax withholding, which the Bureau of Internal Revenue had to collect and turn over to the Social Security Trust Fund.
It also created an unemployment compensation program and laid the foundation for modern payroll withholding which has increased and continued until today.
1934 Government Increases Price of Gold
In 1934, the government price of gold was increased to $35 per ounce, effectively increasing the gold on the Federal Reserve’s balance sheets by 69 percent. This increase in assets allowed the Federal Reserve to further inflate the money supply.
The government held the $35 per ounce price until August 15, 1971, when President Richard Nixon announced that the United States would no longer convert dollars to gold at a fixed value, thus completely abandoning the gold standard. In 1974, President Gerald Ford signed legislation that permitted Americans again to own gold bullion.
In 1934, the government price of gold was increased to $35 per ounce, effectively increasing the gold on the Federal Reserve’s balance sheets by 69 percent. This increase in assets allowed the Federal Reserve to further inflate the money supply.
The government held the $35 per ounce price until August 15, 1971, when President Richard Nixon announced that the United States would no longer convert dollars to gold at a fixed value, thus completely abandoning the gold standard. In 1974, President Gerald Ford signed legislation that permitted Americans again to own gold bullion.
1933 FDR Takes US Off Gold Standard
On April 5, 1933, Roosevelt ordered all gold coins & gold certificates in denominations of more than $100 turned in for other money. It required all persons to deliver all gold coin, gold bullion and gold certificates owned by them to the Federal Reserve by May 1 for the set price of $20.67 per ounce. By May 10, the government had taken in $300 million of gold coin and $470 million of gold certificates. Two months later, a joint resolution of Congress abrogated the gold clauses in many public and private obligations that required the debtor to repay the creditor in gold dollars of the same weight and fineness as those borrowed.
On April 5, 1933, Roosevelt ordered all gold coins & gold certificates in denominations of more than $100 turned in for other money. It required all persons to deliver all gold coin, gold bullion and gold certificates owned by them to the Federal Reserve by May 1 for the set price of $20.67 per ounce. By May 10, the government had taken in $300 million of gold coin and $470 million of gold certificates. Two months later, a joint resolution of Congress abrogated the gold clauses in many public and private obligations that required the debtor to repay the creditor in gold dollars of the same weight and fineness as those borrowed.
1930 Bureau of Internal Revenue Gets New Home
On June 1, 1930, the main section of the new Internal Revenue building opened, 16 months ahead of schedule and with a total construction cost of just over $6 million. In addition to a state of-the-art fire alarm system, it contained 1,400 telephones and a synchronized system of 861 clocks, the largest system of its kind at the time.
Interesting Note: How was there plenty of money to build this building during a GREAT DEPRESSION when everyone in the United States was suffering.
On June 1, 1930, the main section of the new Internal Revenue building opened, 16 months ahead of schedule and with a total construction cost of just over $6 million. In addition to a state of-the-art fire alarm system, it contained 1,400 telephones and a synchronized system of 861 clocks, the largest system of its kind at the time.
Interesting Note: How was there plenty of money to build this building during a GREAT DEPRESSION when everyone in the United States was suffering.
1914 Form 1040
On January 5, 1914, the Treasury Department unveiled the four-page form (including instructions) for the new income tax. The form was numbered 1040 in the ordinary stream of numbering forms in sequential order. In the first year, no money was to be returned with the forms. Instead, each taxpayer's calculations were verified by field agents, who sent out bills on June 1. Tax payments were due by June 30.
On January 5, 1914, the Treasury Department unveiled the four-page form (including instructions) for the new income tax. The form was numbered 1040 in the ordinary stream of numbering forms in sequential order. In the first year, no money was to be returned with the forms. Instead, each taxpayer's calculations were verified by field agents, who sent out bills on June 1. Tax payments were due by June 30.
1913 First Federal Income Tax
On February 25, 1913, the 16th Amendment officially became part of the Constitution, granting the Congress constitutional authority to levy taxes on corporate and individual income. The Bureau of Internal Revenue established a Personal Income Tax Division and Correspondence Unit to answer a flood of questions about its enforcement, and a special division within General Counsel to help prepare opinions interpreting internal revenue laws.
On February 25, 1913, the 16th Amendment officially became part of the Constitution, granting the Congress constitutional authority to levy taxes on corporate and individual income. The Bureau of Internal Revenue established a Personal Income Tax Division and Correspondence Unit to answer a flood of questions about its enforcement, and a special division within General Counsel to help prepare opinions interpreting internal revenue laws.
1913 Federal Reserve Bank Becomes
Americas Bank
The 1913 Federal Reserve Act is legislation in the United States that created the current Federal Reserve System. Congress passed the Federal Reserve Act to establish economic stability in the U.S. by introducing a central bank to oversee monetary policy.
The Federal Reserve System is not "owned" by anyone, it is an independent government agency with a Board of Governors in Washington, D.C. accountable to the public and Congress.
Americas Bank
The 1913 Federal Reserve Act is legislation in the United States that created the current Federal Reserve System. Congress passed the Federal Reserve Act to establish economic stability in the U.S. by introducing a central bank to oversee monetary policy.
The Federal Reserve System is not "owned" by anyone, it is an independent government agency with a Board of Governors in Washington, D.C. accountable to the public and Congress.
Currency expert
Gene Teaches Old People About New Money
Lots of free practical value...Seminars???
Point in direction of my solution ask the questions your target has and answer them for them
Topics should be questions like...
1) Why is crypto the future of money simple talk slow one subject
2) Risks
3)
Video that really helps someone is a viral possibility
each video about ONE....Talk to them as a senior thing
Gene Teaches Old People About New Money
Lots of free practical value...Seminars???
Point in direction of my solution ask the questions your target has and answer them for them
Topics should be questions like...
1) Why is crypto the future of money simple talk slow one subject
2) Risks
3)
Video that really helps someone is a viral possibility
each video about ONE....Talk to them as a senior thing
WHAT IS WEB 3.0?
In Web 3.0, data will be connected in a decentralized way, unlike generation 2.0 of the internet in which data is primarily stored in centralized storage locations. In Web 3.0, users will also be able to interact with data through the use of AI and machine learning technology.
In Web 3.0, data will be connected in a decentralized way, unlike generation 2.0 of the internet in which data is primarily stored in centralized storage locations. In Web 3.0, users will also be able to interact with data through the use of AI and machine learning technology.
WHAT IS WEB 2.0?
The term Web 2.0 first came into use in 1999 as the Internet pivoted toward a system that actively engaged the user. Web 2.0 websites include Wikipedia, Google, Facebook, Twitter, and web blog sites, which all transformed the way the same information was shared and delivered.
The term Web 2.0 first came into use in 1999 as the Internet pivoted toward a system that actively engaged the user. Web 2.0 websites include Wikipedia, Google, Facebook, Twitter, and web blog sites, which all transformed the way the same information was shared and delivered.
WHAT IS WEB 1.0?
Web 1.0 is a content delivery network (CDN) that enables the showcase of the piece of information on the websites. It can be used as a personal website. It costs the user as per pages viewed. It has directories that enable users to retrieve a particular piece of information. It also allows the transmitting of email.
Web 1.0 is a content delivery network (CDN) that enables the showcase of the piece of information on the websites. It can be used as a personal website. It costs the user as per pages viewed. It has directories that enable users to retrieve a particular piece of information. It also allows the transmitting of email.
WHAT ARE NFT's?
A non-fungible token is a unique and non-interchangeable unit of data stored on a digital ledger. NFTs can be associated with easily-reproducible items such as photos, videos, audio, and other types of digital files as unique items, and use blockchain technology to give the NFT a public proof of ownership.
Non-fungible means it is individual. The opposite, fungible, has examples like bitcoin. One bitcoin can be swapped for another; they are identical.
An NFT can also be a digital asset that exists on a blockchain, a record of transactions kept on networked computers. The blockchain serves as a public ledger, allowing anyone to verify the NFT's authenticity and who owns it.
A non-fungible token is a unique and non-interchangeable unit of data stored on a digital ledger. NFTs can be associated with easily-reproducible items such as photos, videos, audio, and other types of digital files as unique items, and use blockchain technology to give the NFT a public proof of ownership.
Non-fungible means it is individual. The opposite, fungible, has examples like bitcoin. One bitcoin can be swapped for another; they are identical.
An NFT can also be a digital asset that exists on a blockchain, a record of transactions kept on networked computers. The blockchain serves as a public ledger, allowing anyone to verify the NFT's authenticity and who owns it.
WHAT IS DEFI?
Decentralized Finance is a blockchain-based form of finance that does not rely on central financial intermediaries such as brokerages, exchanges, or BANKS. to offer traditional financial services.
The term decentralized finance, or DeFi, goes back to a Telegram chat in 2018. That's when a group of software developers and entrepreneurs were trying to decide what to call their movement of new-breed financial services that would be automated, built on a blockchain, and capable of stripping out traditional banks.
DEFI enables financial services to operate in a fully open, borderless, widely accessible, & transparent digital form. Digital smart contracts hosted on a blockchain that's transparent and secure under a clear set of rules.
Decentralized Finance is a blockchain-based form of finance that does not rely on central financial intermediaries such as brokerages, exchanges, or BANKS. to offer traditional financial services.
The term decentralized finance, or DeFi, goes back to a Telegram chat in 2018. That's when a group of software developers and entrepreneurs were trying to decide what to call their movement of new-breed financial services that would be automated, built on a blockchain, and capable of stripping out traditional banks.
DEFI enables financial services to operate in a fully open, borderless, widely accessible, & transparent digital form. Digital smart contracts hosted on a blockchain that's transparent and secure under a clear set of rules.
WHAT ARE STABLECOINS:
A stablecoin is one type of cryptocurrency that is designed to maintain a fixed value over time. The value of a stablecoin is typically pegged to a specific real currency, often the U.S. dollar.
Unlike highly volatile cryptocurrencies the price of stablecoins is not meant to fluctuate.
Stablecoins are cryptocurrencies where the price is designed to be pegged to a cryptocurrency, fiat money, or to exchange-traded commodities. Current Stablecoins tied to the Dollar are USDT, USDC, & BUSD.
Being asset-backed enables stablecoins to maintain their prices and avoid excess volatility, which essentially defines the cryptocurrency market.
A stablecoin is one type of cryptocurrency that is designed to maintain a fixed value over time. The value of a stablecoin is typically pegged to a specific real currency, often the U.S. dollar.
Unlike highly volatile cryptocurrencies the price of stablecoins is not meant to fluctuate.
Stablecoins are cryptocurrencies where the price is designed to be pegged to a cryptocurrency, fiat money, or to exchange-traded commodities. Current Stablecoins tied to the Dollar are USDT, USDC, & BUSD.
Being asset-backed enables stablecoins to maintain their prices and avoid excess volatility, which essentially defines the cryptocurrency market.
10 BANKS HAVE 1.5 QUADRILLION IN DERIVATIVES
WALMART TO INSTALL 8,000 BITCOIN ATMS
FED ALLOWS BANKS TO HOLD CRYPTO
MASTERCARD ALLOW BANKS TO OFFER CRYPTO SERVICES
WORLDWIDE BITCOIN ATMS AT 30,000+
SHIBA RETURNS AS HIGH AS 500K% RETURN
EL SALVADOR CREATES 20 BITCOIN SCHOOLS
GOLD BACKED CRYPTO CURRENCY
BITCOIN & CRYPTO MAKES 800 NEW MILLIONAIRES A DAY
WALMART TO INSTALL 8,000 BITCOIN ATMS
FED ALLOWS BANKS TO HOLD CRYPTO
MASTERCARD ALLOW BANKS TO OFFER CRYPTO SERVICES
WORLDWIDE BITCOIN ATMS AT 30,000+
SHIBA RETURNS AS HIGH AS 500K% RETURN
EL SALVADOR CREATES 20 BITCOIN SCHOOLS
GOLD BACKED CRYPTO CURRENCY
BITCOIN & CRYPTO MAKES 800 NEW MILLIONAIRES A DAY
1971-1974
How Petrodollars Affect the U.S. Dollar
President Nixon shakes hands with Saudi King Faisal in June, 1974, in Saudi Arabia. After the collapse of the Bretton Woods gold standard in the early 1970s, the United States struck a deal with Saudi Arabia to standardize oil prices in dollar terms. Through this deal, the petrodollar system was born, along with a shift away from pegged exchanged rates and gold-backed currencies to non-backed, floating rate regimes.
The petrodollar system elevated the U.S. dollar to the world's reserve currency and, through this status, the United States enjoys persistent trade deficits and is a global economic hegemony. The petrodollar system also provides U.S. financial markets with a source of liquidity and foreign capital inflows through petrodollar "recycling."
How Petrodollars Affect the U.S. Dollar
President Nixon shakes hands with Saudi King Faisal in June, 1974, in Saudi Arabia. After the collapse of the Bretton Woods gold standard in the early 1970s, the United States struck a deal with Saudi Arabia to standardize oil prices in dollar terms. Through this deal, the petrodollar system was born, along with a shift away from pegged exchanged rates and gold-backed currencies to non-backed, floating rate regimes.
The petrodollar system elevated the U.S. dollar to the world's reserve currency and, through this status, the United States enjoys persistent trade deficits and is a global economic hegemony. The petrodollar system also provides U.S. financial markets with a source of liquidity and foreign capital inflows through petrodollar "recycling."
1971
Nixon Ends Convertibility of U.S. Dollars to Gold and Announces Wage/Price Controls
With inflation on the rise and a gold run looming, Nixon’s administration coordinated a plan for bold action. From August 13 to 15, 1971, Nixon and fifteen advisers, including Federal Reserve Chairman Arthur Burns, Treasury Secretary John Connally, and Undersecretary for International Monetary Affairs Paul Volcker (later Federal Reserve Chairman) met at the presidential retreat at Camp David and created a new economic plan. On the evening of August 15, 1971, Nixon addressed the nation on a new economic policy that not only was intended to correct the balance of payments but also stave off inflation and lower the unemployment rate.
Nixon Ends Convertibility of U.S. Dollars to Gold and Announces Wage/Price Controls
With inflation on the rise and a gold run looming, Nixon’s administration coordinated a plan for bold action. From August 13 to 15, 1971, Nixon and fifteen advisers, including Federal Reserve Chairman Arthur Burns, Treasury Secretary John Connally, and Undersecretary for International Monetary Affairs Paul Volcker (later Federal Reserve Chairman) met at the presidential retreat at Camp David and created a new economic plan. On the evening of August 15, 1971, Nixon addressed the nation on a new economic policy that not only was intended to correct the balance of payments but also stave off inflation and lower the unemployment rate.
- WEB-1 1990: Web Was Open & You Own What You Do.Web=http...email=smtp. READ ONLY??
- WEB-2 2005: RSS for social network and 5 main ones control everything now centralized. Adds property rights and decentralization?? READ & WRITE ONLY???
- WEB-3: internet owned and run by users & builders orchestrated by a token...NFTs Introduced.
- ETHERIUM: Its Like a Computer you can Program into Blocks & Smart Contracts all data is running independently with a key for each person...all code is open not closed and owned by the corporations
WHAT IS WEB 1.0?
Web 1.0 is a content delivery network (CDN) that enables the showcase of the piece of information on the websites. It can be used as a personal website. It costs the user as per pages viewed. It has directories that enable users to retrieve a particular piece of information. It also allows the transmitting of email.
WHAT IS WEB 2.0?
The term Web 2.0 first came into use in 1999 as the Internet pivoted toward a system that actively engaged the user. ... Examples of Web 2.0 sites include Wikipedia, Google, Facebook, Twitter, and web blog sites, which all transformed the way the same information was shared and delivered.
WHAT IS WEB 3.0?
In Web 3.0, data will be connected in a decentralized way, unlike generation 2.0 of the internet in which data is primarily stored in centralized storage locations. In Web 3.0, users will also be able to interact with data through the use of AI and machine learning technology. Adding in blockchain, Crypto, Defi, & NFTs we now have a system that allows every user and transaction to be Peer to Peer allowing WE THE PEOPLE TO BE SOVEREIGN.
BANKS & BANKING SYSTEM NOW
- 1971 NIXON TAKES US OFF THE $35 STANDARD SO PRINT AS MUCH AS THEY WANT
- CONTRACT WITH THE SAUDI PRINCE TO CREATE THE PETRO DOLLAR
- GOLD TO OIL TO ELECTRICITY TO YOU...THE SOVEREIGN YOU
- 2008 BAILOUT OF THE EUROPEAN BANKS
- MERS QUOTE THEY TAKE IT ALL AND TRADE 10 & 100 TO 1
- KEEP SELLING THE HOUSE CREATE $100K EACH TIME WE HAVE THE TITLE
- CREDIT CARDS APPROVED OR DENIED IT DOESN’T MATTER
- CURRENTLY $1.5 QUADRILLION IN DERIVATIVES TOP 10 BANKS
- DID SATOSHI NAKAMOTO PLAN A FUTURE FINANCIAL BLOWUP
- I OWN MY HOME…REALLY?…NO YOU ARE A STEWARD ONLY CONTROL
- FRACTIONAL SILVER & GOLD HAVE IT ALL IN YOUR POSSESSION
- MONEY CAN BE COUNTERFEITED, STOLEN, & IS NOT TRACKABLE
- THINK ABOUT THIS...HOW FREE ARE YOU??
HISTORY OF BANKS IN AMERICA
- 1913 PRIVATE BANK FEDERAL RESERVE INSERTED IN BETWEEN GOVERNMENT & YOU
- 1913 FEDERAL INCOME TAX ADDED
- 1914 FORM 1040 FORM WAS CREATED TO TRACK & FORM CORPORATIONS
- 1929 CREATED A DEPRESSION TO CREATE FEAR & HAND OVER GOLD
- 1933 OFF GOLD STANDARD - TRADE IN GOLD FOR $20.67 OZ
- 1934 CHANGE VALUE TO $35…67% INCREASE IN MONEY SUPPLY
- 1935 SS# 9-DIGIT LIKE AN LLC, CORPORATION, OR LLP SOUL-LESS ENTITY
- 1953 IRS OFFICIALLY CREATED THEY INCREASE MONEY CREATED
- 1953-1959 IRS TAUGHT THE KIDS IN SCHOOL ABOUT TAXES
- 1963 PRESIDENT KENNEDY PRINTED US NOTES...GLOBAL COLLATERAL ACCOUNTS
- EVERYTHING INCLUDING YOU IS A CORPORATION...US OF AMERICA 1871
- ALL CAPS IS THE CORPORATION MATRIX OVER EVERYONE
- REPUBLIC HAS GOLD, COMMON LAW, AND MILITARY
WHAT IS MONEY & SCRIP
- 2 PEOPLE TRADE…PEER TO PEER
- COMMUNITY GROWS EVERYONE TRADES TO ONE ANOTHER
- PEOPLE STORE THEIR ABUNDANCE USING GOLD
- BANKER CREATES A RECEIPT OR THE SCRIP
- COMMUNITY USES THE SCRIP INSTEAD OF GOLD
- FRACTIONAL INTRODUCED CREATING LOANS…DON’T CHARGE USURY
- HOW DOES GOVERNMENT DO IT…..BILLION DOLLAR HIGHWAY
- 100K HOUSE EXCHANGE @ 10% USURY $20K SHORT
- EVERYTHING IS AN EXCHANGE OF ENERGY PEER TO PEER
- MONEY BACKED BY GOLD…OIL...ELECTRICITY…YOU
WHO AM I & WHAT AM I DOING HERE?
WHAT IS MONEY & SCRIP
HISTORY OF BANKS IN AMERICA
BANKS & BANKING SYSTEM NOW
BLOCKCHAIN & CRYPTO
HYPER COMMUNITY
- MY PAST IS THE COST FOR THIS TRAINING
- MAN WALKS OFF WITH $2.1 MILLION ONLY $88 LEFT
- I ATTACKED & CLOUDED MY TITLE
- BEAT MY 2ND MORTGAGE FOR $103,000
- LOST 1ST MORTGAGE...YOU CAN’T BEAT THE SYSTEM
- $53,000 IN MEDICAL BILLS PAID 100%
- PEOPLE NEED EDUCATION & CREATE A NEW SYSTEM
- SIDE BY SIDE FEDERAL RESERVE & CRYPTO
WHAT IS MONEY & SCRIP
- 2 PEOPLE TRADE…PEER TO PEER
- COMMUNITY GROWS EVERYONE TRADES TO ONE ANOTHER
- PEOPLE STORE THEIR ABUNDANCE USING GOLD
- BANKER CREATES A RECEIPT OR THE SCRIP
- COMMUNITY USES THE SCRIP INSTEAD OF GOLD
- FRACTIONAL INTRODUCED CREATING LOANS…DON’T CHARGE USURY
- HOW DOES GOVERNMENT DO IT…..BILLION DOLLAR HIGHWAY
- 100K HOUSE EXCHANGE @ 10% USURY $20K SHORT
- EVERYTHING IS AN EXCHANGE OF ENERGY PEER TO PEER
- MONEY BACKED BY GOLD…OIL...ELECTRICITY…YOU
HISTORY OF BANKS IN AMERICA
- 1913 PRIVATE BANK FEDERAL RESERVE INSERTED IN BETWEEN GOVERNMENT & YOU
- 1913 FEDERAL INCOME TAX ADDED
- 1914 FORM 1040 FORM WAS CREATED TO TRACK & FORM CORPORATIONS
- 1929 CREATED A DEPRESSION TO CREATE FEAR & HAND OVER GOLD
- 1933 OFF GOLD STANDARD - TRADE IN GOLD FOR $20.67 OZ
- 1934 CHANGE VALUE TO $35…67% INCREASE IN MONEY SUPPLY
- 1935 SS# 9-DIGIT LIKE AN LLC, CORPORATION, OR LLP SOUL-LESS ENTITY
- 1953 IRS OFFICIALLY CREATED THEY INCREASE MONEY CREATED
- 1953-1959 IRS TAUGHT THE KIDS IN SCHOOL ABOUT TAXES
- 1963 PRESIDENT KENNEDY PRINTED US NOTES...GLOBAL COLLATERAL ACCOUNTS
- EVERYTHING INCLUDING YOU IS A CORPORATION...US OF AMERICA 1871
- ALL CAPS IS THE CORPORATION MATRIX OVER EVERYONE
- REPUBLIC HAS GOLD, COMMON LAW, AND MILITARY
BANKS & BANKING SYSTEM NOW
- 1971 NIXON TAKES US OFF THE $35 STANDARD SO PRINT AS MUCH AS THEY WANT
- CONTRACT WITH THE SAUDI PRINCE TO CREATE THE PETRO DOLLAR
- GOLD TO OIL TO ELECTRICITY TO YOU...THE SOVEREIGN YOU
- 2008 BAILOUT OF THE EUROPEAN BANKS
- MERS QUOTE THEY TAKE IT ALL AND TRADE 10 & 100 TO 1
- KEEP SELLING THE HOUSE CREATE $100K EACH TIME WE HAVE THE TITLE
- CREDIT CARDS APPROVED OR DENIED IT DOESN’T MATTER
- CURRENTLY $1.5 QUADRILLION IN DERIVATIVES TOP 10 BANKS
- DID SATOSHI NAKAMOTO PLAN A FUTURE FINANCIAL BLOWUP
- I OWN MY HOME…REALLY?…NO YOU ARE A STEWARD ONLY CONTROL
- FRACTIONAL SILVER & GOLD HAVE IT ALL IN YOUR POSSESSION
- MONEY CAN BE COUNTERFEITED, STOLEN, & IS NOT TRACKABLE
- THINK ABOUT THIS...HOW FREE ARE YOU??
BLOCKCHAIN & CRYPTO
- TWO SYSTEMS SIDE BY SIDE
- BLOCKCHAIN…THE FASTER INTERNET
- CRYPTO = STOCK BUT HAVE TO SELL IT
- 21 MILLION BITCOIN = $210 TRILLION MONEY SUPPLY
- 8 DIGITS EACH SIDE DOWN TO 1 SATOSHI
- EACH COIN HAS A SERIAL NUMBER LIKE ANY BILL
- PUT IT IN A WALLET WITH A KEY TO PROTECT
- 3 WAYS TO TRADE…..DAY TRADING; HODL; LEVERAGE 2018
- CANT COUNTERFEIT OR STEAL IT THEREFORE CRIME DROPS
- WEB-1; WEB-2; WEB-3
- NFTS EVERYTHING IS INDIVIDUAL NOTHING STOLEN
- PROOF OF WORK $10K BITCOIN COST TO MINE
- STABLE COINS USDT; BUSD; USDC
- DEFI & NFT…NEW TECHNOLOGY BLOCKCHAIN IS CREATING
- PEER TO PEER WE ARE THE BANK
- BITCOIN GOES UP DISPENSES ABUNDANCE
- BITCOIN GOES DOWN TO CONSOLIDATE
- EVERY FOUR YEARS IS A HALVING
- CRYPTO IRA'S 7 SELF DIRECTED IRA'S
HYPER COMMUNITY
- BUILD COMMUNITY WITH EVERY PRODUCT YOU NEED
- 600K NOW GOAL = 30 MILLION
- EXCHANGE FIAT…USDT…HU…MOF…USDT…FIAT
- WITHDRAW HYPER UNITS
- REBUY HYPER UNITS (HU)
- 130 BILLION DOGECOIN; 10K PER MINUTE FOREVER
- NOTHING FREE INDEBTED EXCHANGE
- EVERYTHING IS AN EXCHANGE OF ENERGY
- PYRAMID OF ABUNDANCE
https://demonocracy.info/infographics/usa/derivatives/bank_exposure.html
https://talkmarkets.com/content/commodities/central-banks-are-now-in-the-endgame?post=324484&page=3
https://www.bloomberg.com/news/articles/2021-11-03/coinbase-tests-commission-free-trading-subscription-service
https://demonocracy.info/infographics/usa/derivatives/bank_exposure.html
https://talkmarkets.com/content/commodities/central-banks-are-now-in-the-endgame?post=324484&page=3
https://www.bloomberg.com/news/articles/2021-11-03/coinbase-tests-commission-free-trading-subscription-service
"True Abundance is Having What You Need When You Need it and Doing What You Want When You Want To...Some of The Time it Doesn't Even Involve Money Just a Bartering/Exchange of your time (Energy).
In Truth..."YOU ARE THE MONEY" and "BitCoin Represents Your Energy." ― Crypto-Gene
"True Abundance is Having What You Need When You Need it and Doing What You Want When You Want To...Some of The Time it Doesn't Even Involve Money Just a Bartering/Exchange of your time (Energy).
In Truth..."YOU ARE THE MONEY" and "BitCoin Represents Your Energy." ― Crypto-Gene
FRANCISCO D ANCONIA QUOTES ON MONEY
- “An honest man is one who knows that he can't consume more than he has produced.”
- “Money is only a tool. It will take you wherever you wish, but it will not replace you as the driver. It will give you the means for the satisfaction of your desires, but it will not provide you with desires.”
- “Money will not purchase happiness for the man who has no concept of what he wants: money will not give him a code of values, if he’s evaded the knowledge of what to value, and it will not provide him with a purpose, if he’s evaded the choice of what to seek. Money will not buy intelligence for the fool, or admiration for the coward, or respect for the incompetent.”
- “Ask yourself what it is that a code of moral values does to a man’s life, and why he can’t exist without it, and what happens to him if he accepts the wrong standard, by which the evil is the good.”
- “To trade by means of money is the code of the men of good will. Money rests on the axiom that every man is the owner of his mind and his effort.”
- “Money permits no deals except those to mutual benefit by the unforced judgment of the traders. Money demands of you the recognition that men must work for their own benefit, not for their own injury, for their gain, not their loss.
- “Money is a living power that dies without its root. Money will not serve the mind that cannot match it. Is this the reason why you call it evil?”
- “Money is your means of survival. The verdict you pronounce upon the source of your livelihood is the verdict you pronounce upon your life. If the source is corrupt, you have damned your own existence.”
- “Or did you say it’s the love of money that’s the root of all evil? To love a thing is to know and love its nature. To love money is to know and love the fact that money is the creation of the best power within you, and your passkey to trade your effort for the effort of the best among men.”
- “When you accept money in payment for your effort, you do so only on the conviction that you will exchange it for the product of the effort of others.”
- “Money will always remain an effect and refuse to replace you as the cause. Money is the product of virtue, but it will not give you virtue and it will not redeem your vices. Money will not give you the unearned, neither in matter nor in spirit. Is this the root of your hatred of money?”
- When you accept money as payment for your effort, you do so only on the conviction you will exchange it for the product of the effort of others. It is not the moochers or the looters who give value to money.
A MAN NAMED TOM NICHOLSON: Posted on his Facebook account the sports car that he had just bought and how a man approached and told him that the money used to buy this car could've fed thousands of less fortunate people.
His response to this man made him famous on the internet. READ his story as stated on Facebook below:
A guy looked at my Corvette the other day and said, "I wonder how many people could have been fed for the money that sports car cost?
I replied I'm not sure;
it fed a lot of families in Bowling Green, Kentucky who built it,
it fed the people who make the tires,
it fed the people who made the components that went into it,
it fed the people in the copper mine who mined the copper for the wires,
it fed people at Caterpillar who make the trucks that haul the copper ore.
It fed the trucking people who hauled it from the plant to the dealer
and fed the people working at the dealership and their families.
BUT,... I have to admit, I guess I really don’t know how many people it fed.
That is the difference between capitalism and the welfare mentality.
When you buy something, you put money in people’s pockets and give them dignity for their skills.
When you give someone something for nothing, you rob them of their dignity and self-worth.
Capitalism is freely giving your money in exchange for something of value.
Socialism is having the government take your money against your will and give it to someone else for doing nothing.
His response to this man made him famous on the internet. READ his story as stated on Facebook below:
A guy looked at my Corvette the other day and said, "I wonder how many people could have been fed for the money that sports car cost?
I replied I'm not sure;
it fed a lot of families in Bowling Green, Kentucky who built it,
it fed the people who make the tires,
it fed the people who made the components that went into it,
it fed the people in the copper mine who mined the copper for the wires,
it fed people at Caterpillar who make the trucks that haul the copper ore.
It fed the trucking people who hauled it from the plant to the dealer
and fed the people working at the dealership and their families.
BUT,... I have to admit, I guess I really don’t know how many people it fed.
That is the difference between capitalism and the welfare mentality.
When you buy something, you put money in people’s pockets and give them dignity for their skills.
When you give someone something for nothing, you rob them of their dignity and self-worth.
Capitalism is freely giving your money in exchange for something of value.
Socialism is having the government take your money against your will and give it to someone else for doing nothing.
WHAT IS BLOCKCHAIN? ACCORDING TO CRYPTO-GENE:
- BlockChain is Absolutely Positively the FUTURE OF EVERYTHING PERIOD!!!
- By Far Its The Next Internet...EXCEPT.....It's the Internet on Steroids.
- Everything in Your Business & Personal Life Over the Next Five Years Will Begin to Run on BlockChain.
WHAT IS BLOCKCHAIN? ACCORDING TO GOOGLE:
- IN SIMPLE TERMS? Blockchain is a system of recording information in a way that makes it difficult or impossible to change, hack, or cheat the system. A blockchain is essentially a digital ledger of transactions that is duplicated and distributed across the entire network of computer systems on the blockchain.
- HOW DOES IT WORK? A blockchain is a public digital ledger of transactions that records information in a way that makes it difficult to hack or alter. The technology allows a secure way for individuals to deal directly with each other, without an intermediary like a government, bank or other third party.
WHAT IS BITCOIN? ACCORDING TO CRYPTO-GENE:
- Bitcoin is Absolutely Positively the FUTURE OF MONEY. Why??
- 12+ Years and No One or No Thing Can or Has Hacked it. Launched January 3rd 2009.
- 100% INDEPENDENT...No Country, Government, CEO, Company, Bank, or Individual can CONTROL IT!! The first of its kind.
- Tradable With all Other Cryptos...All Crypto Currencies Trade into & Follow BitCoin.
- It's Completely Digital and equivalent to the Standard of the Dollar and all Other Currencies in The World.
- The Choice of the Millennials & Younger Generations.
- BitCoin Represents Abundance. Everyday it Consolidates and Distributes Abundance.
- You now have Debit Cards Connected to Your BitCoin Wallet to Pay for Anything Anywhere.
- THIS IS THE BIG ONE: Person-to-Person directly with no Middle-Man...In Other Words NO Controlling Debt Based Banks.
WHAT IS BITCOIN? ACCORDING TO GOOGLE:
- Bitcoin is the first of its kind. It is a protocol, and a network. It is a currency, a commodity, a stock, a bond, a ledger, a store of value, an accounting system, a bank, a payment system ... all rolled into one system, that is global and entirely decentralized. The core strength is that it serves as a ledger for the chain of ownership for anything you can imagine, as of today (2014), this is currency.
- Bitcoin is based on an open source protocol created by "Satoshi Nakamoto". There are a lot of definitions surrounding it such as peer-to-peer, cryptocurrency, public key, decentralized, digital currency. It is transferred person-to-person directly with no middle-man (bank), the network entirely sustains itself and has no single point of failure and no central authority.
When you accept money as payment for your effort, you do so only on the conviction you will exchange it for the product of the effort of others. It is not the moochers or the looters who give value to money. Not an ocean of tears or all the guns in the world can transform those pieces of paper in your wallet into the bread you will need to survive tomorrow. Those pieces of paper, which should have been gold, are a token of honor — your claim upon the energy of the men who produce. Your wallet is your statement of hope somewhere in the world around you there are men who will not default on that moral principle which is the root of money. Is this what you consider evil?― Francisco D. Anconia
"True Abundance is Having What You Need When You Need it and Doing What You Want When You Want To...Some of The Time it Doesn't Even Involve Money Just a Bartering/Exchange of your time (Energy).
In Truth..."YOU ARE THE MONEY" and "BitCoin Represents Your Energy." ― Crypto-Gene
In Truth..."YOU ARE THE MONEY" and "BitCoin Represents Your Energy." ― Crypto-Gene
A man is not measured by an IQ but by his Heart & Integrity.....Crypto-Gene
A Man Without a Vision Is Setting Himself up For Failure.....Crypto-Gene
Success is Finding A Need & Filling It & Bringing it to The World By Serving It.....Crypt-Gene
You Are Not a Stat or a Percentage You Are You A Divine Sovereign Individual With The Ability to do ANYTHING.....Crypto-Gene
Your Heart, Confidence, & Emotion is All The Power You Need to be & do Anything You Want in Life.....Crypto-Gene
There Are NO PROBLEMS.....All Things Work Together For Good.....Crypto-Gene
People Say When I Grow Up I Want to Be An Astronaut, Football Player, Movie Star....NO When You Grow up You Should Want to be YOU.....Crypto-Gene
PROMISSORY NOTES, MORTGAGE ASSIGNMENTS, AND MERS’ ROLE IN REAL ESTATE
After the fall out of the subprime mortgage crisis that triggered the Great Recession, the effects still linger when looking at homeownership statistics in the United States. Nearly 10 million homeowners lost their homes to foreclosure between 2006 and 2014. Damaged credit and traumatized psyches paired with stricter lending standards and soaring median home prices mean that some former homeowners will never own another home.
Today, the United States is seeing the highest rates of unemployment since the Great Depression at nearly 15% due to the COVID-19 pandemic, and of those who still own a home, nearly 4.1 million borrowers are struggling to make their monthly payments. Many are turning to forbearance for momentary relief from their mortgages.
For many homeowners, the question of what happens to their mortgage after closing day might not ever come up. Until the threat of foreclosure or the need for forbearance arises, most borrowers simply send in their monthly payments with no questions asked.
Now is a good time to consider the process after closing, and how it affects their property rights. Here are some of the questions to ask.
What happens after a real estate closing?
Banks often sell and buy mortgages from each other as a way to liquidate assets and improve their credit ratings. When the original lender sells the debt to another bank or an investor, a mortgage assignment is created and recorded in the public record and the promissory note is endorsed.
What are Loan Transfer Documents?Assignments and endorsements prove who owns the debt and subsequently who has the authority to bring foreclosure action.
Mortgage AssignmentsA Mortgage Assignment is a document showing a mortgage loan has been transferred from the originator to a third party.
Note EndorsementsIn addition to the assignment, the originator of the loan or the most recent holder of the loan must endorse (or sign over) the promissory note whenever the loan changes hands. Sometimes, the note is endorsed “in blank,” which means that any party that possesses the note has the legal authority to enforce it.
While these documents are supposed to be recorded in the public land records systems, sometimes there’s a “break” in the chain. A missing mortgage satisfaction or assignment can cause a huge headache for homeowners when they go to sell. Without knowing who the official mortgage lienholder of the property is, the home can’t be sold. The title agent in charge of the closing is tasked with fixing the issue so that clear ownership rights can be established and the final mortgage payoff can be sent to the right lender if needed.
What is Mortgage Securitization?In the last 30 years or so, the buying and selling of mortgage loans between lenders, banks, and investors has grown more complicated. When a mortgage is turned into a security, it’s pooled with similar types of loans and sold on the secondary mortgage market. The purchasers or investors in these securities receive interest in principal payments.
Securitization is good for lenders because it allows them to sell mortgage loans from their books and use that money to make more loans.
Where securitization goes wrong, as we saw during the housing crisis, is when bad or “toxic” assets are pooled together and sold on the secondary market to unsuspecting investors. Subprime mortgage-backed securities had received high ratings from credit agencies and offered a higher interest rate, but they also were the first to hemorrhage losses when borrowers began defaulting on homes with underwater mortgages.
Securitization isn’t an inherently good or bad process, it’s simply a mechanism by which banks liquidize assets, increase their credit and ratings, and clear their balance sheets.
For homeowners, securitization means that the mortgage isn’t owned by a single lender and is instead part of a pool of mortgages owned by investors. A mortgage service company is responsible for collecting the mortgage payments and sending it to the proper investors. Securitization also means that tracking the note and who has the authority to enforce it can get messy.
What is the Mortgage Electronic Registration System, Inc. or MERS?The MERS system is a private, third-party database system used to track servicing rights and ownership of mortgages in the United States. This system of registering the promissory note and mortgage was created to make transferring these documents easier on the secondary mortgage market.
How does MERS work?For some real estate transactions, the mortgage originator will designate MERS as the mortgagee at closing. These loans are called MERS as Original Mortgagee (MOM) loans. When buying a home, a borrower should see clear language on the mortgage or deed of trust document granting and conveying legal title of the mortgage to MERS as mortgagee. This gives the company the right to act on behalf of the current and subsequent owners of the loan.
In other transactions, the loan may be assigned to MERS in the public record at a later date after closing.
After MERS is designated as a nominee to act on behalf of the lender, it tracks the transfers of the loans between parties and acts as a nominee for each holder. This eliminates the need to file separate assignments in the public record each time the loan is transferred. If a lender sells the loan, MERS will update this information in their system.
Even though MERS is designated as the mortgagee, it doesn’t own the debt or hold the promissory note. MERS doesn’t service mortgages or collect payments on mortgages.
Benefits of MERSSome of the benefits of the MERS system include:
Does MERS really save consumers money? The MERS system is not meant to act as a replacement for public land records. However, some states, including Kentucky, New York, Texas, Alabama, and Delaware have sued the company that controls MERS for lost revenue from missing record filing fees. In the case of Kentucky, the state alleged that MERS did not record mortgage assignments with Kentucky County Clerks as they were transferred between banks. At $12 a recording, all those transfers without corresponding mortgage assignments add up to big bucks.
Despite numerous lawsuits challenging MERS over its mortgage assignment authority, the company that controls MERS usually receives favorable judgments. In 2016, courts in Texas ruled that MERS’ mortgage assignments were valid and dismissed two cases. County recorders in Pennsylvania also brought cases claiming that MERS and MERS System members failed to record mortgage assignments when transferring promissory notes, a violation of Pennsylvania recording laws. MERS emerged as the winner of these lawsuits as well.
Kentucky and other states argue that skipping out on these fees hurt the consumers and taxpayers in their states.
What is MERS role in foreclosures?Depending on the state, a foreclosure process might be either judicial (reviewed by a judge in court) or nonjudicial. In the past, MERS, acting on behalf of lenders, has been named as the plaintiff in foreclosure proceedings. Sometimes MERS was even listed as the beneficiary in nonjudicial notices.
Whether or not MERS has the authority to file foreclosure as either the plaintiff or beneficiary is hotly contested. Some states have ruled that MERS doesn’t have standing to foreclose since it doesn’t have any financial interest in either the property of the promissory note.
MERS Splits the note and the mortgageA court case from 1872, Carpenter v. Longan, established that where the promissory note goes, a deed of trust or mortgage must follow and, according to the United State’s Uniform Commercial Code (UCC), the promissory note must also have a clear chain of title.
Foreclosure proceedings during the Great Recession proved to be complicated by the MERS system. Within the MERS system, a note and mortgage may be transferred multiple times, so to avoid an endorsement each time, the note is “endorsed in blank.” In one foreclosure after the other, borrowers were able to demonstrate that the subsequent assignments of the promissory note had gone unendorsed.
Although the MERS systems has helped the mortgage industry, title agents, and even borrowers better manage and understand who has the servicing rights and holds the authority to foreclose, several borrowers facing foreclosure have argued that the system impermissibly “splits” the note and the mortgage between the note holder and MERS as the beneficiary of the deed of trust or mortgage.
This process of bifurcation, it’s claimed, causes the relationship between the mortgage and note to become defective and subsequently unenforceable.
Homeowners facing foreclosure, especially in the aftermath of the housing bubble burst of 2008, were successful in delaying or avoiding foreclosure by arguing that the authority to foreclose was not satisfactorily established due to breaks in the chain of assignments and endorsements.
However, Article 3 of the UCC establishes anyone who possesses the note has the legal authority to enforce it. So foreclosing parties have countered that possession of the note should be enough.
As a result, some states, like Michigan, have ruled in favor of these borrower’s arguments by requiring reunification through valid assignment before foreclosures may proceed. Others have ruled that reunification is not necessary since MERS would be authorized to foreclose for the note holder on their behalf. In 2015, The Nevada Supreme Court actually clarified previous rulings by stating that the involvement of MERS actually cures the defect. This is because the note holder could potentially or theoretically direct or compel MERS to assign the deed of trust, resulting in reunifying the instruments.
Homebuyers should always ask questionsWith the advent of eClosing solutions, eNotes, eVaults, and the MERS eRegistry, the real estate, title, and mortgage industry continues to build systems that improve the homebuying experience.
Despite all the advancements, homebuying can be a confusing and overwhelming process. It’s important to ask questions of the right real estate professionals. Hiring your own attorney to represent your interests in the real estate transaction is always a good idea.
While the pros and cons of MERS is debated, homeowners today will want to keep up with recommendations from the CFPB should they fall behind on their mortgage payments and reach out to their mortgage servicer as soon as possible.
After the fall out of the subprime mortgage crisis that triggered the Great Recession, the effects still linger when looking at homeownership statistics in the United States. Nearly 10 million homeowners lost their homes to foreclosure between 2006 and 2014. Damaged credit and traumatized psyches paired with stricter lending standards and soaring median home prices mean that some former homeowners will never own another home.
Today, the United States is seeing the highest rates of unemployment since the Great Depression at nearly 15% due to the COVID-19 pandemic, and of those who still own a home, nearly 4.1 million borrowers are struggling to make their monthly payments. Many are turning to forbearance for momentary relief from their mortgages.
For many homeowners, the question of what happens to their mortgage after closing day might not ever come up. Until the threat of foreclosure or the need for forbearance arises, most borrowers simply send in their monthly payments with no questions asked.
Now is a good time to consider the process after closing, and how it affects their property rights. Here are some of the questions to ask.
What happens after a real estate closing?
- The promissory note is marked as paid in full and returned to the borrower
Banks often sell and buy mortgages from each other as a way to liquidate assets and improve their credit ratings. When the original lender sells the debt to another bank or an investor, a mortgage assignment is created and recorded in the public record and the promissory note is endorsed.
What are Loan Transfer Documents?Assignments and endorsements prove who owns the debt and subsequently who has the authority to bring foreclosure action.
Mortgage AssignmentsA Mortgage Assignment is a document showing a mortgage loan has been transferred from the originator to a third party.
Note EndorsementsIn addition to the assignment, the originator of the loan or the most recent holder of the loan must endorse (or sign over) the promissory note whenever the loan changes hands. Sometimes, the note is endorsed “in blank,” which means that any party that possesses the note has the legal authority to enforce it.
While these documents are supposed to be recorded in the public land records systems, sometimes there’s a “break” in the chain. A missing mortgage satisfaction or assignment can cause a huge headache for homeowners when they go to sell. Without knowing who the official mortgage lienholder of the property is, the home can’t be sold. The title agent in charge of the closing is tasked with fixing the issue so that clear ownership rights can be established and the final mortgage payoff can be sent to the right lender if needed.
What is Mortgage Securitization?In the last 30 years or so, the buying and selling of mortgage loans between lenders, banks, and investors has grown more complicated. When a mortgage is turned into a security, it’s pooled with similar types of loans and sold on the secondary mortgage market. The purchasers or investors in these securities receive interest in principal payments.
Securitization is good for lenders because it allows them to sell mortgage loans from their books and use that money to make more loans.
Where securitization goes wrong, as we saw during the housing crisis, is when bad or “toxic” assets are pooled together and sold on the secondary market to unsuspecting investors. Subprime mortgage-backed securities had received high ratings from credit agencies and offered a higher interest rate, but they also were the first to hemorrhage losses when borrowers began defaulting on homes with underwater mortgages.
Securitization isn’t an inherently good or bad process, it’s simply a mechanism by which banks liquidize assets, increase their credit and ratings, and clear their balance sheets.
For homeowners, securitization means that the mortgage isn’t owned by a single lender and is instead part of a pool of mortgages owned by investors. A mortgage service company is responsible for collecting the mortgage payments and sending it to the proper investors. Securitization also means that tracking the note and who has the authority to enforce it can get messy.
What is the Mortgage Electronic Registration System, Inc. or MERS?The MERS system is a private, third-party database system used to track servicing rights and ownership of mortgages in the United States. This system of registering the promissory note and mortgage was created to make transferring these documents easier on the secondary mortgage market.
How does MERS work?For some real estate transactions, the mortgage originator will designate MERS as the mortgagee at closing. These loans are called MERS as Original Mortgagee (MOM) loans. When buying a home, a borrower should see clear language on the mortgage or deed of trust document granting and conveying legal title of the mortgage to MERS as mortgagee. This gives the company the right to act on behalf of the current and subsequent owners of the loan.
In other transactions, the loan may be assigned to MERS in the public record at a later date after closing.
After MERS is designated as a nominee to act on behalf of the lender, it tracks the transfers of the loans between parties and acts as a nominee for each holder. This eliminates the need to file separate assignments in the public record each time the loan is transferred. If a lender sells the loan, MERS will update this information in their system.
Even though MERS is designated as the mortgagee, it doesn’t own the debt or hold the promissory note. MERS doesn’t service mortgages or collect payments on mortgages.
Benefits of MERSSome of the benefits of the MERS system include:
- No document drafting fees
- Eliminates the need for multiple assignments each time the loan changes hands
- Reduces recording costs
- Saves time and administrative costs for lenders and servicers
- Provides the identification of servicers and investors for free for homeowners and lenders
- Used by Lenders to find undisclosed liens
- Used by municipalities to find companies responsible for maintaining vacant and abandoned properties
- Mortgage Identification Numbers (MIN) are assigned to each loan for easy tracking
- Selling of loans and servicing transfers are more efficient in the secondary market
- Obtaining lien releases when a lender goes out of business is simplified
- Cost savings by the mortgage industry is theoretically passed on to homeowners
Does MERS really save consumers money? The MERS system is not meant to act as a replacement for public land records. However, some states, including Kentucky, New York, Texas, Alabama, and Delaware have sued the company that controls MERS for lost revenue from missing record filing fees. In the case of Kentucky, the state alleged that MERS did not record mortgage assignments with Kentucky County Clerks as they were transferred between banks. At $12 a recording, all those transfers without corresponding mortgage assignments add up to big bucks.
Despite numerous lawsuits challenging MERS over its mortgage assignment authority, the company that controls MERS usually receives favorable judgments. In 2016, courts in Texas ruled that MERS’ mortgage assignments were valid and dismissed two cases. County recorders in Pennsylvania also brought cases claiming that MERS and MERS System members failed to record mortgage assignments when transferring promissory notes, a violation of Pennsylvania recording laws. MERS emerged as the winner of these lawsuits as well.
Kentucky and other states argue that skipping out on these fees hurt the consumers and taxpayers in their states.
What is MERS role in foreclosures?Depending on the state, a foreclosure process might be either judicial (reviewed by a judge in court) or nonjudicial. In the past, MERS, acting on behalf of lenders, has been named as the plaintiff in foreclosure proceedings. Sometimes MERS was even listed as the beneficiary in nonjudicial notices.
Whether or not MERS has the authority to file foreclosure as either the plaintiff or beneficiary is hotly contested. Some states have ruled that MERS doesn’t have standing to foreclose since it doesn’t have any financial interest in either the property of the promissory note.
MERS Splits the note and the mortgageA court case from 1872, Carpenter v. Longan, established that where the promissory note goes, a deed of trust or mortgage must follow and, according to the United State’s Uniform Commercial Code (UCC), the promissory note must also have a clear chain of title.
Foreclosure proceedings during the Great Recession proved to be complicated by the MERS system. Within the MERS system, a note and mortgage may be transferred multiple times, so to avoid an endorsement each time, the note is “endorsed in blank.” In one foreclosure after the other, borrowers were able to demonstrate that the subsequent assignments of the promissory note had gone unendorsed.
Although the MERS systems has helped the mortgage industry, title agents, and even borrowers better manage and understand who has the servicing rights and holds the authority to foreclose, several borrowers facing foreclosure have argued that the system impermissibly “splits” the note and the mortgage between the note holder and MERS as the beneficiary of the deed of trust or mortgage.
This process of bifurcation, it’s claimed, causes the relationship between the mortgage and note to become defective and subsequently unenforceable.
Homeowners facing foreclosure, especially in the aftermath of the housing bubble burst of 2008, were successful in delaying or avoiding foreclosure by arguing that the authority to foreclose was not satisfactorily established due to breaks in the chain of assignments and endorsements.
However, Article 3 of the UCC establishes anyone who possesses the note has the legal authority to enforce it. So foreclosing parties have countered that possession of the note should be enough.
As a result, some states, like Michigan, have ruled in favor of these borrower’s arguments by requiring reunification through valid assignment before foreclosures may proceed. Others have ruled that reunification is not necessary since MERS would be authorized to foreclose for the note holder on their behalf. In 2015, The Nevada Supreme Court actually clarified previous rulings by stating that the involvement of MERS actually cures the defect. This is because the note holder could potentially or theoretically direct or compel MERS to assign the deed of trust, resulting in reunifying the instruments.
Homebuyers should always ask questionsWith the advent of eClosing solutions, eNotes, eVaults, and the MERS eRegistry, the real estate, title, and mortgage industry continues to build systems that improve the homebuying experience.
Despite all the advancements, homebuying can be a confusing and overwhelming process. It’s important to ask questions of the right real estate professionals. Hiring your own attorney to represent your interests in the real estate transaction is always a good idea.
While the pros and cons of MERS is debated, homeowners today will want to keep up with recommendations from the CFPB should they fall behind on their mortgage payments and reach out to their mortgage servicer as soon as possible.
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