Attention: Brian and Delan
I have spent a good part of my weekend doing some research that all Diamond Financial staff and management should be aware of.
Here are many links proving Creditors sell debt therefore Diamond Financial could have sold my debt.
To generate the following searches yourself simply enter into google search engine the following phrases:
“Are my credit card debt securitized”
AND
“What is securitization”
The following link is From Wikipedia, the free encyclopedia:
https://en.wikipedia.org/wiki/Securitization
In the above link Wikipedia definition it states clearly
“Securitization is the financial practice of pooling various types of contractual debt such as residential mortgages, commercial mortgages, auto loans or credit card debt obligations (or other non-debt assets which generate receivables) and selling their related cash flows to third party investors as securities”
In the following link:
https://thismatter.com/money/bonds/types/abs/credit-card-abs.htm
it states clearly in the second paragraph.
“A card issuer sells a group of accounts to a trust, which issues securities backed by those receivables. The card issuer still services the account, but the assets are removed from its balance sheet.”
In the following link:
https://www.brown.edu/academics/economics/sites/brown.edu.academics.economics/files/uploads/(Stella)%20Ruizhen%20Liu_Thesis_Final.pdf
it states clearly in the third paragraph
“Securitization, a process of pooling illiquid financial assets (such as loans, bonds, and mortgage) and selling the assets as liquid products to investors, emerged in 1970s and grew dramatically in early 2000s. “
Furthermore under the heading “II. Background & Past Academic Papers ” it clearly states
“The process of securitization is as following: first, the originators pool a group of similar illiquid and non-tradable financial assets (such as mortgage or car loan payments). Second, they transfer those assets to a Special Purpose Vehicle (SPV), whose sole purpose is to issue the securities. Then, they repackage the cash flows through financial contracts with different parties involved. “
According to the Dictionary: “Transfer” is another term used for the term “Sell”.
The following link is from the financial post stating Credit Card Debt is securitized (Banks sell Credit Card Debt):
http://business.financialpost.com/news/fp-street/dbrss-take-on-credit-card-debt-and-securitizations
The following link
https://www.concentra.ca/Pages/content.aspx?gp=Credit%20Union&sub=Securitization
states clearly in the second paragraph
“Securitization is the practice of combining various debt obligations (like residential mortgages, commercial mortgages, auto loans or credit card obligations) into one consolidated debt instrument, or security, such as a bond. Once the debt obligations have been pooled, a coupon is set and paid to the bond purchaser.”
The use of the term “purchaser” proves they are referring to the bank selling your debt
he following link
https://www.nerdwallet.com/blog/mortgages/banks-sell-loans/
Is titled “Why Banks Sell Loans They Make”
Under the heading:
“Why loans are sold”
“Many consumers don’t realize there’s a thriving market for loans, referred to as the secondary market. When you borrow from a bank or credit union, you may not notice that the fine print on the lending agreement says the loan may be sold.
“Most lenders sell loans due to liquidity reasons, meaning they don’t want the loans in their balance sheet,” says Cristina Zorrilla, assistant vice president of mortgage pricing and investor relations with Navy Federal Credit Union. “They sell loans so they can lend to more borrowers.”
Some lenders sell loans to other financial institutions but keep the servicing rights.
This means the customer still deals with the same lender and sends the payments to the same place. It hardly affects consumers, since the point of contact doesn’t change. However, many lenders don’t have the capacity to continue servicing all the loans they make, so they sell both the debt and the servicing rights. When that happens, customers have to send their payments to a new organization — and will deal with that new party if problems arise. Only a few, including Navy Federal Credit Union, never sell servicing rights.”
YOUTUBE VIDEOS Mentioning Creditors Sell Debt:
The following videos are explaining Securitization. They can get pretty in depth therefore we have mentioned the time within the video when they mention the Banks sells the debt to a third party.
Watch The Following Video From The Beginning to 1:39. At this point there is no point on watching past 1 min and 39 seconds of this video for now. At 1:20 of the video it states clearly the bank sold your debt!
https://www.youtube.com/results?search_query=securitization+explained
Watch The Following Video. This Video will explain how your credit card debt was SOLD / Securitized. Every Canadian should be aware of this fact. Watch The Entire Video but PLEASE NOTE: At 1 min 3 seconds (1:03) of this VIDEO it states the Credit CardDebt Is Bought and Sold
Also
at 1:30 of the above video he states Credit Card debts are bought and sold
at 2:30 he states they sell the debt to another party
at 3:05 he states a third party comes and buys the debt
https://www.youtube.com/watch?v=SrHRwKsZprM
At 0:43 seconds of the following video there is a diagram notice the diagram where it illustrates Fannie Mae exchanging money to the bank (buying the debt from the Bank) https://www.youtube.com/watch?v=V60IQEDbxPM
At 29 seconds of the following video it states clearly the bank sold your debt via securitization
https://www.youtube.com/watch?v=ZxK2H0a3E90
50 seconds he states the banks want to sell the debt
2:25 of this video he says they grouped your debt and cut it up and sold it
https://www.youtube.com/watch?v=67qAPwGQecw
30 seconds of this video he states clearly they sell the debt
https://www.youtube.com/watch?v=3AwVKKoNQ_A
50 seconds of this video it states the banks will sell your debt
https://www.youtube.com/watch?v=7ofC-KuMl80
The above is simply the tip of the iceberg of what can be found on the internet proving Creditors buy and SELL debts.
In conclusion:
Your request to have myself together with the Private Lender forward the funds without verifying Diamond Financial in fact still owns the debt(satisfying our conveyance conditions) is unreasonable.
I am expecting my due process via a response within a reasonable time of how and when the conveyance conditions will be satisfied so together with the Private Lender we can payout the rightful owner of the debt.
I give you permission to contact me via email but I do not give you permission to contact me by telephone.
I feel this matter is serious and wish to deal with it in writing. Documenting all communication is crucial to the integrity of this type of Commercial Transaction.
I hereby authorize Rondal Gardner (contact number 250-306-1534) to speak on my behalf pertaining to this matter within the Capacity of Debt Consolidator paying out my outstanding debt via debt consolidation loan.
Yours sincerely,
Martin Van Driel