Mortgage Fraud rampant among banks
Oct 01, 2010
This short video is absolutely amazing. What he is saying does not surprise me, but the fact that a Congressman would actually reveal this to the world is astounding.
The most significant part comes after the 4-minute mark, where he reveals that most mortgages have no registered owner. They simply claim that the paperwork was mutilated, lost, stolen, or some other lame excuse. They have been asking the courts to allow them to "re-create" the paperwork, and up to now the courts have believed them. But now some of the judges are starting to deny their fraudulent requests.
Another article reads this way:
Over 62 million mortgages are now held in the name of MERS, an electronic recording system devised by and for the convenience of the mortgage industry. A California bankruptcy court, following landmark cases in other jurisdictions, recently held that this electronic shortcut makes it impossible for banks to establish their ownership of property titles—and therefore to foreclose on mortgaged properties. The logical result could be 62 million homes that are foreclosure-proof.
In other words, there is a distinct possibility that most people can own their own homes free and clear if they simply go to the appropriate office and register themselves as the owner. I have been aware of this for about two years and know of others who have done so.
Another article tells how GMAC has halted foreclosures in 23 states in the wake of a Florida judge's ruling. The article reads:
As we pointed out last week, a certain judge in Florida set quite a precedent when he found that JPM, as servicer for a Fannie mortgage, had committed court fraud by foreclosing while not in possession of the actual mortgage. We then concluded that "The implications for the REO and foreclosures track for banks could be dire as a result of this ruling, as this could severely impact the ongoing attempt by banks to hide as much excess inventory in their books in the quietest way possible." Not a week has passed since, and we are already proven right. Today, Bloomberg discloses that GMAC Mortgage, a unit of the affectionately renamed Ally Bank, has halted all foreclosures in 23 states, including Florida, Connecticut and New York. Who would have thought that being caught with your pants down, doing something so blatantly illegal as collecting on something you do not own, would actually have adverse consequences. And GMAC is just the beginning - we expect many more mortgage servicers to scurry now that the light has been shone on their shell game.
If you are having mortgage or credit card problems and want some advice on what to do, call my friend Sherry at: 409-224-1056. Just say "Stephen sent me." Or you can email her at:
We have known her for many years, and she and her husband are long-time Kingdom believers. She has helped many, many people get out of debt and/or keep their homes.
Dr. Stephen Jones