25 Comments

1. Dear Catherine,

   As a longtime listener of Coast To Coast Am (over 15 years ), I listened with great interest your segment with George Noory recently, and was moved to contact you.

   I have information that I believe would be helpful in the community grass roots efforts to restore our economy. Please accept a complimentary copy of my recently published book, Truth About Money ˆ The Worst Fraud/Scandal/Swindle/Crime in American History: The Federal Reserve Banking Act, by Frank Wallace and Stephen Clark.
   It presents information on how to enact serious monetary reform and should be arriving by US mail shortly at your Hickory Valley, TN address.

   In the book we point to draft legislation that is already written and ready for review ( at http://www.monetary.org ) and enactment that will place the Fed under the U.S. Treasury, ending the private cartel control (stranglehold) of our money and sovereign nation since 1914.

   The American Free Press in Washington DC has endorsed and advertised our book by purchasing 100 copies for their First Amendment Books Division.

   Please check our website http://www.truthaboutmoney.org for more information and contact information. Also, I wrote the lyrics for the homepage song though it is being performed by a musician friend.

   I hope you find the book useful in your noble quest. I greatly appreciate your efforts.

   Sincerely,

   Stephen Clark
   (228) 342-1798
   smclark7@bellsouth.net

   http://www.truthaboutmoney.org

2. Hello my name is Mike, and I’m from California, really enjoyed listening to you on Tuesday night with George Noorey. You mentioned 4-5 types of fraud that lead us into the mess we are in. Please I would like to know what the names of those Frauds were again and how they worked?

   Mike

3. There is a simple way to increase the secondary market liquidity for residential mortgages. If a mortgage is going to be sold, offer the original borrower the opportunity (60 day right of first refusal) to match the proposed sales price. I was just reading about the new FASB rule for valuing mortgages as part of an acquisition and the article claims the going discount is 30%. (This is on Bloomberg and is related to WAMU).

   I have many WAMU originated mortgages (don’t know who currently owns them, however)…but if they are in WAMU’s portfolio, I would surely buy them back if offered a 20% discount!!! This mechanism would provide a new conduit for selling mortgage portfolios, benefit the original borrowers, while costing the seller nothing. And, it is as easy as including an insert in the borrower’s next monthly statement.

   Why give the discount to foreign countries, private equity firms, or hedge funds when the party benefiting from a discount could be the original homeowner/borrower????

   I came up with this idea when I got stuck as a FRE common shareholder who was betrayed by Paulson. I’m trying to tell Barney Frank and Chris Dodd that if the GSEs have to liquidate mortgage holdings, they be REQUIRED to make this right of first refusal available to the borrowers. Having a former Carlyle Group person heading FRE with his boss being GW Bush’s college dorm roommate leads me to believe transfer prices may be artificially depressed due to lessthanarm’slength transactions.

   Anyway. To break the gridlock that is leading to stupid valuations of performing loans, let us, the borrower/taxpayer, buy back our loans at a discount.

4. What a wonderful audience you’all are. Let em try to answer some of your questions as best I can.

   Jesse:

   Thanks for posting your link. I hope it helps connect St. Johns with some wonderful clients and you can really make a difference for them.

   Ed:

   If you look at all of our financial and economic problems they can theoretically be solved by ending the suppression of energy, health and other knowledge and technology. Which means that we have a political problem. So the key to getting technology to spread is to do it in a way that it can move virally, reducing risk and expenses as it moves at the grassroots.

   John G:

   Thanks so much for your kind words. I believe my posting the file would violate the Coast to Coast coypright. They market them to their subscribers.

   John L.:

   There are numerous contractual law issues involved in forcing lenders to renegotiate. That is why I would love to see the fraudulent inducement argument litigated. (See the recent Village Voice article by Amanda Stutt — a link is posted a this blog).

   Yes, it is a land grab. Unfortunately, it is one that millions of us have facilitated.

   Carter:

   Thanks!

   Victory 1:

   I wish I had better public sources on invisible weaponry, including electromagnetic weaponry. I would recommend you start by reviewing what is available at globalresearch.ca and http://www.earthpulse.com/. If you find any sources that you think are good, please do post them here.

   Charles:

   Take a look at the recent review on my blog called “Recommended” about Jim Norman’s new book, The Oil Card. He has some very interesting theories about the war in Iraq which I think make a lot of sense.

   Joe:

   I do not know if either candidate is familiar with my work. If they have any interest, it would be after the election, not before.

   Since I am on record since 1998 as saying that the US mortgage system, including Fannie and Freddie, are engaging in significant fraudulent inducement and systemic fraud, a Presidential campaign is likely to stay away.

   The mortgage bubble was bipartisan and the clean up is being engineered by the same folks that created the bubble (See Fannie and Freddie are Penny Stocks – Part II)

   During the campaign, a candidate is unlikely to want to rock the boat.

   Chris:

   Money is just a tool. How will we collaborate and share the governance and management of resources, including time?

   Seems to me that tools to do that with will be useful no matter what.

   Rick:

   Yup! That is the heart of the Tapeworm.

   Stephen:

   Thanks for positing your link. I will check it out.

   Mike:

   I mentioned fraudulent inducement, collateral fraud, and derivatives fraud. I would start by reading my latest article “Housing and Economic Recovery Act of 2008”. “Dillon, Read & Co. Inc and the Aristocracy of Profits” and “The Myth of the Rule of Law”.

   You can pick up all the links at the blog under “Fannie and Freddie are Penny Stocks – Part I.”

   Scott:

   Great idea!

   To what extent is the problem that they have to sell the entire pool, they can peal off one mortgage in some of the packages?

   Great comments and questions.

   Thanks so much for listening and caring. I can’t tell you how much I appreciate you.

   In “cahoots”

   Catherine

5. Katherine,

   I believe I heard you say you came up with a plan to build community finances that would in turn correct the problems above. It was the fight that was waged against you that worries me most. We have a plan to assist our First Responders

   We are putting together an organization to fund the equipment needs and spiritual well being of Georgia’s First Responders. Any state sworn officer, firefighter, H.E.R.O., 911 operator or hospital employee would fit under our definition of First Responder as they are all trained positions. Equipment needs are the various devices that can save their lives while they are trying to save ours. Spiritual well being refers to when a catastrophic illness or death occurs under their own roof. We do not separate the family member from the First Responder, rather we see the under the same roof family as the total First Responder.

   Our project is First Responder’s Resource Organization. In listing to you I and coast on a irregular basis I wonder if we should not plan for the same type of attacks.
   If our project perks your interest ping me back and as soon as we complete the website which is scheduled to be uploaded for September 16, 2008, we will send you a link. We intend to file the corporation papers on September 11, 2008.

   Roger Gnann Founder
   FRRO

6. Catherine: great job on George Noury last nite. Watch for the announcement next wk of our venture with one of the big 3 auto makers!
   Let the peaceful economic revolution begin…

   The PICC (our catalytic converter) will be ready after the big national announcement coming Monday Sept. 15th. The HAFC (fuel cell) works now for hundreds of cars, but it’s too complicated. By the time we get mechanics to install and tune, the PICC will be ready. With the

7. Dear Ms. Catherine Fitts,

   I heard you last night on Coast to Coast with George Noory. I like the way that you tell it like it is (kind of a Gov. Palin approach). Last night you had a caller that stated that he had a plan to end the foreclosure problem and you encouraged him to e-mail you. I am not that caller but, I too feel that I can make an impact on our nations current foreclosure problems.

   Let me start by stating that I have written (snail mail) to the governors of the six states with the highest foreclosures (California, Arizona, Nevada, Florida, Ohio, and Michigan). Only governor Crist of Florida answered my letter. Do these elected officials not care about the hurt that their constituents are going through? They give the topic good lip service but little to no action. If they are waiting for the federal government to come in as a white knight to their rescue they are “playing the fiddle as Rome burns”! Action should have been taken months if not years ago to solve this problem. It is still not too late to take action now since more foreclosure loom in the future.

   I was a loss mitigation officer in the early 1990’s in California. During this era President Clinton started cutting back on defense spending resulting in the loss of many jobs and economically a cause of major foreclosure problems. I saved my employer millions of dollars in potential losses being creative. I took loans that were 30 years and converted them to 40 year amortization. Variable interest rate loans were changed into fixed interest rate. Loans were modified skipping monthly payments. I even granted debt forgiveness on rare occasions. There is much that can be done (unfortunately it has to be done on a case by case basis), to help the borrower and keep the property from going into foreclose / a loss to both the bank and community .

   Realizing in year 2006 that we were going to experience a massive foreclosure problem across our nation, with the help of my wife, we wrote a training manual titled BanKnology – LOSS MITIGATION, copyrighted in January 2007 before the “bomb exploded” and the subprime problem was first brought to public attention. We have gone into great detail through case studies giving the trainee practical experience and the techniques, if employed correctly, that would return a bad loan into once again a performing asset.

   We have great credentials with our product being endorsed and offered by BankersOnline and the Independent Community Bankers Association (ICBA). But, this is not enough. We need to reach more people!

   We will be the first to admit that sometimes foreclosure is the only answer. However, not to try to mitigate a loss is unconscionable. How can we get the word out to stop these insane foreclosures that weaken our economy and hurt our citizens? Can you help us?

   Rich & Linda Bode

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