Wednesday, July 25, 2012

What I learned from the Federal Reserve Bank

I called the Boston FRB (617-973-3000) and talked to woman named Grace.
I asked her if it was true that banks cashed in our mortgage notes to the FRB and that the FRB now possesses the original notes? She told me that the FRB is only in charge of STATE banks and have no charge over NATIONAL banks. (Which BoA & Countrywide are). She then told me that the Consumer Financial Protection Bureau (1-855-411-2372  URL: is in charge of the national banks and I should contact them.
Now, all of this transpired BEFORE I got some info from a prominent lawyer who worked with the FRB (which is included below), otherwise I would have had asked them if my bank had pledged my loan for a borrowing there and had them check. So, I still plan to subpoena them on Aug. 1st.

I called the CFPB and spoke to a woman named Amanda. I told her my story, and she wrote out a complaint for me. She put it in my own words, and asked several questions like did I think there was any discrimination, if so, what kind. Was I a service member and what did I think a fair resolution would be. She then gave me a case number, and my complaint will be sent ASAP to the bank. The bank then has 15 days to respond. I then will review their response and if it's not satisfactory or incorrect, I will tell the CFPB why, and I can ask for them to investigate. If the CFPB finds that there is any wrong doing, they can take action against the bank.

This is very good info for everyone, and I strongly advise homeowners in foreclosure, or who have been foreclosed on, to go and file a complaint. It can't hurt, and it'll help bring to the government more of the TRUE numbers of the banks illegal and fraudulent foreclosures.
Info from lawyer:
It is possible that the FRBNY or another Federal Reserve Bank has your note IF Countrywide/Bank of America pledged it to secure a borrowing there. However, I think it is more likely that the note went to MERS (the national electronic registration system) or the trust fund, as you noted below. You could send an information subpoena to FRBNY or FRBRichmond (home district for Bank of America) or, given your location, FRBBoston to see if they have your original note. What you ask for is not unreasonable. They would, however, regard it as unreasonable to send a lawyer to bring the original into court and then to bring it back at the end of the day. I suggest that you ask them (a) do you have my note? and (b), if so, would you please copy the front and back and all allonges and a copy of the cover sheet(s) and the page listing your note in the bank’s ledger? In connection with (b), it should suffice with the court if the Reserve Bank sends you a separate letter certifying that it has the note and that the enclosure/attachment is a true copy, with the certification signed by the Reserve Bank officer in charge of the custody of your note and bearing the Bank’s corporate seal applied by the Bank secretary’s office. If the judge still wants to see the original note, let him or her be the bad guy asking the Bank for the note, not you. You also might ask the Reserve Bank to tell you (a) what collateral value it placed on your note and (b) how much remains outstanding secured by your note. If the Bank once upon a time had your note and then returned it, to whom did the Bank return it?

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