Wholly owned by mortgage banks, Eric Cantor nixes cleaning up “Foreclosure-Gate”

Personally Invested In Mortgage Banks, Cantor Opposes Fix For ‘Foreclosure-Gate’
by Lee Fang

Widespread reports about “robo-signers” – bank officials who would sign foreclosure forms without even reading them – have lead many business reporters to dub the crisis of potentially illegal bank foreclosures as “foreclosure-gate.” For example, a Bank of America official admitted in a bankruptcy case that she signed 7,000 to 8,000 foreclosure documents a month and “typically” did not read them “because of the volume.”

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1 thought on “Wholly owned by mortgage banks, Eric Cantor nixes cleaning up “Foreclosure-Gate””

  1. Bankers and thier correspondent lenders should take responsibility for lying to thier investors about the value of the paper and tricking people into refinances based on overvaluations of home value.
    The Bankers, as members of MERSCORP, Inc, used an electronic database (MERS system) to hide thier fraudulent transactions from the investor and used a private corporation called Mortgage Electronic Registration Systems, Inc (MERS) to circumvent land recording laws to prevent homeowners from discovering that potentially thousands of people owned an interest in thier home. Both MERS and the MERS system are owned and operated by MERSCORP and it’s members.
    MERSCORP is not a Bank, but it’s members are Banks, Title Companies, Fannie and Freddy, and trading Companies, as well as Mortgage Bankers Associations and Correspondent Lenders.
    There are about seven people who founded MERSCORP. These seven people should be investigated.
    They sold copies of the Notes to many people, and were paid many times over the amount of the original Notes. They made thier money, shafting the investors and also taking peoples’ homes as a bonus, to start all over again.
    Plus, the Fed gave them money to replace allegedly “lost” money. Where did all the money go?
    These fraudsters should be punished – by paying treble damages to investors and forfeiting any loan made with MERS as mortgagee – this way, they cannot start up this machine again, to destroy American dreams in the future as they have done now.
    People will be very upset and angered if this goes down with a mere fine, slap on the wrist. New legislation to prevent it won’t punish them and won’t undo the damage done to the American people.
    The fraudsters MUST TAKE RESPONSIBILITY FOR THIER ACTIONS. They have already been repaid for these fraudulently-induced debts, and multiple times.

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