Monday, April 4, 2011

60 minutes on widespread document forgeries and mortgage fraud

[Transcript]

earlier background post on this: the foreclosure fraud fiasco

see also: yves smith on the same

addendum; next see: 60 minutes overtime – who really owns your house?

4 comments:

  1. wonder what the odds are that anything will be done about this, or that someone from the top will do a little hard time?
    probably none.
    probably none.

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  2. there aint enough paddy wagons in the whole country to round up all the culpable banksters, pam...

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  3. I find a certain ray of hope in there. And a certain satisfaction in that the banksters f'd up so royally that they'll have a hard time trying to recover from this. Judges have been throwing foreclosure cases out because of this, and some homeowners are finding that they no longer actually owe the bank anymore, although mostly it's only the liens that are removed from the home, not the actual debt itself. The homeowner can't be foreclosed on or have their home seized for non-payment anymore, but they will still owe the debt. The problem originates in the MERS system, which is used to electronically maintain and transfer the mortgage paper from owner to owner, bypassing the customary filing of the lien at the county courthouse. It saved the companies transferring them a lot of money, but blurred and sometimes even eliminated the paper trail. By law, to prove that someone owns that mortgage the actual paper, the Note, must exist, and quite often they were shredded or lost in the process. I suspect mine was, because I asked for it, and they produced a document with our signatures on it, but it wasn't signed or stamped by a notary. I'm still trying to find the original copies that I have to see if it even is the same paper. An analogy is this; let’s say you have a $100 Federal Reserve Note, and just in case you decide to make a copy of it. You lose it, but you still have the copy and try to go to the bank to cash it in. What will happen? Most likely you would go to jail for counterfeiting, and that's exactly what should be happening to these bankstas.

    There has been some talk that MERS may in fact not be legal, which would really make the mess even bigger. Plus, it has helped the banks avoid paying the filing fees in the counties, which is costing those counties a ton of money. It's in the $100s of billions last I heard. CA alone could wipe out its deficit by some accounts. They might want to fight to get that money back. The banks are trying to fight back by changing/creating a law that would retroactively allow MERS to exist, and for them to make up for their mistake. I hope it doesn't get anywhere, but DC is owned by the bankstas, so I wouldn't be surprised if they get somewhere with it.

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  4. Mortgaging = 666

    Check it here:
    http://antichristcalculator.tripod.com/antichrist.html

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