8-5 All Mortgages are Fraudulent - Former owners will have recourse to sue for fraudulent foreclosures.

Submitted by B. - Thanks

8/5/2010
California-Qui-Tam-False-Claims-Recording-Fees1.pdf

California is following in the footsteps of Tennessee!!!!!

All Mortgages are Fraudulent - Former owners will have recourse to sue for fraudulent foreclosures. Spread this far & wide! The whole industry could collapse completely!!!!!!!!!!
Due to the recent ruling by the Sups, MERS is not the title holder (real party in interest) of any property and never was. ALL mortgages past and present are therefore fraudulent! This has devastating repercussions for all of the loan industry, not just MERS, because there is no longer a chain of title. People who have, or have had mortgages or are being foreclosed on, or have been foreclosed on, now have an out. These people are now able to win in court and having their mortgages settled and the people are keeping their houses, for the fear of the banks losing far more in class action suits!

Now California is getting in on the action and suing MERS for filing false recordings with the county recorders in every county in the state, since MERS started filings over 10 years ago! At a fine of 5-10K a pop, this stands to create millions and possibly billions of dollars in penalties against MERS which will effectively bankrupt the fraudulent mortgage industry. This could mean that anyone with a mortgage will have it immediately settled and the current owners get the title free and clear no matter what balance they owe because fraud has no statute of limitations. Former owners will have recourse to sue for fraudulent foreclosers. The resulting litigations will have the banks on their knees in no time flat. The whole industry could collapse completely. Only time will tell. Lets just see what happens.

http://www.restoreamericaplan.net/rap-net-news/
Posted by John MacHaffie at 5:13 PM 0 comments
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http://nesaranews.blogspot.com/2010/08/all-mortgages-are-fraudulent-former.html