Congresswoman Waters should know that Wilbur Ross isn’t any better. It appears Mr. Ross may have donated more to political PACs and campaigns because it
appears he is not on the Dem “objection radar” – and certainly should be.
Hopefully, President-Elect Trump has read Chain of Title along with the Republicans in Congress – and it’s not just the Dems who have educated themselves about this Wall Street fraud crisis; albeit they did nothing in 8 years but devise a poorly executed HAMP scam that merely foamed the runway for the banks. Failure to prosecute the banks and stop the fraudulent foreclosure actions signals to most of us that Congress and the Administration were in many ways complicit in the unregulated securitization and derivatives debacle that scammed over 140 million Americans and countries around the world.
Think you are safe just because you haven’t missed a mortgage payment? Think again. If you bought a home or refinanced after 2000 just look to see if there is Mortgage Electronic Registration Systems, Inc. (MERS) in your mortgage document. Then look for an Assignment filed in your Recorder’s office. If you’ve never missed a payment there will not likely be an Assignment because your collateral is still being rehypothecated (in limbo) until you default. And your original lender may have already disappeared. Is your title clouded? Do yourself a favor and find out specifically where your mortgage and note are sitting. Don’t confuse the “servicer” (like Ocwen) with the owner of your collateral. That would be foolish. You’ll find, that even though you’ve never missed a payment on your property it is likely (at the moment) a clean title is questionable. So Yes, if you have a mortgage you are likely one of over 140 million folks who have and are being scammed. If you haven’t yet read David Dayen’s Chain of Title maybe 2017 is time to start.
BTW – even if MERS isn’t in your mortgage doesn’t mean your collateral (loans and personal data) weren’t securitized. It’s likely your original lender is defunct and that ought to be a red flag…remember the “servicer” who you send your payments to is not likely the mortgagee (or investor) of your loan.