Monday, April 22, 2013

Homeowners Fight Back Against MERS Mortgage Foreclosure Fraud

Homeowners Fight Back Against MERS Mortgage Foreclosure Fraud | Cancel My Mortgage


MERS Mortgage Fraud

MERS is essentially an effort at systematically evading taxes … and hiding information from homeowners in ways that enabled the Countrywides of the world to defraud investors and avoid legal consequences for same.



The fraudulent registering of approximately 60 million MERS mortgages was only one facet of this fraud. There were millions upon millions of other acts of fraud connected with these mortgages.

The fraud chain began with the "liars' loans" -- primarily instigated at the lenders' end -- where mortgage applicants were assured no one told the truth on these documents, and thus applicants were free to fill in whatever numbers the mortgage-broker told them would help to facilitate purchase.

MERS: The Center of the Mortgage Scam
A prominent economist said about the 2008 financial crisis:
“At the root of the crisis we find the largest financial swindle in world history”, where “counterfeit” mortgages were “laundered” by the banks.
The Mortgage Electronic Registration Systems – MERS – was one of the main ways the swindle was done, and the main way in which counterfeit mortgages were laundered by the banks.

MERS is a shell company with no employees, owned by the giant banks.

MERS threw out centuries of well-established law about how real estate is transferred – and cheated governments out of many tens or hundreds of billions of dollars in recording fees.

For those of you wondering why so many localities are broke, here’s one small factor in the revenue drain. Counties typically charge a small fee for mortgage registration, roughly $30. But with MERS, … you don’t need to pay the fee every time there’s an ownership transfer. Multiply that by 67 million mortgages and you’re talking about billions in lost fees for local governments (some estimates place the total at about $200 billion).

Outrageously, MERS actually marketed itself to its customers as a way to save money by avoiding the payment of legally-mandated registration fees. Check out this MERS brochure from 2007. It brags on the face page about its fee-avoiding qualities (“MINIMIZE RISK. SAVE MONEY. REDUCE PAPERWORK”) and inside the brochure, in addition to boasting about helping clients “Foreclose More Quickly,” it talks about how clients save money because MERS “eliminates the need to record assignments in the name of the Trustee.”

All of this adds up to a system that enabled the mortgage industry to avoid keeping any kind of proper paperwork on its frantic, coke-fueled selling and re-selling of mortgage-backed securities during the bubble, and to help the both the Countrywide-style subprime merchants and the big banks like Goldman and Chase pull off the mass sales of crappy loans as AAA-rated securities.

Day Global LLC. can help you get your house Mortgage FREE!
Stop your foreclosure in its tracks today. By taking the first step and Contacting us for a free no obligation consultation to see if you qualify.

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