Money

Jon Stewart: How Banks Wrongfully Foreclosed on Millions of Homeowners (Video)

| by Michael Allen

On Tuesday night's "The Daily Show," host Jon Stewart went after the major banks for wrongfully foreclosing on four million Americans.

According to Mediaite.com, Stewart showed how paper mortgage records have been replaced with an Internet system called "MERS," which only mortgage lenders and banks have access to, not homeowners.

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MERS allows banks to trade, sell and foreclose on mortgages without a paper trail.

Stewart compared MERS to a key party, “but instead of f*cking your wife, they lose track of the deed to your house.”

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He explained that the banks' only punishment was paying $9 billion to settle a government lawsuit, while most homeowners got $300, but those checks are now bouncing.

"$9 billion was the perfect umber because its big enough to impress consumers, but a small enough number to teach the banks no lesson whatsoever,” said Stewart.

Source: Mediaite.com