Prosecutors Say Florida AG Fired Them For Going After Mortgage Lenders

TPM Muckracker ^ | July 26, 2011, 10:26AM | Ryan J. Reilly

[Zhang Fei]

So, like the other guy said, what in your world would stop me and every other freeper from filing foreclosure on your loan with papers we create just to 'speed up' the process?

Two things:

1 - The MBS's are backed by loan documents, signed by both parties. Unless you have those documents, you're not in a position to foreclose. For the banks, that was always the easy part. It's chasing down title documents that they're having real difficulty with.

2 - These MBS's are serviced by an administrator, typically a bank. When the deadbeat home buyer was making payments, the money was being routed to the owners of the MBS's, via the administrator. Unless that "you and every other freeper" are that administrator, and can show that you received those payments in the past, you're not in a position to foreclose on the property.

[sarasmom]

Thank you, Elle Bee.
Zhang Fei, your avoiding the property title.

The banks committed fraud when they “sold” interests in all those mortgages, without filing that pesky little $35.00 property fee as mandated by law, each time the “mortgage” was sold.

MERS electronic tracking does not count. The banks elected to separate the property titles from the debt, to save the fee.
The banks made a ton of money, selling a share of what are now essentially unsecured loans to “investors”.

What banking or investment entity(s) have true legal claim to the property title?

Massive, systemic banking fraud is happening here.

Time for all parties involved to not only lose both property and money, but also to pay fines for RICO.