Is There An Annual Report From The Banks On What They Do With Promissory Notes

[LadyPrintz]

I Was Wondering If There Is A Report Of Any Kind That The Banks Generate To Indicate What They Have Done With The Promissory Notes They Have In Their Asset Books. Any One Know??

[masterduke]

I do know that all funds that came in, or are to come in, concerning credit cards, ultimatily belong to a Master Trust and that "trust" absorbs all of the money that has been generated leaving the bank with a ledger entry. And that is what is sold to debt attorneys when they are chasing people around in court. It is a form of finanical cannibalism!

[charlesa6]

They will never inform unless the consumer sue them, and do interrogation with the accountant or bookkeeper if you will in other to get something out of them.

[mnchicago]

LadyP:

Typically, banks sell promissory notes for either cash or
government bonds. The proceeds are used to create
"checkbook money," which is what, in turn, is loaned
back to the so-called "borrower."

This is a breach of contract, because the bank never
gave anything of value as consideration to take possession,
or ownership, of the promissory note. Without actually
owning it, they have no legal standing to sell it.

A Report?

Why would a bank want to advertise their fraud?

Cheers!

(You have to know how to Follow The Money!)

jean keating was doing research on this. go to the securities and exchange website. look up the bank who gave u the so called loan and the date the transaction took place. if u r lucky and find your bank, put in your account number (there is a page called edgar in which u do this on.). if u find it, you will find that the bank made agreements to sell the note, and servicing agreements, etc.

[mnchicago]

Fat City!

Thanks for the heads up, kgod999.