Thursday, September 29, 2011

Foreclosure Crisis: The Bankster Creation of a System to Subvert the Law

If you think this foreclosure crisis, just happened due to ignorance, stupidity, and/or sloppiness, think again. It was deliberately created.

How can we know that the groundwork was laid for this crisis, brought about by fraudulent practices - that continues on, despite the bankster's promise to halt their illegal activities - far in advance of the rampant predatory lending that date back to 1998, possibly even further?

Well, the banking industry decided long ago that people's homes could be and would be treated like a stock or bond transaction. So, in 1993, they set up an index, MISMO - which maintains voluntary electronic commerce standards for the mortgage industry - in such a way that the data files could be manipulated by Wall Street.

At the same time, the electronic system that would facilitate high-speed transactions, Mortgage Electronic Registration System (MERS) started to come to life, and went into action in 1995. There are over 3,000 counties in the US and MERS has infiltrated all of them. Due to MERS, the chain of title of 100 million properties established in the county land records has been circumvented, convoluted, and irretrievably broken.  Thus, without the the creation of MISMO/ MERS by the big banks, a foreclosure crisis of this magnitude is not possible. 

What is MERS? 

MERS is an entity that operates an electronic database.  It records your deed, your mortgage, your note, etc., electronically, but does not record the interest in the property at the courthouse, which is required (every conveyance of the property should have a separate document placed in your record, and it should be in a,b,c,d order) by law.  Moreover, it has a very bizarre corporate structure. It is almost a virtual company with 47-48 members   (they outsource through EDS). In addition to the 47 MERS members, there are approximately 20,000 signing officers authorized on its behalf, who have never received a dime from MERS, and who work full time for another company - sometimes a bankrupt company.

Now, MERS enabled lenders to buy and sell securities on Wall Street with nothing but an electronic handshake. Even though MERS was supposed to ensure a transfer can’t happen without both parties in agreement, almost all of the documents have the signature of the same person as representative of both parties (poorly paid robo-signers, which is still going on, despite the bank's promise to stop were/are used to sign/stamp affidavits). So, this accelerated process greatly increased the quantity of transactions, which, in turn, greatly increased the bottom line of the greedy banksters. In other words, this entity was set up so they could play with our money on Wall Street! 



However, because almost all of the intervening assignees, who bought and sold these securities, did not bother to record their interest in the land records at the courthouse, it produced breaks in the chain of title. Not only that, the counties lost/lose tens of millions of dollars in fees that MERS never paid!  In total, across the US, that's $60 billion! MERS even states that it's  not a substitute for the land records. 

And if you closed on a property, especially after 2003 (dates back to 1998), most assuredly, there was an 18-digit MERSmin located in the top right-hand corner of the title, indicating that an electronic file was already set up and waiting for you.

In a nutshell, MERS enabled the banksters to avoid fees, sped up the mortgage securitization process to allow for countless transactions, all the while, obscuring their activity.

Registrars like Thigpen in North Carolina and John O'Brien in Massachusetts say they have taken their findings to federal authorities. Except for a call from the North Carolina attorney general's office, though, Thigpen says he has been ignored for months.
What happens if you do have MERS on your mortgage?

Even if you avoid foreclosure, with MERS on your mortgage, you still may have a problem.  Eventually, the title companies will start to deny homeowners with clouded titles (MERS), coverage. So, when you go to refinance or sell the property, the title company (many of whom are owned by the big banks who created this disaster) could refuse to insure MERS properties, fearing exposure to lawsuits for a defect in the title. The title company only inusres defects previous to the issue of the warranty deed.

Meanwhile, the banks are going to court with forged and fabricated evidence (documents are backdated, include descriptions of events and actions that did not take place, are executed by individuals under titles they do not hold, and signed by someone else's name) to support their claims, in order to foreclose!

As William Galvin from Southern Essex District Register of Deeds - Salem Deeds - said, there should be a mortgage forensic auditor involved in all foreclosure court actions to ensure the information presented to judges by the banks is, indeed, accurate. Unfortunately, you cannot do this yourself as one needs access to the ABSNET Loan system, and/or the Bloomberg Terminal that actually determines where the note/ mortgage came from and who owns the note/ mortgage...the cost is $200,000 per year.

Step by Step:

Step One: Check on the status of your title.  Get out your mortgage paperwork. You should have a copy of a grant deed, warranty deed (anything with deed on it) that establishes your rights to ownership in the land and lists your name as the grantee.  There should be a legal description that is specific to that piece of property. this document gives you the right to convey, sell the property to whomever you want because you are lawfully seized of the estate which means you have it to hold in fee simple freehold.

Step One: Check Protect America's Dream to find out if you have MERS on your mortgage.

Step Two: If it is, go to your county recorder's office, and, ascertain, through the recorder of deeds how their system of recordation is set up. Go through your file and ensure that every conveyance on your property has a separately filed document or assignment. If not, your chain of title is clouded, which simply means an adverse situation that creates a break in the chain of ownership assignment in a title to real property, thus making it unmarketable.

Step Three: If you have a clouded title, if you want to know who has a potential claim on your property,get an attorney to file a Quiet Title Action,   and/or a Declaratory Judgment Action which gives the court the right to determines the interest  of the parties coming before it with a claim or disclaim

Get the book, Clouded Titles, by Dave Krieger is an excellent reference that will guide you step by step through the process.

Links:

States offer big banks deal over Robo-signing Lawsuit.

Claim that banks conspired to Fix interest rates before and after financial crisis

Goldman, Litton, Ocwen sign New York robo-signing deal

Merscorp Mortgage Registry Has Civil Racketeering Suit Dropped in New York

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