Skip to main content

Never trust the banks, ctd

Here's a couple selections from a jaw-dropping Daily Caller article:
Wells Fargo wanted to foreclose on a condo unit which had multiple mortgages attached to it. Wells Fargo also owned one of those second mortgages. So Wells Fargo spent money to hire a law firm and file suit against the irresponsible lenders at Wells Fargo. Then, Wells Fargo spent money to hire a different law firm in an understandable effort to defend Wells Fargo from the vicious legal attack coming from Wells Fargo. The second law firm even prepared a legal statement for Wells Fargo which called into question the dubious claims being made by Wells Fargo. Sadly, Wells Fargo won the case, crushing the hopes of Wells Fargo. [...]

For financial institutions, the problem isn’t the “missing” documents. It’s the missing documents—the real ones, which say much different things than the “missing” ones, and which the banks can’t seem to get their hands on. Everyone in the financial industry has been looking for them in more places than kids look for Carmen Sandiego, and they still can’t seem to find the X that marks the spot. There’s good reason for that—the industry destroyed the papers a long time ago. On purpose.

Banking officials happily told the Florida court system in 2009 that the documents had been shredded. At the time, lenders were trying to prevent some foreclosure rule changes, so they sent a letter to the Florida Supreme Court. Among other things, the letter stated that it was standard practice to destroy mortgage papers once the mortgages were sold into MERS in order to avoid confusion. (“A” for effort on that front.) Something funny happens when tearing up a contract, and it might best be explained by a certain common phrase. That phrase is, “Tearing up a contract.” Unless very specific conditions are met, the contract becomes null. Void. Not worth the paper it is printed on.
This article takes a look at MERS, a shady company that traded electronic mortgages:
So this is how you end up with multiple foreclosures by different servicers on the same home, or foreclosures on homes bought with cash. Basically, the servicer doing the foreclosing becomes whoever MERS wants it to be. And MERS, by standing in as the “mortgagee of record,” has made it impossible to determine the actual owner of record. Thus two centuries of land title operations in the United States have been outsourced to a shell company created by big banks so they could save a buck – and now they’re using it to forego legal processes and kick people out of their homes.
If you're concerned about your own home (and shoot, it seems like pretty much everyone should be) some folks have set up this site to give you some preliminary defense.

Comments

Popular posts from this blog

Why Did Reality Winner Leak to the Intercept?

So Reality Winner, former NSA contractor, is in federal prison for leaking classified information — for five years and three months, the longest sentence of any whistleblower in history. She gave documents on how Russia had attempted to hack vendors of election machinery and software to The Intercept , which completely bungled basic security procedures (according to a recent New York Times piece from Ben Smith, the main fault lay with Matthew Cole and Richard Esposito ), leading to her capture within hours. Winner recently contracted COVID-19 in prison, and is reportedly suffering some lingering aftereffects. Glenn Greenwald has been furiously denying that he had anything at all to do with the Winner clusterfuck, and I recently got in an argument with him about it on Twitter. I read a New York story about Winner, which clearly implies that she was listening to the Intercepted podcast of March 22, 2017 , where Greenwald and Jeremy Scahill expressed skepticism about Russia actually b

The Basic Instinct of Socialism

This year I finally decided to stop beating around the bush and start calling myself a democratic socialist. I think the reason for the long hesitation is the very long record of horrifying atrocities carried out by self-described socialist countries. Of course, there is no social system that doesn't have a long, bloody rap sheet, capitalism very much included . But I've never described myself as a capitalist either, and the whole point of socialism is that it's supposed to be better than that. So of course I cannot be a tankie — Stalin and Mao were evil, terrible butchers, some of the worst people who ever lived. There are two basic lessons to be learned from the failures of Soviet and Chinese Communism, I think. One is that Marxism-Leninism is not a just or workable system. One cannot simply skip over capitalist development, and any socialist project must be democratic and preserve basic liberal freedoms. The second, perhaps more profound lesson, is that there is no s

Varanus albigularis albigularis

That is the Latin name for the white-throated monitor lizard , a large reptile native to southern Africa that can grow up to two meters long (see pictures of one at the Oakland Zoo here ). In Setswana, it's called a "gopane." I saw one of these in my village yesterday on the way back from my run. Some kids from school found it in the riverbed and tortured it to death, stabbing out its eyes, cutting off its tail, and gutting it which finally killed it. It seemed to be a female as there were a bunch of round white things I can only imagine were eggs amongst the guts. I only arrived after it was already dead, but they described what had happened with much hilarity and re-enactment. When I asked why they killed it, they said it was because it would eat their chickens and eggs, which is probably true, and because it sucks blood from people, which is completely ridiculous. It might bite a person, but not unless threatened. It seems roughly the same as killing wolves tha