Here is my general take on the "mortgage crisis" based on the experiences I have had with Chase Home Finance and the Obama "Making Home Affordance" program (HAMP).

The Obama "Making Home Affordable" program (HAMP) has proven to me and MILLIONS of other people that the "mortgage crisis" is a result of a COMPLETELY PLANNED domino effect starting from "purposefully-created short-term lenders" who falsify information and trap people into agreeing to ridiculous mortgages or refinances. These short-term lenders then "pool" all of these fraudulent mortgages and sell them to another lender like Bank of America or JP Morgan Chase for a HUGE profit, sometimes even the same day, and then they close their business. This new lender may then sell it to another lender for a HUGE profit. WHO CREATED THE ORIGINAL SHORT-TERM LENDERS? THE BIG BANKS!! The whole things was a meticulously calculated plan which has been successfully carried out. The goal of the plan (scam) is TO FORECLOSE ON AS MANY PROPERTIES AS POSSIBLE and sell them for a HUGE profit. The Obama "Making Home Affordable" Program (HAMP) was the final step in this scam. The big banks get BILLIONS AND BILLIONS of dollars from the Government supposedly to help the homeowners, most of whom were victims of the "fake" lenders between the years 2003-2007. The banks agree to modify these loans; however, THEY HAVE NO INTENTION OF EVER MODIFYING THE LOANS. Their intention is to force the homeowner into foreclosure. They do this by approving your loan modification, lower your payments to 31% of your monthly income, have you make these payments for three or four months, THEN DENY YOUR PERMANENT LOAN MODIFICATION. The lender then claims that due to the fact you've only made partial payments for the past four months, YOU ARE NOW IN DEFAULT and must pay back the difference between the modified payment and the original payment in order to get out of default status. PLUS, you must pay the entire mortgage due for the current month, so you end up getting a mortgage statement saying you must pay a ridiculous amount of money to get your account back in good standing. PLUS, they have reported to the credit companies that you are four months late in your payments, lowing your credit score considerably and causing other problems for the homeowner. NOT ONLY THAT, but one of the terms of the Obama "Making Home Affordable" Plan is that you must have the lender set up an escrow account for you. The mortgage company then pays your property taxes and homeowner’s insurance way before they are due (sometimes before the homeowner even receives the bill). Now that you have been denied your loan modification, you must PAY BACK ALL OF THIS MONEY TO THEM (which is then added to the previous ridiculous amount of money already due them). Also, they refuse to remove the escrow account from your mortgage loan after you've been denied modification, so now you must add estimated property tax amounts to your original monthly mortgage payment. The Obama "Making Home Affordable" Plan not only doesn't make your home affordable, the end result is A HIGHER MORTGAGE PAYMENT THAN THE ORIGINAL ONE...FORCING THE HOMEOWNER INTO FORECLOSURE. Thus the scam is complete.

BUT, they made two crucial mistakes which will be their downfall. When the initial scam lender sold a “pool” of mortgages to a big bank, they neglected to forward the original paperwork to the new lender. Some mortgages have been sold three and four times to different big banks. Not only does the current lender not have the original mortgage papers, it is not serving as a bank at all, but just as a collection agency and, therefore, has no legal rights to modify your loan at all. The second crucial mistake was, in order to save time, the initial lenders used a third-party entity called MERS to temporarily hold title to the actual properties while they were being sold. MERS is an “entity” that uses an electronic database to record mortgage titles. MERS then failed to follow-up with title companies and never registered the new lender of any of the mortgages. Therefore, the Title, Deed of Record and ownership of the mortgage on the property belongs to MERS, and the only company legally permitted to foreclose on that property is MERS. The current mortgage lender only holds ownership of your mortgage “LOAN.”

I called the York County, PA, Recorder of Deeds to find out who currently holds the title to my property. The answer - MERS.

The Attorney General, State’s Attorney, State Representative, etc… will not help at all. I have found a “Mass Joinder” lawsuit against JP Morgan Chase which has been filed in California (Mass Joinder - Plaintiff pays up front, usually $4, 000...Class Action Suit - Attorney takes fee out of amount awarded) based on an original lawsuit filed against Bank of America. Here are the case details. Please check it out. I'm not sure if THIS LAWSUIT is just another scam, and am still investigating.
NORIKO BELMONT, et al v. JP MORGAN CHASE, et al
Filed in the Superior Court for the State of California, County of Los Angeles
Case No.: BC455629
Date Filed: March 22, 2011

Please check out the court's website and you'll see that it has actually been filed. Also check out these links for very important information.
http://www.youtube.com/watch?v=sIKAbkdsaSg&feature=related
http://money.cnn.com/2011/01/07/real_estate/foreclosure_ruling/index.htm

http://www.dailyfinance.com/story/real-estate/bank-of-america-sued-over-home-loan-modifications/19780258/