The next financial crisis
K. B. Thomas
Thursday, December 3, 2009
This is all about mortgage servicing fraud. The Kansas Supreme Court knocked out MERS (Mortgage Electronic Registration Systems, INC Sovereign Bank). William Allen White said, “When something happens first, it usually happens in Kansas.”
If you have been foreclosed on by MERS, you may be able to seek damages. Use Livinglies.com as your resource to educate yourself. Consult with local counsel; start with the listing “Lawyers that get it.” Get a forensic review, not just a “TILA loan audit.” And challenge everything.
As I understand it, the companies seeking to foreclose never owned the mortgage, note or obligation. They have no right to your property or the proceeds of sale to your property. Most borrowers did not know that they were signing up for huge fees by unknown parties.
So many were lured into these sub-prime loans by mortgage brokers who told them that if they made 12 payments on time, they could refinance at a lower rate. This never happened and a lot of people were looking at 12 percent or more.
MERS has about 60 million mortgages on the books nationwide.
The splitting of the note and the mortgage creates a defect in the title. This could mean that all previous foreclosures under MERS are subject to compensation to the homeowner or reinstatement of the homeowner as possessor and owner of the home or both.
According to Livinglies’ Strategies, “the moral of the story is that these encumbrances (mortgages) don’t exist in most cases, the foreclosures were all fatally flawed, the people who have been chased out of their homes, still own their homes, and the parties seeking to enforce the note can do so only as unsecured creditors and only if they prove that they lent the money that funded the loan and only if they are willing to be subject to counterclaims, cross claims, affirmative defenses and defences of the borrower relating to predatory lending, appraisal fraud, securities fraud, rescission under all available theories of law, damages, treble damages, punitive damages and consequential economic damages.”
MERS bypasses the basic requirements of law in effect since the 17th century.
If you think you may be a victim, please contact a lawyer of your choice.
This report is the research I have done on the Internet. It may contain flaws so contact your real estate attorney.
I believe the net result of cases in Kansas, Massachusetts and a federal court in Ohio plus a new Financial Accounting Rule will make banks put back on their books Billions of dollars.
Loans other than MERS are eligible-foreclosure plaintiffs who do not own the mortgage and note at the time of filing lack standing to pursue cases. Ohio Supreme Court lets Wells Fargo V. Jordan stand because Wells Fargo did not have both the note and the mortgage when the complaint was filed.
Ellen Brown wrote: “The pirates seem to have captured the ship, and until now there has been no one to stop them. But 60 million mortgages with fatal defects in title could give aggrieved homeowners and securities holders the crowbar they need to exert some serious leverage on Congress — serious enough perhaps even to pry the legislature loose from the powerful banking lobbies that now hold it in thrall.”
According to Richard F. Kessler, if the mortgage was converted to a securitized mortgage, it is unenforceable — See your attorney. When all this is exposed to the public, it will make Jesse James look like a parking ticket. You might say it was almost the perfect crime.
We need to take our country back from this financial coup d’etat by Wall Street.
Comments
We allow registered users to post comments on this Web site. To learn more about our posting policies please read our User Poster Agreement Policy.
4closureFraud (anonymous) says...
Not only are the doing everything you stated above, they, MERS and the servicers, are forging and fabricating documents to process the foreclosures.
Do the research and see for yourself.
It is all in the public records...
4closureFraud
http://4closurefraud.wordpress.com/
December 3, 2009 at 2:23 p.m. ( permalink | suggest removal )
MikeDillon (anonymous) says...
4closurefraud is absolutely correct. Documents are being forged and fabricated and have been for some time. Copies of documents are being introduced as "originals" to courts and registries of deeds. And foreclosures are being conducted by entities that have absolutely no legal standing to foreclose on homeowners.
Payments continue to be held until considered "past due" by servicers. Homeowners continue to be assessed for force placed insurance when they have their own policies in place.
I would also suggest that anyone interested read "Where's the Note, Who's the Noteholder" by the Hon. Samuel Bufford and formerly Hon. Glen Ayers for a quick primer on Article III of the UCC and it's application to foreclosures in general and, specifically by MERS.
Additionally, the 3rd Circuit Court of Appeals recently remanded the Alston v. Countrywide class action for further review. If I remember correctly, Alston alleges that Countrywide and it's subsidiary Balboa Insurance have been involved in a kickback scheme surrounding it's private mortgage insurance business.
On a related but separate note, I have posted under Exhibit T on my FTC GAO Review request page at http://www.getdshirtz.com/GAOreview.htm a "Memorandum of Interview" involving statements obtained by HUD-OIG during an interview conducted as part of their criminal investigation of Fairbanks Capital Corp. in 2003 as part of USA/Curry v. Fairbanks. To paraphrase, in this statement the interviewee says that kickbacks for force placed insurance were not only flowing between Balboa Insurance and Southern Business Corp. for force placed insurance but that the practice was/is industry-wide and that Fairbanks Capital did business with Balboa.
Mike Dillon
Manchester, NH
www.getdshirtz.com
December 3, 2009 at 3:40 p.m. ( permalink | suggest removal )
biscuitboy (anonymous) says...
And these are the unfettered capatalist that have the country's best interest at heart. Never trust the government only trust your friends in private enterprise. Have I got a deal for you.
December 3, 2009 at 5:09 p.m. ( permalink | suggest removal )
reddog (anonymous) says...
Today lawmakers chided the Fed in Bernanke Hearing but, Congress did not take ownership on anything themselves.
December 3, 2009 at 5:53 p.m. ( permalink | suggest removal )
biscuitboy (anonymous) says...
we are talking about mortgage comapnies here.
December 3, 2009 at 6 p.m. ( permalink | suggest removal )
reddog (anonymous) says...
yy4u you hit it right on the nose and they tell me no one is selling cars.
December 4, 2009 at 12:08 a.m. ( permalink | suggest removal )
reddog (anonymous) says...
Please google Who is MERS and why are they suing me? The consumer warning network.
December 4, 2009 at 12:34 a.m. ( permalink | suggest removal )
biscuitboy (anonymous) says...
YY4U .......the government was too quick to approve and legitimize the sub prime loans.....but it was the mortgage companies and banks that made and initially profited off of them.....it was the banks that received the bailouts when their cash cow went teats up.....and it is the mortgage companies that are now cooking the books. Would you like some jelly reddog?
December 4, 2009 at 3:44 a.m. ( permalink | suggest removal )
mslater (Matt Slater) says...
Definition of irony:
1994
Buycks-Roberson v. Citibank
ACORN alleges that racist Citibank refuses to give loans to minorities (irregardless of whether they could pay them back or not), and hires lawfirm to sue Citibank. Citibank settles out of court for undisclosed amount of money, and proceeds to start giving out all manner of sub-prime loans. In the future, other banks, Bank of America, to name one, are targeted by ACORN and Buycks-Roberson, along with other lawfirms.
The lawyers in this historic first case to make banks give out sub-prime loans are as follows: (read the second to bottom, kinda interesting, as being it is the same person who has to give out BILLIONS of taxpayer dollars to bail these same banks out 15 years later)
Plaintiff’s Lawyers Alexis, Hilary I. (Illinois)
FH-IL-0011-7500 | FH-IL-0011-7501 | FH-IL-0011-9000
Childers, Michael Allen (Illinois)
FH-IL-0011-7500 | FH-IL-0011-7501 | FH-IL-0011-9000
Clayton, Fay (Illinois)
FH-IL-0011-7500 | FH-IL-0011-7501 | FH-IL-0011-9000
Cummings, Jeffrey Irvine (Illinois)
FH-IL-0011-7500 | FH-IL-0011-7501 | FH-IL-0011-9000
Love, Sara Norris (Virginia)
FH-IL-0011-9000
Miner, Judson Hirsch (Illinois)
FH-IL-0011-7500 | FH-IL-0011-9000
Obama, Barack H. (Illinois)
FH-IL-0011-7500 | FH-IL-0011-7501 | FH-IL-0011-9000
Wickert, John Henry (Illinois)
FH-IL-0011-9000
http://www.mediacircus.com/2008/10/ob...
Matt
December 4, 2009 at 4:01 a.m. ( permalink | suggest removal )
biscuitboy (anonymous) says...
Matt
Well if the lawsuit was filed by ACORN.....and settled "out of court" by the banks why is this mess attributed to the government. Based on what you are saying it appears to me that the banks just rolled over and jumped then on the cash cow. That being the case the fault lies with ACORN and the banks. And despite the fact that our setting President represented ACORN at one time...the last I heard ACORN was not the government. The government came to the mess when it smiled on the questionable loan practices and allowed them to take place.....but it neither caused nor profited from them.
December 4, 2009 at 4:35 a.m. ( permalink | suggest removal )
biscuitboy (anonymous) says...
As to President Obama now often being viewed as somehow the embodiment of ACORN......he was a practicing lawyer. And what lawyer hasn't represented.....and even ate and drank.....with clients that they had little or no personal like for or agreement with. Not saying this was or was not the case with Obama and ACORN...but to do his job a lawyer must at time represent clients he might find repugnant.
December 4, 2009 at 4:40 a.m. ( permalink | suggest removal )
methusla (anonymous) says...
Lawyers, who says you can trust lawyers to do the right thing, that is most of them, there are apparantely some decent ones, rarely !
If I am not mistaken was or isn' t Congress and our government, made up of, mostly lawyers/carrier politicians? And where has that government make-up gotten us ?
December 4, 2009 at 7:21 a.m. ( permalink | suggest removal )
biscuitboy (anonymous) says...
I'm not necessarily defending the nobility of the legal profession.....the point I was trying to make is that lawyers are not normally held accountable for the actions of their clients....but that is a point many people seem to forget when it comes to President Obama.
As to lawyers making up the bulk of our Congress it could be argued who better to write our laws than lawyers but the general perception nowadays seems to be that they have done a pretty poor job of it. So perhaps we should turn the job over to gardeners and plumbers...remember Joe....and unemployed court stenographers.
But the operation of a moderately large company....much less a hugh and diverse country.....requires much more than the sound bite jingoism that so many people seem so enamored with today....(again remember Joe the Plumber and Sarah Palin). An historical precedent for this can be seen when the bureaucrats of the Russian Czar's rule was overthrown by the Soviet working man's proletariat. The resultant Soviet Union barely lasted a hundred years. I doubt the gardeners and plumbers would do much better here.
December 4, 2009 at 7:53 a.m. ( permalink | suggest removal )
biscuitboy (anonymous) says...
One more question...and I mean this as a serious question.....just where has our country gotten us? The last time I looked there were few children dying in the streets as in so many of the third world cesspools around the globe.
Women are not driven into a soccer stadium and shot in the head for Sunday amusement. Most of us still manage to have enough to eat and a relatively warm place to sleep. And we are still the primary destination of choice of most of the world's immigrants. I realize we are going through some hard times right now (and please note I am pointing no fingers).....and our standard of living is slipping some. but there are many very complex reasons for that. Things like the energy crises, depletion of our own natural resources, and the emergence of technology in other parts of the world, etc., etc.,all have played a part. So what about us has all of a sudden become so terrible?
December 4, 2009 at 8:04 a.m. ( permalink | suggest removal )
methusla (anonymous) says...
But, biscuitboy, the problem, as I see it, when you have 300 or 400 lawers who represent the very corporations, influential individuals in private practice and who are basically still paying these lawyers, who are now, basically in control of the governments policy making and lawmaking, who do you think will benefit the most from that situation !
December 4, 2009 at 8:08 a.m. ( permalink | suggest removal )
biscuitboy (anonymous) says...
Oh I hear that methusla....so the real cure probably lies more in term limits and control of the lobbyist.....and turn the real operation of things back to the bureaucrats rather than the bought and paid for politicians. Right now I have to go earn the daily bread. talk to you later.
December 4, 2009 at 8:28 a.m. ( permalink | suggest removal )
biscuitboy (anonymous) says...
methusla
I guess my real beef is with soundbite solutions to complex problems. You can't define what is needed in this country today...much less explain how you propose to provide it in thirty seconds but that is what most of our politicians seem to want to do these days. Sarah Palin's cute little nod and a wink doesn't tell me anything...but that seems to be enough to satisfy many. Well if that's all we asked of our politicians how can we complain when that is all they deliver. And yet just as posters some times here start to complain about any post over two sentences long......it seems many voters any more lack the attention span, or the ability to comprehend anything longer than that. If that is what we have come to as voters in the world's premier democracy......then that is what we deserve.
December 4, 2009 at 5:06 p.m. ( permalink | suggest removal )
reddog (anonymous) says...
Listen to Alex Jones radio call 512 646 5000.
December 4, 2009 at 10:24 p.m. ( permalink | suggest removal )