https://m.youtube.com/watch?v=wh_1_WHmz3wtl;dw:okay so this is a video from a lawyer to other lawyers about how to beat debt collectors and banks who are suing you because you owe them money.>like mortgage backed securities, all debt is wrapped up into securities>the bank that creates the loan then sells the loan to another entity (for example citibank sells their credit card debt to citigroup as a security)>by making this debt a security and then selling it the bank is able to show less "debt to income" so the bank can borrow more money to then lend to people (it's a scam)>so when the bank goes to collect the money you owe them they don't own the debt anymore>this makes them a 3rd party debt collector which means they have to be subject to federal debt collection laws which are much more strict than the laws about an original lender trying to collect a debt>because it is a security, trying to prove who even owns the debt is a mess>"you have to show assignment" which means you have to show that you have the debt or else you don't get shit
noted, thanks. getting so many letters lately it's so annoying.
>>62858203Do Am*ricans really get into such debt that literal "collectors" bang on their doors? Why do they call us "Europoors"? This would never happen in Europe.
>>62858207That guy’s whole channel is gold. He’s a licensed attorney that actually wins cases using his talking points.>>62858214That’s a Br’ish thing.
>>62858214For me I took out loans for a business I was scaling and came home one day and all my stuff was stolen, so I was out a sizable chunk. I used 0% APR credit cards, and the banks I dealt with sell the debt to third parties, and after ignoring them as well, these third parties resell it to new fourth parties.. and so on. They call and send letters, I just changed my number and throw the mail in the trash. Never had bad credit prior. My state has like 7 years before you can no longer sue, I'm on year ~2. I expect I'll probably get some escalation toward the end of this period and if I go to court I'll deploy the tactics in the video.
>>62858203TldrSecuritization doesn’t erase debt or automatically invalidate a bank’s right to collect.Time is bad nobody have the IQ high enough to read your long schizophrenic wall post
>>62858301Nice try, Chaim
>>62858214>Why do they call us "Europoors"? This would never happen in Europe.It wouldn't happen because the collectors know you are too poor to pay.
>>62858229Stupid indentured servant, dumb slave.
only middle-class turbocucks unironically pay debts. Poor people simply ignore debt and richfags use lawyers/Jews/magic to dodge it.
