It's about time the Bankers and Wall Street got caught in one of their own scams. The Mortgage Electronic Registration System was designed to hide who actually owns property. It seperated the deed of trust from the promissory note. It seems to have worked fairly well as the bankers can't even find it. With around 62 million
propertites in this system who knows where this will lead. It will be interesting to see what the bond investors will have to say about all this. The courts should side with the homeowners thus ending foreclosures for the most part. One bad thing is guess who has a lot of money invested in places like GMAC and others? If you guessed the taxpayer your right. But we were promised know more taxpayer bailouts for banks. But you can bet this will cost taxpayers millions