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Homeowners' Rebellion: Could 62 Million Homes Be Foreclosure-Proof?

  • A committed movement to tear off the predatory mask called MERS could yet turn the tide for struggling homeowners.
  • The Forgotten Foreclosure Crisis

Ellen Brown, Yes! Magazine

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.

Mortgages bundled into securities were a favorite investment of speculators at the height of the financial bubble leading up to the crash of 2008. The securities changed hands frequently, and the companies profiting from mortgage payments were often not the same parties that negotiated the loans. At the heart of this disconnect was the Mortgage Electronic Registration System, or MERS, a company that serves as the mortgagee of record for lenders, allowing properties to change hands without the necessity of recording each transfer.

MERS was convenient for the mortgage industry, but courts are now questioning the impact of all of this financial juggling when it comes to mortgage ownership. To foreclose on real property, the plaintiff must be able to establish the chain of title entitling it to relief. But MERS has acknowledged, and recent cases have held, that MERS is a mere "nominee"-an entity appointed by the true owner simply for the purpose of holding property in order to facilitate transactions. Recent court opinions stress that this defect is not just a procedural but is a substantive failure, one that is fatal to the plaintiff's legal ability to foreclose.

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Related:

The Forgotten Foreclosure Crisis, The Progress Report

  • Without more intervention, the housing market will continue its 'slow motion' adjustment that will continue to inhibit economic growth and drag down consumer spending.
  • Foreclosures Rise with Unemployment


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New study: 85% of Big Pharma's new drugs are "lemons" and pose health risks to users

According to Donald Light, Ph.D., a professor of comparative health policy at the University of Medicine and Dentistry of New Jersey who authored the study, the pharmaceutical industry is a "market for lemons" and Big Pharma spends a fortune to sell those lemons to the public.
This Is Your Country on Drugs

Sherry Baker, Natural News

For years, natural health proponents have been sounding the alarm about the dangers of new drugs being pushed on consumers. But is that a one-sided, inaccurate view? Not at all. In fact, new research now shows the problems with Big Pharma's hugely hyped medications are far worse than most people have even dreamed. Independent reviewers found that about 85 percent of new drugs offer few if any new benefits -- but they carry the risk of causing serious harm to users.

According to Donald Light, Ph.D., a professor of comparative health policy at the University of Medicine and Dentistry of New Jersey who authored the study, the pharmaceutical industry is a "market for lemons" and Big Pharma spends a fortune to sell those lemons to the public.

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Related:

This Is Your Country on Drugs, George Kenney, In These Times
Melody Petersen talks about how we’re hooked on Big Pharma. She has been writing about the pharmaceutical industry for more than 10 years, including as a staff reporter for the New York Times. Her recent book, Our Daily Meds: How the Pharmaceutical Companies Transformed Themselves into Slick Marketing Machines and Hooked the Nation on Prescription Drugs (Farrar, Straus and Giroux, 2008), should be required reading for anyone who’s serious about healthcare reform.

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Rachel Maddow: Exposing Private Prison Industry Role in Shaping Arizona's Anti-Immigration Law

  • Arizona Private Prisons Set to Gain From Arizona Immigration Bill
  • Five are run privately, and the Governor has ties
  • to the private sector.
  • Incarceration

Heather,  Video Cafe

Submitted by Evergreene Digest Contributing Editor Thomas Sklarski

Rachel Maddow followed up with KPHO's Morgan Loew on Arizona's private prison industry and on the sponsor of SB1070, Arizona Sen. Russell Pearce, who's lobbying ties run even deeper than those of their Governor Jan Brewer. An article by In These Times summed up why as Rachel noted these Arizona pols are pushing the anti-immigrant hysteria even though it is not a very smart political strategy in the long term for the Republican Party. It's a Corporate Con Game:

Yet the fact is, some backers of S.B. 1070 are wrapping themselves in the flag all the way to the bank.

An In These Times investigation shows that the bill’s promoters are as equally dedicated to border politics as they are to promoting the fortunes of private prison companies, like Corrections Corporation of America (CCA) and Geo Group, which stand to reap substantial profits as more undocumented residents end up in jail.

As Loew reported back in May, here are Pearce's plans for legislation he wants to try to push through next year.

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Uncovering the Lies That Are Sinking the Oil

  • Toxic Dispersants Found on Recently Opened Mississippi Shrimping and Oyster Grounds
    BP and Administration: Lies, Deceit, and Coverup in the Gulf

Dahr Jamail and Erika Blumenfeld, t r u t h o u t

James "Catfish" Miller, Mississippi commercial fisherman-turned-whistleblower. (Photo: Erika Blumenfeld © 2010)

The rampant use of toxic dispersants, out-of-state private contractors being brought in to spray them and US Coast Guard complicity are common stories now in the four states most affected by BP's Gulf of Mexico oil disaster.

Commercial and charter fishermen, residents and members of BP's Vessels Of Opportunity (VOO) program in Florida, Alabama, Mississippi and Louisiana have spoken with Truthout about their witnessing all of these incidents.

On Monday, August 9, the Director of the State of Mississippi Department of Marine Resources (DMR), Bill Walker, despite ongoing reports of tar balls, oil and dispersants being found in Mississippi waters, declared, "there should be no new threats" and issued an order for all local coast governments to halt ongoing oil disaster work being funded by BP money that was granted to the state.

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Related:

BP's Insidious Coverup and Propaganda Campaign: Out of Sight, Out of Mind, Dahr Jamail, Global Research

  • The lives of Gulf coast fishermen and residents are being destroyed. Scientists, environmentalists, and toxicologists are describing the Gulf of Mexico as a growing dead zone, a kill zone, and an energy sacrifice zone. As you read this, oil is everywhere around southeastern Louisiana, and continually washing ashore in Alabama and Mississippi.
  • BP's Rosy Predictions Are B.S. -- Scientists Say Gulf Spill Will Have Catastrophic Impact for Generations
  • BP Censoring Media, Destroying Evidence
  • BP and Administration: Lies, Deceit, and Coverup in the Gulf
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