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Kleptocracy: Rule by thieves
Thanks to Karl Denninger - market-ticker.org - for the video
Here's how loans are supposed to work:
1. The lender and borrower reach a meeting of the minds which means both parties understand the terms of the loan
2. The borrower agrees to the terms and signs a formal agreement to repay
3. The lender passes over the money
4. It's the lender's responsibility to keep a copy of the agreement in its original form and if the loan is sold to pass that ORIGINAL with the blue ink signature onto the loan's new owner.
The big banks and their minions decided to throw out Step Four. In fact, there is overwhelming evidence that they shredded original real estate lending agreements by the thousands and replaced them with manufactured copies to facilitate their easy re-packaging.
Why no banker has yet gone to jail for forging a loan document is a mystery.
Today's mystery is named Nancy McLain of the Arizona legislature.
By her imperial decree, this simple four step process is no longer the law of the land in Arizona which means that ANYONE can present any kind of manufactured document and claim you owe them money (or the security for money, like a house) and a court will not only hear the case, but if it's in a "fast track" mood, judge for the forger.
Good work Ms. McLain. You've just made the rank of Government Criminal First Class with oak leaf clusters.
It's a simple concept Ms. McLain which has worked pretty well since Sumerian times. Lenders are required to keep ORIGINAL copies of loan documents in order to have an actionable case. This is a simple remedy to prevent crooks like you and the bankers you whore for from ripping people off.
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