67 million plus mortgages have not been recorded on the county records until the properties were in foreclosure. Mortgage Electronic Registration Systems Inc. is responsible for these mortgages and did not record the note with the mortgage. This is illegal and allowed for an environment in which businesses which had closed commercial operation to continue to generate mortgages and avoid taxes and fees that would be imposed by the cities and counties when documentation was reassigned or transferred. When the foreclosure goes to court a substitute business is put on the title to deceive the court. In California, where the bulk of the fraud has occurred, there is no investigation because there is no mechanism for the property owner to file a complaint. Up until June of 2011 complaints of fraud by individuals were referred to the Office of Thrift Supervision by politicians, it is a division of the Treasury. Merscorp (MERS) allowed for the fraud by separating the note from the mortgage. The Office of Thrift Supervision facilitated the fraud by allowing 1,500 banks that had closed commercial operations to continue to generate mortgages. They did not respond to consumer complaints. The OTS is funded by the banks. President Obama proposed that the OTS be abolished two months into his term. He didn't follow through. The Senate and the Congress passed, in a rare bipartisan vote, early in this administration, on a bill that would provide for national standards on electronic signatures. Mr. Obama killed the bill. The stage was set for dummy companies who were used by GMAC and others to operate what is called "working the gap". Numerous companies play musical chairs with the paperwork without paying transfer fees to the cities or counties. Fees are charged to the borrower and the balance on the mortgage goes up. The mortgage payments are put into a suspense account and not toward the pricipal or interest on the mortgage. When the property is sold or foreclosed on the bank and MERS are the beneficiaries. If they are out bid, because they are the bank, once again they become the lender. If the new buyer pays cash, they will have to pay for the additional cost that have been tacked on as GMAC and other companies were sending transactions between themselves. All MERS loan have been judge illegal by Judge Robert Grossman of New York. Loans affiliated with Merscorp(MERS) should be void. All of the people that have been denied loan modification or who have lost property due to the actions of Merscorp should be granted the deed free and clear....www.ajsanford-honestyproject.org read more