Thank you for bringing that up plenty of us have lost money because these banks packaged and sold BAD mortgages. So now on top of having to foot the bill as a taxpayer for the bailouts we lost again on the fraudulent packaging of these loans by the banks.
In addition isn’t it supposed to be Justice for all? Shouldn’t the citizen be guaranteed their day in court? What about the states that were screwed out of the fee’s they normally get for recording the deeds? By using MERS these crooked banks paid them selves and the mortgages were not properly filed.
We own our home but as a result of the fraud by these banks we lost anyway through taxes and investments. Let’s don’t forget who these banks backed for president zero.
No one need really worry about those banks he will pay them back by protecting them.
ALERT: Casus Belli - Ex-Post-Facto Law!
http://market-ticker.org/akcs-www?post=171940
When really they should be doing perp walks for the fraud on investors, failure to pay fee’s to the states and for sticking taxpayers with the bills and so many other reasons!
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1. The mortgage market. As I reported recently in this Daily Finance story, the private market for mortgage-backed securities is dead. Now that we all understand the entire mortgage is not just riddled with fraud and misrepresentation of risk, but it is entirely dependent on fraud and misrepresentation of risk to function, no one is willing to touch any of this debt—except if it is guaranteed by the Federal government (and thus by its taxpayers).
Now that the systemic fraud and misrepresentation of risk have been exposed, the $10 trillion mortgage market has ceased to function except as a dumping ground where private players can dump 100% of their losses on the taxpayers (profits were privatized, losses are socialized).
2. Foreclosures and our Banana Republic system of “law”. There are two sets of laws (and two sets of books) in status quo America: one set of laws for “too big to fail” banks and Wall Street, and one for the rest of us peons.