Analysis: Holder, top DOJ lawyers were partners with big banks


I came across the Reuters story, Analysis: Holder, top DOJ lawyers were partners with big banks, on Rawstory.com

U.S. Attorney General Eric Holder and Lanny Breuer, head of the Justice Department’s criminal division, were partners for years at a Washington law firm that represented a Who’s Who of big banks and other companies at the center of alleged foreclosure fraud, a Reuters inquiry shows.

One of the issues that the law firm worked on was described thusly:

Court records show that Covington, in the late 1990s, provided legal opinion letters needed to create MERS on behalf of Fannie Mae, Freddie Mac, Bank of America, JP Morgan Chase and several other large banks. It was meant to speed up registration and transfers of mortgages. By 2010, MERS claimed to own about half of all mortgages in the U.S. — roughly 60 million loans.

But evidence in numerous state and federal court cases around the country has shown that MERS authorized thousands of bank employees to sign their names as MERS officials. The banks allegedly drew up fake mortgage assignments, making it appear falsely that they had standing to file foreclosures, and then had their own employees sign the documents as MERS “vice presidents” or “assistant secretaries.”

Once again, I was protesting bank corruption yesterday without a full understanding of how deep that corruption really is.  Just when you think you know what illegal acts make the 1% as rich as they are, a whole slew of new ways they scammed the system comes out.

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