The Secret Financing Behind Dodd-Frank

The newly-created Consumer Financial Protection Bureau (CFPB) writes and enforces the regulations of the Dodd-Frank Act.

What virtually no one knows is that the CFPB is financed by the banking industry.

And of course the banks want to outlaw “seller financing” and force everyone to get a conventional loan (from them).   See under “Funding Requests.”   When you look at that page you’ll see the letters from Richard Cordray, Director of the CFPB, requesting funding from the Federal Reserve.

   “Hold on, Bill!  You said that they are funded by the banking industry?”

   I did.  Who do you think owns the Federal Reserve?  Not the federal government.

   To read the little-known story of how the Federal Reserve was created, by whom, and how it works, read The Creature From Jekyll Island and watch the YouTube video at
Also watch the Mises Institute video “How The Fed Loots Us”:

Our conference on non-performing notes starts tomorrow (Thurs.) afternoon with bonus seminars.  Investors, brokers, hedge funds, servicers and more are coming from all over the country.  I hope you’ll be part of this exciting event!  There’s still time to register: or call 800-542-2270.

Supreme Court to consider if 2nd mortgages can be voided

Investors in second mortgages need to be aware that the US Supreme Court will decide whether homeowners who declare bankruptcy can void a second mortgage if their home’s market value has dropped below the amount they owe on their first mortgage.

For more:

Our Las Vegas conference “Profiting From Non-Performing Notes” begins this week!  If you haven’t registered, now is the time:  or call 1-800-542-2270.

Seller Mortgages Not Loans Says Congressional Research Service

            Given the Dodd-Frank Act’s ill-advised, uninformed and, frankly, insane assault upon seller mortgages as virtually “predatory lending,” members of Congress —who vote on bills they have never read (as a legislative director in the US Congress for years I can assure you that is true) — and cushy-jobs-for-life-can’t-be-fired-no-matter-what-they-do-or-refuse-to-do bureaucrats (who determine how the laws that members of Congress never read are to be interpreted and enforced) need to understand is that seller mortgages are not loans — they are installment sales. (The note industry coalition represents us in this endeavor.) 

           Here is ammunition for our cause straight out of Capitol Hill. Unlike anything else appended to the word “Congress,” I hold the Congressional Research Service (CRS) in high regard. It was invaluable when I was working in Congress.  I found a CRS analysis that says:

           “In effect, an installment sale is the exchange of the seller’s property for the buyer’s promise to pay at a later date.  The promise to pay is usually evidenced by a note, mortgage, or other written debt instrument.  It is important to recognize that this sale is simply the exchange of one type of asset (the house, small business, or whatever was sold) for another type of asset (the debt instrument).” (CRS RS20432:  Recent Changes Affecting Installment Sales, May 11, 2000, updated January 15, 2002, by Gregg A. Esenwein, emphasis added.)

FYI, don’t forget to register for the Paper Source training on non-performing notes in Las Vegas this week, Nov. 20-22.  For info and to register, go to    

Last Night’s Teleseminar Posted — Free (But Free Doesn’t Last Long)

Last night’s (Nov. 12) teleseminar on new rules for notes with Kevin Cordell of Madison Management Services, LLC  is now ready for download at:

It is free for the next few days.   I know it’s a bit of a hassle, but the system has to have your info to process the order.  You will not be asked for payment or credit card info.

Kevin will teach at our Nov. 20-22 conference on non-performing notes.  Check out the website:

We’re doing everything we can to make this one of the best events in note industry history.  (Don’t worry — there will be NO sales pitches by the teachers.  I hate that as much as you do.)

I hope to see you there!

P.S.  The final discount for the conference ends tomorrow at midnight (Friday Nov. 14).

Last Night’s Teleseminar Is Posted

The teleseminar last night (Oct. 22) on legal issues and strategies for notes with Susie Berg, Esq. and Saprina Allen of is now ready for download at

It is free for the next few days.  I know it’s a bit of a hassle, but the system has to have your info to process the order.  You will not be asked for payment information.

Susie and Saprina will teach a 2+ hour bonus seminar at our Nov. 20-22 conference on non-performing notes.  Hope to see you there.