MERS crisis Continues to Break

[Ahkenaten]

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!

[ascendingstarseed]

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.

[Ahkenaten]

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.

[Etherios]

well on Alex Jones he had Lindsey Williams.... he said that all the ppl that bought the last 2-3 years anything that was foreclosured then they dont own it. The gov/elites will come and take it back because there are no real papers to sell them so the "sell" isnt legal....

[Humble Janitor]

I do want to add that I have a hard time feeling sorry for people who bought homes that were well within their financial reach. I do not view the banks as evil but rather I see the blame falling somewhere in the middle.

[ascendingstarseed]

I do want to add that I have a hard time feeling sorry for people who bought homes that were well within their financial reach. I do not view the banks as evil but rather I see the blame falling somewhere in the middle.

HJ I worked as a Foreclosure Prevention Specialist last year attempting to help people with loan modifications - which basically turned out to be another scam for most borrowers. As an insider I saw how the lenders victimized people, especially the ones who couldn't afford it. Owning a home is the American "dream" everyone is "programmed" into believing we can all have, that plays at peoples most basic emotions and survival instincts and lenders literally preyed on that. President Bush even encouraged the banks to extend these "liar loans", banks literally pushed them on people who were shopping for a home. I saw many cases where the lenders would lie about the borrowers income, their debt to income ratio, their job positions...ie the banker would change the information from "clerk" to "manager".

This whole thing was one big Ponzi scheme, they knew they were blowing up a bubble that would explode! And it did, at the cost of millions of families and an entire global economy that was wrapped up in derivatives, gambling on massive bundles of junk mortgages.

Maybe a very small percentage of people understood the game that was being played and took advantage of it, but most people were just trying to live the American dream. These banks created loans that people had no idea what they were getting into, they lied, they forged paperwork, they deceived people all the time and made a killing while doing it.

Real Estate brokers knew how to up the ante by coaxing borrowers into buying a bigger home than the realtor knew they can afford, but they were able to get them the fake financing...do you honestly think that realtors will do the right thing and talk borrowers into the less expense home, knowing they stand to lose tens of thousands in commissions?! They qulaify them first, then take them out to show the prospect the most expensive home they can get them financed for....then the homeowner falls in love with the home and the game is over. Reason goes right out the window when the broker shows them "See now, we can get the monthly payments in your budget"

Most people aren't that smart or educated and they got taken advantage of. It broke my heart to talk to these people, because most of them I couldn't help. As a matter of fact, the banks didn't want to help anyone, they were throwing people out on the streets and taking their homes. they didn't want to work with the homeowners...it was totally criminal and the reason I got out of it. I couldn't emotionally deal with not being able to help people...

It was all about making as much money as they possibly could. These people are scumbags and they should all go to jail for what they did.

Trust me, the big transnational banks are evil and the guys at the top pushing these policies, creating these loans knew exactly where all of this would lead and that it was a house of cards that would fall. Early in the Bush administration, whistleblowers in both the government and the banks were silenced so the mayhem could continue. I've seen it from the inside, have a friend that works for Chase in the foreclosure dept and have talked to hundreds of homeowners who were facing foreclosure, from the beginning, the Republican admin and the banks knew exactly what they were doing...the borrowers are NOT to blame! This was the biggest heist in American history and so many people belong in jail for what they have done.

[Ahkenaten]

Humble Janitor why do you not see the banks as being evil in this instance? Is there not within the notion of justice a hierarchy of evil? For example, would not someone like, just to cite one obvious exemplar, a Dick Cheney or Bush I or II be "more evil" because of the decisions they and their cohorts implemented that caused the deaths of hundreds of thousands of human beings at a cost that can't even be estimated more evil than, say even one serial killer like Ted Bundy? Shouldn't the punishment fit the crime? What kind of punishment could human beings possibly devise for crimes committed by such people when the benchmark punishment for murder is execution? There is such a thing as a hierarchy of evil. The banks and those responsible for policy making and economic decisions deliberately created a situation where loans were given to people who did not qualify and they BET ON THOSE PEOPLE DEFAULTING BECAUSE THEY KNEW THEY WOULD! It is kind of like leaving the keys in your Mercedes....................of course someone will steal it. The guy who drives off in the shiny car is not the only one to blame and in this instance, the fed, banks, the hedge funds, regulators who looked the other way, their executive teams including faces that are very familiar to us, are to blame. They created the situation, bet on it failing, and made money all the way around. By any definition the banks are evil and much more evil than the little guy who took out a mortgage he could not possibly afford, especially when the market was deliberately tanked - for profit - by these satanic demons from hell, and rest assured, that is exactly what these people are.

[Ahkenaten]

OK so the ticking time bomb is still tick-tocking out there........

here is the latest news on this subject

http://www.msnbc.msn.com/id/40241849/ns/business-us_business

[sjkted]

I do want to add that I have a hard time feeling sorry for people who bought homes that were well within their financial reach. I do not view the banks as evil but rather I see the blame falling somewhere in the middle.

Have you done your research on this topic? What about all of the people who owned their homes outright and then had them foreclosed/stolen by the bank? And, what about the people who were current on their mortgage, but were still foreclosed on? What about the illegal fees being charged contrary to the Truth in Lending Act? And, what about the part of the robosigners? And what about mortgage-backed securities that have been sliced and diced so it is impossible to figure out who owns the property?

I would have thought this was all ludicrous a few years back, but it is all really happening.

Take a look at a deposition with a robosigner. This young lady was responsible for signing 3,000-5,000 forclosure papers per day as the VP of various banks. Of course, she didn't read any of them, wouldn't have understand what she was reading even if she did, and does not hold a position like a vice president that is required for the documents to be bona fide legal. And, may I add that this is standard practice, rather than a "rogue" bank.

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These banks are guilty of fraud. There is no middle ground here.

--sjkted

[sjkted]

And, if that isn't enough for you, here's some videos of banks demolishing brand new houses:

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--sjkted