the fraud is simple. lie to the homeowner, lie to the investor, pocket the fees involved, cover it up.
first, your lender wasnt your lender. your mortgage may say lender "a" is your lender, but thats the first in many lies youve been told. a closer look at where the funds came from, something your closing lawyer will not tell you, reveals the source of the funding was someone entirely different than the lender recited in your mortgage.
second, the investors were told the shares they were buying were backed by your mortgage, and thousands of others, that were in the pool and guaranteed a return on their invest. the pools never possessed the mortgages and therefore guaranteed the investor nothing. your mortgage was probably pledged to mulitple pools and none of them legally possessed it.
third, this was all fine and dandy until people started to default on their mortgages. then, because they didnt validly own the mortgages, the securitized trusts together with the mortgage servicers, hired foreclosure mill attorneys who would then fabricate assignments to the trust or outsource the dirty work to an outside company. in either case, a mers designated officer was needed to make the assignment so either the attorney or the outsourced company would have one of these people on their staff. with the stroke of a pen, these companies gave standing to the trust by forging an assignment of mortgage in the name of mers and recording it in your county. these people arent paid by mers and do not work for mers. they work for the company trying to steal your property. its a scam. plain and simple.
this fraud upon homeowners is being committed to cover up the fraud they committed on the investor who bought shares of their empty mortgage pools. most people never question the validity of the foreclosure because they know they are behind on their payments and figure the documents are legitimate. most homeowner walk away. the banks are counting on this. if you never question it or look at the questionable documents they are using, the bank gets a free house and covers up the fraud on investors. this is a simple and effective way to steal your property.
dont be fooled. question everything. odds are your real lender went belly up many years ago and never validly conveyed anything to anyone. thats why the banks, servicers and foreclosure mills are resorting to forgery and fraud. they have to. they have no choice. if they dont then they have to tell the investors why the shares they bought are backed by nothing. the lenders would have to answer for securities fraud and pay every penny back to the investors. if they fill the mortgage pool with foreclosed properties then it looks good on paper. the investor assumed the possible risk that the mortgages may default and they could lose their shirt. if the mortgasges performed they got repaid plus some for the investment. the investors didnt assume the risk that the mortgages were never in the pool to begin with and therefore couldnt do anything but fail, and thats what the banks are covering up. the pooling and servicing agreements specifically spell out when a mortgage can or cant be deposited into the securitized trusts. all of the assignments i have seen are many years after they were allowed to be assigned into the trust, meaning the assignment is bogus and the trust doesnt legally own your mortgage and isnt entitled to repayment or to foreclose on your house.
smoke and mirrors people. to put it bluntly, its a big pile of shit the banks are shoveling on everyones shoes.
i am not an attorney, take what i say with a grain of salt and HIRE A LAWYER, GET YOUR TITLE EXAMINED AND FIGHT FOR YOUR RIGHTS....