This investigation has the potential to be a Mother of All Nightmares situation for the banks for a couple of reasons. For one thing, the decision to go after the securitization process is a total prosecutorial bullseye. This is the ugly heart of the wide-scale fraud scheme of the bubble era. Again, the business model during this time was a giant bait-and-switch scam. Sleazy lenders like Countrywide and New Century first created huge masses of bad loans, committing every conceivable kind of fraud to get people into loans (from doctoring income statements with white-out to phonying FICO scores to engineering fake appraisals). They then moved the bad loans quickly to the big banks, which pooled them and chopped them up (this is the “securitization” process), sprinkled hocus-pocus math on them, and them sold them to suckers around the world as AAA-rated securities.
Here is a link to an interesting website I came across when I was looking for the french meaning of the word MERS. It is apparently the french word for sea, maybe an acronym for overseer? http://whatreallyhappened.com/ar/content/meaning-mers
I really doubt that there is anything more to MERS other than the acronym for Mortgage Electronic Recording System.
That is your opinion. I have discovered that there are two faces to everything in this scheme. That is exactly how they pulled this off, MASSIVE AND PERNICIOUS DECEPTION.
When you really start digging into to this, it just gets worse. It is a global banking scam and they are getting away with it.US assets are being given over to foreign bank and getting bailed out, t the same time. It will take more than a few in roads in the courts-someone has to expose this to everyone!
Just one place to start your research:
http://beforeitsnews.com/story/642/187/THE_BARCLAYS_OCTOPUS.html
If the auditors were to take an honest look at what BAC is claiming as assests on their books then BAC would be insolvent and the law would require that it be taken over.
BAC claims as assets the mortgages that it supposedly acquired when it merged with Countrywide but Countrywide didn’t own those mortgages, it had already sold them to the securitized trusts so all that was left for BAC were the PSA’s and with so many trusts in decline that wasn’t generating an viable assests.
BAC is broke and all the hocus pocus math in the world won’t fix that. Take away their ficticious money and you take away their ability to combat all the litigation that’s out their. No money for payolla and the can’t keep buying off these investigations.
And we have to figure out a way to stop the federal government from giving them anymore money to bolster their position. Like the $25 plus billion they got from tarp for the HAMP program that they kept for themselves.
We can never sleep till this is resolved, if we do then America will wake up in an alley somewhere and we will become a nation of homeless people.
Tar and feathering could see a comeback as an appropriate method of getting our message across.
DL
55 and holding…………………
WHEN is the Home owners march on Washington? We can not just stand by we’ve got to be heard!
Let’s stay after these slimy little reptiles! They are at WAR with the middle class, and even the people they’ve defrauded into thinking they are upper class. Useful IDIOTS!
Look how many people lost their homes in the recent floods! BUT…. for every home lost and under water in real terms are thousands of homes “UNDER WATER” due to these criminals. Does it matter HOW you lose your home? Tornado? Flood? Theft by Banksters? They” insure” each other and WE pay the premiums in Money,Standard of Living,and loss of respect. A devaluation of our lives and futures in every respect.
Boomer Ready to explode! LET”S MARCH!
The fluoride in the water keeps the citizens from marching! Think about it!~
i believe it. They had a collection drive in Chi town to discard of our expired prescrips. Wonder what they do with those? The local media has reported, measurable levels of prescription meds were being found in our drinking water.
Why hasn’t there been any in-depth investigatins or arrests of high-ranking banking and government officials in the mortgage fraud?
AG Eric Holder is complicit in the fraud.
Before joining the Obama White House, Holder was a partner at Covington Burling, the white shoe law firm that represeents MERS. The firm wrote the legal opinion that justified MERS business model to the lending and title industry.
MERS, of course, is the energizer bunny for mortgage fraud.
AG Holder needs to resign. He should be indicted for obstruction of justice for steering the mortgage fraud investigations towards consumers in October 2010.
Until then, America will no longer be a nation of laws, but of men.
And to the AGs…
From the U.S. Code Online via GPO Access
[www.gpoaccess.gov]
[Laws in effect as of January 3, 2007]
[CITE: 18USC4]
[Page 10]
TITLE 18–CRIMES AND CRIMINAL PROCEDURE
PART I–CRIMES
CHAPTER 1–GENERAL PROVISIONS
Sec. 4. Misprision of felony
Whoever, having knowledge of the actual commission of a felony
cognizable by a court of the United States, conceals and does not as
soon as possible make known the same to some judge or other person in
civil or military authority under the United States, shall be fined
under this title or imprisoned not more than three years, or both.
Tim:
You’ve described the crime…who’s going to do the time?
How do we get the AG’s – who are officers of the court – to restore the rule of law?
This fight is applicable to all home-owners and law-abiding Americans. We’re making inroads in selected courtrooms, but how do we make the crony capitalists and their government functionaries understand that we know what they’ve done and we must see bad actors held accountable?
Where are the law enforcement officers who took the oath to protect and defend the US Constitution? Will someone in the FBI step forward and demand Holder’s resignation and launch nationwide investigations? I’m thinking RICCO charges….
The nation needs a few good men or women. Where are they?
Publicly disgrace them as much as possible. Contact every media outlet you can, and tell them what the AGs are doing is misprision, which is a federal felony. Petition your governor for the removal of your AG for unsuitability (disability) and criminal acts while acting under color of law.
You have to start somewhere. Bitching on this site is not going to create change needed. You need to act. Everyone complaining here needs to get of their asses and get the word out nationally of the criminal acts being done here. I spend nearly 4 hrs per day doing that. This site is just a piece of the advocacy puzzle. Nobody on here is dumb, think of creative ways to get your point across.
Thanks for the info, Tim.
We’ve been working behind the scenes to implement constitution-based solutions and are gaining traction. Just doesn’t seem to move fast enough…
But the Misprision of felony is a new angle…we will get this in front of the Governor.
Thank you!
I am SO glad that I submitted my own set of impossible documents to the NY AG when I first heard of the intended investigation a few months ago.
Not only do I have a mortgage that names a fictional LENDER on both the Deed and the NOTE, I have the never-attempted transfer of the mortgage to the CWABS trust that they claim it was in that should have been created in 2005. But, then again, how do you create a legal assignment from a Corporation that never existed?
Then I have the transfer of servicing to Litton after the supposed default, causing Litton to have the FDCPA apply to it.
Then the substitiution of trustee is invalid because Litton uses MERS to try to have the BENEFICIARY change the trustee. The Deed specifies the LENDER (yeah, that non-existent Corp) had reserved that role for itself to the exclusion of any other clause in the Deed!
Then the Debt Validation letters were generated twice for the NOD. Once set says the creditor is MERS, while the other set says the creditor is LITTON LOAN SERVICING.
Then Litton’s in-house attorney Lyman’s name is put on the assignment of the NOTE and DEED, using MERS’s role of nominee. 1) MERS can NOT assign a NOTE!, 2) Nominee must be for an entity that EXISTS at the time of the MERS assignment creation which can not be true of a company that never existed, 3) it assigns to a closed pool, 4) it assigns 5 years too late, 5) a supposedly defaulted mortgage can not be put into the trust per the PSA, 6) the PAS insists on a multi-step chain of assignments, not the attempted single-step shenanigan that bears Lyman’s name, 7) the assignment was created and recorded after a Proof of Claim was filed with the BK court and 8) the assignment was created and filed during litigation and would appear to have been created with the sole purpose of committing fraud on the BK Court.
The named lender was never registered with the state, which is a requirement in CA.
The Proof of Claim does not show any connection between the Trustee for CWABS that Litton is supposedly acting for versus the named lender on the Deed they submitted. The chain of assignments does not exist, obviously. The copy of the Note is not even a copy of the wet-ink deed at all. They went back to the title company and had them print up a copy of what was on file from the origination, not the executed document.
Yep, that mortgage has no business being in the CWABS. These invalid mortgage documents affect the investors AND the borrowers.
No corporation truly exists that can provide the satisfaction of the mortgage should this one be paid off or refinanced.
Help! I have exactly the same situation on several properties. Can’t find good litigator to take this on without $$tons$$ of money up front. Please email with any ideas. Thanks
How do we contact you?
A few websites such as gingolaw give some resources in CA, but you have to do your own verification of them.
Check out Freedom Legal Plans on the net. Ask for Rene Aguilar…
R.aguilar@freedomlegalplans.com
to Hell No – MS @ 702.275.9904
Litton SUCKS BIG ONES and are nothing but LYING SCUMBAGS. RCS, LBPS are a close second.
“Fight The Good Fight’
@ TheHutMaster,
Thanks, I do intend to fight. My attorney has the full list of the fraudulent counts we can level at Larry and the Goldman-Sucks goons. He really appreciates all the content I have already dug up for him. I’m hoping a few other people learn they have a mortgage they should FIGHT.
I was doing more digging regarding the named companies on my Deed. With the LENDER entity never existing and the Deed specifying that the LENDER is to do any substitution of trustee, there is no way to do any substitution of that named trustee, right? Oh, boy. Recon Trust (the named Trustee on my Deed) was taken over by BofA. The NV SOS site lists Recon in a status of “Merged/Dissolved”.
Now I know WHY all those Substitutions for any ReconTrust Trustees are occurring. They don’t exist in the same name as before. Since the Deed does provide the ONLY method to substitute a different trustee, that method needs to be followed. Awe, isn’t it just too bad that that Lender ALSO NEVER EXISTED.
Well, Litton, you are going to be hearing about that attempt to name Quality as the substitute trustee. Litton will also hear about the fraudulent assignment attempt and the fraudulent Proof of Claim.
They are nicely boxed in. It is just so sad.
The lesson for everyone:
1) Dig out the mortgage documents and READ them.
2) Write down the names of the companies involved.
3) Go to your computer and search for those companies. You go to the “Secretary of State” site and use the business entity search tool.
4) With the Substitution of Trustee, check if your Deed allows it to be done by the MERS beneficiary if that is the they method used.
5) Check the notary and the stamp on the state site the notary commission is from. Also compare signatures you find on other web sites. Their bonding site should have a signature on file. The signature usually needs to match the name on the stamp.
6) Take note of the person who attempts to sign for as the MERS bene or nominee. They frequently are employed by LPS or the Law firm doing the foreclosure, or the ‘servicer’.
7) Eventually your attorney will typically request MERS show that the person had been designated as having the authority to sign for MERS.
@Hell NO – No More Bail-Outs or FALSE Modification Programs (Ahem or A-hamp),
I am releived that you have a good Atterney. They do exist and our Firm works very hard to be studied, professional, and TAKE NO BULLSHIT!!!!!
“Fight The Good Fight”
AG Schneiderman’s investigation gives us all the same naieve hope for justice that we had a short time ago, regarding the broader 50-state AG’s investigation headed by Tom Miller…. and we see how that turned out.
The banks will find a way to sidestep and/or silence Schneiderman. I will be amazed and delighted if I am wrong, but I think Washington is controlled by the banks, and no single AG, no single news report, nor the simple facts regarding the massive fraud committed by the banks will ever be addressed. Consider that the President chose as his new Chief of Staff, a senior executive from JPMorgan Chase… even as Chase continues to defraud struggling homeowners on a daily basis.
I’ve got my popcorn ready, Matt, as do millions of defrauded homeowners. Greedy pigs, all of them. Goldman Sucks should pay for being at every angle of this. The GSE’s, Fannie and Freddie also must be held largely accountable for the inception of the PONZI SCHEME SWINDLE AND HEIST. They wore many disguises and posed as many entities in this massive scam job. They were the ORIGINATION FRAUDSTERS and posed as everything as Mortgage brokers, loan officers,underwriters, appraisers, banksters, MERS,mortgage servicers and attorneys for plaintiffs in fraudclosure. They are hiding because they have an UNCONSITUTIONAL and ILLEGAL investment in these mortgages. The proof is on the origination to title. The IMF is the biggest shareholder in the GSE’s FANNIE AND FREDDIE. COULD THEY BE ANY SNEAKIER??? The GSE’S also pose as realtors in short sales and the like. These GSE’s are really who sold these bad mortgage pools to investors who were members of congress, policemen, firemens pension funds and judges. That is another UNCONSTITUTIONAL CONFLICT OF INTEREST and is also illegal. That is why there is no justice for homeowners. The GSE’s need to walk away from fraudclosures and pay for all of their fraud that has caused mass financial destruction to AMERICA and its people. We know where you are hiding and your fingerprints are everywhere in this. How do you know for sure? Look at the name at bottom of the mortgage and note, then look at who the plaintitffs attorney is representing. Very deceptive. RESCIND, FRAUD ANYWHERE IN THE LEGAL CONTRACT, KILLS THAT CONTRACT. THAT IS THE LAW. THE FRAUD IS MASSIVE AND PERNICIOUS FROM ORIGINATION TO FRAUDCLOSURE AND EVERYWHERE IN BETWEEN AND IT WAS ALL THE GSE’s POSING AS DIFFERENT ENTITIES, EVERYWHERE IMAGINABLE. . .
I left out an important part, the Attorney representing the plaintiff WHO ARE THE GSE’s FANNIE/FREDDIE in FRAUDCLOSURES. THE GSE,s are LOW DOWN, DIRTY SNEAKING LYING DECEPTIVE FRAUDULENT MASSIVELY CRIMINAL BASTARDS. THE BANKS, MORTGAGE SERVICERS AND THE ATTORNEYS FOR THE PLAINTIFF AIDED AND ABETTED THE GSE’s. NONE OF THEM ARE TOO BIG TO FAIL, NOT ONE. THEY ARE ALL CRIMINALS BY SUCCESSOR AND MERGER.
Check out the bankster-apologist version of how we should feel about Goldman Sachs and how “innocent” the vampire squid is in the collapse of the economy. Its worth a chuckle and the comments are spectacular:
http://www.zerohedge.com/article/matt-taibbi-hyperbole-vs-goldman-sachs-reality
When are they going to hand cuff them??!!! When? This is retarded—meaning how stupid do WE look by allowing this fiasco to continue? Where are the FBI? Oh yeah on vacation with the american bankers association. This is a sick web of lies. Finally, with enough light and heat the truth shall prevail and the bankers will go to jail—for all of the fukers who stole from all of us– I’m hoping u rot in jail and your kids hate ur fuking lying guts. That’s a good start. Fraud upon america. This is all it is. Rejoice People for having Matt and all the brave ones who didn’t lose their balls and integrity on a goldman trade. Debi
I like the refrence to the hocus pocus math system.Is that something like creative financing that was a term that seemed to be going around during the bubble.Go get them Matt you’re one of our greatest resources.