“MERS Helps Wall Street Steal Your Home” From Great Leap Forward site(L. Randall Wray) April 10, 2013
This needs to be widely distributed.
This is a webinar put together to assist resistance to the bankster frauds in seizing properties, when they have no legal basis to do so due to the securitization process which includes MERS the Mortgage Electronic Records Service which violated contract law at the outset and then enabled the robo-signer scamming of the process.
Over the past couple of years, I’ve tried to explain how the financial sector created MERS to destroy property records so that it would be easier to steal homes. In the old days, property records were maintained at county recorder offices. But that was so old-school. It made it too easy to find out who owes whom and who owns what. Wall Street wanted to make this as complicated as possible so that no indebted homeowner would ever know who she/he owes. Wall Street took the mortgages and sliced and diced them, separating origination of mortgages from the ownership of the right to receive payment, and as well separated that ownership from the servicing of the mortgages. And then the bankers burned all the records.
In the old days, you had to keep all the documents together, in physical form. And when a mortgage was sold, you had to go back to the recorder’s office to change the record. With the creation of MERS, most of those documents were destroyed and the banksters never bothered to tell the recorders who owned what. The indebted households have no idea who owns their note and who services the mortgages. Even if they write that monthly check, the banks claim they never received it—the dog ate it, you know.
In truth, since they screwed up all the property records, even the banksters have no idea who owes who what. So they just start foreclosing on everything. Don’t owe a mortgage? Who cares, they foreclose anyway. You cannot prove you’ve got a right to the house you live in, since they shredded all the documents and “forgot” to tell MERS you paid off the note. No more “note burning parties” since they burned the notes as soon as they got them. See here: http://www.ritholtz.com/blog/2009/10/countrywide-destroyed-required-reco… http://www.zerohedge.com/article/mortgage-lenders-seeking-court-permissi…
I just came across an excellent video—albeit wonky—that explains all this: http://www.youtube.com/watch?v=tlUCaq22oYo
It will take decades to sort out the mess that MERS has made of property records. Meanwhile, don’t believe ‘em. They have no proof they’ve got a right to take your home from you.