What We Knew Then, What We Know Now: Honoring Neil Garfield and the Evolution of the Fight for Truth in Mortgage Fraud

 

This article expounds upon the abstract titled “How Your Mortgage Became a Wall Street Security Without Your Knowledge,” published on May 20th, 2025.

Introduction

When Neil Garfield submitted his affidavit in the Farina case (U.S. Bankruptcy Court, District of New Jersey, In re: Farina, Case No. 10-41327 (MBK)), (See: FARINA AFFIDAVIT AND DECLARATION (1) – Neil Garfield (1) (1)) he gave voice to a groundbreaking theory: that the system of mortgage securitization had become so complex and deliberately opaque that courts, borrowers, and even attorneys were unable to discern the truth about who owned loans, who could enforce them, and whether any real debt was owed at all.

That affidavit became a cornerstone of resistance for many homeowners and legal advocates. It identified the core problem—securitization without accountability—and questioned the standing of so-called creditors. But over time, what was once theory has evolved into evidence. Today, based on years of investigative work, my findings go even further. This article is both a tribute to Neil Garfield’s foresight and a reflection on how far the fight for the truth has come.

What Garfield Identified: Foundational Truths

Garfield’s affidavit in Farina articulated several prescient realities:

• That most REMIC trusts never received the mortgage notes.
• That the original lenders were defunct or dissolved, and their successors were often unknown or nonexistent.
• That MERS was used to obscure the chain of title.
• That servicers claimed authority without ownership, and trustees operated as figureheads with no risk of loss.

These points shook the foundation of foreclosure litigation and forced judges and defense attorneys to confront flaws in the enforcement paradigm.

What We Know Now: The Evolution

Since that affidavit, years of forensic investigation, administrative process outcomes, and litigation discoveries have confirmed and expanded upon Garfield’s early conclusions. Here’s what has emerged:

• The Notes Were Collateral, Not Transferred Assets: We now know with certainty that most promissory notes were not transferred to trusts but were pledged and traded as collateral in repo markets.
• Delaware Statutory Trusts Are Used to Evade State Law: These shell entities exist only on paper. They are not registered where they conduct business or hold assets, violating state business trust laws.
• No Proof of Loss Exists: GAAP-compliant ledgers proving actual creditor harm are never provided in discovery because no such harm exists—the debt has been paid off through swaps, insurance, or servicer advances.
• Every Foreclosure Is a Re-Liquidation: The same loan is monetized multiple times. Foreclosure is just the final cash-out.
• The Judiciary Has Become Complicit: Courts enforce on presumptions and avoid evidence. Their deference to trust language over ledger proof has sanctioned systemic theft.

Honoring a Trailblazer

Neil Garfield was among the first to name the fraud. He gave language and form to what many felt but could not explain. His work opened a door that allowed others—like myself—to step through and go further.

This article, and the findings in my abstract, are possible only because of the groundwork he laid. Garfield’s voice echoed where others were silent, and his legacy endures in every affidavit, every administrative notice, and every case that challenges fake debt enforcement.

The Path Forward

With new knowledge must come new strategies:

• Administrative processes are no longer optional—they are essential.
• Demands for verification under UCC and FDCPA must be standardized and publicized.
• Courts must be confronted with a pre-litigation record of dishonor and default.
• Legislation must be demanded to update TILA, RESPA, and FDCPA to address securitization-era fraud.

What was once a fight for survival has become a fight for systemic truth. Garfield foresaw the battlefield. We now have the map.

Conclusion

Neil Garfield illuminated the early fraud. What we’ve discovered since proves he was right—and that the deception runs even deeper than he imagined. The tools he introduced have matured into a full framework of investigation, exposure, and remedy.

The fight is not over. But thanks to pioneers like Garfield, the truth is no longer hidden. It is documented, weaponized, and ready for the next phase.