Private citizens can collect money to do what the watchdogs in Gov. will not do.

[dixiegrrrrl]

Bank and mortgage fraud is now a wide open secret, yet the DOJ and SEC refuse to do anything meaningful to stop it.

Comes now a lawsuit by a private citizen against fraudulent foreclosures by MERS, a shell front of the banks which has illegally been foreclosing all over the country.
Besides illegal foreclosures, MERS was invented to get out of paying counties and cities millions of dollars in filing fees for transferring titles.
In a typical case, BOA took over Countrywide, so title should have been transferred and fees paid, then Boa sold mortgage to Fannie Mae, again title should have been transferred and fees paid to the county.
Apparently not. since MERS forecloses homes here by the dozens every week, with NO title or right to do so.

From the Market Ticker:
" For those who aren't aware, "Qui Tam" actions are allowed when a private citizen detects fraud against a government organization. The cute part is that they allow the moving party (the private citizen) to receive part of the recovery that the government is entitled to for the fraud perpetrated against it. Since many frauds against the government are for enormous amounts of money, when one of these suits is won it is a monstrous windfall for the party that brings the suit.

The "public good" argument for allowing these suits is that the government "can't possibly prosecute all actions on it's own", and therefore having the public be enlisted in, and a part of, the enforcement of recovery for these frauds is a public good (since it is a strong deterrent against these sorts of ripoffs.)

OK. I'll go along with that.

It will be interesting to watch this complaint progress, assuming it does. Of course since the real parties behind MERS are the nation's largest banking interests, what will also be interesting is the sort of attempts that are made to prevent this suit from going to trial."

More, and a link to the pdf file of the lawsuit, which I recommend be kept for future reference.