[Occupymendocino] [Fwd: RE: message check]

[agnes at mcn.org]

-Occupy,
 please read and print this out, bring it Saturday to the 1:00 pn meeting
at the Senior Center so we can work toward approval.I may need one or two
people to cede their time to me in Ukiah at 9:00 am before the
Supes.actually if you all approve Jessie can read it aloud.

Thank you for your interest and participation.
Agnes

Original Message ----------------------------
Subject: RE: message check
From:    agnes at mcn.org
Date:    Wed, January 2, 2013 8:55 pm
To:      "CJ Holmes" <cjholmes at cjholmes.com>
--------------------------------------------------------------------------

>
I like it very much. I will offer it to the Foreclosure committee and the
General Assembly for their approval so that it can be signed by Occupy
Mendocino, rather than just my name. Otherwise could I add your name as
co-author?
Agnes

Let me know what you think.  I sort of rewrote it.  cj
>
>
>
> -----Original Message-----
> From: agnes at mcn.org [mailto:agnes at mcn.org]
> Sent: Monday, December 31, 2012 12:10 PM
> To: CJ Holmes
> Cc: agnes at mcn.org
> Subject: message check
>
>
>
> Dear C.J.,
>
>       I hope to speak before the B.O. S. with other Occupy members on Jan
> 8th.
>
> OM will discuss what else we plan to speak about.Wonder if you'd like to
> comment on this?
>
>
>
> Good Morning Members of the Board of Supervisors:
>
>
>
> I wish to speak on two topics:
>
> - The need for a County Public Bank and
>
> - The lucrative Eminent Domain of Securitized Loans.
>
>
>
>
>
> COUNTY PUBLIC BANK
>
> It is in the County's vested interest to establish a Public Bank.  This
> would allow the County to acquire and keep for its own needs the
> significant benefit of credit creation, instead of lining private bond
> investor pockets with County tax dollars.
>
>
>
> A Public Bank would operate similarly to a private bank and would be run
> in a transparent manner by banking professionals paid as regular
> employees, not the millions in salaries typical of private bankers.
> Profits generated would not be kept by shareholders and CEOs, but would be
> returned to the County for the benefit of the county, such as paying off
> debt and funding more road maintenance.  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 County Public Bank would not compete with regional banks and credit
> unions for customer deposits and checking accounts. It would be used to
> generate the credit the county needs for its own infrastructure repairs,
> redevelopment, small business loans and other county projects not
> financeable by the private banking sector, and in the process create local
> jobs and eliminate the need to issue any type of municipal bonds.
>
>
>
> 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."
>
>
>
> 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. In practice and with mortgage securitization, private mega-banks
> have fractionalized at far greater than 10 times, generating a
> conservative estimate of $70 trillion dollars in fiat credit.  This is one
> of the reasons the country is in such a mess and the federal government is
> worried that the entire financial system will collapse.
>
>
>
> The Public Bank of Mendocino county would be capitalized with county
> assets, such as the land, buildings and pension funds the county owns, as
> well as any securitized loans the county seized via Eminent Domain.
> Holding the county's cash accounts, plus any loan payments the county
> would receive from the seized loans, the public bank would have the
> necessary reserves to generate the credit the county needs to fund its own
> projects.
>
>
>
> Having the ability to fund its own projects at 0% interest rate and at
> will, would be a huge boon to the county.
>
>
>
> EMINENT DOMAIN OF SECURITIZED LOANS
>
> The "Eminent Domain of Securitized Loan Solution" is based on four facts:
>
>
>
> 1.  The "money" created to fund each securitized loan was fiat credit
> created by private bank fractionalization.
>
>
>
> 2.  Banks are NOT modifying loans for owners so they can keep their homes
> in spite of the best efforts of the Federal Government to make banks do
> so.
>
>
>
> 3. The use of MERS and mortgage securitization created a legal morass
> which requires servicers to forge legal documents and break securitization
> investment rules in order to foreclose clouding millions of property
> titles.
>
>
>
> 4.  When a securitized loan defaults, the securitized loan insurance pays
> for that defaulted  loan.  This is proven beyond any doubt by that loan's
> securitization audit.
>
>
>
> So why are banks foreclosing? Not because they lost money on the loan, but
> because the government has made it very lucrative for them to foreclose.
> It is a government give-away designed to stave off systemic failure.
>
>
>
> Each of these facts is a glaring emergency signal to counties and cities
> to eminent domain these loans and modify them to market terms and low
> interest rates for the borrowers as soon as possible.  Doing so will stop
> the foreclosure crisis in that county or city, clear all clouded titles
> created by the securitization fiasco, keep the owners in their homes, and
> generate a new revenue stream revitalizing the community prior to any
> financial system breakdown.
>
>
>
> We can rely on the experience of the Nevada and Massachusetts 'Affidavits
> of Foreclosure Authority', that when a State or Recorder requires the bank
> verify it has foreclosure authority under penalty of perjury and fines or
> jail, the bank stops filing foreclosures.  In California, SB900, which
> took effect on the 1st, states that banks have to prove they have the
> authority to foreclose, but unfortunately penalties are minimal.
>
>
>
> Eminent Domain must be used for the benefit of the public and whatever is
> seized must be paid for at fair market value.  Since banks cannot prove
> under penalty of perjury that they have the right to foreclose, then they
> cannot prove under penalty of perjury they have a right to payment for
> these loans.  They don't.  And they know they don't.
>
>
>
> Therefore, it behooves the County to seize all the loans they can, modify
> the loan principals to a bit less than market value, keep interest rates
> very low, at 1%-2%, and begin generating as quickly as possible this new,
> lucrative 30 year revenue stream for the county.
>
>
>
> Once these new modified loans and payment streams are in place, then the
> County can focus on the eminent domain of vacant foreclosed properties,
> rescinding those foreclosures and reinstating the former owners with the
> same loan program made available to others.  These actions will stabilize
> home values, allow real estate transactions to return to a normal (as
> opposed to a short sale or bank foreclosure), help stabilize the income of
> those that depend on real estate for a living, remove the fear and lawsuit
> costs from owners facing foreclosure, let owners keep their homes, and
> allow the natural process of appreciation to bloom.
>
>
>
> This happy turn of events will increase the ability of the community to
> expand retail operations, which in turn will generate more jobs and
> growth.
>
>
>
> I urge the Board to establish a working committee to collect and review
> the information the Board needs to proceed with the establishment of a
> Public Bank and start the Eminent Domain of securitized loans process.
>
>
>
> CJ Holmes, Founder of Home Owners For Justice, and Marc Armstrong, Public
> Banking Institute, both in Sonoma County, offer their help and support if
> desired.
>
>
>
> Sincerely,
>
> Agnes Woolsey
>
> January 1, 2013
>
>
>