Why is this such a huge issue? It involves the complete disregard the banks have had for proper chain of title for transfer of real estate. It calls into question any authority that MERS claims to have and it calls into question the fraudulent attempts to create documents showing proper paperwork months and even years after the PSA agreement time lines had not been met.
For those of you still crying that people just want a free house, get your head out of your... or just open your eyes to the facts. This is the foundation of the mortgage crisis. The banks knew they were doing questionable things to profit as much as possible. As soon as the house of cards started to crumble they locked their doors and came begging to the government for a bailout.
Even after the bailout banks didn't trust each other because they knew they had not followed the PSA stipulations and that they could complete freeze the economy by holding congress hostage. The banks created this crisis and have perpetuated with more and more lies.
They still will not come clean and do what they could to get the housing market moving. They have taken billions from the government and have continued to deny any responsibility for decimating the economy.
People are not looking for a free home. But if the banks had not committed the egregious acts of fraud for years with no repercussions we would not have had a housing crisis. The crisis can not be handled by the banks and it is clear the banks are running and hiding because they know this could get much worse for them. There is no way to speed up the process to get through this unless the banks begin to make prudent business decisions to reduce principal and restructure loans. They have milked the country out of everything and the government has played into their hands. Banks are profiting from free money from the government that was meant to be used to aid in housing recovery but the banks have continued to invest in Treasuries to collect interest on the money they are getting at 0%.
People would be wise to wake up and realize that banks can go on in this fashion forever. As long as the congress is afraid to act on the truth and the Federal Reserve is willing to float banks free money, and Tim Geithner keeps acting as a tool for the banks, we will sit as we are and there will be no recovery.
The Right is no better than the Left. We can see that nothing has happened since the influx of new blood into congress. They all are more concerned with re election than any thing else. The banks and their lobbyist are always at the tip of the spear influencing congress. We are all being sold down the river by our elected government. Anyone supporting Obama as president for the people needs to own up to the reality that you have all been duped. Just because he is a minority doesn't mean he represents the people. This all should be clear just by looking at who he has turned to for help during the financial crisis. Who? Just about every single person who had a hand in creating the crisis and wiping out the fortunes of many hard working Americans.
The problem now is growing and the longer the banks are let off the hook the deeper the crisis. There is no one in the next election that will do the right thing and do something to re create trust within the economic system. No one will have the fortitude to take on the money centers. The corporations that are called banks are quasi government entities that have taken over the government. They have either bought off or brainwashed every one in Washington.
The Michigan case once again proves the banks have committed fraud repeatedly. So far they have all gotten away with it and until everyone stops their self righteous behavior, and realizes that everyone who has ever had a mortgage is at risk. If the banks are capable of wiping out years of proper chain of title evidence just because they don't want to pay fees and transfer costs, it effects ownership everywhere.
If you can't see the truth to this then you are missing the point. If you value the country as much as your own current state of affairs, you will see that the fabric of the country is in jeopardy.
Read more on the Michigan case Here at Naked Capitalism
and HERE at 4closurefraud
From 4closure Fraud
“Failure to strictly comply with the terms of the PSA means that the loan at issue was never properly transferred to the trust”
Defendants’ failure to strictly comply with the terms of the PSA means that the loan at issue was never properly transferred to the trust. Any transfer of mortgage loans, such as Plaintiffs, was mandated to comply with New York Trust law and the terms and conditions of the PSA governing conveyance of mortgage loans into the Trust. PSA pp 155 and 36. This the Defendants did not do.
The Court finds that the “Assignment”, recorded on December 30, 2009 in the Washtenaw County Register of Deeds, serves to transfer nothing. The alleged conveyance failed to comply with the terms and conditions of the PSA and New York Trust law which governs the PSA. The alleged conveyance stated that MERS assigned the Mortgage and Promissory Note to USB, however, there has been no evidence presented to support the chain of the required assignments and endorsements of the mortgage and note as required by the terms and conditions of the PSA.
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