To better understand, one would need to read the articels I have published at scribd.com/alviec.

What has happened is the banks failed to follow the laws in regards to mortgages, and therefore subjected millions of mortgage loans into unsecured debts.

Then these, sellers of mortgage backed securities, used these unsecured loan to make money from.

The mortgage backed securities were worthless. They had no intrinsic value when they were sold to the investors.

There are certain laws to go by when creating the secured debt. They are UCC Article 3, UCC Article9, and the local laws of jurisdiction.

E-Sign and UETA, do not have anything to do with Negotiable Promissory Notes.
Read 15 USC 7003. Negotiable Instruments are excluded.

So, if these sellers of mortgage backed securities are using electronic mortgage packages, they are selling a mortgage that has no law to support it. They are illegal.

The information to explain this, along with the laws to support it, and the admission by the Florida Bankers Association, that the paper mortgage is being converted from paper to electronics, the reader should be able to understand that millions of mortgages are forgiven, when the mortgage went from paper to electronic.

The banks got us all in this fraud.

Thanks for sharing the link in your post. And thanks to you and Phill for forwarding your thoughtful proposal to “jump start” a debate about the pros and cons of reforming Fannie and Freddie.

I favor something more along the lines of Kotlikoff to better avoid the risks from government intervention in the home loan market. I believe it is essential to carve up the “too big to fail” intermediaries Fannie and Freddie into much smaller entities and eliminate the Federal insurance. Any government involvement will likely lead to social engineering “mission creep” as the painful memory of the most recent financial crisis subsides.

I understand the politics of housing/mortgage lending policy suggest Congress and housing bureaucrats will fight hard to maintain power over mortgage insurance, etc.. But the social welfare cost and human suffering of federal social engineering in the mortgage lending market has proven too high relative to benefits in my opinion.

Again, I read every blog article you post and really enjoy reading your ideas. Keep up the great work!

So the number of recs doesn’t say much. At all.