President Obama had to fix the Great Recession
President Obama "fixed it" by allowing 7,000,000 homeowners to lose their homes while he enriched banksters and wall st. with $7,000,000,000,000?
"The MERS was the conduit that allowed the scam to take place. it is STILL in existence.
Mortgage Electronic Registration Systems, Inc. began as a project in October 1993 when Fannie Mae, Freddie Mac, and Ginnie Mae produced a White Paper (with assistance from law firm Covington & Burling) about the need for an electronic mortgage registration system. The MERS acronym was coined soon thereafter. The Mortgage Bankers Association got involved and MERS was incorporated in October 1995. MERS awarded a contract to Electronic Data Systems (EDS) to develop and service the technology systems, and MERS was officially launched in April 1997. [15]"
"The current Mortgage Electronic Registration Systems, Inc. is the third generation [4] of companies with the same name established as of 1/1/1999. The original "MERS" was simply the acronym of Mortgage Electronic Registration Systems, Inc., in 1995. In 1997, Mortgage Electronic Registration Systems, Inc. registered "MERS" as a service mark with the United States Patent and Trademark Office (USPTO) for its mortgage loan eRegistry system. The original corporation has since merged with other entities created by its executives and board of directors"
"ControversyMortgage Electronic Registration Systems, Inc. has generated much debate, controversy, and criticism among litigators and academics in "some of the most widely read law review articles of the past few years." [42] Dustin A. Zacks, [43] for example, criticized Mortgage Electronic Registration Systems, Inc. for taking directly inconsistent positions in various courts around the country. [44] Zacks' article found favor with the Bain Court which cited him for the proposition that "MERS's officers often issue assignments without verifying the underlying information, which has resulted in incorrect or fraudulent transfers." [45] Professor Christopher Peterson [46] has similarly argued that MERS is disingenuous in simultaneously claiming to be the mortgagee and the nominee/agent of the lender or trustee. [47] Peterson likened this alleged duplicity to being akin to the two-faced Roman God Janus, [48] while Zacks compared Mortgage Electronic Registration Systems, Inc. to a "creature more akin to a many-tentacled squid." [49] Peterson's articles on MERS, [50] which also criticize MERS for its allegedly harmful effect on the integrity and transparency of public recording, have been cited by countless anti-MERS litigants [45] and in decisions both adverse and favorable to MERS. [45] [51]
Other academics have criticized Mortgage Electronic Registration Systems, Inc. on the grounds that its nominal ownership of millions of home loans poses a disastrous risk for mortgage investors should Mortgage Electronic Registration Systems, Inc. ever declare bankruptcy. Such a bankruptcy could mean that mortgages would "pass into the company's bankruptcy estate and become available to satisfy creditors' claims." [52] One law professor even suggested scrapping the MERS system entirely, replacing it with an entirely new national recording system. [53]"
Who was President in 1995-1999?
Bill Clinton after signing the Financial Services Modernization Act in 1999. Photo: Justin Lane/The New York Times/Redux |
