Great article by L Randall Wray, Professor of Economics and Research Director of the Center for Full Employment and Price Stability, University of Missouri–Kansas City.
The article was originally posted here
“If you recall the Michael Moore movie, Rep Kaptur stood on the steps and told homeowners facing foreclosure to stay in their homes. She was right: the banksters have no legal claim on the homes they are foreclosing. Foreclosure is theft. Any bank that used MERS has no legal claim on property—there are 65 million such mortgages to which no bank has a legal claim to foreclose.
And, to be sure, even those mortgages that were not run through MERS are suspect if they are handled by any of the five biggest servicers. These servicers keep such shoddy records that they cannot be trusted to accurately credit payments. They’ve been adding on fees and penalties that were unwarranted since they…
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