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Embattled Virtual Mortgage Registry MERS Retains Top Lobbying Talent

Embattled Virtual Mortgage Registry MERS Retains Top Lobbying Talent


By Michael Beckel on January 5, 2011 12:00 AM

One company embroiled in the nation’s property foreclosure crisis is not unprepared for a fight.

In Washington, D.C., Merscorp Inc. has retained several well-heeled lobbyists and invested hundreds of thousands of dollars in lobbying efforts since the start of the mortgage crisis and economic meltdown.

Merscorp Inc. is the parent company of Virginia-based Mortgage Electronic Registration Systems (MERS), which serves as an electronic registry for 67 million U.S. mortgages — more than 60 percent of the country’s total.

MERS was created in the 1990s by the mortgage banking industry to save them significant sums of cash by capitalizing on the digital revolution. The firm’s motto is “process loans, not paperwork.”

The ease of this streamlining process has brought trouble and detractors, however, especially in the face of the $12 trillion real estate bubble’s burst, and the company’s role in helping banks foreclose on properties, as the Washington Post recently reported.

“Several state courts have rejected attempts by MERS to act on behalf of banks seeking to foreclose on delinquent mortgages,” the Post reported last week. “And Congress is weighing legislation that would bar home loan giant Fannie Mae from buying any mortgage listed in MERS, potentially a death knell for the registry.”


Rolling Stone reporter Matt Taibbi recently
summed up the company’s status this way: “In short, the mortgage industry considers MERS owner enough to foreclose on you, but not owner enough to be sued, or reasoned with, or even to provide basic customer service.”

In testimony before the House Financial Services Committee in November, Merscorp Chief Executive Officer R.K. Arnold maintained his firm did not profit from foreclosures or decide when to foreclose upon a property.

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



Posted in STOP FORECLOSURE FRAUDComments (2)

“Fred Rerun Berry” actor from 1970’s sitcom”What’s Happening”

“Fred Rerun Berry” actor from 1970’s sitcom”What’s Happening”


Mrs. Berry contacted me through my youtube channel.

For those who may not recall “What’s Happening”…  Back then this was one of the hottest shows along with “Good Times”, “Different Strokes” etc. This was a show that was part of my childhood and enjoyed very much.

Because of “Rerun” we have a dance that was named after him for his unique moves.

There will always only be one Rerun.

EssieRerunBerry1

EVIDENCE OF A 20 MILLION DOLLAR BB&T BANK COVER UP.52-2197854 & 52-2052386

“Fred Rerun Berry” actor from 1970’s sitcom(“What’s Happening”)”Family is asking for a Federal Investigation on a 20 million dollar cover up from Mr. Fred and Essie Berry Tax Identification number.(52-2197854)

Whistle Blower!!! Over the past six years regarding the late Fred Rerun Berry who was an actor from the 1970’s “What’s Happening” Sitcom. Berry died October 21, 2003.

It has been determined that there has been an unauthorized use of Mr. and Mrs. Fred Berry’s personal identification number utilizing this number to establish bank accounts in the form of loans, government grants, saving accounts and lines of credit. Thousands of dollars have been utilized in property developments, purchasing of land and community development projects in the Suitland Maryland, Largo Maryland and New Carrolton areas. Many attempts to gather documents from a Bank and a Corporation in Maryland have been met with roadblocks.

In 2001 Fred Rerun Berry appeared on” The Weakest Link and that is were it all began. Mrs. Berry started receiving paper work from the Internal Revenue, Documents and contracts in c/o Essie Berry for this corporation and Tax Idenification Number. Mrs. Berry requested bank accounts records . The bank teller wanted Mrs. Berry to provided information to confirm her identity. Information was faxed in 2004 to a bank in Maryland still no records.

In 2005, Mrs. Berry meets with the Vice-President of the bank. Mrs. Berry asked for all accounts in reference to Fred Rerun Berry Tax Identification 52-2197854 records were mail but they were incomplete.

Mrs. Berry and Portia Allen, Fred’s daughter in 2007 over heard a phone conversation with a bank employee while holding during a phone conversation say, “That poor, poor lady they drained her husbands’ account.

With all of the compelling evidence, bank records, documents and paper trail and errors that the banks have made in utilizing Mr. and Mrs. Fred Berry Tax Identification number. The Berry family is seeking a full Federal Investigation to this matter. All facts can be proven.

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



Posted in conspiracy, CONTROL FRAUD, corruption, forgery, insider, investigation, mortgageComments (1)

Handcuffs for Wall Street, Not Happy-Talk

Handcuffs for Wall Street, Not Happy-Talk


“If the people cannot trust their government to do the job for which it exists
– to protect them and to promote their common welfare – all else is lost.”
– BARACK OBAMA, speech, Aug. 28, 2006

Zach Carter

Zach Carter

Economics Editor, AlterNet; Fellow, Campaign for America’s Future

Posted: September 12, 2010 02:52 PM

The Washington Post has published a very silly op-ed by Chrystia Freeland accusing President Barack Obama of unfairly “demonizing” Wall Street. Freeland wants to see Obama tone down his rhetoric and play nice with executives in pursuit of a harmonious economic recovery. The trouble is, Obama hasn’t actually deployed harsh words against Wall Street. What’s more, in order to avoid being characterized as “anti-business,” the Obama administration has refused to mete out serious punishment for outright financial fraud. Complaining about nouns and adjectives is a little ridiculous when handcuffs and prison sentences are in order.

Freeland is a long-time business editor at Reuters and the Financial Times, and the story she spins about the financial crisis comes across as very reasonable. It’s also completely inaccurate. Here’s the key line:

“Stricter regulation of financial services is necessary not because American bankers were bad, but because the rules governing them were.”

Bank regulations were lousy, of course. But Wall Street spent decades lobbying hard for those rules, and screamed bloody murder when Obama had the audacity to tweak them. More importantly, the financial crisis was not only the result of bad rules. It was the result of bad rules and rampant, straightforward fraud, something a seasoned business editor like Freeland ought to know. Seeking economic harmony with criminals seems like a pretty poor foundation for an economic recovery.

The FBI was warning about an “epidemic” of mortgage fraud as early as 2004. Mortgage fraud is typically perpetrated by lenders, not borrowers — 80 percent of the time, according to the FBI. Banks made a lot of quick bucks over the past decade by illegally conning borrowers. Then bankers who knew these loans were fraudulent still packaged them into securities and sold them to investors without disclosing that fraud. They lied to their own shareholders about how many bad loans were on their books, and lied to them about the bonuses that were derived from the entire scheme. When you do these things, you are stealing lots of money from innocent people, and you are, in fact, behaving badly (to put it mildly).

The fraud allegations that have emerged over the past year are not restricted to a few bad apples at shady companies– they involve some of the largest players in global finance. Washington Mutual executives knew their company was issuing fraudulent loans, and securitized them anyway without stopping the influx of fraud in the lending pipeline. Wachovia is settling charges that it illegally laundered $380 billion in drug money in order to maintain access to liquidity. Barclays is accused of illegally laundering money from Iran, Sudan and other nations, jumping through elaborate technical hoops to conceal the source of their funds. Goldman Sachs set up its own clients to fail and bragged about their “shitty deals.” Citibank executives deceived their shareholders about the extent of their subprime mortgage holdings. Bank of America executives concealed heavy losses from the Merrill Lynch merger, and then lied to their shareholders about the massive bonuses they were paying out. IndyMac Bank and at least five other banks cooked their books by backdating capital injections.

Continue reading…..The  Huffington Post


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



Posted in Bank Owned, citi, conspiracy, Economy, FED FRAUD, foreclosure, foreclosure fraud, foreclosure mills, foreclosures, goldman sachs, hamp, indymac, investigation, jobless, lehman brothers, MERS, MORTGAGE ELECTRONIC REGISTRATION SYSTEMS INC., OCC, racketeering, RICO, rmbs, Wall Street, wamu, washington mutual, wells fargoComments (0)

Geithner tells panel that more has to be done to help homeowners avoid foreclosure: Washington Post

Geithner tells panel that more has to be done to help homeowners avoid foreclosure: Washington Post


SCROLL DOWN AND SEE WHAT THEY ADMIT… 

By Renae Merle

Washington Post Staff Writer
Friday, April 30, 2010

Treasury Secretary Timothy F. Geithner told a Senate panel Thursday that mortgage lenders were still not doing enough to help homeowners avoid foreclosure and that some borrowers who qualify for federal aid are still losing their homes.Homeowners meet with Wells Fargo employees in makeshift offices at a workshop in Oakland to discuss mortgage payment challenges.

The industry’s performance varies by lender, he said, adding that the Treasury Department is conducting “targeted, in-depth compliance” reviews of lenders participating in the government’s foreclosure prevention program. Some firms could lose the incentive payments they earn for helping borrowers if their performance does not improve, he said.

“None of this is acceptable. We are committed to making sure that servicers hold up their end of the bargain,” Geithner said during a hearing of a Senate Appropriations subcommittee.

So far, the federal program, known as Making Home Affordable, has helped about 200,000 borrowers get a permanent loan modification. But the government is far short of helping the 3 million to 4 million homeowners it initially targeted. In the meantime, millions of homeowners are expected to fall into foreclosure over the next few years.

“I want to be clear that we do not believe [mortgage] servicers are doing enough to help homeowners, not doing enough to help them navigate the difficult and often frightening process of avoiding foreclosure,” Geithner told the committee. “They are not responding to the needs of responsible and increasingly desperate homeowners.” DinSFLA: So there are IRRESPONSIBLE ones?? Clarification, please Mr. Geithner…Who are the irresponsible ones “SIR” who got us in this Shit Hole of a mess??

Industry officials argue that they have helped millions of borrowers avoid foreclosure already, many outside the government program. “While we share the secretary’s continued frustration with anecdotes about lost paperwork and mistaken foreclosures, I don’t think blanket indictments of an entire industry are helpful,” said John A. Courson, president of the Mortgage Bankers Association. “Nevertheless, the industry is continuing to try and streamline and improve the loan modification process.”

Last month, the Treasury Department announced it was revamping the federal program, including by encouraging lenders to forgive a portion of a borrower’s mortgage debt if more is owed on the loan than the home is worth, a situation known as being underwater. Under the changes, lenders are now required to offer temporary mortgage relief to unemployed borrowers for at least three months.

But the government program is largely voluntary, and some lenders have already balked at the prospect of widespread use of principal forgiveness in which they would slash the mortgage balances of millions of homeowners. Also, housing advocates have argued that the help being offered to unemployed borrowers may not go far enough because it could take many much longer than three months to find a job.

“These changes won’t be implemented until the fall, maybe too little, too late,” said Senate Majority Whip Richard J. Durbin (D-Ill.).

Geithner also faced questions from committee members about the status of its bailout of the automakers, including General Motors and Chrysler. In a recent television ad, GM touted that it had repaid billions of dollars in government loans ahead of schedule.

But Sen. Susan Collins (R-Maine) said that the commercial did not mention that taxpayers still own 61 percent of the company’s shares. “This is so frustrating to me because I believe the public is being misled,” Collins said.

Geithner said he was aware of concerns over GM’s claims in the commercial. “We still have substantial equity investments left in those companies, and as a result, some risk of loss, although a fraction of what we feared,” he said.

The administration wants to divest its interest in the automakers as soon as possible, Geithner said. There is a reasonable chance that all of the bailout funds given to the industry could be recovered.

“Nobody at GM has claimed victory. We know we have more work to do,” Greg Martin, a GM spokesman, said in an e-mail. “But early repayment of our loans is a milestone for the company and a clear sign that our plan is working, and a critical step toward returning GM to profitability and public ownership.”

Posted in foreclosure fraud, geithnerComments (0)


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