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Don't know if this is only JP Morgan Chase, or not but the scenario must affect all the big fiat fraud centers...
Recently Chase sent out thousands of 'guaranteed' 2nd day delivery by the USPS notices, costing $11 each to mail, in an 'urgent offer' for the homeowner to refinance with Chase at a lower interest rate - up to a full percentage point lower.
Granted, overall interests rates are lower on fiat fraud finance, but the urgency of the notices seemed at odds with the banks ongoing policy of raping the consumer for all they can steal.
Chase stated the re-fi had to be completed by March 31st.
"Just sign the AUTHORIZATION form and return - no hassle re-finance at a lower rate - guaranteed acceptance - get more money for what you need - and lower interest rate that will give you a lower monthly payment and more freedom to CHOOSE WHERE YOUR MONEY GOES...."
Hmmm....Why would Chase put that carrot out front??
This is unusual behavior for Chase bank.
Banks just don't willingly give away potential billions in profit, especially when they already have paying consumers locked into a mortgage at the current rate.
Something IS up. It appears even CHASE may be in PANIC MODE.
Why would this be?
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[ MERS National Data Base ]
Mortgage Electronic Registration Systems, Inc.
(MERS) is an American privately held company that operates an electronic registry designed to track servicing rights and ownership of mortgage loans in the United States.
MERS is owned by holding company MERSCORP, Inc.
The real estate law and real estate transactions in the US are subject to state regulations and county level filing requirements, since the time of the establishment of the US as an independent country.
This is because every time a financial instrument containing mortgages is sold, various state laws may require that the sale of each such mortgage (or deed of trust) be recorded in the local county courts; "in order to preserve certain rights (e.g., the right to foreclose non-judicially), which triggers an obligation to pay corresponding recording fees."
The financial industry, eager to trade in mortgage-backed securities, needed to find a way around these filing requirements, and this is how MERS was born to replace public filing with a private one.
By 2007, MERS registered some two-thirds of all the home loans in the US. Two-Thirds.
The company is the owner of record (or the owner's nominee) of the security interest arising from mortgages extended by lenders, investors and their loan-debt servicers and recorded in county land records.
By using MERS, the lenders and investors who are the real parties in interest -
"avoid the need to file assignments in county land records, which lowers costs for lenders and, they claim, for consumers, by reducing county recording fee expenses resulting from real estate transfers and provides a central source of information and tracking for mortgage loans."
The company's role in facilitating mortgage trading was relatively uncontroversial in its early days a decade ago, but continued fallout from the subprime mortgage crisis has put MERS at the center of several legal challenges disputing the company's right to initiate foreclosures.
Should these challenges succeed, the US banking industry could face a renewed need for capitalization.
Recent court cases where THE UPHELD LAW states
"the only VALID mortgage is between the ORIGINAL (buyer) and the ORIGINAL mortgage holder (FINANCE COMPANY)".
Most mortgages on the books have made their way into possession of the largest major banks, in the form of bundled securities, derivatives and credit default swaps.
Most of these mortgages were NOT originally written by written by the banks who now service the debt (collect the money).
Most mortgages are now in the national MERS computer data base, and have no original document, provable-in-a-court-of-law paper trail.
Hence the recent rash of 'robo-signers' where banks are fraudulently, and frantically 'producing so-called original documents' - unknown even to the homeowner whose name appears to be 'signed' on the 'new original' mortgage debt agreement, even if the homeowner never saw the document, and never agreed to sign anything.
Robo-signing is complete fraud and a felony by law, punishable by a prison term.
See:
2010 United States foreclosure crisis
http://en.wikipedia.org/wiki/Foreclosure_crisis
If the home owner elects to re-finance however, the re-finance debt agreement then becomes a 'new original mortgage'...
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Source: Yes
http://www.yesmagazine.org/new-economy/homeowners-rebellion-could-62-million-homes-be-foreclosure-proof
Homeowners’ Rebellion: Could 62 Million Homes Be Foreclosure-Proof?
The financial juggling that helped cause the 2008 crisis may be coming back to haunt banks—and help homeowners.
by Ellen Brown
posted Aug 18, 2010
Over 62 million mortgages are now held in the name of MERS, an electronic recording system devised by and for the convenience of the mortgage industry.
A California bankruptcy court, following landmark cases in other jurisdictions, recently held that this electronic shortcut makes it impossible for banks to establish their ownership of property titles—and therefore to foreclose on mortgaged properties.
The logical result could be 62 million homes that are foreclosure-proof.
http://www.yesmagazine.org/new-economy/homeowners-rebellion-could-62-million-homes-be-foreclosure-proof
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Fractional Reserve Banking:
"Lend money that doesn't exist and add a rate of interest on the money that doesn't exist onto the total assignment of debt, thereby collecting in return multiple times the amount
of the original debt assignment and then claim ten times the amount of assigned debt being serviced as assets to the banking firm who assigned the debt, or the banking firm currently servicing the debt."
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