Consumer complaint received 2021-01-01 00:00:00
Product: Debt collection — Mortgage debt
Issue: Attempts to collect debt not owed — Debt was result of identity theft
Company: PENNYMAC LOAN SERVICES, LLC.
State: MI

Complaint narrative:
Dear CFPB, Please find my demand to extend until XX/XX/XXXX, as provided by CARES Act, forbearance on repayment of my COMMISSION for involuntary servitude ( unpaid labor or slavery ) to Big Investment Banks each of whom operate a Ponzi Scheme with Pension Funds and other investors by selling BETS on securitized information based on my identity ( aka identity theft and identity trafficking ) for unjust enrichment masqueraded as a repayment of mortgage debt. 

I submit this request through PennyMac, a fictitious servicer and fake owner of my purported debt since the REAL parties - XXXX XXXX with whom PennyMac has numerous repurchase agreements ; who is currently controls PennyMac by " buying '' most it its " shares '' and where Mr. XXXX XXXX worked in XXXX before he was called back to action to cover XXXX XXXX fraud with derivatives ; XXXX  XXXX XXXX who cash my payments ; and other Wall Street stockbrokers want to hide behind a chain of fictitious intermediaries who call themselves servicers I also submit this request to the REAL servicers, XXXX XXXX ( former XXXX XXXX ) and XXXX who actually collect my repayments of commission via third-parties lockbox companies XXXX and its branch XXXX to forward them to Wall Street Stockbrokers as tax-free revenue while PennyMac  never touched a cent from money they purportedly " collect '' from me. 

Bear to repeat, PennyMac appeared in XX/XX/XXXX and started to lie non-stop that they purchased my loan and now investors and owners of my obligation. When I asked PennyMac who SOLD them my loan - PennyMac was never able to respond ; and nobody confirmed to be a Seller of my so-called " loan '' to PennyMac. No need to say, all my demands to identify the Seller, provide me prove of sale as required by UCC Art 9, 203 ; and provide me a release of lien by the prior " owner '' are ignored,. 

When I asked PennyMac why my mortgage payments are pocketed by XXXX  XXXX XXXX XXXX XXXX branch of Federal Reserve, PennyMac lied that they collect money to pass it to XXXX XXXX XXXX XXXX as a Trustee for a fictitious Trust ( obviously created by Mr. XXXX XXXX from his sick imagination ) XXXX   purportedly pass my payments to investors - who according to another respond is PennyMac. ALL of these statements are absurd blatant lies but since Wall Street Banks control American Government and flooded all public offices with its Bankers ( like Mr. XXXX, former XXXX XXXX employee and CEO of XXXX XXXX  ; Mr. XXXX, former OCC and XXXX CEO ; Mr. XXXX, OCC and former XXXX CEO ; Mr. XXXX, who defrauded investors from over {$5.00} XXXX as XXXX XXXX CEO and who lied to Senators Peters about Issuer XXXX ) - nobody is willing to do anything, Yet, neither VA or XXXX XXXX or anyone else can identify THE SELLER of my loan to PennyMac ; as well as no one can tell which Company has my so-called loan on their account receivable as an asset and to whom they purportedly guarantee my payments In XX/XX/XXXX XXXX XXXX filed a legal case against PennyMac for theft of proprietory secrets - such as stealing borrowers DATA from XXXX XXXX MSP to use it for its own unjust enrichment. 

On XX/XX/XXXX PennyMac was removed from XXXX XXXX XXXX XXXX ( which is exclusively used by all GSEs, particularly VA to whom XXXX XXXX provide information about DATA related to some non-existing loan accounts, thus without access to this system PennyMac can not service aka see data about any loans. 

Since XX/XX/XXXX my property taxes are paid by XXXX ( who along with XXXX XXXX are forging documents for illegal foreclosures which they pass to mill lawyers who present this fraud in all Courts ). All my repayments of one-time commission ( mislabeled as loan ) still collected by XXXX  XXXX XXXX - but obviously not for benefit of any investors ; and even more definitely PennyMac does not have any relationship to servicing anyones accounts, they merely pose as Servicers, for a fee. 

These servicers like XXXX and PennyMac ( aka XXXX  ) are working for a fictitious entity that had not paid for nor did it own any loan nor the underlying obligation, The servicer had been inserted to imply the existence of a loan account receivable in order to foreclose. 

FORECLOSURE is the real purpose of EVERY home purchase in America since it helps to produce a windfall of profits on Investment Banks like XXXX XXXX and XXXX ; cover for fatally damaged Titles and initiate a new securities scheme by selling stolen properties to new buyers, N o servicer has ever asserted or demonstrated that it was the bookkeeper for the accounting statements of the party named as a claimant in a foreclosure. They could neither state the identity of anyone who owned the underlying obligation nor could they tell us who received the money that I was paying. In fact, neither of the fake Servicers - XXXX and PennyMac - were neither receiving any money nor were they keeping the books. this was all funneled to thrid-party vendors mostly controlled by XXXX XXXX. 

Foreclosure is the method by which the myth of the existence of a loan transaction was reinforced. Because the labels were consistently applied by the conduits, sham entities, and lawyers employed by the investment banks, and because the true nature of the deal had been consistently concealed, everyone believed the false narrative that the transactions with homeowners had been loans and that the holders of certificates were investors in those loans. 

The concealment was successful and so millions of Americans were forced out of their homes by a void foreclosure process that resulted in revenue distributed to the various players in the foreclosure scheme and the various players in the securities scheme. But not all of them were forced out. Many, if not most, simply left the biggest asset of their lives because they did not understand that the money they had received was not a loan, it was a payment for their participation in launching the securities scheme that netted millions of dollars for each so-called loan. 

And continuing collection and foreclosure in that context is cruel and inhumane. On average homeowners were paid around 8 % of the total revenue which seems fair. But then the deal was disguised as a loan which meant that the payment for their services had to be returned by the homeowner. This leaves the homeowner with negative consideration for sponsoring a securities scheme that made unconscionable profits through fraud and deceit. 

If the investment bank wants that money back then they are admitting they never had any intent to honor any contract with the homeowner. They are seeking to leave the homeowner with negative consideration for the deal loss of equity because of inflated appraisals and nonviable payback schemes, plus loss of the only consideration they received from the investment bank, plus the interest paid, leaving all homeowners in a deeply negative position. 

The loan agreement was no enforceable partly for the same reason that the securities deal is not enforceable. As a result of concealment, there could be no meeting of the minds the most basic element of an enforceable contract. And here again, consideration was totally absent. The investment bank was operating through sham conduits to lure the homeowner into what was labeled as a loan. but the investment bank had no lending intent nor any intention of establishing a loan account receivable on the accounting ledgers of any company or business entity. the loan simply did not exist to the investment bank. It only existed in the minds of the homeowner who accepted the label of borrower. 

The homeowner borrower then issued a note and mortgage and the signature on other loan documents because of the belief that everyone involved was telling the truth and was operating in compliance with lending laws and common sense for lending transactions. In other words, the homeowner was operating under a false assumption created by lies, deceit, and concealment. The homeowner was not purchasing a loan product as you have seen above. There was no loan product. The homeowner was issuing the note as payment for something he/she never received. 

When I contacted VA, XXXX XXXX and HUD representative, nobody can answer to WHOM they guarantee payments on my purported loan account and ALL their information about loans is based on MSP, which is a computer platform owned by XXXX XXXX ( who confirmed that they servicing 62 % of ALL loans ; and controlled by XXXX XXXX XXXX  who are the actual parties behind every home purchase. 

In XX/XX/XXXX to present time Federal Reserve purportedly started to buy trillions worth of so-called Mortgage Backed Securities ( no-existing ) from XXXX XXXX and all GSEs. No single homeowner received any Notices about such drastic change in ownership - because all these sales are fiction to defraud investors and homeowners. 

Federal Reserve merely changed GSEs names with one of its owners-banks like XXXX XXXX, XXXX XXXX, XXXX XXXX, ect. as assignment - which was once again never disclosed to any homeowners. 

Now Federal Reserve ( a common fund owned by private families, most of whom are Wall Street Stockbrokers ) offers very low rates on return of the payment to borrowers for undisclosed participation in Wall Street Ponzi Scheme - which is another scam to create more foreclosures as profits for Big Banks. 

They paid the homeowner to acknowledge the existence of a fictitious loan transaction so that the investment bank could sell securities that were unrelated to ownership of the loan. 

That money is far from cheap. Big Banks will take everything we have and more. And this is that Big Banks are doing during last 20 years - defraud, steal and defraud again. All with total impunity. 

Since XXXX to present time Wall Street Stockbrokers RECEIVED HUGE PAYMENTS BUT THEY ARE TRYING TO GET THE PROPERTY TOO AS WINDFALL TO ONE OR MORE OF THESE FRAUDULENT PLAYERS. THE BORROWER IS LEFT HOLDING THE BAG WHILE EVERYONE ELSE GETS PAID The most reliable indicator of housing value came from a simple proposition : median income ultimately determines value because median income determines what people can pay. According to Federal guidelines, a transaction labeled as a loan is only viable if the payments do not exceed 31 % of household income. So do the math. {$68000.00} per year is {$5700.00} per month. 31 % percent of that is {$1700.00} the maximum amount that the household can safely afford to pay for a mortgage payment. The average 30 year fixed rate is 4 %. So that payment could service a maximum loan product of around {$360000.00}. And that is how a house zoomsup in price but not in value. 

The problem with those computations is that they are riddled with fallacies and lies. It assumes that gross income can be measured by the wages of the household when the first dollars the can be spent on living are now around 20 % less than gross income. So the real viability equation would reflect median household income to be around {$4600.00} a figure to which virtually every wage earner in America can attest. That in turn reduces the highest servicing payment for a mortgage payment to be reduced to {$1400.00}. So a conforming so-called loan is actually nonviable despite the apparent compliance with Federal guidelines. In fact, that family can only afford a mortgage loan of around {$280000.00} but they have a {$360000.00} loan. 

Since homebuyers were already underwater at the start of the deal, they will be wiped out when the foreclosures start either directly by foreclosure or indirectly as the prices of homes come down relative to median income. 

Meanwhile, the Wall Street investment bank that sold them that deal and who labeled it as a loan never intended and never allowed itself to be a lender who was required to conform to requirements in lending and consumer protection laws. They paid the homeowner to acknowledge the existence of a fictitious loan transaction so that the investment bank could sell securities that were unrelated to ownership of the loan. They made at least {$4.00} XXXX on the deal with the homeowner ( reported as {$360000.00} ). 

So in a rinse-repeat of XXXX-XXXX, millions of homeowners will go into foreclosure, the economy will suffer from another recession, and the investment banks will be laughing all the way to their offshore piggy banks that now amount to many trillions of dollars siphoned out of U.S. households. 

This is all happening because very few people are even curious enough to learn what happened in the mortgage meltdown. While in fact people like myself homeowners must have titles and possession to their homes as just compensation for the securities scheme, while Big Banks do anything possible to make families to lose their homes in legal proceedings that are falsely labeled as foreclosures. 

So why are Wall Street investment bankers giving out money on these terms? The answer is simple. first, they are making {$4.00} XXXX on the deal. Second, they are only paying a small fraction to the homeowner and they are luring the homeowner into a disguised deal that requires the homeowner to pay back the only compensation he/she ever received plus interest. It costs nothing for investment banks to get into this deal. No risk of loss. No risk of sanctions for violating lending laws because they never become lenders. No loan account receivable to charge off so nothing to report to shareholders about any losses arising from homeowners not making scheduled payments. Wouldnt you do that deal if you were in the position of the investment bank? 

But since PennyMac continues to lie and all so-called consumer protection agencies continues to cover for these lies and tell the same lies from Wall Street Banks scripts - I use them as intermediaries with Big Banks to demand to extend my forbearance of repayment of my COMMISSION for involuntary servitude to Big Investment Banks ( XXXX XXXX XXXX, XXXX XXXX and whoever else operates its derivatives schemes based by trading and trafficking my identity on the open markets, a full investigation, compensation for financial services at least 20 % and compensation for extreme emotional distress, total no less than {$50.00} XXXX. 

Regards XXXX XXXX

Company response to consumer: Closed with explanation