At first glance, this is a shocking video report by US Congressman Alan Grayson. But if you’ve been following the housing bubble since 2007, it should come as little surprise that the illustrious banking community would eventually sink to the lowest depths of fraud imaginable. It appears that the bankers’ mortgage and foreclosure fraud has reached ever new and impressive heights in the US…
Congressman Alan Grayson is now on the hunt for fraudulent bankers.
Grayson blamed the massive foreclosure problems largely on the electronic shortcut called “MERS”. “The banks simply digitized mortgage titles into a privatized system, called the Mortgage Electronic Registry System (or MERS),” he said. “And it did the transfers by trading Excel spreadsheets among the banks and trusts, rather than endorsing the notes as required by their own contracts, by state real estate law and by IRS rules.” He stated that 60 million properties are recorded in the name of MERS — 60% of the mortgages in the USA, and 97% of the loans made between 2005 and 2008.
On October 1, Bank of America announced that it was delaying foreclosures in 23 states.