Friday, October 22, 2010

MERS, Fraudulent documentation and Foreclosuregate

I have been mulling over the idea of doing a post on the latest banksters scandal, Foreclosuregate!

But, where to begin?

I knew Ellen Brown had done a good piece on it. This most excellent interview with Ellen Brown had brought her article to my attention The Progressive Radio News Hour - 10/09/10

Then AP blogger @ Twelfth Bough also did a great post on subject called banks piss on the third rail.
She includes the Ellen Brown article in her post.

Still I hemmed and hawed...

The whole thing is complex and I would like to keep it simple. So I chose to go with a focal point.
At the heart of the whole mortgage mess is MERS. What is MERS? Who is MERS?
Understanding this helps a lot to understand the fraudulent mortgage fiasco in the US.

At the center of the foreclosure fraud crisis lies something called "MERS," which is usually described in news reports as a computer system and database.
However MERS is much more then a computer system or a database, as innocuous sounding as that is.

MERS is a nebulous, database-driven entity created by the mortgage industry. let lenders swap mortgages electronically without being slowed down by inconvenient (?) courtroom rules. MERS is "Digital Life" for mortgages, an electronic shell game that makes it hard to track the real party behind a loan. It's designed to

The company's own publicly available documents paint the picture of a legal shapeshifter that appears before the court as the lender and title holder, then morphs itself into a mere service organization when it's time to take responsibility.


2010-10-20-WhoOwnsMERS.JPG

MERS is a subsidiary of "MERSCORP".
MERSCORP is an entity created entirely by the mortgage industry.

2010-10-20-CORPORATESTRUCTURE.JPG




Why did the mortgage industry create MERS? What was the benefit to them to create and use MER's? I'll bet you can imagine, the reasoning is quite self-serving? And you would be correct!
In their own words-

2010-10-20-BENEFITSOFMERS.JPG

No recording or re-recording of assignments. No follow up with investors. No chain of title issues.

In other words the banksters created a free ride for themselves! They gamed the system for their benefit!

As for "ease of delivery into secondary markets" -- that is, the bundling and re-selling of mortgages -- there's no question that MERS has enabled that. MERS provides the chips for the housing market casino.

Completely self-serving!

There are at least two ways "MERS Inc." (that synthetic company that's a MERSCORP "subsidiary" becomes the mock holder of a loan, but the preferred way is to have lenders employ a "MOM" arrangement. MOM stands for "MERS as Original Mortgagee."

An explanation of MOM-

2010-10-20-JUSTTRACKINGBUTISMORTGAGEE.JPG

In order to obtain their home loan, the lender demands that the borrower -- that's you, Mr. and Mrs. Homeowning American -- "mortgages, grants, and conveys" their property to the vague "MERS Inc." The homeowners agree that MERS "holds legal title" and has the authority to exercise all mortgagee rights, "including foreclosure."


So, MERS really does own your home? Nope!

2010-10-20-NOINTERESTSAREXFERRED.JPG

MERS can't own your home, or the note for your home.
Because as MERS states themselves, they are not, NOT a system of legal record nor a replacement for public records.
MERS is merely a handy, dandy transfer system, no tracking required.


I will stop here, on the subject of what and who is behind MERS.Read the rest of the article linked above. Check out twelfth bough's post, read Ellen Brown's article and listen to the interview.

To my understanding, from MERS emanates the need for the all the fraudulent documents.
Since MERS cannot own your home, they have no legal right to foreclose, so the creation of fraudulent documents became a necessity.

If I am mistaken, feel free to express your opinion.

10 comments:

  1. Sounds like a massive conspiracy to defraud and steal, which should be prosecuted under federal law, AKA the 'RICO ACT.'

    But don't look for that to happen, when the other gang of organized thieves and butt lickers, the Republicans steal back control of the corrupt Congress, all of these mortgage frauds will be legalized.

    In 1970, Congress passed the Racketeer Influenced and Corrupt Organizations (RICO) Act, Title 18, United States Code, Sections 1961-1968. At the time, Congress' goal was to eliminate the ill-affects of organized crime on the nation's economy. To put it bluntly, RICO was intended to destroy the Mafia.

    Today, RICO is almost never applied to the Mafia. Instead, it is applied to individuals, businesses, political protest groups, and terrorist organizations. In short, a RICO claim can arise in almost any context.


    http://www.ricoact.com/

    That's the Italian Mafia, not the Jewish Mafia.

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  2. Ha-ha, my truthful additions to the Port of Haifa page are still up!

    Hells bells, should of put in some more truth, but was concerned about even sneaking that little portion in, since many of my additions to other WIKI pages were deleted within hours, some, within minutes.

    http://en.wikipedia.org/wiki/Port_of_Haifa#History

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  3. "Sounds like a massive conspiracy to defraud and steal"

    It really does. The banks set it all up for themselves. To resell their mortgages, quickly and easily, with absolutely no accountability.

    'But don't look for that to happen, when the other gang of organized thieves and butt lickers, the Republicans steal back control of the corrupt Congress, all of these mortgage frauds will be legalized."

    I am afraid so. Unless there is an uprising of sort prior to??

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  4. regarding your wiki editing

    you should try to slip a little more in, just a little.

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  5. Hey Penn, it's been a really long day, twenty hours of putting up rafters but I thought that I'd. drop by. Didn't even read the post but such is life, Huh

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  6. This is off-topic, but worth the read:

    Good thing we're close to Halloween, because this shit about "Julio' is spooky:

    Assange's parents ran a touring theatre company. In 1979, his mother remarried to a musician who belonged to a cult led by Anne Hamilton-Byrne. The new couple had a son, but broke up in 1982 and engaged in a custody struggle for his half-brother. His mother then took both children into hiding for the next five years.

    http://en.wikipedia.org/wiki/Julian_Assange

    The Santiniketan Park Association, also known as The Family and The Great White Brotherhood, is a controversial New Age group formed in Australia under the leadership of the Yoga teacher Anne Hamilton-Byrne.

    During the late 1960s and 1970s Newhaven Hospital in Kew was a private psychiatric hospital owned and managed by Marion Villimek, a Santiniketan member; many of its staff and attending psychiatrists were also members.

    Many patients at Newhaven were treated with the hallucinogenic drug LSD...

    Anne Hamilton-Byrne acquired fourteen infants and young children between about 1968 and 1975. Some were the natural children of Santiniketan members, others had been obtained through irregular adoptions arranged by lawyers, doctors and social workers within the group who could bypass the normal processes. The children’s identities were changed using false birth certificates or deed poll, all being given the surname 'Hamilton-Byrne' and dressed alike even to the extent of their hair being dyed uniformly blonde.

    The children were kept in seclusion and home-schooled at Kia Lama, a rural property usually referred to as "Uptop", at Taylor Bay on Lake Eildon near the town of Eildon, Victoria. They were taught that Anne Hamilton-Byrne was their biological mother, and knew the other adults in the group as 'aunties' and 'uncles'.They were denied almost all access to the outside world, and subjected to a discipline that included frequent corporal punishment and starvation diets.

    The children were frequently dosed with the psychiatric drugs Anatensol, Diazepam, Haloperidol, Largactil, Mogadon, Serepax, Stelazine, Tegretol or Tofranil. On reaching adolescence they were compelled to undergo an initiation involving LSD: while under the influence of the drug the child would be left in a dark room, alone apart from visits by Hamilton-Byrne or one of the psychiatrists from the group.


    http://en.wikipedia.org/wiki/Santiniketan_Park_Association

    Being left alone in a dark room, while tripping on pharmaceutical grade LSD would be scary as hell for an adult, but for a child?

    And I speak from experience about the LSD tripping.

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  7. thanks for the mention Penny, and i'm glad you are tackling this! you have a good handle on the banks and their ways.

    i agree with Greg this falls under RICO. as you point out, this was self-serving all the way. to make their transactions more convenient and to save themselves all those pesky filing fees, which thus deprived the state and local governments of said fees. i hope the whole thing explodes in their faces.

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  8. btw Pen, here's a short video about these banking execs and their fraud:

    http://socioecohistory.wordpress.com/2010/10/23/professor-black-major-frauds-continue-at-mortgage-companies/

    also, i was noticing that a banker in detroit was murdered not too long ago. i started looking into it, not sure if there's anything there but the detroit area was one of the "ground zeroes" of mortgage fraud. in 2008 it had the highest foreclosure rate in the US. maybe he knew too much or was inclined to do the right thing...

    http://www.financialpost.com/news/business-insider/Seven+mysterious+unknowns+case+Michigan+banker+shot+execution+style/3710886/story.html

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  9. AP: "thus deprived the state and local governments of said fees"

    I saw a little video somewhere that the the banksters, over the entire time they were scamming fees, deprived the local governments and counties of about two billion dollars.

    Imagine that money being used for society, not to line the pockets of fraudsters.

    Especially since the depression has taken hold.

    I believe the dead banker was first reported as a suicide but, the shot in the head was 'execution style' so this was murder.

    http://www.cbsnews.com/8301-504083_162-20020324-504083.html

    something is amiss

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  10. "twenty hours of putting up rafters"

    that is a long day of work!

    glad you dropped by, even if you didn't read the post (lash with wet noodle for not doing so) ;)

    ReplyDelete

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