[Occupymendocino] [Fwd: to the Bd of Supes-Jan.8th

[agnes at mcn.org]

Here's my offering, please come to a 1:00 meeting at the Senior Center
Jan.3rd to discuss what other needs the county should focus on,ie. Who
else would speak?
1.Advise Recorder refuse suspicious documents.
2.Require signature of foreclosing entity on an affidavit of Authenticity.
3.Present material to Recorder, DA, Supervisors.
4.Present Material to Media.

Who will come to 1:00 Foreclosure Com. mtg.? email agnes at mcn.org

Good Morning Members of the Board of Supervisors:

I wish to speak on the topic of the need for a County Public Bank and
Eminent Domain.

First, we need to understand how banks create money because a public bank
would have the same operations except they would not generate profits for
shareholders or CEOs from high interest rates. A Public Bank would be
transparent and would serve the people and the common good of this county.

Under the Federal Reserve Act of 1913 banks are allowed to operate under
the fractional reserve system, that is, banks are required to keep 1/10 or
 10% of their assets on hand in case customers want to withdraw their
money. The Federal Reserve Act allows banks to loan out ten times the
amount of remaining assets, charging interest which is profits for a
private bank's shareholders and CEO.

The Federal Reserve Bank of Dallas explains on its website "Banks actually
create money when they lend it. Here's how it works: Most of a bank's
loans are made to its own customers and are deposited in their checking
accounts. Because the loan becomes a new deposit, just like a paycheck
does, the bank holds a small percentage of that new amount in reserve and
again lends the remainder to someone else, repeating the money-creation
process many times."

This is how the Mendocino County Public Bank could generate money to loan
out to its customers. It takes about six months after the initial
application  for a charter from the state Banking Regulatory Agency, to
establish a mission statement and fulfill requirements.

The Public Bank of Mendocino county can use the county assets, such as
Retirement funds, as well as  the securitized loans the county can take by
Eminent Domain and use them as the base of their fractionalized reserve
banking and  can loan out ten times that amount to its customers for small
for the public good. They would not take in deposits or handle checking
accounts.

Eminent domain can be used to take the loan contracts of the securitized
loans that have been or will be subject to foreclosure. Under conventional
eminent domain property can be taken for the public good and the owner
must be given fair market value. In this case of securitized loans the
county can seize the loan contracts, not the land unless it is vacant.
Because the securitized loans were sold  multiple times the chain of title
has been lost; there is no one to pay. In foreclosures the big banks must
prove they own the note.The county Recorder can require the foreclosing
entity-a bank or financial institution- to sign an Affidavit of
Authorization to prove they own the note, signing under penalty of perjury
and with full knowledge of fines, jail time and loss of attorney's license
for fraud.

      In MA, the Recorder of Essex County, John O"Brien found that none of
these letters of truthfulness were signed and returned.
With robosigned documents he believes once a liar, always a liar, so if
there's a new signature he sends the required Affidavit to be signed.

Since there's no one to pay, then the Mendocino county can re-evaluate the
Eminent Domained mortgage loans to fair market value,charge a 1 or 2%
interest, sell it back to the formerly underwater homeowner and require
mortgages to be paid to the county Public Bank for 30 years, thus creating
a revenue stream for the county.

 Because the county Public Bank does not have to pay investors a profit as
private banks and credit unions do , the money stays in the county for
the county loans for school maintenance, roads, county fairgrounds,paying
off county debt, improving blighted neighborhoods with loans, creating
jobs in the construction industry and benefiting the economy.

In the state of Nevada a law was passed requiring an Affidavit of
Authority be signed by the foreclosing bank or other entity, foreclosures
dropped by 75% in the first month. When home foreclosures stop there will
be jobs and normalizing of home values, home equity accruing and home
sales without the use of short sales. The real estate community benefits
as well. I urge the County Supervisors to take a positive outlook,  apply
for a Public Bank charter. The Public Banking Institute, Marc Armstrong
from Solano County would be glad to guide you.

Sincerely,
Agnes Woolsey
January 8, 2013

 then set to market value