"It’s important to know from the beginning that MERS is a wholly owned subsidiary of big financial institutions. The mortgage bankers wanted to avoid recording fees and reduce their overall expenditures. So they basically devised a method that would free them from those fees, ran an accounting study showing the savings, and just created MERS. There was no public debate or legislative statute to overturn what had been the customary practice for generations. The money backing MERS came from investors, according to Peterson, including some of the biggest banks and mortgage brokers in the country like Bank of America, Citi, and Countrywide, as well as Fannie Mae. You can see all their shareholders right here. It’s just a creation of the banks."
"While MERS stipulates that the servicers must convey the promissory notes to MERS, it appears they didn’t do that in all or even most cases, and the underlying paperwork could be lost."
Also, when the mortgages were bundled in the securitization process, I think the "loss of paperwork" makes them in violation of Trust law, and the tax treatment they receive.
It looks like a mess, and the "robo-signing" used to "fix" it is another story altogether.
Video proof of what happened to Scott Olsen, the man critically injured by police at an Occupy protest:
I'm also attaching the mp4 video to this post.
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Last edited by Big Mike; October 28th, 2011 at 12:52 AM.
The following user says Thank You to Big Mike for this post:
The guy was standing between the barricades, a place where he not supposed to be! These barricades are there for a reason!
He was standing 5 feet from people with guns! As the video pointed out, when you stand too close to guns you tend to get shot!
After the first shot was fired, he did not duck. Interesting that a veteran of a war did not duck when shots were fired.
This video should sent out to all other protestors on “what not to do at a protest”. I wonder if this guy was even a vet. He didn’t even duck when the first shot was fired. Probably a homeless guy dressed up as a vet. Either that or he was higher than the profits of the banks they are protesting.
I have to laugh. You guys are trying to make a hero out of idiot.
nosce te ipsum
Trade what the market is doing; NOT what you think its going to do.
Last edited by Silver Dragon; October 28th, 2011 at 09:09 AM.
I think the OWS may only be about Wall St peripherally. It may be more about equal justice (of lack of it) under the law. The way the polticians/courts treat robo-signing will be telling. It doesn't matter if you believe those being foreclosed on are all deadbeats - perjuring the court system is not the approach to take.
The protests look more to be about the tendency that people/companies who have lots of money having more influence to turn government in their direction, and visa versa in a feedback loop.
I would agree that protestors might be better served protesting in D.C., but advocates for that never mention that they would not be going there to demand government keep it's hands off Wall St. Maybe the Tea Party would, but not OWS people. So advocating they march on D.C. to change D.C.'s approach would likely bring more regulation, not less.
Also, as far as location, there are enough people who move back and forth between business to lobbying firms to DC anyway.
Since rampant runway FRAUD caused the mess we are in, the Hands Off Wall Street approach may not be the best, since it is guaranteed to lead to a repetition of the same behavior. That is, if we even ever get the chance to have a "next time".
Last edited by Zondor; October 28th, 2011 at 12:15 PM.
The following user says Thank You to Zondor for this post:
This is what I posted on facebook under the Scott Olsen vid from BigMike, I downloaded to FB.
"Go OWS, (Tiberius) is behind you all the way. Down with the fascist police. But OWS you are looking the wrong way; it is the Obama Fannie Mae Adminstration that is in place to cover up the crimes of the Clinton Dream Team: Rubin, Greenspan & Summers; and the "3 who took down Wall Street": Raines, Howard & Johnson. WAKE UP OWS."
And I posted this as a reply to another story post.
"I am a liberal. A libertarian, the original liberal who wants liberty and prosperity for all. You must be talking about the progressive liberal that infests the Democratic party, who wants the opposite. Don't even get me started with the progressive conservative Republican party, who hand in hand with their DC counterpart has destroyed Amerika."
Remember this IMHO. That's all, not earth shaking. I share futures.io (formerly BMT) stuff on FB too. Just click "like".
Last edited by Tiberius; October 28th, 2011 at 01:57 PM.