Simply papers over the real problem in this FRAUD. Yes it is FRAUD.
The real problem will be an ongoing inability to transfer clear title to some properties that were involved in the MERS mortgage mess. That is the reason they “forged” documents.
Considering the fact that congress is holding a debate as to whether or not they should be allowed to engage in insider trading, the charade put on by the AGs is and always was political grandstanding.
I'll be speaking with several excellent and succesful attorneys today who engage in this highly nuanced and technical area of legal practice.
It will be interesting to get their "take" on this; and what impact it may or may not have on their own cases presently in litigation.
I'll go out on a limb and guess that on an individual level it is those who did not, or could not, retain competent legal counsel on their own who will be hurt most.
This gal here is preparing a Press Release and intends to bring many facts to light by week's end.
I'm hoping she gets support.
FWIW...I've remained in contact with the feisty freshman and will do my best to spread the word here and on little Hamlet.
R.I. Senator Moura Complaint To The Department of Treasury RE: Wells Fargo
URGENT FAX FROM RI SENATOR MOURA TO SENATOR JACK REED
"I DEMAND THIS BE PUT TO AN END, AND SANCTIONS IMPOSED FOR WHAT I PERCEIVE TO BE TWO CRIMINAL ORGANIZATIONS."
For Immediate Release FROM Senator Bethany Moura [R-RI] Jan. 10, 2012
"Freshman RI Senator levels serious allegations at Fannie Mae & Freddie Mac - Jan. 10, 2012"
You are exactly correct. There are no good guys in this sordid affair. The people who wanted a home, but did not have the means to pay were wrong. But they were sung the sirens song of the banker (originator of the loan)....most would take a loan who the banker told them it would be easy. But,...the greater sin lies with the truely educated, well informed, bad intentioned originator who sold them a basket of money....because he knew what he was doing. The buyer should have known,...but lets face it....many of these people were targeted expressly because of their lack of sophistication in the area of loans....they relied on what they were told by the banker. Of course the sin began with those in congress who conjoured up another ‘source of entitlement money’ by the coersively implied elements of the Community Reinvestment Act. Then there are the ‘Goldman Sacs’ of the world who created the new investment vehicle...the derivitive world gone mad....then corrupted the last 200 years of land title law with the MERS. It worked to the advantage of the bankers....it nearly brought them down....but to the rescue comes the taxpayer....bails out the banks after the Secretary of Treasury Paulson expressely told us that it was requiring the money to buy “troubled assets”...what a joke on the American taxpayer. Now,...comes obama declaring a ‘settlement’ in the the case...but we have had millions of corrupted titles and foreclosures....the banks are protected...and guess what....NO ONE IS HELD REPSPONDIBLE for the destruction of trillions of retirement assets, savings, and real estate holdings of people who played by the rules. Well, the rules have now been changed. No one goes to jail. There are no property rights which can be relied upon....because obama can just declare them moot...lets all just move on. And best of all,...the taxpayer will be allowed to pay for the bailout of the banks who committed the malfeasance and fraud. This is not the America our founders handed over to us. We are undone.