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Where we started it all! Click to the right for David J Stern images and audio admissions concerning DJSP in our AUJ Magazine. This conference was the begining of the end for Stern,. We captured it all in high definition sound. AUFJ was the first to expose and produce the whistleblowers against David J Stern
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How the Rating Agencies, Greed and Fraud Stole the American Dream

“The central bank is an institution of the most deadly hostility existing against the Principles and form of our Constitution. I am an Enemy to all banks discounting bills or notes for anything but Coin. If the American People allow private banks to control the issuance of their currency, first by inflation and then by deflation, the banks and corporations that will grow up around them will deprive the People of all their Property until their Children will wake up homeless on the continent their Fathers conquered.” 

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Occupy Has Created Something That Did Not Exist: Solidarity!
AMERICANS have been victimized by the largest well calculated fraud (Ponzi scheme) in the history of our republic.
Investors and homeowners alike have been defrauded.To do so, they have relied on the support of prominent political figures in both political parties. With their support, they have done away with regulatory laws; they have changed the rules governing sanctity and privity of contract; they have gained full control of our judiciary, and now use it to rubber stamp approval over the fraudulent operations that sustain the Ponzi scheme; they have converted Wall Street into a rigged betting casino scheme that feeds off of the pension funds and the monies of the average investors; they have perpetrated the largest REMIC tax fraud in history, and they have turned the Notes to our homes into fraudulent securities without our authorization and without consideration being paid. Who are they? They are but the pretend lenders that never lent a cent of their own money, yet pursue endlessly the grand theft of millions of homesteads to which they have never held legal title to.
Their time has come and we are here to rain on their parade! We will expose this massive fraud one bank at a time, one CEO at a time, and one political enabler at a time, we will not waiver until they are brought to justice.
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We all know what happened during the lead up to the 2008 financial crisis. Banks bundled millions of subprime mortgages into mortgage-backed securities. What you may not know is that these mortgage-backed securities were then stratified into layers with the best mortgages in the ‘top’ layers and the worst in the ‘bottom.’ Typically, the top layers of the securities would receive AAA, the highest possible rating. Lower layers would receive lower ratings and some were rated as junk. In retrospect, giving any of these subprime mortgages AAA ratings seems pretty foolish, but it gets even worse.

Unbelievably, banks would then strip out the junk mortgages, put them all together in a new pile consisting just of the junk, layer them into the best of the junk and the worst of the junk and submit this new junk pile to the ratings agencies. The rating agencies knew very well what was going on, yet the junk piles were rated in almost exactly the same way as the original pile with the top layers of junk getting AAA ratings!!! According to S&P, AAA means that “An obligor has extremely strong capacity to meet its financial commitments.” FRAUD! Because these mortgage-backed securities received AAA ratings, they were included in the sorts of investments made by pension funds, mutual funds, state health & welfare funds etc… and that were priced accordingly as "safe investments."

The AAA ratings for these mortgage backed bonds meant that they were included on balance sheets with virtually no detail, so that investors had no idea of their exposure to these risky assets. These investments were treated essentially the same as U.S. Treasuries, as far as balance sheets go. So balance sheets were loaded with stratified toxic junk, given a rating agency stamp of approval and pedaled to the entire world as safe as U.S. Treasuries! Also, the high ratings gave loan originators a huge incentive to give mortgages to absolutely anyone that they could get in the door of their bank. After all, no matter how worthless the loan, it would end up being rated like a U.S. Treasury Bond. In their insatiable greed, and to perpetuate and substantiate this scheme to defraud, inflated property appraisals became the standard operating procedure. These inflated appraisals have caused the greatest harm to the borrowers and to the economy in general.

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Wall Street, armed with tax-preferred vehicles like the real estate mortgage investment conduit ("REMIC") and the somewhat recently created financial asset securitization trust ("FASIT"), basically hijacked the real estate finance industry to become source of real estate financing capital. Mortgage Securitization has been used with regularity by banks and insurance companies as a way to generate income, hide an asset, and manage their balance sheets.

Unlike whole loan lending, an REMIC which is the key part of mortgage securitization, issues a new financial instrument representing undivided ownership interests in a pool of mortgage loans (not the individual loans themselves) These “pools” were most often put into Trusts as Special Purpose Vehicles (SPV). The mortgage backed securities divided the individual asset of the mortgage into unrecognizable pieces spread into different trusts and other SPV’s.

In Mortgage Securitization, these instruments generated “cash” from the pool's loan assets. This loan securitization also included commercial mortgages which allowed investor to select the level of investment risk -- a selection that is much less precise and more subject to error in a whole loan investment. In addition, while mortgage loans are inherently not liquid assets, the securities representing ownership of a pool of real estate loans provide greater liquidity through the use of a pooling vehicle that is separate and distinct from the real estate loans themselves. Include the concocted Rating of these offerings which was often a “bogus” AAA, the mortgage backed securities were extremely enticing for hedge funds looking for “safe” investments

One Major part is called special purpose entity (SPE) or special purpose vehicle (SPV). This created “legal entity”, much like a corporation, but not entirely like a corporation. It is more like the legal hull of a corporation containing almost only financial assets. Since a (SPE) is a separate entity, it removed the mortgages off of the bank’s books and off-loaded the financial and legal risk to the banks, and is virtually “untouchable legally”

Here is an Example of Securitization: A Lender could have 100 Million in cash received for the sale of the mortgages which becomes immediately available for issuing new mortgages SPE1. With this cash they can start anew with an SPE2. The lender never had any of its own money in the game, as it was not their money being loaned. These “so called” ingenious bank executives would get a bonus for increasing profits by more than 50% in one year (just by rearranging the balance sheet, but of course they would never admit that they were clever). As recently reported, executives with AIG, Goldman Sachs (to name a couple) have been quoted saying that “Bonuses were necessary”, to retain such talent that comes up with brilliant solutions like these. Of course, when they talk about ‘talent’ that must be retained, they really are talking about themselves!

There is a whole host of such debt instruments that securitized mortgages went into with names like CDOs, CMOs, CLOs, CFOs, RMBS, CMBS and more. There are even CDOs based on CDSs. This nonsense is called financial ‘innovation’. This entire mess of mortgage securitization was projected as early as 2004 to crash as any pyramid scheme would. Why? Well, because it was and IS a Pyramid/Ponsi scheme. They were simply Hypothecating, creating debt with debt. The Government Pressure to "Make Housing Affordable" was just smoke and mirrors used to hide the true state of affairs regarding the MBS's scheme!

Today, the same Bankster's, creators and administrators of this massive Ponzi scheme, have already eviscerated these statutory trusts, all that remains of them are but empty shells. The Banksters though, still use these empty shells of "Trusts" in their attempt to collect more money in the way of monthly mortgage payments and foreclosures. The banks illegally foreclose on Mortgage Notes they never lent a single cent on; they produce fraudulent documents, with the assistance of foreclosure mills to obtain the jurisdiction of our nations court's, allowing them to steal these properties; then they turn around and sell them at incredibly large discounts, to mostly straw buyers, leaving the homeowner disenfranchised, homeless and with an enormous foreclosure sale deficiency that destroys any possibility of financial recovery.

All the bankster's in the chain of fraud, (agency) have benefitted by trillions of dollars of profit generated by the sale, multiple times, of your securitized mortgage note metastasized into esoteric financial instruments sold over and over again to investors throughout the world. A typical $300,000.00 mortgage note is calculated to have brought in as much as 7 to 9 million dollars to the interloper Banksters, all without a dime of their own investment, completely off the Banks books and without any risk incurred.  To make matters worse, your original mortgage was already fully paid off by insurance, collaterizations, cross collaterizations, credit default swaps and government bailouts WITH YOUR OWN MONEY! Everyone has speculated and profited immensely from your home mortgage, EXCEPT YOU! Not one single cent of setoff has ever been applied to your mortgage account. Instead, the creators and administrators of the Ponzi scheme, the Banksters, have generated Trillions of dollars in profits, kept offshore and laundered back into the country. Wall street was bailed out by you (bailed out from what?) and they now want to steal your home, which they have never owned nor lent a dime on in the first place. They have brought our nation’s economy to the verge of total collapse and they have stolen all the wealth of our nation’s middle class. The Government executives and legislators that enabled this are quilty of treason; the Banks, quilty of Conspiracy! We will vote a new House of Representatives that will carry out the will of "We the People." We will start by the impeachment of judges across the nation that are guilty of Misprision of a felony, and we will also seek Articles of Impeachment against multiple Supreme Court Justices that are guilty of crimes and misdemeanors in the cover up of the crime of the century.

What to do now?  We must start by standing united in purpose and demands...One Voice!  We will start by supporting the 2 Million Solidarity Unity Rally which is currently being planned for October, 2012. This will not only serve as the largest concentration of protestors in our nations history, it will also serve the purpose of identifying and building a solid base for what will become our community political organizing force across the nation. This will become the 99% community political organizing and activation force that will ensure that only political leaders consistent with our political, economic and social agendas are elected to office and/or as judges. Show your support and visit SOLIDARITYUS.ORG today!

If your loan has been accelerated, about to be accelerated and/or in lis pendens, and you cannot afford an attorney, you can now have immediate access to hundreds of powerful pleadings pertaining to multiple areas of defense, legal strategies and causes of action that you can use against the plaintiff’s in your case. This Database was created by victims of foreclosure, for victims of foreclosure. We have the largest foreclosure defense database on the internet.  Once inside you can learn how to Motion the Court to Dismiss, question the plaintiffs standing, courts jurisdiction, and you can also learn how to provide affirmative defenses to the plaintif fs Complaint inForeclosure.


Within our Database you will find all the tools you need to delay or stop your foreclosure using the latest winning foreclosure defense strategies and sample pleadings. You are provided with hundreds of online applications for union related jobs; step by step instructions on how to repair your credit information with the 3 major credit reporting agencies; and finally, due to need and demand, we recently added the most powerful internet business starter package designed specifically to create new business opportunities for those that, through no fault of their own, now find themselves in financial hardship in an economy that provides very limited employment opportunities. At the same time, you will be supporting America's movement to bring justice to the victims.



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We took the liberty of sharing Catherine's call to her community, in defining what constitutes a true American hero. The following was Catherine's response to the devastating earthquake that struck Haiti on January 12, 2010:
"The law office of Catherine Mulcahey & Associates, LLC, will provide FREE foreclosure-related legal services to Palm Beach County, Florida homeowners who volunteer in Haiti for the earthquake relief effort. Anyone volunteering in Haiti between the date of the earthquake and April 15, 2010, who receives a default notice or a foreclosure complaint regarding their home through June 30, 2010, can receive foreclosure defense services for NO FEE. The volunteer's property must be located in Palm Beach County, Florida. The volunteer must be able to provide proof of presence in Haiti and of service with a relief agency. For application, contact c.mulcahey (at) mulcaheylaw.com." 
We believe this speaks for itself. We ask all the community to support Catherine Mulcahey's law firm. She has been a champion of foreclosure defense for years and, most importantly, a great human being! We are proud to have her on our side.
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No more dancing around the issues!
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