L. Randall Wray: Wall Street Takes Your Homes, Your Deposits, and Your Social Security

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L. Randall Wray: Wall Street Takes Your Homes, Your Deposits, and Your Social Security

L. Randall Wray: Wall Street Takes Your Homes, Your Deposits, and Your Social Security

EconomicMonitor-

Here are a few recent tidbits from the press, just in case you were feeling a bit overly optimistic.

1. MERS Helps Wall Street Steal Your Home

Over the past couple of years, I’ve tried to explain how the financial sector created MERS to destroy property records so that it would be easier to steal homes. In the old days, property records were maintained at county recorder offices. But that was so old-school. It made it too easy to find out who owes whom and who owns what. Wall Street wanted to make this as complicated as possible so that no indebted homeowner would ever know who she/he owes. Wall Street took the mortgages and sliced and diced them, separating origination of mortgages from the ownership of the right to receive payment, and as well separated that ownership from the servicing of the mortgages. And then the bankers burned all the records.

In the old days, you had to keep all the documents together, in physical form. And when a mortgage was sold, you had to go back to the recorder’s office to change the record. With the creation of MERS, most of those documents were destroyed and the banksters never bothered to tell the recorders who owned what. The indebted households have no idea who owns their note and who services the mortgages. Even if they write that monthly check, the banks claim they never received it—the dog ate it, you know.

[ECONOMIC MONITOR]

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