Posted on 08-05-2013
Filed Under (Economics) by Rashtrakut

Jon Stewart yesterday tackled the mortgage lenders who created the mortgage clusterfuck.  They took an archaic but effective system where mortgages were recorded on paper with local county recorders of deed and came up with their own private online mechanism – MERS.  There was no paper trail, the laws of mortgage assignment were not followed (good luck if you as a debtor who did the same) and they ended up with a situation where the people foreclosing on mortgages cannot prove they have the right to do so.  Video below:

None of these assholes have gone to jail and the fines that the feckless regulators have assessed are a drop in the bucket for the amount of money they made.  And having demonstrated the perils of unregulated banking and derivatives trading these pricks have been whining at the limited regulations that have been implemented since then.  The people in charge of MERS may have been merely incompetent.  But other cases of fraud like manipulating the LIBOR rate have seen almost no individuals go to jail.  That is a real scandal. Preet Bharara where are you?

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