After Bernanke was outed for perjuring himself before Congress in which he said “The Federal Reserve will not monetize the debt“, followed by Dallas Fed President Fisher stating he was late last year.
The entire FOMC knows the history and the ruinous fate that is meted out to countries whose central banks take to regularly monetizing government debt. Barring some unexpected shock to the economy or financial system, I think we have reached our limit. I would be wary of further expanding our balance sheet. Yeah, like you’ve done for the last two years.
What’s “regularly” if not that? Over a trillion and change in possibly-worthless mortgage-backed securities where we have reason to believe there are no actual mortgages in them, and then roughly a trillion more in government debt – at a run rate, at present, which will basically encompass the entire deficit through its term?
It would be nice if it stopped there, of course. But it did not.
On the MERS website (as well as a Congressional website), you can find the testimony of MERSCORP, Inc. President and CEO, R.K. Arnold. http://www.mersinc.org/files/filedownload.aspx?id=668&table=ProductFile
In this testimony before the House Subcommittee on Housing and Community Opportunity, Mr. Arnold states:
To be a MERS certifying officer, one must be an officer of the member institution who is familiar with the functions to be performed, and who has passed an examination administered by MERS.
Remember that? I talked about it at some length. This was our wonderful Congressional hearing where MERS defended its existence and stated quite clearly that only actual officers of the member institution were eligible to be a “certifying officer” (you know, someone who signs all those documents? Yeah, one of those.)
This was all part of the “industry” trying to defend its foreclosure and securitization practices. Practices that have cost a couple of million Americans their homes, have trampled on Due Process rights and have involved massive submissions of affidavits that the submitters have admitted were attested to without any knowledge of what was inside – certainly an arguable act of perjury.
Number of indictments issued thus far for this conduct? Zero.
And now it turns out that we have a deposition of one Ms. Arango in which she says…. oh I’ll just quote it:
First, Ms. Arango is obviously not an officer of the “member institution” which would be the bank:
Q. Okay. Are you now or have you ever been –
17 strike that.
18 Are you now an officer or director of
19 Countrywide Home Loans?
20 A. No.
21 Q. Have you ever been an officer or director
22 of Countrywide Home Loans?
23 A. No.
(p. 6) Note that the corporate resolution she is relying on is signed by Arnold’s underling William Hultman, (Senior Vice President and corporate secretary of MERS, see http://www.mersinc.org/about/exec.aspx) which appoints employees of Marshall C. Watson, P.A. as officers of MERS. (see Corporate Resolution, Exhibit 1 to the deposition, attached). Note also that the appointment was as to loans shown to be registered to Countrywide Financial Corporation. The assignment that Ms. Arango executed, however, was from MERS, as nominee for Countrywide Home Loans, Inc. (Exhibits 4 and 7, attached).
Nor is Ms. Arango herself or her law firm a “member” of MERS:
1 Q. All right. Are you a member of MERS?
2 A. No.
3 Q. Is your law firm a member of MERS?
4 A. No.
(p. 8) So her testimony contradicts Arnold’s testimony that a certifying officer must be an officer—or even an employee—of a member institution.
Second, Ms. Arango never took any examination to become a signing officer for MERS:
11 Q. Okay. Did you have — did you have to take
12 any training from MERS or some other entity to qualify to
13 be an assistant secretary or agent for them?
14 A. I don’t — no, I didn’t.
15 Q. How about any type of testing or
16 certification, exam, anything along those lines?
17 A. No.
There’s more – including the entire deposition – over at 4closurefraud. Have at it folks.
Oh, and while we’re at it, may I politely ask when Congress is going to consider perjury a serious matter – if ever? Because if the answer is “never”, I’d love to come up there and lie to you for an hour or two. I might even be able to scam something for myself out of that.
After all, lying to Congress does appear to be a new and rather-novel American sport, and the so-called compulsion to “testify” before Congress has in fact turned into both a national disgrace and an international joke.