Friday, March 18, 2011
BANKERS COMMIT FRAUD IN MISSOURI AND NOBODY WILL DO A THING
This is absolutely amazing. The Missouri Attorney General knows fraud has been committed yet he is essentially refusing to do anything about it because it would take too much work. WTF?!!!!
There's no doubt that some people should be foreclosed upon. But there's also no doubt that the bank or loan servicer that wants to foreclose should have to produce the paperwork to prove that they have a claim on the property they want to foreclose on. That means an unbroken chain of wet signatures each and every time the loan was sold. That means that all taxes and fees should be paid to the county recorder each time a mortgage is sold and that the sale should be recorded in the county courthouse.
Your loan is current? This doesn't affect you? Well, let's think this through. If the banks that are foreclosing on property can't produce a valid note that fulfills all the legal requirements to prove they have the right to foreclose what makes you think that after you pay off your mortgage the piece of paper they give you is valid? How can you be sure that you actually have the title to your property? In Florida banks have foreclosed on property that is owned free and clear because of paperwork problems. And they don't say sorry and just walk away when they get questioned. Homeowners are forced to go to court to defend against these predators.
Just because you pay off the mortgage to the loan servicer how can you be sure that someone else can't still make a claim? In some states title insurers are refusing to insure titles because they can't untangle the web created by MERS.
Our Attorneys General need to do their jobs and fix this problem regardless of how difficult it is. Oh, and regardless of how much money the banks funnel into the political system, too.
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The problem could be solved quickly by using the tactics of the left; organize a boycott of mortgage payers, refuse to pay mortgages for two months, if even a third of the countries mortgage payers did this the banking industry would straighten out the situation themselves, and rather quickly I would be willing to bet.
ReplyDeleteHere's the problem with that approach. the left uses the young and disaffected to great advantage in their protests. These people have little to lose and when you think about it, outside of arrest and a night in jail, their actions carry very little personal risk. Mortgage holders, at least the majority of them, are people that try to work in the system.
ReplyDeleteWithholding payments on mortgages carries with it a bunch of risk. Credit ratings damaged, fees and charges piled onto mortgages and finally lawsuits and the possibility of repossession.
The average mortgage holder has at least some sense of responsibility and the idea that they should follow the rules. They probably have jobs to pay their mortgages. Unlike the left and its army of the young and unemployed, mortgage holders can't pour into the streets, unless of course its a weekend or holiday. So they can't keep up the pressure.
Finally, and maybe most importantly, when the left protests against whatever their cause of the moment is the chances are that a good part of the political establishment will agree with them or at the very least not get in their way. If mortgage holders go after the banks they'll be going after the one group that owns and controls more political power than any other. The full force of government with its power to arrest and legislate will come crashing down on their heads.
It's this power over government that I'm sure is behind the reticence of the Attorneys general nationwide to actually go after the banking industry and it's why we'll now clearly see the evidence of a two tiered legal system, one law for them, another for us.
The facade of equal justice will finally be pulled away and the wizard will be seen by all. The bankers run everything.