Explanation Of Foreclosuregate – The Foreclosure Scandal Explained

Gonzalo Lira breaks down this epic fraudulent disaster from top to bottom and explains why all the major commercial banks are screwed:

I swear to God Almighty: Mortgage Backed Securities are America’s Herpes—the gift that keeps on oozing.

Last Friday, Bank of America announced that it was suspending all foreclosure proceedings, presumably until further notice. Other banks have already suspended foreclosures in a whole truckload of states. A nationwide moratorium on foreclosures might soon happen—which would be a big deal:Global Financial Crisis, Part II—Longer, Wider and Uncut.

But the mainstream media—surprise-surprise—has downplayed the whole shebang. They’re throwing terms out there into the ether, but devoid of context or explanation: “Robo-signings”, “foreclosure mills”, forged signatures, “double booking”, MERS—it’s confusing as all get-out.

So the mainstream media just mentions it casually—“and in other news tonight . . .”—like it’s no big deal: A couple-three lines, lots of complicated, unfamiliar terms, an attitude like it’s a brouhaha overpaperwork of all things!—and then zappo-presto-change-o!: They’re showing video footage of a cute koala nursing in the arms of a San Diego zookeeper.

But even the koalas know that something awful is heading America’s way. Smart little critters, they’re heading for the treetops, to get away from this mess.

So what the hell is going on with the God forsaken mortgage mess in the United States?

It’s got a lot of bells and whistles, but it’s basically quite simple: It’s all about the fucking Mortgage Backed Securities (MBS). Again.

So this is what happened, more or less—the short version:

I highly recommend reading the full article.  It explains everything you need to know about what occured and just how big a deal this really is.

This is going to bring down all the major banking institutions.

Lira points out:

If for whatever reason, any of these signatures is skipped, then the chain of title is said to be broken. Therefore, legally, the mortgage note is no longer valid. That is, the person who took out the mortgage loan to pay for the house no longer owes the loan, because he no longer knows whom to pay.

To repeat: If the chain of title of the note is broken, then the borrower no longer owes any money on the loan.

Read that last sentence again, please. Don’t worry, I’ll wait.

You read it again? Good: Now you see the can of worms that’s opening up.

This is what I am addressing in this thread that tells people how to check if their bank actually has the note to their mortgage.

If the bank can not produce the note showing a complete chain of title ownership, a person can then sue the bank to have their mortgage debt discharged.

Everyone who owns a home should investigate if their bank actually holds the note to their mortgage with a complete chain of title.