I really find this article and the interview responses so extraordinary. Nothing surprises me anymore, it’s like our entire economy and every piece in it are totally failed, but everyone just shrugs their shoulders and says, “ahhhhhh”, “too bad”. No apology. No admission or recognition of any wrongdoing and OH GOD NO CERTAINLY NO PUNSISHMENT.
What I find most astonishing about the whole MERS debacle is just how small and unprepared the whole company was to deal with the crisis that has swept across this country. Apparently, I’m not the only one that was surprised. Just read what the new CEO of MERS had to say:
MT: What stands out about what you know now inside Merscorp that you didn’t know before you started?
Beckmann: That MERS really is a small company. We’re up to 65 people now, from 50 at the beginning of the year.
MT: Is the MERS System still a viable component of the mortgage industry?
Beckmann: What’s the alternative? Is the alternative to go back 20 years and start recording these things on paper again? There is no good alternative.
Catch the full article here:
Now that it has been established that our Banks are running criminal enterprises lending their credit prohibited by Art 1 Para 10 Cl 1 , all mortgages are ultra vire.
Once the origination is fraudulent who cares what the bit players do down the line. Mers has to wait till we start indicting the lead players, the CEO of the Banks and then Mers will get their turn to defend themselves.
Is the business model Major Bank’s mortgage securitization that of the drug cartel? The criminal activity of narcotics includes the control of political “guardians” through bribes and force.
Why will the US attorney general not aggressively investigate under the Racketeer Influenced and Corrupt Organizations Act (RICO)for the massive crimes committed through mortgage securitization and derivatives? The leaders of a syndicate along with those they ordered to assist them can be tried under RICO. Why will IRS not aggressively investigate REMICS? Why is it that only a handful of the fifty attorneys general want to investigate the criminal activities?
Most good Americans would have a difficult time articulating the complexities and intricacies of mortgage securitizations and derivatives. But, they know they come from Banks with a wink from Senators and Congressmen. The thought, and perhaps reality, that Banks have neutered the judicial branch of our system is terrifying.