Mortgage Crisis: The Six Trillion Dollar Problem | Greg Hunter’s USAWatchdog

NOTE: This article is awesome at putting together the big financial picture.

Mortgage Crisis: The Six Trillion Dollar Problem | Greg Hunter’s USAWatchdog:

"When I was an investigative reporter at the networks, the first question we would ask when trying to decide if we wanted to do a story was: How many?� How many people have been hurt by a defective product?� How many defective products of a certain kind were in use? How many dollars will it take to fix the problem?� In the case of the recent mortgage crisis – “Foreclosuregate,” the question of how many has been answered.It has been widely reported that there are a little more than 60 million home mortgages in the Mortgage Electronic Registry System (MERS).� If every one of the 60 million mortgages are worth $100,000, that would mean a total of at least $6 trillion in home mortgages that are electronically filed.� In MERS, there is no physical written record of a “Promissory Note.”� In almost all states, you need that original “Note” to prove ownership of a home.�"