U.S. Mortgage Fraud: The Next Chapter
VANCOUVER (Bullions Bull Canada) -- In the first decade of this century, the Wall Street crime syndicate perpetrated the largest crime-wave in human history in terms of the number of acts of fraud: serial mortgage fraud.
This initial crime wave was conducted in order to facilitate an even larger crime wave (by dollar value): the "securitization" of these fraud-tainted mortgages.
None of the ring leaders of this crime wave have even been charged, let alone prosecuted, let alone convicted. An estimated 60+ million U.S. mortgages (more than half of all outstanding mortgages) have been tainted by Wall Street mortgage fraud primarily through the invalid/illegal use of a private "land registry" known as MERS, or Mortgage Electronic Registration System, as opposed to the official/legitimate land title registry required by law.
The Wall Street fraud factories never even sought permission to bypass official registry requirements. They simply collectively and unilaterally flouted the law, partially to "streamline" (i.e. evade) processing fees and requirements, but mostly to facilitate the $trillions in mortgage-related fraud Wall Street built atop its original crime wave.It's important to take a moment here to note that we are talking about "fraud" on numerous levels. The fraudulent registering of approximately 60 million MERS mortgages was only one facet of this fraud. There were millions upon millions of other acts of fraud connected with these mortgages. The fraud chain began with the "liars' loans" -- primarily instigated at the lenders' end -- where mortgage applicants were assured no one told the truth on these documents, and thus applicants were free to fill in whatever numbers the mortgage-broker told them would help to facilitate purchase. On top of the lliars' loans, on top of the 60 million fraudulent entries in the MERS pseudo-registry, the Wall Street crime syndicate piled on tens of millions of additional acts of fraud. This primarily revolves around the robo-signing scandal: serial, deliberate fraud, where the Wall Street crime syndicate literally manufactured fraudulent documents to create entirely separate, fallacious paper trails for these already fraud-tainted mortgages. Indeed, some of the individual foot soldiers for these fraud factories are known to have committed thousands of acts of fraud per month.
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