Unsealed court-settlement documents reveal banks stole $trillions' worth of houses

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149. How is your question coming up now?

There were dozens if not hundreds of topics discussing this during the time it happened.

You have a mortgage. You make the payments on that mortgage.

Meanwhile the economy goes belly up, circa Autumn 2008. The banks have taken those mortgages - even your mortgage that you are paying off and on time - and sliced and diced them, so that .001 percent of each aspect of your mortgage is held by some other entity, and then the banks are gambling on all those various entities. That is what caused the collapse - the fact that the value of outstanding mortgages was wagered on to the tune of one to ten millions of times the values of those mortgages.

Yes there were people who bought more house than they should have. And who couldn't keep up with their payments, and who were then put into foreclosure. But this topic is clearly not about them. This is about the fact that once the banks went after the mortgages-that-were-under-water, they used the MERS system to enable them to quickly process the mortgages.
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All of this WAS NOT NECESSARY!!!
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The banks have received over fifteen to sixteen trillions of dollars of monies from the Federal reserve. In Ireland, as the government there is actually afraid of the citizens, knowing full well what they did when angry from the late sixties on, the people were told that the Bailouts would be given to the banks, but in return, the bankers had to realize that the mortgages were paid off!

In Iceland a similar thing occurred - but was even more brutally judicious than what occurred in Ireland. In Iceland the people like Geithner, and the heads of the various Entities that had collapsed the Iceland economy are now in prison wearing their damn jump suits!

Here however, Barack Obama installed the very people who had helped set the country up for this collapse. And they have lied to Congress, (which should have resulted in the impeachment of each individual who told the lies!) and they have plundered our Treasury and in the case of Bernanke, allowed for the digital creation of 15 to 16 trillions of dollars that were offered up as "loans" to the various Largest Financial Players across the globe.

Some 4.7 trillions of these "loan" dollars will not ever be paid back, which is why there is talk of austerity and the "need" to raid Social Security and cut back on Social Programs.

Here is one very good article about MERS by a story Matt Taibi was working on:

http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=389x6605962