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What To Learn More? Also Read:
THE LONG-STANDING MANDATE OF THE AT-PAR DOCTRINE
https://redressright.me/At-PAR.html
https://www.govinfo.gov/content/pkg/COMPS-270/pdf/COMPS-270.pdf
Pay Attention to "bills of exchange" as that a "Person" can write those and they are worth dollar for dollar the amount shown.
And read:
https://govtrackus.s3.amazonaws.com/legislink/pdf/stat/48/STATUTE-48-Pg1.pdf
&
https://www.govinfo.gov/content/pkg/COMPS-255/pdf/COMPS-255.pdf
Check Clearing 21st Century Act
https://www.federalreserve.gov/frrs/regulations/check-clearing-for-the-21st-century-act.htm
OC-10 Agreements
https://www.frbdiscountwindow.org/Pages/Agreements/OC10_Agreements
IRS 3.8.45 Manual Deposit Process (SEARCH THERE FOR "bill", See IRM 3.0.167.5.2.1 FOR HOW THE IRS IS TO RESPOND TO A VERIFIED PROPERLY DRAWN BILL OF EXCHANGE ISSUED TO SETTLE THE ACCOUNT OF THE TAXPAYER)
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"Let me explain something, no one seems to comprehend"
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Let me explain something, no one seems to comprehend:
1] No bank or mortgage company loans their own funds or that of their clients & shareholders. They might borrow money from the Federal Reserve system, overnight or up to for 90 days to fund transactions they have notes to back up, but they are not loaning their funds.
2] Promissory notes, after properly being drawn, are then presented {after being signed by the loan Creator/Signer/Borrower-in-custody}, to the Federal Reserve Banks “discount window” by a company with operating circular 10 discount window privileges, (perhaps the loan originator company or another company). The Federal Reserve then presents this properly drawn paper (called a note) to the US Treasury and if the paper is in order, it is accepted as a debt of the United States (per 31 U.S. Code § 1501 - which is documentary evidence that's requirement to be Government obligations), and the printing of the funds applied for by the Federal Reserve Bank is begun once approval by the Treasury comes and those funds are transferred to the loan originator company or that company that applied for the funds, who then pays for the property the "Creator/Signer/borrower-in-custody of the loan" that requested those funds for a purchase.
3] The Loan Originator Company, can do all this, if they have Operating Circulator 10 privileges, to present to the Fed. Bank System notes, "all qualified paper" and under the Creator/Signer/borrower-in-custody signing a Power of Attorney for all banking matters over to the loan originator, they will act for the borrower in all banking maters for this said “Loan“.
4.] The original resulting funds (principal amount) are moved to the loan originator company, plus the full interest that would be due, for the entire period of the notes term. (Example 30 year loan 10% over the term, is the interest paid as compounded).
5.] Then, each week perhaps, the loan originator company will then with its O. C. - 10 Privileges, presents yet another of those signed documents, to the Federal Reserve, for the full funding again, plus they receive again the full interest for the term of the note too. This is done for each piece of paper signed, (application could be submitted too), as it becomes a note when properly endorsed and notes are there-by the creation of funds. (For references see The Federal Reserve Act 1913 An Act to stabilize and control the currency of the US 1933 (also known as the Emergency Banking Relief Act) noted below.
6] Why can they do this?
Because the creator/Signer/borrower-in-custody signed a note, plus a power of attorney, to handle all those banking maters for that note (s).
7.] What happens to those funds?
They go into an account in the Creator/Signer/borrower-in-custody's name (per the Borrower-in-Custody Agreement), and are held earning interest by perhaps the loan originating company and that company either continues to present notes and receive funds totaling the original principal plus interest, as described in the notes terms when they present notes to the Federal Reserve window, or perhaps until they sell some of that other signed properly drawn paper off to another loan originating company which will do the same process again until the notes are all sold to the US Treasury.
8.] If the Creator/Signer/Borrower-in-Custody doesn't ever request a history of the entire loan funds ( including in clearings accounts, they may never know about all the funds applied for, and those funds become abandoned property of the Creator/Signer/Borrower-in-Custody if they don't request them and are eventually lost to them.
9.] But that's a fraud you say?
Yes, it is fraud by omission and that has no statute of limitations either, so the Creator/Signer/Borrower-in-Custody can go back on that loan originator company (or whoever bought their notes, as they assume those future debts too) and their executives are liable individually for frauds by deception/omission as well. And as they also sent the Creator/Signer/borrower-in custody a bill each month (by Us Mail) for that perhaps 30-year period of a mortgage requesting/demanding payments, on something they didn't even loan funds for there is mail fraud too and the RICO Act to deal with. Yes, individuals (not just government attorneys) can draw up criminal charges too, but we won't get into that here and now.
So, When the Creator/Signer/borrower-in-custody can produce proof of all of this in a bankruptcy court, through for example by a subpoena for documents, a loan originator which endorsed the signed promissory note "Without Recourse", and presents it to the Federal Reserve's for funds, it becomes clear that the actual loan was made by the US Treasury as it‘s without recourse, and the note was clear of liens so there‘s no expectation to be repaid.
Here is a breakdown of why this is the case:
The Federal Reserve:
The Federal Reserve, (a system of 12 central banks), operates the Discount Window to lend funds to “borrowers” of properly executed paper, by way of OC-10 privileged depository institutions (most just say banks but they are actually public depository institutions as all individuals that do banking business are deemed in law as a bank). This funding process is governed by an application process for entities that have Operating Circular No. 10 (OC-10) forms on file with the Federal Reserve System.
The role of use of the words "Without Recourse":
When the loan originator (e.g., a public depository institution “bank") endorses a Promissory Note "Without Recourse" and takes it to the Federal Reserve for funds, they are selling the note in its entirety at that moment and transferring the risk of non-payment to the buyer which is per 31 U.S. Code § 1501 the US Government. In this case, the Federal Reserve (acting on behalf of the U.S. Treasury is printing on demand funds for this transaction) and assumes that risk per the 1913 Fed Res. Act terms.
The role of the loan originator (bank):
The loan originator (or your bank) facilitates the initial loan to you, the individual borrower-in-custody, and may hold the promissory note temporarily as overnight funds can be applied for to cover their short-falls of funding notes they create. However, by endorsing it and transferring it to the Federal Reserve, the bank is essentially trading the promissory note for "cash" from the Federal Reserve. Your bank is not the entity making the loan, but rather an intermediary in this process.
The role of the Creator/Signer/Borrower-in-Custody of the promissory note:
The “person” (a legal term), who signs the promissory note is the “individual or entity”, (legal terms), who borrowed the funds, but only the signature stands good for the “loan” and it's legally obligated to the US Treasury repay the debt (unless it is marked Without Recourse, when Gold and Silver Coin return to the United States as "Money“ Until then it's all just "notes". The terms of the loan, including the repayment schedule and interest rate, are outlined in the promissory note, and the borrower-in-custody remains responsible for fulfilling those terms when money returns (See the Emergency Banking Act 1933) without the without recourse added.
The role of the U.S. Treasury:
Congress legislated that the U.S. Treasury and the Federal Reserve must work together in the country's financial system. While the Federal Reserve manages the transfer of funds on notes actual lending is from the US Treasury (if “eligible papers” are presented. See the Emergency Banking Act for that description. This means that when the Federal Reserve advances funds against a promissory note, those funds are essentially coming from the U.S. Treasury and not any other “person".
In summary, the loan originator makes the initial loan happen by their presentment of eligible papers, through the Federal Reserve but by using the "Without Recourse" endorsement on those documents, the US Treasury become the effective lender, assuming the risk and ownership of the note and any non-payment from the original borrower-in-custody is forgiven when “without Recourse“ is there upon those notes thus they don‘t expect it back.
When funds for a loan are collected by the originator that stamps the documents "without recourse," (the entity that originated the loan) is not the actual lender and they by presenting the promissory note to the Federal Reserve without recourse are there-by selling the note-loan to the US Treasury. The term "without recourse" means that the loan originator has no recourse against the borrower either. This means that if the borrower does not pay back the loan, the originator cannot pursue the borrower for the remaining debt, with no recourse against the Creator/Signer/borrower--in-custody) if they default.
Here's more:
Dodd-Frank Act and Discount Window:
The Dodd-Frank Act changed the way the Federal Reserve's discount window (where funds flow from) operates. Before the act, the discount window could only be used to provide liquidity to banks in case of temporary liquidity problems. After the act, the Federal Reserve can provide loans to other entities including individuals, banks, LLC's, ... (also read the Emergency Banking Act for same those entities).
"Without Recourse": as stated above this phrase indicates that the loan originator is giving up their right to go after the borrower if the loan is not repaid and the note must be free of lien to sell it.
Under federal regulations, the entity that actually funds the loan (Federal Reserve Bank System) is responsible for paying the loan originator the requested funds from the promissory note. Sometimes this is at first a loan of funds, (overnight) so the property can be acquired, but it's paid back within 90 days maximin, when the funds for the sale of the note (plus all the interest) is sent by the Federal Reserve to the note originator, the principal amount of those funds transferred will cancel the debt, the originator borrowed overnight owes, plus provide them the full interest amount (profit). The loan originator is a licensed professional, who handles the mortgage application process and connects the Creator/Signer/Borrower-in-Custody, with the actual lender (the US Treasury), through the Federal Reserve System, but by requirements of law they do not actually use their own funds to fund that loan. This compensation framework was established by the Dodd-Frank Act to prevent deceptive lending practices by tying the originator's pay, to the specific terms of the loan.
How are loan originators are paid for their work preparing the note?
Compensation for loan originators, legally comes from one of two sources, and the rules prohibit receiving payment, from both:
From the lender (US Treasury):
The loan originator is paid a salary, commission, or a combination of both by the financial institution that provides the loan. This is the most common payment method for loan officers employed by a bank or mortgage company.
From the loan Creator/Signer/borrower-in-Custody:
In some arrangements, particularly with independent mortgage brokers, the Creator/Signer/Borrower-in-Custody may pay an origination a fee directly, for the service of securing a loan. If the Creator/Signer/Borrower-in-Custody pays this fee, the originator is legally prohibited from receiving additional compensation from the "lender" (US Treasury).
The role of the loan originator = Facilitator
The payment structure makes sense when you understand the loan originator's function in the lending process:
The loan originator's, are only “Funds Facilitators" not a funding institution:
A loan originator, whether a loan officer working for a Public Depository Institution/bank or an independent mortgage broker, is a “licensed guide” who helps the borrower through the application, documentation, and negotiation phases of getting a mortgage.
Intermediary role:
The originator serves as the “Liaison” between the Creator/Signer/Borrower-in-Custody and the Public Depository Institution, AKA: bank or financial institution, that will actually procure the funds through the Fed Reserve.
Clarification on the U.S. government debt statute:
The U.S. Code Title 31, describes how the federal government records and tracks its own internal obligations and liabilities, not the consumer mortgage process. It is unrelated to who is responsible for paying a private mortgage loan originator.
So, if you've got a predatory entity trying to take your Home what can you do?
Try Bankruptcy Court, especially when this is going on in a Non-Judicial Foreclosure State as they can move in quickly there perhaps in just 90 days and unless this is a wider problem I would only list just what’s being stolen - the house and land (Your Home) and make the predatory entity prove in court, who made the “Loan” and who is to be paid back, and when they are to be paid back (or if they were already paid back), and be sure and request all those funds back that you sent them over the years (in payments), plus all those funds they collected in your good name, but failed to tell you about perhaps placed in a "in-clearing-account", as it’s often as much as 900% more, than the original principle plus interest applied for by deception. Foreclosure brings about the termination of the Borrower-in-Custody Agreement.
An analysis of "rights" to any with sense shows surplus funds (perhaps found by subpoena) that were to be placed in the In-Clearings Account are the "property" of the original Borrower-in-Custody, not the loan originator or others that applied for funds in your name such as a depository institution.
So, who likes US Currency?
Here's a bit of info to remember:
A Bill Of Exchange (BOE), is a cash equivalent! Dollar for dollar at par.
One may choose to receive any of the forms of US currencies available and not another, but you can pay for things, with a BOE because Congress wrote bills that became laws (when they were signed into law) and remember friends, ignorance of the law, is no excuse.
Who here knew they were a bank?
You are operating as a "depository institution" under the definitions of 12 USC § 5002(2) (which is part of the Check Clearing 21st Century Act), defines a "bank" as:
"any person located in a State engaged in the business of banking, including any depository institution as defined in section 461(b)(1)(A) of this title, a Federal reserve bank, a Federal home loan bank, or a government entity acting as a payor"
So Yes, you are a bank.
As a bank or depository institution under this chapter:
1] Check Processing: I am authorized to truncate original checks, create substitute checks, and handle checks for forward collection or return.
2] Legal Equivalence: I recognize that a properly prepared substitute check is the legal equivalent of the original check for all purposes.
3] Indemnity & Warranties: I comply with warranties regarding the accuracy of substitute checks and provide indemnification for losses caused by the use of substitute checks.
4] availability of funds deposited into customer accounts.
As that you are a bank, Discharge and thereby settle your debts through Fed Wire.
The Joint Resolution of June 5, 1933, titled: “An Act to Assure Uniform Value to the Coins and Currencies of the United States” along with the Federal Reserve Act of 1913, specifically Section 401, Subsection 18(6), defines “eligible paper”—including bills of exchange, drafts, notes, and trade acceptances—as currency.
Congress explicitly stated that these instruments are to be accepted at par with Federal Reserve Notes. In fact, the Congressional Record of March 9, 1933, on pages 78 through 83, confirms this interpretation and states that these eligible papers
are the foundation of lawful money issuance. When I tender a properly structured Bill of Exchange it is then dollar for dollar equal.
If one is submitting lawful tender in the exact form contemplated by Congress as the foundation of our legal tender system, it is to be honored at par. Now, under 12 U.S.C. § 411 and § 412, these instruments are both lawful tender and lawful collateral. This is not an opinion—it’s the statutory basis of how the Federal Reserve system functions.
And it is further acknowledged under IRS protocol, in IRM 3.8.45.5.9, which permits such instruments (Bill Of Exchange) to be submitted as payment when verified and properly drawn with permission granted (from the writer) for the Campus to settle those debts through Fed-Wire, with that instrument.
Now, tell me please, how our debts can't be settled with properly drawn paper, or was it already a settled matter, when you signed the Promissory Note or bill of exchange?
My opinion is: it is already settled.