Predatory lending and dishonest banking and mortgage industry have conspired to ruin Michael Levitz' life: Many years ago his wife signed a predatory Adjustable Rate Mortgage (ARM) and a huge balloon payment. How do I know this? Because I was a closing attorney fifteen (15) years ago when these sleazy products were being sold. All kinds of products that allowed everyone to buy a home but no one to actually own one. Even people who did nothing with their homes were harmed because of the diminishing equity they faced; it was complete cyclical destruction of the middle class. See S&L scandal of the 1980's and Enron of the 1990's. Saul Alinsky will tell you all about that.
But I digress. Knowing he was about to get jammed up he structured a sale of a portion of his mountain view/lake view property several years ago and was in escrow when the purported lending institution -- Chevy Chase Bank -- disappeared. It was being merged. So instead of being able to pay off the mortgage he went into limbo and they went into hate mode, tacking on usurious fees and penalties, dual tracking him while he was in mediation, and putting on force-placed insurance, whatever bad they could do to this guy, they did it.
So I started making movies about his situation and contacting Washington State authorities including the Office of the Attorney General and Department of Financial Institutions who have had feet of clay for some time now, even though the AG had previously argued that MERS wrecks a Chain of Title and the DFI has already ruled that MERS is a False and Deceptive business practice when cited as being a Beneficiary.
Well then I got him a lawyer -- two of them to be precise. They filed a Chapter 11 in Federal Court. The only debt this guy really has is this stupid mortgage albatross.
They were in settlement mode when the banksters filed a malicious Motion to Dismiss the Adversary Complaint, basically arguing that the Quit Claim Deed to the property and his Power of Attorney from his estranged wife is not good enough for him to proceed, and that it's OK for MERS to be a Beneficiary -- no harm no foul -- regardless of what the Law technically says.
Stay tuned folks and watch the video on top and do your own Google searches for Michael and me. I'm taking this one to my TV show on Roku in June. Watch for "Corruption Meets Camera."
Meanwhile many of us who joined with Marie McDonnell 3 years ago after her King County/MERS audit will be at City Hall tomorrow as the city continues to grapple with its homeless issue and corporate taxation, i.e. "the Amazon Tax." Query, where in the hell were they 3 years ago when they refused to sue MERS as they had done in Multnomah and other Oregon Counties and settled for millions. Seattle took taxpayer money and paid Ms. McDonnell to do a report, she did a report and encouraged litigation, then the only City Council with the chutzpah to agree to let her present was Nick Licata.
And the underlying Trust is not registered with the SEC.