12 U.S. Code § 5103 – License or registration required (a) In general
A PERSONAL LOAN FROM A FRIEND OR A
SECURITIZED CREDIT ORIGINATION?11-05-2014 Kennedy v Stringer Original Complaint USDC DNJ
(4) Plaintiff Melvene Lynn Kennedy is the owner of a restaurant facility (currently closed, non-operational) called “Uncle Seas”, located at 879 Springfield in Irvington, New Jersey, executed a promissory note payable to C. Vivian Stringer, as described in a complaint filed on behalf of C. Vivian Stringer by Peter J. Hendricks on or about June 7, 2013.
(5) Plaintiff has sought proof, which has been repeatedly denied and refused, in the state Court proceedings, that the C. Vivian Stringer had or has any rights of ownership and/or enforceability of the promissory note, which appears to have been processed through the First Baptist Church of Lincoln Gardens, in Somerset, New Jersey, Senior Pastor “Buster” Soaries, and a coordinate and related pair of institutions CDC Properties and Central Jersey Development Corporation (http://cjcdc.org/affiliates.php), both operating in fact under Federal Banking and Community Development Law, but masquerading as a personal act of monetary assistance based on friendship rather than commerce.
(6) Plaintiff Melvene Lynn Kennedy agreed to the interest rate of 18%, in whole or in part because of the special trust and confidence which she reposed in her long-time sports coach and mentor, Defendant C. Vivian Stringer; Kennedy
alleges that this interest rate was unlawful for a federally guaranteed and secured
loan, that further that it was unfair, inequitable, and unconscionable in any legal or equitable sense, as was the entire transaction, being based on fraud, “false identities” and deceit.
(7) Plaintiff executed a mortgage in favor of C. Vivian Stringer, at Stringer’s request and direction, but in coordination with the First Baptist Church of Lincoln Gardens. Plaintiff sought in State Court has never been allowed to see any evidence of whether the money came from C. Vivian Stringer, but the check appears to have issued either by the First Baptist Church of Lincoln Gardens or else CDC Properties or else Central Jersey Community Development Corporation. Plaintiff asks, how does this make C. Vivian Stringer a creditor entitled to foreclose? What is her injury standing? Plaintiff alleges that C. Vivian Stringer has no standing but merely a status, a de facto, or even de jure, title of nobility namely, as an “individual originator of credit.”
(8) Plaintiff ’s promissory note was never filed with the Court, in violation of New Jersey Law, at the time of the initiation of the foreclosure. Plaintiff believes that C. Vivian Stringer never owned or managed the underlying note or mortgage at any time after closing on May 7, 2010, and that her June 7, 2013 suit for foreclosure was fraudulently filed, and constitutes a conspiracy, with the other defendants, to effect a theft by false pretenses, under color of New Jersey Court Procedures and Federal Banking and Credit Law.
The New Jersey Foreclosure Process
(9) Foreclosure Litigation in New Jersey, under the New Jersey Fair Foreclosure Act (FFA) and related statutes, begins with a Notice of Intent to Foreclose which precedes the filing of a formal judicial complaint for foreclosure. The Statutory Notice of Intent to Foreclose requires essentially the same standards of disclosure and provision of information than State Rules of Court, but in practice, the New Jersey Superior Courts waive most of the formal “proof of ownership” requirements, as they have in this case. 12-19-2014 Kennedy v Stringer Docket Report Showing Stringer MTD filed 12-17-2014
HISTORICAL CONTEXT AND BACKGROUND (Originally published on this blog May 27, 2009, 23:27:29 PM)
Paper “banknote” money is, of course, NOT expressly authorized by the United States Constitution, in fact, arguably, it is specifically forbidden by Article I, Section 10 that ” No State shall enter into any Treaty, Alliance, or Confederation; grant Letters of Marque and Reprisal; coin Money; emit Bills of Credit; make any Thing but gold and silver Coin a Tender in Payment of Debts….” The purpose of paper money (“emitting Bills of Credit”) is and has always been to create easy and quick credit for the FEDERAL government. This Country was created in large part by the issuance of Fiat Money—the Continental Dollar, which gave rise to one of the earliest sarcastic currency jokes still “in circulation” as part of the English language, “That’s Not Worth a Continental.”
Banks can do the same thing by “originating promissory notes”, “emitting credit” or “approving credit”—and all promissory notes accepted by National Banking Institutions under the definitions of 12 U.S.C. §1813(l) MUST treat approved promissory notes as “the equivalent of cash.” In effect, any person who can approve credit formally can create money from thin air.
National Banking Associations do that, but a former associate of mine, the well-known Orange County Dentist Dr. Orly Taitz, was able to approve credit through her Dental Office, and upon accepting notes, was able to issue herself money. She actually DID this in the case of my friend the late (died tragically and very prematurely last December) Major Stefan Frederick Cook….. who never came anywhere near Orly’s dental office….but sought Orly’s “legal” services…. and she had him apply for credit through her dental office. She never, however, got him into a dental chair so far as I am aware….although he may have felt his teeth had all been extracted by the time his little whirlwind tour with her was over…. I have the greatest respect and regard for Major Stefan Frederick Cook, and I am sorry that Orly’s impetuosity (and my assistance to her in acting impetuously) may have injured his amazing military career unnecessarily, but that is a different story for a different day: the point is that issuing credit under the national system, whether you are a Bank or a retailer or a retail provider of dental services or anything else: IS the creation of money from thin air. Creating money from thin air facilitates instant gratification of the kinds and types of which both Henry Ford and Sigmund Freud definitely and enthusiastically approved, albeit for radically different reasons. Aldous Huxley made the connexion between Ford and Freud’s attitude towards instant gratification in his masterpiece “Sci Fi Horror” book: Brave New World.
“The Money Multiplier” effect is something that ever student of Freshman economics learns about and then forgets in later life as s/he goes through a normal American life-style creating money by signing credit card notes, mortgages, car loans, EACH of which is multiplied several times within a month or two at the maximum, thereby creating the oversupply of money which that same student of Freshman economics will doubtless hear of on the news, possibly during his middle age, as “inflation” measured by the “consumer price index.” Gold and silver are not immune from inflation: during historical gold and silver rushes the value of these commodities has shrunk to unbelievably low levels in mining communities and areas where they are super-abundant. Spain of the “Golden Age” (16th-17th centuries) is often said to have been crippled in comparison with Holland, Germany, and Great Britain by the inflationary effect of vast surplus gold derived from the post-Columbian conquests of Mexico, Peru, Colombia, and Bolivia. Why develop? Why produce anything at all when you can stay drunk on easy gold and never have to work?
Why develop just and fair economic and political systems when you can decorate your churches with oceans of gold and then leave them in charge of regulating society and culture through well-funded courts of inquisition who are responsible to no one? Money = power, power corrupts, and abundant money = absolute power which can corrupt absolutely. These truisms are too well known to bear much discussion.
“Formal” market economies have always depended upon an exchange rate based on some form of central commodities. Before gold and silver the Ancient Romans and Germans used horses and cattle as currency (the word “pecuniary”, meaning, “of or relating to money” is derived from Latin “pecus”—preserved in Spanish words and phrases such as “Agropecuario”—which means “relating to commercial farms and ranches and similar products and services”).
Among the ancient Aztec and Maya of Mexico, Cacao beans and cotton cloth were used as currency, (this was the sweetest economy in history, where money literally did “grow on trees” and could be made into chocolate at any time). And in fact the Southern Americans of the Confederate States of America effectively tried (but failed) to use cotton as currency again in the 1860s, but were rebuffed by and ultimately lost their bid for independence as a result of the scorn heaped on them by gold-loving British and French bankers of the middle part of the 19th century. Thus “Dixie” fell in large part because of its dependence on paper money such as the “Dix Dollars” (Ten Dollar–French language) bill issued by the antebellum Banque de Nouvelle Orleans which had given the region its nickname in the time leading up to secession in 1860-61. Cowerie shells were famously used by certain pre-modern tribes in the Western Pacific. The honest advantage of commodity based currencies—and their fatal flaw, from the standpoint of modern social-welfare economics—is that they are inevitably finite.
No matter how easy it is to pan for gold, grow cotton, raise cattle, or cacao beans, or collect cowerie shells, it cannot be done instantaneously. And for governments (like the U.S.) which want to build sophisticated nuclear missiles, launch satellites, sponsor vast educational programs which seem to lower the overall national levels of literacy and awareness, try through redistribution of the wealth to make “every man a king”, and generally realize Rumpelstiltskin’s dream of spinning straw into gold without actually doing the work of spinning even, paper money is the only “commodity” sufficiently malleable and manipulable to work.