Professor of Economics and Research Director of the Center for Full Employment and Price Stability, University of Missouri–Kansas City
Posted: December 30, 2010 08:35 AM
In a series of pieces I have argued that MERS, a creation of the mortgage banking industry, has effectively destroyed the institution of private property in America. Ironically, MERS was created to facilitate quick and easy and cheap securitization of mortgages — what are called mortgage-backed securities. In fact, what it did was to eliminate any backing of the securities by mortgages. Of the total securitized asset universe, something like $7 trillion are (supposedly) backed by residential mortgages. However, MERS helped to delink the securities from the mortgages. At best, they are unsecured debt — there is no property backing the securities. What this means is that foreclosure is not permitted. As I have said before, it is likely that most or even all foreclosures occurring in the US are illegal seizures of property — home thefts. We are talking about 100,000 completed home thefts per month, with another 250,000 new foreclosures started to steal homes every month. Projections are that 13 million homes will have been “foreclosed” (read: stolen) by 2012.
Worse, from the perspective of the banks, they’ve got to take back all the fraudulent MBSs, most of which are toxic.
Exactly 2 years ago to this day you held a rally in Toledo, Ohio. In your speech you spoke about our economy and the path it would travel if we did not propose “Change”.
In this speech in Ohio you proposed a 90 day Moratorium on Foreclosures.
You made this statement.
“We cannot allow homeowners and small towns to suffer because of the mess made by Wall Street and by Washington and for those Americans in danger of losing their homes today I’m also proposing a three month moratorium on foreclosures. If your a bank…if your a bank or a lender who’s getting money from the rescue plan that passed congress and your customers are making a good faith effort to make their mortgage payments and renegotiate their mortgage you will not be able to foreclose on their home for three months. We need to get to give the people the breathing room to get back on their feet”.
Today we come to the conclusion they not only are kicking us out of our homes but engaging in a “pattern of conduct” using fraudulent documents to do so. This is clear fraud upon the courts and this is unacceptable in AMERICA.
Yesterday I received an email informing me of a 74 year old woman will be evicted today. This is our sister, mother…grandmother. Can you imagine walking in her shoes and all she has struggled to maybe have a taste of being whole at 74? Do you understand the fear she has of not knowing where she will go, end up? Does anyone care what will happen to this human?
These are the emails that make me contribute to the cause.
I once had hope for change but now I am hopeless in what I witness being accepted.
Below is the actual video of the rally you held in Ohio. I hope you listen carefully to your own words and do the right thing for the American people today.
We are listening and demand a Foreclosure Freeze to this rampant Foreclosure Fraud.