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]

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.

H.RES.344 — Expressing the sense of the House of Representatives that the States should enact a temporary moratorium on residential mortgage foreclosures. (Introduced in House – IH)

HRES 344 IH

112th CONGRESS 1st SessionH. RES. 344

Expressing the sense of the House of Representatives that the States should enact a temporary moratorium on residential mortgage foreclosures.

IN THE HOUSE OF REPRESENTATIVES

July 8, 2011

Ms. KAPTUR submitted the following resolution; which was referred to the Committee on Financial Services

RESOLUTION

Expressing the sense of the House of Representatives that the States should enact a temporary moratorium on residential mortgage foreclosures.

Whereas there are nearly 6,900,000 fewer jobs in the United States economy since the start of the recession;

Whereas, in April 2011, the unemployment rate remains at 9.0 percent, nearly double the unemployment rate of the pre-recession economy;

Whereas the Director of the Congressional Budget Office testified as follows in a Senate hearing on January 28, 2009: `Challenging conditions seem likely to persist for some time in the housing and mortgage markets as well. Housing sales remain weak, and construction activity continues to decline. With the housing market’s large glut of vacant properties, the prices of homes are likely to fall considerably further, pushing the value of more borrowers’ homes below the value of their outstanding mortgages. As more of those `underwater’ borrowers experience losses of income during the current recession, rates of delinquency and foreclosure on residential mortgage loans are likely to rise further.’;

Whereas the current economic situation began to unfold some time ago and, in fact, the Federal Reserve System first began to supply additional liquidity to credit markets in August 2007, as pressures from losses on mortgage-related assets unexpectedly began to mount;

Whereas many economists today believe that to avoid relapsing into another devastating financial crisis, a key component is the Nation’s housing markets and providing necessary changes for our Nation’s financial markets;

Whereas the intent of the Troubled Assets Relief Program of the Department of the Treasury, established by the Emergency Economic Stabilization Act of 2008 (Public Law 110-343), was to, in large portion, purchase troubled assets, including securitized mortgages, and to enable banks and other lenders engaged in the mortgage market to engage in mortgage modifications, loan workouts, and other processes designed to stem off the ever-rising tide of foreclosures, and that has not happened to the level necessary to stem the tide of foreclosures and it continues;

Whereas there were nearly 219,000 new foreclosures in April 2011, which is 7,300 homes per day;

Whereas it is projected by housing market experts that there are approximately 11,000,000 homes in the Nation which are underwater or in foreclosure;

Whereas the United States finds its housing market in a precarious and unstable state, where homeowners’ mortgage balances are routinely larger than the current value of their homes and where people are losing their homes at an alarming rate;

Whereas during the Great Depression, the State of Minnesota declared an economic emergency, and enacted a law granting relief in certain cases, `for inequitable foreclosure of mortgages on real estate and execution sales and for postponing certain others’ (Chapter 339, Laws of Minnesota, 1933, page 514);

Whereas the Minnesota statute included provisions that postponed foreclosure sales or extended mortgage redemption, as well as taking actions relating to the jurisdiction of such activities, and the Minnesota statute established a hard and fast deadline of when such relief would end, making the Act temporary in nature;

Whereas this law was challenged in the case Home Building & Loan Association v. Blaisdell, which was argued before the United States Supreme Court in 1933, with the Court ruling in 1934 in favor of the Minnesota law;

Whereas there are clear challenges to implementing a nationwide moratorium on mortgage foreclosures, yet this case tells us that the States can take action using the police power of the State; and

Whereas, in this time of instability and uncertainty, with unemployment at 9.0 percent for April 2011, a global financial system still reeling from the effects of the recession, a volatile housing market, and our Nation’s citizens struggling to balance essential needs of housing, work, and nutrition, it is time that the Nation, through the action of the President of the United States, declare a national foreclosure emergency and State-by-State seek to end the foreclosure crisis: Now, therefore, be it

Resolved, That it is the sense of the House of Representatives that–

• (1) the President of the United States should declare a national residential mortgage foreclosure emergency and, through such declaration, encourage the States, by use of their police power, to enact a moratorium on residential mortgage foreclosures similar to the moratorium enacted by the State of Minnesota in 1933 and upheld by the Supreme Court of the United States in Home Building & Loan Association v. Blaisdell (290 U.S. 398 (1934)); and

• (2) the States should exercise such power and enact such a moratorium.

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”.

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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 /]

Please take the time to watch these videos with Mr. Paulson and where we are today after this…nothing has been done. What a Sham and a Shame!

Testimony of Hank Paulson, Part 27 (Rep. Stearns Questioning)

Testimony of Hank Paulson, Part 24 (Rep.Kaptur Questioning)

Kaptur calls Pelosi, Paulson CRIMINALS!!!

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

BY: CARRIE BAY DSNEWS 4/29/2010