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IPFS News Link • Housing

Foreclosure-Gate: MERS Adherents Are Starting to Make Threats

There is absolutely no reason why the Trustee should not have recorded their interest at the time of formation of that pool, assuming they were and are following the law on REMICs and that they actually have the notes. We're talking about, on average, about $30 to record these things. On a pool of 1,000 mortgages - a $100 million pool, assuming an average $100,000 balance, this is $30,000 in one-time expense, or 0.03% of the loan balances. Too hard? Too expensive? Nonsense. Doing so would have proved that the pool actually owns the note and has received it. It would also prevent selling the same note twice, or waiting until it defaults to "give" the bad debt to a "high risk" pool hile keeping the "good" ones for "favored" people. That is, it would have documented compliance with both IRS REMIC regulations and the PSA governing the trusts, along with the UCC and State Property Law. The Trusts would have got all that for just $30 for each mortgage. So why didn't they? There are all sorts of "reports" flying around that in fact there are shenanigans like this - illegal shenanigans - going on with these things. There are multiple reports of foreclosures being filed by a servicer or in the name of "MERS" when the trust allegedly holding the paper can't document that it does - including cases where the note isn't on the remittance reports. How the hell do you argue you own something when you don't show the actual loan you claim you own on the remittance report for your alleged "trust"? The purpose of property recordation laws in the States is to prohibit this sort of crap and keep titles clean and defensible. To make sure that when one does a title search one can determine who owns the land and who has a valid security interest on it - not that someone does, but exactly who does.

1 Comments in Response to

Comment by PureTrust
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Seems to me that all this mortgage talk is not what everyone really thinks it is. Seems to me that it is a big cover-up for a piece of banking fraud thousands of times larger than the mortgage industry, and that the banking industry and the media are using the mortgage thing to draw the peoples' eyes away from the REAL fraud.

What is the real fraud? It has to do with the fact that all loans from all Federal Reserve Bank backed institutions are not loans at all, but are really creations of new money.

The mortgage problem, by its forefront focus in the media, is covering up the fact that there is no loan debt owed by anybody who borrowed from a U.S. legal lending institution.

Furthermore, the national debt was created in just the same way... creation of new money... NOT borrowing of money from the Fed by the Government. So, with no national debt, and nothing to repay in reality, there is no need for an IRS income tax - which is a surety of repayment so that the Gov. can borrow more from the Fed. And on top of it all, consider the interest being paid on ALL these non-existent loans.

So there you have the larger fraud that is being covered up. And you can see why it is being covered up. The Fed, and certain of the lawmakers in Government, who understand what has been happening, have covered it up as well as they can, so that they can keep stealing our property, our labor, from all of us.