OUT OF MIND
Would you like to react to this message? Create an account in a few clicks or log in to continue.
Latest topics
» 2000 Felons and Zero Justice
MUST READ:Banker Admits in Court that Banks Actually Loan Nothing EmptyToday at 9:33 am by PurpleSkyz

» Rhonda Wilson – Why Are Vaccinated People Emitting MAC Addresses?
MUST READ:Banker Admits in Court that Banks Actually Loan Nothing EmptyToday at 8:21 am by PurpleSkyz

» These 20 States Threaten Legal Action Over the Ministry of Truth
MUST READ:Banker Admits in Court that Banks Actually Loan Nothing EmptyToday at 8:17 am by PurpleSkyz

» Global COVID Summit Declaration Representing 17,000 Physicians and Medical Scientists
MUST READ:Banker Admits in Court that Banks Actually Loan Nothing EmptyToday at 7:58 am by PurpleSkyz

» Obama claims people are “dying from disinformation” … which is TRUE for those who took the clot shots after believing pharma industry lies
MUST READ:Banker Admits in Court that Banks Actually Loan Nothing EmptyToday at 12:29 am by PurpleSkyz

» Just Wow! 3D-Printed Homes Cut Construction Time From 4 Weeks to Only 28 Hours
MUST READ:Banker Admits in Court that Banks Actually Loan Nothing EmptyToday at 12:21 am by PurpleSkyz

» Playing Video Games Has an Unexpected Effect on Kids' IQ, Says New Study
MUST READ:Banker Admits in Court that Banks Actually Loan Nothing EmptyToday at 12:16 am by PurpleSkyz

» Population decline is already solving the apparent ‘climate crisis’ - Thanks CV and CV Vax!
MUST READ:Banker Admits in Court that Banks Actually Loan Nothing EmptyToday at 12:12 am by PurpleSkyz

» Synthetic Biology: The $3.6 Trillion Science Changing Life As We Know It
MUST READ:Banker Admits in Court that Banks Actually Loan Nothing EmptyToday at 12:07 am by PurpleSkyz

» Wisconsin fox kits test positive for highly pathogenic avian influenza
MUST READ:Banker Admits in Court that Banks Actually Loan Nothing EmptyToday at 12:05 am by PurpleSkyz

» Alan Watts ~ It All Starts With You
MUST READ:Banker Admits in Court that Banks Actually Loan Nothing EmptyToday at 12:02 am by PurpleSkyz

» Michael Clarage: The Light of Life
MUST READ:Banker Admits in Court that Banks Actually Loan Nothing EmptyToday at 12:00 am by PurpleSkyz

» Witness describes the huge glowing object that hovered above the flight deck of USS Ronald Reagan
MUST READ:Banker Admits in Court that Banks Actually Loan Nothing EmptyYesterday at 11:06 am by PurpleSkyz

» The COVID Vaccine Narrative Has Sunk, And The Powers That Be Have Stopped Trying To Hide It
MUST READ:Banker Admits in Court that Banks Actually Loan Nothing EmptyYesterday at 11:01 am by PurpleSkyz

» UFO NEWS ~ Huge cigar-shaped UFO over Frederic & Luck, Wisconsin 14-May-2022 plus MORE
MUST READ:Banker Admits in Court that Banks Actually Loan Nothing EmptyYesterday at 10:25 am by PurpleSkyz

» How to detoxify from the spike protein produced by suffering Covid or by the COVID injection
MUST READ:Banker Admits in Court that Banks Actually Loan Nothing EmptyYesterday at 9:49 am by PurpleSkyz

» The Rothschilds: The World's Richest Family
MUST READ:Banker Admits in Court that Banks Actually Loan Nothing EmptyYesterday at 9:45 am by PurpleSkyz

» Studying the secrets of starling murmurations
MUST READ:Banker Admits in Court that Banks Actually Loan Nothing EmptyYesterday at 9:33 am by PurpleSkyz

» This Cosmic Timekeeping Method Proposes to Synchronize All Clocks on Earth
MUST READ:Banker Admits in Court that Banks Actually Loan Nothing EmptyYesterday at 9:29 am by PurpleSkyz

» Lipid nanoparticles in covid jabs “stick” to bodily organs, reveals Pfizer study
MUST READ:Banker Admits in Court that Banks Actually Loan Nothing EmptyYesterday at 9:21 am by PurpleSkyz

» Exposing the “Digital ID Is a Human Right” Scam
MUST READ:Banker Admits in Court that Banks Actually Loan Nothing EmptyYesterday at 9:17 am by PurpleSkyz

» 57 Top Scientists and Doctors Release Shocking Study on COVID Vaccines and Demand Immediate Stop to All Vaccinations
MUST READ:Banker Admits in Court that Banks Actually Loan Nothing EmptyYesterday at 9:07 am by PurpleSkyz

You are not connected. Please login or register

OUT OF MIND » THE INSANITY OF REALITY » GLOBAL FINANCIAL COLLAPSE » MUST READ:Banker Admits in Court that Banks Actually Loan Nothing

MUST READ:Banker Admits in Court that Banks Actually Loan Nothing

3 posters

Go down  Message [Page 1 of 1]

ymoilman2



Banking in America

Banker Admits in Court that Banks Actually Loan Nothing

This is an actual court transcript – an interview with a banker, who is under oath, about a foreclosure. The banker was placed on the witness stand and sworn in. The plaintiff’s (borrower’s) attorney asked the banker the routine questions concerning the banker’s education and background. Then this conversation followed:

The attorney asked the banker, “What is court exhibit A?”
The banker responded by saying, “This is a promissory note.”
The attorney then asked, “Is there an agreement between Mr. Smith (borrower) and the defendant?”
The banker said, “Yes.”
The attorney asked, “Do you believe the agreement includes a lender and a borrower?”
The banker responded by saying, “Yes, I am the lender and Mr. Smith is the borrower.”
The attorney asked, “What do you believe the agreement is?”
The banker quickly responded, saying, ” We have the borrower sign the note and we give the borrower a check.”
The attorney asked, “Does this agreement show the words borrower, lender, loan, interest, credit, or money within the agreement?”
The banker responded by saying, “Sure it does.”
The attorney asked, `”According to your knowledge, who was to loan what to whom according to the written agreement?”
The banker responded by saying, “The lender loaned the borrower a $50,000 check. The borrower got the money and the house and has not repaid the money.”
The attorney noted that the banker never said that the bank received the promissory note as a loan from the borrower to the bank. He asked, “Do you believe an ordinary person can use ordinary terms and understand this written agreement?”
The banker said, “Yes.”
The attorney asked, “Do you believe you or your company legally own the promissory note and have the right to enforce payment from the borrower?”
The banker said, “Absolutely we own it and legally have the right to collect the money.”
The attorney asked, “Does the $50,000 note have actual cash value of $50,000? Actual cash value means the promissory note can be sold for $50,000 cash in the ordinary course of business.”
The banker said, “Yes.”
The attorney asked, “According to your understanding of the alleged agreement, how much actual cash value must the bank loan to the borrower in order for the bank to legally fulfill the agreement and legally own the promissory note?”
The banker said, “$50,000.”
The attorney asked, “According to your belief, if the borrower signs the promissory note and the bank refuses to loan the borrower $50,000 actual cash value, would the bank or borrower own the promissory note?”
The banker said, “The borrower would own it if the bank did not loan the money. The bank gave the borrower a check and that is how the borrower financed the purchase of the house.”
The attorney asked, “Do you believe that the borrower agreed to provide the bank with $50,000 of actual cash value which was used to fund the $50,000 bank loan check back to the same borrower, and then agreed to pay the bank back $50,000 plus interest?”
The banker said, “No. If the borrower provided the $50,000 to fund the check, there was no money loaned by the bank so the bank could not charge interest on money it never loaned.”
The attorney asked, “If this happened, in your opinion would the bank legally own the promissory note and be able to force Mr. Smith to pay the bank interest and principal payments?”
The banker said, “I am not a lawyer so I cannot answer legal questions.” The attorney asked, “Is it bank policy that when a borrower receives a $50,000 bank loan, the bank receives $50,000 actual cash value from the borrower, that this gives value to a $50,000 bank loan check, and this check is returned to the borrower as a bank loan which the borrower must repay?”
The banker said, “I do not know the bookkeeping entries.”
The attorney said, “I am asking you if this is the policy.”
The banker responded, “I do not recall.”
The attorney again asked, “Do you believe the agreement between Mr. Smith and the bank is that Mr. Smith provides the bank with actual cash value of $50,000 which is used to fund a $50,000 bank loan check back to himself which he is then required to repay plus interest back to the same bank?”
The banker said, ” I am not a lawyer.”
The attorney said, “Did you not say earlier that an ordinary person can use ordinary terms and understand this written agreement?”
The banker said, “Yes.”
The attorney handed the bank loan agreement marked “Exhibit B” to the banker. He said, “Is there anything in this agreement showing the borrower had knowledge or showing where the borrower gave the bank authorization or permission for the bank to receive $50,000 actual cash value from him and to use this to fund the $50,000 bank loan check which obligates him to give the bank back $50,000 plus interest?”
The banker said, “No.”
The lawyer asked, “If the borrower provided the bank with actual cash value of $50,000 which the bank used to fund the $50,000 check and returned the check back to the alleged borrower as a bank loan check, in your opinion, did the bank loan $50,000 to the borrower?”
The banker said, “No.”
The attorney asked, “If a bank customer provides actual cash value of $50,000 to the bank and the bank returns $50,000 actual cash value back to the same customer, is this a swap or exchange of $50,000 for $50,000.”
The banker replied, “Yes.”
The attorney asked, “Did the agreement call for an exchange of $50,000 swapped for $50,000, or did it call for a $50,000 loan?”
The banker said, “A $50,000 loan.”
The attorney asked, “Is the bank to follow the Federal Reserve Bank policies and procedures when banks grant loans.”
The banker said, “Yes.”
The attorney asked, “What are the standard bank bookkeeping entries for granting loans according to the Federal Reserve Bank policies and procedures?” The attorney handed the banker FED publication Modern Money Mechanics, marked “Exhibit C”.
The banker said, “The promissory note is recorded as a bank asset and a new matching deposit (liability) is created. Then we issue a check from the new deposit back to the borrower.”
The attorney asked, “Is this not a swap or exchange of $50,000 for $50,000?”
The banker said, “This is the standard way to do it.”


See: http://www.scribd.com/doc/211365357/A-LOAN-is-Actually-A-Deposit-of-Money-By-A-Customer-With-Banker    

Posted by John MacHaffie at 8:16 PM

Herb Lady

Herb Lady

This was a most interesting read!

Thanks Yman!



Take care of the land and the animals and they will take care of you!

Come visit my site at:  https://onlynaturesmagic.com/

MartyM

MartyM

One of the best explanations of the process and a prime example of what is meant by
knowing the right questions to ask and how to ask them....
   Thanks for sharing.





'Tis better to be thought a fool,than to speak and remove all doubt.
     Love,Laughter & Prosperity...  :Santa 3: 

Herb Lady

Herb Lady

I completely agree with you Marty!  I learned a great deal about the process as a whole from this.  The attorney did an outstanding job!  As well as the banker!  Lovely of him to admit such truths, even though he had to be pinned down first.  :)



Take care of the land and the animals and they will take care of you!

Come visit my site at:  https://onlynaturesmagic.com/

Back to top  Message [Page 1 of 1]

Permissions in this forum:
You cannot reply to topics in this forum