http://www.mersinc.org/about/index.aspx
You got it right from the horses mouth,
MERS makes the world paperless, and it holds all the original mortgages.
Except it's not allowed to. It's not human.
And it was endorsed by everybody who is anybody, and main streamed in as an everyday practice.
Then your have the Robo signers who where approving 7-8 thousand foreclosure a month without ever having looked at any of the paper work between 7-8 thousand foreclosure a month and attested that they had by the writ of their signature.
So they all go down together. Their is no getting out of it.
What they did is against the law in any court of the land.
But it can be turned into a country saving opportunity by paying back off our National debt with the free money we now all have.
Because seriously, who is going to continue to pay for something that they can never legally own, because there is no paperwork to ever be able to prove title of ownership.
About MERS
MERS was created by the mortgage banking industry to streamline the mortgage process by using electronic commerce to eliminate paper. Our mission is to register every mortgage loan in the United States on the MERS® System.
Beneficiaries of MERS include mortgage originators, services, warehouse lenders, wholesale lenders, retail lenders, document custodians, settlement agents, title companies, insurers, investors, county recorders and consumers.
MERS acts as nominee in the county land records for the lender and service. Any loan registered on the MERS® System is inoculated against future assignments because MERS remains the nominal mortgagee no matter how many times servicing is traded. MERS as original mortgagee (MOM) is approved by Fannie Mae, Freddie Mac, Ginnie Mae, FHA and VA, California and Utah Housing Finance Agencies, as well as all of the major Wall Street rating agencies.
Showing posts with label Banking industry. Show all posts
Showing posts with label Banking industry. Show all posts
Friday, October 1, 2010
Friday, June 19, 2009
Power Writes History
http://www.minyanville.com/articles/C-bac-ms-economy-banks-wfc/index/a/23189/from/home
The government's white paper describing the causes and effects of the financial crises provides the rationale for President Obama's proposals for reform. Conveniently, nowhere does the paper mention the actual primary causes:
1. The Federal Reserve kept real interest rates negative for nearly five years. Negative interest rates are an abomination, a radiation to proper pricing of risk:they encourage if
not force excessive risk-taking.
2. The Federal Reserve kept margin requirements at banks too low for too long.
3. The shoddy monitoring of off-balance sheet leverage and derivatives, both of which accelerated leverage to unparalleled levels.
4. The Congressional creation and support of the GSEs, which guaranteed and bought debt that would otherwise never been made because of its quality.
Of course the banking industry played along. Unfortunately, the private market will always take advantage of shoddy government regulation. But the private market never would have had the fuel or the risky inclinations if not for the above.
But the above wasn't mentioned, because the paper was written by those culpable.
Now we are about to give the very institution, a private bank with its own shareholders and where only half its board members are appointed by the government, undefined powers. Ron Paul has nearly half of Congress willing to support a bill to audit the Fed. It can't come soon enough. We know a lot more about the operations of the CIA than we do about the operations of the Fed, whose operations that always devalue our currency.
We will rue the day that we gave this power to the Fed. The power is undefined; they have carte blanche. We should by now all realize the destruction for which the Fed is already responsible.
Risk is high.
The government's white paper describing the causes and effects of the financial crises provides the rationale for President Obama's proposals for reform. Conveniently, nowhere does the paper mention the actual primary causes:
1. The Federal Reserve kept real interest rates negative for nearly five years. Negative interest rates are an abomination, a radiation to proper pricing of risk:they encourage if
not force excessive risk-taking.
2. The Federal Reserve kept margin requirements at banks too low for too long.
3. The shoddy monitoring of off-balance sheet leverage and derivatives, both of which accelerated leverage to unparalleled levels.
4. The Congressional creation and support of the GSEs, which guaranteed and bought debt that would otherwise never been made because of its quality.
Of course the banking industry played along. Unfortunately, the private market will always take advantage of shoddy government regulation. But the private market never would have had the fuel or the risky inclinations if not for the above.
But the above wasn't mentioned, because the paper was written by those culpable.
Now we are about to give the very institution, a private bank with its own shareholders and where only half its board members are appointed by the government, undefined powers. Ron Paul has nearly half of Congress willing to support a bill to audit the Fed. It can't come soon enough. We know a lot more about the operations of the CIA than we do about the operations of the Fed, whose operations that always devalue our currency.
We will rue the day that we gave this power to the Fed. The power is undefined; they have carte blanche. We should by now all realize the destruction for which the Fed is already responsible.
Risk is high.
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