The Secret Financing Behind Dodd-Frank Regulators

Published: Thu, 10/09/14

THE CASH FLOW EXPRESS (a service of THE PAPER SOURCE)
October 9, 2014
 
Hi ,
 
   Lots to tell you, so let's dive right in...
 
   My blog posting yesterday at http://www.PaperSourceOnline.comwas about the Save Seller Financing Coalition and what it is doing to save seller carryback installment sales from the Dodd-Frank law and other recent harsh regulations.  I hope you (1) read it, (2) sign the petition on the website, and (3) donate.  If you care about the future of the note business, please show your support for it by signing and donating.  The Coalition needs your support, both vocally and financially.  You can read about the issues, sign the petition and donate at www.SaveSellerFinancing.org
 
   And please forward this e-mail to everyone you know in the note industry and encourage them to sign and donate as well.
 
 
   Did you know that the newly-created Consumer Financial Protection Bureau (CFPB, a creature of Dodd-Frank and the agency that writes the regs and enforces it) is financed by the banking industry?  And of course the banks want to outlaw "seller financing" and force everyone to get a conventional loan (from them).   See http://www.consumerfinance.gov/budget/under "Funding Requests." 
 
   When you look at that page you'll see the letters from Richard Cordray, Director of the CFPB, requesting funding from the Federal Reserve.
 
   "Hold on, Bill!  You said that they are funded by the banking industry?"
 
   I did.  Who do you think owns the Federal Reserve?  Not the federal government.  
 
   To read the little-known story of how the Federal Reserve was created, by whom, and how it works, read The Creature From Jekyll Island and watch the YouTube video at http://www.youtube.com/watch?v=lu_VqX6J93k
 
Also watch the Mises Institute video "How The Fed Loots Us":  http://teapartyeconomist.com/2014/07/05/video-federal-reserve-system-loots-us/
 
 
   SAVE THE DATE:  Next Wed., Oct. 15, for a free teleseminar on non-performing notes with Rosalie Bucci. She has over 25 years of knowledge and experience in the real estate field and has personally purchased, worked-out, sold and managed thousands of non-performing and performing mortgage notes.  
 
   The teleseminar starts at 6 p.m. Pacific, 9 p.m. Eastern time.  When it starts in your time zone, call 605-562-3140 and when prompted enter the code 794728#
 
 
   Note to PAPER SOURCE JOURNAL subscribers:  The October issue is at the printer and should be in the mail early next week.  This issue has a lot about Dodd-Frank, including a form Lorelei Stevens, President of Wall Street Brokers (www.wallstreetbrokers.com) uses to document that the note seller is exempt from the new laws.
 
   If you're not a subscriber and would like to read an issue, go to www.PaperSourceOnline.com and click on "Paper Source Journal" and then "Read A Free Issue Now."  To subscribe, click on "Info/Subscribe."
 
 
 
   And I hope you'll be joining us in Las Vegas next month for our training on non-performing notes!  If you haven't signed up yet, there's still time to get the discounted price of $395.00, which includes the seminars, exhibit hall, networking with hedge funds, investors, servicers, brokers, etc., open bar receptions, breakfasts, an elegant luncheon -- even an optional post-conference "decompression" canyon hike!
 
 
   In response to my blog posting on Dodd-Frank I received this email:
 
Dear Bill,

   Personally I have no problem with the ability to repay rule(s). My business model is NOT "Loan to Own". I really want to have people in there who are able to make the payments. I like long term performing notes, and would very much like to have a VERY low foreclosure rate. Something like 1 foreclosure per 5,000 performing notes sounds about right to me. I think of myself as being in the note repair business. Thanks for all you do, but I see the ability to repay as simply making our note business just that much more professional.  -- (name withheld)
 
My response:
 
Dear -----,

   My problem is with the government telling us how we can and cannot sell our own property.

Regards,

Bill