Mortgage Note Recoupment

[Quartermass]

Might or might not be the right place for this but everything is so tangled together it's hard to say sometimes. Is this anywhere close to legit? I've got an acquaintance who is about to go down this path and it looks highly questionable to me, but I am hardly an expert or even a novice:

http://www.globalbridgeholdings.com/pdf ... erview.pdf

The outfit posting it looks fairly legit but that is easy to fake. I do note some misspellings on the home page that should give a client pause (they claim to offer, "myriad of hy-bred products" among other things).

Opinions of those more knowledgeable than I and trustworthy would be most welcome.

[Burnaby49]

It's obviously a scam. The awkward English matches up quite nicely to what I've seen in the Nigerian 4-11 scams;

Although there has been much reporting in the past few years on the corruption behind banks
and their practices, unfortunately most people all around the world continue to trust banks to
keep their money safe and to make it available when they want it.

Actually, based on average account holders deposits, you yourself may have contributed around
$8000 to fund these mortgages and possibly much more if you have a high net worth and confide
in banks enough to keep your money with them. Most of the rest of the funds came from
borrowing from the Federal Reserve by leveraging Mortgage Notes already created by the bank.

The lnternal Revenue Service (lRS) is more than aware of the lack of regard the REMICS are
giving to their Tax Obligations. The IRS has been investigating this for sometime now however
one conundrum is, if the IRS takes action against all the REMIGs causing the REMICs to suffer
great losses, the REMICs would file suit against the banks and the ripple effect would be a
financial catastrophe felt by all.

And why would the IRS be involved?

Unlike typical acts of securing one's rights, there's no lengthy legal suits as we don't use
attorneys or file lawsuits. lnstead, the lnternal Revenue Service is more than happy to
collect the funds and after deducting the tax liability from the income, they send a refund
check to our client usually within 4 months or so of enrolling in the program.

First time I've seen them shilled as a collection agency for private debts.

It will be the same as the Nigerian scams. As soon as you get involved fees will start popping up but you money is just around the corner.

[Quartermass]

Thanks @Burnaby. *I* will most certainly not be involved. But I know someone who might (though not through this particular outfit) and someone else who already did something like this on her own and now has a very large IRS lien filed against her for money remitted, though she claims that is not an issue and essentially a paperwork error on their part due to mixing up the proper entities.

[Burnaby49]

I'm not familiar enough with the IRS and American tax law to see how they fit into this. A wild guess is that the suckers get money from the IRS in error as a result of the scam then pass a big chunk over to the scammers. Then the IRS comes looking to get their money back. I think there is something called OID that incorrectly allows people to get refunds they are not entitled to but the IRS eventually goes after them to get it back. Famspear would know.

Any promotion like this which promises money for nothing to anyone (in this case anyone who ever dealt with a bank) has to be a scam. Why would a small outfit in Florida have all this info and insight into huge payouts when nobody else does? If it was true there would be thousands of firms offering assistance and the entire country would be making appplications.

[morrand]

In my opinion, all you should need to know is this:

The scrutiny comes from the fact that banks, without disclosing to their clients, not only use the funds but also the name and taxpayer identification number (TIN) of their clients to create this endless availability of funds in which to originate and fund new loans each and every day.

This is a bit of hanky-panky we've already seen elsewhere. I think this entered into the original explanation of Peter of England's WeRe scam, but in any case it sails close to something that comes up over and over as an explanation of why it's OK not to pay your mortgage: the bank never actually lends money, it just uses the mortgage notes to fund more mortgages. Or something like that. It's all nonsense anyway, so who expects it to be consistent?

I guess the angle of claiming tax refunds on it is new, and not a bad way for the operators to get the marks paid off temporarily, and still deflect blame when it all caves in. Also hellaciousy risky for the mark, of course.

Interesting that the operators make it sound like the mark is doing a favor to the IRS by "reporting" this, as though claiming the refund is not at all a motive for filing the paperwork. Seems to borrow a lot from the old "marked money" scheme, or whatever it's called.

[notorial dissent]

It's obviously a scam. The awkward English matches up quite nicely to what I've seen in the Nigerian 4-11 scams;

Although there has been much reporting in the past few years on the corruption behind banks
and their practices, unfortunately most people all around the world continue to trust banks to
keep their money safe and to make it available when they want it.

This is just argle bargle rhetoric and totally meaningless in context. And essentially true.

Actually, based on average account holders deposits, you yourself may have contributed around
$8000 to fund these mortgages and possibly much more if you have a high net worth and confide
in banks enough to keep your money with them. Most of the rest of the funds came from
borrowing from the Federal Reserve by leveraging Mortgage Notes already created by the bank.

This is nonsense, since most people don't have that kind of money in banks to begin with, secodondly when money is deposited in a bank it is commingled with all the other money in that bank as a pool, that is standard practice, so it is possible and actually very probably that some of it might have gone towards a loan. That is after all how banks/financial institutions make money.

The lnternal Revenue Service (lRS) is more than aware of the lack of regard the REMICS are
giving to their Tax Obligations. The IRS has been investigating this for sometime now however
one conundrum is, if the IRS takes action against all the REMIGs causing the REMICs to suffer
great losses, the REMICs would file suit against the banks and the ripple effect would be a
financial catastrophe felt by all.

This is basically nonsense.

And why would the IRS be involved?There really isn't any reason they would be unless they were investigating a scammer.

Unlike typical acts of securing one's rights, there's no lengthy legal suits as we don't use
attorneys or file lawsuits. lnstead, the lnternal Revenue Service is more than happy to
collect the funds and after deducting the tax liability from the income, they send a refund
check to our client usually within 4 months or so of enrolling in the program.

Again this is just non-sequitor nonsense.

First time I've seen them shilled as a collection agency for private debts.
I have but you don't see it very often.

It will be the same as the Nigerian scams. As soon as you get involved fees will start popping up but you money is just around the corner.

I would say that is a really good bet.

[BBFlatt]

I can't access the document linked to in the first post, but if this outfit is proposing that participants in this scheme will get a share of the tax liabilities of REMICs (Real Estate Mortgage Investment Conduits) the participants are likely to be disappointed since REMICs are treated as partnerships for US Federal Income Taxes and are thus exempt from tax.

[Burnaby49]

It's fifteen pages of blather. I have to go out so I'll just cut and paste what passes for an explanation at the beginning.

Claiming Your Mortgage Interest Income
Held In Trusts

If you've been a borrower on a mortgage note anytime within the past 25 years there is a good
chance you've earned a substantial amount of income which is siffing in a Special Trust Account
and you can claim Beneficial Interest to it.

Think this is too good to be true? You're not alone and after reading on, you'll realize it isn't too
good to be true and like each and every client that qualifies to enroll in our program, you too
could receive a substantial sum of income in the next few months.

The mortgage industry created over $5 Trillion new mortgage loans in just the past three yearsl
not including 2015 and very little if any of the funds that were used to finance these loans were of
the banks.

Actually, based on average account holders deposits, you yourself may have contributed around
$8000 to fund these mortgages and possibly much more if you have a high net worth and confide
in banks enough to keep your money with them. Most of the rest of the funds came from
borrowing from the Federal Reserve by leveraging Mortgage Notes already created by the bank

This process of banks using funds of their depositors and borrowing from the f,'ederal Resene is
called Fractionol Reserve Banking. While it has come under much scrutiny over the past few
years, it also brings a great benefit to most borrowers that have or had a mortgage loan in the
past 25 years.

The scrutiny comes from the fact that banks, without disclosing to their clients, not only use the
funds but also the name and taxpayer identification number (TIN) of their clients to create this endless availability of funds in which to originate and fund new loans each
and every day.

This has lead to class action lawsuits against the banks by private individuals,
companies and even state governments. Unfortunately these lawsuits don't prove to be
much monetary help to most borrowers but there's a process in which past and present
borrowers can use to claim beneficialstatus in the interest income earned from the trust
created under the borrower's name and TIN.

So while the banking industry is earning billions of dollars literally each month from
interest they collect on the loans they created through Fractiona! Reserve Eanking, most
borrower's have the right to claim beneficial rights to the interest income if they act in
time.

Unlike typical acts of securing one's rights, there's no lengthy legal suits as we don't use
attorneys or file lawsuits. lnstead, the lnternal Revenue Service is more than happy to
collect the funds and after deducting the tax liability from the income, they send a refund
check to our client usually within 4 months or so of enrolling in the program.
The funds our clients collect from our proprietary and 100% successful process are
usually in the hundreds of thousands of dollars. At the time of writing this, the smallest
refund collected by our clients is $88,000.

Banks are only required to keep 10% On Reserve, And Some Banks Even Less, of the
money given to them by the account holder depositing the money into the their bank account.

For example, if you deposit $100,000 into your bank account, your bank can use 90% or
$90,000 or more to make a loan to a borrower/client of the bank.

The promissory note the bank created by loaning the $90,000 is now an Asset to the bank. ln
this program summary, we'll be discussing loans specifically for real estate which are
Promissory Notes backed by Mortgages also known as Mortgage Backed Securities
(MBS).

The MBSs, which are assets to the bank, can now be used to further create more capital for the
bank to use to generate more loans. This is done by a very complex process in which the
Lender Packages and Leverages the MBSs by as much or more than 1250o/o depending when
the loan was originated however the average is around 5-6 times or 500%-600%.

This means the $90,000 Loan (MBS) that was created by using 90% of the Account Holders
$100,000 deposit can be Leveraged 5-6 Times Or More Creating $450,000 in capital for the
bank to again lend out and create another $450,000 in MBSs and it doesn't stop there.
The $450,000 in newly created MBSs can be leveraged as the ones before to give the bank
another as much as or more than $2,250,000 in capital and the cycle continues on and on.
In just the 5 or so events using the examples above, depending on how you want to look at
them, I demonstrated how a bank can create $2,700,000 from just $90,000 of their
clienUaccount holders deposit of $100,000 of which the Bank's liability is just the $100,000
Account Balance and the bank has just $'t0,000 Sitting ln Reserves.

Sound too good to be true? Most bankers don't even know about this process but I
assure you that the process takes place each and every day around the world in the tune
of trillions of dollars and United States Banks are the largest users of this program.

[NYGman]

It's fifteen pages of blather. I have to go out so I'll just cut and paste what passes for an explanation at the beginning.

Claiming Your Mortgage Interest Income
Held In Trusts
Sound too good to be true? Yes it does, and that means it probably is not true at all Most bankers don't even know about this process True, Bankers have no clue how their bank works, it is like magic, money goes in one end, and comes out the other. Seriously, Bankers don't know banking, give me a break. but I assure you that the process takes place each and every day around the world in the tune of trillions of dollars and United States Banks are the largest users of this program.Well if he is assuring me, that is good enough for me, I'll take his word for it, and not fact check any of it

See my comments above...

[Gregg]

The domain owner is not hidden, which surprises me. Anyone care to give odds on it being legit? Anyone think it might be worth my time to call the guy during my lunch break (which is somewhere around 3 AM EST) and asking him a few questions?

Name: Mike Conlon
Organization: Global Bridge Holdings
Mailing Address: 5000 Culbreath Key, Tampa Florida 33611 US
Phone: (612) 803-3909
Ext:
Fax: (815) 717-9716
Fax Ext:
Email:dabber97@aol.com

[NYGman]

Go for it Gregg, what could possibly go wrong

[Arthur Rubin]

The domain owner is not hidden, which surprises me. Anyone care to give odds on it being legit? ...

Name: Mike Conlon
Organization: Global Bridge Holdings

Where's the bridge?

[wserra]

The domain owner is not hidden, which surprises me. Anyone care to give odds on it being legit? ...

Name: Mike Conlon
Organization: Global Bridge Holdings

Where's the bridge?

Between your wallet and his.

[Quartermass]

Where's the bridge?

I think the hidden meaning here is that if you believe these guys, they have a bridge they want to sell you.

I did find it interesting that the parent site looks a lot more polished than the usual Potemkin organization. Even has names and pictures and bios of company officers. Might have to search up some of those names and see if they turn up anywhere...