Thursday, September 15, 2011

Banksters loose – MERS mortgage scheme

A judge ruled yesterday that the little scheme of the banksters, MERS (mortgage electronic registration systems), developed so they (the mortgages) could packaged and sold was ” a business model that was designed in large part to avoid the requirements of the traditional mortgage recording process”.

The judge added “This Court does not accept the argument that because MERS may be involved with 50% of all residential mortgages in the country, that is reason enough for this Court to turn a blind eye to the fact that this process does not comply with the law

The banksters blurred ownership of the mortgages to make money and now a judge has ruled the banksters can’t undo it. The bank doesn’t own the mortgage!

This could get interesting.

(original February 15, 2011)

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