PATH: House Republican GSE Bill Would Codify MERS, Pre-Empt Private Property Rights

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House Republican GSE Bill Would Codify MERS, Pre-Empt Private Property Rights

The top Republican on the House Financial Services Committee has tucked a provision into his mortgage finance reform bill that would create a privately held “National Mortgage Data Repository.” The repository would basically look like MERS, the bank-owned electronic database tracking mortgage transfers. The difference is that, while MERS’ activities have drawn legal challenges across the country, the National Mortgage Data Repository would have the force of statute to carry out the exact same behavior. According to the bill text, any document arising from this repository would be seen as presumptively legal, pre-empting state and federal laws on demonstrating the right to foreclose.

Jeb Hensarling, the chair of the House Financial Services Committee, introduced the bill last Thursday. Hensarling has already gotten into trouble this year for taking a ski vacation/fundraiser with Wall Street lobbyists, including an official from the American Securitization Forum, just six weeks after getting the Financial Services Committee gavel. Financial interests donated over $1 million to Hensarling in the last election cycle. It’s not a stretch to suggest that legislation offered by Hensarling at least has the stamp of approval from Wall Street, if it’s not directly written by their lobbyists.

The bill is called the Protecting American Taxpayers and Homeowners (PATH) Act, and it’s the House Republican response to a series of bills and initiatives to resolve Fannie Mae and Freddie Mac, and set a course for the future of mortgage finance. Most of the bill deals with that: in Hensarling’s vision, Fannie and Freddie are totally dismantled within five years, and private actors take up the slack with virtually no government guarantee. While in the past I’ve trashed the idea of just reconstituting Fannie and Freddie under a different name, in reality, expecting private actors to recreate a secondary mortgage market without any guarantee (or even with one, in my view) is wishful thinking.

Rest here…

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4closureFraud.org

Comments
5 Responses to “PATH: House Republican GSE Bill Would Codify MERS, Pre-Empt Private Property Rights”
  1. JoAnn says:

    I am appalled! Does NO Person in Washington KNOW what is going on or CARE??? Where are the people in this? They are being kept in the dark like mushrooms and fed shit. They are so busy trying to get and keep what they have, and are distracted by other meaningless and trumped up crap, that they don’t KNOW about this! These banks care only to make money and they found an excellent system to do it hand over fist! and they decry the poor people who have been hurt and damaged, hundreds of thousands of them. who were sold a bill of goods (and the public) that they were deadbeats that did not want to pay for their houses. The banks foreclosing DON’t own the houses, having sold them and made money over and over again, from securitizing and selling phony investments, and collecting on insurance policies after foreclosing to forreclosing and getting money and houses again. They also say they have properties and lie to courts with impunity, changing their stories all the time to fit what is found out about them! They are the worst CRIMINALs this country has ever seen! And the people sit and take it until it comes to them. Legalized theft and violation of constitutional and legal rights?!!! Is anyone out there in the general population who is listening?????!!!!!!! God help us! Will it take a revolution? We have a right to that in the Constitution.
    A soldier in the trenches trying to help people facing this.

  2. Mary says:

    Attention Governor, Legislators, Republicans, Democratics, All politicians, YOU BETTER GET YOUR FUCKING ASSES TOGETHER AND STOP THIS ASSHOLE THAT HAS BEEN HIRED BY WALL STREET TO DEFEND THEM, KICK PEOPLE OUT OF THEIR OWN HOMES!! You politicians have pushed the US Citizens to the brink of either multitudes of suicide OR we will all finally start fighting back by killing the people behind NOT ARRESTING THE FUCKING BANKSTERS HERE IN THE GOOD OLD FUCKING USA!!!!! You really have pushed us to the limit and there are not many of us left that I have talked to that can keep it together much longer and you are looking for many many many political deaths, innocent people in the cross fire, and the assholes at the banks including bank executives that will lose their lives because OUR FUCKING GOVERNMENT HASN’T ARRESTED ALL THESE BANKSTERS AND STOP THE FRAUD THAT HAS GONE ON NOW SINCE 2007 OR EVEN EARLIER ACTUALLY, JUST STARTED TO BE CAUGHT ON THIS IN 2007, AND NOW THE FRAUD IS CONTINUING AND I AM ACTUALLY ONE OF THE PEOPLE THAT HAS HAD THE SHIT BEAT OUT OF ME, NOT MUCH LONGER THAT I CAN HANDLE THE LIES, DECEIPT THAT BANK OF AMERICA HAS COMMITED ON ME, MYSELF, AND HUNDREDS OF THOUSANDS IF NOT MILLIONS OF OTHER AMERICANS WHO HAVE GONE THROUGH WHAT I AM STILL GOING THROUGH SINCE FUCKING APRIL 2009!!!! I HAVE HAD IT!!! OTHER PEOPLE I HAVE TALKED WITH HAVE HAD IT!!!! AND THERE WILL BE A BREAKING POINT AND THE GOVERNMENT, FBI, CIA, ARMED FORCES WILL BE PUNISHED FOR BACKING UP THESE BANKSTERS.

    GET FREAKEN TROOPS BACK FROM AFGANASTAN AND START PLANTING THEM HERE AS THERE WILL BE A WAR BREAK-OUT AND NOBODY IS GOING TO SEE IT COMING UNTIL IT HAPPENS!

    And I see God helping all these people out as He is angered by what our so-called FREE Country has come down to fucking politicians ruling the good old f’g USA, when it is suppose to
    be run by WE THE PEOPLE OF THE GOOD OLD USA, NOT THE POLITICIANS, NOT BY LAW ENFORCEMENT, NOT BY FUCKING BANKSTERS THAT HAVE GOTTEN AWAY WITH BASICALLY MURDER FROM THE PEOPLE THAT HAVE ALREADY COMMITTED SUICIDE BECAUSE THEY COULDN’T TAKE IT ANYMORE!

    The time is coming and the government can’t blame we the people, because what has happened, what continues to happen, and what is going to happen, will be THEIR FAULT, NOT THE PEOPLE WHO CAN’T TAKE IT ANYMORE AND START DECIDING TO FIGHT FOR THEMSELVES AND START KILLING THE PEOPLE THAT HAVE CAUSED THIS MESS INCLUDING THE Ahole President O’fucking bama!

    • elexquisitor says:

      Be careful what you rant for, Mary. The WH has more drones in the sky over America than the feds can even track, and the NSA has your cell phone identified and can set it to track your movements at the push of a button. The point of the Zimmerman / Martin trial was to set up conditions to declare martial law and turn the DHS loose against We the People (they recently received their bulletproof checkpoint booths). And unless you have tactics to take out an 18 ton armored personnel carrier, your teepee is toast.

  3. BOBBI SWANN says:

    Okay, Foreclosure Fraud, where is the petition to stop this legislation? We already know (from here in Florida) that calling your reps, writing your reps, emailing your reps (of which they NEVER read) along with all the same steps above except directed to our elustrious governor….so where’s the petition? It is beyond me the ignorance of the people of this United States. They will riot and protest in the streets everywhere for a 15 year old who was fatally shot in a self-defense act….but don’t give a damn about their constitutional rights that are being windled down to nothing. Should we concern ourselves with Civil Rights? Absolutely. Not every crime of black and white is a case of civil rights. In the same breath, if we lose our constitutional rights, then civil rights have no foundation whatsoever!

  4. Yode says:

    Attention people of the Congressional 5th District of Texas: YOU HAD BETTER WAKE UP AND RECALL THIS TRAITOR BEFORE HE SELLS YOUR COLLECTIVE SOULS FOR THE PRICE OF A SKI VACATION…AGAIN!

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