Abigail Field | Policy Makers: Bank and Wall Street Greed, Not “Irresponsible Homeowners”, Caused Our Crisis

 

Policy Makers: Bank and Wall Street Greed, Not “Irresponsible Homeowners”, Caused Our Crisis

Somehow the banking industry has convinced much of the public and most of our political leaders that our housing and foreclosure crisis is the fault of irresponsible borrowers despite the overwhelming evidence that greedy bankers are to blame. Since good policy can’t happen unless people escape the bankers’ web of misinformation and spin, I thought it would be appropriate to synthesize what we’ve learned about the greed-driven decisions of bankers and Wall Street traders and what they reveal about how we got where we are now.

Chasing Illegal Profits in the Mortgage World: MERS

In the beginning, there were clear rules about how ownership of land, and the right to foreclose, were transferred and created. The rules were state specific, rooted in our history, from back when each state’s sovereignty rivaled the federal government’s. Although the rules varied in important details, one feature was constant across states: an accurate public record of property ownership. These records were created and maintained by local governments, and financed by recording fees.

In the 1990s, Fannie Mae, Freddie Mac, and the mortgage industry created MERS. MERS, they claimed, not only prevented the industry from publicly recording changes of ownership and servicing of mortgage loans, saving many millions of dollars by depriving counties of them, but it eliminated the need to even create records that ownership changed, saving even more in document creation, handling and storage costs.

Yes, MERS claimed that its private database would enable mortgage servicers to keep track of who owned what, but MERS did nothing to ensure the accuracy or completeness of the database. Indeed, the MERS database is frequently wrong, as Delaware Attorney General Beau Biden discovered. His complaint against MERS does a fabulous job of detailing what a deceptive sham MERS is.

Be sure to check out the rest here…

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4closureFraud.org

Comments
21 Responses to “Abigail Field | Policy Makers: Bank and Wall Street Greed, Not “Irresponsible Homeowners”, Caused Our Crisis”
  1. lvent says:

    This was never about monetary greed…this was about stealing everything from the people with the BIG LIE..that the American people owe this massive debt and WALL STREET is broke because of all of us…that is b.s……WALL STREET was allowed to sell off interests in anything with a revenue flow…multiple times….that is WALL STREETS DEBT…NOT OURS…Do they think we are stupid?…they are who keep asking for more money to get bailed out, not WE THE PEOPLE…They are continuing the robbery of the 99% and…WE THE PEOPLE DO NOT OWE THAT MONEY…IT IS ALL A SHAM AND A FRAUD….A MASSIVE GLOBAL DERIVATIVES SCHEME AND THEY MADE TRILLIONS AND HID IT…BUT THAT WAS NOT THE INTENTION OF THIS MANUFACTURED CRISIS….THIS WAS ALWAYS ALL ABOUT BANKRUPTING AMERICA AND STEALING EVERYTHING FROM THE 99% UNDER THE GUISE OF FALSE DEBT……..AND DESTROYING OUR NATIONAL SOVEREIGNTY…THEY ALREADY CHARGE US RENT ON THE LAND OUR HOMES SIT ON…WE RENT THAT VIA THE PROPERTY TAXES…AND NOW THEY WANT US TO RENT OUR HOMES AS WELL…..THIS IS AN ALL OUT ROBBERY…OF OUR HOMES….THOUGH THE U.N. HOLDS OUR LAND IN FEE SIMPLE ONLY BECA– USE NIXON GENERATED CREDIT OFF OF OUR LAND,NIXON CLAIMS HE — USED OUR LAND AS COLLATERAL, TO FREE UP CREDIT..THAT IS BECA– USE HE TOOK US OFF OF THE GOLD STANDARD AND THEY — USED THE U.S. TAXPAYERS TO BACK THE COLLATERAL..THAT WAS ALSO A SHAM AND A FRAUD… A SLIGHT OF HAND, SMOKE AND MIRRORS…TO MAKE US BELIEVE WE OWED THEM MONEY…….THE NWO ROBBERY OF AMERICA IS BEING COMMITTED UNDER THE GUISE OF FALSE DEBT….THAT IS HOW THEY ARE STEALING AMERICA…..

    • Bobbi Swann says:

      Want to hear some REAL truth for a change? Watch this and then you will have to honestly say to yourself….it was far beyond the banksters…it’s deep into the government and it has permiated itself down through history.
      http://www.brasschecktv.com/videos/war-is-a-racket/libya-the-real-story.html

      • lvent says:

        Bobbi Swann: …I watched Brad Meltzer’s Decoded on the History Channe last night..He did a very interesting program on the The Rise of the Fourth Reich….What these evil people want is first Communism then, Totalitarianism…As I have said many times before the banksters and Wall Street are and were their perps…In Decoded last nite they mentioned the name of a group called The Sons of The Fallen being a part of this. No doubt in my mind that this is another Hitler Plan.

      • lvent says:

        I have been well aware since my first visit to the Recorder of Deeds that what went on there was no accident….There could never be that many failures by so many different banks in securing a lien….That was either arrogance or something else…I have spoken to many people about what we are all living….One person who I really fully trust told me the whole plan for what we are living today started right after the J.F.K assassination…If you look into it…you will find that things started going really bad right after Vatican Council II began itls evil reign in 1962….My Irish Catholic Grandma told me many times that things have not been the same since the Catholic Church changed the Mass..She was such a brilliant woman, I wish she were still with me today but she would have been truly horrified…For many years before her passing she told me I think the end of the world is coming…She recognized the signs.

      • Bobbi…..I got a chance to watch that video…..SO TRUE…SO TRUE…..FAR BEYOND THE BANKERS……Common man has no idea what is going on….or has gone on…In this country we now scream …’ Where is our government? ‘ What government ? It has not been here for many mnay years….If so…where? The Constitution has been dead a long time….facts and the past history have proven that….Washington DC killed it…Where are the States Constitution? We do not even know who or what is even running our country…..and we haven’t for many years. That video I suggest everyone to watch….it tells of what lurks in the shadows….our government has never given to us…they have taken from us…to feed the sick bastards that are in the club of destruction…..
        http://www.brasschecktv.com/videos/war-is-a-racket/libya-the-real-story.html

      • lvent says:

        Bobbi, I heard that Khadaffi was very good to the people…That is not what the NWO wants…….This goes way back and I have done my homework….If you really want the truth…Study Rome and the Jesuits…they are behind all of the wars and all of the strife…Theycreate the poor economic conditions and the tyranny….They despise our Constitution and have been trying to unravel America since the begining…The Vatican/Jesuit/SMOM is the NEW WORLD ORDER….THE BANKERS ARE THEIR PERPS…THE BANKS HAVE BEEN THE ROBBER BARONS FOR THE ELITE ALL THROUGH HISTORY…..They thought they finally conquered us through debt and destruction…they thought they bought and corrupted everyone….Close, but not quite you dirty bastards!! I don’t trust any politician, they are all traitors in my book…War is profit to all of these sick assholes..War creates debt for all of us and wealth for all of them….That is the EXC– USE that bankrupted the German people…too much war debt….The excuse this time is the people created too much debt…MORE BIG LIES….THIS IS WALL STREET AND THE GSE’S DEBT..NOT OURS…and the U.S GOVERNMENT was all in on this NWO Hitler Plan…

  2. Wayne says:

    The way this whole thing is going it has got to “The Banks are to Big to be Prosecuted”. Can corruption, racketeering and Criminal Financial Fraud get so big that it can’t be prosecuted? A lawyer I talked to two years ago who was invited in the Secret Meeting of an Obama Foreclosure Task Force Meeting in Phoenix AZ, told me that they are and the Government knows it.
    What I am hoping is … Obama giving them enough rope to hang themselves. In either case I believe their fall will be their arrogance and Ignorance of the will of the people.

    • Wayne….It goes beyond the big banks…..the rabbit hole is alot deeper than what is even known to the common man….All the investigations and meetings are a front….going through the motions is what it is called.
      Watch the video that Bobbi and I have posted….it shows and tells the facts…..Obama and the other Presidents for the past 30 years or so have thrown the rope to the people….Wayne…you need to wake up……the government does not plan to help the people or this country….they are with the enemy.

  3. pendinglawsuit says:

    BARRY FAGAN v WELLS FARGO FRAUD CASE AND ROBO-SIGNED RHONDA BERNARD THOMAS
    Posted on November 3, 2011 by Neil Garfield

    http://livinglies.wordpress.com/2011/11/03/barry-fagan-wells-fargo-fraud-case-and-robo-signed-rhonda-bernard-thomas/

  4. pendinglawsuit says:

    Please visit the following website with a nationwide audience.

    http://www.fedup99.com/following-barry-fagan/

    IT HIGHLIGHTS ALL OF THE FRAUD BY WELLS FARGO BANK!

    Thank you.

    Barry S. Fagan Esq.

  5. CaitlinO says:

    Fantastic, plain English summary of the greatest wealth heist in human history.

    I have bookmarked it for every nincompoop I see opining in the safety of anonymous comments about the deadbeats, irresponsible borrowers, CRA, Frank/Dodd, Fannie/Freddie, Congress, Hitler, Rome, NWO bogeyman who is REALLY responsible for this debacle.

    Ms. Field’s strongest point is her last. We can NEVER hope to enact effective policy to deal with this fiasco if we’re chasing after phantasms. Effective policy requires as its first premise a realistic, unbiased, flinty-eyed objectivity in rooting out the causes and perpetrators.

    Thank you Ms. Field for providing that.

    • leapfrog says:

      I always turn nincompoop’s “deadbeat” comments against them when they rail on and on about “bailing out the deadbeats.”

      I tell the commenters, “I agree. The Too Big To Fail Banksters ARE indeed deadbeats.” It usually shuts them up.

      • CaitlinO says:

        Love it! They’re the multi-trillion dollar deadbeats walking away with no penalties at all, while the duped and defrauded homeowners are made fun of, criticized and ranted on by CNBC.

    • lvent says:

      Caitlin O….your owners would like you to make us believe that this is not a vast conspiracy….that reaches back to the same SECRET SOCIETY MEMBERS who have been trying to rule the world for the thousands of years…The Jesuits and all of their minions and cohorts like the FREEMASONS……THE WORLD HAS WOKEN UP…YOUR MIND GAMES ARE A FAILURE……YOU WOULD LOVE TO MAKE US BELIEVE THAT THIS WAS ALL ABOUT SOME GREEDY WALL STREET TYCOONS AND BANKSTERS….IT IS JUST NOT THAT SIMPLE AT ALL..IF IT WAS…THEY WOULD BE IN JAIL BY NOW…

      • lvent says:

        I would rather see the perps get the blame than homeowners but this goes way beyond some greedy banksters and Wall Street tycoons…THIS WAS A HITLER PLAN BY THE NEW WORLD ORDER…

      • lvent says:

        The cover-up for this HITLER PLAN began on 9/11…

      • CaitlinO says:

        “YOU WOULD LOVE TO MAKE US BELIEVE THAT THIS WAS ALL ABOUT SOME GREEDY WALL STREET TYCOONS AND BANKSTERS”

        would love to make you believe that?!?!?? I didn’t write the article, vent, Abigail Field did. Read what she says. She’s produced a brilliant summary of what got us into this debacle and not a single one of your bogeymen has even a cameo appearance.

        Of course greed is enough to cause this kind of damage. It was enough in 2000, 1929, in 1873, and yes, even in 1637. It will be enough again, especially if there are enough of those who prefer to ignore the lessons of history and continue to uselessly pursue the chimera of conspiracy.

      • lvent says:

        Caitlin O…I am not referring to what Abigail Field said…I am referring to the way you want to paint anyone with a different opinion about why this happened as a looney conspiracy theorist……There is alot more to this than what the GSE’s, the banks and Wall Street did. .AS I HAVE SAID BEFORE..THIS IS A HITLER PLAN..DO YOUR HOMEWORK….

    • lvent says:

      Caitlin O….you are either a nimcompoop yourself or just an all out liar….I vote the latter….

      • CaitlinO says:

        Do you have anything other than name calling to offer on these boards? You sound like a 5 year old.

      • lvent says:

        CAITLIN O..YOU ARE YOU DOING ALL OF THE NAME CALLING. SO ANYONE WITH A DIFFERENT OPINION IS EITHER A NINCOMPOOP OR SOME CRAZY CONSPIRACY THEORISTS? THE WAY YOU TWIST THINGS…IS PURE EVIL..

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