The fact that the standard Fannie/Freddie Mortgage Promissory note is not negotiable isn’t really subject to much argument at this point in time. Oh sure, we’ve got courts…and even some appellate courts…failing to engage in any analysis and making a practical determination to prop up an industry that has ignored the law, ignored their own contracts and generally just bullied and obfuscated their way into an analysis that continues a fiction and delusion. Hat tip as always to the Obi One Kenobe of foreclosure defense Max Gardner on this.
Well, just to provide additional support for this argument, I include a letter from Fannie Mae that makes an explicit and crucial point. When Fannie and the bankers got together to draft their note and mortgage, they intended that the note and the mortgage be read together as an integrated document. As indicated in this post, read particularly the highlighted mortgage provided by Margery Golant…it makes the point very clearly. The provisions included between both the note and the mortgage are all bound together in one, integrated, unified document.
What fraudcloure teaches us is we’re all just tottering along, making excuses and accommodations for the banking and financial services industry that set their mess loose upon this world, with no regard for the laws and no foresight for the consequences when it all came crashing down. Our nation’s courts, rather than forcing them to take the hard medicine and learn from their failures, plays the role of an abused spouse, apologizing for the brutal beatings she continues to take every single time a trashed foreclosure case comes before her.
That black and blue eye, Oh I tripped and fell. That broken wrist, tripped on the sidewalk.
Thank you sir, may I have another beating?
Ref Banking Sector we have same problem over here in Britain.Our party is taking same line as YOU. Politicians must make new legislation to control Banks.& isolate them from economy.Gambling is Gambling,but not the banks Gambling
So, if the promissory note is not a negotiable instrument, how is it possible for the signer of the note to convey full title and ownership to a title company when the signer is not the owner?
They opened their mouths, cancel that, what they put in writing is at best only half truths.
Letter is from 2008, a lot has happened since
The banks caused this financial crisis by committing $1.2 quadrillion in derivatives fraud & exponential collateral mortgage fraud. This was manufactured by the bank owners in order to take complete control of our assets.They got caught committing the biggest ponzi scheme swindle and heist of our wealth in history. Now the robbery must stop and the banks must pay. The banks owe the American people Gagillions in origination fraud and usury fraud. Not to mention the 4 year ongoing bailout of these failed institutions. There are clearly millions of notes (checks) we wrote to them floating around unaccounted for. They are clearly proven predators as the LIBOR SCANDAL and the London whale proves. They must be stopped and held accountable. To allow this robbery to continue is heinous criminal behavior by all.
Integrated instruments? Where does it say that in their contract…? They are running a chop shop with nothing to chop.
i am looking a bank for mortgage loan can anyone advice me any bank??
Merely to show you your site looks really unusual in Mozilla on a linux.
Thanks for the letter. So how do I get it into evidence to explain the intent of the parties to the note?