Foreclosure-Gate: Lenders Seek To Destroy 22,100 Boxes Of Loan Docs

01-24-2011 • ZeroHedge.com

More from Reuters on this stunning development: In the Mortgage Lenders case, the U.S. Attorney in Delaware has formally objected to the requested destruction because loss of the records "threatens to impair federal law enforcement efforts." The former subprime lender shut down in February 2007. In a January 6, 2010, motion, Neil Luria, the liquidating trustee, asked Bankruptcy Judge Peter J. Walsh for permission to destroy nearly 18,000 boxes of records now warehoused by document storage company Iron Mountain Inc. In the American Home Mortgage case, the liquidating trustee, Steven Sass, has asked Bankruptcy Judge Christopher Sontchi to approve destruction of 4,100 boxes of loan documents stored in a dank parking garage beneath the company's former headquarters in Melville, Long Island. AHM had been one of the biggest originators of subprime loans until it abruptly collapsed and closed in August 2007. The boxes are the last still held by AHM. Sass stated that the local fire marshal wants the documents removed as a fire hazard, and he said the cost of moving them would be prohibitive.

1 Comments in Response to Foreclosure-Gate: Lenders Seek To Destroy 22,100 Boxes Of Loan Docs

Comment by PureTrust

Entered on: 1/25/2011 8:49:21 PM

It is time to get the picture here.

Paper has value in 2 areas:
1. The value of the item it represents or is officially tied to;
2. The literal value of the pulp paper itself.

When cash money was backed by gold and silver, there was value besides the value of the paper. Now that it is not formally backed by anything of value, how do you put your finger on what it is worth?

Furthermore, since the Federal reserve Bank simply prints or authorizes the printing of cash money, and since they then loan it to the Government, how is it that they actually loan anything of value, since you can't really put your finger on what backs the money?!

The truth is that NOTHING backs cash money. Nothing was loaned to the Government except some cloth paper that has printing on both sides. And maybe not even that.

No loan, no national debt. No national debt, no need for IRS taxes to repay it. Also, no loan in the form of mortgages.

This whole idea of looking for the paper and the paper trail behind the mortgages, is a clever piece of propaganda designed to take the eyes of the people off the fact that there never has been any LEGAL LENDING INSTITUTION LOAN made since the cash money was taken off the gold and silver standard. And, if you really look at it, you might find that there never was any loan made since the Federal Reserve Bank took over the money systems of the nation back in the '30s.

This whole thing is a HUMONGOUSLY HUGE GIGANTIC SCAM to steal the labor of the people from them. And it is working quite well. The people seem to love it this way.