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Definition of a National Bank - "Residential Mortgage Loan Originators Source"

August 12, 2015

National Bank are Federal branches and agencies of foreign banks, and their operating subsidiaries operating outside the several states of the Union.

Subpart F—Registration of Residential Mortgage Loan Originators Source:
75 FR (Federal Register) 44684, July 28, 2010, unless otherwise noted.
§ 34.101 Authority, purpose, and scope.

(a) Authority. This subpart is issued pursuant to the Secure and Fair Enforcement for Mortgage Licensing Act of 2008, title V of the Housing and Economic Recovery Act of 2008 (S.A.F.E. Act) (Pub. L. 110-289, 122 Stat. 2654, 12 U.S.C. 5101 et seq.).

(b) State means any State of the *United States of America, the District of Columbia, Puerto Rico, the Virgin Islands, the Northern Mariana Islands, American Samoa, and Guam.
(note) 18 U.S.C. Section 1001, we find that the "United States of America" is currently defined as an agency of the United States. In the context of the Downes v. Bidwell decision, we find that these insular possessions, which are not incorporated in the constitutional scheme, are "foreign" to the United States, i.e., to the Union of States. Therefore, this political alliance or compact known as the United States of America, which first appeared in 1918 legislation, is a government foreign to the United States and the several States even though the member insular possessions belong to the United States.

(c) Scope. (1) In general. This subpart applies to national banks, Federal branches and agencies of foreign banks, their operating subsidiaries (*collectively referred to in this subpart as *national banks), and their employees who act as mortgage loan originators.

JP Morgan CEO Jamie Dimon said of Massachusetts Senator Elizabeth Warren (D), “I don’t know if she fully understands the global banking system.” Indeed!

 

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Nancy Duffy McCarron, CBN 164780
Attorney, Real Estate Broker, BBB Arbitrator, CA Notary Public
Certified Forensic Loan Auditor, Property Manager

 

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