What They Don't Disclose Forms the Basis For Breach of Contract


Credit-lenders flourish only because of interest payments. You, the "borrower" is always the source of the principal amount of any alleged loan by virtue of your "promise" to pay (credit application and subsequent promissory note), from which a negotiable instrument is generated, i.e. "money," per UCC 3-104 which the credit-lender then converts into another form (bank draft, cashier's check) in accordance with Federal Reserve lending policies which is then reissued in the form of a "loan." This "loan" is nothing more than accounting entries on the bank's ledgers, the bank loans nothing of substance, and is forbidden by banking regulations from loaning the bank's cash or assets.

Credit-lenders do not profit from the principal loan amount, only the interest. This is why on most loans and mortgage contracts, the majority of the "borrower's" payment amount is applied to interest-charges. The principal amount never comes into play for the financial institution because that sum is always the property of the "borrower" until the end of the loan term, whether the so-called "loan" is ever paid off or not. "Loans" that end in default are simply charged off, i.e. discharged by bookkeeping entry, with no loss incurred by the bank, which is precisely why the procedure discussed in this Section is effective in nullifying loans of credit from banks: the bank has no verifiable, valid risk in the loan transaction, and therefore no valid claim. Banks, mortgage companies, and credit card companies lend only credit. Credit-lenders believe in you and trust that you will make all interest payments as you have agreed.

The Fair Debt Collection Practices Act

The Fair Debt Collection Practices Act, as codified at 15 USC s 1692, stipulates that a debt collector must, if requested, provide a verification of the alleged debt, i.e. validate the debt. Per the Fair Debt Collection Practices Act, "FDCPA," the debt collector is mandated to cease all collection activity until verification is provided.

(a) Verification/Validation. Verification is defined as:

Confirmation of correctness, truth, or authenticity, by affidavit, oath, or deposition. Affidavit of truth of matter stated and object of verification is to assure good faith in averments or statements of party. Black's Law Dictionary, Sixth Edition, 1990.

What this means is, the debt collector must swear true, correct, and complete (equivalent of the truth, the whole truth, and nothing but the truth, i.e. testimony) that an exchange of valuable consideration has occurred that that allows him to demand repayment. As cited above, banks do not loan substance, only credit (air). No bank attorney and no banker can verify a loan of substance; hence they are foreclosed from issuing an affidavit of any relevance. The system is fraudulent by nature; it cannot be made legitimate by a false affidavit. The truth is, the only one who can validate a debt is the borrower. This is why IRS prosecutes for "Failure To File A Tax Return": a sworn Form 1040 is a validation of the debt. IRS is a debt-collection agency. IRS cannot verify/validate any debt unless IRS has a sworn statement from the taxpayer validating the debt.

The "Debt Elimination" programs are completely proper and legal methods for canceling loan debt without the need of going into court or filing for bankruptcy.

A snapshot of a loan from the lenders perspective.

When you apply for a $100,000 bank loan, you sign a $100,000 promissory note, which funds the $100,000 bank loan check that you receive at closing. What is the actual cash value of the promissory note? It is $100,000, because the bank sells your promissory note for $100,000 in government bonds, which has value equal to cash.

The lender merely exchanged actual cash value for actual cash value, and you were charged as if there was a loan.

As per the Federal Reserve Bank of San Francisco publication Monetary Policy in the United States (p. 13) states that, "bank loans is/are funded...by banks creating new deposits." They claim there was a loan. The truth is , it was an exchange and they called the exchange a loan. The proof is in the bookkeeping entries. No actual cash value was loaned as consideration for obtaining the promissory note, and the proof is that the note is what funded the check that you received.

If you gave the bank $100.00 cash as collateral for a bank loan, and the bank deposited the $100.00 cash and used it to fund a bank loan check which was delivered to you, and the bank refused to return the $100.00 cash collateral, does that make business sense to you? Does that sound like a fair and equitable transaction? Does that make you mad?

That is exactly what the bank does on every loan it makes. When you hand the lender a promissory note, it has equal value to the loan check. Where is the money that paid for the promissory note?

When a bank grants a $100,000.00 loan, all they are doing is taking $100,000.00 of actual cash value from you (the promissory note) and transferring it to them, for free. The bank did not loan one cent of their depositor's money for the $100,000.00 promissory note.

They did it by recording the promissory note as a loan from you to the bank, on the banks books by journal entry. The bank then used the $100,000.00 they obtained from you to create the $100,000.00 of new money called checkbook money. Checkbook money has equal value to legal tender because the promissory note can be sold for legal tender.

Then the bank uses the newly created checkbook money to give you back the $100,000.00 as a bank loan.

What can you do with this? You can cancel any contract that was fraudulently entered by any party. You can cancel credit card debt contracts in which there was fraudulent non-disclosure. Most bank loans or mortgages can often be discharged. But to do this you will likely need the services of an experienced advisor who can help you through the legal brambles. See our program at Debt Elimination

See also:
The Hidden Truth about Income Taxes

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This is a crazy world. What can be done? Amazingly, we have been mislead. We have been taught that we can control government by voting. The founder of the Rothschild dynasty, Mayer Amschel Bauer, told the secret of controlling the government of a nation over 200 years ago. He said, "Permit me to issue and control the money of a nation and I care not who makes its laws." Get the picture? Your freedom hinges first on the nation's banks and money system. Freedom is connected with Debt Elimination for each individual. Not only does this end personal debt, it places the people first in line as creditors to the National Debt ahead of the banks. They don't wish for you to know this. It has to do with recognizing WHO you really are in A New Beginning: A Practical Course in Miracles, an informational study.

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