It is clear that MERS and the big banks are in the thick of denying due process to millions of foreclosed persons. If we understand that the ponzi housing scam was a form of speculation that was set up by the financial elite, then we must also note that none of these people would be underwater if the bankers had not set this scheme up in the first place.
Just like investment bank speculation led to false increases in prices for food commodities in 2007 and in the price of oil in 2008, so did this speculation set up by Wall Street and the central banks, and Fannie and Freddie lead to false increases in prices. People starved in West Africa in 2007, and the US consumer was hurt badly by oil prices going to $145 per barrel in February, 2008. There is a pattern here of hurtful speculation. The housing bubble was a speculation driven by mainstreet but set up by Wall Street and the financial elites.
Foreclosuregate is just the fallout of the speculation in mortgages. Rick Humphries has written and Whalen said on CNBC recently that the same mortgage was sold to multiple individuals, not being transfered to one person because the tranches determined who owned the loan after the fact, based on risk. Securitization got sloppy, as that was the nature of the beast. The handwriting was written on the wall in the beginning, and that handwriting does not confirm ownership as state and county governments require.
(Note: You can view every article as one long page if you sign up as an Advocate Member, or higher).
