Monday, October 25, 2010

No Trick or Treat! Foreclosuregate is Scary as Hell

There's something huge brewing in the mortgage fraud crisis. Ellen Hodgson Brown, J.D. author of The Web of Debt asks in her article Homeowners' Rebellion: Could 62 Million Homes Be Foreclosure-Proof? if it's possible people won't need to pay off their mortgages after all. To put it simply, the banks have recently been disclosed to have technically lost the chain to millions of titles to properties on its ledgers.  In other words, banks have lost rights to the promissory notes due to selling the mortgages to third parties bundled as securities. The third parties repackaged the mortgages and sold them again as derivatives on the market. This amounts to the chain of title being broken that millions of people don't technically owe the banks! 

On her blog, Ellen Brown, J.D.  writes on August 18, 2010:
Mortgages bundled into securities were a favorite investment of speculators at the height of the financial bubble leading up to the crash of 2008. The securities changed hands frequently, and the companies profiting from mortgage payments were often not the same parties that negotiated the loans. At the heart of this disconnect was the Mortgage Electronic Registration System, or MERS, a company that serves as the mortgagee of record for lenders, allowing properties to change hands without the necessity of recording each transfer. 
Under the aforementioned scenario, banks are meant to suffer tremendous losses due to their fraud. The banks are looking forward to President Obama legitimizing their fraud in signing a bill called the Interstate Recognition of Notarization Act (Patrick Leahy, D-Vt) he pocket vetoed prior to the elections.  President Obama merely sent the bill back to the Senate wanting the legislature to "clean it up a bit".  In other words President Obama has all intention of giving a free pass to the banks to still own title on people's properties.  The Senate attempted to "sneak" the bill through without public debate. 

This article from the Huntington Post, demonstrates how politicians used the timing of the National Notary Association's presentation at the Congress two months ago as a camouflage for its legislative activities to create the Interstate Recognition of Notarization Act. (I was initially invited but didn't attend).
The bill has been passed by the House three times since 2007, and each time it died in the Senate Judiciary Committee.

Why did the world's greatest deliberative body let it get through this time? It happened because Calvin Coolidge, the 30th president of the United States, was a notary public from Vermont, according to Judiciary Committee aides.

It all started, the aides said, when committee chairman Sen. Patrick Leahy (D-Vt.) participated in an Aug. 3 "Why Coolidge Matters" event with the National Notary Association at the Library of Congress. "Senator Leahy was so very gracious to carve out some of his time to join us at the Library of Congress event, and we are grateful for his kind words regarding Calvin Coolidge as well as his support of the important roles played by Notaries Public," wrote Michael Robinson, executive director of the National Notary Association, in a Sep. 14 email to Leahy's office. Robinson asked if anyone from Leahy's office would be interested in H.R. 3808, the notarization bill that had passed the House of Representatives by a voice vote in the springtime.

"In September, after hearing from the National Notary Association....Senator Leahy, in consultation with the Committee's Ranking Member, Senator Jeff Sessions, examined the legislation," Judiciary Committee aides wrote in an email. "Having heard no objections from advocates, States or stakeholders, and having checked with the Department of Justice, the bill was discharged from the Judiciary Committee. It was passed with the unanimous consent after every Senate office was notified that it was being considered and there were no objections." - How the Controversial Foreclosure Bill Made It Through Congress with No Public Debate

There are insider rumors that this mortgage fraud was all deliberately planned as an incremental step towards the government's nationalization of the mortgages by bailing out the too big to fail banks.  They allegedly intend on stealing American's property this way.  Banks have already been caught attempting to confiscate property owners have paid off due to the confusion of paperwork. The courts have proven to be on the side of the banks but the people have only just begun to fight.

When it came time to foreclose on properties banks hired "robo signers" to rubber stamp documentation fraudulently.  They lost title of the property, plain and simple. The courts are dealing with it.  Some judges don't care and just rubber stamp the foreclosures.

In part 2 of this 6 part video series, Randy Kelton, pro se litigant proponent, explains how the banks profited from selling people's mortgages to third parties, and on and on and on. Who owns the note? Who holds the title?  Why are the government's loan modifications nothing more than precursors to foreclosure?

Other judges are taking note of it due to pro se litigants such as Randy Kelton at Rule of Law Radio (above video) who are bringing them before grand juries scaring the hell out of them.

Related articles by author Ellen Brown, J.D at