The $7.5 Billion RICO Lawsuit Against The NWO London Based Bilkers!

GLASS STEAGALL ACT

Libor Works

MERS‘ is a privately owned company, just like the oxymoron ‘Federal Reserve’

MERS is a System Designed to Create the Mortgage Back Security Bubble. Oh gee another bubble that benefits WHO?

WHO are the shareholders of MERS?

The same people WHO were allowed by the Democrat Party to abscond America’s wealth from the Housing Bubble!

The shareholders include AIGFannie MaeFreddie MacWaMu, CitiMortgage, Countrywide, GMAC, Guaranty Bank, and Merrill Lynch.

The reality of course is, MERS allowed for the mortgage backed security business to explode since it allowed mortgages to be shipped off to Wall Street to be minced into tiny tranches and sold off by the big investment banks to pensions, foreign investors, retail investors, and everyone else that wanted a piece of the Housing Bubble.

The $7.5 Billion RICO Lawsuit Against The NWO London Based Bilkers!

A RICO class action lawsuit against MERS and one of the Country’s largest foreclosure law firms, David J. Stern PA has been filed, demanding a Jury trial.
The court case alleges that MERS was created “in order to undermine and eventually eviscerate long-standing principles of real property law, such as the requirement that any person or entity who seeks to foreclose upon a parcel of real property: 1) be in possession of the original note and mortgage and 2) possess a written assignment giving he, she or it actual rights to the payments due from the borrower pursuant to the mortgage and note”

It also alleges that “part of the scheme was the use of words in ways inconsistent with their traditional meanings, and the creation of new terms which could be used to blur important distinctions between parties and their interests…” making it difficult to determine who had the right to receive payments and foreclose.

The 24 page lawsuit details a hilarious deposition by the attorney’s assistant who acknowledges signing documents as “assistant secretary,” and as “vice president” of MERS taken in the Defendant Firm’s office. He inquired of Ms. Samons how she could possibly have acted on behalf of MERS, and the meaning of the label “Assistant Secretary:” Part of the suit reads as follows:
Q: The question was you have no job duties as an assistant secretary of MERS, correct?
A: I do not have any job duties other than signing the assignments and mortgage. Does that help?
Q: Yes. Here, I’ll try to rephrase this. Do you attend any board meetings at MERS?
A: No, sir.
Q: Do you attend any meetings at all at MERS?
A: No, sir.
Q: Do you report to the secretary of MERS?
A: No, sir.
Q: Who is the secretary of MERS?
A: I have no idea.
[ . . . ]
Q: Where are the MERS offices located?
A: I can’t remember. Q: How many offices do they have?
A: I have no idea.
Q: Do you know where their headquarters are?
A: Nope.
Q: Have you ever been there?
A: No.
Q: How many employees do they have?
A: I have no idea.

She testified that her signatures on “these assignments,” which from all indications were and are at least several thousand in number, were in no way attestations that the statements contained therein were accurate or truthful. She further testified that she was the person with the most knowledge about the subject assignment…

To arrive at the estimated damages of $7.5 billion, plus costs and attorney fees, the suit claims that the measure of damages “is the average of the accelerated amounts demanded from the [Plaintiffs] in the subject complaints to foreclose.”

Read the full suit here.

Libor

 

Mario Kenny

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In the New York Times article, we are given an example where a lender that is now defunct, has Chase sign over the paperwork (acting on behalf of MERS) to HSBC so they can proceed on any actions with the deed.  Now with a few foreclosures this can be covered up.  But with millions of foreclosures this gets problematic.  Here is how it breaks down:

 

MERS has been involved in thousands of lawsuits.  Here is what the honorable Jon Gordon of Florida’s circuit court in Miami-Dade stated:

“It truly concerns me, however, that thousands and thousands—thousands and thousands of mortgage foreclosure actions have been filed with these allegations. I am not certain what remedy, if any, these people would have were it to be determined that MERS was not ever the proper party notwithstanding that these folks [might] have been in default what their recourse, if any, would be.”

MERS assigns a unique 18-digit mortgage identification number to supposedly track the loan through its life.  If you haven’t followed most of the MERS saga, it is because the purpose of this is to essentially make homes a commodity to be traded like oil futures on the stock market.  No need for your local bank to vet you for a mortgage when you can sell MBS to some international schmuck in Norway.  Does it now sound like a good idea to save a few dollars because people are too lazy to record a file at their local county clerk office?  This of course was never the main intent.  The main crux of MERS was to make it easy for fly by night shady mortgage brokers to give mortgages like Alt-A and option ARM loans to anybody and everybody without thinking twice about the long-term problems simply to juice the Wall Street MBS machine.  What do they care?  Think of all the subprime outfits that imploded during the bubble bursting.  By the time they imploded the mortgage was being serviced by someone else, someone that wasn’t at the table to make the loan in the first place.

MERS is a front for the mortgage and banking industry.  It is claimed as a system of convenience but in reality, it is nothing more than the grease to lube up the housing bubble.  It made underwriting easier but it also made it harder for homeowners to go after the lender who originated the note.  After all, if they no longer hold legal action on the deed, who do you really go after?  So make no mistake that nothing that you are hearing about MERS today is some kind of shocker.  This system has been under attack for years.  But what is significant about the Kansas Supreme Court finding has to do with the actual legal ownership of the note and deed especially when it comes to foreclosure.

No one eased the path for Gorbachev’s agenda to close federal military bases around the U.S. more than Nancy Pelosi.

Pelosi

 

Landmark National Bank v. Kesler

What was found in this case is basically that MERS is a straw man.  You know, like a shady phony buyer who buys a home and never really intends to take possession of the home?  The way the mortgage is split up essentially muddles the entire process but also provides “an opaque veil that clouds not only the actual real ownership of the promissory note, but title to the property.”  In other words, MERS does the exact opposite of what it claims it set out to do.  In regards to the straw man argument this is what the case found:

“The relationship that MERS has to (to holder of a loan) is more akin to that of a straw man than to a party possessing all the rights given a buyer. A mortgagee and a lender have intertwined rights that defy a clear separation of interests, especially when such a purported separation relies on ambiguous contractual language. The law generally understands that a mortgagee is not distinct from a lender: a mortgagee is “[o]ne to whom property is mortgaged: the mortgage creditor, or lender.”

Interestingly enough the Missouri court found that MERS was not the original holder of the promissory note and since the record never contained evidence that the original note holder never explicitly authorized MERS to transfer the note, the overall language was in essence not effective.  This is a big case because it goes to the heart of how MERS plays a crucial role in splitting a promissory note and basically creates immediate flaws in title.  In other words, to grease the market and blow up the MBS market these people failed to even adhere to their own tracking of a mortgage!  This system is like trying to track a laundered note through the economy after one year.  Who really owns the actual note or holds title to foreclose?

In the case in Kansas, the court finds that MERS has very little claim on the note:

“”What stake in the outcome of an independent action for foreclosure could MERS have? It did not lend the money to Kesler or to anyone else involved in this case. Neither Kesler nor anyone else involved in the case was required by statute or contract to pay money to MERS on the mortgage. [citation omitted](”MERS is not an economic ‘beneficiary’ under the Deed of Trust. It is owed and will collect no money from Debtors under the Note, nor will it realize the value of the Property through foreclosure of the Deed of Trust in the event the Note is not paid.”). If MERS is only the mortgagee, without ownership of the mortgage instrument, it does not have an enforceable right.”

This wouldn’t be such a big problem aside from the fact that MERS has its dirty hands on some 60 million mortgages (assuming processed).  Matt Taibbi talked about this case:

“This is a potentially gigantic story. It seems that a court has ruled that about half of the mortgage market has been run as a criminal enterprise for years, which would invalidate any potential forelosure proceedings for about, oh, 60 million mortgages. The court ruled that the electronic transfer system used by the private company MERS — a clearing system for mortgages, similar to a depository, that is used for about half the mortgage market — is fundamentally unreliable, and any mortgage sold and/or transferred through MERS can’t be foreclosed upon, at least not in Kansas.”

So this is one big mess as you can imagine and Pandora’s Box may have been open.  But let us look at what made this case happen:

Timeline:

March 19, 2004:  Boyd Kesler secured a loan of $50,000 from Landmark National Bank in Ford County, Kansas

March 15, 2005:  Mr. Kesler secured another loan for $93,100 from Millennia Mortgage Corporation

Both mortgages are secured by the same property but the second mortgage is at the core of the case.

That mortgage (2nd) stated that the mortgage was between Kesler and MERS which was “acting solely as nominee for Lender, as hereinafter defined, and Lender’s successors and assigns.

At some point in time, Sovereign may have taken possession of the note but it wasn’t recorded in Ford County (whoops!  Trying to save those few dollars)

April 13, 2006:  Kesler files for bankruptcy in US Bankruptcy court.  He named Sovereign as creditor although he claimed the secured property as exempt.

November 16, 2006:  Bankruptcy court discharges Mr. Kesler’s personal liability.

July 27, 3006:  Landmark filed a petition to foreclose on the its mortgage.  It named defendants as Kesler and Millennia.  It did not serve MERS or Sovereign.

September 29, 2006:  Trial court filed an order of sale.

October 4, 2006:  Notice of sale (NTS) was published in Dodge City Daily Globe

October 26, 2006:  Dennis Bristow and Tony Woydziak purchase the secured property at a sherriff’s sale for $87,000.

November 14, 2006:  Landmark filed a motion to confirm sale of the secured property.  On same day, Sovereign filed an interest in the property saying it was successor in the interest of Millennia’s second mortgage.

November 21, 2006:  Sovereign files a motion to object confirmation of sale.  The motion asserts MERS as a necessary party to the proceedings.  It also states Landmark failed to name MERS as a defendant and Sovereign did not receive notice of the proceedings.

November 27 ,2006:  Kesler files a motion seeking funds from sherriff’s sale on January 3, 200.

January 16, 2007:  MERS filed a motion joining Sovereign’s motion to vacate the journal entry of default judgment and objects to confirmation of sheriff’s sale.

February 1, 2007:  MERS and Sovereign file motions to reconsider.  Trial court denies motion to reconsider.

At this point this is where the August 28th, 2009 Kansas Supreme Court case enters.  So what exactly happened?  Basically someone extracted equity from their home and went bankrupt.  The home was sold at a sheriff’s sale to two investors (did they even know what they were getting into?).  As it turns out, that second note is pretty big but proper parties weren’t notified because as it turns out, these people don’t do a good job keeping track of what is happening.  Apparently the Kansas Supreme Court being logic driven saw right through the utter crap that is MERS and issued a smack down.

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So what now?  We basically wait. This case does set a precedent so it will be interesting to see if any other state supreme courts uphold or try to go against this case.  Looking over the material, it is pretty hard to challenge the logic.  MERS will fight as much as it can because this case virtually makes them a non-entity in mortgage holdings and that is their entire purpose.  They serve as a front for the crony bankers and thankfully, at least a few judges can see through this crap.

Continuing with Judge Gordon:

“I’m not certain with the satisfaction of mortgages that have been filed on behalf of MERS how good those are and I am not certain how good title to property is that people bought at these foreclosure sales if it turns or becomes established that MERS was indeed not only not the right party but misrepresented by way of their pleadings and affidavits that they held something they didn’t own, so I’m not certain of the consequences but it seems vast.”

Dr. Housing Bubble

The Democrat/British Engineered Schemers propelled the Housing Bubble through predatory schemes and fraudulent paper work then subsequently allowed attempted foreclosures upon untraceable initiated mortgage deeds aka; worthless derivatives. Further, it was this same party that iced S.190 and closely related bills, to come before congress for a vote in 2001, 2003, & 2005. S.190 would have prevented Frank And Dodd from engineering the Housing Bubble and its necessary fallout (Pump/Dump Ponzi Scheme) under fraudulent paper.

TEA BAGGER FOR REAL ~ BARNEY FRANK AND HERB MOSES HIS BUTT BUDDY!

 

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