I mentioned at some point the Congressional Research Service report on robo-signing and foreclosure fraud. I managed to snag a copy of it, and it does a pretty good job of laying out the stakes, which it agrees are completely unknown at this point. It reiterates that the servicers believe they have performed lawfully and not wrongfully foreclosed on anyone, but that the robo-signing problems could be masking more substantive issues around the true ownership of the mortgage and the property.
The report goes through the fact that the land recording system that was set up in this country in the colonial age has only recently been disrupted by the advent of MERS, the electronic registry which short-circuited that process and substituted themselves as the mortgagee on official documents, with the constant trading of mortgages happening on their database. “The use of MERS raises a number of legal questions,” the report says, “such as whether MERS has the legal standing to initiate foreclosures in its own name and to what extent recording MERS as mortgagee or assignee provides sufficient notice to subsequent purchasers under state recording statutes, which are currently being litigated in many jurisdictions.”
It also covers the chain of title issues with the servicers and the trustees in securitization. Basically, both the servicers and the trustees are supposed to act as agents for the mortgage holders, in this case the investors in the mortgage-backed securities. However, the report admits that “engaging in loss mitigation efforts usually is more expensive and time consuming for servicers than initiating foreclosure,” which is at direct odds with the financial incentive of the mortgage holder. In addition, “Although servicers of securitized mortgages are supposed to act as agents on behalf of the MBS investors, one of the servicer’s affiliates may have an interest in the underlying mortgages, which some have argued creates a conflict of interest.”
The report also looks at the judicial and non-judicial foreclosure process in the states, which they agree is a state matter. This is why a solution from Congress will be so impossible to manage, as the states have their own particular laws around these issues. The report discusses the legal standing to foreclose in judicial states, the issue at the heart of foreclosure fraud, and what prompted the robo-signing, some theorize.
Here’s where the report gets interesting. The report is in the typically muted CRS style, where the risks are downplayed somewhat and all claims are counter-balanced with competing counter-claims. But this was a significant note:
eric, there is no such thing as race OK. It was a term which sprang forth from the heady pre scientific days of philosophers.
The concept of race in today’s society is loaded with assumptions, political agendas, and unspoken emotional associations. According to philosophers, Bernasconi and Lott, it was first used in its modern form in 1685, by Francios Bernier. However, in the 17th century when the term was first emerging in intellectual discourse, ‘race’ had a variety of meanings; indeed, no one was committed to a specific definition. It was not until 1775 in his essay, Of the Different Races of Men, that Immanuel Kant gave the term its first explicit definition
But why was ‘race’ an issue at this time? Not unlike the multiplicity of connotations the idea has in today’s society, ‘race’ evolved from a complex interaction of philosophical, scientific, religious and political frameworks.
The concept of race in today’s society is loaded with assumptions, political agendas, and unspoken emotional associations. According to philosophers, Bernasconi and Lott, it was first used in its modern form in 1685, by Francios Bernier. However, in the 17th century when the term was first emerging in intellectual discourse, ‘race’ had a variety of meanings; indeed, no one was committed to a specific definition. It was not until 1775 in his essay, Of the Different Races of Men, that Immanuel Kant gave the term its first explicit definition
But why was ‘race’ an issue at this time? Not unlike the multiplicity of connotations the idea has in today’s society, ‘race’ evolved from a complex interaction of philosophical, scientific, religious and political frameworks.
http://www.suite101.com/content/the-intellectual-origins-of-race-a8926
or more to your leanings see:
The next question is “Can race be Biblically defined?” The term race does not appear in the Bible. The Bible refers to differing peoples in terms such as family, tribe, people and nation. It groups people according to familial relationships and then into nationalities. An example of familial relationship is found in Genesis 10, where the genealogies listed are grouped by family. It should be noted that nowhere are the sons of Noah associated with race or color. An important passage on this matter is found in Genesis 10:5:
“By these were the isles of the Gentiles divided in their lands; every one after his tongue, after their families, in their nations” (Gen. 10:5).
Note that familial and national division is shown, as well as division by geography and language (tongue). The significance of this will be discussed later in this paper. No where in the Bible is prejudice based on what we determine as race; i.e. color of hair, skin, eyes or physical characteristics. When God commanded the children of Israel to be a separated people or to utterly destroy other peoples, it was always based on the principle of separation from sin. The same principle of separation is presented in the New Testament when Christians are commanded to come out of the world and not be unequally yoked with the unsaved. (See 2 Cor. 6:14)
Skippy here…so right from the start you set up your self to false terminology.
http://www.bible-truth.org/race.htm
Skippy…ethnicity, ideology, nationality, tribe, what ever but, NO *racial*. Its a scam, to pit you against each other.
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