Is lending illegal in the United States?
Nick1234 asked 9 years ago
so I have a question about bank "lending"...do banks lend money of account, or do they perform exchanges? I believe the correct term is money of exchange? Is lending illegal in the United States? For instance, I sign a promissory note attached with a mortgage note granting a security interest in my home, does that get deposited with a reserve bank and exchanged for a check in the face amount times ten? If this answer is yes, that's a whole lot of fraud and deception isn't it? What is the process in obtaining the call report on the loan to see if the account has been zeroed out? Thank you for your patience, I know you guys prefer one question at a time.
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