Roubini Topic Archive: Real Estate
THE $7 TRILLION DOLLAR QUESTION THAT HAUNTS BANKS: When Will the Obama Administration Recognize that MERS Destroyed the Chain of Title Making All Foreclosures Suspect?
I’ve been writing about the MERS monster since 2010. Here is one of my early pieces: http://www.huffingtonpost.com/l-randall-wray/merss-smoking-gun-part-1-_b_794713.html I suppose it is now safe to reveal that a staffer of Representative Marcy Kaptur put me on the trail of this fraud—in dollar terms it has to be the single biggest fraud in human history. In sheer [...]
There’s a lot of pushback anytime someone points the finger at banks. As I’ve argued for a couple of years now, virtually all recent foreclosures really amount to theft. The banks have no legal standing to take homes. They created the MERS monster, which destroyed the chain of title and “lost” all the documents. That [...]
Yves Smith at Naked Capitalism has long been skeptical of the negotiations by the State Attorneys General and the banksters over the foreclosure frauds (see here http://www.nakedcapitalism.com/2012/02/settlement-breakdown-by-state-plus-other-official-propaganda.html). And while I had held out some hope that California and New York would either refuse to join, or would insist on good terms, today’s announcement of the [...]
My colleague, Bill Black, has been entertaining himself by reading through the transcripts of the Fed’s meetings to find discussions of mortgage fraud. As you probably know, Congressman Henry Gonzalez forced the Fed to release these transcripts after he caught Chairman Greenspan in a white lie. Well, maybe it was not so white—just an outright [...]