Fannie Mae-No Politics (FNMA)

[KELLYCO]

This particular lawsuit is a red herring for the seagulls.
There is a much larger problem that has not been addressed and is a ticking timebomb.There is problably way over 1.2 triilion worth of mortgages that were not properly secured and cannot be foreclosed on and the homeowners cannot get clear title because of this defect.Not many people have learned about this yet.But ot comes down to this.Would you continue to pay for a mortgage on a house you could never get clear title to?And there is also the MERS situation created by Fannie and Freddie that pose the same threat of ownership.And that affects 60 million homes.

http://activerain.com/blogsview/1932456/mers-the-forthcoming-foreclosure-crisis-

"Who created it? i. Fannie Mae’s CEO James Johnson ii. Countrywide’s CEO Anthony Mozilo 1. Who was later indicted on securities fraud charges in 2009 2. Mozilo acknowledged Countrywide was increasing risky loans and did not tell investors iii. Countrywide and Fannie Mae were the lead organizers/shareholders/”members” of MERS"

"People have begun to question how a shell company call MERS could foreclose on homes when they had no ownership claim f. To this day, MERS has never originated a single loan nor loaned a dime to a single borrower 4. Traditional Filing System a. Traditionally filed by: i. Traditional note is assigned to the mortgagor and recorded with the county ii. If the note is sold to a third party, the actual promissory note must be delivered to the third party, and recorded with the county b. Structured mortgage securities typically constructed as Trusts 1. Trust hold mortgage note, which allows bundling of notes 2. Note is physically transferred to Trust c. Creation of a legal Residential Mortgage backed securities (RMBS) and Collateralized Debt Obligation (CDOs) i. The physical note the bank hold must be deposited into the Trust 1. Note holder entitled to receive payments and interest 2. Has the right to foreclose/take property in event of default 5. MERS Filing System a. Has completely ignored the structuring process i. Proper filing of the mortgage note every time the product changed hands did not happen under MERS ii. Instead, they issued “blank” mortgage assignments all along the channel of transfers, skipping the actual physical recording of the mortgage at the county registry of deeds b. MERS filing/record keeping i. MERS does not keep documents, it is a “paperless” system 1. Many of the so-called mortgage backed security trusts do not actually hold the promissory notes which evidence the debts that are supposed to be backing the bonds purchased by these investors ii. Causes improper construction of Trusts 1. Note is never reassigned to Trust 2. Requisite filing of mortgage lien with county never done 3. There is no documentation, as it is a “paperless” system "