Credit To The People
(413) 329-3200​

~ Helping people understand and take responsibility 
for using credit and money for the benefit of all ~
David Snieckus
99 Crescent Street
Newton, MA 02466
September 22, 2014

Maura T. Healey
40 Winthrop Street
Charleston, MA 02129-3315

Dear Ms. Healey:

I just saw your interview with Grace Ross of Massachusetts Alliance Against Predatory Lending (MAAPL) where you stated that you are an advocate to help the people, especially in regards to the foreclosure issue. 
I felt compelled to write because in order to be effective with this foreclosure issue, you may want to know what I have researched over the past nine (9) years.

First, a little of my background. In the past, I was a Vietnam Veteran having served as a traffic analyst, where I analyzed enemy radio communications to find indications of their future positions, and called in air strikes based on that information. For a long time, I have not been proud of this, did some soul searching, and followed the money on the reasons for war. I have come to the conclusion that wars are created by individuals, mostly men, mostly antisocial men, who lack a sense of social responsibility. These men wreak havoc on society merely for the money gained ($29 trillion on last count) by supplying wars or conflicts with various goods and services, for both sides, via a debt-based, usurious monetary system. (Just finished reading, ALL THE PRESIDENTS’ BANKERS, The Hidden Power That Drives American Power, by Nomi Prins. For more see Appendix.)

Presently, I am an advocate for good food and honest money. I have petitioned the Massachusetts legislation, written articles, and testified on:

1.House Bill 2841 in 2007 for the taxing of all processed food,
2.House Bill 1192 in 2011 for the creation of a state-owned, public bank, and 
3.House Bill 938 in 2014, a Jubilee Act for a 10 year moratorium on foreclosures.

Furthermore, I will petition the legislation in the fall of 2014 for a stronger and more honest Truth in Lending.
IMHO, the game being played by the elite money influencers, the bankers (the actual controllers and policy makers of the US Government), is highly corrupt. In the long run, their goal is to transfer the wealth from “WE THE PEOPLE” through usury. 

“When we understand money, we will know that interest is a feature of the monetary system that automatically transfers the wealth from the vast majority of us who pay more interest than we receive to the very few who receive more interest than they pay.” John Root, Jr. of MA.

The Federal Reserve, Fannie Mae, and Freddie Mac are entities needed to help carry out that agenda. Clever bankers and clever lawyers steal OUR money at home closings of so-called borrowers and the mortgage companies or banks, and continue stealing OUR money throughout the life of mortgages and notes by fooling homeowners into paying interest on money homeowners create.  

Here’s a secret banks have hidden from the public for years: Banks DO NOT LEND MONEY! 

The myth that banks lend money has been exposed by the Bank of England’s Spring 2014 report: Money Creation In The Modern World. (See appendix.) Banks never lend any of the bank’s money nor the depositor’s money to other borrowers. Instead, they monetize borrower’s credit through accounting entries. I quote from the report, “This article explains how, rather than banks lending out deposits that are placed with them, the act of lending creates deposits---the reverse of the sequence typically described in textbooks.”¹ “Whenever a bank makes a loan, it simultaneously creates a matching deposit in the borrower’s bank account, thereby creating new money.”² No real money is actually loaned. Only credit is monetized with a few key strokes on a computer authorized by the signature of the so-called borrower based on the “borrower’s” promise to pay. “NEW” money for our ever increasing economy comes into existence via the “NOTE”, and then “SOLD” to unsuspecting homeowners as loans. The note or loan or closing package is backed by collateral called the mortgage. The mortgage is then separated from the closing package (the note and mortgage) and “SOLD” to unsuspecting investors as Mortgaged Backed Securities (MBS). 

With that said, there CANNOT be any foreclosures because there never was any REAL money lent to the borrower! The report even says that it is “bad” for so-called borrowers to pay their mortgages¹.

HOW is this possible? Through fraud, forgery and deception, a HUGE deception has been played on the American people. The LARGER FRAUD of no assignments to the trust, robo-signing, forgery, and securitization started with what I call DECEPTION AT CONCEPTION! 

There is no legal initial note and/or mortgage contract to begin with because: 

1.Bankers come to the closing table with nothing since they have no “REAL” money to lend. The "Purported borrower" agrees to make payments on what is perceived to be a “loan”, and the Bank agrees to accept these payments. The homeowner is not aware that the “loan” is not actually money, but an accounting entry based on the homeowner’s promise to pay.  

To elaborate, when a homeowner borrows, applies for a so-called “loan”, the bank's risk management reviews the borrower’s credit rating and a decision is made. Once the application is approved based on the borrower’s credit-worthiness, the ability to “pay back the loan”, a contract is established. The borrower believes s/he signed a contract that states that s/he is borrowing money from the bank and is obligated to pay it back; principal with interest....just as if I borrowed money from you, I would feel obligated to pay you back and perhaps even gift you something to thank you for your trouble or risk! 

What really happens at the contractual level is a bait and switch in which the bank baits homeowners into believing the bank is lending them money, when, in fact, the bank is not lending any money, but rather is extending to homeowners THEIR money or CREDIT, and then charges interest on their money! It is the promise to pay by the borrower that is the money. The signature of the borrower promises to the bank a valuable "STREAM OF INCOME". The bank has essentially extended or monetized the CREDIT of the borrower. The BORROWER has created "NEW" money in the monetary system based on his/her ability to pay the principal and interest.

2.There is No Consideration. No money is actually loaned; therefore there is no legal loan. These loans can only be considered a purported loan because it has fictitious or illusionary consideration; (See Montgomery vs. Daly)

3.There is a Bait and Switch; The bankers and lawyers create false documents that lead the public to believe they are borrowing money from a lender, when in fact, the bank simply issues credit based on a borrower’s promise to pay and charges interest on this.

4.False statements are signed by the borrower. The contract is therefore a False Document.

Most people who are about to become homeowners naively sign a form that usually, in some form or another, contains as an example, the following statements: 

Statement number one: I, John Doe, being registered as owner of an estate in fee simple of the following lands: (description of property).

Statement number two: In consideration of the sum of (Principal Amount) lent to me by Bank XYZ, the receipt and sufficiency of which is hereby acknowledged, do hereby covenant as follows: (mortgage terms and conditions.)

A FALSE contract is created because these TWO sworn statements are false!

1. John Doe is not the registered owner of the estate before he signs.

2. John Doe has not been lent any money before he signs.

Now you MUST ask yourself why the lawyers get John Doe to sign under oath and penalty of perjury that John Doe is the existing registered owner, and the bank has already paid John Doe the named Principal amount when it has only monetized John Doe’s credit through a mere accounting entry. 

As a lawyer, you must know that if a document is a false document as and when nominally executed or delivered, then NO SUBSEQUENT TREATMENT can cure that defect between the parties. THIS IS CRUCIAL! 

As you must know, when a typical mortgage document purports to be a pre-funded liability of the borrower, as and when issued, and IT IS NOT, it is objectively and demonstrably FALSE, as and when issued. It is in-fact an executory or unfunded-liability, purporting on its face to be an executed or pre-funded financial liability and security. It is a FORGERY in the ordinary legal sense in that it is "a document which tells a lie about itself."

5.An interest bearing Mortgage Note Contract cannot possibly be fulfilled by everyone because of usury. Not enough money is issued into the system to pay the interest in the aggregate. Therefore it is civilly void and unenforceable. Other borrowers must borrow to have this be a fully executable contract. Another reason why this contract is false: it is unfulfillable if everyone were to stop borrowing. More money MUST be loaned into the system for the initial borrower to pay the principal AND THE INTEREST.

In summary, BANKS DON'T LEND MONEY. They monetize the borrower's CREDIT and charge interest on this. Because no loan of real money is actually made, mortgage contracts that state otherwise are fraudulent and therefore NO ONE should or could legally be foreclosed upon. 

Banks are merely accounting firms and should simply be paid a fee for making the transactions...Not the ever increasing simple or compounding interest they charge now, which is usury. Usury makes it mathematically impossible in the aggregate to pay off all the loans created. Usury also inevitably leads to foreclosures and bankruptcies. 

Furthermore, fraud, deception and illegalities are associated with mortgage contracts as follows:  
1.foreclosure deception on the personal level,
2.forged documents in the court on the state level and 
3.securities fraud on the federal level!

Recently, I have researched and picked apart various causes for the economic crisis we are in, namely the high rate of unemployment, increasing foreclosures, poverty, war, austerity programs, bankruptcies, environmental resources being abused, and plutocracy. I have concluded that our current debt-based usurious monetary system based on dishonesty, fraud, forgery, and no transparency is the cause. Instead, we need honest public banking!
Understanding and taking action on this understanding would help ensure honesty and transparency in the banking industry.

One action to take is to support my petition to the Legislation to ensure honesty and transparency at home/house closings. Perhaps you could help support this effort.

I hope you find this helpful!

Call or e-mail me with your comments.

David Snieckus

BIOGRAPHY for David Snieckus. David Snieckus was a Vietnam Veteran, is a graduate of the world renowned Kushi Institute in Brookline, MA, has been practicing macrobiotics since 1977, and resides in Newton, MA. David’s current pursuits: 
an advocate for healthy food and honest money 
co-founder of the Massachusetts Foreclosure Defense League
co-founder of “credit to the people”
For more information on money and credit, contact David at (617) 964-2951 or visit and

¹Money creation in the modern economy (Enclosed) page 15 (See blue highlighted quote in 4th paragraph)
² Money creation in the modern economy (Enclosed) page 14 (See BOLD in overview) 
³ Money creation in the modern economy (Enclosed) page 14 (See orange highlighted quote in over view)