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Mortgage foreclosure precedence set in 1969 case of the "First National Bank of Montgomery V. Jerome Daly" by instrument of "Consideration." "And upon this revelation the court rejected the bank's claim for foreclosure and Daly kept his home"

Wed Feb 25, 2009 11:04 AM EST
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By Teodoro Leon 3

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Consideration is the legal term to describe real ,legitimate property that is supposed to be put up as collateral by "both" parties in a Mortgage contract.

"In legal language this is called consideration (a contracts basis. a contract is founded on an exchange of one form of consideration for another."

The information concerning this case is very relevant to the here and now predicament our Nation and it's people find themselves in again ,over and over , due to the same fraudulent scheme being played out for the last few decades by certain men in control of a corrupt and unconstitutional financial institution(The Fed) and the web of conglomerates and associations that are hand in hand controlled by an agenda of men hostile to the human race.Mr.Daly disempowered them for a time, though at a price.

Mr.Daly argued that the Mortgage contact required that both parties place up collateral/real consideration for this agreement of finance .

Simply,the bank had not fullfilled/maintained/upheld it's part of the requirement for real consideration and the Mortgage contract in whole, for the reason that the "money" was not the "real" property of the Bank ,as it was created "out of nothing" as soon as the loan agreement was signed, by ledger entry.

"Mr Daly explained that the money was in fact not the property of the bank, for it was created out of nothing as soon as the loan agreement was signed. Remember what Modern Money Mechanics stated about loans? What they do, when they make loans is to accept promissory notes in exchange for credits. Reserves are unchanged by the loan transactions, but deposit credits constitute new additions to the total deposits of the banking system. In other words: The money doesn't come out of their existing assets, the bank is simply inventing it, putting up nothing of it's own, except for a theoretical liability on paper."

The Banks president ,Mr. Morgan, took the stand and affirmed that ,in collusion with, the Federal Reserve Bank Inc., did create the money out of nothing.

Justice Martin V Mahoney personal memorandum ...."in the judge's personal memorandum he recalled that "the Plaintiff (banks president) admitted that in combination with the Federal Reserve Bank did create the money and credits upon its books by bookkeeping entry. The money and credit first came into existence when they created it. Mr Morgan admitted that no US Law or Statute existed which gave him the right to do this. A lawful consideration must exist and be tendered to support the Note. The Jury found that there was no lawful consideration and I agree." He also poetically added: "Only God can create something of value out of nothing."

And upon this revelation the court rejected the bank's claim for foreclosure and Daly kept his home."

Though the happy story does not start/end there..."the 1968 Minnesota Trial Court's decision holding the Federal Reserve Act unconstitutional and void and holding the National Banking Act unconstitutional and void was never appealed or vacated."

Justice Martin V Mahoney paid a price for doing the right thing. He knew who Morgan was and the scheme to disenfranchise and to disempower our Nation of people. He did rule ignorantly or uninformedly. He knew the repercussions this ruling would have on the Banks. I'm sure he was contacted by those who would try to manipulate and influence him to rule in the Banks favor.

...ask why the 1968 Minnesota Trial Court's decision holding the Federal Reserve Act unconstitutional and void and holding the National Banking Act unconstitutional and void was never appealed or vacated?

The answer is even the legal manipulators and corrupted high court judges can't get around this decision, figuring it better to just let the case of the First National Bank of Montgomery V. Jerome Daly die in the cold Minnesota snow along with Justice Martin V. Mahoney who was found suspiciously poisoned to death six months after he issued the ruling that exposed the illegality of what has been called the Queen of England's illegal banking scam.

This precedence has been paid with courage and blood. Honor it. Act now.

References;

http://www.wanderingsandmusings.com/2008/10/zeitgeist-addendum-transcript/

http://www.scribd.com/doc/2367947/Illuminati-Cash-Slush-Fund-Estimated-at-65-Trillion-Dollars

.

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Teodoro Leon 3

[Peter Joseph] from Zeitgeist

A number of years ago, the central bank of the United States, the Federal Reserve, produced a document entitled “Modern Money Mechanics”. This publication detailed the institutionalized practice of money creation as utilized by the federal reserve and the web of global commercial banks it supports.

On the opening page the document states its objective. The purpose of this booklet is to describe the basic process of money creation in a fractional reserve banking system. It then precedes to describe this fractional reserve process through various banking terminology.

A translation of which goes something like this:

  • The United States government decides it needs some money.
  • So it calls up the federal reserve and requests say 10 billion dollars.
  • The FED replies saying: “sure, we’ll buy ten billion in government bonds from you”.
  • So the government takes some pieces of paper, paints some official looking designs on them, and calls them treasury bonds.
  • Then it puts a value on these bonds to the sum of 10 billion dollars and sends them over to the FED.
  • In turn the people of the FED draw up a bunch of impressive pieces of paper themselves, only this time calling them federal reserve notes, also designating a value of ten billion dollars to the set.
  • The FED than takes these notes and trades them for the bonds.
  • Once this exchange is complete, the government than takes the ten billion in federal reserve notes, and deposits it into an bank account.
  • And, upon this deposit the paper notes officially become legal tender money.
  • Adding ten billion to the US money supply.

And there it is! Ten billion in new money has been created. Of course, this example is a generalization. For, in reality, this transaction would occur electronically, with no paper used at all.

  • 6 votes
Reply#1 - Wed Feb 25, 2009 11:06 AM EST
dcstone01

Thanks for the heads up...this is so complicated...the creation of funds goes right to the heart of the problem of the 'mortgage' meltdown...with the wrapping up of all the mortgages into a portfolio that in turn is sold, generating more than 17 to 40 dollars per mortgage dollar ... for the banker...too much 'invention out of thin air'.

So for say 100,000 in 'mortgages' they can leverage 17 to 40 times that amount in funds, selling that and making a profit...of 1,700,000 to 4,000,000. Out of thin air...and they only started with 100,000. Now, expand that for home mortgages that ranged in price from 100,000 to 1 million (and more) combine them together with millions of mortgages and you see that it is a tremendous amount of 'made up money'.... Then they used those 'funds' to buy and sell more mortgages and other loan products to the general public...sick.

A far as the case with the judge that was 'eventually found frozen'...hmmm. But the case itself hasn't been reversed, that's surprising because it can be used to set a 'precedent'.

Another thing I love is the angle people are currently using in their bankruptcy cases to stop foreclosures...show us the 'contract'...

I worked for a bank for a few years and I can tell you that between banks, mortgages were sold right and left. Paperwork and support doc.s while eventually can be found, will take quite some time to locate...I know our bank had everything recorded electronically, and there were quite a few 'storage' facilities around the country just for paperwork 'copies'...the documents can be found, just will take a long while. So, it is important that people keep copies of all bank contracts and paperwork...its called cya....

But, it sure is a nice ploy to use in court anyway asking for the banks proof of a mortgage...because in most cases bank A sold the mortgage portfolio to bank B, and bank A may or may not have included the support docs for ALL the mortgages in the portfolio to bank B..

The mortgages may have been itemized in the transfer, on a master list, with buyers names/addresses/property info, but the support docs might be missing for a few of those mortgages on the list...And then it gets even more complicated if bank B sold some of the mortgages to bank C and some to bank D and E and F(and more 'documents' are missing between these institutions)... and those banks/institutions or insurance companies (for investing purposes) they could sell them to others... A persons mortgage could have been theoretically sold each year to a different company over the life of a loan...Oh yeah, its a great delaying tactic to request the 'documents'...

  • 5 votes
#1.1 - Fri Feb 27, 2009 1:53 AM EST
Reply
Loretta Kemsley

Banks and loan companies have gotten away with abusing homeowners for decades. Back in the 1990s, Lomas Mortgage Co. was losing money, so it simply began charging the homeowners unwarranted fees, interest and penalties. Homeowners that made their payments on time per the contract were hit with thousands of dollars of charges they did not owe. Many of them were threatened with foreclosure if they didn't pay up immediately. A class action suit eventually stopped the practice. The court ordered Lomas to reverse all unwarrented interest, fees and penalties -- and added punititve damages to be paid to the homeowners. Lomas simply folded, taking all the paperwork with them, making it impossible for homeowners to repay a fair amount on their mortgages. Freddie Mac and Fannie May could not figure out what each homeowner fairly owed without the records of Lomas.

Beneficial Finance ran a scam on second mortgages. They charged homeowners exorbitant fees and interest to bail them out of financial jams, then held them hostage even though the homeowners were making their payments on time. When the homeowners tried to refinance with other companies, Beneficial gave false credit reports, showing the homeowner as deliquent or erratic in payments. The result was that the homeowner cojuld only refinance through Beneficial, with even higher frees and interest rates. Beneficial too was eventually driven out of business.

These are only two out of who knows how many schemes banks use to defraud homeowners.

  • 5 votes
Reply#2 - Fri Feb 27, 2009 10:18 AM EST
Teodoro Leon 3

Thank you to both ,Loretta and dcstone.

  • 5 votes
#2.1 - Fri Feb 27, 2009 1:56 PM EST
Reply
pjwrites

And I thank you both, too, for the education. I hope more people see this, Teodoro. It's time to open eyes everywhere. Knowledge is power and it's getting harder and harder to hide things these days, thanks to people like you. Kudos.

  • 4 votes
Reply#3 - Sun Mar 1, 2009 12:26 PM EST
Teodoro Leon 3

Thanks to you too for this affirmation. This info is getting to the people who are becoming very courageous. And some are even seeing benefit(personal) in alllowing this info to go through by changing course.

Encouraging each other through these informed actions is crucial. The dream of homeownership for all is being realized...in a way that will only disenfranchise the Corporate Bank :Federal Reserve Bank Inc.

The issuance of State notes will then realized for the payment of unemployment. These notes will be backed by real consideration and be legal tender for the payment of all debts,public and private, within that state and those other states or private individuals who would accept by faith their redemptiveness.

From my comment on(collapsed )http://redruby.newsvine.com/_news/2009/02/27/2485435-jobless-angry-at-possibility-of-no-benefits?commentId=5646941#c5646941

I think the states should start printing and issuing a interest free/debt free note ,backed by (Gold ?).But,then again ,all that gold is being horded after it was acquisitioned for convenience, safety and security reasons after outlawing/consolidation of the domestic ,independent banking system that issued their own notes.

What will be back our notes with? Consideration is relevant as notes are forms of contracts,legal tender ,redeemable for...or that is what it used to say.

"This note is legal tender for all debts, public and private" is what it says now.

The first issue, dated March 10, 1862 consisted of all denominations from $5 to $1,000. The earlier notes in this series carry the following obligation:
"This note is legal tender for all debts, public and private, except duties on imports and interest on the public debt, and is exchangeable for U.S. six per cent twenty year bonds, redeemable at the pleasure of the United States after 5 years."

The fourth issue, authorized by an Act of Congress on March 3, 1863 were issued in denominations from $1 to $10,000. Series dates consisted of 1869, 1874, 1875, 1878, 1880, 1907, 1917, and 1923. All of these notes carried the following obligation:
"The United States will pay to bearer _— dollars. This note is legal tender at its face value for all debts public and private, except duties on imports and interest on the public debt."

Large size silver certificates consisted of 5 issues.

The first issue consisted of series 1878 and 1880 in denominations from $10 to $1,000. The obligation on these notes read, "This certifies that there have been deposited with the Treasurer of the U.S. at Washington D.C. payable at his office to the bearer on demand __— silver Dollars. This certificate is receivable for customs, taxes and all public dues and when so received may be reissued."

http://www.ronscurrency.com/rctype.htm

#1.6 - Fri Feb 27,

  • 5 votes
#3.1 - Sun Mar 1, 2009 2:39 PM EST
Teodoro Leon 3

This note is legal tender at its face value...except ... interest on the public debt."

We are not supposed to be paying the "government "incurred interest on the public debt !

  • 4 votes
#3.2 - Mon Mar 2, 2009 11:34 AM EST
Reply
CharlessGGG

I am based in England....Does anyone have info on where people can get template letters, for challenging Mortgage companies or a set of procedures to follow.

Thanks

  • 4 votes
Reply#4 - Wed May 20, 2009 11:19 PM EDT
Teodoro Leon 3

Elitist Blueprint For World Government Revealed:The Process of Indoctrination;How the public is being conditioned to accept the existence of an elite ruling class

A new book written by a leading globalist luminary provides a blueprint for how 6,000 elitists plan to completely end national sovereignty, impose a system of global governance, and how they will deal with an international network of people that resist their agenda.

Superclass: The Global Power Elite and the World They Are Making is a manifesto for how the elite plan to shape the course of the planet and impose a new world order while combating the inevitable "global network of antiglobalists" who will rise up against it.

  • 3 votes
#4.1 - Fri May 22, 2009 6:20 PM EDT
Teodoro Leon 3

Mortgage or Note Not Attached to Foreclosure Lawsuit Complaint

Apr 23, 2009 ... If the bank does not attach the mortgage or note to the ... researching their state and local rules of procedure to find out exactly which conditions the bank must meet. ... must include a copy of that document to the legal pleading. ... a very difficult time producing the original mortgage or note.

The rules of civil procedure in many states will require that the contract be attached to a complaint alleging breach of contract. If the bank does not attach the contract and state it is the owner of the mortgage, the homeowners may have an easy defense. Unfortunately, this is not a requirement in every single state, so borrowers may still want to do their homework in researching their state and local rules of procedure to find out exactly which conditions the bank must meet.

The specific rule may have something to do with accounts or written instruments and state something to the effect that any claim founded on a written document must include a copy of that document to the legal pleading. In terms of a foreclosure lawsuit, this means that, if the lender is going to allege homeowners broke a mortgage contract, it must include the contract as part of its complaint.

http://www.foreclosurefish.com/blog/index.php?id=768

  • 3 votes
#4.2 - Fri May 22, 2009 6:25 PM EDT
Teodoro Leon 3

http://commonlaw.findlaw.com/2009/02/produce-the-note-foreclosure-delay-tactic-can-encourage-lenders-to-negotiate.html

As described in Consumer Warning Network's How-To, the strategy works as follows:

  1. After you receive notice of a foreclosure suit from a lender who claims to own your mortgage, you file a request, with the court, for production of the original promissory note.
  2. If the lender does not respond in 30 days, you file a motion to compel production of the note. This is a request that the judge order the other side to produce the note.
  3. Most often there will then be a hearing where the judge will decide whether to force them to produce the note or not. Should you win, the lender can't foreclose until they produce the note (which could prove very difficult for them). Should you lose, you would still have had the extra time in the home and perhaps the opportunity to negotiate with the lender.

Consumer Warning Network's How-To includes free forms for requesting production of the promissory note, and also for filing a motion to compel. The group warns against scams offering "produce the note" forms for a fee.

Consumer Warning Network cites an increased tendency in judges to hold lenders to the letter of the law in the surging number of foreclosure cases, including the New York Times report of an Ohio federal judge who threw out 14 cases in 2007 when investors trying to foreclose could not prove ownership. April Charney, head of foreclosure defense for the Jacksonville, Florida Area Legal Aid also uses and strongly advocates the "produce the note" strategy. As reported in the Florida Union Times, she says that for some of her clients, it has put foreclosure on hold for years.

  • 3 votes
#4.3 - Wed Jun 10, 2009 8:10 PM EDT
Reply
Teodoro Leon 3

another "Open Letter" http://www.yesmagazine.org/article.asp?ID=3394

YES! Online: Path to a New Economy

Revive Lincoln’s Monetary Policy: an Open Letter to President Obama

Lincoln’s Monetary Breakthrough
The bankers had Lincoln’s government over a barrel, just as Wall Street has Congress in its vice-like grip today. The North needed money to fund a war, and the bankers were willing to lend it only under circumstances that amounted to extortion, involving staggering interest rates of 24 to 36 percent. Lincoln saw that this would bankrupt the North and asked a trusted colleague to research the matter and find a solution. In what may be the best piece of advice ever given to a sitting President, Colonel Dick Taylor of Illinois reported back that the Union had the power under the Constitution to solve its financing problem by printing its money as a sovereign government. Taylor said:

“Just get Congress to pass a bill authorizing the printing of full legal tender treasury notes … and pay your soldiers with them and go ahead and win your war with them also. If you make them full legal tender … they will have the full sanction of the government and be just as good as any money; as Congress is given that express right by the Constitution.”

"The Greenbacks actually were just as good as the bankers’ banknotes. Both were created on a printing press, but the banknotes had the veneer of legitimacy because they were “backed” by gold. The catch was that this backing was based on “fractional reserves,” meaning the bankers held only a small fraction of the gold necessary to support all the loans represented by their banknotes. The “fractional reserve” ruse is still used today to create the impression that bankers are lending something other than mere debt created with accounting entries on their books. 1

Lincoln took Col. Taylor’s advice and funded the war by printing paper notes backed by the credit of the government. These legal-tender U.S. Notes or “Greenbacks” represented receipts for labor and goods delivered to the United States. They were paid to soldiers and suppliers and were tradeable for goods and services of a value equivalent to their service to the community."

  • 3 votes
Reply#5 - Wed Jun 10, 2009 8:06 PM EDT
Rosemarie Ashley

Thank you for this article. I hope everyone who reads it forwards it to everyone they know. It is time we take back our country!

Giving the Federal Reserve Bank (Fed) interest for printing money is the biggest fraud upon the American people. Per the constitution, only congress can mint coin. Money must be based on something of value. The Fed is owned by a secret group of the most wealthy individuals in the world. Instead of paying a printing fee for stamping out dollars, they charge interest. But since only Congress can print money, the Fed does not own the money, therefore, cannot charge interest.

The way it works now is that private owners basically print "counterfeit" money and lend it to the United States government (supposedly the people) in return for interest. It is like an author hiring a print shop to publish his book. Instead of paying a fee for the service, the author would have to give over his royalties to the printer. But since the print shop does not own the publishing rights, it has no right to royalties.

And the American people silently allow this to happen . . .

This is why the rich get richer.

  • 3 votes
Reply#6 - Mon Aug 17, 2009 12:12 PM EDT
Teodoro Leon 3

Thank you . Please forward.

It's still very serious...as you can see here...

The Oklahoma County Sheriff's Foreclosure Sale

http://www.oklahomacounty.org/sheriff/sheriffsales/print.asp

  • 4 votes
#6.1 - Mon Aug 17, 2009 9:06 PM EDT
Reply
Teodoro Leon 3

Many more are now in dire straits.

  • 3 votes
Reply#7 - Fri Apr 16, 2010 11:10 AM EDT
Zach-2854477

This decision was overturned on appeal and so has no value as a precedent. Why don't you mention that? Did you do any research at all in writing this article?

    Reply#8 - Sat Jan 1, 2011 8:50 PM EST
    Teodoro Leon 3

    Just because Zach comes and asserts...compromised,normalcy bias. Why don't you check the date of the article Disinfo agent? 2009? I know who you are "Zach".Where you at? I am going to guess Santa Fe?

    The decision was not overturned on appeal. If you are right then you need to provide a source and link. Are you right?

    Besides, even if it was overturned,it doesn't mean it's dead or that the arguments were invalid. They were valid.

    • 4 votes
    #8.1 - Thu Jan 6, 2011 3:39 PM EST
    Teodoro Leon 3

    Zach is a Cyber Warrior working for the "NWO" government. Do you see that "he" only came to newsvine to make one disinfo comment on this article?

    Contact This Author
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    Zach-2854477 has not filled out a bio yet.

    • 4 votes
    #8.2 - Thu Jan 6, 2011 3:48 PM EST
    Reply
    puffin prophet

    Way to go TL, this is huge for sure.

    I'll spread it to as many as possible.

    Namaste Shalom Brother

    • 4 votes
    Reply#9 - Thu Jan 6, 2011 5:23 PM EST
    Teodoro Leon 3

    YES!! We have them all on the run. They are now desperate. And watch out for desperate and afraid animals! For in desperation and anger man can convince himself to throw all the cards in and ...

    But take heart in the miracles of revealment and the action that they have motivated.

    AP EXCLUSIVE: US says too much fluoride
    in water http://news.yahoo.com/s/ap/20110107/ap_on_he_me/us_med_fluoride_levels
    Top US Official Murdered After Arkansas Weapons Test Causes Mass Death | EUTimes.net

    http://www.eutimes.net/2011/01/top-us-official-murdered-after-arkansas-weapons-test-causes-mass-death//

    Representatives Read "Sanitized" Version of Constitution in the House‎ -

    http://allmediany.com/details_news_article.php?news_artid=527

    This a good start. Many more examples of God's coming Kingdom is evident. Keep up the vigil.
    And thanks for your diligence.

    Adonai Shalom,Yeshua,Elohim Adonai is near. Expectations are....

    • 3 votes
    #9.1 - Fri Jan 7, 2011 1:03 PM EST
    puffin prophet

    Yes, this is the one. Thanks, and that is weird how it disappeared from my comment cache. Thanks also for the other two stories. You are a good friend indeed :)

    10Tell the righteous it will be well with them,

    for they will enjoy the fruit of their deeds.

    11Woe to the wicked! Disaster is upon them!

    They will be paid back for what their hands have done.

    12Youths oppress my people,

    women rule over them.

    O my people, your guides lead you astray;

    they turn you from the path.

    13The Lord takes his place in court;

    he rises to judge the people.

    14The Lord enters into judgment

    against the elders and leaders of his people:

    “It is you who have ruined my vineyard;

    the plunder from the poor is in your houses.

    15What do you mean by crushing my people

    and grinding the faces of the poor?”

    demands the Lord, the Lord of Heaven’s Armies.

    • 3 votes
    #9.2 - Mon Jan 10, 2011 10:21 PM EST
    Teodoro Leon 3

    So this is progressing in the right direction.... but this is only at the time for those that can afford counsel. And many finding themselves in foreclosure are in financial distress. Next thing to work on...Justice for all, not just those that can afford it.

    Judges Berate Bank Lawyers in Foreclosures

    http://www.nytimes.com/2011/01/11/business/11lawyers.html?_r=1&src=me&ref=business

    One case involved Sunny D. Eng, a former manager of computer systems on Wall Street. He and his wife, who has cancer, stopped paying the mortgage on their Holtsville, N.Y., home after Mr. Eng’s Internet services business foundered. The mortgage was originally held by the HTFC Corporation, but the foreclosure notice came from Wells Fargo, a bank that the Engs had no relationship with. They hired an experienced foreclosure defense lawyer on Long Island, Craig Robins. The court ultimately ruled in favor of Mr. Eng.

    The court ultimately ruled in favor of Mr. Eng.

    • 3 votes
    #9.3 - Wed Jan 12, 2011 1:00 PM EST
    Reply
    TR-421173

    .

    • 3 votes
    Reply#10 - Thu Jan 6, 2011 5:37 PM EST
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