September 5, 2011
I understand that my comment is only that of a person pursuant to US codes and further understand that it is the duties for our present form of government to keep the US, et al in some form of constant debt to our master entities whereby at this time my comments hold no legal or UCC commercial values. However, since the SEC seems to be gathering comments from any open sources, I would be more than glad to make the following comments to the be of my knowledge. I fully understand how banks create only hypothetical fiat debt money, under the given rights from the Federal Reserve System a privately Delaware chartered corp who themselves receive their supposed limited authority which continues to change from Congress. Also that the private corporation, known and described as, the Internal Revenue Auditing System, derives their alleged limited powers to collect taxes from the Department of Treasury. That being said the banks are not lending any of their own money nor assets, while retaining the mortgage notes as a tool to attempt collections in case of a commercial default. When the promissory note is given to the banks, then the banks endorse them into a monetary asset to themselves and then they are usually sold into a mortgage wholesale or mortgage warehouse environment. As this questionable scheme became more and more aggressive as the fractional lending standards where consistently decreased over the past 60 years, it became so very obviously rampant from 2000 til 2008. In this maniacal greedy race for more and more mortgage originations, many so-called operational banking standards were side-stepped and more and more fraud became common business modus of operations. In this race for debt supremacy to expand and increase the stockholding of major banks, many alleged loans were not scrutinized properly. I also believe many, many of these loans that were bundled into ABS MBS did not have the proper credit ratings and it seems as though no one really cared. The large problems became so internationally known when US debt purchasers such as Russia, China, Brazil and a few others became aware that the debt notes, worthless paper and Treasury T Bills notes were simply nothing of value as was represented to them. I would have to think that the SECs part in this mortgage debt malaise was overburdened to far beyond their normal past workloads. Much of this was because of a tremendous increase in mortgage notes and also many of which were very difficult identify due to companies such as MERS, EMC, etc whereas very few could lawfully describe who was the alleged lender, who was the alleged servicers, nominees, assignees and party of interest with legal standings. I cant even imagine trying to enter and file all of these millions of notes into a formatting and file systems where they can be easily accessed if needed? One final thought in defense of the SEC would be if the banks, mortgage wholesales and Wall Street had done proper evaluations in qualifying the consumers applications then there would not have been and overwhelming workload for the SEC.