Rep. Brad Miller's Mortgage Mess, How Deep Does it Go?

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The mortgage mess is not just about forgeries or loan modifications, this is about broken chains of title and questions about who has the right to foreclose.

It begins with how these mortgages were bundled and now who owns them. The problem with the bundling was that transferring creditors on a D/T (Deed of Trust) requires county by county paper work. The mortgage bundlers (big banks), of course, preferred avoiding the expense and time of visiting each county. It was probably logistically impossible anyway. As a result they created a company, MERS that was supposed to keep track of the transfers. The problem is that not all states recognize the validity of the transfers.

This calls into question who is legally capable of foreclosing on the properties. This also explains the forgery issues that have splashed across the news lately. The banks Brad Miller helped to bail out have been attempting to paper over this mess through shady mechanisms. The volume of foreclosures have made that impossible, though.

The pertinent information begins about 3:00.




This truly puts in context the waste that has been Brad Miller's financial bailout.



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