Over 70 million properties in the USA may have clouded titles. Americans may be forced to file a quiet title suit just to be able to convey clear title to their properties. In one of the most explosive interviews to date, Dave Krieger, author of the new book Clouded Titles, blows the whistle on the business model and operations of the Mortgage Electronic Registration System (MERS) on It’s Rainmaking Time!® with Kim Greenhouse. How is it that mortgage lenders and MERS systematically and knowingly infected and participated in the destruction of the US real estate market and property laws? How come property owners never saw it coming? Ellen Brown JD, a regular on The Kaiser Report, the founder and chair of the Public Banking Institute and the author of Web of Debt, pops in to discuss the legal ramifications of the erosion of the entire system and how everyone might be made whole.
its rainmaking time explores how it is that the regulators, like the Department of Justice, the Securities and Exchange Commission, the Comptroller of the Currency, as well as real estate investors, title companies, and brokers across the country also missed noticing that MERS have been hiding the chain of custody so that borrowers don’t know who actually owns their loan.
The securitization of over 70 million properties without the proper chain of custody of the title being recorded in the land deeds or the notes will have a massive chain reaction at a central nervous system level of our real estate, banking, and legal industries.
The human suffering from this is already spiraling. So many people will be impacted that it’s literally staggering. If people find out that they have paid off their homes but don’t really own them and can’t sell them, or that they are in foreclosure, who knows how people will deal with it? There’s an x-factor about this that’s very scary.
Do you really own your own property? As with all contracts, the devil really is in the details. Tune in to its rainmaking time with Dave Krieger to find out what’s really happening and what to do about it.
Original air date: 8/20/2012