This is a Press Release about Natalie Sayers, who cannot get the bank to accept payment on her loan!
The Bank doesn’t want her money, but wants HER HOME!
After Natalie Sayers was served with a Foreclosure Notice for her Victorian home in November she tried repeatedly to pay the bank the outstanding money they claimed. But the bank would not take the money!
She is now desperate, with money to pay the bill, but the bank refusing to accept it.
They want to have her home, not her money!
The explanation is simple. Since 1993 banks have moved away from the business of banking because they make much more money creating derivatives on Home Loans. The process of Securitisation creates an investment which provides nice profits for the bank. So it is better for a bank to evict a family and issue a new home loan to securitise than to properly serve their customers.
This is just one of many evils associated with Securitisation and that is why the process is under scrutiny internationally from regulators and consumers alike.
Pastor Chris Field launched Justice-and-Right.com and wrote a 60 page book titled “Banks Lie!” as part of his response to Macquarie Bank denying that it has abandoned its rights to his mortgage because of securitisation. The Fields have been evicted once and moved back into their own home to draw national attention to the problems securitisation creates.
Chris points out that banks have abandoned their core business and lost sight of their customers. They have become derivatives traders, rather than providing traditional banking services. All this is at the expense of home owners who are put at risk from the securitisation process.
Marie McDonnell, a USA expert on mortgage fraud, was a principal witness in the recent Massachusetts court case for Antonio Ibanez and Mark and Tammy La Race. In early January 2011 the Massachusetts Supreme Court ruled against two banks, exposing the whole banking industry to a collapse of their claims on homes, due to disposal of rights through securitisation.
Among the comments McDonnell makes about what banks do are these:
“No one who has a loan secured by a mortgage on his home is safe.
Back in 1995, I first started seeing Servicers manufacture a default on a current loan and institute a foreclosure action even though the consumer had made every payment on time.
There is so much fraud throughout the system that it is unimaginable. We are now living in a criminal culture where the Banksters are running the show with impunity.
Each of these securitizations is a Ponzi scheme. There was never going to be enough money in the system to return the investors’ principal.
These loans were designed to fail.”
An Australian securitisation expert, Dr Pelma Jacinth Rajapakse, was quoted in the University of NSW Law Journal in 2006 making some similar claims to McDonnell.
“Securitisation … involves the risk that borrowers might find their homes sold by downstream financial intermediaries who have ‘purchased’ their bank’s … mortgagee rights. This is not because of a failure to pay on the part of the borrowers”
“The risk the banks run … they could ultimately face a wave of litigation.”