Ellen Brown – Fixing the Mortgage Mess: The Game-changing Implications of Bain v. MERS

Ellen Brown – Fixing the Mortgage Mess: The Game-changing Implications of Bain v. MERS

Two landmark developments on Aug. 16 give momentum to the growing interest of cities and counties in addressing the mortgage crisis using eminent domain:

  1. The Washington State Supreme Court held in Bain v. MERS, et al., that an electronic database called Mortgage Electronic Registration Systems (MERS) is not a “beneficiary” entitled to foreclose under a deed of trust; and
  2. San Bernardino County, Calif., passed a resolution to consider plans to use eminent domain to address the glut of underwater borrowers by purchasing and refinancing their loans.

MERS is the electronic smokescreen that allowed banks to build their securitization Ponzi scheme without worrying about details like ownership and chain of title. According to property law attorney Neil Garfield, properties were sold to multiple investors or conveyed to empty trusts, subprime securities were endorsed as triple A, and banks earned up to 40 times what they could earn on a paying loan, using credit default swaps in which they bet the loan would go into default. As the dust settles from collapse of the scheme, homeowners are left with underwater mortgages with no legitimate owners to negotiate with. The solution now being considered is for municipalities to simply take ownership of the mortgages through eminent domain. This would allow them to clear title and start fresh, along with some other lucrative dividends.

Rest here…

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4closureFraud.org

Comments
4 Responses to “Ellen Brown – Fixing the Mortgage Mess: The Game-changing Implications of Bain v. MERS”
  1. chitown2020 says:

    The banks never paid the Original Loans back to the Treasury. Therefore, all subsequent sales or transfers were fraudulent. They sold and transferred loans they never held legal title to. Neil wrote the article about how Securitization is illegal under U.S. and Common Law. The Origination Fraud is the reason why their contracts are a nullity and of no legal force or effect. The “someone” is owed the money for the fake loans is not a valid argument. The fake loans are now insolvent because they oversold them by $700 trillion dollars. Any “fix ” for insolvent debt created by the banks is fraud and will create complete communism. It is the nation of RENTERS scheme. Even a substantial principal writedown is fraud because the banks are pocketing more usury because they never lent anyone any money and they never paid back the original loan to the Treasury. They just want to keep the ponzi scheme going for the benefit of themselves and their criminal friends. Eminent Domain in the case of insolvent mortgages is fraud and fascism because none of these parties lent us any money. There are no legal “fixes” for $1.2 quadrillion in derivatives fraud. The ongoing bailouts of the TBTF for massive insolvent debt will create a welfare nation.

    • chitown2020 says:

      If the FED were audited, they would find there is no collateral backing up their debt. They oversold their debt exponentially and never paid the Treasury back for the original “loans.” They owe the massive debt and they have quintillions in ill gotten gains hidden overseas. Make the FED pay for their fraud out of their own pockets, not ours.

  2. Bob says:

    You don’t need eminent domain to obtain a clear title – just adverse possession.
    Squat for 5 years in California, and the home is yours – clear title.
    You have to pay property taxes, and the legal owner must be absent.

    • Dan Scarborough says:

      Bob….. I don’t know about you, but I don’t want anyone paying my taxes for me. I just completed a two-year hassle to get my county to delete my name from their “mailing list to mortgage companies.” It seems that all a third party has to do is to submit a digital file to counties that claims (without proof) that the property owner has authorized payment of taxes by the third party (which can be a lender, a non-authorized “mortgage servicer” or any other “creative crook” of a third party.)

      Last year, I discovered that “mortgage servicer” (Ocwen) who had absolutely no authority through a lender or from me (when I entered into a refinancing, it was with the condition that there be no escrow) or any other party, had partially paid my real estate taxes. Had I not discovered this attempt to insinuate themselve into my financial affairs, they could use the “non-judicial foreclosure” laws of my state to initiate foreclosure because the “property taxes had not been paid.”

      My suspicion is that they were using MERS info to “mine” for “marks.”

      My county land records now reflect that I have been deleted from the tax commissioner’s “third party mailing list” and an annotation has been made that the landowner has stated that “No mortgage company or any other 3rd party is to be mailed tax bills for payment.”

      After I resolved this issue, I pointed out to the official who worked with me that mine was probably only one of thousands of other county homeowners whom the county is party to aiding Ocwen and other “mortgage servicers” in this “scam in the making.”

      BTW, when I checked with my agent for my homeowners policy, Ocwen had used the same “official looking letter” (and I suppose, a similar digital file) to change my “loss payee” to themselves. We also corrected that issue.

      Check your laws….. “Squatters” should have no rights or permission to to “pay taxes” on land to which they have no recorded warranty deed. That’s my position and I will defend it in court if needs be

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