A 10 Point MUST System to follow:

1. The SPS statements reveal a SUB ACCOUNT …Contra accounting or something other than a mortgage.

2. Have you addressed the interest-bearing account?

3. Have you addressed the outstanding balance?

4. If you subtract both you get ZERO! 26 US Code Sec 1.1091 Wash Sale

5. It’s for an abandonment of title `! “Contra Assets”

6. You cannot foreclose on zero in a Non-judicial foreclosure GAAP ASC 860 and 140-3

7. They issued a 30-day notice of intent for order of entry “judgment” Fed Debt Collections Procedures Act

8. The courts order is an AWARD and NOT a right to enforce collateral at ZERO

9. The State is awarding the SPS Agent and taxing it to you as ordinary income

10. After the foreclosure sale your accountable for 35 % withholding as COD Income

See the reporting requirements under 26 US Code sec 1.6050.P where “lender and servicer are barred from collections…”

Secondary and Capital Markets Accountants

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The Y2K Bug is Real !

According to researchers at National Geographic research Society, the Y2K bug was a computer flaw, or bug, that may have caused problems when dealing with dates beyond December 31, 1999. The flaw, faced by computer programmers and users all over the world on January 1, 2000, is also known as the “millennium bug.” (The letter K, which stands for kilo (a unit of 1000), is commonly used to represent the number 1,000. So, Y2K stands for Year 2000.) Many skeptics believe it was barely a problem at all.

As the year 2000 approached, computer programmers realized that computers might not interpret 00 as 2000, but as 1900. Activities that were programmed on a daily or yearly basis would be damaged or flawed. As December 31, 1999, turned into January 1, 2000, computers might interpret December 31, 1999, turning into January 1, 1900.

According to an secondary markets accountant and expert in the field of Banking and booking whole loan sales the Y2 K bug is the culprit in each foreclosure file reviewed .

The auditors has found evidence of back dating which distorts calculating interest rates on a daily basis.

Banks,  instead of facing real problems with how they calculate rates instead found a windfall . Interest rates are the amount of money a bank, charges a customer, such as an individual or business, for a loan.

Audits have revealed instead of the rate of interest for one day, the banks computers are purported to calculate a rate of interest for minus almost 100 years!

At foreclosure sale the Grantee is alleged an innocent third party purchaser for value. The concern is where the value of the property is five percent of the amount paid by investors.  This would explain some of the  allegations made by homeowners that they found their note was sold up to 10 times.

Below is an example illustrating the issue

5/11/2018   12/30/00   05/11/17
5/11/2018   12/30/00   05/11/17

Looking at both line items close. Can you tell where the 100 years is buried ?

More to come

Secondary Auditors / Form 1099 Auditors