THE
10 QUESTIONS EXPLAINED
1.
Am
I indebted to the bank right now? (Please answer yes or no).
Obvious question, right? Wrong. In fact, your bank may well
refuse to answer it.
Here’s why: If your loan has been securitised,
then you are no longer indebted to your bank. If you are not indebted to your
bank, then in our opinion, the bank cannot take judgement against you.
A recent judgment
in the US (one of many similar judgments since 2008) has ordered banks to pay
out US$8.5billion to consumers because of banking fraud. This is almost
identical to what NewERA is seeking.
In the case of securitisation,
your legal position with the bank has changed. Did your bank disclose securitisation
to you? Do you even know what it means? Probably not. Therefore, you should therefore
seek recourse and together with NewERA we may follow the success of other
countries.
Also, if the bank does answer
“yes” to this question, and it turns out that your loan has been securitised,
then it is our opinion that the bank has placed itself in a position of fraud
and quite possibly perjury. This could lead to criminal action against the bank
and possible recourse for you.
2.
Please confirm that the bank actually
possessed the money they claim to have lent me, prior to my loan being granted.
In other words, did the bank physically have the money they lent me, prior to
the money appearing in my account?
It is unlikely that your bank will
answer this question. However, they may try to disguise the answer by using
clever language, so read their answer very carefully.
If your loan was securitised, then
the bank’s money was not used to fund the loan. Therefore, a legitimate loan between
you and the bank may not exist. The bank could never admit this, because to do
so would be to admit that there could not possibly be a loan agreement with
you.
Even if your loan was not
securitised, then the bank still cannot answer this question. Why? Because the
bank did not loan you their own lawful money. Something you need to know about
banking: banks do not “loan” money in the ordinary sense of the word. This
is a tricky concept, and works like this:
Banks do not make loans. Instead, they “advance” or “extend” something
called “credit.” This simply means that a magical facility is created that provides
you with “money” that is made out of thin air. As hard as it is for you to accept
this, the money loaned to you was simulated (ie virtual).
To illustrate: A customer deposits
R100 into their bank. The bank then quickly makes nine photocopies of that
R100. They lend those photocopies to nine people, charging interest on each of
those so-called loans. Then, if the loan is not paid back with interest, they
take away the assets pledged as security.
In reality banks do not use a photocopier,
they use a computer. The loan amount is typed into the computer and, hey
presto, “magical” money is created out of thin air. You think that this money
is a loan, or debt so you feel obligated to pay it back. However, it was never
actually lent to you in the first place.
3.
Would the bank be prepared to amend
the credit agreement as follows: “We, the bank, did in fact possess the money
we loaned you, prior to the loan being approved.”
If NewERA was wrong, then the banks would have no problem complying
with this request. However, see for yourself: they will not agree to amend the
contract.
If your loan has been securitised, your original agreement is no
longer with the bank! A bank loses all right and title to the loan
agreement once it has been sold into a securitisation scheme. One cannot amend
an agreement when they are no longer legally entitled to it, nor do they have
it in their possession. Furthermore, any indebtedness to the bank would have
been settled as a result of the sale of the asset.
Put simply, no matter what the situation, the bank did not possess the
money it loaned you, and never did. They are fooling you and participating in a
fraud of monumental proportions. The fraud is that they cannot take away your
assets without disclosing the truth to both you and the Court.
4.
Was the loan funded by assets
belonging to the bank at the time the loan was granted? Either way, please
describe in detail the accounting process used to create my loan.
If everything is legitimate and above board, then banks should have no
problem explaining how your particular loan came into being. However, banks
will not reveal this to you. When you ask your bank these questions, you will see
for yourself.
You need to know something else
about banking: Banks do not deal with actual, physical “money.” Instead, they
operate with promises to pay. For example: if a bank promises to pay you
R10,000, that would equate to a R10,000 deposit into your account. This deposit
is reflected on your statement as a promise of the bank, to you, for R10,000.
In other words, it looks like you have R10,000 in your account, but actually
this number merely represents R10,000 worth of promises made by a bank to you.
The words “money” and “deposit”
are therefore misleading. The banks redefined these words so they sound the
same in everyday use, but mean something very different to the legal and
banking system.
Another word being misused is the
word “transfer.” A transfer is not a transfer of money. It is
simply a case of the bank shifting their promise to pay A to a promise to pay
B. This is only an illusion of a transfer.
Do you remember when you first
took out a loan? You gave the bank a promise, in writing, to make payments every
month, with interest. This written promise to pay money to the bank becomes
the money they used to lend you! Therefore, you actually created your own
loan. It takes some time to get your head around this, and we recommend you
research the links below to help you understand the process.
5.
Did the bank record my promissory note
/ negotiable instrument as an asset on its books? If yes, how was my instrument
used to create my loan, and where is my valuable promissory note / negotiable
instrument now?
This question is designed to trick the banks. You want confirmation
from your bank that they deal in negotiable instruments (promises). Once admitted,
it will confirm most of what NewERA is saying.
Remember, real money (gold and silver, or notes that represent gold and
silver) no longer exist. The illusion of money (known as “credit” or “bank
promises”) quietly replaced real money so that the banks could fund their own business
empire by creating money out of nothing, then charging interest on it.
Negotiable instruments (promissory notes and bills of exchange) serve,
in effect, as money. So, when you give the bank a promissory note (a written
promise to pay back a loan), they convert your promise into their
promise. Their promise = so called “money.” So you gave them the money they loaned
you.
6.
Does the bank participate in a securitisation
scheme whereby debts / promissory notes are bundled and then sold-on to a third
party/parties via special purpose vehicles, entities or alike processes?
This question is plain and simple: we want the banks to admit the
obvious. We know they engage in securitisation, but once they admit this to a
customer, then the customer would naturally have the right to ask a crisp
follow-up question: “well then, has my specific loan been securitised?”
Remember, if your loan has been securitised, then the whole game changes. This
is ultimately what we want the banks to tell us. South African banks are
securitising around R30billion per month so there is a very good chance that
your loan has been securitised. You need to know the truth, which is why you
MUST persist in your demand for the answers.
7.
With reference to point 6, has my
loan securitised? If so, please send me all details regarding its
securitization.
It is your right to know about securitisation. If you don’t get
answers, then work with NewERA to obtain recourse.
The one institution that answers this question in detail is SA
Homeloans. This is because SA Homeloans is not a bank. They explain
securitisation openly and transparently. Now contrast the answers from SA
Homeloans with those of the banks who go dead silent when you ask them this
question. In some cases, banks will reply by stating that your loan has not
been securitised. This is quite rare – usually they just ignore the question.
They certainly won’t tell if you if your loan has been securitised. Read
the links below for more on securitisation – this is very important.
8.
Does the bank have a legal right to
collect money it claims I owe it? If so, then were does this legal right come
from, assuming the loan has been securitised?
The bank only has one counter argument to this: there is a contract
between you and the bank. However, if your loan has been securitised, the contract
is sold! It’s gone. The bank no longer has the contract, nor does it have
the right to that contract. What part of this do the banks not understand? If a
bank alludes or pretends they have it, then we believe that they are committing
fraud.
The contract between you and the bank could conceivably say anything it
wants to. The fact is that it has been sold and the bank has lost all rights to
it. In our opinion, the bank cannot legally, ethically or morally claim back
the debt from you because they have already been paid and profited.
9.
Has my loan with the bank been
settled by a special purpose vehicle, insurance policy, or by any other party?
This is going to shock you, so be warned. When a loan is securitised,
your loan gets bundled with other loans and then sold to a third party. If you
default (miss a few payments), then the third party (called an SPV – Special Purpose
Vehicle) carries insurance. They get paid out if you default!
This needs to be emphasised: If you get sick or lose your job, or you cannot
meet your repayment obligations, then the secret third parties who trade in
your loans get paid out. They are protected against your default. So
then… where is your protection? Nowhere. You have no protection because to
protect you would mean to inform you of the game and once you know the game,
the game is over.
And one more thing… if the SPV is insured so they get paid out if you
default… and the bank was paid for your loan right up front when the loan was
securitised. So then… how and why are they able to foreclose on your assets? And
where does the money go from the sale on the Sheriff’s auction? This is precisely
what NewERA is fighting to expose.
10.
Regarding the security given to the
bank by me, has this security been sold on or given as security / surety to
another party?
This is the final nail in the coffin. Put simply, we want the bank to
admit that they no longer have your security. If they do not have your
security, then they cannot foreclose. The banks will never admit this because it
means admitting that trillions of Rands in foreclosures of assets over the past
two decades would have been illegal. This would lead to the biggest class
action lawsuit of all time… which is happening now, so join NewERA!
