Wednesday, October 20, 2010

NEIL GARFIELD expose on FRAUD upon STATES The MERS Edifice Quavers…. � Livinglies's Weblog

By anarchosyn

After the Fall? — The MERS Edifice Quavers…. � Livinglies's Weblog: "Yes, this is a draft.� But it is coming from a law school’s scholarly paper mill – not exactly the sort of place you want to ignore.� A few good cites will set the table for those willing to dig into what’s really not that hard to understand…
In the mid-1990s mortgage bankers decided they did not want to pay recording fees for assigning mortgages anymore.11 This decision was driven by securitization—a process of pooling many mortgages into a trust and selling income from the trust to investors on Wall Street. Securitization, also sometimes called structured finance, usually required several successive mortgage assignments to different companies. To avoid paying county recording fees, mortgage bankers formed a plan to create one shell company that would pretend to own all the mortgages in the country—that way, the mortgage bankers would never have to record assignments since the same company would always “own” all the mortgages.12
What do you call an artifice designed to evade the payment of taxes – which these fees are?"

NOTES: Neil goes onto give tidbits throughout this excellent expose on MERS. What is priceless is at the bottom he states exactly what we told the Attorney General office yesterday. AS things stand in our nonjudicial state ANYONE can go in and record the right documents, conduct a sale and as soon as the gavel goes down the presumption is that it was done legally. Burden of Proof on Homeowner is WRONG> This article further goes on to address obligation of county recorders, IRS and does it in a way that explains it to your friends and family logically.

Here is what Neil said and you will have to click on link to read full response: Oh Jesus. So I can have an official MERS Corporate Seal for $25 and start recording things? Uh, this is a wee problem, don’t you think?
Never mind the logical fallacy of thousands of vice-presidents and assistant secretaries, none of which receive any renumeration from MERS in any form!
How can you be an employee – in any sense of the word – >>>KEEP READING

(photo: flickr creative commons license)

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