The financial juggling that helped cause the 2008 crisis may be coming back to haunt banks—and help homeowners.
Read more here –
http://www.webofdebt.com/articles/homeowners.php
Filed under: Ellen Brown Articles/Commentary |
The financial juggling that helped cause the 2008 crisis may be coming back to haunt banks—and help homeowners.
Read more here –
http://www.webofdebt.com/articles/homeowners.php
Filed under: Ellen Brown Articles/Commentary |
— 2023 —
1170. Apr 27, National Infrastructure Bank Coalition webinar, “How to Build the Nation: National Banking vs. Privatization”
1167. 4-8 & 4-9, 9 am est, radio interview with Dr. Elaina George, “Medicine on Call.”
1166. 4-8-23, noon pst, radio interview, Tom Quinn Show, ksco.com.
1165. 4-6-23, radio interview with Phillip Farruggio, “It’s the Empire, Stupid.”
1164. 4-4-23, 2 pm edt, NIB Zoom Roundtable, “National Banking in Times of Crisis.”
1163. Mar. 24 & 25, United for Free Speech Webinar, Think Local, Ireland.
1162. 3-23-23, 9 am EST, radio interview, The Power Hour.
1161. 3-19-23, Interview with James Corbett, “Alternative Solutions to the Banking Crisis.”
1160. 3-16-23, 5 pm pst, National Infrastructure Bank Coalition Town Hall, “Restructuring the American Workforce in a Time of Financial and Economic Turbulence.”
1159. 3-14-23, 5 pm EST, Living In The Solution with Dr. Elaina George
1158. 3-9-23, 8 am PST, Sarah Westall, podcast
1157. 3-2-23, 11 am EST, The Gary Null Show, PRN.live.
1156. 2-25-23, 15:00-17:00 GMT (Ireland), Think Local Conference 2023, Panel 3 – Money & Economics – New Paradigms
1155. 2-16-23, 5 pm pst, National Infrastructure Bank Coalition, “Washington, Hamilton, Lincoln: National Banking and the Economic Demands of Today’s Crisis,” NIB Zoom Town Hall
1154. 1-19-23, 5 pm pst, National Infrastructure Bank Coalition, “National Banking Will Drive a U.S. Economic Boom!” NIB Zoom Town Hall
— 2022 —
1153. 12-15-22: 5 pm pst, National Infrastructure Bank Town Hall presentation.
1152. 11-17-22: NIB Zoom Town Hall, “The Next Steps: The American System and the National Infrastructure Bank.”
1151. 10-19-22: NIB Zoom Town Hall, “Rebuild the Nation with a New Reconstruction Finance Corporation.”
1150. 10-8-22: 18th Annual AMI Monetary Reform Conference, 2022 “The Monetary Scene: The Last Three Years,” power point presentation.
1149. 9-8-22, 5 pm pst: NIB Zoom Town Hall, “US at the Crossroads: American Industrial Recovery or Fed Chair Powell’s Recession.”
1148. 8-11-22, 5 pm, National Infrastructure Bank Coalition webinar.
1147. 8-2-22, noon pst, interview by Rep. Pamela Powers Hannley, “Powers for the People” podcast (joining Prof. Bob Hockett).
1146. 8-1-22, 5:50 to 6:10 pm pst, interview with Scott Harris, WPKN Radio in Bridgeport, CT, “Between the Lines.”
1145. 7-22-22, 5 pm pst, National Infrastructure Bank Coalition webinar.
1144. 7-8-22, 5 pm pst, Interview with Kevin Barrett, Truth Jihad Radio.
1143. 6-30-22, 5 pm pst, National Infrastructure Bank Coalition webinar with Prof. Robert Hockett, Sen. Bob Hasegawa, et al.
1142. 6-16-22: National Infrastructure Bank Coalition webinar on stagflation with Nomi Prins, Robert Hockett, et al.
1141. 6-10-22: TNT radio interview with Sen. Malcolm Roberts, Australia.
1140. 5-19-22: 5 pm pst, National Infrastructure Bank town hall presentation. https://www.nibcoalition.com/all-videos
1139. 5-17-22: 11 am pst, interview, Kerry Lutz’s Financial Survival Network.
1138. Apr. 22, 5 pm cst, interview, The Hrvoje Morić Show, TNT Radio
1137. Apr. 22, 11 am est, Gary Null Show, PRN Live
1136. Apr. 20, 7 pm cst, webinar, “Public Banking: Investing in Colorado!,” Colorado Public Banking Coalition
1135. 4-19, 9 am pst, interview with Simone Mariam for the Italian blog MittDolcino
1134. Apr. 19, 12:30 pm pst, interview with Jay Taylor, “A PetroRuble Now Competes with the PetroDollar”, Jay Taylor Media
1133. Apr. 15, Interview with Kristina Borjesson, The Whistleblower Newsroom, bitchute, “History Informs a Reset That Could Serve the People”
1132. Apr. 8, Interview with Kevin Barrett, Truth Jihad Radio, 5 pm pst
1131. Apr. 6, Podcast with Bob Scheer, ScheerPost.com
1130. Mar. 31, Power Point presentation on youtube, Universidad Nacional de Colombia, Invita: Debates Ensayos de Economia Coordina: Guillermo Maya — Profesor adscrito al Departamento de Economia
1129. Mar. 10, Webinar presentation, “Stop Inflation in Its Tracks! Role of the National Infrastructure Bank”
1128. Feb. 17, Webinar presentation for National Infrastructure Bank Coalition, Abraham Lincoln and the American System of Economics
— 2021 —
1127. Dec. 18, Daniel Estulin and Ellen Brown on Global Economic Implosion, Kevin Barrett Truth Jihad
1126. Dec. 7, Interview with Daniel Estulin
1125. Nov. 27, “The Greening of Finance and the Global PPP Land Grab” with Matt Ehret on youtube
1124. Sep. 29, interview with Jan Roberts of Systems Change Advocate, jroberts@ciaction.org> linkedin.com/in/jan-roberts-0001688 Systems Change Advocate
1123. Aug. 30, Center for Global Justice webinar with Walt McRee, “Public Banking: Democratizing Finance”
1122. July 28, 5 pm pst, webinar, “Public Banks: A Path to Economic Transformation in California,” EcoCiv Dialogues for Global Systems Change series
1121. July 22, 5 pm pst, webinar, “The Truth about America’s Monetary System,” American Ethical Union National Conference
1120. Mar. 29, 2 pm est, panel hosted by Rickey Gard Diamond, “Zoom of Our Own, Creating Currency and Blowing Big Bubbles.”
1119. Mar. 25, 11 am pst, BoldRethink webinar, TBA
1118. Mar. 21, 10 am pst, Public Banking panel, TBA
1117. March 5, Sean Stone interview, Unrig
1116. March 2, PBI Live Town Hall, Ohio
1115. Feb. 23, 7 pm est, Eco Justice Collaborative Webinar, “Why the Crises We Face Make Financial Reform Essential,” Religious Society of Friends, Philadelphia
1114. Feb. 17, 11 am, Steff Overbeck, Pod of Gold radio interview
1113. Feb. 18, radio interview, Phil Mikan, wlis1420
1112. Feb. 16, National Infrastructure Bank Coalition Presidents’ Day Webinar 2021 – “National Infrastructure Bank: Standing on the Shoulders of Giants”
1111. Feb. 6, radio interview, Sylvia Richardson, Latin Waves
1110. Jan. 28, 6 pm est, PBI NY Town Hall
1109. Jan. 27, “Ellen Brown and Matt Ehret Discuss: A Brief History of Economic Warfare and the American System”, youtube
1108. Jan. 16, 11 am cst, Warner Lewis, Lewis at Large (Kansas City), KLWN, 101.7 FM
1107. Jan. 15, 3-5 pm, Revolution Radio, The Fetzer Report
1106. Jan. 8, 4 pm PST, zoom power point presentation, Praxis Peace Institute
— 2020 —
1105. Dec. 30, 3 pm EST, Eleanor LeCain radio show on PRN
1104. Dec. 28, 9 pm EST, interview on WPKN Radio with Scott Harris, Between The Lines Radio
1103. Dec. 13, Ramola D. Reports, US/UK news panel #11, with Prof. Tim Canova, et al.
1102. Dec. 12, podcast/radio interview, Ralph Nader Radio Hour
1101. Dec. 6, Ramola D. Reports, US/UK news panel #10, with Dr. Christiane Northrup et al.
1100. Nov. 29, Ramola D. Reports, News Panel 9, with Justin Walker, Andy Kaufmann, John Reizer, Sandi Adams
1099. Nov. 3, Turning Point Talks, Australia, Zoom power point presentation, 7 pm Australia time
1098. Nov. 1, 4 pm pst, panel, 2020 Building the New World Conference
1097. Oct. 26, Phil Mikan Show, WLIS/WMRD Radio, Conn., pre-recorded for Friday at 10 est or Saturday at 9-11 est
1096. Oct. 22, 1:15 pm EST, power point presentation, “Public Banking, Modern Monetary Theory (MMT) and the National Debt,” Carolina Hills Community, Chapel Hill, NC
1095. October 3, 1:30, “Energizing a Just Transition Conference.”
1094. Sept. 30, webinar,2020 Building the New World Conference, 4 pm pst/7 pm est
1093. Sept. 12, San Diego public banking group webinar with Sen. Ben Hueso, 5 pm
1092. Sept. 9, interview with Meria Heller, 10 am pst
1091. Aug. 30, interview with Jack Etkin, Citizens Forum, Community Television, Victoria, BC, 2 pm pst
1090. Aug. 17, The Power Hour, 10 am PDT.
1089. July 30, 4 pm PST, John Truman Wolfe Financial Hour
1088. July 15, 6 pm EST, Connecticut Public Banking Town Hall, livestream here
1087. July 13, Webinar, Center for Global Justice, “Why Public Banking Needs to Be Run as a Public Utility,” San Miguel de Allende, Mexico, 11am-1pm PDT
1086. Interview with Susan Johnson on public banking for Connecticut, WILI’s Let’s Talk About It Show, 5 pm EST
1085. Interview on Russia Today, “In Question,” “BlackRock the Behemoth,” July 2, 2020
1084. July 1, Bonnie Faulkner interview with Peter Koenig on Guns and Butter
1083, July 1, 8 am PST, interview with Phillip Farruggio, “It’s the Empire, Stupid,” Greanvillepost.com
1082. June 29, 9-9:30 pm EST, interview with Scott Harris, “Between the Lines,” WPKN Radio, Conn.
1081. June 24, 6-6:30 pm EST, interview with Paul DeRienzo, WBAI News, New York City
1080. June 23, 6:30-8pm MST, Webinar on Forming a New Mexico State Public Bank, Alliance for Local Economic Prosperity
1o79. June 10, podcast with Kim Iverson, “The Fed and the Big Bank Wealth Heist. Why We Need Public Banking.”
1078. Interview with Sylvia Richardson, Latin Waves, 10 am PST
1077. June 5, 6 pm pst, Center for American Studies Town Meeting, Concord, NH, live-streamed
1076. June 5, 12:30 pm, Public Banking Town Hall for Colorado Leaders, Zoom conference
1075. May 28, WECAN webinar, “Structuring an Economy for People and Planet in the Time of Climate Crisis and COVID-19,” 11:00 am PST/ 2:00pm EST
1074. May 22, Interview with Kevin Barrett, Truth Jihad Radio, 5 pm PST
1073. May 21, Interview with Aaron Wissner, Local Future, Youtube livestream
1072. May 20, radio interview, “Law and Disorder,” New York City
1071. May 13, interview with Paul Jay, “Does Public Banking Work?”, The Analysis
1070. May 10, 12:00-1:00 PM EST, Dr. Elaina George radio show
1069. May 7, 11 am EST, interview with Phillip Farruggio, “It’s the Empire, Stupid,” Greanvillepost.com
1068. May 6, Conversations with Rob, community radio, 9 am PST
1067. Apr 4, interview with Walt McRee and Mark Anielski, The Economics of Wellbeing podcast (pre-recorded, TBA)
1066. May 2, podcast with Matt Stannard, Cowboys on the Commons
1065. May 1, Interview with Robert Scheer, Scheer Intelligence, KCRW Los Angeles
1064. April 30, 12 noon MDT, Public Banking Virtual Town Hall sponsored by Colorado Public Banking Coalition
1063. April 30, 6-6:30 pm, interview with Paul DeRienzo, WBAI News, New York City
1062. Apr 29, 1 pm PST, radio interview with Reinette Senum, KVRM, Nevada City, CA (pre-recorded)
1061. Apr 26, Schiller Institute Online Conference, 3 pm EST
1060. Apr 26, 6:30 am PST, Morano in the Morning radio talk show
1059. Apr 21, Interview with Jason Hartman, Creating Wealth Show
1058. April 13, “Flashpoints,” KPFA, 5:40 pm PST.
1057. April 9, radio interview with Claudia Cragg, “It’s the Economy,” KGNU Boulder CO, 6 pm MST.
1056. April 7, “Treasury Takeover?”, podcast interview with Sarah Westall and Harley Schlanger
1055. March 26, interview with Phillip Farruggio, “It’s the Empire, Stupid,” Greanvillepost.com
1054. Mar. 17, 7 pm EST, interview with Gary Null, Progressive Commentary Hour
1053. Feb. 19, radio interview on George Noory’s “Coast to Coast,” 10-12 pm pst.
1052. Feb. 8, interview with Sylvia Richardson, “Latin Waves” radio podcast.
1051. Jan. 8, interview with Marcus Ruiz Evans, 1 pm PST
1050. Jan. 2, interview with Kevin Barrett, truthjihadradio, 5 pm PST
— 2019 —
1049. Dec. 2, Interview with Jeff J. Brown, China Rising Radio
1048. Nov. 24, 7 pm, presentation sponsored by Agenda for a Prophetic Faith, Claremont Presbyterian Church, Claremont, CA, “Why We Need Public Banks”
1047. Nov. 24, 11 am, public banking presentation for “Growing Christians” class, Claremont United Methodist Church, Claremont, CA
1046. Nov. 23, public banking presentation, Pilgrim Place, Claremont, CA
1045. Nov 16-17, speaker, Soil & Nutrition Conference, Southbridge, MA.
1044. Nov. 12, interview in New York with Max Keiser, Keiser Report, “Repo Markets and UBI”
1043. Nov. 6, 5 pm EST, The CivicLab Show with Tom Tresser, live@www.facebook.com/tomtree
1042. Oct. 23, 11:30 am-1:30 pm, luncheon presentation on public banking, League of Women Voters of San Diego, Tom Ham’s Lighthouse Restaurant, 2150 Harbor Island Dr., San Diego
1041. Oct. 22, Presentation on public banking, DSA San Diego, Unite Here Union Hall, 2436 Market Street, San Diego, 6-7:30 pm.
1040. Oct 16-18, keynote speaker, Economics of Happiness conference, Jeonju, South Korea
1039. Oct. 6, 6 pm pst, interview, Jeff Rense Radio.
1038. Sept 30, noon EST, radio interview with Pauline Salotti, WUSB, Stony Brook, NY, 90.1 FM, wusb.fm.
1037. Sept. 26, 7 pm presentation, “Exploding the Myths of Money and Banking,” New Paradigm College, Lake County, CA
1036. Sept. 20, podcast interview, Silver Doctors
1035. Sept. 19, 8-9 pm pst, interview, Jeff Rense Radio.
1034. Interview, Sept. 13 at 5 pm–6 pm on KPFZ, Lake County community Radio, 88.1 FM.
1033. Sept. 6, Live with Ernest Hancock, 11 am EST (at 2 hour mark on video)
1032. Aug. 26, interview with Jason Hartman, Creating Wealth Show, 12:00 pm PST.
1031. Aug. 9, interview with Lauren Steiner, youtube
1030. July 25, youtube podcast with Sarah Westall, “This is Why China Is Winning”
1029. July 23, interview with Steve Bhaerman, Wiki Politiki Radio Show, 2 pm pst.
1028. July 19, interview with Kevin Barrett, truthjihadradio, 5 pm PST
1027. July 12, 11 am pst, interview with Annie Esposito and Steve Scalmanini, “Corporations & Democracy,” Mendocino County, CA, www.KZYX.org
1026. Interview with Crystal Arnold, Money-Wise Women, posted July 10
1025. July 9, interview with Liz Lane, “It’s the Economy,” KGNU Boulder/Denver/Ft. Collins, 6 pm MDT/8 pm EDT.
1024. June 23, interview with Mark Anielski, “The Economics of Well-being”
1023. June 15, interview with Tom Allen, “This Week in Money,” HoweStreet.com
1022. June 13, Interview with Sinclair Noe, “Financial Review,” MoneyRadio1510.com (pre-recorded)
1021. June 12, 2 pm, interview on Princeton Community TV, Princeton NJ, “The Public Banking Solution” with Walt McRee
1020. June 1, interview with Sylvia Richardson, “Latin Waves” radio podcast.
1019. Apr. 5, interview with Phillip Watt, healbyhypnosis.com, 3 pm, PT
1018. April 3, panel discussion on Green New Deal, BBC World Service, “The Balance”
1017. March 28, interview on Thom Hartmann show.
1016. March 22, interview with Sinclair Noe, Money Radio 1510
1015. March 11, interview with Phillip Farruggio, greanvillepost.com, 11 a.m. EST
1014.
1013. Feb. 9, interview with Sylvia Richardson, Latin Waves, 8 a.m. PT
1012. Feb. 8, interview with Kevin Barrett, truthjihadradio, 6 pm, PST
1011. Jan. 31, interview with Lee Camp, LeeCampComedySpecial.com
1010. Jan. 3, interview with Robert Stark, The Stark Truth with Robert Stark, re The Green New Deal https://www.starktruthradio.com/?p=8534
— 2018 —
1009. Dec. 17, interview with Scott Harris, WPKN radio, Bridgeport, CT, Between the Lines Radio Newsmagazine, 9:30 ET
1008. Nov. 2, Interview with Mike Prysner on Real News Network, https://therealnews.com/stories/will-public-banking-free-la-from-wall-street
1007. Oct. 31, interview on Real News Network, Student Debt Dogs Millenials for a Lifetime and Drags Down the Economy, https://therealnews.com/stories/student-debt-dogs-millennials-for-a-lifetime-and-drags-down-the-economy
1006. Oct. 22, speaker with Gar Alperovitz at Praxis Peace Institute, “Changing the System: California’s Strategic Role in National Strategic Change,” Sonoma, CA, 276 E. Napa St, Sonoma. 7:00 pm.
1005. Oct 19-21, Bioneers Conference, panelist on Oct 20, 2:45 pm, Marin Center, San Rafael, CA.997.
1004. Oct. 18, 350Marin.org, speaking along with Susan Harman, 750 Lindaro Street, San Rafael CA, 6:30pm.
1003. Oct. 17, video interview with Abby Martin, work in progress.
1001. Oct. 11, Interview with Harvey Wasserman, Greenpower and Wellness, prn.fm, KPFK Los Angeles, 2 pm
1000. Oct. 9, speaker, State Bank Forum, University of Washington, Kane Hall, 7-9pm http://sdc.wastateleg.org/hasegawa/state-bank/
999. Oct. 7, panel, Americans for Democratic Action of Southern California Annual Garden Party, 2-5:30 pm, Santa Monica, CA
998. Oct. 4, 7:30 pm, Living Economy Salon, panelist, Public Bank LA: “Solutions for Social and Environmental Justice”, 3110 Main St., Annex Building C 2nd Floor, Santa Monica, CA 90405
997. Oct. 3, interview on Unmediated, podcast of Reader Magazine, episode title: Making Money The Public’s Slave (The Public Banking Solution), 10 a.m. PT
996. Oct. 1, radio interview, “The Power Hour,” www.thepowerhour.com, 2 pm
995. Sept. 28, interview with Sinclair Noe, Money Radio 1510, pre-recorded for a later date
994. Sept. 20-22, California Vision 2020 Conference, speaking at 11 am on Sept 20, Sheraton Grand Hotel , Sacramento.
993. Sept. 10, interview with Lila Garrett on KPFK, “Connect the Dots”, http://www.kpfk.org/on-air/connect-the-dots/ 7. a.m. PT
992. Sept. 4, interview with Steve Bhaerman, Wikipolitiki Radio, wikipolitiki.com, 2 pm PT
991. Aug. 31, interview with Kevin Barrett, truthjihadradio. 6 pm PT
990. Aug. 26, Left Coast Forum, 1:30 pm, Los Angeles Trade Tech
989. Aug. 22, interview, the Gary Null Show, 9:40 PST
988. Aug. 14, podcast interview with Sarah Westall, 9 am pst/11 am cst
987. Aug. 8, interview with Tom Allen, “This Week in Money”, HoweStreet.com
986. Aug. 9, interview with Sinclair Noe, Money Radio 1510, pre-recorded for a later date
985. Aug. 3, 9-10 pm pst, radio interview with True Ott
984. Aug 2, New York Green Party video livestream, 5 pm PST
983. Aug. 1, interview with Elizabeth Dougherty, The Dougherty Report, Newsradio 102.5 WFLA, 3 pm PST
982. July 21, guest on WakingupinAmerica.com, 6:45 a.m., PDT
981. June 28, interview on MONEY RADIO with Sinclair Noe, 11:00 a.m., PST
980. May 16, “It’s Our Money,” PRN.FM, 3 pm est
979. May 16, interview with Michael Welch, Global Research, 11 am pst
978. May 4, First Unitarian Church, Portland, power point presentation, “How Public Banking Would Benefit Portland and Oregon”, 7-9 pm
977. April 17, Retirement Lifestyle Advocates radio program, 1 pm PT
976. April 13, interview, the Gary Null Show, 9:35 a.m., PT. Subject: The Bayer-Monsanto Merger Is Bad News for the Planet.
975. April 12 “Mind Over Matters,” KEXP, Seattle, 9 am PT
974. April 5, interview with Deb Hobson, KOPN 89.5 Democracy Now! Chautauqua, 4 pm PT
973. Mar. 10-12, PBI retreat, Loveland, CO
972. Mar. 22 interview with Sinclair Noe, The Financial Review, Money Radio 510, 1:30 pm PST
971. Mar. 19, Coast to Coast AM radio, 10pm-midnight, PST
970. Feb. 28, interview with Ian Trottier, Miami Radio, http://iantrottier.com/, 5:15 pm EST. Listen here, bit.ly/EllenBrownCA
969. Jan. 23. 18th National Conference and Global Forum: The Science Business, and Education of Sustainable Infrastructure, Washington DC, panel
968. Jan. 20, Interview with Primo Nutmeg https://soundcloud.com/primonutmeg
967. Jan. 17, It’s Our Money, 3 pm est–listen here.
966. Jan. 17, interview with Valerie Kirkgaard, http://www.wakingupinamerica.com, 2 pm PST
965. Jan. 2, Interview withJeff Rense, rense.com, 9 pm PST
— 2017 and before, see —
Blog at WordPress.com. WP Designer.
Most (perhaps all) of my properties have mortgages where MERS is the “owner” of record. Yet I have never dealt with MERS – only with the mortgage company who originated the loan or the servicer or bank that has since taken on the servicing role or perhaps gained “ownership” of the note.
What are the odds I could use this information to stop paying on the mortages yet defend myself from foreclosure in Minnesota?
Don’t know about odds — I’m not currently practicing — but check under the “Foreclosure Relief” tab, many good resources there.
Not good odds, Zarepheth.
Ellen has said often enough that securitization is an important part of the credit creation process because it allows banks to sell their old paper, free up their capital, and go write new loans. The contraction of credit has much to do with the collapse of the secondary mortgage market. Trust in MBS was betrayed by the thieves who wrote bad paper.
The response to the crisis has been to try to restore trust in the secondary mortgage market. The powers that be have no plan to get rid of securitization, or scale back the derivative market in any way.. This is, after all, the new financial frontier, the brave new world of financial “innovation”.
The MERS apparatus was designed to facilitate securitization. It was designed poorly, resulting in this huge loophole, this defect in title. If anyone thinks 62 million homeowners are going to escape through this loophole, or even 1 million, think again.
Our financial masters, who own the legal system, as with everything else, will close this loophole as quickly as it has revealed itself. There will be no debt forgiveness because this would lead to bank insolvency. They can’t even write down their bad debt, so they pretend toxic paper is wholesome, if they can’t sell it to the Fed. They sure aren’t going to write down good debt.
This legal blooper is just false hope. “While courts are not likely to let 62 million homeowners off scot free, the defect in title created by MERS could give them significant new leverage at the bargaining table.” It’s hard to say what this new leverage might be when the loophole is closed. As there has been no fundamental change in the brave new world of derivative finance that created this crisis, there will be no significant change in the MERS framework because no one is acknowledging that securitization, and derivative finance itself, is a failure, and should be abolished. Not even Ellen Brown. The real, “classical” rules of finance will be changed to accommodate the failed new finance. When Obama hired on the guys who created this mess, the message was clear.
[…] under: Ellen Brown Articles/Commentary WEB OF DEBT BLOGVirg Bernero, the mayor of Lansing, Michigan, just won the Democratic nomination for governor of his […]
What can be done?
As a technicality, if the lenders screwed up and do not have title, then who does: can it be the occupants, even though they did not yet pay the house in full? If so, that would be no less of a moral hazard than letting MERS and the banks get away with their shoddy handiwork.
In many states, the borrowers purchased the property with the money lent to them by the banks, through MERS. The borrowers are therefore the “owners” of record. The mortgages are nothing more than liens against the property. Any defect in the lien could make the lien invalid, allowing the owner to petition the courts for its removal. After the lien is removed, they banks would hold a non-secured note and if they can’t prove ownership of the note, they cannot even force the borrowers to pay anything.
Note: The above is all theory and I am NOT a lawyer.
As for moral hazard from letting the borrowers walk away, scot-free and still owning the land, it may seem “wrong”, but the flip side is that the banking industry setup our economy to drive people to debt and then committed fraud to create the debt. Personally, I could go for a year of “jubilee” like described in the Bible’s old testement — immediately forgive ALL debts!
Hear Hear!
Apparently, that’s what ancient Athens did when the society had ground to a halt because everyone was in debt to the banks. Things got so bad that the bankers, fearing revolution, turned power over to a poet. The poet forgave all debt, which allowed the development of the Greek culture we all know of.
Stimulus, ha! The Catholics were on to something, forgiving all debt every 50 years for… how long? Over a thousand years they enforced that. I wish they stuck to it, and the criminalization of charging interest. The Jubilee seems pretty hollow now – the last one reminded me of Disney Land in some weird way.
global jubilee—-I call it glubilee
JUST IN…
‘NO PROOF’ MERS assigned BOTH Mortgage and NOTE to HSBC
http://stopforeclosurefraud.com/2010/08/26/no-proof-mers-assigned-both-mortgage-and-note-to-hsbc/
There are several things that may happen. There is the “greater fool” approach. Naive buyers may purchase properties with weak deeds or even quit claim deeds. I have been told that the banks and GSEs are conveying on special warranty deeds covering only their periods of ownership. The title policies provided are aligned with the limited warranties made in the deeds.
Another possibility is that if an owner finds that a property is not readily marketable due to a clouded title, the property may be used as a rental, the maintenance may be neglected, and the property taxes may go unpaid until such time that the property is sold at a tax lien auction. That would cure the deed after whatever applicable redemption period. The defaulting owner would receive any proceeds in excess of the tax claim and fees and expenses. It is a strange way to market a legally blighted asset, but it may be the most reasonable and effective way out.
That’s an innovative approach to clear the title. However, the defaulting owner stands a good chance of getting nothing after the sale. In at least one Minnesota county, the county took over seven years to start the foreclosure process on a property whose taxes had not been paid. Now, this seven year period allowed the taxes, along with penalties and interest on the unpaid taxes to reach the value of the lot itself, approximately $67,000.
The only reason I know this, is that I bought the land and had to have the title company pay the county for all the taxes before handing a token amount over to the prior owner.
So, neglecting the property could impose enough expense that the defaulting owner walks away with nothing. On the other hand, other jurisdictions might act sooner, limiting the total expenses and the defaulting owner may actually get something after the tax sale.
Once both note and mortgage are correctly assigned to MERS, then only MERS has the legal right to foreclose correct ? Then if MERS sells that interest via securitization, I believe only the purchasing investor would have legal standing to foreclose. It seems like that would be difficult without unwinding the mbs. I’ve heard about the need to unwind cdo’s but I don’t know all the details.
Incidentally, here is a nice link to a search of legal blogs which post about MERS.
http://blawgsearch.justia.com/search?query=MERS&x=65&y=19&l=20&page=1&s=1&mode=normal
I dont think we have seen nothin yet.
The guy who was laughed at while all this was happening was right all along. He actually called the market crash and the big run up on gold. What he says now is very interesting.
Here is his latest cheeky show http://www.youtube.com/watch?v=yMCuSLqd0Gg
FOX NEWS reports on MERS
Wow. Thanks!
Update on my case:
Ellen as you know, about a year and a half ago I filed a suit to clear the clouds on my title created by MERS and the original lender. The trial court dismissed my claim. The trial court held that I did not have a claim to clear title despite the fact that I do not owe a dime to either MERS or my original lender, the entities named in my Deed of Trust.
I claim these entities , who are the only entities in my chain of title, are wrongfully clouding my title because liens are for the purpose of giving a lender a means of recouping unpaid debt. But I don’t owe these entities a dime. I may owe some other entity, but not the ones who have my liens. MERS and the original lender are proxy entities holding the liens for some other entity. I call this lien by proxy, and there is no such concept in the law.
Oral argument is set for October 14 in the Tennessee Court of Appeals. Depending on how the court addresses the issues involved, my case could be quite precedent setting. The court could confirm, or imply that the liens are not valid.
If anyone wishes to have a copy of my brief, email me at davidgmillsatty@gmail.com.
NO. THERE’S NO LIFE AT MERS
http://stopforeclosurefraud.com/2010/09/22/no-theres-no-life-at-mers/