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More U.S. Mortgage-Fraud

In the world of fraud in which U.S. banksters operate, one of their greatest liabilities is the sheer quantity of those frauds. Performing any act countless times increases the likelihood of careless blunders. This was illustrated by a Wall Street Journal article on the latest revelations of their clumsy scamming.

 

Last October, I did a two-part series on the lynch-pin of U.S. mortgage-fraud: a “shadowy entity” known as MERS (“Mortgage Electronic Registry System”). This software platform supposedly eliminates the need to prepare and record assignments, when trading [emphasis mine] residential and commercial loans”, according to the home page of this bankster abomination.

 

In other words, because Wall Street hatched this “registration” scheme, the banksters have been walking into foreclosure courts and asserting their right to foreclose on a property, millions of times, without needing to prove they actually hold title to the mortgages. This was a crucial ingredient of the entire multi-trillion dollar, leveraged Ponzi-scheme which Wall Street built atop the U.S. housing bubble (see "U.S. Bank-fraud SYSTEMIC and INTENTIONAL - William Black").

 

After scamming the world for trillions of dollars with their toxic, “securitized” mortgage products, Wall Street's plan was then to throw millions of Americans out of their homes (due to the unaffordable mortgages they had been conned into entering). The problem for Wall Street was these mortgages had been sliced-and-diced to such an extent that in many/most of these mortgages, the paper-trail of who actually held title to a particular mortgage got lost in Wall Street's maze of fraud...

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