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JIM WILLIE: WHY PAY A MORTGAGE WITH A LOST TITLE? 10-14-2010

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  • Bankers will simply go back and track down the poorly documented title in MERS. It will cost the banks time and money as they hire new lawyers, track down the missing documents and pay the local county fees to update the records. Once it is caught up they will proceed the foreclosure. Problem for the banks is they sold MBS to investors. The prospectus claim all paperwork is good, but in actuality it does not exist. Investors can sue and banks will take severe losses.

  • @fee1776 MERS is facing class-action lawsuits and civil racketeering suits around the country and their members are being individually named in all these suits. One suit alleges that MERS owes CALIFORNIA a potential $60 billion to $120 billion in unpaid land-recording fees. THE BANKS ARE INSOLVENT. Once the Chain of Title is Broken it's Game Over, unless you have 800 Foreign investors show up to court.

  • @traynickel The legal problems of the MERS does not necessarily stop the foreclosure process. Amongst the list of former mortgage note holders is the title and note/docs. States do have a remedy for lost documents. Example if a hurricane destroyed a bank holding your mortgage note does not mean you no longer have to pay. The banks can trace and recover or have affidavits accounting for the existence and loss of docs. Now the former lawyers, and notaries are still in legal hot water.

  • @fee1776 Check out the Kentucky Class Action Lawsuit vs. MERS and others. GAME OVER! The U.S. Dollar and Banking System are in it's last days, it makes no difference now anyway.

  • great info thanks what is your opinion on people credit card debt?

  • @mari0228504 People should focus on changing a flawed business model of using credit to purchase goods. Dump the credit card debt. At this point a credit score is worthless. NO MORE DEBT!!!

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  • go to are-you-mad-enough-yet-.co m you can join a class action law suit!!

  • .. if it does happen, it may look like civil disobedience, but really, it will be just banker hunting. Still pretty messy.

  • @mari0228504 - BANKING FRAUD, CREDIT ICARD, STUDENT LOANS, CAR LOANS, MTGS, ALL FRAUDULENT there is no money, US INC is bankrupt since 1933

  • @fee1776 -your missing the point, the bank never loaned anyone anything, the lost dock is a side bar distraction, the real deal is THE BANKING SYSTEM IS FRAUD. all land and property is already mortgaged to the federal reserve due to the 1933 bankruprcy

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