MBS-M=BS

65 comments

Posted on 18th November 2011 by mary malone in Economy |Politics |Social Issues

I’m cutting to the chase.  This is no time to bury the lead.

There are no mortgages to back Mortgage Backed Securities.  Investors are holding pools of unsecured debt. This debt is not backed by liens against real property. 

What does that mean?

For investors – pension funds, insurance companies, sovereign wealth funds, towns in Norway – it means you have been swindled.  The investment products you purchased (Special Purpose Vehicles, converted to Trusts and later Bonds) don’t exist.  And it looks like they never did.

For homeowners – it means that your largest asset is worth far less than market value. If you had a securitized mortgage at any time – the chain of title was broken. Your home has clouded title. It doesn’t matter what the terms of your mortgage were – conventional, ARM – how responsible or irresponsible you were. All those issues are irrelevant. In the future, you will only be able to sell your home to a cash buyer, because title companies will refuse to insure your property.

There’s also a very high probability that you are not paying your true creditor each month. You’ve kept your end of the bargain, honored your contract. But the lender is not going to honor their contract with you by providing you with clear title at the end of the schedule. They can’t.

How did this happen?

The creation and sale of Mortgage Backed Securities is governed by New York State Security Law. It is a very stringent and tough set of laws intended to protect investors from fraud. Only it didn’t protect investors.

Why?

President Clinton’s ramp up of The Community Reinvestment Act is partially to blame. It destroyed a banks’ incentive to write a quality mortgage that it would keep on the books for 30 years and replaced it with the incentive to write bad loans and move them off balance sheet as soon as possible.

I say CRA is partially to blame, because it created an environment for people in financial services and GSE’s to commit fraud. The executives at investment banks and the fly-by-night originators did not have to adhere to CRA regulations. Their behavior was clearly motived by unrelenting, enormous greed. The government did not force these individuals and organizations to commit massive control fraud. They made a conscious decision to plunder homeowners and investors all by their lonesome.

CRA set the table for a ramp up in issuance and sale of Mortgage Backed Securities (MBS). These products have been around since 1977 and were considered sound investments. The problems arose when the sheer volume of MBS increased after CRA regulations kicked in.

Bond indentures have basic representations and warranties that must be honored. They weren’t.  NY Security Law protects investors against fraud by requiring the banks to return all of their clients’ money if it was discovered that one loan in the pool did not follow the terms of the agreement.

Well, have you noticed an avalanche of lawsuits in the last three years? Every day, a new lawsuit is filed, charging Bank of America, Goldman Sachs, JP Morgan Chase, Citibank, Deutch, UBS, et al with security fraud. One of the largest was the Blackrock lawsuit against Bank of America. A judge just scuttled the $8.5 billion settlement.

The headline MBS-M=BS is missing. They bury the lede.

Numerous government agencies have sued and settled security fraud cases too.

The truth is hiding in plain sight. It’s high time we acknowledge that global investors have been bamboozled. Yes, the smartest, most sophisticated investment professionals in the world were fleeced.  William K Black, the economist and criminologist says it was an $11 trillion heist.

You would see more lawsuits against the banks and financial firms that created, packaged, rated, and sold MBS if the managers who invested in MBS on behalf of their clients had a scintilla of integrity. But they don’t. So they won’t.  

If they reveal the fraud to their senior managers, stock-holders and customers they will be fired. They would not collect that nice seven figure bonus they rely on to make their nut. So, they pretend and extend. They kick the can down the road. MBS fraud? “Nothing to see here people, move along…”

Why are there no mortgages to back MBS?

The NY Security Law requires that the original Mortgage/Deed (lien on the property) and the Promissory Note (promise to pay) be deposited into the Trust within 90 days of the loan origination. This is a very strict guideline. The 90 day window was to ensure that the trust held no assets that could be ‘clawed back’ if one of the contributing parties (like the originator) filed for bankruptcy. No exceptions allowed.

In addition, state property law often requires that the Note and the Mortgage/Deed travel together. When these two documents are separated, many state and Federal judges rule the chain of title has been broken, there is an imperfect lien. Clouded title is the outcome.

What’s the problem?

I mean, how hard can it be to keep the original Mortgage and Note together and lock the documents down into the Trust before the 90-day deadline expires? Apparently, it was very hard. In fact, we’re learning through discovery and analysis of loans, that it was downright impossible.

The parties who originated the loans, created the MBS, and/or ‘purchased’ the loans on the secondary market, kept the mortgages. They didn’t submit them into the Trust.

Why would they hold onto the mortgages?

We believe, and it is conjecture and opinion, that they made a conscious decision to hold the mortgage which is the lien on the property, to redeem in the future. You see, they expected that the MBS would be paid off and closed in 7-10 years, given normal rates of housing turn-over. Why not hold onto the mortgage, and when/if the home-owner defaults, seize the property?

What about the Promissory Note?

Unlike the Mortgage/Deed, the Promissory Note has real immediate value and can be sold to many parties over an extended period of time.  So it was.  They often scanned the Note, filed it in their electronic internal database and sold the original Note over and over and over again.

That’s why home-owners are often unable to secure their original Promissory Note. The real deal would reveal the identities and number of parties who purchased it. That would provide evidence to the home-owner that their contract was broken and fraud was committed. When the original Note does appear, it is covered in black boxes that redact its trail.

The sale of the Note is the reason why attorneys for ‘lenders’ submitted Lost Note Affidavits to the court in foreclosure proceedings. It’s why they paid a firm called DOCX to ‘recreate’ lost Notes and entire files for a fee, of course. The original Notes reveal the fraud. Can’t have that, now can we? Better option is to commit fraud upon the court and suborn perjury.

It begs the question – why on earth would officers of the court and banking executives risk criminal prosecutions and disbarment by proffering fraudulent documents upon the court? Why would they recreate evidence that supports their claim of loan ownership?

The answer is simple. They created evidence because they didn’t possess evidence that proves they are the true creditors. Why don’t they have evidence? Answer – because they are not the true creditors.

The fraud is revealed in foreclosure, when the need to produce documents authenticating true creditor status and legal standing is required. We don’t have a foreclosure crisis. We have an MBS fraud and property title crisis.

How prevalent was the practice of separating the Note and the Deed?

It was standard operating procedure which became glaringly apparent when the number of foreclosures sky-rocketed and homeowners could not locate their original closing documents. The Note and Deed were separated after origination when the property was recorded on MERS.

MERS, the Mortgage Electronic Registration System (which deserves a stand-alone post) separated the Note from the Mortgage/Deed, immediately clouding title on 60-100 million properties. MERS business model violates 400 years of settled state property law and the Federal Uniform Commercial Code.

MERS is billed as a joint venture between banks, title companies and GSE’s. But we’ve uncovered evidence that Fannie, Freddie, ands Ginnie leaned heavily on banks to adopt MERS as its primary recording system. All parties are implicated. However, blame for the creation of MERS rests squarely on the Federal Government.

So we have ample evidence the Note was separated from the Mortgage/Deed, and never submitted into the Trust. NY Security Laws were violated. Investors were defrauded. Title was clouded on 60-100 million homes. Four million homes were seized in illegal foreclosures. Four hundred years of state property laws were trashed.

Is that it?

Nope. There’s more – lots more.

Evidence is mounting that fraud was committed through-out the securitization chain.

The scheme resembles the plot of “The Producers.”

We believe that the salesmen for the MBS went to the investor community with an offer they couldn’t refuse. They promised an existing pool full of mortgages from Ozzy and Harriett homeowners who always paid on time and would provide steady income stream for institutional investors. The salesmen took the investors’ money.

Then they went to the originators and told them to go out into the market and find the Ozzy and Harriett homeowners they promised to the investor. The originators ‘found’ customers, closed the loans and collected the fees.  All parties in the chain had 90 days to find the promised customer, close the loan and process it through the securitization channel.  On Wall Street, 90 days is an eternity. They’d make the deadline – no sweat.

When the MBS market hit full stride and serious money started flowing in, the pace picked up and they were unable to even provide the appearance of following the law. So they didn’t even try. They just took the money.

We believe that once Attorneys General like NY’s Eric Schneiderman, or Delaware’s Beau Biden dig into discovery, they will uncover evidence that substantiates our theory. But right now it is just a theory.

What we do know is, the regulators didn’t regulate. The investigators didn’t investigate. They chose not to protect the public from the malfeasance.  Instead, they accepted lucrative job offers from banks and their white shoe law firms. They just took the money.

Investors and homeowners have been defrauded. Investors have the resources to protect themselves.

Homeowners don’t. They need government’s protection.

Beating home-owners into submission with the moral hazard club must end. It’s time to set the record straight.

The global credit markets did not collapse in September 2008 because homeowners bought too much house, or insisted on granite counter-tops and walk-in closets they didn’t deserve.

The crisis erupted when it became public knowledge among elites in global banking and government that there were no mortgages to back Mortgage Backed Securities. Zip, zero, nada.

When the s@#$ hit the fan, the crony capitalists did what crony capitalists always do…they covered up the crime – which was committed by their peer group – and facilitated a billionaire bail-out of epic proportions in the US and around the globe.

How do I know this? Why should you believe me?

In September 2008, when the world as we know it almost ended and the credit crisis was in full swing, I honestly did not understand how sub-prime loans could bring down the global economy. I mean they were calling many of these dubious products, liar’s loans for years, weren’t they? Clearly everyone knew about the risk. How could it be that investment banks like Lehman and Bear Stearns could make bets against the pooled loans – and not have been regulated or sanctioned for their risky behavior? What exactly constitutes ‘bad paper’? Why was the US government buying it? What exactly will TARP accomplish?

So I started to investigate. IBD readers know William O’Neil’s advice was to follow the Big Money. So I did. I logged on and attended their conferences. I read their chat room and message board posts. I studied their white papers and analyzed their investment advice.

I was shocked at what I learned.

 In 2008 and early 2009, the institutional investors, fund managers and banking elites were openly saying, “There were no mortgages to back Mortgage Backed Securities.” They called it the Black Swann. Many worried that people would start rioting in the streets once they learned the truth.

Did these financial gurus bother to tell you what they knew?

Hell, no.

Instead, they recommended their clients purchase gold and farmland in developing nations.

I poured over mainstream financial news sites and publications. There was nary a word – not a peep – on MBS fraud. Nobody was covering the story or telling the whole truth.

So I started to dig and began a 3+-year odyssey studying MBS. I read original documents, Congressional testimony, case law, academic white papers, and more. It took me two years to fully comprehend what I had learned. It took another six months for me to be able to explain it to other people.

In December 2010, I outlined the elements of the MBS fraud to a trusted friend who works in the capital markets. He was incredulous at the news and said, “We assumed in the end that there were crappy loans in the MBS, (that’s why we got out early) but nobody thinks that there are no mortgages at all. Let me check it out with senior level executives whose opinion I trust. I’ll get back to you.”

 He studied my research, spoke with his contacts and confirmed the story. There are no mortgages to back Mortgage Backed Securities.

In the ensuing months, we have had conversations with many people who work in finance, law, government and media. Nobody has told us we are wrong.

Our primary focus is to educate homeowners about the MBS fraud and help them understand how it impacts them.  We are volunteering our time and energy because homeowners have been severely damaged and nobody in power is helping them.

We’re not anarchists, or anti-business zealots. We’re ordinary people who have worked in business for over 30 years. We are capitalists – not crony capitalists. We believe in free markets, small efficient government and most of all, the Rule of Law.

It is not our intention to collapse the system. We don’t think people who haven’t paid their mortgages should get a free house. We do believe that homeowners have the right to know the identity of their true creditor.  In America, no one’s home should be seized and sold by a party that has no legal standing to foreclose.

Due Process is not reserved for Americans with FICO scores of 750+.

The Founding Fathers didn’t grant property rights just for those who pay their bills on time.

At its core, the MBS fraud represents a breakdown in the Rule of Law.

A number of us on TBP lament that America is no longer a nation of laws, but of men.

That is true today, but it doesn’t mean that it will be true tomorrow. We can fix this – it is not too late.

Everyday Americans need to learn the elements of MBS fraud and demand that the elites in Big Government and Big Business who committed these crimes face criminal prosecutions.

It is hard, tedious, frustrating work. Learning the details of the fraud will make your head explode and your heart break.

Securing our freedom and property rights is a burden. In my humble opinion, it is a burden we all must share. Blanket cries of ‘arrest the bankers’ will not do. We need to be specific. It is imperative that we name names, list specific crimes and present actionable intelligence to the public and law enforcement agencies.

I believed that a narrative of MBS fraud that everyday people can understand was needed. So I wrote one. The glaring headline, “There are No Mortgages to Back Mortgage-Backed Securities” was missing – so I supplied it.

It is a beginning – a broad template that can be filled in with corresponding facts and evidence obtained from public records, case law and depositions/discovery.

The details of the fraud are very intricate and tend to bog down the narrative, so I am providing you with access to my library of documentation that will help you gain a deeper understanding of the fraud. The document dump can be accessed at: https://skydrive.live.com/?cid=0aa1f8ea3d902284&Bsrc=EMSHGM&Bpub=SN.Notifications&id=AA1F8EA3D902284%21103

I will focus on MERS, destruction of property title and county land records, illegal foreclosures, CRA – inflated property appraisals and more in future posts.

In the meantime, if you have gained value from this post, please make a contribution to The Burning Platform. We believe in free markets here at TBP, so feel free to hit the contribute button with abandon.

65 Comments
  1. Dave says:

    I had my house built and paid cash. Have trhe title in safety deposit box. NO, you ain’t fucking moving in with me.

    Hot debate. What do you think? Thumb up 9 Thumb down 5

    18th November 2011 at 5:21 pm

  2. Theodore White says:

    Amazing write-up and spot on. What we have here is truth speaking, not only to power, but to ignorance, especially in the mainstream media.

    The fact that there are no mortgages to back Mortgage Backed Securities reveals the depth of the criminal activities in the financial community since the repeal of Glass-Steagal.

    We are on the verge of a full out hue-and-cry, rebellions and potential revolution as all the facts emerge about this $11+ trillion rip-off.

    Excellent research. Kudos.

    Well-loved. Like or Dislike: Thumb up 17 Thumb down 1

    18th November 2011 at 5:38 pm

  3. FRED FLINTSTONE says:

    Why should the banks malfeasance entitle anyone to an “unjust enrichment”. If there are actionable damages like fraudulant foreclosure then a court must award damages in accordance with current tort law. The idea that a widely accepted banking practice will suddenly be found to be illegal, thus resulting in free homes for everybody is a fantasy. The homebuyers willingly agreed to the terms of the contract and should abide by them. If the banks did something hinky with the paper, damaged parties should be made whole, but only to the extent they were damaged. This should not be an excuse to shirk your obligations!

    Hot debate. What do you think? Thumb up 5 Thumb down 8

    18th November 2011 at 6:04 pm

  4. Marcia says:

    Mary Malone, I hope you mirror that cache elsewhere. Just in case it mysteriously vanishes.

    Well-loved. Like or Dislike: Thumb up 6 Thumb down 0

    18th November 2011 at 6:12 pm

  5. Centerfield says:

    “In the future, you will only be able to sell your home to a cash buyer, because title companies will refuse to insure your property.”

    Utter, complete bullshit. In many cases homes today are being re-sold with attorney affidavits where both new buyer and seller agree that the lender of last interest was indeed the title holder of record (whether or not they recorded the original note). How in the hell do you think that properties TODAY are being bought and sold freely, including an avalanche of foreclosed properties, without some mechanism in place?

    I’ve lived in the same house for 20 years and have re-financed it at least three times since then. I don’t give a shit who I’m paying my money to. At the end of the term, I will get a full reconveyance from my current lender and will “hold the pink.” They could not have legally provided the refinance mechanism without due process.

    Mary, you have just enough knowledge on this subject to be very dangerous with it. And I will agree with you that MERS is FUBAR. But please stop with the “if you own residential property you are fucked” mantra. I’m not buying into it.

    Like or Dislike: Thumb up 3 Thumb down 0

    18th November 2011 at 6:14 pm

  6. Stucky says:

    Nice article. Great data.

    “In the future, you will only be able to sell your home to a cash buyer, because title companies will refuse to insure your property.”

    How long before that happens? Seriously. We’re putting up the house for sale next year.

    Like or Dislike: Thumb up 1 Thumb down 0

    18th November 2011 at 7:19 pm

  7. llpoh says:

    Stuck – I do not think that will happen. Mary is quite up on this stuff, but I have to believe that is extreme. Plus it would mean these insurers all go out of business, and they won’t like that. Worry instead that prices will plummet – more more realistic in my opinion.

    Like or Dislike: Thumb up 0 Thumb down 0

    18th November 2011 at 7:26 pm

  8. Stucky says:

    Yeah, it may be a little extreme. Both Ms Freud’s kids both homes this year with no problem whatsoever.

    I guess at some point they can just pass a new law that supercedes all other previous laws. I mean, the g’ment can pretty do whatever the fuck they want these days. As FF right said, the idea that people will get free homes — because of paperwork fuckups or even fraud — is pretty much a pipe dream, imho.

    After 12 years of mortgage payments Ms. Freud is just hoping to break even at this point. Krist. What a clusterfuck owning a home is these days.

    Like or Dislike: Thumb up 4 Thumb down 0

    18th November 2011 at 7:56 pm

  9. Stucky says:

    MM

    What Muck said! Also, the link to your library is also very helpful and chock full of good data. Thanks for that, as well.

    Like or Dislike: Thumb up 1 Thumb down 0

    18th November 2011 at 7:58 pm

  10. Muck About says:

    Stuck: Don’t bet on any laws being passed to provide retroactive relief for fraud and swindling on the $10 – $15 trillion scale.

    It is unconstitutional on the face of it: You cannot pass ex-post-facto laws to provide relief from crimes against the people. Even our current right-wing Supremes wouldn’t roll over for that or they’d get lynched.

    Damned the age, I’d be there carrying the rope..

    MA

    Like or Dislike: Thumb up 0 Thumb down 0

    18th November 2011 at 8:02 pm

  11. Novista says:

    FRED FLINTSTONE

    You are one dumb fuck, as usual. You prattle of obligations, and a contract/mortgage should be applicable and equal to both sides.

    So, o believer in law, please explain how four different banks can attempt to foreclose on the same property in the same courthouse. On the same day. Lack of coordination by lying scum? Maybe they didn’t get the bought judge?

    Explain how a servicer forecloses on a couple who’ve never missed a payment,

    Explain a bank short selling a house for cash and a month later, foreclosing on same house?

    For each of these real-life examples, I can give you scores more, having following this debacle from late 2006. But you, a fucking cyclops with no study, no knowledge, certain only of your high moral ground to look down from — in only one direction cannot even read the post for comprehension.

    Mary, from her article: “We don’t think people who haven’t paid their mortgages should get a free house.” Does that satisfy your thirst for justice? Why are you not interested in the Big Picture which dwarfs all the ‘deadbeats and speculators’ that existed.

    I expect you didn’t read the whole article because your lips were hurting.

    mary malone, great work. I was really looking forward to this. And what comes next. The link will be spread other places and by email. Thanks.

    Well-loved. Like or Dislike: Thumb up 11 Thumb down 2

    18th November 2011 at 8:10 pm

  12. jmarz says:

    Mary

    Interesting post. Thanks for sharing. It is pretty clear that you have done extensive research on this topic. You mentioned that you have been in business for over 30 years. Out of curiousity, what line of business have you worked in?

    Like or Dislike: Thumb up 1 Thumb down 0

    18th November 2011 at 9:56 pm

  13. Mary Malone says:

    Thanks for the kind words and the criticism. Both are greatly appreciated. Honest.

    Fred: I’m glad you tackled the “unjust enrichment” argument. It is the reason why so many homeowners cannot get the judges in states like NJ to rule on the law. Why should somebody who has defaulted on their loan get a free house?

    You and these judges miss the point.

    We’re not talking about a free house, we’re talking about a clean house.

    The argument before the judge is, ” Your honor, I acknowledge there is a debt. I have my checkbook and am prepared to write a check for the balance due on my home. Who do I pay and how much do I owe?”

    Fred, that is the question being played out in courtrooms across the country.

    It is a question everybody with a mortgage should be asking.

    The bad actors in the MBS fraud totally ruined the land recording system in the US. Before 1995, anyone could walk into their local registrar, look up a property and know who the lender was and who held the lien.

    That is not possible today.

    All homeowners have been damaged. Over 90% of us continue to pay our mortgages on time each month, even tho our properties may be under water. We signed a contract, and honored our part of the deal – the lender did not.

    Please don’t take my word for it. I encourage you to read thru the material that is posted on the link. It’s very comprehensive, from a variety of sources.

    Thanks.

    Well-loved. Like or Dislike: Thumb up 11 Thumb down 0

    18th November 2011 at 10:17 pm

  14. Mary Malone says:

    Centerfield: “Utter, complete bullshit. In many cases homes today are being re-sold with attorney affidavits where both new buyer and seller agree that the lender of last interest was indeed the title holder of record (whether or not they recorded the original note). How in the hell do you think that properties TODAY are being bought and sold freely, including an avalanche of foreclosed properties, without some mechanism in place?”

    Papering over the gaps in title will not solve the clouded title problem.

    Why?

    Registrars are rejecting the affidavits you talk about in counties across the country. I spoke with a county attorney in NJ last week. The registrar is kicking back the documents you refer to. If you haven’t encountered this yet, hold on, cause you will.

    Glad you brought up foreclosed properties. What do you plan to do when the previous owner of a foreclosed property gets the foreclosure and sheriff sale overturned?

    There’s a recent case out of the Massachusetts land court that tackles this issue. I’ll place it in a folder on Microsoft live skydive for your review.

    Title insurance will d pay out the claim to the new buyer, which I suppose is your client?

    Don’t hold your breath. We’ve had conversations with top execs in title industry. MERS new president is the former president of ALTA (American Land Title Assoc). The title companies will not honor claims for well, title. They will force the homeowner to sue them to recover damages.

    Even if the homeowner wins their lawsuit, they can only collect on the P&I. They will not recover any monies that were spent to improve the property. Again, this is happening across the country.

    The title issue can explode in a New York minute. It’s a ticking time bomb, and will go off in a state where a higher court rules against MERS.

    It’s happened in MI.

    The MI courts ruled that all MERS foreclosures were illegal. The next day, title companies in the state refused to write policies on foreclosed properties.

    Their solution?

    Re-do the foreclosures without MERS in the chain of title.

    Title companies response?

    No policies will be written on any property with MERS in the chain of title. All properties, Centerfield, not just foreclosures.

    Again, I encourage you to read thru the research that is posted. I’ll add more files in the AM addressing title.

    I’m very sorry to have to give you this news. Really I am.

    Well-loved. Like or Dislike: Thumb up 8 Thumb down 0

    18th November 2011 at 10:40 pm

  15. FRED FLINTSTONE says:

    NOVISTA:

    Reread my post. I clearly state that any damaged parties must be made whole. I also state any undamaged parties should continue to abide by the terms of the contract. Your apparent disagreement with my post leads me to believe that you have a problem with one or both of those arguments.

    In each of the examples you offered there was “form harm” and the banks or their agents would be liable to correct or compensate those damages. The problem I have is the people who have not been harmed, except by this murky ethereal “clouded title” argument. I think it is a shallow ploy to get out of the debt, while retaining the home. I fully support the idea of eliminating deficit balances in states where they are allowed, in cases where the bank has any fraud whatsoever in their deal.

    Make no mistake. I think the banks acted criminally in some cases and ignorantly in most cases.
    The idea that somehow people should get something for nothing is how we got in this mess in the first place. If a homeowner is wronged by the bank, the bank must pay. Why is that not good enough for Novista/Communista??

    Like or Dislike: Thumb up 2 Thumb down 3

    18th November 2011 at 10:50 pm

  16. FRED FLINTSTONE says:

    I worship banks! I lick bankster boot and ask for more! I support the rule of law when it harms ordinary people, and oppose it when it harms big business interests! I am the ultimate self-loathing anticommunist!

    Like or Dislike: Thumb up 2 Thumb down 3

    18th November 2011 at 11:00 pm

  17. Kill Bill says:

    The Second Turning, called an Awakening, starts out feeling like the high tide of a High, with signs of advancement and prosperity everywhere. -JQ

    Its a bubble. On a larger, nay longer, orbit.

    Like or Dislike: Thumb up 1 Thumb down 0

    18th November 2011 at 11:12 pm

  18. Kill Bill says:

    FRED FLINTSTONE says:

    I worship banks! -FF

    Fred, you deluded stegasaurus driver. Cavemen had no need of banks. =)

    Like or Dislike: Thumb up 2 Thumb down 1

    18th November 2011 at 11:13 pm

  19. Mary Malone says:

    Stucky: I’m not an attorney or a financial planner, so I’m loathe to give that kind of advice. But I will tell you, based on what I’ve learned, that it benefits all homeowners to use existing law to protect their private property.

    It’s called a Quiet Title Action.

    The first step is a Qualified Written Request (QWR) that should include a series of questions asking your servicer for information about your loan. I’ll post a template in a file on ML Skydive in the AM if you like.

    The attorney should cc NJ Attorney General and the Director of Consumer Affairs. They’ll open up a file and monitor servicer’s response.

    Under Dodd-Frank the servicer has 5 days to respond to you in writing – that they received your request and are working on gathering the info.

    In 25 days, the servicer must provide you with all the info you requested.

    Even tho this can be done by a homeowner, best to retain an attorney.

    If your attorney is not satisfied with the servicer’s response, he will write them a letter and inform them that you are now going to place your monthly mortgage payment in escrow.

    Also – the servicer is fined $4,000 (payable to homeowner) if they do not provide all the info requested.

    Your attorney can then request a hearing before the judge, where the servicer must provide evidence of your true creditor – and evidence that chain of title is not broken.

    What we’re hearing across the country is, many of the servicers who respond are cutting sweetheart deals on the eve of the hearing. The homeowners sign agreements and are unable to provide details. Appears that they are getting significant principal reductions.

    For those who go the extra mile, refuse to settle ask the judge to allow them to reclaim the wild deed if evidence shows chain of title has been broken. The home-owner still has a debt, but since they do not know who they owe, they are mortgage free. Also free to sell the property free and clear.

    Again, I’d like to reiterate that this is not about a free house, it’s about a clean house. It’s a powerful way to force the “lenders” to ante up with evidence they are true creditor and prove you have clear title.

    I’ll write a full post on this soon.

    Does that help?

    Well-loved. Like or Dislike: Thumb up 8 Thumb down 0

    18th November 2011 at 11:17 pm

  20. AKAnon says:

    Fred-The clouded title issue is more than a “murky ethereal” argument. Buying a home is (or was) more than paying for living space, it is an investment with potential for future redemption. If that future value is diminished through illegal behaviour by third parties, the difference in value is theft. It may be hard to quantify, but absolutely a home (or any commodity) is worth more with a clear title than without. The MBS fiasco has “taken” value from home buyers/owners. Home owners should be made whole, either by clearing the titles (i.e., getting what they agreed to pay for in the first place) if possible, or alternatively, by being compensated for the loss in value for what they ultimately get. I, as much as anyone, don’t think anyone should “get a free house”. Nor should they pay full price for a house with a value reduced by others’ misdeeds (pun intended).

    Like or Dislike: Thumb up 3 Thumb down 0

    18th November 2011 at 11:18 pm

  21. crazyivan says:

    Mary,

    You are always a joy to read. This helps clear up my dizzy understanding of this whole MERS thing.

    All your research, and understanding and articulation is much appreciated.

    But that ain’t nothing compared to your kick-ass insight.

    -We need to be specific. It is imperative that we name names, list specific crimes and present
    actionable intelligence to the public and law enforcement agencies.-

    You have set a goal for the common man, a local in nature assignment, to seek out any neighbor who

    is subject to this fraud and encourage him to learn exactly what happened to him. Help him if and only

    if he is up on his house payments. Any other condition would put him in the same class as the

    mortgage originators, the secondary market and god knows who else that claims ownership.

    I see this as an opportunity for all the OWS inclined to gather around a doable cause. Instead of

    camping out in front of the kings house, just start picking off our own local hucksters. The more of

    them you get, the better you get at getting them. Crumble the King’s base and forget about the top of

    the castle wall (but watch out for them fuckers trying to dump vats of boiled goose fat on you).

    You wanna get the Banking System?

    It’s easy…. Shit flows uphill when there is enough of it

    Well-loved. Like or Dislike: Thumb up 5 Thumb down 0

    18th November 2011 at 11:29 pm

  22. Mary Malone says:

    Muck About: Thanks for the encouragement.

    You mentioned national legislation to “fix” the problem. They tried it and failed.

    The bill was called HR3808. It was voted on before the 2010 midterms. It passed in the House and the Senate.

    HR3808 would have made MERS business model legal in all 50 states. Clearly violated the 10th Amendment and property rights.

    The left flipped out. Forced Obama to veto the Bill. He did – with a pocket veto.

    We learned about the legislation after the fact. The Left really did save our bacon – kudos to them for a job well done!

    Well-loved. Like or Dislike: Thumb up 5 Thumb down 0

    18th November 2011 at 11:30 pm

  23. Persnickety says:

    Mary – very interested in more information on quiet title actions. I have no problem making house payments, but I worry that I might pay a couple hundred thousand dollars to the servicer that claims to be my servicer, and one day learn the money was received by someone with no claim to it, and someone else with a real claim to the same funds is now coming after me for them. In situations like that the person who took all the money tends to disappear and/or declare bankruptcy and dissolve.

    I’m a bit fuzzy on whether there is any interaction between UCC Article 9 and the laws on payment of a debt secured by a mortgage, but it would certainly seem fair to me to treat the borrower as being discharged on their note to the extent of payments made to and received by someone claiming to be their servicer, regardless of whether that person had any rights to such payments.

    Like or Dislike: Thumb up 4 Thumb down 0

    18th November 2011 at 11:32 pm

  24. crazyivan says:

    Try to corect some of my spelling using word and paste- look what I get

    It’s just a good thing I am so inept.

    It’s just a good thing I am so inept.

    Like or Dislike: Thumb up 1 Thumb down 0

    18th November 2011 at 11:34 pm

  25. Colma Rising says:

    Mary with the long awaited and overdue slam-piece… Awesome.

    Title law is the bedrock of private property rights, oftern transcending even the birth and death of nations.

    Can I print this out for distribution to some of the more capable-of-understanding at my school? Understand, these are OWS folk and professors… I’ve been passing out Bevilacqua v. Rodriguez print outs whenever possible… I can send emails but have found that some folks prefer being handed a read.

    A SCOTUS ruling on this stuff is definitely a scary thought… when title law is re-tooled I have the gut feeling it will be an outright land-grab of the most epic and heinous proportion…

    Great read.

    Well-loved. Like or Dislike: Thumb up 8 Thumb down 0

    18th November 2011 at 11:57 pm

  26. Mary Malone says:

    Novista: The link will be spread other places and by email.
    MM: Thanks!

    JMarz: What line of business have you worked in?
    MM: I’ve worked in the business side of media mostly. Worked as a freelance reporter at one time too.

    Marcia: I hope you mirror that cache elsewhere
    MM: Yes, thanks. Got that covered.

    Like or Dislike: Thumb up 4 Thumb down 0

    18th November 2011 at 12:15 am

  27. Mary Malone says:

    Persnickety: Good question on UCC. Again, not an attorney, but from what I’ve gleaned on the code..states integrated UCC into their state law. So, in NJ, the UCC is very clear about keeping the Note and the Mortgage/Deed together.

    Lenders and their attorneys who argue that this is just an itsy bitsy paperwork snafu are being shot down by NJ jurists who value the elements of the UCC.

    With regards to Quiet Title – IMHO this is the best route for all homeowners. I think that clearing title thru the courts, on a case by case basis is the only way we can restore the markets and provide the homeowner with peace of mind.

    It’s a relatively simple, clear cut process. Under Dodd Frank it takes about 30 days. The older guidelines 90 days. You don’t have to go down the securitization rabbit hole. Either the lender has evidence of clear title and can show the judge that the chain of title has not been broken – or they can’t.

    Many people – in government law, and academia who have studied MBS/title fraud also recommend Quiet Title Action.

    Hope this is helpful.

    Like or Dislike: Thumb up 2 Thumb down 0

    18th November 2011 at 12:34 am

  28. Mary Malone says:

    CR: Can I print this out for distribution to some of the more capable-of-understanding at my school?
    MM: Yes, of course. I’d be honored!

    Well-loved. Like or Dislike: Thumb up 7 Thumb down 0

    18th November 2011 at 12:38 am

  29. Mary Malone says:

    CrazyIvan: “I see this as an opportunity for all the OWS inclined to gather around a doable cause.”
    MM: Great idea! The OWS crowd could easily help with researching public property records.

    One of the issues we uncovered was that many homes that have completed the foreclosure process before the courts were aware of the MERS, clouded title, MBS fraud were illegal.

    In NJ, 95% of all homeowners who are foreclosed lose by default. They never show up. The courts eventually rule that the property can be auctioned off in a public sale by the “lender”.

    In our NJ county, the Sheriff publishes a list of properties that are up for sale on their website.

    So, one afternoon, I spent several hours at the County Clerk’s records room. I randomly selected 4 properties that were up for auction.

    Every property was illegally foreclosed. Very easy to find the evidence:
    -Look up the property
    -Pull the mortgage/deed
    -Xerox all the pages with mortgage assignments, Lis Pendens recorded
    -Lis Pendens is the formal notice that a foreclosure lawsuit is pending

    Now look at the dates. All of the properties I looked at featured:
    -Mortgage was assigned to the foreclosing entity AFTER the Lis Pendens was filed.
    -Some cases it was 1 year AFTER Lis Pendens, others several months.

    These home-owners could have their foreclosures re-examined and request a hearing.

    In states like NY, the judges are over-turning the foreclosures due to lack of standing.

    So if OWS is listening – we could really use your help here.

    Like or Dislike: Thumb up 3 Thumb down 0

    18th November 2011 at 12:55 am

  30. Opinionated Bloviator says:

    The Rule of Law, a simple concept with profound impact.

    It will be interesting to see which way the United States chooses to jump –

    Adherence to the Rule of Law would destroy Wall Street and it’s cronies but allow the United States to recover. The Rule Of Law gives an enormous Long Term compeditive advantage, (capital abhors theives and dishonest markets).

    The other option is ‘Yes we can, kick the can, Yes we can, Rule of Whim”, change the law to paper over the gangrene, that path ends somewhere between Argentina (the poster child of Rule of Whim fascist corruption) and Panem (Hunger games series).

    Ask the ex Soviet Union how the latter approach is working for them. (Remember, they have Oil, we do not).

    Well-loved. Like or Dislike: Thumb up 6 Thumb down 0

    18th November 2011 at 1:09 am

  31. Novista says:

    You just had to throw that little bit of smeary dirt, didn’t you, Fred. Fail! Go fuck yourself.

    I’m the one arguing rule of law for all and you are the one harping on the ‘something for nothing’ meme.

    ““unjust enrichment”” in your open and “shirk your obligations” as your closing originally. That’s your focus. Keep looking at the little picture, with all the explication from mary (twice) like water off a duck’s ass.

    Well-loved. Like or Dislike: Thumb up 8 Thumb down 0

    18th November 2011 at 1:51 am

  32. Colma Rising says:

    Novista:

    Fred doesn’t begin to understand the obligations of contract in regards to the ownership of private property… a salesman, I presume, with self-interest married to transaction, not detail.

    I’d even wager a morgan round that he sells in the Real Estate arena… but one couldn’t hold me to that bet because there is no real counter-party.

    Well, again, I will stress the importance of clear and objective title law… as the “real” in real estate is no accident. This article points to an existential mess… a mess wholy unnecessary and superfluous.

    Well-loved. Like or Dislike: Thumb up 7 Thumb down 0

    18th November 2011 at 2:06 am

  33. flash says:

    Mary +10

    Just a thought .As a back-up you should set up a blogger page, post your article and use it as a doc.dump and maybe allow others to contribute.I use one as a dump just to convert jpegs to html.

    https://accounts.google.com/ServiceLogin?service=blogger&passive=1209600&continue=http://www.blogger.com/home&followup=http://www.blogger.com/home&ltmpl=start#s01

    BTW, I have a few friends who need to read this and will pass it on…thanks again.

    Well-loved. Like or Dislike: Thumb up 5 Thumb down 0

    18th November 2011 at 3:50 am

  34. Yojimbo says:

    Mary Malone

    Unbelievably great first post. Truly stunning work. Thanks.

    Well-loved. Like or Dislike: Thumb up 13 Thumb down 0

    18th November 2011 at 5:30 am

  35. FRED FLINTSTONE says:

    COLMA: Wrong on all counts. However, we do own a medium sized business and understand the value and necessity of honoring contracts with integrity.

    I would wager some hard earned coin that the people on the other side of this issue did not sacrifice, forego instant gratification and generally bust their asses enough to pay off a damn nice home. Thus taking personal responsibility and removing ones self from this “existential mess”. You don’t attend Berkely for a degree in Gender Studies, do ya?

    Footnote: Pay your bills or we will O.W.S, Occupy your ass With a Shoe!

    Like or Dislike: Thumb up 2 Thumb down 3

    18th November 2011 at 8:10 am

  36. Colma Rising says:

    I am a Gender Studies student at Berkely. Since I don’t currently own a home and most likely never will I think that makes me the PERFECT candidate to shoot of my fat cakehole regarding something I have absolutely zero practical knowledge about!

    I think if you all just band together and quit paying your mortgage in solidarity with those who paid too much for their houses we will all be fine! They can’t evict all of us can they?

    Dave, can I crash on your house for a few days???

    Like or Dislike: Thumb up 2 Thumb down 1

    18th November 2011 at 8:26 am

  37. BARNEY RUBBLE says:

    FRED, you just gotta see this!

    http://ugliesttattoos.files.wordpress.com/2009/12/129046441082439931.jpg

    (Deliberately NOT posted to show up without clicking on it)

    Like or Dislike: Thumb up 0 Thumb down 0

    18th November 2011 at 9:54 am

  38. Mary Malone says:

    Fred: Your comments regarding contracts are note-worthy.

    In an ideal world, the borrower would know the true identity of their creditor and work out a deal to pay that party directly.

    But the servicers and financial entities (including fake trusts) are obstructing that transaction.

    These firms are not revealing the identity of the debtor to the creditor and the identity of the creditor to the debtor.

    We believe they set this convoluted system up so they could deplete the monies owed to the investor/creditors and steal the home from the debtor.

    Also – here’s something for you to noodle around…

    What constitutes a default? Can a mortgage be in default when the debtor stops paying, but monies continue to stream into the pool, are applied against the mortgage in the form of TARP, credit defaults, and insurance payments?

    That’s the question that will be placed before judges in the next phase.

    A contract is an agreement between 2 parties, right?

    Well if one party – the originator – who gets a fee and never loaned their own money – pretends to be the lender, but is not – is the contract still valid?

    Attorneys for debtors across the USA are getting those contracts rescinded under RESPA.

    So, your argument does not apply to the current situation, Fred.

    I wish it did. But it doesn’t.

    You need to start reading the info I posted on MS Live Skydive. You really do.

    Like or Dislike: Thumb up 1 Thumb down 0

    18th November 2011 at 10:25 am

  39. Mary Malone says:

    Flash: “As a back-up you should set up a blogger page, post your article and use it as a doc.dump”
    MM: Thanks so much for the kind words and suggestion. I’ll try to do this – altho could really use Help Desk expert!

    Like or Dislike: Thumb up 0 Thumb down 0

    18th November 2011 at 10:29 am

  40. jmarz says:

    Colma

    Do you have an idea what you want to do once you graduate? I know I think you mentioned you wanted to stay in school for a while but I’m curious to what kind of career opportunities a Gender Studies major has once they graduate.

    Like or Dislike: Thumb up 3 Thumb down 0

    18th November 2011 at 10:49 am

  41. Stucky says:

    Yessiree …. your answer to my question, as well as the others, have been most helpful. Thanks!!

    Like or Dislike: Thumb up 1 Thumb down 0

    18th November 2011 at 10:58 am

  42. Colma Rising says:

    LoL, Jmarz…. that was a doppelganger named Fred… gender studies at Berkeley. That’s hilarious. Remember, 8:25 on tbp is 5:25 for me… I was dreaming of sugar plumbs, speaking of which…

    The only gender studies I’ve done at Berkeley is… well, out of respect, I’ll save that story for a lighter thread.

    I plan to rule the world.

    Fred: You still didn’t absorb the issue at hand, that the counter-party is not able to deliver on the terms yet is still grabbing payment with both hands…

    Like or Dislike: Thumb up 3 Thumb down 0

    18th November 2011 at 10:59 am

  43. jmarz says:

    Haha I was wondering wtf you were doing studying Gender Studies. Damn doppelgangers

    Well-loved. Like or Dislike: Thumb up 5 Thumb down 0

    18th November 2011 at 11:02 am

  44. Colma Rising says:

    Oh, and Fred…

    Its a great feeling to not be in debt… you should try it.

    Sure, driving a beater and wearing 5 year old tattered rags can suck, but whadevs. Like Jefferson Airplane said, “You’re only as pretty as you feel inside”.

    No less, should I not “pay my bills” I’d be good…

    A little cold, but good.

    Like or Dislike: Thumb up 4 Thumb down 0

    18th November 2011 at 11:13 am

  45. Mary Malone says:

    Neil Garfield, an expert in security law publishes a daily blog on MBS/foreclosure fraud. His post today on Nevada is chock full of great data.

    https://mail.google.com/mail/?tab=wm#inbox/133ad40a8cf75daa

    Like or Dislike: Thumb up 2 Thumb down 0

    18th November 2011 at 11:47 am

  46. Mary Malone says:

    Recent article in the NYT on change of attitude among jurists for banks defenses:

    http://www.nytimes.com/2011/11/15/nyregion/patience-grows-thin-for-banks-foreclosure-excuses.html?_r=3&pagewanted=print

    Like or Dislike: Thumb up 2 Thumb down 0

    18th November 2011 at 12:30 pm

  47. flash says:

    Mary Malone says:

    I’ll try to do this – altho could really use Help Desk expert!

    Mary, you may already know all thi- but just in case not- you can create blogger account and with your blogger ID and password access Google docs and upload all your files there and then link back over at your blog or you can C&P them directly into your blog via post.
    I’ll be glad to help you out anyway I can …

    https://accounts.google.com/ServiceLogin?service=writely&passive=1209600&continue=https://docs.google.com/&followup=https://docs.google.com/&ltmpl=homepage

    Like or Dislike: Thumb up 3 Thumb down 0

    18th November 2011 at 12:39 pm

  48. howard in nyc says:

    mm~

    great article. thanks, appreciate the work this took.

    Well-loved. Like or Dislike: Thumb up 5 Thumb down 0

    18th November 2011 at 1:04 pm

  49. Mary Malone says:

    Flash: I’ll be glad to help you out anyway I can …
    MM: Thanks so much, Flash. You’ve already given me a huge assist. I’m gonna spend this PM to create a Blog and online library – if I spend the time I hope it will eventually click. May circle back and ask for more help tho, if that’s OK?

    Howard: Thanks so much for the kind words. Hope the info is helpful to you and people you know.

    Like or Dislike: Thumb up 2 Thumb down 0

    18th November 2011 at 1:28 pm

  50. FRED FLINTSTONE says:

    I’m with ya Colma! That was a pretty funny doppel though, you have to admit. Gender Studies!!!! I don’t judge anyone for whatever decision they make regarding their mortgages. I really don’t. I just will feel like an idiot for doing right and paying off my mortgage if the result is the same as if I had not done so!

    Mary Malone: I do commend you on the research and logic of your post. Although we disagree on some major points, I do respect the work and effort.

    Like or Dislike: Thumb up 3 Thumb down 1

    18th November 2011 at 2:56 pm

  51. flash says:

    Mary Malone – if I spend the time I hope it will eventually click. May circle back and ask for more help tho, if that’s OK?

    Sure, I’m more than happy to help anyway I can.
    The more access to info on the mind blowing level of corrupt collusion betwixt Wall street and the Federal Thugacracy people have .,the better chance at they’ll have at understanding how the nation got in such a horrid econmical fix and possibly inspire some to raise a little hell.
    If only ten million people raised a little hell, then that’d be a lo0t of hell raised….fer shure.

    Sic ‘em Mary.

    Like or Dislike: Thumb up 3 Thumb down 0

    18th November 2011 at 4:45 pm

  52. Marcia says:

    I am curious if this is one of the reasons so many defaulted properties have yet to be foreclosed upon, 1, 2 even 3 years past the last payment made. I am curious if this is one of the reasons all the ‘new’ HAMP-style modifications include fine print language that absolves the mortgage-holder of any wrongdoing and removes the right of the borrower to sue if it turns out illegalities were performed. I am curious if this is the biggest reason we keep seeing attempts made to ‘wipe the slate clean’ retroactively on behalf of banks. Many questions, no clear answers…as yet. The one thing I am pretty sure I know, is that assuming all those things are true, the slate WILL be wiped clean. It has to be, from the government’s perspective. The alternative would be a massive, all-inclusive implosion, would it not?

    Like or Dislike: Thumb up 2 Thumb down 0

    18th November 2011 at 5:10 pm

  53. Muck About says:

    @Colma Setting: You can kid me! I know what kind of “gender studies” you are working on so diligently.

    @MM: Your data makes it every so much sweeter and more satisfying that I’ve built the last 4 homes myself out of cash flow and sweat and haven’t owed anyone a dime since 1973! It allows one to sleep so much sweeter at night knowing that no one will be knocking on your door with papers to serve in the morning.

    Please keep up the good work and I agree that this is a great handle for OWS to grasp firmly in all their hands and beat the shit out of any opposition.

    MA

    Well-loved. Like or Dislike: Thumb up 5 Thumb down 0

    18th November 2011 at 6:20 pm

  54. Mary Malone says:

    Marcia: ” one of the reasons all the ‘new’ HAMP-style modifications include fine print language that absolves the mortgage-holder of any wrongdoing and removes the right of the borrower to sue if it turns out illegalities were performed. I am curious if this is the biggest reason we keep seeing attempts made to ‘wipe the slate clean’ retroactively on behalf of banks”

    Very good questions.

    Yes, I believe both the federal government, GSE’s and the banks are making a concerted effort to paper over the fraud. The caveats you mention in HAMP are standard – a way for the banks to get homeowners to waive their rights – without being told the truth.

    But again, since the MBS fraud affects ALL homeowners who had a mortgage sold on the secondary market…the banks are using refinancing to get the homeowners out of non-secured debt into a new loan that is secured.

    Moving from an unsecured loan to secured loan isn’t necessarily a bad thing – but – and it’s a big but – the information should be disclosed to the homeowner. It’s not.

    Like or Dislike: Thumb up 3 Thumb down 0

    18th November 2011 at 6:46 pm

  55. Mary Malone says:

    Marcia: The alternative would be a massive, all-inclusive implosion, would it not?

    MM: No, Marcia many of us who have spent the time to study this stuff believe that telling the truth is the only hope America has for a full recovery.

    You see, an accounting rule requires that securitized mortgages aren’t even on the banks books. The banks don’t have the loans on their books as an asset, or a liability. Many of these loans have been paid for by taxpayer bailouts like TARP and insurance.

    The banks that have seized and sold 4 million American homes are parking their ill-gotten gains off shore.

    It really resembles a money laundering scheme. Similar to organized crime prosecuted under RICCO.

    There will be no recover until the truth is told and the guilty are punished.

    Like or Dislike: Thumb up 2 Thumb down 0

    18th November 2011 at 6:54 pm

  56. Novista says:

    Colma Rising

    “as the “real” in real estate is no accident” … so lucid even an idiot should understand it.

    But no, there was this: “I would wager some hard earned coin that the people on the other side of this issue did not sacrifice, forego instant gratification and generally bust their asses enough to pay off a damn nice home.”

    This was especially good: “the people on the other side of this issue”, truly a masterpiece. In Australia, we’d call that writer “thick as two short planks”. Or for here, as black-and-white as llpoh. Let me see now, am I on the side of deadbeats and speculators?

    Or maybe I should just say idiot Fred loses his wager. The evidence:

    Out of the army in ’62. bought first home, lived there til ’69, took contractor job in Saudi Arabia, left house in hands of rental agent. Back stateside, ended up in Providence, still make house payments and renting there.

    Took contract job in Samoa in 1972. Accepted a job in Tasmania in 1974. After a while there, kids in school, reckoned they get done with that, decided to sell Cinti house and buy one in outer suburb.

    In Melbourne, 1984, put Tasmania house on market. Rented a long while (wife who had to organize the move said, never moving again. And it was so.)

    1997, first wife died. Made large down payment on house in outer suburb, older son and I lived there with him servicing the mortgage. He left to marry a woman in Canada (long story). I’d wed again in 1999, moved in to her house, put the other one up for sale. Nice profit in up market.

    We moved to Queensland in 2003, jointly bought this place outright.

    Yeah, sure looks like I favor deadbeats. But I do have an informal degree in one type of gender studies.

    Fred: “I just will feel like an idiot for doing right and paying off my mortgage … ” That’s not why he is an idiot.

    Like or Dislike: Thumb up 4 Thumb down 0

    18th November 2011 at 1:40 am

  57. Marcia says:

    Hmmm. While I completely agree with you in principal, Mary, I find it difficult…no, strike that. I find it
    impossible to believe that for the first time in American history, the truth will be told when a Great Lie has been adhered to so deeply and long. Easier to ask forgiveness than permission, and liars only admit their lies when they have exhausted all hope of covering up. Even then, they are compelled to lie (it’s all the fault of taxpayers for buying homes they couldn’t afford). They know no other way. The whole truth doesn’t set anyone free in Washington – it gets them shunned and the money-train derailed. Of course, having no job or money could be described as a certain kind of ‘freedom’ I suppose. Not the sort anyone wishes to try out for size, though, given an option. When all the profit is piled in the corner of preserving the status quo, who is going to rock the boat?

    I’m afraid I have a very deep pessimistic outlook on the potential outcome of this, grown from watching through 4 plus decades as over and over again, ‘we’ learn nothing at all except new and improved ways to game the system and the people. Or, ‘financial innovations’ as they seem to be referred to recently. Don’t like a law because it’s too restrictive to unfettered profits? Buy new legislation, and damn the consequences because you’ll get your money before anyone figures it out.

    Like or Dislike: Thumb up 2 Thumb down 0

    18th November 2011 at 12:54 pm

  58. ragman says:

    MM: thanks for a great post. The crookedness(sp) of our elites never ceases to amaze me. They never have enough. As someone said, 90% of us bust our ass and make our payments on time. We play by the rules and continually have the bat shoved up our behinds. People are fed up with the 1% and their crooked BS. We need prosecutions and jail time for the banksters, not simply a small fine. Looking forward to your next one.

    Like or Dislike: Thumb up 3 Thumb down 0

    18th November 2011 at 10:48 am

  59. Mary Malone says:

    Marcia: Easier to ask forgiveness than permission, and liars only admit their lies when they have exhausted all hope of covering up. Even then, they are compelled to lie (it’s all the fault of taxpayers for buying homes they couldn’t afford). They know no other way.

    I share your frustration, sadness and anger at the system that has caused, enabled and covered up this massive control fraud. i really do.

    But I think it’s important to be specific. Not ALL people in government are covering up the fraud. In fact, I think you should read some of the Congressional Reports, FDIC lawsuits. There are people who are standing up and demanding that homeowners be provided relief and the bad actors be indicted – and face slam time. There aren’t enough of them – yet. But more will step forward if we, the people, are specific.

    So, Marcia, I urge you not to throw in the towel. Instead, read the Reports, stat quoting the people who are telling the truth. Inform your friends, family, co-workers

    Educate them on how to protect their private property through a process called, Quiet Title Action.

    Most of all – never give up, Marcia. Never, ever, give up.

    Like or Dislike: Thumb up 3 Thumb down 0

    18th November 2011 at 11:40 am

  60. Mary Malone says:

    Admin,
    Thanks so mucjh for giving me the privilege of posting on TBP.

    I hit the donation tab and encourage anyone else who has valued the post to do the same.

    Thanks!

    Well-loved. Like or Dislike: Thumb up 5 Thumb down 0

    18th November 2011 at 11:51 am

  61. Administrator says:

    Mary

    Keep them coming. People get tired of my speil. They like new voices like yourself.

    Well-loved. Like or Dislike: Thumb up 5 Thumb down 0

    18th November 2011 at 12:19 pm

  62. SSS says:

    Mary

    Awesome post. I learned a TON of new information just from what you said, and I haven’t even gotten to the links yet. Keep ‘em coming.

    Admin

    I don’t tire of your spiel, except for the f***ing links to your tastes in music.

    Like or Dislike: Thumb up 0 Thumb down 1

    18th November 2011 at 7:47 pm

  63. Colma Rising says:

    SSS: I’ve been trying to steer him from Green Day towards Bad Religion…

    An improvement I’m sure you’d REALLY find enraging.

    Like or Dislike: Thumb up 3 Thumb down 0

    18th November 2011 at 7:54 pm

  64. Novista says:

    Glad to help out, Colma

    Like or Dislike: Thumb up 3 Thumb down 0

    18th November 2011 at 8:11 pm

  65. Colma Rising says:

    Novista: Awesome. They seem like normal guys you’d pass in the wine isle at the market.

    Speaking of which… I’m making hot toddies. Fucking rain and a cold.

    Like or Dislike: Thumb up 1 Thumb down 0

    18th November 2011 at 10:06 pm

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