Consumer complaint received 2020-11-21 00:00:00
Product: Debt collection — Mortgage debt
Issue: Attempts to collect debt not owed — Debt was result of identity theft
Company: BANK OF AMERICA, NATIONAL ASSOCIATION
State: MI

Complaint narrative:
Complaint against XXXX XXXX XXXX, XXXX ( XXXX Countyrwide Financial ) Bank of America ( co-owner of Federal Reserve ) XXXX XXXX, XXXX ( XXXX ) ; XXXX, XXXX XXXX partner with First XXXX XXXX XXXX ; XXXX XXXX for the Biggest economic fraud ; massive securities fraud, identity theft and other crimes Dear CFPB, please find my Complaint against PennyMac, a sham conduit for Federal Reserve co-owners ( Bank of America, XXXX XXXX, XXXX, XXXX XXXX ( who is currently the main co-owner of XXXX  ) and other parties involved in this Biggest economic fraud and crime against humanity. 

CFPB and the Government are fully aware of these crimes and agreed to participate because Big Banks promised to indemnify Government Sponsored Enterprises - in exchange of cover up for this Ponzi Scheme with non-mortgage backed securities issued by XXXX XXXX XXXX and based on Book Entry Credit by a participant who never appear in any mortgage or foreclosure XXXX XXXX XXXX an unregulated member of XXXX XXXX XXXX. 

Big Banks ( Stockbrokers ) created a most draconian mystification and fraud against Investors ( Pension Funds, like MI XXXX XXXX XXXX whoo invested over {$2.00} Billion in thin-air JUNK sold to them by Big Banks sham conduits like non-buyer of non-existing default debt XXXX XXXX XXXX ( owner of XXXX XXXX XXXX XXXX XXXX aka Countrywide Financial ) and other impersonators hired by Big Banks to pose as issuers of some securities which none of those fake issuers never had, no need to say never owned. 

The transaction with a borrower was the reference point for securitization, to wit : the issuance and sale of securities. And those securities were not conveyances of any right, title, or interest in any debt, note, or mortgage. So the fact that the securities were bets on data contained in discretionary reports issued by the investment bank posing as Master Servicer does not mean the debt was sold. It wasnt. Like the supposed XXXX XXXX the named claimant has no loss and in fact has no interest in the outcome of litigation except as a profiteer. 
This is reminiscent of the repeated reports to the SEC  of wrongdoing by XXXX XXXX. The reports were regarded as too absurd to be true on the scale that was reported until 10 years later when XXXX himself admitted all charges and was sent to prison. Just because a lie is a whopper doesnt mean that it can be turned into truth. Eventually, financial historians are going to see Securitization for what it is a PONZI scheme. Nothing was securitized. 

It is understandable that Homeowners are a bit put off by the apparent complexity of securitization. But it becomes much simpler when you realize that securitization never occurred. The securities that were issued and sold to investors did not represent ownership of any debt, note, mortgage, or payment. 

ALL so-called securities are Book-Entry CREDIT issued by XXXX XXXX participant XXXX XXXX XXXX who issue a Participation Certificate based on some mortgages which the Seller ( in my situation actor-for-hire XXXX XXXX  XXXX XXXX ) SHALL or WILL sell - but never did it. 

All consecutive sales are fictions to defraud homeowners and investors. Nobody SELL or BUY any mortgages, as well as nobody ever issued any Mortgage-Backed Securities. 

ALL securities sold to Pension Funds are backed by thin-air promise by XXXX to pay, at its discretion - because Investors voluntarily signed away all their rights for recovery. 

And all this SCAM is operated by owners of private Federal Reserve who agreed to indemnify GSEs from liabilities to investors for their fictitious guarantees of non-existing accounts RECEIVABLES for mortgage loans, which are destroyed by Big Banks at origination to be able to sell DATA ( bets ) about performances of someones loans to investors by several participants at the same time. 

Mortgages and Notes are scanned and placed into Big Banks main depository held by XXXX XXXX XXXX XXXX ( XXXX XXXX XXXX, owner of numerous Title Insurance Companies such as XXXX XXXX, XXXX XXXX, eat ) and XXXX, XXXX ( partner with XXXX XXXX XXXX, owner of XXXX  XXXX XXXX ). Both XXXX and XXXX use sham conduits such as XXXX XXXX XXXX to sell their fictitious Title Insurance Policies which do not cover mortgages with non-existing Lenders who pass borrowers one-time PAYMENTS from Big Banks operating pool for their involuntary participation in Big Banks securitization scheme. 

This ONE-TIME payment ( aka It is merely an acknowledgment of payment for services rendered by the homeowner ) is masqueraded as a loan which borrowers ( aka initial issuers of a security called promissory Note converted into DATA ( images ) and sold by Big Banks to investors as derivatives for 12-184 times more than paid to the borrower for their signature on documents. 

The debt exists only if someone maintains a current ledger entry on their own books of record that shows they paid value for the underlying obligation, along with having supporting documentation ( proof of payment ). If they didnt pay value then they dont own it under both accounting rules and the laws of every jurisdiction. Neither XXXX or XXXX NEVER purchased ANY of my so-called debt - because here was NO SELLER. 

So-called loan from XXXX XXXX  ( fake Lender was simply just a compensation to me for being drafted into a concealed securities scheme operated by Federal Reserve owners ( Big Banks ) though their XXXX XXXX XXXX and XXXX XXXX XXXX - who never appeared in any loan documents or any foreclosure cases. 

XXXX and XXXX ( self-proclaimed Servicers of nothing ) work for fees to lie to borrowers and Courts, knowing that their lies will never be investigated and will be covered by the Government who allows this Scheme to operate and defraud Investors from trillions of funds. 

Federal Reserve owners ( XXXX XXXX, BOA, XXXX XXXX, XXXX XXXX, XXXX, XXXX ) converted US housing market into a biggest crime scheme where homeowners deliver ALL their wealth to modern slave owners under glimpse of repayment of debt - which was not only paid off 12- 184 times ( without any reduction to the homeowner ) but also force to return their only payment with interest, thus receive negative compensation. 

The securitization players offered securities to investors, the proceeds of such sales going to the investmentbank who in turn distributed the money to the other playersincluding borrowers. Without those securities, there would have been no transaction. But as a result of issuing and selling those securities and then derivatives of those securities the revenue from the sale of securities was in excess of 12 times the amount of the homeowner transaction. 

Nobody wanted to be a lenderwho would then be accountable for violations of lending laws. So they made sure there was no lender. We are all going down the same rabbit hole when we refer to the homeowner transaction as a loan.It was a payment to get the homeowner to execute documents that were labeled as loan documents a payment that had to be returned, leaving the homeowner with no compensation for his/her role in generating so much revenue. 

If it was a loan, then there would be a lender with a risk of loss and who was accountable for compliance with lending laws particularly those requiring disclosure of compensation and revenue arising from the execution of the documents.If it was a loan, then there would be a lender who was a stakeholder i.e., someone who retained risk of loss and intent for the transaction to be performed and successful.Instead, homeowners got no lender and not even a clue as to who they did business with nor the true extent of revenue and profits generated from what was in reality, simply a securities scheme withno substantive characteristics of a loan.Instead, the homeowner was left with a nonlenderwho had no role in underwriting the viability of theloan contrary to the express requirements of TILA. In fact, and again contrary to the express requirements of TILA, the homeowner was left with nobody who had any stake in the viability or performance of any loan. 

To add insult to injury, the securitization players had substantial financial incentives to steer borrowers into nonviable loans against which the players bet would fail this producing even more profits. 

This scheme is well-known by the Government. From XX/XX/XXXX Federal Reserve ( aka Big Banks ) secretly move huge amounts of money though the back doors, without any oversight from the authorities or members of public - apparently to pay something to investors to keep this crime covered - while throw homeowners under the train of illegal foreclosures, as tax-free revenue for Big Banks. 

Since XX/XX/XXXX Federal Reserve purportedly buy some non-existing MBS from XXXX, XXXX and XXXX - which according to all Prospectuses GSEs NEVER HAD ( all about forward-looking statements we will or we shall but never WE DID PURCHASE ) ) Recently Federal Reserve assigned over {$2.00} Trillion of these non-existing MBS to one of its owners, XXXX XXXX. But no single homeowner never received any Notices about changes of purported ownership of anyones debt from GSE to Federal Reserve and from Federal Reserve to XXXX. 

Which is evident that Big Banks crimes are covered by the Government who agreed to participate in exchange of release of all liabilities ( see HUD From XXXX. Whereas, ( Parent ) is the parent company of ( the Subsidiary ) ; andWhereas, the Subsidiary is applying to become an Issuer/is currently an Issuer in good standing of the of Government National Mortgage Association ( XXXX XXXX ) mortgage-backed securities ( MBS ) program ; andWhereas, the Subsidiary and/or Parent ______________________________________________ ; andWhereas, as a condition precedent to XXXX XXXX allowing the subsidiary to issue/continue to issue XXXX XXXX, XXXX XXXX requires that the performance of the Subsidiary be unconditionally and absolutely guaranteed by Parent ( XXXX XXXX ) Another evidence of Big Banks fraud with non-existing mortgage accounts and sales is a custodial Agreement between XXXX XXXX XXXX XXXX XXXX ( one of first Federal Reserve Board members ) ; XXXX XXXX ( whose owners JPM and his son created Federal Reserve ) and XXXX XXXX  ( fake Lender and sham conduit for XXXX ) XXXX XXXX are A fully-modified pass-through mortgage-backed certificate guaranteed by GNMA, evidenced by a book-entry credit made by a Securities Intermediary that is a participant of XXXX XXXX XXXX XXXX. 

The same scam apply to ALL purported Sales of mortgages which are always in look-forward statements, as well as so-called servicing. 

Under the same agreement, the Participant ( XXXX ) has agreed to purchase, from time to time, at its sole election from the Seller ( XXXX ), participation certificates ( the Participation Certificates ) representing 100 % ownership interest in certain residential first mortgage loans. 

The Custodian SHALL hold all documents constituting the Mortgage File received by it for the exclusive use and benefit of the Participant, and SHALL make disposition thereof only in accordance with the written instructions furnished by the Participant. The Custodian SHALL segregate and maintain continuous custody of all documents constituting the Mortgage File received by it in secure and fire-resistant facilities in accordance with customary standards for such custody and shall mark the file folders therefor to indicate that the Mortgage File is being held for the Participant. 

The Seller ( XXXX ) WILL cause the Mortgage Loans evidenced by a Participation Certificate to back a Security ( as defined below ), which the Participant or its designee WILL receive in substitution for the related Participation Certificate The Seller ( XXXX ) WAS OBLIGATED to service the Mortgage Loans. But never did since nobody needed their services. 

The same apply to Countrywide Financial Inc ( now XXXX and XXXX ). ALL their Prospectuses are based on forward-looking statements - we shall or we will but never we did. 

Countywide Financial or XXXX or XXXX NEVER funded any loans and never owned any mortgages. It was a ruse created by Big Banks. 

Bank of American never bought any mortgages from Countrywide - simply because CWF never had any loans to sell to BOA. What was done - DATA about mortgages was switches in XXXX XXXX/XXXX  database from XXXX to BOA, who was the ACTUAL party behind the scheme from the beginning - pass of one-time payment to borrowers via sham conduits Countrywide Financial. 

When CWF was renamed as XXXX and XXXX, their part of this scheme didn't changed. Big Banks did not wanted to train a new group of people to commit the same blatant fraud against homeowners and investors ; and decided to use their reliable gang members XXXX XXXX, XXXX XXXX, XXXX XXXX, etc - to perform the same duties : pose as fake Servicers for nothing who purportedly collect mortgage payments for investors - which neither XXXX or XXXX do because none 's debt was ever securitized or sold. INFORMATION about purported " debt '' was sold, but not the debt since it was not the debt to begin with. Bear to repeat, it as a compensation to borrowers to be dragged into secretive and very dangerous scheme where borrowers identities are sold as BETS to investors by Big Banks. 

ALL my payments are collected and processed by XXXX/XXXX  via XXXX XXXX account held by Bank of America. 

I demand CFPB to stop covering this Biggest Crime, investigate XXXX, XXXX, Bank of America and other banks for their Ponzi Scheme with Pension Funds and compensate me for all damages, no less than 20 % royalties from trades, remove all illegal liens ( such as fake Mortgage Lien from my property ; and pay me for damages caused by fraud and emotional distress, no less than {$50.00} XXXX.

Company public response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
Company response to consumer: Closed with explanation