A plan to cover up the "fraudclosure" & convince Congress to make it legal
Amid mounting questions about the foreclosure process, and billions of dollars in lawsuits initiated by homeowners who feel they are having their homes systematically stolen from them, the banking industry is pouring money and lobbying hours into protecting their interests at the expense of ours. Right now, lobbyists on Capitol Hill are pushing for legislation that would not only legalize their current securitization process, but affirm the bankster database, MERS*, as the exclusive means by which this country will track mortgages.
*MERS stands for Mortgage Electronic Registration Systems, and is a private database stealthily set up by the banking industry to allegedly keep track of all the bundled/securitized mortgages (accounting for 60% of all mortgages, 66 million in total) that are being profitably sold from one institution or organization to another. By this means the banks were able to escape the need to pay the fees normally associated with such transfers while at the same time removing these transfers from the scrutiny of any government or regulatory agency.
If such legislation takes place, the banking industry will in one fell swoop succeed in getting rid of all the "fraudclosure" lawsuits, with Congress's implicit approval, and Americans will be left with much-weakened property rights, and banks will be affirmed and confirmed as America's largest real estate holding companies. But growing numbers of homeowners would then soon be out of their house and out of options.
Aiming to stop such legislation is Ohio Congresswoman Marcy Kaptur, who is introducing counter legislation prohibiting the government, through Fanny Mae and Freddie Mac, from buying mortgage securities coming from MERS, thereby incapacitating the bankster-initiated MERS program. According to Kaptur, more than half the toxic mortgages registered at MERS have been generously purchased from private banks by either Fannie Mae or Freddie Mac. But why should these two institutions, which are backed and funded by the American taxpayer, be in this way continuing the transfer of wealth from American workers to the big banks?! Kaptur suggests that the banks be forced to buy back these toxic mortgages so as to let their investors take the loss, not the American taxpayer.
According to Congresswoman Kaptur, Congress has thus far failed the American people in this mortgage foreclosure situation. All the big banks in this country and all their emissaries, including MERS, march to the tune of six megabanks that now control two-thirds of the nation's capital. This massive distortion of capital control must be ended. Home loans must once again be provided by local banks that do not bundle them together for purposes of selling the resultant bonds to gullible investors like pension funds -- thus enabling these big banks to hold the nation hostage with the argument that if the big banks are allowed to fail, then all the pensioners, with money in these pension funds, will take a major financial hit. But of course the big banks, with their immense army of well funded lobbyists, are not going to allow such a transition back to sanity without a major fight.
Kaptur points out that when the Savings and Loan institutions collapsed in the early 90s, ordinary banks decided to take over the business of making home loans. The problem was that as long as home values appreciated at a relatively slow rate, these banks could not make all that much money from handling 30-year mortgage home loans. As a result, the banking industry made a deliberate decision to take steps that would result in the hyper-inflation of the price of housing in this country, thereby churning the market and stimulating a superabundance of home sales and bank profits. And for awhile they made plenty of money, right along with real estate speculators and home owners generally, at least those who traded up from one home to another to another. Yet look what this deliberate hyper-inflation of home prices and the accompanying mortgage securitization and associated gambling casinos finally led to! -- a financial disaster for the vast majority of us.
Now read what Thomas Jefferson had to say many years ago, in apparent anticipation of what has happened to us:
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