Where was Obama these last years, millions getting thrown out in the streets?
This is purely political and this is election year…coincidence? NOT.
Gretchen Morgenson-
PRESIDENT OBAMA told the nation last week that he was convening a task force to investigate the abusive practices in the mortgage industry that led to our economic woes. Both lending and the practice of bundling loans into securities will come under scrutiny, he said, adding: “This new unit will hold accountable those who broke the law, speed assistance to homeowners and help turn the page on an era of recklessness that hurt so many Americans.”
Some greeted this new task force — its unwieldy name is the Residential Mortgage-Backed Securities Working Group — with skepticism. It is an election year, after all, and many might wonder if this is just a public-relations response to the outrage against the institutions and executives that almost wrecked the economy.
If this task force nailed some big names, and soon, it would help to allay deep suspicions that the authorities have given powerful people and institutions a pass during this awful episode.
Simple solution for each and every state that was destroyed by using MERS alone.
Michigan Citizen-
If you believe the status quo media reports and some state officials, the city of Detroit has exhausted all of its options to erase its mounting budget deficit. The only solution, according to Gov. Rick Snyder and State Treasurer Andy Dillion, is imposing an emergency manager.
The city, according to some legal experts, has another possible course of action: Suing the banks to recoup revenue losses caused by fraudulent lending practices.
Since the onset of the nationwide home foreclosure crisis, several cities have challenged the banking industry in court. In most cases, the goal was to establish a direct link between bank-led home foreclosures and municipal budget deficits. The efforts have largely failed thus far.
“Requires the applicant to qualify to be a Wells Fargo officer to execute documents and.. pass an online MERS signing authority assessment”
Oh and by the way, where is there any disclosure that Wells Fargo is a shareholder of MERS…?? So it will be creating legal documents for itself, basically.
I became Attorney General about a year ago and started digging into this, and realized that New York and Delaware, which is why my collaboration with Beau Biden was so important, we had a unique place. Because all of the mortgage-backed securities were actually pools of mortgages deposited into New York trusts or Delaware trusts. We started looking at what she’s talking about, did they actually get all the paperwork done, things like that. And we realized that there’s a lot of work to do but a lot of potential for proving liability.
