REGISTER OF DEEDS JEFF THIGPEN (NC) AND JOHN O’BRIEN (MA): REQUIRE ALL PAST AND PRESENT MERS ASSIGNMENTS TO BE FILED

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GETTING CLOSER TO THE TRUTH

EDITORIAL COMMENT: Every day we take a little more lipstick off the pig and discover, of all things, A PIG! This is a basic challenge to Wall Street that is so simple and so right that there is nothing to do but obey — but they won’t. If all the MERS transactions are recorded, it would not only recover billions in unpaid recording and registration fees, but trigger other tax liabilities on Federal, State and Local levels. The whole REMIC exemption is based upon the REMIC vehicle being closed within 90 days.

Oops! Nearly all REMIC (SPV, TRUST) vehicles are still open (i.e., empty) after many years. And Wall Street’s fees taken under the cover of the REMIC transactions and hidden from all, would be painfully obvious resulting not only in monumental income tax liability but liability for fraudulent sale of securities, appraisal fraud on the property, RICO and many other causes of action too numerous to mention (see Causes of Action on left side of this Blog).

But that is just a dream. There is no way they can record all 80 million MERS transactions because many of them don’t actually exist. In the end, the issue is simple — are we going to sacrifice a system of title recordation in place for centuries with an exemption (get out of  jail free) card for Wall Street and thus create commercial chaos for decades or centuries to come? Or are we going to let the chips fall where they will? If the chips fall naturally, some people will make money and some people will lose money. Some people will be satisfied and some people will be mad as hell. That’s what happens in a free market, isn’t it?

All we are offered is POLICY argument that says POLICY is more important than the law. That has never been true in theory. But now the only way out for Wall Street is to make it true in theory as well as in practice. Abandoning the separate but equal powers of the judiciary and thus removing one leg of the three legged stool the founders created when they launched the USA would be the single most important element in the destruction of the country as it is presently constituted — causing a secession battle and the same problems that Russia had when stopped being the Soviet Union.

Basically Wall Street is saying “we went to all this trouble and expense to cheat and deceive you and we ought to be able to keep it. Screw you if you think you are getting any of it back.” The government is nodding its head like a head on a spring in the back seat of the car. The people are saying we want governance not pie-splitting. How this will all end up is going to be interesting and profound. Unless we apply the rule of law suggested simply by applying the requirement of recording transactions in a public registry, we will have about as much confidence in the stability of U.S. commerce as there is in any of the third world countries.

Every PONZI scheme fails. All efforts by Wall Street and the government controlled by Wall Street have failed to find an alternative way around the rule of law that doesn’t strike at the heart of our constitutional system. All the people who lose money in a PONZI scheme wish the scheme had gone on just long enough for THEM to get their money back and someone else to lose THEIR money. That’s where we are, folks, and the time to end every PONZI scheme is immediately before another person gets hurt.

These foreclosures are virtually all based on factually false and fraudulent representations, documentation, and premises. Practically none of the “mortgages” are legal and if any one of them was singularly the subject of a quiet title action, the homeowner would win on the merits, based upon the facts. It is only because of the volume of transactions that legislators and bureaucrats are scurrying around looking for a novel way out of this scam, because they are getting “benefits” from Wall Street. The requirement of recording, will expose the truth: (1) that the only real parties to the transaction are not present in any existing documents and (2) that the existing documents describe transactions that never actually took place. They can’t record these documents because most states make it a criminal offense to record, execute, witness or notarize fraudulent documents.

FOR IMMEDIATE RELEASE:

Greensboro, NC

April 7, 2011

Contact:

Jeff Thigpen, Guilford County Register of Deeds

Ph. 336-451-5300

Ph. 336-641-3239

jthigpe@co.guilford.nc.us

REGISTER OF DEEDS JEFF THIGPEN (NC) AND JOHN O’BRIEN (MA) ASK 50 STATE ATTORNEY GENERAL FORECLOSURE WORK GROUP TO REQUIRE ALL PAST AND PRESENT MERS ASSIGNMENTS TO BE FILED!

JOHN L. O’BRIEN, JR.                                                                                                          JEFF L. THIGPEN
Register of Deeds                                                                                                                    Register of Deeds

Commonwealth of Massachucetts                                                                            Guilford County, North Carolina
Phone: 978-542-1704                                                                                                           Phone: 336-451-5300
Fax: 978-542-1706                                                                                                                  Fax: 336-641-5778
website:
www.salemdeeds.com website: www.guilforddeeds.com

April 6, 2011

The Honorable Tom Miller
Iowa Attorney General
1305 E. Walnut Street
Des Moines IA 50319

Dear Attorney General Miller,

We appreciate your leadership in the mortgage foreclosure working group, as part of a coordinated national effort by states, to review the practice of “robo-signing” within the mortgage servicing industry.   We understand this investigation is nearing conclusion, but we want to implore you to act on a very important issue to homeowners across the country.

As County Land Record Recorders in Massachusetts and North Carolina, we have been gravely concerned about the role of the Mortgage Electronic Registration Systems (MERS) in not only foreclosure proceedings, but as it undermines the legislative intent of our offices as stewards of land records.   MERS tracks more than 60 million mortgages across the United States and we believe it has assumed a role that has put constructive notice and the property rights system at risk.    We believe MERS undermines the historic purpose of land record recording offices and the “chain of title” that assures ownership rights in land records.

As a result, we are asking as part of your probe, that this task force and the National Association of Attorney Generals require that all past and present MERS assignments of deeds of trust/mortgages be filed in local recording offices throughout the United States immediately.  Assignments are required by statute to be filed in Massachusetts, however they are not currently required to be recorded in North Carolina.   We feel, that it is important that the Registers of Deeds should have representatives at the table before any settlement is discussed or agreed to as it relates to MERS failure to record assignments and pay the proper fees.

This action would serve three specific purposes.   First, the filing of all assignments would help recover the chain of title that determines property ownership rights that has been lost and clouded over during the past 13 years because of the scheme that MERS has set in place.  Second, transparency and confidence in ownership rights would be restored and this would prevent the infringement upon those rights by others.   Third, this action would support a return to sound fundamentals in our economy between the financial services industry and public recording offices.

MERS has defended their practices by saying that they were helping the registries of deeds by reducing the amount of paperwork that needed to be recorded. This claim is outrageous.  This is help we did not ask for, nor was it help that we needed.  It is very clear that the only ones that they were helping were themselves. Over the past 10-12 years, recording offices across the United States have upgraded their internal and external technology to meet the demands of lenders, title underwriters, title searchers and citizens.  In fact, in 1998 the Southern Essex District Registry of Deeds in Massachusetts became the first registry of deeds to provide both document images and indices available to the public, 24 hours a day, free of charge on the world-wide-web. In doing so, the Registry received a Computerworld Smithsonian Award which recognized the innovative use of technology to benefit society. In 2009, the Guilford County Register of Deeds was given a Local Government Federal Credit Union Productivity Award by the North Carolina Association of County Commissioners for their technological innovations.  Nationally, over 93% of the public land records are up to date and current, according to Ernest Publishing.

As of today, there are over 600 recording jurisdictions, covering 43% of the US population that have incorporated an eRecording model into their document recording operations.   We believe these jurisdictions cover nearly 80% of the volume of assignments that should be recorded.  The remaining areas could be covered quickly, with legislation requiring such action by state legislatures.

Quite frankly, we believe this can and should be done.  It’s the right thing to do.

In the coming weeks, we will be working with our national organizations, the National Association of County Recorders, Election Officials and Clerks (NACRC) and the International Association of Clerks, Recorders, Election Officials, and Treasurers (IACREOT) to take the same position.   We are also sending a copy of this letter to the National Conference on State Legislatures (NCSL) and the National Association of Counties (NACO).

Thank you for your immediate attention.

Sincerely,

Jeff L.Thigpen
Guilford County Register of Deeds, NC

John O’Brien
Southern Essex District Registry of Deeds, MA

###

SOURCE: Jeff Thigpen

34 Responses

  1. Can I simply just say what a comfort to uncover someone that
    actually knows what they’re talking about online. You definitely know how to bring a problem to light and make it important. A lot more people have to check this out and understand this side of the story. I was surprised that you aren’t more
    popular since you definitely have the gift.

  2. The process of Foreclosure is as well predicated many times on just a couple three payments (usually interest) on properties rich in equity. False and created documents are NOT only Robo Signed. In the art of Muscling Into Property … Sharks in the business care little for Families or the Lives they destroy when seizing property. In such matters … extensions should be sanctioned by the Courts IN LIKE FASHION to the TARP and other forms of Tax Payer Bailouts the BIG BOIZ have been given and Exactly Like The Government itself gets in the form of Tax Increases and Debt Ceilings being raised. Foreclosure causes enormous damage to small business as well as Families. I would suggest a period of 12 months to be required by Courts to allow Individuals and Families / Small Businesses to catch up on payments. Allowing the Billionaires Bailouts while sticking it to low and medium income folks and the poor… is OBSCENE.

    I want to personally thank ALL the Great People in your office and those that have helped you in these matters. May God Bless You ALL. Judson Witham AKA Son Of Swamp Fox

    Bank and Realty Fraud is Rampant in America Read More At :

    http://www.google.com/search?rlz=1C1GGGE_enUS370US372&sourceid=chrome&ie=UTF-8&q=colonias+bank+looting+subprime+wall+street+corruption+land+fraud

  3. And, for those that are interested, NJ settlement – which was supposed to include attorney certification as to chain of title, was sacrificed and agreed upon settlement includes only certifications by servicer REPRESENTATIVES as to payment history. Somehow, the settlement was turned around to only include payment history — and not chain of title – and who certifies even just this – simply no longer matters. .

    The banks were supposed to submit their processes for assuring “valid” payment history to the courts — yesterday. So far only JP Morgan Chase, NA responded. And who does JP rely upon for servicer “appointed” representatives??? None other than Lender Processing Services.

    Servicers – and their “appointed” representatives — including LPS — have no personal knowledge as to any testimony other than payment history – and that is likely fraudulent.. They cannot testify as to assignments, trust, trustee, or the securitization process itself. Further, under PSAs — no Power of Attorney is granted to any servicer – or it’s representative — as to execution of any assignment/indorsement/ or any other Trust related document. Thus, any servicer that claims to testify as to personal knowledge as to chain of mortgage title/note — is false and invalid/illegal.

    But, not enough people intervened when NJ settlement was being pushed through. Only NJ Legal Services/Seton Hall University intervened –and court tossed them out because judge – incredibly – claimed that the settlement only involved the courts and banks.

    Suspect 50 state AG settlement will be no better. And, if that is the case, weight in courts will be greatly diminished from already poor homeowner positions.

    This was the opportunity to speak out in all states — including NJ. We are dealing with massive fraud across the US. And, those in power are trying to shut down as quickly as possible.

    The battle – as a whole – has been currently in the settlements — and see little action to overturn continued fraud. As a result, not only will individual battles continue to be extremely difficult but, also, any report of fraud will not likely be investigated by state DOJs.

  4. For those that are interested as to why you may have been in default — before you actually defaulted, see
    “Foreclosure Fraud, The Homeowner Nightmares Continues” CNN Money.Com — Fortune by Abigal Field. April 7, 2011.

  5. Joyce Louise,

    I have found no evidence of what you are looking for. Many trusts contained both first and second mortgage liens. The PSA would be the same and MLPA would be the same with only reference to the “intended” purchase. If in BK, do not know how a second lien would take priority over first.

  6. Why would a Lis Pendens be clocked in on July, 1, 2010 and then Lis pendens shows a stamp ” clocked in error” and new clock in date for July 15, 2010.

    Funny there was no assignment recorded and magically appears 2 months later dated, signed and notarized a few days before the new clock in date for county records. it is allegedly signed, notarized by robo-signers (Marti Noriega of Litton Loan and Melissa Bell, who by the way has not renewed her notary and did not turn in her journal with texas)

    Is this a normal pratice???

    Florida *** County Clerk office………….

  7. mary cochrane THANKYOU

  8. part 2, warning strong words:

  9. tnharry,

    You ain’t got it yet. And I’ll take my clue from Walstreetpro2 video, and watch it and get past the swearing and wild ness of it, but it’s the truth. Ever since these A holes introduced credit cards and ABS and MBS and any other shit to trade on Wall Street on the backs of average Americans working for a living as opposed to these A holes leveraging what we do, screw them, and everything Neil posts is in fact about that. those A holes are Wall Street and how they have playing the game since 1913 when Income tax was introduced and the Federal Reserve system of money was introduced, and it keeps going on, that is it, it has got to stop one way or the other, so listen to walstreetpro2 and realize he is at least not in apathy about it, he is angry, which is higher than somebody who is saying “oh well, what can we do it about, that’s the why it is”. Bullcrap, it’s time.

  10. Anonymous or anyone else familiar with the PSA for second liens only –

    Do you know if there is anything in the PSA, more specifically the Mortgage Loan Purchase Agreement that references that the second lien cannot be foreclosed on if the First Lien is in force?

    I appreciate any response – I do not know which trust this second lien falls under – but it is probably the same for all second lien PSA’s.

  11. http://www.scribd.com/doc/50608683/class-action-chase-home-fiance-llc

    chase home home finance llc class action law suit for filing fraudulent proofs of claims in chapter 7. the lawyers filing these should be held accountable.

    these bad claims have to be stopped.

  12. Chairman Waters, Ranking Member Capito and members of the Subcommittee
    Testimony of R.K. Arnold
    11/18/2010
    Subcommitte on Housing and Community Opportunity
    House Financial Services Committee

    MERS is owned by the mortgage industry1 and operated as a membership organization.

    Almost all mortgage lenders (about 3,000) are members of MERS, though not all members
    register all the loans they originate on the MERS® System.2

    ———————
    1 MERSCORP, Inc. is structured as a privately held stock company.

    Its principal owners are the Mortgage Bankers Association, Fannie Mae, Freddie Mac,
    Bank of America, Chase, HSBC, CitiMortgage, GMAC, American Land Title Association, and
    Wells Fargo.

    MERS is headquartered in Reston VA.

    2 Members tend to register only loans they plan to sell.

    Wells Fargo and Bear, Stearns & Co. dba JP Morgan Chase now are the principal members in this regard.

    They service most of the loans they originate themselves, so registering their retail business on the MERS® System is of
    less practical value to them. However, when these institutions purchase loans from others, known as their correspondent business, they do require that those loans be registered on the MERS® System.

    ___________________________________

    Thoughts on footnotes above from
    Page 6 of 82

    Almost all Mortgage LENDERS are MEMBERS.

    (Anti trust violation anyone) No business from the #1 Originator and #1 Servicer if your not a member you only get left-overs.

    Why do Wells Fargo & JPMorgan SERVICER most of their transactions and not record the SERVICING?

    1. They are SELLER of discounted loans to BUYER in Agreement BUYER sells back rights to SERVICE and Wells Fargo & Co/MN sell SERVICERS rights to SERVICE and collect monthly payments.

    The more transactions the more money they take and make.

    ______________________________________

    MERS charges no fees and makes no money from mortgages, from the
    securitization or transfer of mortgages, or from foreclosures done in its name
    ___________________________________
    CONGRESS ARE YOU CONFUSED BY STATEMENT ABOVE AND BELIVE THAT THE LOANS WERE ‘SECURITIZED’

    SORRY BUT THE LOANS REGISTERED IN BLANK ARE NOT SECURITIZED SO THE ‘SERVICERS’ CAN SELL THE LOANS AGAIN, AND AGAIN AND AGAIN, UNTIL DEFAULT.

    3 MERS makes its money through an annual membership fee (ranging from $264 to $7,500) based on organizational size, and
    through loan registration and servicing transfer fees. MERS charges a one-time $6.95 fee to register a loan and have Mortgage
    Electronic Registration Systems, Inc. serve as the common agent (mortgagee) in the land records. For loans where Mortgage
    Electronic Registration Systems, Inc. will not act as the mortgagee, there is only a small one-time registration fee ($0.97). This is
    known as an iRegistration. Transactional fees (ranging from $1.00 to $7.95) are charged to update the database when servicing
    rights on the loan are sold from one member to another.
    ————————————————————–
    PAGE 7 OF 82

    MERS serves two important functions.

    First, it maintains a database or registry of
    mortgage loans, keeping track of changes in servicing rights and beneficial ownership interests
    over the life of the loan.

    (WE’LL IF WELLS FARGO & JPMORGAN aka Bear Stearns & Co. DON’T RECORD THEIR OWN RETAIL TRANSACTIONS AND ARE THE SERVICERS? WHO IS ‘MERS’ KEEP TRACK OF CHANGES IN SERVICING RIGHTS FOR?

    And if over the life of the transaction HOW COME ‘Plaintiff’ during complaint of foreclosue and/or bankruptcy does not have the documents necessary to prove they are the party with Standing owed the debt?

    Second, MERS can be designated by its members to serve as the mortgagee, or the holder of the mortgage lien, in the public land records.

    This designation is what enables MERS to maintain its accurate database.

    I REPEAT, IF MERS IS SUCH AN ACCURATE DATABASE, THEN WHY DOES THE PLAINTIFF NOT HAVE THE DOCUMENTS TO PROVE THEY ARE THE PARTY WITH STANDING OWED THE DEBT? WHY ARE THE ‘LOANS’ NOT IN THE POOLING & SERVICING AGREEMENTS?

    ALL OF THE CITIES WHERE MERS NONPROFIT IT ALLOWING THE CITIES TO ‘USE’ MERS TRACKING SYSTEM BETTER BE CAREFUL….FOR THEY ARE LETTING YOU USE THE SYSTEM THAT ALLOWS AT THE END OF THE DAY THE PROPERTIES THAT ARE FORECLOSED UPON YOU ARE TRACKING TO HAVE CLOUDED TITLES.

    I ‘OBJECT’ TO R.K. ARNOLD INSULT THAT WE CONSUMERS ARE CONFUSED AND DON’T UNDERSTND THE MORTGAGE LOAN PROCESS.

    WE UNDERSTAND, WE TRUST CONGRESS TO PROTECT THE WELFARE OF THE NATION AND SOUND BANKING SYSTEM TO PROTECT THE ECONOMY, THIRD ELEMENT OF OUR NATIONAL SECURITY, SURELY IS NOT CONFUSING EXCEPT FOR THE PART OF THE DECEPTIVE ACTS, WITHHOLDING ACCURATE BUSINESS STATEMENTS FROM THE CONSUMER, USING FICTITOUS NAMES, NOT RECORDING ASSIGNMENTS AND USING DOCX AND LPS AGENCIES TO CHANGE DOCUMENTS AD-HOC AND ALLOW THIRD PARTIES TO TAKE POSSESSION OF CONSUMER PROPERTY IN LARCENOUS MANNER.

    CONSUMERS ARE ASSURED WHEN THEY VISIT THEIR TRUSTED BANKERS, AGENTS, DEALERS, BROKERS, DISTRIBUTORS THAT THEY WILL BE THEIR CUSTOMER FOR LIFE. WILL TAKE GOOD CARE OF US. ONLY ASK THAT WE SIGN A CREDIT AUTHORIZIATION FORM.

    CONSUMERS DON’T KNOW THAT FORM CONNECTS TO EVERY ‘SERVICER’ IN THE MERS SYSTEM AND SHAREHOLDERS AND OWNERS OF MERS INCLUDING FREDDIE AND FANNIE.

    _____________________________________
    Page 8 of 82

    The servicer is a company named (by the note-owner) to be the interface between the note-owner and the borrower to collect payments and remit them to the note-owner.

    It may become the noteholder for purposes of enforcing the terms of the note on behalf of the note-owner.4

    two pieces of paper stand out from the rest as the most important pieces needed so that the consumer can get a mortgage loan.

    (1) the promissory note, which is a promise by the borrower to repay the loan amount to the lender or noteholder; and (2) the mortgage (also referred to as the “deed of trust” in some states), which establishes a lien against the property as collateral for the loan and allows the lender (or noteholder) to foreclose on the property if the borrower
    does not repay the loan according to the terms of the promissory note.

    4 The originating lender may be the servicer in some cases.

    5 A copy of a sample mortgage document can be found in Attachment One.
    A short summary of MERS prepared by the
    Mortgage Bankers Association can be found in Attachment Two.

    6 This action tells the world that there is a lien against the property. This is done to protect the lender’s interest. The recording
    of the mortgage puts future purchasers on notice of any outstanding claims against the property.

    ————————————————

    Page 8 of 82

    These two key pieces of paper in a mortgage transaction follow very different paths
    after they are signed.

    The mortgage (or deed of trust) is recorded in the county land records
    where an imaged copy is stored.6

    The original mortgage document, with recording data added by the county clerk or county recorder, is returned to the SERVICER and goes into the servicer’s master loan file.

    Actually not a true statement. The SERVICER who does not record the retail transactions are in Agreement with Settlement Agents who are custodian of documents kept outside of the LOAN TRUST and “VAULT’ in violations of the LOAN TRUST documents!
    ————————————————

    THE REVIEW OF THE DOCUMENTS REMAINS THE ONLY CONFUSING PART, BECAUSE CONSUMERS ARE FORCED TO SIGN MORTGAGE, DOCUMENTS, NOTES, DEEDS, SETTLEMENT STATEMENTS, HUD, TILA,:

    AS PREPARED BY ‘SETTLEMENT AGENCIES”

    WITH “PRE” TYPED DATES WHICH WE CAN’T CHANGE THAT ALREADY PASSED,

    CORRECT TYPO’S ON SPOUSE’S SOCIAL SECURITY # (A REPEATED ERROR) CORRECT PHONE# ON SPOUSES WORK#

    ARE NOT ALLOWED TO PLACE PUT DATES ON DOCUMENTS LEFT BLANK,

    AND ANY QUESTION ASKED BY CONSUMER AGENT REPLIES ITS EASIER THIS WAY.

    WE REPEAT THE LIES TOLD TO US BY THE EMPLOYEE WHO SOLD THE LOANS AND THAT THE DOCUMENTS ARE DIFFERENT THAN WHAT WAS PROVISED, AND ARE TOLD NOT TO WORRY ABOUT IT, JUST SIGN.

    HOW MANY CONSUMERS WHO ASKED TO CANCEL WERE INFORMED NO ITS TOO LATE.

    MORTGAGES ARE NOT CONFUSING RATHER THE EMPLOYEES OF THE UNITED STATES BANKS MAKE THE CLOSING CONFUSING TO HIDE THE DECEPTIVE ACTS.

    THE PRIOR COMMITMENTS OF THE LENDER AS BUYER AND SELLER IN AGREEMENTS TO BUY BACK THE SERVICING RIGHTS ARE THE BENEFICIARY OF THE TRANSACTIONS AND WITH FIDUCIARY AUTHORITY HARM THE CONSUMER.

    ———————————————————————

  13. When is a consumer working with an employee of a United States National Bank when they fille out a credit application as requested by the dealer, broker, agent, distributor and take by deception information into pipeline to be used by third parties for the entities own benefit?

    What are the express and implied warranties and representations a consumer informed they are working with a LENDER/Bank are in good hands, will go a long way, their assets are safe for 182 years….
    WHY “DOES NOT”

    ‘WELLS FARGO & CO/MN’ SERVICER,
    Wells Fargo Bank NA, a private-brand label & ‘BEAR, STEARNS & CO.

    NOT RECORD ‘RETAIL TRANSACTIONS WITH MERS?

    ARE RETAIL TRANSACTIONS, ALL ‘SERVICER’ TRANSACTIONS?

    IF ALL ‘SERVICER’ TRANSACTIONS DOES THAT MEAN EVERY SELLER WHO SELLS DISCOUNTED LOANS TO ‘BUYER’ IN AGREEMENT WITH ‘BUYER’ SELLS BACK SERVICING RIGHTS TO ‘SELLER’ THEN AS SERVICER DOES NOT RECORD RETAIL TRANSACTIONS.

    IF ALL ‘SERVICERS’ AND ‘SUB-SERVICERS’, BROKERS OF FREDERICK MD, NON-FREDERICK MD BROKERS, AFFILIATES, AGENTS, DEALERS, DISTRIBUTORS, UNDERWRITERS, SETTLEMENTS AGENTS… DON’T RECORD RETAIL TRANSACTIONS?

    IS THAT WHY THE ‘ASSIGNMENT’ FINALLY APPEARS WHEN THE ‘LOAN’ IS IN DEFAULT, THE SERVICER HAS RIGHTS TO BUY THE BAD DEBT AND RECORDS ONLY THAT TRANSACTION?

    WOULD THE STATEMENTS NEITHER WELLS FARGO NOR BEAR STEARNS RECORD THEIR RETAIL TRANSACTIONS INCLUDE ALL OF THE DISTRIBUTORS, BROKERS, DEALERS, AGENTS AS ‘SERVICERS?’

    SERVICER ARE DEBT COLLECTORS CONSUMERS SEND MONTHLY PAYMENTS.

    THE FICTITIOUS NAMES USED BY ‘ENTITIES’ SUCH AS WELLS FARGO HOME MORTGAGE, INC. WHICH ARE ‘MERGED OUT OF EXISTENCE’

    WHAT HAPPENS WHEN ‘WELLS FARGO HOME MORTGAGE,INC (2000-JUNE 2004) MERGED OUT OF EXISTENCE INTO WELLS FARGO BANK, NATIONAL ASSOCIATION ?

    ARE EMPLOYEES SINCE JUNE 2004, ALL EMPLOYEES OF UNITED STATES NATIONAL BANKS?

    FOR EXAMPLE, INFAMOUS FICTITOUS NAME CREATED FOR ‘NORWEST MORTGAGE’ IS AMERICA’S SERVICING COMPANY (ASC).

    DOES THE OCC MANAGE AND SUPERVISE THESE EMPLOYEES OF UNITED STATES NATIONAL BANKS WHO ARE ‘SERVICERS’ OF THE RETAIL TRANSACTIONS PRESENTED TO CONSUMERS AND MORE?

    CONSUMERS SIGN ‘CREDIT AUTHORIZATION’ AND ‘SOMEBODY’ PROMISES TO QUALIFY CONSUMER FOR SAFE LOAN. ANY CONSUMER INFORMED ‘NO’ WOULD ACCEPT THAT THEY COULD NOT RISK THEIR ONLY ASSET. INSTEAD, ‘SOMEONE’ ASSURED CONSUMERS THEY COULD AFFORD AND DID WITH UNDUE INFLUENCE APPROVE LOANS WHEN ‘MEMBERS’ OF SAME ‘FAMILY’ OF THE FINANCIALHOLDING COMPANY.

    WHEN ARE THE EMPLOYEES OF THE UNITED STATES BANKS NOT HELD NEGLIGENT FOR ENCOURAGING CONSUMERS RISKING THEIR ONLY ASSET?

    THE EMPLOYEES OF UNITED STATES NATIONAL BANKS PROCESSING THE LOAN REQUESTS, DID THEY PERFORM DUE DILLIGENCE IN ALL EXPRESS AND IMPLIED WARRANTIES?

    ARE ALL OF THE ‘SERVICERS’ ALLOWED TO USE ‘WELLS FARGO BANK NA’ ON ALL OF THE LEGAL DOCUMENTS AND MISLEAD CONSUMERS THROUGH DECEPTIVE ACTS WITH INTENT TO TAKE ‘ONLY ASSET’ INTO WHOLESALE PIPELINE AND SELL LOANS TO THIRD PARTY’S (‘BUYER) WHO ARE IN AGREEMENTS AND ARE COMMITTED TO BUY AND SELL IN THEIR BEST INTERESTS CONCEALING THOSE SELF-INTERESTS AT THE EXPENSE OF SOUND BANKING PRACTICES?

    WERE THE EMPLOYEES OF THE UNITED STATES NATIONAL BANK WITHHOLDING ACCURATE BUSINESS STATEMENTS AND INFORMATION FROM CONSUMER?

    WHEN ARE EMPLOYEES OF A UNITED STATES NATIONAL BANK WITH INTENT TO TAKE PROPERTY BY DECPETION AND ALLOW THIRD PARTY’S TO TAKE POSSESSION OF PROPERTY (REAL AND PERSONAL) IN LARCENOUS MANNER?

    WHEN ARE SUCH ACTS OF EMPLOYEES OF A UNITED STATES NATIONAL BANK ALLOWED TO ENGAGE IN DECEPTIVE ACTS AND AS CUSTODIAN WITH FIDUCIARY DITY WHEN IS THAT NEGLIGENCE OF CUSTODIAN TO BE HELD ACCOUNTABLE? AND BY WHOM?

    ARE ALL ‘MERS’ MEMBERS NOT WITH FIDUCIARY DUTY?

    WHY ARE ONLY SOME TRANSACTIONS RECORDED BY WELLS FARGO & BEAR STEARNS? NOW JPMORGAN CHASE?

  14. MERS instructing members to not foreclose in name of MERS (Bulletin 2 Pages at Bottom).

    MERSCORP, Inc. Parent (VA) & subsidiary, Mortgage Electronic Registration Systems (DE)
    Welcome to MERS!

    MERS is an innovative process that simplifies the way mortgage ownership and servicing rights are originated, sold and tracked. Created by the real estate finance industry, MERS eliminates the need to prepare and record assignments when trading residential and commercial mortgage loans.

    MERS MEMBERS (A-Z) and/or 1st 7 Digits MIN#
    https://www.mersonline.org/mers/mbrsearch/mbrsearch.htm

    ACTIVE MERS MEMBER:
    America’s Servicing Company
    2701 Wells Fargo Way
    MAC x9998-012
    Minneapolis MN 55467-8000
    651-605-3711
    MERS@wellsfargo.com
    Theresa Russell
    Member Org ID: 1002856

    What about GMAC Bank (TRUSTEE)
    3451 Hammond Ave, Waterloo, IA 50702
    MERS ID: 1005726
    Line of Business: Investor
    YES with eRegistry and eDelivery

    What about GMAC Mortgage of Iowa
    dba GMAC Mortgage, LLC
    dba gmacmortgage.com (fictitious name in PA)
    dba GMAC Bank (fictitious name in PA)
    MERS ID: 1000375
    Lines of Business: Originator, Servicer, Subservicer, Investor, Document Custodian
    YES with eRegistry and eDelivery

    GMAC 1992/1993 part of Wells Fargo & Co/MN
    c/o Tax Dept,
    GMAC Mortgage, PO Box 85071, San Diego CA (formerly Norwest Corporation)
    dba Wells Fargo Bank NA.
    3451 Hammond Ave
    Waterloo, IA
    GMAC MERS DEPT
    http://www.gmacmortgage.com
    ‘eRegistry Participant’ YES
    ‘eDelivery Participant’ YES

    GMAC BANK ASSET MANAGEMENT CO
    MERS Org ID: 1005727
    Lines of Business: Investor
    NO Wiithout eRegistry eDelivery.

    I CUT/PASTED JUST THE ‘FOOTNOTES’ THE MOST IMPORTANT PART OF THE DOCUMENT FOR YOUR REVIEW:

    How does a consumer know if they are dealing with the Wells Fargo Bank NA GMAC or not?
    ___________________________________
    11/16/2010
    MERS President and CEO R.K. Arnold Appears Before U.S. Senate

    Washington, D.C., Nov. 16—R.K. Arnold, president and CEO of MERSCORP, Inc., testified today before the United States Senate Committee on Banking, Housing and Urban Affairs. To download a copy of his testimony, please click here. For questions, please contact Karmela Lejarde at 703-761-1274.

    http://www.mersinc.org/newsroom/press_details.aspx?id=252

    1 MERSCORP, Inc. is structured as a privately held stock company. Its principal owners are the Mortgage Bankers Association, Fannie Mae, Freddie Mac, Bank of America, Chase, HSBC, CitiMortgage, GMAC, American Land Title Association, and Wells Fargo. MERS is headquartered in Reston VA.

    2 Members tend to register only loans they plan to sell. Wells Fargo and JP Morgan Chase are the principal members in this regard. They service most of the loans they originate themselves, so registering their retail business on the MERS® System is of less practical value to them. However, when these institutions purchase loans from others, known as their correspondent business, they do require that those loans be registered on the MERS® System.

    3 MERS makes its money through an annual membership fee (ranging from $264 to $7,500) based on organizational size, and through loan registration and servicing transfer fees. MERS charges a one-time $6.95 fee to register a loan and have Mortgage Electronic Registration Systems, Inc. serve as the common agent (mortgagee) in the land records. For loans where Mortgage Electronic Registration Systems, Inc. will not act as the mortgagee, there is only a small one-time registration fee ($0.97). This is known as an iRegistration. Transactional fees (ranging from $1.00 to $7.95) are charged to update the database when servicing rights on the loan are sold from one member to another.

    4 The originating lender may be the servicer in some cases.

    5 A copy of a sample mortgage document can be found in Attachment One. A short summary of MERS prepared by the Mortgage Bankers Association can be found in Attachment Two.

    6 This action tells the world that there is a lien against the property. This is done to protect the lender’s interest. The recording of the mortgage puts future purchasers on notice of any outstanding claims against the property.

    7 The promissory note is not (and never has been) recorded or stored with the county land records office. The note is a negotiable instrument that can be bought and sold by endorsement and delivery from the seller to the note purchaser. This activity is governed in all fifty states by the Uniform Commercial Code (UCC) Article 3.

    8 The MERS® System is the database; MERSCORP, Inc is the operating company that owns the database; and Mortgage Electronic Registration Systems, Inc (“MERS”) a subsidiary of MERSCORP, Inc., which serves as mortgagee in the land records for loans registered on the MERS® System. For discussion purposes, “MERS” may be used in this testimony to refer to all three entities unless specifically stated otherwise.

    9 The design of the MERS® System always anticipated and required that borrowers would be able to access the system to determine the servicer of their loans. Providing such information to MERS is a requirement of membership and loan registration.

    When Congress acted last year to require that borrowers be told when their note is sold and the identity of the new note-owner,

    MERS established, within a matter of weeks, a new service called Investor ID. Of the 3,000 members of MERS, 97% agreed to disclose the identity of the note-owner through the MERS® System. Fannie Mae opted to be disclosed. Freddie Mac chose not
    to be disclosed.

    10 The issue of whether transfers of residential mortgage loans made in connection with securitizations are sufficient to transfer title and foreclosure rights is the subject of a “View Point” article entitled “Title Transfer Law 101” by Karen Gelernt that appeared in the October 19, 2010 edition of the American Banker. A copy can be found in Attachment Three.

    11 A 1993, 36-page white paper entitled “Whole Loan Book Entry Concept for the Mortgage Finance Industry” addresses the concepts underlying MERS and the problems it was designed to address. It is available upon request.

    12 The essential elements of the legal principles underlying MERS can be found in “MERS Under Attack: Perspective on Recent Decisions from Kansas and Minnesota,” an article by Barkley and Barbara Clark in the February 2010 edition of Clark’s Secured Transactions Monthly. A copy of this article can be found in Attachment Four.

    13 On loans originated by correspondent lenders or brokers (where MERS is not the mortgagee), the costs of preparing assignments and the associated filing fees are listed on the HUD-1 and paid directly by the borrower.

    14 Individual states handle real estate foreclosures differently. In some states the foreclosure process is judicial, and in some states it is non-judicial. Under both systems, time frames and terms vary widely from state to state. A brief, general, description of both processes prepared by the Mortgage Bankers Association can be found in Attachment Five.

    15 Some important recent cases upholding the rights of MERS include:

    16 A review of the use of MERS in all fifty states was done by Covington and Burling in 1996 and 1997 as part of the due diligence associated with the creation of MERS. It is available upon request.

    Read: MERS President and CEO R.K.Arnold Appears Before Senate:
    MERS President and CEO R.K. Arnold Appears Before U.S. Senate

    Washington, D.C., Nov. 16—R.K. Arnold, president and CEO of MERSCORP, Inc., testified today before the United States Senate Committee on Banking, Housing and Urban Affairs. To download a copy of his testimony, please click here. For questions, please contact Karmela Lejarde at 703-761-1274.

    http://www.mersinc.org/files/filedownload.aspx?id=667&table=ProductFile
    —————————————————————–

    ———————————————————-

    The right of petition is expressly set out in the First Amendment:

    “Congress shall make no law … abridging … the right of the people … to petition the Government for a redress of grievances.”
    — from the First Amendment

    The petition clause concludes the First Amendment’s ringing enumeration of expressive rights and, in many ways, supports them all. Petition is the right to ask government at any level to right a wrong or correct a problem.

    Although a petition is only as meaningful as its response, the petitioning right allows blocs of public interests to form, harnessing voting power in ways that effect change.

    It’s your right and duty as a citizen of the United States of America to bring into the light of day the facts of harm and injury you have suffered due to lawlessness.

    ———————————————————
    Announcement
    Number 2011-01
    Page 1 of 2
    To: All MERS Members February 16, 2011
    Re: Foreclosure Processing and CRMS Scheduling MERS is providing the following guidance to all Members to strengthen business practices, and minimize reputation, legal and compliance risk to MERS and its Members. In recent months legal challenges have arisen regarding alleged inadequacies and improprieties in the foreclosure process including allegations of insufficient or incorrect supporting documentation and challenges to the legal capacity of parties’ right to foreclose. MERS is committed to reevaluate and strengthen its systems and procedures to protect against these types of legal challenges. Consistent with this approach we have enhanced the Corporate Resolution Management System (CRMS) and instituted related policies and procedures designed to strengthen MERS’ business practices and limit compliance risks. To comply with this guidance, MERS Members should implement the following practices, effective immediately.
    1. MERS is planning to shortly announce a proposed amendment to Membership Rule 8. The proposed amendment will require Members to not foreclose in MERS’ name. Consistent with the Membership Rules there will be a 90-day comment period on the proposed Rule. During this period we request that Members do not commence foreclosures in MERS’ name. If a Member determines that it will commence a foreclosure in MERS’ name during this 90-day period, two weeks advance notice must be given to MERS to permit verification of the appointment and current status of the Certifying Officer proposed to participate in the foreclosure. No foreclosure may be processed in MERS’ name without first obtaining this verification. We encourage Members to bring foreclosures only in the name of the holder of the note, in the name of the trustee or the servicer of record acting on behalf of the trustee.
    2. MERS Members shall have a MERS Certifying Officer (also known as MERS Signing Officer) execute assignments out of MERS’ name before initiating foreclosure proceedings. Assignments out of MERS’ name should be recorded in the county land records, even if the state law does not require such a recording (see MERS Membership Rule 8).
    3. For all future assignments and the execution of other documents in the name of MERS, Members must use a MERS Certifying Officer who has been appointed under our new certifying officer process, which, after November 1, 2010, uses a new form of corporate resolution. Under our new process, all Certifying Officers are also being tested and appointed under the enhanced CRMS. Only Certifying Officers appointed under the new form of corporate resolution, tested, and transitioned onto CRMS after November 1, 2010 should execute assignments. We are in the process of ensuring that all Members are transitioned onto CRMS in compliance with our new policy, and we will work with all Members to ensure the transitions can be accomplished in an orderly and expeditious way. For those Members who have not undergone this transition onto the CRMS, you will receive login credentials and further instructions from MERS on how to complete this process. It is important that you follow all instructions and that you complete this process as quickly as possible. MERS will be communicating with you to notify you when your Company will be transitioned onto the CRMS under our new policy. Once your Company has access to the CRMS, all of your existing and potential Certifying Officers should work quickly to complete the certification process. Once all of your existing and potential Certifying Officers have successfully completed the certification process, you will need to submit your request to MERS for approval. Submissions from your Company will only be accepted during the phase-in period assigned to you. Because it will take some time to transition under our new policy, Certifying Officers can continue to execute documents in MERS’ name under existing resolutions until the new corporate resolution is issued to your Company. However, if your Company does not submit the request to MERS through the CRMS in the timeframe assigned to you, you will not be issued a new corporate resolution and any prior corporate resolutions issued to your company will be revoked.

    MERS Members should ensure the accuracy of the information in the complaint and foreclosure affidavit that addresses, where applicable, the authorization under which a MERS Certifying Officer validly assigned the mortgage to the foreclosing note-holder.
    5. Other business practices Members should perform on a periodic basis include:
     Conduct a review of employees designated as Certifying Officers and reconcile to the CRMS to ensure MERS has an up-to-date and accurate list of Certifying Officers;
     Ensure employees designated as Certifying Officers receive appropriate training to carry out their duties and responsibilities as Certifying Officers; and
     Reconcile with CRMS to update corporate resolutions and signing authority agreements to ensure appropriate Certifying Officers are validly appointed.
    If you have any questions regarding this announcement, please contact the MERS Law Department at mers@mersinc.org, or call the MERS corporate office at 703-761-1270 and ask for the MERS Law Department. The MERS Help Desk will not be able to assist in this matter.
    ——————————————————
    http://www.mersinc.org

    Newest Members:

    Berkadia Commercial Mortgage LLC (2)
    Horsham, PA

    Edgewater Home Loans, Inc.
    St Louis Park, MN

    Westfield Bank
    Westfield, MA

  15. tnharry
    if the felonious records are not the truth you refer to ok. the records started as felonies & only progressed from there leaving a toxic trail. All void.
    although i agree the analogy of mers in its self is not the problem, the result of hiding the title chain behind mers is the problem. as far as the stacks of docs at the county recorders waiting to be recorded of filed;this is the result of lazy incompetent gov employees that are responsible ..not the method of records that 100 yrs has proved sufficient. yes the anger does get missed placed here at times.. BUT WTF some of us ARE fighting for our very survival here. Do not back ME into a corner because .only 1 of us will survive that ME. thank you ; ]

  16. Just another way to allow fraudulent and unlawful ASSIGNMENTS to make way for the fraudulent chain of title and more “Ta DA” moments…

  17. MERS, whether you believe they are evil or not, didn’t cheat anyone out of fees in any location where assignments are not required to be recorded or registered

    Ok, I’ll go along with the key words “in ANY locations where assignments are not required…”

    In the the locations where assignments WERE required, MERS ripped off the residents of that county!

    And by the way, I’ll take Neil’s word over a MERS’ apologists, any day.

  18. Then if the transfer cannot be prooved it was never done no matter what they ” hearsay” so does not exist and so by industry oened and by design mers was …. To hide and pass the instrument around like a ” whiskey bottle at a frat party ” forget who said that.

  19. http://mattweidnerlaw.com/blog/

    Could someone check out the bombshell ACLU finding that just posted to Matt Weidner’s Blog concerning Florida.

    It would be greatly appreciated. I cannot get it to open

    Thanks again

  20. LEAPFROG – I’m not trying to bait you into an argument. I guess my point really is that Neil is under a great deal of pressure to keep this site full of new content and that sometimes what’s out there to “grab” isn’t always either factual, relevant, or timely. He’s at the mercy of his sources and other authors, and many times the “rest of the story” as Paul Harvey would say is interesting as well.

  21. you missed my point. MERS, whether you believe they are evil or not, didn’t cheat anyone out of fees in any location where assignments are not required to be recorded or registered. and it was the mortgage companies, servicers, and investors who avoided paying those fees, not MERS. MERS never had any real interest in those deeds of trust beyond nominal. blaming Mortgage Electronic Registration Systems for the foreclosure mess is like blaming your calculator for being overdrawn at the bank – they’re both just tools.

    as to the “legal right to exist” issue, they have as much right as Wal-Mart, IBM, etc.

    again, I don’t work for or care about MERS, but the anger and hostility on this site gets misplaced too often

  22. “In TN (and others as well), assignments don’t have to be recorded at all, so the “MERS is stealing from the fire dept” argument doesn’t work. don’t be fooled – the county and state recorders and registers aren’t trying to find the Holy Grail of “Truth”. they’re seeking untapped sources of revenue.”

    I’m afraid I don’t understand the “don’t be fooled” comment and sometimes these comments aren’t really clear, but 80 million properties have been made FOOLS OF by MERS and any way, any time our recorders can get some money out of the unlawful existence of MERS makes me HAPPY. MERS NEVER HAD A LAWFUL RIGHT TO EXIST IN THE FIRST PLACE.

  23. In TN (and others as well), assignments don’t have to be recorded at all, so the “MERS is stealing from the fire dept” argument doesn’t work. don’t be fooled – the county and state recorders and registers aren’t trying to find the Holy Grail of “Truth”. they’re seeking untapped sources of revenue

  24. Louise , Deb Wynn and Dan-O ,

    I have 20 years of IT experience and I agree 100% with Louise in that computers cannot be trusted with this info except as they are used by most counties , scanned into a database that allows public reading but with the paper originals secured ,, any electronic record can be altered covertly ,, every database and operating system has ways to get around security… With CMS/VM you have “trpeek” , with MVS you have AMASPZAP to alter data directly and bypass RACF , and with Solaris or similar OS’s and the typical Oracle database structure there are utilities that bypass security … IN ANY COMPUTER ENVIRONMENT WITH SHARED STORAGE YOU CAN ALWAYS BYPASS SECURITY FROM A NON-SECURED “TEST” SYSTEM.. The biggest problem I see is the lack of a comprehensive audit trail… Paper is far superior ,,, sequentially adding records to a file , never deleting prior records.

  25. Here is a portion of an article from a couple weeks back from Market Ticker where Karl Denninger addresses his Congressmen in a town hall meeting. I’ll post a link to the full article.

    I, along with many other entrepreneurs, will not start small businesses so long as the dual legal system exists. That is, as long as the privileged few can steal with impunity I will not risk my capital, which means I will not entertain getting involved in some sort of enterprise that might employ people.

    Being beaten on a fair playing field is part of the American business experience. But that’s not what was going on.

    Just as with today handcuffs in 2000 were notably absent. Yes, there were a few executives from MCI that were prosecuted. But not many. And many of these claims and actions taken by these firms prior to their blowing up were demonstrably and knowingly false. Specifically, the claims, often-repeated, that the Internet was “doubling every three months” was a lie. This was true for only a couple of quarters following the introduction of Windows 95, yet that lie was repeated over and over for more than two years and formed the foundation of countless public offerings of stock and the “pump job” in the Nasdaq, all of which subsequently collapsed.

    It’s against the law, and was then, to solicit someone to buy your stock based on a fraudulent premise. The peddling of securities that you know are being sold under false pretense is a criminal act. Yet the number of people who went to jail for anything related to the tech wreck can be literally counted on your fingers, and none of them were the bankers involved.

    Now we’ve done it again. I might like the idea of being a Real Estate investor. But I can’t do that, because I have no reason to believe that any of the land titles in this country are good. How can this be corrected? Only by prosecuting and imprisoning those who have corrupted those titles. The 150,000 bogus affidavits, the bogus foreclosure processes, all of it – it has to be unwound and those who did these things must go to prison. Until that happens I have no reason to believe that any investment I make in Real Estate will not be stolen.

    Likewise, banks and their behavior in this mess, including the peddling of worthless securities they have admitted to knowing were fraudulent, such as Citibank’s former Chief Underwriting Officer testified to before the FCIC, means that I cannot deal with any financial institution in the formation of a new business and be confident that either they will not rob me or, if they do, that I will be able to find recourse in the law. To repeat: The former chief underwriting officer of one of the nation’s largest banks, still in business today, has in the public record a sworn statement that 80% – eight out of ten – loans made and sold to investors did not meet the quality standards they published and claimed. Multiple lawsuits have been filed claiming that ninety percent or more of some deals put together by other lenders were fraudulent.

    If I produced a product or service and eight out of ten times I lied about what I was selling I would be properly prosecuted for criminal fraud, stripped of my assets and thrown in prison. But this hasn’t happened with any of the banksters in our largest financial institutions.

    The problem, Mr. Southerland and Mr. Miller, is that I must inherently deal with these institutions either directly or indirectly. As such I must operate in a competitive world where loans and securities issued by these firms are part of the business landscape. If I cannot be reasonably certain that these firms will actually adhere to the law, and those who do not adhere to the law will be punished by imprisonment when they commit fraud, I now have an uncontrolled risk of being robbed by these institutions and have no recourse if they rip me off or destroy my business through fraudulent and even criminal actions.

    I will not invest and create jobs in such an environment, putting my capital at risk through business formation, and neither will anyone else who has half a brain in their head.

    If you want investment to return you must lock up the crooked and put a stop to the stealing and fraud. It was bad in the 1990s with the Internet business but you could operate in some other sphere of the business world. When the bogus acts are in the core of our financial system there is literally no way to avoid their effects, other than to run a small business that has no need for capital nor any competitors who can exploit it. Mr. Southerland’s funeral home business may be in that category but he’s the exception; nearly all small businesses that can produce meaningful employment gains in fact have some exposure, either through loans or through competitors with access to the capital markets, that are intertwined with the banking system.

    In the technology space, where I happen to have my expertise, it’s even worse. China steals anything that’s not nailed down, replicates it and destroys their American competitors. Tens if not hundreds of billions in intellectual property are stolen every year by these criminals and distributed and sold throughout China. Our government does nothing – we rewarded this behavior with “Most Favored Nation” trading status. The Chinese broke into Google, among others, and my systems today deflect thousands of daily attacks that come from China specifically. If they could break into my systems and steal my intellectual property, they would. China turns kleptocracy into a business practice and has for the last decade been the source of organized hacking attacks originating at universities and other government-connected sites. Again, fair competition does not include a foreign government stealing everything you invent and then destroying your market while hiding behind your government as a “Most Favored Nation.” Yet that’s exactly what’s happening today.

    Nobody in their right mind is going to get involved in opening a small business and putting their capital at risk where either they themselves or their competitors in the marketplace have to or can deal with these banks so long as they can steal with impunity. They can either ruin you or fraudulently boost your competitors, with identical results – you get your head cut off through no fault of your own and not your own competitive failure but due to outright fraud perpetrated upon you for which there is no recourse.

    And let’s be clear: There is no recourse. Both this administration and the last have ignored the law whenever it suited them, screwing people and violating the sanctity of contracts. GM and Chrysler bondholders got screwed even though they were allegedly protected by the capital structure. The current “foreclosure settlement” proposes to do the same thing to MBS investors, destroying the junior position of HELOCs and Second Lines and by doing so enriching the banks – again – at the expense of investors in those MBS. There are literally dozens of examples of this behavior over the last four years including AIG’s back-door bailout of both US and International banks, the automakers, Bear Stearns, WaMu, the machinations of The Fed and more. This sort of kleptocracy makes it impossible for me as an entrepreneur to control and price risk, and thus I cannot price products and services in the market.

    I risked literally everything in the early 1990s and spent nearly ten years without a single vacation, being awoken to take care of some problem for a customer here or there more nights than not. There was a literal three year period where I did not have twenty-four continuous hours of rest and there were weeks at a stretch where I never had an uninterrupted night’s sleep. I’m willing to take those risks again, both personally and financially, but I will not do so when there are a handful of large corporations intertwined with the government that are able to steal everything I work for and the effort I make with impunity, nor when our “Most Favored Nation” trading partners have a literal license to attempt to steal everything I produce.

    Mr. Southerland and Mr. Miller, if you want investment to return, especially by small business formation, you need to start listening to people who have actually run small businesses that have employed dozens of people in the past and that have been exposed to these risks and costs. This is not about running a funeral parlor or a coffee shop. Both are honorable and good professions, but neither is going to solve the problems we have in this economy nor are they going to generate the jobs and incomes we need.

    The policies of our government and the “free passes” given to big business and banks that have robbed the people repeatedly have thrown up serious barriers to entrepreneurs that generate actual prosperity and job growth. These acts are all about the special interest groups and lobbyists that prowl Congressional halls. I am more than willing to explain exactly what needs to happen to stop and reverse these practices but I suspect that if you’ve read this missive you already know where the answers lie, and you’ve also chosen in advance to ignore that which doesn’t fit with the idea of huge financial institutions able to prowl the land, prey on the people, make crooked deals for sewer systems in Jefferson County Alabama, launder drug money for Mexican gangs and issue hundreds of billions in knowingly-defective mortgages in the space of just two years, not to mention refusing to put a boot on the neck of a “Most Favored Nation” trading partner who got where it is largely through stealing anything that wasn’t nailed down in this country.

    Your choice is between jobs and kleptocrats. You cannot solve the budget problems without jobs. You cannot have jobs created without entrepreneurs.

    And you cannot force people to start businesses and take risk, both financial and personal.

    People like myself will start businesses and take risk, but only when the thieves are locked up. Congress and The Executive must demonstrate that if you break the law and screw people you will go to prison, not get a bonus. At the same time China’s theft of intellectual property must be stopped and their former acts in this regard punished.

    Promises to do so in the future will not be believed. We have a twenty-year history under both Democrat and Republican Administrations and Congresses that nothing will be done to punish these people, despite the fact that there are plenty of laws available to do so. Congress is now in the position, by its own hand, where it has no credibility, and as such you must prove that you can be trusted and that unfair and fraudulent practice will be met with criminal sanction and trade barriers.

    Congress can, of course, refuse to take these acts.

    But until Congress does act and put a stop to the fraud and theft, along with the Administration, the jobs are not coming back.

    http://market-ticker.org/akcs-www?post=182825

  26. Speaking of MERS, anyone know what is up with all the recent scrib-d (in the past 24 hours) documents by MERS stating how to foreclose in each state? Just noticed this. Every few days I Google “MERS” and look at the results for past few days.

  27. I’ve finally achieved SUCCESS in bringing the MERS issue to my county board of supervisor’s attention. After repeated complaints to the county district attorney and the county recorder – who both are oblivious and don’t want to investigage anything, the supervisor has agreed to look into it! I could only send a couple of articles (or they might lose interest), so I chose Ellen Brown’s 62 Million MERS article and the one from today’s Market Ticker – as Neil’s article wasn’t posted yet.

    I would like to see all of us readers grass-roots campaign on the MERS issue locally. I urge everyone else to bring this to your recorder’s attention through mail or e-mail. Or the district attorney’s attention. If they won’t do their jobs – e-mail the supervisors and ask them to investigate. Its frustrating not to be heard, but keep at it.

    Bring to the officials attention that MERS has stolen money that could have gone to our teachers, police, fire depts and parks for the past 13 years. Bring to their attention that MERS never had a law passed making any of this legal and that they just helped themselves to our county’s money without permission and revenue should be clawed back from MERS.

  28. You can’t trust computers to keep the information. Computers are set up to change any data that has been input. Paper documents are the only way to keep the transactions honest. Even then, we can see many were forged, back dated, notary fraud and robo-signed. Since the entire transaction was fraudulent, it is void. Burmese8@yahoo.com

  29. maybe those boys who shut down masercard for a day should get the metadata of all mers transfers, bet they could.

  30. its also a trust issue…trust equals confidence, this is huge..at home and overseas,
    like the guy on cubed2Ks utube post, we dont care about chinese trinkits… we care about the people, our country our courts, the peoples courts, and our constitutioinal rights. i am willing to rough it for those things.

  31. and by the way, the revenue they got screwed out of was the revenue they get paid to keep the system open, honest, transparent and accurate. in more than one way the truth and the lost revenues are intertwined.

  32. it is a truth issue. i spoke at length with john obriens assistant, and believe me it appears that hes digging for more than just a way to get mers to cough up the money they owe. this assistant knew what he was talking about in terms of mers, fraud, securitization and the lies that have been being tossed around like its free lie day. it didnt sound to me that all he was looking for was the monies owed the counties. it actually sound like they are pissed how the citizens of mass got screwed in the whole scam, not just the mers angle.

  33. it’s not a “truth” issue, it’s a revenue issue for the state and county governments. they make money every time something is recorded, plain and simple. furthermore, it’s a question of efficiency, as many of our local county recorders had stacks and stacks of documents waiting to be recorded, often backed up by 6 months.

  34. Whos going to record them? Mers? the paper is gone so what their saying is commet more fraud.

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