Marcy Kaptur | FORECLOSURE FRAUD | by DinSFLA

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L. Randall Wray: The $7 Trillion Question That Haunts Banks (MERS)

L. Randall Wray: The $7 Trillion Question That Haunts Banks (MERS)


HuffPO-

I’ve been writing about the MERS monster since 2010. Here is one of my early pieces.

I suppose it is now safe to reveal that a staffer of Representative Marcy Kaptur put me on the trail of this fraud — in dollar terms it has to be the single biggest fraud in human history. In sheer utter disregard for law, it is certainly the most audacious fraud in Western history. To tell the truth, I had never heard of MERS until she called. If you recall the Michael Moore movie, Rep. Kaptur stood on the steps and told homeowners facing foreclosure to stay in their homes. She was right: the banksters have no legal claim on the homes they are foreclosing. Foreclosure is theft. Any bank that used MERS has no legal claim on property — there are 65 million such mortgages to which no bank has a legal claim to foreclose.

And, to be sure, even those mortgages that were not run through MERS are suspect if they are handled by any of the five biggest servicers. These servicers keep such shoddy records that they cannot be trusted to accurately credit payments. They’ve been adding on fees and penalties that were unwarranted since they cannot keep track of records.

Folks, there are $7 trillion of securitized mortgages. It was (mostly) the securitization process that demanded fraud. Securitization could never have been profitable — it was a flawed way to go about financing homeownership. It was simply too expensive to compete with Jimmy Stewart thrifts. It required fraud to show profits. (As Bill Black always says: fraud is a sure thing. It is always the most profitable way to run a business — until you get caught.)

[HUFFINGTON POST]

© 2010-17 FORECLOSURE FRAUD | by DinSFLA. All rights reserved.



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Marcy Kaptur Says “Wall Street Greed & Endless Wars!’ Are To Blame For Our Budget Crisis

Marcy Kaptur Says “Wall Street Greed & Endless Wars!’ Are To Blame For Our Budget Crisis


Marcy Kaptur knows her stuff and is one of the few that is for the people. Wall Street has been controlling our lives for way too long and if the Government doesn’t do anything about this problem, we are going to see riots like never seen before.

 

© 2010-17 FORECLOSURE FRAUD | by DinSFLA. All rights reserved.



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NYT | New Rules for Mortgage Servicers Face Early Criticism

NYT | New Rules for Mortgage Servicers Face Early Criticism


Federal banking regulators have not officially imposed their new rules for the top mortgage servicers, but criticism is already being heard. A wide coalition of consumer and housing groups is denouncing the legal agreements, which are likely to be published within a few days. ?

[…]

The problem, said Alys Cohen of the National Consumer Law Center, is the agreements “do not in any way require the servicers to stop avoidable foreclosures, and that is what we need.”

© 2010-17 FORECLOSURE FRAUD | by DinSFLA. All rights reserved.



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WSJ | Lenders Near Pacts With Regulators in Foreclosure Probe

WSJ | Lenders Near Pacts With Regulators in Foreclosure Probe


More and more proof the whole Fraudclosure Settlement “leaders” are discombobulated.  Just last week, AG Tom Miller said “We have a long way to go.”

Now.. according to the Wall Street Journal

Regulators including the Office of the Comptroller of the Currency, Federal Reserve and Office of Thrift Supervision could announce the agreements with the banks and thrifts as early as next week, though a date wasn’t final, according to people familiar with the matter.

The regulators are likely to act ahead of state attorneys general, who are also in talks with the banks. Those discussions are moving at a slower pace amid disputes among several state officials.

Seriously, why aren’t they all working together? Lefty doesn’t know what the right is doing.

© 2010-17 FORECLOSURE FRAUD | by DinSFLA. All rights reserved.



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ADAM LEVITIN | Banks to AGs on Servicing Fraud: Drop Dead

ADAM LEVITIN | Banks to AGs on Servicing Fraud: Drop Dead


Here’s the banks’ counterproposal for a servicing fraud settlement. I can sum it up in two words: drop dead.  Or two letters:  F.U. This proposals is so pathetically thin that it’s not a good faith counterproposal. This document only deals with servicing standards–nothing in it whatsoever about penalties, modification quotas, etc. But even on servicing standards it is a bunch of empty promises to have internal controls and try harder.

The first point about this counterproposal is simply to note what’s absent from it:

(1) nothing about principal reductions

(2) nothing about second liens and conflicts of interest

(3) nothing about MERS (reserved for later)

(4) nothing about in-sourced vendor fees or force-placed insurance to affiliates. This makes the fees and force-place insurance sections pretty meaningless.

(5) nothing about pyramiding of fees.

© 2010-17 FORECLOSURE FRAUD | by DinSFLA. All rights reserved.



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Fraudclosure Settlement Has a Long Way To Go, Time IS of The Essence For You

Fraudclosure Settlement Has a Long Way To Go, Time IS of The Essence For You


Read the excerpts below carefully… You’ll be screwed if you plan to wait on any reasonable settlement, just like “HAMP” left you waiting for your mod. Don’t expect miracles!

PERIOD. DONE.

From The New York Times

“We have a long way to go,” Iowa Attorney General Tom Miller, who is leading the effort from the states’ side, said after the afternoon session broke up.

[…]

Lengthy negotiations work to the banks’ advantage, critics say.

“The banks’ strategy is to run the clock,” a Georgetown University law professor, Adam Levitin, said. “The chances of a settlement that meaningfully reforms mortgage servicing and makes the banks pay an appropriate price for illegal conduct are rapidly slipping away.”

This was taken From Zack Carter’s Article on Huffington Post:

“I am incensed that the FBI has not filed one criminal case,” Rep. Marcy Kaptur (D-Ohio) said, referring to the lack of prosecutions against major banking executives. “And I’m very worried that the game that’s being played here is to run out the statute of limitations.”

#

Oh and AG’s make sure the banks get barred from Deficiency Judgments in your settlement!

#

© 2010-17 FORECLOSURE FRAUD | by DinSFLA. All rights reserved.



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Extend and Pretend, Both Rep. Kaptur and Miller Got What’s Going On!

Extend and Pretend, Both Rep. Kaptur and Miller Got What’s Going On!


From Zack Carter’s Article on Huffington Post:

“I’ve talked to a few people on the investor side of the mortgage-backed securities business, and they said doing business with Wall Street now is like doing business with oligarchs in Russia,” Rep. Brad Miller (D-N.C.) said. “You have to factor in the fact that contracts are not enforceable when you’re dealing with these banks.”

and this…

“I am incensed that the FBI has not filed one criminal case,” Rep. Marcy Kaptur (D-Ohio) said, referring to the lack of prosecutions against major banking executives. “And I’m very worried that the game that’s being played here is to run out the statute of limitations.”

Ahh hhaaaa moments don’tcha think! Spread this news … more games.

© 2010-17 FORECLOSURE FRAUD | by DinSFLA. All rights reserved.



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NALTEA | Restoring Integrity to the Land Title Records – A Commentary on MERS

NALTEA | Restoring Integrity to the Land Title Records – A Commentary on MERS


National Association of Land Title Examiners and Abstractors
7490 Eagle Road
Waite Hill, OH 44094

February 10, 2011

Restoring Integrity to the Land Title Records – A Commentary on MERS

As the faults in the MERS system of mortgage tracking become ever more apparent, so do the consequences begin to take shape. And, as high profile cases of abuse of process rapidly hit the mainstream press, as details continue to emerge, we can see with ever increasing clarity the problems caused by the systematic omission of mortgage
assignments from the public land records.

Continue below…

[ipaper docId=49861745 access_key=key-2b5lkrxox5o0hu6fqilz height=600 width=600 /]

© 2010-17 FORECLOSURE FRAUD | by DinSFLA. All rights reserved.



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National Association of Independent Land Title Agents (NAILTA) White Paper on MERS, H.R. 6460

National Association of Independent Land Title Agents (NAILTA) White Paper on MERS, H.R. 6460


Per a tip SFF received: This Bill should boil it down to where the GSE’s should only accept loans where there is a proper Chain of Title recorded in Public Records and a Chain of Indorsements showing a proper Chain of Negotiation to the GSE’s where both chains match from Origination to final purchase by the GSE’s.

The National Association of Independent Land Title Agents (NAILTA) has released a white paper on the recent troubles with the Mortgage Electronic Registration Systems (MERS) mortgage registry and a position statement in favor of the premise behind a bill sponsored by Representative Marcy Kaptur (D-OH) known as H.R. 6460, or the “Transparency and Security Mortgage Registration Act of 2010”.

——————

——————


111TH CONGRESS
2D SESSION

H. R. 6460


To prohibit Fannie Mae, Freddie Mac, and Ginnie Mae from owning or guaranteeing any mortgage that is assigned to the Mortgage Electronic Registration Systems or for which MERS is the mortgagee of record.

Continue Below…

[ipaper docId=45004130 access_key=key-nqvdvjithp0iusr9la3 height=600 width=600 /]

© 2010-17 FORECLOSURE FRAUD | by DinSFLA. All rights reserved.



Posted in STOP FORECLOSURE FRAUDComments (3)

[VIDEO] Dylan Ratigan Show: Rep. Marcy Kaptur, MERS, FRAUDCLOSURE FRAUD COVER UP

[VIDEO] Dylan Ratigan Show: Rep. Marcy Kaptur, MERS, FRAUDCLOSURE FRAUD COVER UP


© 2010-17 FORECLOSURE FRAUD | by DinSFLA. All rights reserved.



Posted in STOP FORECLOSURE FRAUDComments (2)

VIDEOS YOU MUST WATCH! IT ALL BEGAN w/ MARCY KAPTUR

VIDEOS YOU MUST WATCH! IT ALL BEGAN w/ MARCY KAPTUR


Back in January 15, 2009 Marcy Kaptur told Foreclosure Victims “Don’t Leave your Home” because we will find out that they don’t have the mortgage.

“They can’t find the paper up there on Wall Street”

You can feel it through her passion she knows what she’s talking about. I have a feeling I may know who might be consulting her 🙂

Go to 3:05 where they clearly mention the problems with MERS

Barry Ritholtz goes at it with Diana Olick

© 2010-17 FORECLOSURE FRAUD | by DinSFLA. All rights reserved.



Posted in assignment of mortgage, foreclosure, foreclosure fraud, foreclosures, mbs, MERS, MERSCORP, MORTGAGE ELECTRONIC REGISTRATION SYSTEMS INC., note, robo signers, scam, securitization, servicers, STOP FORECLOSURE FRAUD, Trusts, Wall StreetComments (1)

VIDEO: OHIO SOS JENNIFER BRUNNER on Foreclosure Fraud, Kaptur, MERS, H.R. 3808, Notaries, Moratorium

VIDEO: OHIO SOS JENNIFER BRUNNER on Foreclosure Fraud, Kaptur, MERS, H.R. 3808, Notaries, Moratorium


Democracy NOW! News – Calls are growing for a nationwide moratorium on home foreclosures following the recent revelations that major lenders may have committed fraud while forcing thousands of people out of their homes. On Thursday the White House announced President Obama will not sign a bill approved by Congress that could have made it easier for banks to foreclose. We discuss the latest in the foreclosure crisis with Ohio Secretary of State Jennifer Brunner. This week Ohio filed a lawsuit accusing the lender Ally Financial and its GMAC Mortgage division of fraud in approving scores of foreclosures. Published with written permission from democracynow.org.

http://www.democracynow.org Provided to you under Democracy NOW! creative commons license. Copyright democracynow.org, an independent non-profit user funded news media, recognized and broadcast world wide.

© 2010-17 FORECLOSURE FRAUD | by DinSFLA. All rights reserved.



Posted in assignment of mortgage, chain in title, CONTROL FRAUD, foreclosure, foreclosure fraud, foreclosure mills, foreclosures, MERS, MERSCORP, MORTGAGE ELECTRONIC REGISTRATION SYSTEMS INC., notary fraudComments (1)

Rep. Conyers and Kaptur letter to Geithner, Fannie, FHFA to Stop Efforts to Pursue Strategic Defaulters

Rep. Conyers and Kaptur letter to Geithner, Fannie, FHFA to Stop Efforts to Pursue Strategic Defaulters


You know… after MOJO’s article “EXCLUSIVE: Fannie and Freddie’s Foreclosure Barons”

I’m not so sure this is a wise decision to go after strategic defaulters on their part mainly because they are associated with “Strategic Fraudsters”! I don’t think they realize this may not be limited to just Florida…Attorney Generals in every state should follow Florida’s lead on investigating the Foreclosure Mill’s in their states and see whether or not they are following the correct legal procedures to.

If I were Fannie and Geithner, I would seriously reconsider anything plans they may have.

[ipaper docId=35920499 access_key=key-2i1iwywv2265lawj8oy3 height=600 width=600 /]

© 2010-17 FORECLOSURE FRAUD | by DinSFLA. All rights reserved.



Posted in conspiracy, fannie mae, FHA, foreclosure, foreclosure fraud, foreclosure mills, foreclosures, geithner, investigation, walk awayComments (1)

House Democrats calling for criminal investigation of Goldman Sachs

House Democrats calling for criminal investigation of Goldman Sachs


Rep. Kaptur is the one that keeps grilling Geithner on the AIG scam involving you guessed it …Goldman Sachs!

April 21st, 2010 7:15 PM

House Democrats calling for criminal investigation of Goldman Sachs

 

  By Eric Zimmermann / The Hill

 A growing number of House Democrats are asking the Department of Justice to open a criminal investigation into Goldman Sachs.

 Rep. Marcy Kaptur (D-Ohio) made the request Tuesday in a letter to Attorney General Eric Holder. Since then, almost 20 of her colleagues have signed on.

 The Securities and Exchange Commission (SEC) has filed a fraud action against Goldman for allegedly promoting a package of investments that was designed to fail. But the SEC can only pursue civil actions. Kaptur wants the Justice Department (DOJ) to consider criminal charges as well.

 “[I]f the DOJ is not currently looking into this particular case, we respectfully ask you to ensure that the U.S. Department of Justice immediately open a case on this matter and investigate it with the full authority and power that your agency holds,” Kaptur wrote to Holder.

 “The American people both demand and deserve justice in the matter of Wall Street banks whom the American taxpayers bailed out, only to see unemployment and housing foreclosures rise.”

 Republicans have accused Democrats of engineering the SEC charge to bolster the case for financial reform. Democrats have vehemently denied that claim, but the push for criminal charges isn’t likely to quiet the conservative charges.

 The letter has so far garnered 18 signatures, and the Progressive Change Campaign Committee (PCCC) is organizing a grassroots campaign to urge more lawmakers to sign on. The group says it has gathered 23,000 signatures and organized 2,400 calls to Congress. 

“Now is the moment to make clear: Nobody on Wall Street is ‘too big for jail,’ ” PCCC co-founder Aaron Swartz wrote to supporters.

 The following House Democrats have signed on to Kaptur’s letter: Jim McDermott (Wash.), Diane Watson (Calif.), Chris Carney (Pa.), Raul Grijalva (Ariz.), Keith Ellison (Minn.), John Lewis (Ga.), Charlie Melancon (La.), Tom Perriello (Va.), Betty Sutton (Ohio), Jay Inslee (Wash.), Pete Stark (Calif.), Mike Honda (Calif.), John Salazar (Colo.), Niki Tsongas (Mass.), Alan Grayson (Fla.), David Loebsack (Iowa) and Bob Filner (Calif.).

 Top Republican asserts feds 'looked the other way' from financial fraud

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