Skip to comments.THE MEN FROM MERS
Posted on 03/17/2012 10:04:21 AM PDT by Chunga85
MERS, MERS, MERS, just where do we begin?
Since roughly ten percent of the population has been impelled to believe that chemical lobotomies are required to survive; it might be wise to begin the exercise with a dose of Paxil followed up with a delightful Abilify chaser. (Only your Doctor will really know)
You Attorneys General can stop reading now; your vile and insulting accord with the bankers, regulators, and politicians is set; and you've earned, quite justly, well-deserved opprobrium from all but the sociopathic elite. The position of Attorney General (the chief law officer of the state) entails ensuring that the laws of the state are uniformy and adequately enforced. Now that you have soiled that position and perhaps perverted it's purpose forever, please go away.
(Excerpt) Read more at foreclosurehamlet.org ...
"Well now, in what is impossible to view as anything but a clear and deliberate violation of the Order, the Law Office of Nicholas Barrett & Associates, specifically carried out by Foreclosure Mill Attorney Joseph Dolben on behalf of their TBTF clients."
"In case there is any doubt that they knew exactly what they were doing when they brushed aside Judge McConnell's Order and sold the Cooke's home at auction, I direct your attention to "Exhibit A"
PDF court filings pulled from PACER (Public Access to Court Electronic Records) embedded at link.
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When is it ok to break the law ping.
Just wanted to note that this was Rhode Island...
People tend to think, and correctly so, that one should pay one’s mortgage. Duh.....
But what if the Mortgage Broker sold your mortgage to a Chinese Investment Group who were in turn bailed out by the Federal reserve. Should you make you payments to the Federal Reserve or to the Broker?
What is happening is the Broker has already cashed out your mortgage so he no longer has skin in the game. But he doesn’t tell you this. So he comes back to ‘service’ the mortgage or have someone do it. The investors he cashed out to have in turn taken advantage of receiving a bailout from any number of government agencies. They are happy and not complaining.
But the Broker does not tell you that. He wants to come back and double dip. And if you don’t pay he is going to bring foreclosure on you even though he does not hold the mortgage and those that did are happily bailed out and not complaining.
So here’s an example outline:
1. Your mortgage was $500,000 and approved by a cabal of fast jerk creeps who bullied or bribed an underwriter and an appraiser.
2. You were told by the broker that you could afford the monthly payment because of the special adjustable reverse hyperbolic exponentiated 50 year indexed to Big Macs in Oagadougou loan terms. Besides everyone was doing it and real estate will never go down.
3. Broker cashes out to by selling your mortgage at $510,000 to S&P Series 7 Jack Pot MBS grade double Wham Bam Special Purpose High Liquidity Investment Paper. This investment vehicle is sold to Chinese Banks who complain when servicing starts to falter and they can’t sell on a bond paper market because the volume is zero and no one’s buyin’. So Freddie and Sallie pay them off and tell em to STFU. But no one ever told you this.
4. The Broker sends the financial note to the investment bond dingbats and deposits your deed of trust with MERS and conveniently forgets to assign a damn thing while not paying the state filing and recording fees. Take the money and run baby! The deed of trust is effectively decoupled from the financial note leaving the loan unsecured. Later Robo Signers move in to cover up the ripoff.
5. So the broker gets a servicer to keep squeezin you for payments even though no one has any skin in the game except for the taxpayer who also doesn’t know this.
6. You keep dutifully paying your mortgage to someone who does not have standing, has no legal claim to your property. But you don’t know this. You are a good little Cub Scout. Kiss Kiss. Be a good boy. Brush your teeth and pay your mortgage.
7. Now you’re told that your job is going to be eliminated but don’t worry the company is going to offer to transfer you from San Diego to Detroit at 2/3 pay. You put your house up for sale and the realtor says nope. ain’t gonna get $525,000 for your house, ain’t gonna get even $425,000 for your house. You and wifey think of renting but people are moving out and not in, except for those Spanish speaking gangs with all the colorful tatoos. They will rent your house but ask if you will keep it hush hush when they move 50 of their brethen inside your house. Wifey says no way no how....duh....
8. What you gonna do? Broker Servicer says you don’t payee you gonna get forclosee, comprendes? They don’t tell you they have no right to do so. But they can liquidate your American Dream real quick for $350,000. Ain’t a soul watchin what they do.
So let’s recap:
Broker sold your $500,000 mortgage for $510,000 about 3 days after it closed and maybe it was presold before you ever closed, but that’s another gem of a story.
Broker/Servicer then kicks back and pockets your monthly payments.
Your house value starts to tank 10%, 20%, 30%, ...
You get whacked by the economy and your broker/servicer looks to cash your dream out for $350,000 in foreclosure.
Pay your mortgage buttboy! Don’t be a deadbeat! Hahahahahahahahhahah!!! Bwahahahahahahh!!! Money! Money! Money! I love Money! Hahahahahahah! Pay your frickin mortgage moron hahahahhhaahahahhahh!! Hehehehehehehe!! Whew Hoo! Love this game!!!
Nice clean head-shot.
Rehypothecation is a financial “innovation” recently made [in]famous by the MF Glogal debacle that basically means a bank or other broker-dealer reuses the collateral pledged by it’s clients as collateral for it’s own borrowing.
Someone correct me if I am wrong. The more I study what these wizards are doing, the more confused I get. Probably because none of it makes any sense.
Thanks. So in other words if my house were pledged by me as collateral to secure my mortgage, rehypothecation would be the holder of the mortgage using the same house as collateral
on another piece of debt?
When I first started reading about the new ‘financial instruments’ involved in the meltdown, I got very confused; they just didn’t add up or make sense. Then I realized they are just somewhere between a big ole Ponzi scheme and a shell game.
I really do wish I could answer that question for you, but there are so many variables. This topic has historically been very unpopular on FR.
Probably because conservatives tend to place a high value on moral contracts, in my opinion, at the expense of legal contract abuses that have run amok. This is a very big problem; a problem much too big to ignore.
I fear it will remain a serious problem, perhaps too big to overcome, for generations.
Speaks for itself . . .
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