There is something profoundly disturbing happening here in America. Our legal system is being attacked and weakened in the name of profit and loss. It has never been more apparent than with the foreclosure mess that is happening now. The big banks and lenders, the ones who lobbied for the repeal of banking protections, who set up the securitization chain of title, who feasted on the real estate bubble, who never bothered to follow the rules or care about what they were doing to America, made a mistake. Through greed hubris or ignorance. Made a mistake in a fundamental element of property law. A flaw that can't be fixed without doing damage to the very nature of Law itself. The only way to "fix" it is to lie and provide false documents to our courts.
Now, once again, they are trying to change the rules to protect themselves from the mess they created. Trying to force the Courts to accept fraud.
My friends, this isn't just about poor record keeping, this isn't just about foreclosure. Its about a certain segment of our society that believes they are so powerful that they can make true what is not true. Accept this fraud as true because we tell you to.
This mortgage securitization issue has no easy quick fix and all the pension funds and retirement funds that bought Mortgage Backed Securities may be holding empty boxes. All the Collateral Debt Obligations that were built around these securities, all the leverage built on top may all come tumbling down.
Unless. Unless we can say that it no longer matters that the holder of the mortgage may not be the holder of the note. It is the holder of the note that is entitled to forecloure, not the holder of the mortgage. The crux of the matter is that the notes were never transferred to the Trusts that hold the securities. The Real Estate Investment Mortgage Conduits through which these securities were created have limitations. The assets of the Trust have to be transferred within a certain time period or it losses its tax exempt status. The Trustee cannot buy distressed assets, etc.
You can't go back and transfer distressed assets later. Worse, in many cases the notes were lost or destroyed. This is the fraud. The Lenders are trying to recreate a paper trail though false assignments and affidavits, using falsely notarized documents.
We are so powerful (and so much money is at stake) that we don't care if we are perpetrating a fraud, the rules and the consequences of our actions do not apply to us.
Will the rule of law prevail or can enough money change the nature of law itself? That is the issue.