20th October 2010 20:21
Link to Post #1
MERS crisis Continues to Break
The issue of the banks and the electronic system they use to securitize mortgages continues to burn as a major issue in the US...........................although the PTB have not been able to keep this explosive story under wraps most of the coverage that does come out fails to take the implications to their logical conclusions............
if banks/MERS are found not to have standing in court in proceedings to foreclose on real property, and clouds are on the chains of title to properties in which the MERS-member banks and MERS were involved, what would prevent current mortgage holders (I AM NOT EVEN DISCUSSING THE 60 MILLION properties in foreclosure presently in the US) from preemptively filing actions to quiet title on their homes, thereby removing banks from the chains of title (because they have no legal standing inasmuch as laws concerning filing of proper mortgages and security instruments have not been properly filed in county court houses) leaving the owners sole owners and occupiers of said property, and eliminating any obligation they might have to pay off the balance of their mortgage?
This is very radical stuff, folks. I read somewhere today that meetings are occurring at the White House today on the subject, which doesn't bode well. They tried to push through a bill last week to rescue the banks from their own greediness and lack of attentiveness to the laws of the land..........and Obama used his pocket veto on the bill.
Will the try to "nationalize/socialize" private property in the US to help the banks out on this one? There is recent precedent for doing so (the bank bail-out in October '08, and the bail-out for the airlines and the auto industry as well!) I don't think that would sit well with the property rights people in the US and as dumbed-down as the population might be, no one would fail to note that their private property had been taken over by the government and given to the banks!
THIS IS A REAL PROBLEM, FOLKS!
It may be a little too interesting to see what happens next!
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Ross (18th November 2010)
21st October 2010 08:33
Link to Post #2
Re: MERS crisis Continues to Break
i have a very good friend in Los Angeles who works in the foreclosure dept at Chase Bank, last year Chase Bank was illegally foreclosing on homes, then they would bundle up the foreclosed properties and were selling them to the Chinese, and they may still be doing it. They're going to have a real mess on their hands if the courts side in favor of the homeowners and people who were illegally thrown out of their homes are granted the right to get their property back...which is why the gov't will probably favor the banks over homeowners - so they don't get China angry.
it's all one big ponzi scheme where a few people at the top got very, very rich...bankers need to be publicly tarred and feathered, then sentenced to jail for life for what they've done to this country.
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Ross (18th November 2010), sjkted (19th November 2010)
21st October 2010 17:22
Link to Post #3
Re: MERS crisis Continues to Break
Needless to say the banks are engaging in criminal behavior by any definition and that is why more and more state attorneys-general are looking into various aspects of this issue. Not the least of which is banks routinely instructing people calling to inquire about renegotiating their original mortgages to not pay their mortgages, thereby putting the home-owners at risk for foreclosure actions and some states like CA do NOT require court proceedings to foreclose. There is a lot of activity in the courts across the US in different jurisdictions - bankruptcy courts, etc - wherein the judges are finding that the banks/MERS do not have legal standing to foreclose.............if they do not have legal standing to foreclose (as one court found in California on May 10, 2010) then how, pray would these same banks/MERS have any standing in Actions to Quiet Title? Tarring and Feathering would be too good for people who willfully suckered people into loans they couldn't afford, kited the market up, sliced and diced bad mortgages and resold them as "securitized derivatives" sometimes a thousand times over, took all their fees in cash up-front, suckered people into defaulting on their mortgages triggering foreclosures, unlawfully ejected people from their homes even if they were not in default, and on top of that, had the balls to bet on these junk mortgaged failing!! The bad guys in this instance include the banksters, the hedge funds, the so-called investment brokerage firms, the title companies who colluded with the banks in fraud, and the real estate industry that complied with the kiting of the market bubble. The template for this was the S & L fiasco of the 80's, and they saw that it worked so rolled this one out on us......the banks are unregulated and Sarbannes Oxley should be reinstated. But inasmuch as our so-called elected representatives in the US take money from the Banks and apparently are at the beck and call of the federal reserve system, there is little hope for reform through legislation. People should continue to be very vigilant about attempts to "correct" the situation to the benefit of the banks by jamming another bill through to 1.) hold the banks and others harmless as A T & T was held harmless for spying on US citizens in the name of national security, 2.) and wholesale transfer of property rights and ownership directly to TPTB under the guise of resolving a banking crisis that threatens to bring down 'the entire US economy' (in reality the banks) through socialization/nationalization or whatever euphemism they want to use for taking property away from the people of the US. We owe the equivalent of the value of ALL our property in the US right now to China, by the way - and all of these things through the doing of TPTB NOT the working, all-suffering people of the US.
22nd October 2010 00:15
Link to Post #4