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Freddie Mac Bets Against Homeowners, Holder & Breuer’s Covington Bank Representing Past: Creating M.E.R.S. Corp

30 Jan

In his latest all out seriously spot on rant, Mandelman brings us the most recent and most recently uncovered crimes in the long list of criminal acts as yet going unpunished in the United States mortgage fraud scandal.

That scandal which has devastated our economy, destroyed our housing market and left vast numbers of families without their homes. In case you didn’t realize it, that’s already over 7 million families and banking industry analysts are predicting another 10 million homes lost to foreclosure within the next two years.

There are two pieces of information in this rant that are shouting to the rooftops for someone, anyone, in this country to wake the hell up.

Seemingly unrelated, when taken together these facts are veritably screaming at the American people to come out of their entertainment and main stream media induced nation wide coma and demand criminal prosecution.  The only question will be, by whom? We vote for William K. Black and anyone he wants to bring along.

What are these glaring pieces of evidence?

The first is the information uncovered in the NPR and Publico inestigation into Freddie Mac which has uncovered Freddie Mac Traders placing derivatives bets that American homeowners will not be able to get out of seriously overpriced and higher interest bad mortgages.  Take a minute and take that in.

First, did you know Freddie Mac had traders in the derivatives markets? Neither did we. We know, it’s bad enough the big banks are all fleecing the world with their derivatives trades which strip the money out of markets and give nothing in return – and are even used to threaten entire countries.  But Freddie Mac? And bets against the very homeowners they are supposed to be helping to modify their loans???

This is a formerly government backed corporation now in conservancy which is tasked with helping borrowers victimized by predatory over inflated loans. And their excuse is that their traders are not directly involved or aware of the day to day workings of the people in their firm who are supposed to be doing the job of assisting distressed homeowners?!?

The second piece of information may be even more damning, if that is possible.

Mandelman tells us the Huffington Post reports this one:

“U.S. Attorney General Eric Holder and Lanny Breuer, head of the Justice Department’s criminal division, were partners for years at a Washington law firm that represented a Who’s Who of big banks and other companies at the center of alleged foreclosure fraud, a Reuters inquiry shows.

Covington represented Freddie Mac, one of the nation’s biggest issuers of mortgage-backed securities, in enforcement investigations by federal financial regulators.

A particular concern by those pressing for an investigation is Covington’s involvement with Virginia-based MERS Corp, which runs a vast computerized registry of mortgages. Little known before the mortgage crisis hit, MERS, which stands for Mortgage Electronic Registration Systems, has been at the center of complaints about false or erroneous mortgage documents.”

So the two fellows who were busy representing the banks and the banking corporations now known to have caused this banking crisis are the two fellows RUNNING the Justice Department! Clever.

Oh, but it gets better.  It also turns out these same two, who are the defenders of the free world in their current public positions, make no mistake; were actually directly involved in getting Fannie, Freddie and other entities to embrace the then-being-created’ M.E.R.S. Corp!

M.E.R.S. seems to have hijacked the entire U.S. land registration system and replaced it with a ponzi scheme in which everyone pretended to be a member of M.E.R.S. and no one properly assigned, transferred, recorded or kept safe a single mortgage document or considered the impairment to the land titles their malfeasance was creating.

And now, it turns out, Holder and Breuer, were on the front lines of the creation of this modern day land grabbing monster.

Nothing left to say. The white shoe boys have put every card they have right on the table in front of us, and we are just sitting there like stunned children waiting for them to tell us what they plan to do to us next.

 

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