Foreclosure abuse rampant across U.S., experts say - Reuters

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21. Fedup Queer, I’d be delighted to take a seat next to you.

Permit me to add the next chapter.

Yes, the banks avoided paying billions of dollars to our Recorder of Deeds offices by using MERS, their own private land records system.

The original mortgage lien was filed in our public land records while the banks used MERS to track the subsequent transfers. That blend of private and public land records permitted the banks to create an illusion for homeowners and our courts that they could use to their great advantage.

After the loans were written and the liens filed, the loans were sold off for securitization on Wall Street. Trustees were supposed to properly and legally have all loan paperwork in order which included an Assignment of Mortgage filed in our land records in favor of the Trust that owned the loan.

That rarely if ever happened. Those Assignments should have been filed in our public land records within 90 days, while the Trusts remained open because once they closed, they could no longer legally obtain loans. This is part of the securities fraud that took place on Wall Street with mortgage backed securities because they weren’t actually backed by anything of value.

While the loans were pledged to Trusts, the loans were subject to a Pooling & Servicing Agreement which governed how payments were applied within the Trust. There were Credit Default Swaps & Credit Enhancements which impacted the accounting of the loans. This loan accounting was never combined with the separate & partial accounting that was maintained for homeowners on Main Street.

The banksters designed the MBS to fail and had purchased Credit Default Swaps, (insurance) for themselves at sometimes twice the value of the loans. The MBS market failed as planned, and the banksters collected their Swaps, profiting handsomely.

The banks collected again on the loans when they sold the failed MBS to the buyers of last resort, the U.S. government and the Federal Reserve.

The banks aren’t owed any money on mortgage loans.

Meanwhile, sitting in our public land records, is the original mortgage lien with the loan originator. All it takes is a fraudulent Assignment of Mortgage from the loan originator to another party and that party can claim to own the loan.

Often, in foreclosure cases, there is an Assignment filed from the loan originator to a new party and the loan originator had closed and ceased operations years earlier, which is a glaring signal that the Assignment is fraudulent.

MERS at one point was the Nominee in about 70 million mortgage loans I believe. MERS has no employees yet claims to have over 20,000 Assistant Secretaries and Vice Presidents who sign Assignments of Mortgage, Satisfactions of Mortgage and Affidavits.

There have been 3 incarnations of MERS, and at no point in their history, did they ever create any Assistant Secretaries or Vice Presidents as required by Delaware law where they are incorporated.

Even if the actual person named Linda Green had signed your Satisfaction of Mortgage, she had no legal authority to sign any such document as a MERS officer.

At this point, this post strikes upon my own story and lawsuit, if it is of interest to anyone: http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=439x2412603

Document mills and robo-signing exist because in essence the banksters used the loans to defraud investors & taxpayers while the liens are used to defraud homeowners. After the loan is used to collect money multiple times for the banks, they make use of the lien, document mills and "robo-signing" to recreate the loan and steal real property from homeowners.

I’m hoping that homeowners not only come to understand their securitized mortgages, but also come to understand how securitization created gaps and breaks in their property Titles.

It takes a great deal of forgery, perjury and fraud upon the court to simulate ownership of mortgage loans in foreclosure actions. I’d like homeowners to ask themselves what level of fraud is necessary at this moment, to simulate ownership of their own timely paid mortgage loans.

Rather than spend decades paying a mortgage when I wouldn’t ever receive a valid Deed and have clear Title, I filed a Quiet Title action. Someone owes me much more money in damages than I MIGHT still owe on my mortgage loan.