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Why Mortgage-Backed Securities Aren’t (Backed by Securities): How MERS Toasted the Banks

Why Mortgage-Backed Securities Aren’t (Backed by Securities): How MERS Toasted the Banks


L. Randall Wray

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.

© 2010-15 FORECLOSURE FRAUD | by DinSFLA. All rights reserved.



Posted in STOP FORECLOSURE FRAUDComments (1)

OK CIV. APPEALS COURT REVERSAL “CONFLICTS IN NOTE OWNERSHIP”, “MERS BIFURCATION” BAC HOME LOANS fka COUNTRYWIDE v. White

OK CIV. APPEALS COURT REVERSAL “CONFLICTS IN NOTE OWNERSHIP”, “MERS BIFURCATION” BAC HOME LOANS fka COUNTRYWIDE v. White


Via: Brian Davies

IN THE COURT OF CIVIL APPEALS OF THE STATE OF OKLAHOMA. DIVISION I.

BAC HOME LOANS SERVICING, L.P.
f/k/a COUNTRYWIDE HOME LOANS

v.

RONALD R. WHITE and TERI L. WHITE

Excerpt:

Therefore, in Oklahoma it is not possible to bifurcate the security interest from the note. An assignment of the mortgage to one other than the holder of the note is no effect.

[…]

The record on summary judgment in the present case contains conflicting evidence as to the ownership of the note. The note, in which the White’s ppromised to pay a sum certain to the order of Lender, is a negotiable instrument pursuant to 12A O.S.2001 30104(a).

[…]

The note in the record appears to be indorsed to Countrywide Document Custody Services, a division of Treasury Ban, NA; we are unable to determine from the record submitted to us that the instrument was later indoresed in blank and transferred to BAC.

Continue below to read the research this judge has done…

[ipaper docId=45098591 access_key=key-sns1tix39e3g6jp3lx3 height=600 width=600 /]

Read more on Bifurcation from James McGuire and Alvie Campbell below

“OREO COOKIE”: How They Bifuricated Our Mortgage Loan 101

© 2010-15 FORECLOSURE FRAUD | by DinSFLA. All rights reserved.



Posted in STOP FORECLOSURE FRAUDComments (8)

“OREO COOKIE”: How They Bifuricated Our Mortgage Loan 101

“OREO COOKIE”: How They Bifuricated Our Mortgage Loan 101


*NOT LEGAL ADVICE* This is a must for anyone who wants to understand in simple form what has occurred with most Mortgage Loans and the meaning of bifuraction. Many just do not understand and I hope this comes as a great education tool for many. This is for educational purposes only and not intended to legal advice.

[ipaper docId=33335744 access_key=key-128zh9xi0glm6j9tpup0 height=600 width=600 /]

From: alviec

© 2010-15 FORECLOSURE FRAUD | by DinSFLA. All rights reserved.



Posted in foreclosure, foreclosure fraud, foreclosures, MERS, MORTGAGE ELECTRONIC REGISTRATION SYSTEMS INC., securitizationComments (0)


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