The Farce-Hole Gets Deeper: Obama's "Bankster Robo-Settlement For Votes" Cost To Taxpay... - 1 views
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Gary Edwards on 17 Feb 12Incredible. The Banksters were caught perpetrating a massive fraud on mortgage holders in default. They set up document mills packed with "robo" signers forging legal documents to prove in a foreclosure procedure that they are in fact the mortgage provider for that property. The fraud itself revelas the essentials of what went wrong with the entire mortgage securities scam that brought down the worlds financial structures in 2008. The MERS (Mortgage Electronic Registration systems, Inc.) electronic database was set up in 1995 as a means to enable participating Banksters to side step the quilt of State and County laws governing real estate transactions, non judicial foreclosure rights, and property ownership recording requirements. MERS was essential to the bundling and trade in mortgage-backed securities. In essence, MERS replaced public recordation requirements with a private, Bankster owned one. This all sounded good until waves of home owners facing default began to take their banksters to court. Turns out that MERS mortgages lacked the legal documentation to establish a legal chain of ownership. Realizing their mistake, and with thousands upon thousands of foreclosures hanging in the balance, the Banksters created the robo document industry, forging millions of foreclosure documents overnight. Criminal fraud on steroids. The banksters got caught, with State Attorney Generals launching massive consumer protection law suits against the big banksters. This put a halt to the illegal foreclosures, forcing banksters to turn to short sales on homes in default. The short sale industry rocketed in 2011, but the to perfect a short sale, the banksters were taking the loss; sometimes as much as $100K to $250K per home. But the real estate market inventory was effectively being cleared and market pricing corrected. The Banksters were unhappy. Seeking to get back on the foreclosure track but facing what amounted to across the boards class action la