Wednesday, December 15, 2010

MERS: Fraud By Acronym

The lid has been taken off of the can of worms a.k.a. the “mortgage mess” and the label of the brand on the can is an acronym; MERS. MERS is an abbreviation for Mortgage Electronic Recording Systems, a company based in Reston Virginia and owned by the major commercial banks.

Public Enemy No 1 and No 2
MERS is a repository for more than 30 million mortgage documents from mortgage loan transactions that are originated around the country.  It has 50 employees and 3,000 “member firms”. These member firms must be qualified mortgage companies and mortgage brokers that are required to submit their documents through the system.
MERS has been at the heart of the fraudulent mortgage foreclosure process that plagues the nation. The business motto of the company, and its mission, is to “Process loans, not paperwork”. There in lies the crux of the problem, because the devil is always in the details. In the case of MERS, it has relied upon the “qualified employees” of its member firms to process the nation’s foreclosures that it holds.
This reliance upon its member firms to provide proper foreclosure documents, has led to unbelievable errors, mistakes, abuses, and outright fraud by “robosigners” representing its member firms: who are reviewing and approving documents for the foreclosure process which they haven’t read, and in most cases are not qualified by the requisite education, training, and experience to analyze. The result: incompetence and chaos.
In addition to the incompetence and chaos which has ensued, Americans can now add fraud to the laundry list of violations that MERS has committed. It should come as no surprise to US as MERS is a creation of the major commercial banks. The major commercial banks set up MERS to replace the formal recording process to facilitate trading in these mortgages and increase their profits, yet again. In doing so, they disregarded the laws in the states where these mortgages were originated and avoided the filing fees required at the state and county level.

In Essex County, Massachusetts alone, just one county out of many thousands in the United States, it is estimated that MERS has circumvented $10 million in fees that rightfully belong to the county. The Attorney General for the State of Massachusetts, Martha Coakley, is investigating.
America, the excesses and insatiable greed of the Bankster Gangsters has destroyed the economy of the United States. They have lied, cheated, stolen, misrepresented, defrauded, conspired, and systematically sucked every dollar out of the American Banking System that is humanly possible. They have betrayed the trust and basis for the banking franchise that the American government has given to them. It is time to withdraw that banking franchise. You need to understand their plan for US before it goes from bad to worse!

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