The Voice of the White House
Washington, D.C. October 15, 2010: “No matter what I write now, within an hour or so there will be more breaking news on the rapidly-growing and enormous American mortgage fraud. The issue? The concrete fact that over 50 million (!) American mortgages have been sold to major banks such as Goldman Sachs and Bank of America. These mortgages have been combined, sausage-wise, into so-called ‘investment packages’ and quickly resold by these banks to overseas investors. The result of all of this slicing and dicing is that it is totally impossible for anyone, ever, to locate the holder of any specific mortgage.
In order to cover up this criminal activity, the government has set up an organization called MERS which is designed to cover up this mess. And the recent, and growing, scandal wherein major banks, like JP Morgan-Chase, were resorting to completely forged official papers in order to foreclose on properties. Why were these respectable institutions resorting to fraud? Simply because when it came to foreclose on a failing mortgage, the banks were totally unable to locate the holder of said mortgage and as a result, deliberately faked ownership papers.
And many of these foreclosed properties were promptly resold by the banks to new owners. The problem with this is that the new owners do not have (and can never get) a clear title to their new purchases and, worse, now that the previous owners learn that they were evicted by the use of false documents, the homes legally will revert to the original owners. The new owners, who paid money for the repossessed homes will lose all of their investment and their only recourse will be to attempt to sue the bank to get their money back. Lawsuits are very protracted and very expensive matters as many will soon find out. And the mess is growing worse and more nightmarish day by day.
There is the classic example of the homeowner in Florida who had his house seized by the bank and was evicted although he had no mortgage!
From the Associated Press, the public has not learned that JP Morgan-Chase has stopped using MERS after lawyers have argued in court proceedings that the system is unable to accurately prove ownership of mortgages. “The system lacks the required paper trail to prove mortgage ownership in foreclosure proceedings.”
In short, legal documentation does not exist.
And to make this enormous swindle even worse, although the Obama administration has been fully briefed on this, the President has stated (see story below ed.)that he does not want to halt evictions and obviously does not want to interfere with the banks. However, by his deliberate inaction, Obama will not halt the growing avalanche and he has long passed the point of no return.
Because Obama will not test the power of the banks, the defrauded and evicted Americans have only one option and that is to refuse to make any further mortgage on a MERS-covered home mortgage unless, and until, the real owner of the deed is identified. The monies given in mortgage payments must be placed in a savings account (easily opened in most banks) and left there until the paper mess is cleared up. And the Americans who have MERS paper must never sign any papers concerning this matter unless they consult with an attorney. Since MERS has hastily moved all of its records to India, they have deliberately made legal investigations nearly impossible. Don’t refuse to pay on a faulty mortgage but put the money in escrow until a deed, not a fake ‘MERS’ certificate, is forthcoming. And if you don’t take care of this, you will end up on the street with your furniture next to you.” Continue Reading »