ST. LOUIS, MO (KTVI-FOX2Now.com)� All 50 state attorney's general have been coordinating an investigation into foreclosure fraud for months. And Missouri's chief investigator tells Fox 2 they've found plenty of fraud, but no one to prosecute, and hardly any way to stop further foreclosures, even if they may be fraudulent.
"We've found a good deal of fraud in the process, in the foreclosure process itself, most notably with robo-signing," said head of the Missouri Attorney General's Consumer Protection Division Doug Ommen, referring to the process where foreclosure documents are signed blindly by people paid to forge the signatures of bank or lending company officials. "We have found fraud and we have found forgery in robo-signing and other areas."
But before an appearance at a South Side symposium sponsored by the activist group Missourians Organizing for Reform and Empowerment (MORE), Ommen said the trail of individual mortgages is as tangled as a a trashcan full of coat hangers, and even harder to unravel. "Loans have been totally separated from individuals and institutions," he said. "Loans are chopped into different pieces, sold and re-sold and re-sold again, maybe 10 or 15 times. Meanwhile the original paperwork is in a warehouse somewhere and no one knows where it is.
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The above comes from St.. Louis and is a microcosm of the larger issue---credence perhaps to a complete meltdown considering the seriousness of the MERS situation. With 60% of all mortgages held (assigned) to this mysterious company, literally trillion of dollars are 'in the game' subjecting the entire financial system to a house-of-cards scenario.
Without question, this madness must stop. For the simple reason that the crime was so complicated and convoluted, justice cannot be served? Laws are designed to deal with transgression, not retreat from responsibility.
It should follow, then, that a serious breach of culturally institutionalized law would be met with a counter action which was swift and severe. Private property laws in this country are held sacrosanct. They are, right or wrong, fundamental to the fabric of our country and must be regarded as a major underpinning.
Now, please consider the notion that any private firm with no direct fiduciary ties to the Treasury Department which behaved in a similar manner would have suffered the full consequences of our laws and likely be out of business, its assets fairly distributed to all affected citizens, and those involved in its creation and perpetuation serving a prison sentence.
After all, Mr. Madoff went to prison. If it's good enough for Bernie, it's good enough for the complicit financial decision makers.
Remember the Savings and Loan debacle? Thousands went to prison. And for arguably lesser crimes.
Yet, we hesitate.......
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